Insr Insurance Group fourth quarter and full year 2017 results: Transformational quarter with Nemi integration on track

Oslo, 28 February 2017

Insr Insurance Group ASA (OSE:INSR) announces its results for the fourth quarter of 2017.

A presentation of the results by the group’s senior management team will take place today at 09:00 CET - see details below.

Insr’s underlying insurance business is strong. Gross loss ratio was 69.9% for the full year of 2017, a significant improvement from 75.2% for 2016. In the fourth quarter, the gross loss ratio was 71.4%. The improved underwriting result stems from effective  pricing and pruning measures implemented over the past quarters; a more favorable customer and product mix, as well as  sustainable price levels. Organic growth continued during the quarter fueled by Insr’s wholesale proposition, and the  portfolio doubled with the inclusion of Nemi.

Regulatory approval for merging Insr and Nemi was received on February 27th, and the legal merger is expected to complete early second quarter 2018. The acquisition rationale remains strong, and integration is proceeding according to plan, with 80% of communicated synergy potential already implemented. This includes a 36% manning reduction, and a new joint reinsurance program.

There are substantial non-recurring and periodisation items this quarter, amounting to NOK 150.8 million This  relates to synergy take-out costs (NOK 45.7 million), balance sheet clean-up (NOK 79.7 million) and periodisation (NOK 25.4 million). In addition, reinsurance commissions reserves were restated after a thorough balance sheet review for years 2012 to 2017, reducing commission income in the third quarter 2017 with NOK 35.9 million and NOK 7.6 million was recorded directly against equity. The solvency margin of the group is 185%. Note that solvency capital  excludes  immaterial assets and periodisation effects.

Espen Husstad, CEO of Insr Insurance Group, comments: “I am very pleased to report that the integration with Nemi is proceeding according to plan, actually somewhat ahead of plan. All organisational adjustments are completed, within communicated time and cost. IT migration is the only remaining workflow. Our belief in the combined Insr and Nemi business and skilled colleagues has been strengthened: The underwriting result is strong,  and the portfolio growth has continued, underpinning the strength of our wholesale value proposition.”

Financial Highlights Q4 2017
(Figures in brackets = same period 2016 unless otherwise stated)

      Premiums earned for own account was NOK 93.6 million (NOK 67.8 million)

      Result from operations was a loss of NOK 145.9 million (loss of NOK 27.3 million)

      Gross loss ratio of 71% (43%)

      Gross cost ratio of 91% (42%)

      The solvency ratio at the end of the quarter was 185% (159%) 


The focus for Insr in 2018 will be integration and profitable growth.

The legal merger with Nemi is expected to close early second quarter 2018. Migration to one core IT system and joint work processes will be completed in second half of 2018.

With the wholesale business fully operational, Insr expects continued portfolio growth in 2018. The quality of the insurance portfolio is expected to keep improving, as a result of the continuous focus on pricing and pruning measures. This, coupled with continued cost reductions and realization of synergies, ​establishes ​a ​strong ​base ​for ​underwriting ​profitability.

Insr targets a gross combined ratio in the medium term of 90-92% and aims for low double digit portfolio growth.

Insr Insurance Group ASA complies with statutory solvency requirements, reporting a solvency ratio of 185% as of 31 December, 2017. The company will optimize capital management with a solvency margin above 130% going forward.

Presentation details 

Espen Husstad (CEO) and Bård Standal (CFO) present the results on 28 February at 09:00 CET:

(1) Through participative webcast, link:

(2) In Vika Atrium Conference Centre, Munkedamsveien 45, Oslo. 

The interim report and investor presentation for the fourth quarter and full year 2017 are attached to this release. 

For further information, please contact:

Anne B. Knudtzon, SVP Business Controlling & Investor Relations
T: +47 926 10 606

This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. 

Insr Insurance Group ASA was established in 2009 and is an independent insurance group listed on the Oslo Stock Exchange, with headquarters in Oslo. Insr has a license for all groups of non-life insurance, except for credit and guarantee insurance. The Company's main focus is on the market for property and casualty insurance for the retail and small & medium sized enterprise segments in Norway and Denmark. Insr distributes its products mainly through insurance agents and partners.