HSBC - First Glance; Nordic Insurers - Tryg downgraded to UW, Sampo to N; Ageas - Updating Estimates

Research evidence excerpt

HSBC - First Glance; Nordic Insurers - Tryg downgraded to UW, Sampo to N; Ageas - Updating Estimates

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A Nghislaine.sparling@jpmorgan.com

J.P. Morgan Securities plc 04 August 2026

HSBC - First Glance; Nordic Insurers - Tryg downgraded to UW, Sampo to

N; Ageas - Updating Estimates

Gigi Sparling

+44 207 134 0355

ghislaine.sparling@jpmorgan.com

3 Key Highlights Today:

1. HSBC: First glance – Numbers look good, the share buyback is a bit light, the NII guidance is improved but

consensus is largely there and the company are flagging that we might see higher performance related and growth

related costs.

2. Nordic Insurers: Tryg downgraded to Underweight, Sampo downgraded to Neutral

3. Ageas: Updating estimates for the sale of Maybank Ageas.

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HSBC: First glance – Numbers look good, the share buyback is a bit light, the NII guidance is improved but consensus is

largely there and the company are flagging that we might see higher performance related and growth related costs. A 5%

pre-tax beat driven by a 2% beat on revenues, in line costs and a 4% beat on pre provision profit. Within revenues, NII is 1%

ahead of consensus, fees are 4% ahead driven by better Wealth and Transaction banking. Loan losses are 1% better. Deposits are

+3% QoQ and Loans are +2% QoQ. CET1 at 14.1% is 10bps light of consensus. The share buyback of $1bln is light of consensus