Nordic non-life insurance – Q4 reporting wrap

Sampo Oyj (Buy, TP: EUR9.80) - Minor model adjustments

We have adjusted our estimates to reflect the now completed 4-to-1 share split announced by the board on 5 February. While we forecast unchanged earnings, we have revised our 2025–2027e EPS and DPS due to the increased share count. We do not consider these changes to be material, and we have not changed our BUY recommendation. We have adjusted our target price to EUR9.80 (49).

Sampo: 1 director

A director at Sampo bought 7,500 shares at 41.097EUR and the significance rating of the trade was 57/100. 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 years clearly showing ...

Too cheap compared to fundamentals - BUY

Underwriting in line, but AuM returns in Q4 soft

Sampo Oyj (Buy, TP: EUR49.00) - Strong underwriting momentum

Against a backdrop of soft financial markets and one-off integration costs, Sampo continues to deliver a solid underwriting performance, with the Q4 adjusted risk ratio improving by 0.3%-points YOY, helped by currency-adjusted GWP growth of 18% YOY. We believe the company’s efforts to mitigate claims inflation and increased frequencies should support growth and earnings, in line with the ambitions from the 2024 CMD, and have raised our 2025–2026e EPS by ~1%. We reiterate our BUY and have raised ...

Value support with attractive yield

Sampo plc - Mergers & Acquisitions (M&A), Partnerships & Alliances

Summary Marketline's Sampo plc 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 Sampo plc - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a...

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

Tryg (Buy, TP: DKK185.00) - Continued repricing momentum

Underwriting continued to improve, helped by recent repricing efforts to mitigate inflation, although a soft investment result led to earnings pressure in Q4. With Private segment premium growth of 6.8% YOY in local currencies, supported by continued momentum from Norwegian motor price hikes, we see Tryg as on track to meet its 2027 combined ratio target of ~81%. We have made limited EPS revisions for 2025–2026e, and reiterate our BUY and DKK185 target price.

Miss Q4 due to financials, reiterate 2027 guidance

PTP -8-10% from softer financials anb just soft UW and premiums;Reiterate 2027 guidance, 2025 premium growth from private/SMEs; Stock -1-2% today, cons.est.rev. minor; softer read-x into GJF

Heads-up for Q4-report 24 January

Small Caps, Big Ideas – December 2024

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