Nordic insurers: MS initiates Topdanmark, Tryg, Gjensidige, Sampo

Topdanmark A/S

05/06/2019 07:41

** Morgan Stanley says Nordic mid-caps (Topdanmark  TOP.CO ,
Tryg  TRYG.CO  and Gjensidige  GFJS.OL ) have been the best
performers in European insurance over the past year and YTD
    ** The brokerage says investors are happy to pay a premium
for underwriting earnings, adding that Nordic insurers'
underwriting profits are sustainable
    ** The brokerage views Nordic insurers' premium valuation as
"too stretched", says believes the Nordic mid-caps have
"overshot their fundamental value"
    ** Concerning large-cap Sampo, it believes there are
concerns on the sustainability of its progressive dividend
    ** Furthermore, MS does not believe Sampo is cheap when
comparing its wholly owned non-life subsidiary, If, to peers
    ** Morgan Stanley says consistent operational improvements
in an improving competitive landscape could see the mid-cap
stocks continue to outperform
    ** Morgan Stanley initiates coverage of Topdanmark  TOP.CO ,
 Tryg  TRYG.CO  and Gjensidige Forsikring ASA  GJFS.OL  with
"underweight" rating and Sampo Oyj  SAMPO.HE  with
"equal-weight"


    

 ((marta.frackowiak@tr.com))