GJF reported a better UW result than expected on the back of strong premium growth. We’ve lifted our EPS estimates for 2021 by 3% as a result, while 2020 comes down 4% due to a weaker financial result than we expected. The withdrawal of the dividend proposal was a bit disappointing, but with a rock solid capital position we see it as a postponement and not a cut. GJF deservedly has a premium valuation, but it leaves limited upside in our view.
23 Apr 2020
Solid premium growth and a lot of excess cash
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Solid premium growth and a lot of excess cash
GJF reported a better UW result than expected on the back of strong premium growth. We’ve lifted our EPS estimates for 2021 by 3% as a result, while 2020 comes down 4% due to a weaker financial result than we expected. The withdrawal of the dividend proposal was a bit disappointing, but with a rock solid capital position we see it as a postponement and not a cut. GJF deservedly has a premium valuation, but it leaves limited upside in our view.