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INSR Insr Insurance ...

Insr Insurance Group ASA: 2 directors

Two Directors at Insr Insurance Group ASA sold 2,162,490 shares at between 0.185NOK and 0.220NOK. The significance rating of the trade was 67/100. 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...

INSR INSR INSURANCE GROUP ASA
04/07/22 April 7, 2022 1 EN
Jan Erik Gjerland ... (+3)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
PREMIUM
INSR Insr Insurance ...

Insr Insurance Group - Terminating coverage

ABGSC terminates coverage of Insr Due to it selling most of its NOR insurance portfolio to STB Last published estimates are shown in this report

INSR INSR INSURANCE GROUP ASA
06/15/21 June 15, 2021 4 EN
Jan Erik Gjerland ... (+4)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
  • Magnus Andersson
PREMIUM
DNB DNB ASA
STB STOREBRAND ASA ... (+11)

Sector Fast Comment - DPS will come from GJF, not from banks/STB

MoF: Banks ask to await, insurance may reconsider DPS GJF most likely payer of 2019 DPS during Q420, STB not Positive for GJF, neutral for STB, negative for DNB/banks

DNB DNB ASA
STB STOREBRAND ASA
SRBNK SPAREBANK 1 SR-BANK ASA
NONG SPAREBANK 1 NORD-NORGE
MING SPAREBANK 1 SMN
NOFI NORWEGIAN FINANS HOLDING ASA
GJF GJENSIDIGE FORSIKRING ASA
INSR INSR INSURANCE GROUP ASA
SBANK SBANKEN
BRAME BRABANK
KOMP KOMPLETT BANK ASA
09/09/20 September 9, 2020 7 EN
Jan Erik Gjerland ... (+4)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
  • Magnus Andersson
PREMIUM
DNB DNB ASA
SAMPO Sampo Oyj Class... ... (+6)

Sector Fast Comment - Non-life Norway: Market share trends Q2’20

If P&C and Tryg gained share q-o-q, GJF and INSR lost Premium growth driven by both no. of policies & prices Expect premium growth overhang into 2021e in Norway

DNB DNB ASA
SAMPO SAMPO OYJ CLASS A
STB STOREBRAND ASA
TRYG TRYG A/S
GJF GJENSIDIGE FORSIKRING ASA
INSR INSR INSURANCE GROUP ASA
08/30/20 August 30, 2020 11 EN
Bengt Jonassen ... (+4)
  • Bengt Jonassen
  • Jan Erik Gjerland
  • Lukas Daul
  • Oskar Vikström
PREMIUM
MAG Magnolia Bostad...
AFG AF GRUPPEN ASA ... (+4)

Talking Points - Sdiptech (Buy): Clear rails for an acquisition train

Support from environmental and regulatory pressures Initiating coverage with BUY – TP of SEK 230

MAG MAGNOLIA BOSTAD AB
AFG AF GRUPPEN ASA
FRO FRONTLINE LTD.
INSR INSR INSURANCE GROUP ASA
08/24/20 August 24, 2020 5 EN
Jan Erik Gjerland ... (+3)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
PREMIUM
INSR Insr Insurance ...

Insr Insurance Group - Current price implies high wind-down costs

STB offers min. NOK 0.47/sh. to likely max. NOK 2.02/sh. Wind-down cost NOK -0.3/sh. + tax value NOK

INSR INSR INSURANCE GROUP ASA
08/21/20 August 21, 2020 8 EN
Jan Erik Gjerland ... (+3)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
PREMIUM
INSR Insr Insurance ...

Insr Insurance Group - FSA considering withdrawal of license to operat...

Unresolved risk and control issues basis of consideration Likely a matter of compliance and not financial solidity Buyer wanted, FSA wants new owners and a larger size

INSR INSR INSURANCE GROUP ASA
06/29/20 June 29, 2020 7 EN
Jan Erik Gjerland ... (+3)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
PREMIUM
INSR Insr Insurance ...

