English

First half-year and second quarter 2012: Record-high insurance result

Report this content

Gjensidige Forsikring ASA recorded a profit before tax for the first half-year of NOK 2,645 million (2,060). The profit from general insurance operations measured by the underwriting result amounted to NOK 1,225 million (665), the best ever.

The return on financial assets was 2.5 per cent (2.7), or NOK 1,403 million (1,418). Profit after tax amounted to NOK 2,041 million (1,549) in the first half-year.

In the second quarter, profit before tax amounted to NOK 1,218 million (1,245). The profit from general insurance operations measured by the underwriting result was NOK 719 million (615). The return on financial assets was 0.9 per cent (1.2), or NOK 494 million (639). Quarterly profit after tax was NOK 950 million (898).

'The positive development in our general insurance business is the result of increased earned premiums, a mild winter with few frost-related claims, improved risk pricing and cost-efficient operations. Although profitability continues to have a higher priority than volume, we are pleased that customer retention measures sin the private segment resulted in net customer growth in the second quarter,' says Helge Leiro Baastad, chief executive officer.

'Pension and Savings and Banking have also shown positive development in the quarter. Gjensidige has consolidated its position as a leading player in the pensions market and now is Norway’s fourth-largest player in defined-contribution unit-linked pensions,' Baastad says.

Highlights first half-year 2012 (first half-year 2011):

  • Profit before tax: NOK 2,645 million (2,060)
  • Earned premiums: NOK 8,807 million (8,639)
  • Underwriting result: NOK 1,225 million (665)
  • Combined ratio: 86.1 (92.3)
  • Cost ratio: 15.6 (16.9)
  • Return on financial assets: NOK 1,403 million (1,418)

Highlights second quarter 2012 (second quarter 2011):

  • Profit before tax: NOK 1,218 million (1,245)
  • Earned premiums: NOK 4,454 million (4,414)
  • Underwriting result: NOK 719 million (615)
  • Combined ratio: 83.9 (86.1)
  • Cost ratio: 15.4 (16.8)
  • Return on financial assets: NOK 494 million (639).

Head of Information Øystein Thoresen. Tel: 47 952 33 382
IR director Janne Merete Flessum Tel:  47 915 14 739
IR officer Linn Therese Soltvedt, Tlf: 47 411 10 555

Gjensidige is a leading Nordic insurance group built by customers, for customers. The Group has been listed on the Oslo Stock Exchange since 2010. For nearly 200 years, we have worked passionately to secure the lives, health and assets of our customers. We have about 3,100 employees and offer insurance products in Norway, Denmark, Sweden and the Baltic states. In Norway, we also offer banking, pension and savings. Operating income was NOK 19.4 billion in 2011, while total assets was NOK 88.5 billion.

Subscribe

Documents & Links