Nordic insurers: CS prefers Gjensidige amid positive P&C trends

Topdanmark A/S

20/09/2021 10:25

** Credit Suisse says that Property and Casualty trends have
been particularly positive for the Nordic region, helped by very
high retention rates, with Gjensidige  GJES.OL  as the key
beneficiary
    ** The brokerage reiterates its preference for the Norwegian
insurer at "outperform," also flagging the firm's continued
margin improvement potential from its foreign operations and
strong Norwegian premium growth 
    ** Alongside Gjensidige, CS names Finnish Sampo  SAMPO.HE 
and Denmark's Tryg  TRYG.CO  as insurers that outperform large
peers in their respective home markets, adding though Swedish
inflationary pressure looms as a concern for both of them
    ** Despite that, the brokerage upgrades Tryg  TRYG.CO  to
"neutral" from "underperform," saying its now more positive on
the company's RSA acquisition  urn:newsml:reuters.com:*:nL8N2HR2DB and sees the firm as
the most positively geared to increasing claims inflation and
interest rates
    ** It stays "neutral" on Sampo owing to the company's Nordea
capital return being priced in and a weaker combined ratio
outlook than Gjensidige, and rate Topdanmark  TOP.CO 
"underperform" due its weaker underwriting progression and
continued market share loss
    
  


 (Reporting by Tommy Lund)
 ((Tommyalexander.lund@thomsonreuters.com))