Nordic insurers: "Expensive, and not so defensive" - Credit Suisse

Topdanmark A/S

03/10/2019 07:11

** Credit Suisse initiates four Nordic insurers with a
cautious view, citing valuations near all-time highs and saying
it challenges the notion that the stocks are more defensive than
their European peers
    ** The broker initiates Denmark's Tryg  TRYG.CO  and
Topdanmark  TOP.CO  with "underperform", saying the insurers
have a weak capital positions and high asset risk
    ** It starts Finland's Sampo  SAMPO.HE  at "neutral", saying
the insurer's stake in sagging Nordea Bank  NDAFI.HE , however
beneficial to Sampo's share price, may hurt its dividend outlook
    ** CS names Oslo-Based Gjensidige  GJFS.OL  ("outperform")
its preferred stock in the sector, citing the group's exposure
to pricing improvements in Norway and capital flexibility with
potential for special dividends

 ((zuzanna.szymanska@tr.com))