GJF delivered a Q1 EPS beat, though slightly low on quality as UW came in below while financial return was higher. We lift our estimates by 1-2% after the report. In this report we’ve also taken a look at the M&A opportunities in Denmark post the RSA deal. With a few assumptions we find that a rumoured NOK 13-14bn valuation could be ~3-4% EPS accretive post synergies, slightly more if Codan’s 2020 90% CR (vs ~108% in 2019) proves sustainable.
