Alm.Brand offers best exposure to Nordic insurance growth, Barclays says

Tryg A/S

14/01/2026 09:57

** Barclays initiates Danish insurer Alm. Brand ALMB.CO with an "overweight" rating, saying it offers the best exposure to Nordic insurance growth

** The broker highlights the company's superior volume-driven premium growth, better margin trajectory from self-help initiatives, and a stronger dividend profile than its Nordic rivals

** It downgrades peers Tryg TRYG.CO and Gjensidige Forsikring GJFG.OL to "equal weight", citing peaking underlying margins and limited scope for earnings revisions

** For Gjensidige, Barclays says there is "not much to go from here" and calls consensus expectations for margin improvement overly optimistic

** Barclays keeps Sampo SAMPO.HE at "equal weight", based on delayed capital returns pending private equity exits and UK operational headwinds pressuring near-term earnings

COMPANY
RATING
OLD RATING
PT
OLD PT
Alm. Brand Group
Overweight
n/a
DKK 24
n/a
Gjensidige Forsikring
Equal weight
Overweight
NOK 280
NOK 310
Tryg
Equal weight
Overweight
DKK 160
DKK 190
Sampo
Equal weight
-
EUR 10.50
EUR 11.50

(Reporting by Agnieszka Olenska)

((Agnieszka.olenska@thomsonreuters.com))