Nordic non-life insurance: Berenberg makes Tryg its top pick

Topdanmark A/S

10/08/2020 08:57

** Berenberg says the Nordic non-life insurance has become
more attractive during the past four years, mainly due to the
significant increase in the quality of earnings
    ** It adds Nordic non-life insurers' premium valuation,
widening against the sector, is well deserved
    ** Berenberg says its top pick is Tryg  TRYG.CO , which it
rates as a "buy", given its lowest exposure to market risk and
highest diversification 
    ** Compared to its peers, Tryg also has no exposure to life
business, which is more capital-intensive and has lower returns
on capital, the broker adds
    ** The broker keeps its "hold" rating on Gjensidige
Forsikring  GJES.OL  and Topdanmark  TOP.CO  
    ** Gjensidige Forsikring, which it ranks second, is best
positioned for revenue growth with increased likelihood of M&A,
Berenberg says
    ** It says Topdanmark is the insurer with the most risk, in
relative terms
    
    

    

 ((marta.frackowiak@thomsonreuters.com))