Earnings expansion, estimates up

Robust Q3 with 19% earnings growth. Adj. EPS up 1-2% for 2024-25e. Attractive yield with supportive valuation – BUY.

Robust earnings growth despite challenging market

Non-life: bad weather takes its toll on Q3e

Rain, storms and flooding leave their mark on the quarter. CR for '23e down (weather), stable '24e-'25e levels (pricing discipline). Prefer Tryg, Solid & Sampo (all BUY) over GJF (HOLD), Top (SELL).

Robust earnings growth on the cards for Q3

Pre-tax profit to grow by 21% y-o-y in Q3'23e. EPS raised by 5% for 2023e, cut by 2% for 2024e-25e. Unjustified high discount to peers, reiterate BUY.

Strong investment return drives Q2 beat

Positive R/R ahead of Q2'23

Pre-tax profit to more than double in Q2'23e. Premium growth cut, operating profit down 2-3% for 2024e-25e. Reiterate BUY with tweaked TP of SEK 78 (82).

Insurance trip: 15 insurers in three days

We continue to favour Tryg and STB, followed by Sampo. Inflation & repricing still key - separates winners from losers. P&C insurance remains robust during weaker macro.

A taste of things to come

Strong Q1 beat driven by AUM portfolio. Adj. EPS up 12-14% for 2024-2025e. Up to BUY (Hold) with raised TP of SEK 82 (75).

Insurance: Q1 sector preview - harsher weather

We expect increased frequency from weather y-o-y. Larger revisions driven by IFRS 17 for GJF & Sampo. We lift Tryg to BUY (Hold) and lower Sampo to HOLD (Buy).

Good risk/reward into Q1'23e

Pre-tax profit to more than double in Q1'23e. Minor tweaks, scenario intact. Reiterate HOLD and TP of SEK 75.