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ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland

Non-life: Competition authority consider to look at the competition

The DCCA is out with report describing inefficient comp. Could be a drag for Tryg and ALMB despite the industry objections. ALMB drop looks attractive, but it could drag on for two more years.

Håkon Astrup
  • Håkon Astrup

Storebrand (Buy, TP: NOK149.00) - Strong start to the year

Fuelled by strong AUM growth within Savings, and the effects of several rounds of insurance repricing, we forecast a Q1 PTP (before amortisation) of NOK1,166m, ~8% stronger YOY. With the new NOK1.5bn buyback underway, the company is offering an attractive payout yield of 6–7%. We believe the stock is attractively valued at a 2026e P/E of c10x, when adjusting for the excess capital to be distributed. We reiterate our BUY, and have raised our target price to NOK149 (140).

Håkon Astrup
  • Håkon Astrup

Protector (Buy, TP: NOK370.00) - Profitable growth set to continue

Helped by benign claims and a strong investment result, we expect Protector to report Q1 PTP of NOK753m, up 31% YOY. We see Q1e GWP ~17% higher YOY in local FX, driven by strong renewals and the French expansion, while we continue to forecast solid UK growth in connection with the upcoming 1 April renewals. We reiterate our BUY and have raised our target price to NOK370 (365).

 PRESS RELEASE

Alm. Brand A/S - Ugentlig rapportering om aktietilbagekøb

Alm. Brand A/S - Ugentlig rapportering om aktietilbagekøb Aktietilbagekøbsprogram i Alm. Brand A/S  Transaktioner 24. marts 2025 – 28. marts 2025Alm. Brand A/S offentliggjorde i selskabsmeddelelse nr. 21/2025 et aktietilbagekøbsprogram på op til 835,2 mio. kr. Aktietilbagekøbsprogrammet blev igangsat den 5. marts 2025. Aktietilbagekøbsprogrammet sker i henhold til Europa-Parlamentets og Rådets Forordning nr. 596/2014 af 16. april 2014 (MAR) og Kommissionens Delegerede Forordning (EU) 2016/1052, også kaldet “Safe Harbour”-reglerne. Under aktietilbagekøbsprogrammet er der i uge 13 gennemfø...

 PRESS RELEASE

Alm. Brand A/S – Weekly report on share buybacks

Alm. Brand A/S – Weekly report on share buybacks Alm. Brand A/S share buy-back program Transactions during 24 March 2025 – 28 March 2025On 5 March 2025, Alm. Brand A/S announced a share buy-back program of up to DKK 835.2 million, as described in company announcement no. 21/2025. The program is carried out in accordance with the Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour Regulations. The following transactions were made under the share buy-back program du...

 PRESS RELEASE

Alm. Brand A/S - Ugentlig rapportering om aktietilbagekøb

Alm. Brand A/S - Ugentlig rapportering om aktietilbagekøb Aktietilbagekøbsprogram i Alm. Brand A/S  Transaktioner 17. marts 2025 – 21. marts 2025Alm. Brand A/S offentliggjorde i selskabsmeddelelse nr. 21/2025 et aktietilbagekøbsprogram på op til 835,2 mio. kr. Aktietilbagekøbsprogrammet blev igangsat den 5. marts 2025. Aktietilbagekøbsprogrammet sker i henhold til Europa-Parlamentets og Rådets Forordning nr. 596/2014 af 16. april 2014 (MAR) og Kommissionens Delegerede Forordning (EU) 2016/1052, også kaldet “Safe Harbour”-reglerne. Under aktietilbagekøbsprogrammet er der i uge 12 gennemfø...

 PRESS RELEASE

Alm. Brand A/S – Weekly report on share buybacks

Alm. Brand A/S – Weekly report on share buybacks Alm. Brand A/S share buy-back program Transactions during 17 March 2025 – 21 March 2025On 5 March 2025, Alm. Brand A/S announced a share buy-back program of up to DKK 835.2 million, as described in company announcement no. 21/2025. The program is carried out in accordance with the Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour Regulations. The following transactions were made under the share buy-back program du...

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...

 PRESS RELEASE

Alm. Brand A/S – kandidater til selskabets bestyrelse 2025

Alm. Brand A/S – kandidater til selskabets bestyrelse 2025 I forlængelse af selskabets meddelelse nr. 23 af 19. marts 2025 skal det hermed oplyses, at listen over kandidater til valg til bestyrelsen for Alm. Brand A/S på selskabets ordinære generalforsamling 2025 er offentliggjort på selskabets hjemmeside. Kandidaterne er følgende: Jais ValeurJan Skytte PedersenTina Schmidt MadsenChristian Høegh-AndersenPia LaubAnette Eberhard CV på de foreslåede kandidater er tilgængelig på selskabets hjemmeside. Fuldmagt og stemmeseddel vil blive opdateret hurtigst muligt, ligesom Investorportalen opda...

 PRESS RELEASE

Alm. Brand A/S – Candidates for the Board of Directors 2025

Alm. Brand A/S – Candidates for the Board of Directors 2025 In continuation of company announcement no. 23 of 19 March 2025, it is hereby announced that the list of candidates for the Board of Directors of Alm. Brand A/S nominated for election at the company’s 2025 annual general meeting has been made public on the company’s website. The candidates are: Jais ValeurJan Skytte PedersenTina Schmidt MadsenChristian Høegh-AndersenPia LaubAnette Eberhard CVs for the nominated candidates are available on the company’s website. Proxy forms and voting papers will be updated as soon as possible, a...

