Nordics Insurance: Cooling but conditions still very attractive

Research evidence excerpt

Nordics Insurance: Cooling but conditions still very attractive

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Nordics Insurance

Cooling but conditions still very attractive

Price Objective Change

Cooling but conditions still very attractive 19 May 2026

All three (covered) Nordic insurers delivered strong Q1 prints. Similarly to other non-life Equity

markets, topline is slowing in Nordic P&C, but from a higher starting point and at a Europe

slower pace. Discipline remains and higher inflation expectations should underline their Insurance

defensive appeal. With the reassuring communication on Danish workers’ comp David Barma >>

provisioning, visibility on capital return also improved. We find valuations attractive, Research Analyst

particularly at Gjensidige and Sampo which are trading at P/E lows with sector-average BofASE+33 1 8770(France)0756

yields (for more defensive profiles) and upside to consensus (particularly at GJF). david.barma@bofa.com

Gjensidige remains our favourite in the space (Buy) over Sampo and STB (both Neutral). Shanti Kang >>

Research Analyst

MLI (UK)

shanti.kang@bofa.comGjensidige (NOK300, Buy)

We still expect meaningful margin tailwinds at GJF from the earn-through of 2025 Nimrat Kaur >>

double-digit pricing, of this year’s above-inflation pricing, and from expenses as growth MLI (UK)

slows and op. leverage kicks in. We expect an insurance result of NOK9.7bn for this year nimratkaur@bofa.com

and net profit growing 20% y/y. Investment income should also benefit from higher

short-term Norwegian rates. Beyond earnings, we see material upside from capital

Exhibit 1: Price Objectivesreturn. Solvency should remain comfortably above the top-end of the target range, even Ratings unchanged, GJF preferred