Tryg is an insurance company, engaged in providing insurance services. Co.'s private segment encompasses the sale of insurance products to private individuals in Denmark and Norway. Co.'s commercial segment encompasses the sale of insurance products to small and medium-sized businesses in Denmark and Norway. Co.'s corporate segment sells insurance products to corporate customers under the brand Tryg in Denmark and Norway, Moderna in Sweden and Tryg Garanti. Co.'s Sweden segment comprises the sale of insurance products to private customers under the Moderna brand. Moreover, insurance is sold under the brands Atlantica, Bilsport & MC, Securator and Moderna Djurforsakringar.
  • TickerTRYG
  • ISINDK0060636678
  • ExchangeNasdaq Nordic Copenhagen
  • SectorNonlife Insurance
  • CountryDenmark

Analysts

Eivind Sars Veddeng ...
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Niclas Gehin

Tryg (Hold, TP: DKK190.00) - Solid premiums growth in Q1

The Q1 report was mixed with premiums growth c2%-points stronger than we expected as the main positive deviation. The combined ratio was weaker than consensus, but this can mainly be ascribed to a higher share of large claims in the Norwegian segment. We have increased our 2020−2021e EPS by ~1% to reflect the beat on premiums and have raised our target price from DKK185 to DKK190. We reiterate our HOLD as we find the valuation demanding at these levels, but we see no negative share price catalyst ahead.

Niclas Gehin

Solid names, demanding valuation

We expect the Nordic non-life insurers to report fairly solid Q1 results, with a positive impact from the relatively benign winter weather in most of the region. Coupled with strong investment returns, we see solid EPS only partly offset and complimented by various one-offs in the quarter. We maintain our target price on Sampo, but have downgraded to HOLD (BUY) following the appreciation since January. We maintain our HOLD recommendations on the other stocks we cover. The sector valuation continues to look demanding, but we struggle to identify any potential downside triggers. Sampo remains ou...

Niclas Gehin

Tryg (Hold, TP: DKK190.00) - Solid premiums growth in Q1

The Q1 report was mixed with premiums growth c2%-points stronger than we expected as the main positive deviation. The combined ratio was weaker than consensus, but this can mainly be ascribed to a higher share of large claims in the Norwegian segment. We have increased our 2020−2021e EPS by ~1% to reflect the beat on premiums and have raised our target price from DKK185 to DKK190. We reiterate our HOLD as we find the valuation demanding at these levels, but we see no negative share price catalyst ahead.

Niclas Gehin

Solid names, demanding valuation

We expect the Nordic non-life insurers to report fairly solid Q1 results, with a positive impact from the relatively benign winter weather in most of the region. Coupled with strong investment returns, we see solid EPS only partly offset and complimented by various one-offs in the quarter. We maintain our target price on Sampo, but have downgraded to HOLD (BUY) following the appreciation since January. We maintain our HOLD recommendations on the other stocks we cover. The sector valuation continues to look demanding, but we struggle to identify any potential downside triggers. Sampo remains ou...

Niclas Gehin

Tryg (Hold, TP: DKK165.00) - Steady performer

Tryg reported an in-line Q4 with an underlying combined ratio that met our estimates and consensus. The DKK1.65 dividend was also in line with expectations. We have made only minor changes to our estimates and reiterate our HOLD recommendation and DKK165 target price. We find the valuation demanding at this level and struggle to see any significant share price triggers.

Niclas Gehin

Green winter, red investment results

We expect weak investment results for Q4 due to sluggish equity markets and widening credit spreads, resulting in marked-to-market losses, while combined ratios are likely to be broadly flat YOY. We have made only small estimate changes, but have upgraded Sampo to BUY (HOLD) on our view of an excessive implicit If… valuation discount (trading at a 2019e P/E of 12x versus Danish peers at ~18x). Gjensidige remains a BUY and our sector top pick with Sampo, while the valuations of Topdanmark and Tryg still look demanding but we struggle to identify any negative catalysts near-term.

Niclas Gehin

Tryg (Hold, TP: DKK155.00) - Run-offs offset higher large claims

Tryg reported a decent set of Q3 results hurt by high weather and large claims, offset by higher run-off gains. Adjusted for these effects, the combined ratio came in at 85.7%, ~1%-point above consensus of 84.9%. The Q3 underwriting result was particularly weak in Norway with a combined ratio adjusted for run-offs of 98.8%, which was hurt by a single claim for DKK130m. We have made only small changes to our 2019–2020 EPS estimates. We continue to find Tryg’s valuation demanding, but struggle to see any triggers on the downside. We reiterate our HOLD and DKK155 target price.

2 directors bought

Two Directors at Tryg A S bought 5,300 shares at between 141.200DKK and 142.300DKK. The significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rule...

Insider bought: A director bought 15,464 shares at 130.300DKK and

A director at Tryg A S bought 15,464 shares at 130.300DKK and the significance rating of the trade was 77/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of bo...

Eivind Sars Veddeng ...
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Niclas Gehin
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Christer Magnergård ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Olof Larshammar

Northern Lights

Jon Masdal ...
  • Karl-Johan Bonnevier
  • Martin Arnell
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Simen Mortensen

Northern Lights

Christoffer Wang Bjørnsen ...
  • Eivind Sars Veddeng
  • Helge André Martinsen
  • Jon Masdal
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Antti Kansanen ...
  • Christer Magnergård
  • Martin Arnell
  • Mattias Holmberg
  • Mattias Montgomery
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

With a more favourable environment, TRYG A/S improves to Slightly Positive

TRYG A/S (DK), a company active in the Full Line Insurance industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date November 13, 2018, the closing price was DKK 166.30 and its potential was estimated at DKK 174.62.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Tryg – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Tryg, March 15, 2019

Since, as of the date of this report, the names of the candidates put forward by major shareholder TryghedsGruppen smba have not been announced yet, ECGS does not consider Tryg to be in compliance with the Danish regulations relating to the organisation and procedures of the AGM. In ECGS' view, this is a significant corporate governance breach and totally unlike best practice. Under ITEM 4, although not legally required in Denmark, the supervisory board and the executive management seek discharge. Under its guidelines, ECGS no longer approves discharge of the board of directors and/or executi...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Bullish Stocks

Concerns over perceived central bank policy missteps have been somewhat alleviated following dovish takeaways from Fed Chair Powell's comments, proclaiming interest rates are “just below” the neutral rate, and reminding everyone that future rate hikes are not predetermined. While this is certainly an incrementally positive development, it does not completely remove the specter of future rate hikes from our list of concerns. Of course, trade remains an issue despite optimism surrounding the Trump/Xi meeting at the G20 summit this week. Therefore, our outlook remains cautious and we expect conso...

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