Valuation factored heavily into the downgrade. Tryg trades at 19 times 2025 earnings, about one turn higher than peers, though closer to alignment at 18 times on an operating basis once amortization ...

Gjensidige trades on about 18.5 times forward earnings, broadly in line with peers, and offers a 4.3% dividend yield. Despite the rerating, Jefferies said the valuation does not yet fully reflect ...