Gjensidige Forskring ASA: 1 director

A director at Gjensidige Forskring ASA bought 5,000 shares at 233.640NOK and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...

Realised claims synergies ahead of plan

Realised ~2.1pp (NOK 812m), 2 years ahead of time, 75% in NO. ~50% operational, ~40% fraud & procurement & ~10% RedGo. More synergies will be taken out; consensus could improve '27e CR.

Acquire a 20% COI market stake at 7-9x P/E

Acquire Buysure that has 5-years agreements with real estate agents. A 12.5x P/E payment, but with GJF as risk carrier, more 7-9x. The NOK 430m is 4pp of its solvency; neutral to LT-positive

Norway: Best ideas Q1'25

Nordic non-life insurance – Q4 reporting wrap

Expect further improvements in UW

Gjensidige Forsikring (Hold, TP: NOK230.00) - Long-awaited turnaround

Q4 PTP was NOK1,605m, 2% higher YOY, but with a significant underwriting improvement following 11.6% insurance revenue growth and a 6.5%-points stronger underlying claims ratio YOY. Following price hikes of ~19% for Motor Norway from January, we expect the underwriting performance to drive growth momentum in 2025, closing in on the 2026 combined ratio target of

Massive improvement y-o-y; stock up

Adj. PTP +23% vs IR cons (UW & financials), -1% vs ABGSCe (financials); Expect repricing to continue to filter trough and increase profitability; Cons. est. up 3-6% for 25e-26; stock to follow 3-6%

Market hit it hard for financials

Heads-up for Q4-report 24 January

Repricing set to support profitability

The outlook for strong growth momentum in the Nordic P&C sector remains, with the recent rounds of premium repricing yet to take full effect. Furthermore, underwriting profitability is still a key focus, illustrated by Tryg raising its long-term combined ratio target to ~81% at the 2024 CMD. We believe signs of slowing claims inflation, albeit from high levels, together with mostly normal weather, bode well for Q4 underwriting. We have three BUYs and one HOLD, and highlight Sampo as our top sect...

Nordic non-life Q4 preview: positive R/R in GJF

Best short-term margin expansion

Good underwriting hit by financials

Norway: Best ideas Q4'24

Storebrand ASA - Mergers & Acquisitions (M&A), Partnerships & Alliance...

Summary Marketline's Storebrand ASA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Storebrand ASA - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments repor...

Storm models approved by NFSA

Release NOK 1.3bn of capital requirements, and its NOK 900m Tier 2 issue.up the proforma solvency ratio to ~185% as of 30 Sept 2024 (from 164%). Could up consensus dividend expectations for both 2024e-25e, positive.

Nordic non-life insurance – Q3 reporting wrap

More front-end loaded margin expansion

Actual y-o-y underlying improvements to show in Q4; Lower CR staring point with same contraction; On an improving trend: BUY reiterated

Gjensidige Forsikring (Hold, TP: NOK206.00) - Repricing remains in foc...

Repricing of customer premiums remains in focus as Gjensidige attempts to mitigate the effects of lingering inflation and increased claims frequencies. Q3 PTP was up 97% YOY on investments and benign weather conditions, but the underlying claims ratio deteriorated by 1.3%-points. Although growth momentum continues to support long-term improvements, with Q3 insurance revenue growth at 10.6% YOY in local currency, we have reduced our 2025–2026e EPS by 1–2%. We have downgraded to HOLD (BUY) and cut...