Insr Insurance Group - 10% private placement at a small premium

Solvency back to a good starting point of 135% AT1 repayment could be possible with FSA consent Valuation of 0.46x NAV (stripped for def.tax assets)

INSR INSR INSURANCE GROUP ASA
06/25/20 June 25, 2020 8 EN
Jan Erik Gjerland ... (+3)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
PREMIUM
SAMPO Sampo Oyj Class...
STB STOREBRAND ASA ... (+6)

Sector Report - Nordic non-life: A good place, play its upside

Higher profitability and investment rebound in Q2’20e Still 2.5% LT growth despite potential consumer case We reiterate BUY and our TP of DKK 225

SAMPO SAMPO OYJ CLASS A
STB STOREBRAND ASA
TRYG TRYG A/S
TOP TOPDANMARK A/S
GJF GJENSIDIGE FORSIKRING ASA
INSR INSR INSURANCE GROUP ASA
06/24/20 June 24, 2020 80 EN
Jan Erik Gjerland ... (+4)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
  • Magnus Andersson
PREMIUM
DNB DNB ASA
SAMPO Sampo Oyj Class... ... (+7)

Sector Fast Comment - Insurance trip 2020: 15 insurers in three days

Profitability over growth should warrant a benign… …competition and super profit still to be priced in No estimate changes, we favour Sampo, Tryg & STB

DNB DNB ASA
SAMPO SAMPO OYJ CLASS A
STB STOREBRAND ASA
TRYG TRYG A/S
TOP TOPDANMARK A/S
GJF GJENSIDIGE FORSIKRING ASA
INSR INSR INSURANCE GROUP ASA
06/09/20 June 9, 2020 9 EN
Jan Erik Gjerland ... (+3)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
PREMIUM
SAMPO Sampo Oyj Class...
STB STOREBRAND ASA ... (+5)

Sector Fast Comment - Non-life Norway: Market share trends Q1’20

GJF and Fremtind gaining further turf in Norwegian P&C Fremtind winning on all fronts, mixed bag for others We haven’t made any est. chg., but monitor policy growth

SAMPO SAMPO OYJ CLASS A
STB STOREBRAND ASA
TRYG TRYG A/S
GJF GJENSIDIGE FORSIKRING ASA
INSR INSR INSURANCE GROUP ASA
05/28/20 May 28, 2020 8 EN
Jan Erik Gjerland ... (+3)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
PREMIUM
SAMPO Sampo Oyj Class...
TRYG TRYG A/S ... (+4)

Sector Fast Comment - Floods in Norway seem imminent

Snow levels and weather outlook very similar to 1995 Economic impact largest in Eastern and Central Norway GJF and If most exposed, potential -5% EPS impact on GJF

SAMPO SAMPO OYJ CLASS A
TRYG TRYG A/S
GJF GJENSIDIGE FORSIKRING ASA
INSR INSR INSURANCE GROUP ASA
05/26/20 May 26, 2020 8 EN
Jan Erik Gjerland ... (+3)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
PREMIUM
SAMPO Sampo Oyj Class...
STB STOREBRAND ASA ... (+5)

Sector Fast Comment - A repeat of the 1995 flooding in eastern Norway?

Snow levels in the mountains at highest since 1958… …could lead to flooding in parts of eastern Norway GJF & Sampo most exposed given its market shares

SAMPO SAMPO OYJ CLASS A
STB STOREBRAND ASA
TRYG TRYG A/S
GJF GJENSIDIGE FORSIKRING ASA
INSR INSR INSURANCE GROUP ASA
05/15/20 May 15, 2020 7 EN
Jan Erik Gjerland ... (+3)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
PREMIUM
INSR Insr Insurance ...

Insr Insurance Group - Addressing profitability challenge

Norway still loss making & DK building reserves Low tier 1 capital makes T2 & T3 contribution to drop Continue to guide 2020 profits on own keel – looks tough

INSR INSR INSURANCE GROUP ASA
05/14/20 May 14, 2020 5 EN
Jan Erik Gjerland ... (+3)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
PREMIUM
INSR Insr Insurance ...

