Storebrand (Buy, TP: NOK127.00) - Set for continued growth in AUM

We forecast Q2 PTP before amortisation of NOK2,163m on strong AUM growth, and a NOK1.1bn gain on the sale of Storebrand Helseforsikring (results due at 07:30 CET on 12 July). The higher AUM base due to Asset Management and Unit Linked reserves should raise Savings’ PTP, while the ongoing repricing supports growth in Insurance. We reiterate our BUY and have raised our target price to NOK127 (125), finding the stock attractively valued at a 2025e P/E of ~9x, adjusted for the expected capital relea...

Delivering the goods

Q2e: Adj. results bef. amort. of NOK 1.18bn and solvency ~190%. Ests. up on AUM (fees & perf.) and faster insurance profits (repricing). High earnings growth & capital repatriation; BUY, TP NOK 136 (135).

Sampo Oyj (Buy, TP: EUR47.00) - Solidifying leading position

Sampo has offered to acquire the remaining ~50% stake in Topdanmark, valuing the shares at a 2025e P/E of ~22x. The proposed transaction marks the final step in transforming Sampo from a conglomerate to a pure Nordic P&C company, with If P&C’s market share in Denmark set to increase from ~5% to ~20%, cementing it as the largest non-life company in the Nordics. We reiterate our BUY and EUR47 target price.

Small Cap Miner - May 2024

CEO repeats its strong repricing message

Repeat its profitable growth, price and cost discipline. Weather effects of 7.2pp in Q1'24 give hope of improved 2H. No estimate changes, ~10% upside to TP of NOK 195, BUY.

No surprises in our pre-summer lunch

Sampo Oyj (Buy, TP: EUR47.00) - Set for capital release in H2

Despite the harsh winter weather, strong financials helped offset the soft underwriting result. Through continued repricing ahead of claims inflation, If P&C saw the underlying risk ratio improve 0.3%-points and local currency premium growth of 7.6% YOY. With the new solvency model approved, we continue to expect capital distributions in connection with the Q2 report. Based on ~2% positive EPS revisions for 2025–2026e, we reiterate our BUY and EUR47 target price.

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 rep...

Storebrand ASA: 1 director

A director at Storebrand ASA maiden bought 10,000 shares at 106.500NOK and the significance rating of the trade was 59/100. 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 year...

Striving to improve margins - up to BUY

Weather weight as expected, but a more bullish margin story evolving. We increase our estimates by 5-10% from improved UW. Up to BUY (Hold) with TP NOK 195 (171); 10% upside.

Gjensidige Forsikring (Buy, TP: NOK197.00) - Turning point in sight

Harsh weather during Q1 led to elevated claims and a combined ratio deterioration of 5.7%-points YOY despite insurance revenues growing 11% YOY. Adjusting for weather and other items, the claims ratio improved 0.2%-points YOY, a sign that the sharp repricing efforts during 2023 are starting to take effect. Combined with signs of abating claims frequencies and further repricing, we expect continued underwriting improvements. We reiterate our BUY, having raised our 2025–2026e EPS by 3% and our tar...

Investment portfolio excels

Robust Q1 beat, driven by investment portfolio. We increase adj. EPS by 0-5% for 2024e-26e. Market leader at a discount, reiterate BUY.

Earnings growth = higher capital repatriation

Q1 was softer than our bullish expectation, but a clear cons beat. Overall estimates intact and SBB of NOK 1.1bn has started. Earnings growth should warrant higher P/E multiple - BUY.

Weather weighs on underwriting; life beat (corrected)

Adj. PTP -7% vs IR cons, -3% vs ABGSCe, as reported CR 92.6%. High premium growth of 11%, in line with us and cons. Cons. est. -1% to -3% amid UW, life mute; stock -1% to -4%

Strong start to the year

Storebrand (Buy, TP: NOK125.00) - Signs of gradual improvement

Q1 PTP was up 30% YOY, largely driven by strong AUM growth and increased interest rates. The Insurance segment showed signs of improvement after several rounds of repricing in previous quarters, supporting the 2025 financial targets. Following regulatory approval and a 191% Solvency II ratio, Storebrand launched a NOK1.1bn buyback programme. We reiterate our BUY and have raised our target price to NOK125 (120) following ~4% positive EPS revisions for 2025e.

Better from insurance