GJF delivered another impressive quarter on underwriting as high premium growth, tailwinds on large losses/run-off gains and positive frequency trends combined. We have lifted our estimates on the back of higher expected premiums and lower claims, lifting EPS by 5%/4%/3% for 20/21/22. We also lift our target price to NOK 195 (185) and are very impressed by the performance, but continue to see limited upside potential and stick to our Hold rec.
21 Oct 2020
The value of pricing power
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The value of pricing power
Gjensidige Forsikring ASA (GJF:OSL) | 0 0 0.0%
- Published:
21 Oct 2020 -
Author:
Joakim Svingen | Roy Tilley -
Pages:
12
GJF delivered another impressive quarter on underwriting as high premium growth, tailwinds on large losses/run-off gains and positive frequency trends combined. We have lifted our estimates on the back of higher expected premiums and lower claims, lifting EPS by 5%/4%/3% for 20/21/22. We also lift our target price to NOK 195 (185) and are very impressed by the performance, but continue to see limited upside potential and stick to our Hold rec.