Insr Insurance Group - The pain continues, solvency at 117%, too low

Pre-announces net loss of NOK 23m, together with chg. … …in solvency assumptions, which must be solved Value of equity is 0.65x, stripped for deferred tax assets

INSR INSR INSURANCE GROUP ASA
05/08/20 May 8, 2020 15 EN
Jan Erik Gjerland ... (+4)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
  • Magnus Andersson
PREMIUM
SAMPO Sampo Oyj Class...
STB STOREBRAND ASA ... (+6)

Sector Fast Comment - Insurance: EIOPA urges to hold back dividends

EIOPA urges (re)insurers to suspend DPS and buybacks The Danes have paid, other Nordics still to reconsider Expect postponement (till the autumn) – negative

SAMPO SAMPO OYJ CLASS A
STB STOREBRAND ASA
TRYG TRYG A/S
TOP TOPDANMARK A/S
GJF GJENSIDIGE FORSIKRING ASA
INSR INSR INSURANCE GROUP ASA
04/02/20 April 2, 2020 5 EN
Jan Erik Gjerland ... (+4)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
  • Magnus Andersson
PREMIUM
DNB DNB ASA
STB STOREBRAND ASA ... (+11)

Sector Fast Comment - Norway: FSA ask banks to reconsider DPS’19

The N-FSA writes to all participants in the financial market …that they should re-consider its 2019 cash-DPS proposal Negative for DNB, GJF, STB, SR-Bank, MING & NONG

DNB DNB ASA
STB STOREBRAND ASA
SRBNK SPAREBANK 1 SR-BANK ASA
NONG SPAREBANK 1 NORD-NORGE
MING SPAREBANK 1 SMN
NOFI NORWEGIAN FINANS HOLDING ASA
GJF GJENSIDIGE FORSIKRING ASA
INSR INSR INSURANCE GROUP ASA
SBANK SBANKEN
BRAME BRABANK
KOMP KOMPLETT BANK ASA
03/16/20 March 16, 2020 6 EN
André Thormann ... (+9)
  • André Thormann
  • Bengt Jonassen
  • Casper Blom
  • Haakon Amundsen
  • Jan Erik Gjerland
  • Laurits Kjærgaard
  • Mads Thinggaard
  • Peter Kurt Nielsen
  • Petter Nystrøm
PREMIUM
SOLON Solon Eiendom A...
SOC SUBSEA 7 S.A. ... (+9)

Talking Points - Insr Insurance Group (Buy): ~2% market share at an at...

Per Aarsleff Holding (Buy) Post-results: A strong result in a volatile month …to release its true potential, as cost ratio is too high Price/premiums = 0.53x, P/adj.BV = 1.51x. BUY.

SOLON SOLON EIENDOM ASA
SOC SUBSEA 7 S.A.
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
SYDB SYDBANK A/S
INSR INSR INSURANCE GROUP ASA
PAAL B PER AARSLEFF HOLDING A/S
KID KID ASA
NKT NKT A/S
TCM TCM GROUP
02/27/20 February 27, 2020 5 EN
Jan Erik Gjerland ... (+3)
  • Jan Erik Gjerland
  • Jonas Bru Lien
  • Mads Thinggaard
PREMIUM
INSR Insr Insurance ...

Insr Insurance Group - ~2% market share at an attractive price

With an improving claims ratio, it now lacks higher growth... …to release its true potential, as cost ratio is too high Price/premiums = 0.53x, P/adj.BV = 1.51x. BUY.

INSR INSR INSURANCE GROUP ASA
02/26/20 February 26, 2020 15 EN
Aksel Øverland Engebakken ... (+5)
  • Aksel Øverland Engebakken
  • Jan Erik Gjerland
  • Jannick Lindegaard Denholt
  • Morten Raunholt Eismark
  • Stefan Knutsson
PREMIUM
NOVO B Novo Nordisk A/...
LUN H. LUNDBECK A/S ... (+8)

Talking Points - Novo Nordisk (Hold): What to expect from the upcoming...

Ambu (Sell) Post-results: Yet another round of big strategic changes …will shed light on the entire business, but key focus… …to be on Rybelsus and Region IO growth prospects

NOVO B NOVO NORDISK A/S CLASS B
LUN H. LUNDBECK A/S
BOUV BOUVET ASA
RBREW ROYAL UNIBREW A/S
OTEC OTELLO CORP ASA
INSR INSR INSURANCE GROUP ASA
ENG INTERNATIONELLA ENGELSKA SKOLAN I SVERIGE HOLDINGS II AB
AMBU B AMBU A/S CLASS B
11/14/19 November 14, 2019 5 EN
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