 PRESS RELEASE

Alm. Brand A/S - Bestyrelsesformand Jørgen Hesselbjerg Mikkelsen genop...

Alm. Brand A/S - Bestyrelsesformand Jørgen Hesselbjerg Mikkelsen genopstiller ikke ved næste ordinære generalforsamling Bestyrelsesformand i Alm. Brand A/S Jørgen Hesselbjerg Mikkelsen genopstiller ikke ved næste generalforsamling. Bestyrelsen indstiller Jais Valeur som ny formand. Jais Valeur har været medlem af bestyrelsen siden 2023, og har mange års erfaring med komplekse virksomhedsstrukturer, forretningsudvikling, transformation og M&A. Jais Valeur har ligeledes en lang bestyrelseskarriere bag sig, herudover som næstformand i Royal Unibrew A/S. Med Jais Valeur som formand for bestyre...

 PRESS RELEASE

Alm. Brand A/S – Chairman Jørgen Hesselbjerg Mikkelsen will not be sta...

Alm. Brand A/S – Chairman Jørgen Hesselbjerg Mikkelsen will not be standing for re-election at upcoming annual general meeting Chairman of the Board of Directors of Alm. Brand A/S Jørgen Hesselbjerg Mikkelsen will not be standing for re-election at the upcoming general meeting. The Board of Directors nominates Jais Valeur as new chairman. Jais Valeur has been a member of the Board of Directors since 2023, and he has many years of experience with complex corporate structures, business development, transformation and M&A. Jais Valeur also has extensive board experience, including as deputy c...

 PRESS RELEASE

Alm. Brand A/S – Ordinær generalforsamling den 10. april 2025

Alm. Brand A/S – Ordinær generalforsamling den 10. april 2025 Med henvisning til oplysningsforpligtelserne for udstedere af børsnoterede værdipapirer på Nasdaq Copenhagen A/S fremsendes vedhæftet indkaldelse samt dagsorden og de fuldstændige forslag til den ordinære generalforsamling i Alm. Brand A/S torsdag den 10. april 2025. Kontakt Eventuelle henvendelser vedrørende denne selskabsmeddelelse bedes rettet til:           Head of IR, Rating and ESG reporting                           Mads Thinggaard                              mobil nr. 2025 5469           Vedhæftede filer ...

 PRESS RELEASE

Alm. Brand A/S – Annual General Meeting on 10 April 2025

Alm. Brand A/S – Annual General Meeting on 10 April 2025 With reference to the information obligations for issuers of listed securities on Nasdaq Copenhagen A/S we attach the notice and the agenda of the annual general meeting and the complete proposals for the annual general meeting to be held on Thursday, 10 April 2025. Contact Please direct any questions regarding this announcement to:            Head of IR, Rating & ESG reporting                Mads Thinggaard                              Mobile no.                Attachments ...

 PRESS RELEASE

Alm. Brand A/S - Ugentlig rapportering om aktietilbagekøb

Alm. Brand A/S - Ugentlig rapportering om aktietilbagekøb Aktietilbagekøbsprogram i Alm. Brand A/S  Transaktioner 10. marts 2025 – 14. marts 2025Alm. Brand A/S offentliggjorde i selskabsmeddelelse nr. 21/2025 et aktietilbagekøbsprogram på op til 835,2 mio. kr. Aktietilbagekøbsprogrammet blev igangsat den 5. marts 2025. Aktietilbagekøbsprogrammet sker i henhold til Europa-Parlamentets og Rådets Forordning nr. 596/2014 af 16. april 2014 (MAR) og Kommissionens Delegerede Forordning (EU) 2016/1052, også kaldet “Safe Harbour”-reglerne. Under aktietilbagekøbsprogrammet er der i uge 11 gennemfø...

 PRESS RELEASE

Alm. Brand A/S – Weekly report on share buybacks

Alm. Brand A/S – Weekly report on share buybacks Alm. Brand A/S share buy-back program Transactions during 10 March 2025 – 14 March 2025On 5 March 2025, Alm. Brand A/S announced a share buy-back program of up to DKK 835.2 million, as described in company announcement no. 21/2025. The program is carried out in accordance with the Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour Regulations. The following transactions were made under the share buy-back program du...

ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland

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.

ABGSC Financials Research ... (+3)
  • ABGSC Financials Research
  • Fredrik Flørnes Støle
  • Jan Erik Gjerland

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

 PRESS RELEASE

Alm. Brand A/S - Ugentlig rapportering om aktietilbagekøb

Alm. Brand A/S - Ugentlig rapportering om aktietilbagekøb Aktietilbagekøbsprogram i Alm. Brand A/S  Transaktioner 5. marts 2025 – 7. marts 2025Alm. Brand A/S offentliggjorde i selskabsmeddelelse nr. 21/2025 et aktietilbagekøbsprogram på op til 835,2 mio. kr. Aktietilbagekøbsprogrammet blev igangsat den 5. marts 2025. Aktietilbagekøbsprogrammet sker i henhold til Europa-Parlamentets og Rådets Forordning nr. 596/2014 af 16. april 2014 (MAR) og Kommissionens Delegerede Forordning (EU) 2016/1052, også kaldet “Safe Harbour”-reglerne. Under aktietilbagekøbsprogrammet er der i uge 10 gennemført...

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