ABGSC Insurance Day 2026: Key take-aways

Research evidence excerpt

ABGSC Insurance Day 2026: Key take-aways

Equity Research - 18 May 2026 19:30 CEST

Financials

• We just hosted STB/Fremtind/ALMB/SAMPO/GJF in our offices

• Expect continued strong underwriting momentum ahead

• Market concerns seem overdone; we reiterate our sector BUY

Today, we hosted our Insurance Day 2026, with five seperate sessions with top management in Storebrand, Fremtind,

Alm. Brand, Sampo and Gjensidige. We thank all companies and investors who joined for their participation and insightful

discussions.

Expect continued strong underwriting momentum ahead

Pricing remains rational, although the double-digit repricing phase appears to be behind us. Insurers still expect to price at least

in line with claims inflation, with Gjensidige seeing claims inflation at 4-7% and Sampo pointing to 4.5% wage inflation as a

natural starting point in Norway. Volume growth is becoming more targeted, with life, health and pension-related products, SME

and selected service-led products in focus. Assuming continued war-related uncertainty in the Middle East, the next inflation

phase is expected to be more gradual than the sharp post-pandemic spike, which was driven by general inflation, supply-chain

disruption, FX pressure, higher repair costs and frequency normalisation. Still, several insurers have already included higher

inflation expectation in ongoing repricing, with limited change in retention levels so far.

Competition dynamics remain favourable, with the larger players still prioritising profitability. In Norway, Fremtind continues

to benefit from its bank distribution model and highlighted a positive net switching balance vs. all major competitors except

Storebrand. Management pointed to the convenience of having insurance integrated into the broader banking relationship as