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First quarter 2014: Solid growth in premiums and good start to the year

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Gjensidige Forsikring ASA recorded a profit before tax expense of NOK 1,155.9 million (540.7) in the first quarter 2014. The growth in premiums was 10.1 per cent. The profit from general insurance operations measured by the underwriting result was NOK 349.1 million (342.9). For the investment portfolio, the return on financial assets was 1.3 per cent (0.3), or NOK 762.4 million (172.9). The profit after tax expense was NOK 923.0 million (316.7), corresponding to NOK 1.85 (0.63) per share.

‘We are very pleased with the start to 2014. The results are driven by solid growth in premiums, good operations and cost efficiency,’ says CEO Helge Leiro Baastad.

The underwriting result in the quarter was good and on a par with the corresponding quarter in 2013. The proportion of large losses was significantly higher in the first quarter 2014 than in the corresponding period last year, and the underlying trend in frequency claims was thus favourable. This was largely due to a favourable weather situation, combined with good control of customer and risk selection and pertaining risk pricing.

Gjensidige Retail Bank’s profit performance was good in the period, driven by volume growth and efficient operations. Pension and Savings also recorded a positive profit performance.

Highlights first quarter 2014 (first quarter 2013):

  • Profit before tax expense: NOK 1,155.9 million (540.7)
  • Profit per share: NOK 1.85 (0.63)
  • Earned premiums: NOK 4,907.2 million (4,457.2)
  • Underwriting result: NOK 349.1 million (342.9)
  • Combined ratio: 92.9 (92.3)
  • Cost ratio: 15.3 (15.7)
  • Financial result: NOK 762.4 million (172.9)

This information is subject to disclosure under the Norwegian Securities Act section §5-12.

Analysts and investors:
Head of Investor Relations Janne Flessum, Tel: 47 915 14 739
Investor Relations Officer Linn Soltvedt, Tel: 47 411 10 555
Investor Relations Officer Anette Bolstad, Tel: 47 416 77 722

Press:
Head of Communication: Øystein Thoresen, Tel: 47 952 33 382

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 3,400 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 20,9 billion in 2013, while total assets was NOK108.9 billion.

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