Jefferies ups Admiral and Gjensidige to 'buy' on earnings momentum

Tryg A/S

29/09/2025 08:47

** Shares in Gjensidige GJF.OL rise around 4% after Jefferies double-upgrades the Norwegian insurer to "buy" from "sell", citing expectations of higher earnings from rising prices

** The brokerage expects rising Norwegian insurance prices to expand the company's margins and lead to higher earnings than the market currently assumes

** The broker upgrades UK-based Admiral ADM.L to "buy" from "hold" seeing Admiral's "earnings continue to reach new heights" due to its cost leadership, adding that it sees its valuation as depressed and regulatory risks as overly discounted; Admiral's stock is up around 2%

** Jefferies downgrades Sabre Insurance SBRE.L to "underperform" on weak momentum and Tryg TRYG.CO to "hold" due to a weaker growth outlook versus Nordic peers

** The broker keeps "hold" on Sampo SAMPO.HE, saying "the regional bellwether appears in good operational form", viewing the company's valuation as fair and its buy-back potential as fully priced in by the market

** It adds, however, that upside for Sampo from quicker shareholder returns is not "material enough to warrant a buy"

COMPANY
NEW RATING
OLD RATING
Admiral
buy
hold
Sabre Insurance
underperform
hold
Gjensidige
buy
underperform
Tryg
hold
buy
Sampo
hold
hold

(Reporting by Marta Frackowiak)

((marta.frackowiak@thomsonreuters.com))