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Forth quarter 2009: Continued strong profit performance

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The Gjensidige Forsikring Group had a profit before tax in the quarter of NOK 634.4 million, a marked improvement over the loss of NOK 653.3 million in the same period in 2008. Dividend of NOK 1,650.0 million recommended

  • Profit before tax in the quarter: NOK 634.4 million (loss of NOK 653.3 million in the same period in 2008)

  • Profit before tax for 2009: NOK 3,217.0 million (NOK 307.2 million in 2008)

  • The Board of Directors’ recommended dividend: NOK 1,650.0 million: NOK 1,237.5 million to be distributed to Gjensidige's customers (75 per cent), and NOK 412.5 million to the Gjensidige Foundation  

 

The Gjensidige Forsikring Group had a profit before tax in the quarter of NOK 634.4 million, a marked improvement over the loss of NOK 653.3 million in the same period in 2008.
The profit for the general insurance operations, as measured by underwriting profit, came to NOK 191.3 million in the quarter, compared with NOK 165.2 million in the same quarter in 2008. Net income from investment increased considerably during the quarter and amounted to NOK 648.6 million (a loss of NOK 751.6 million).

For 2009 as a whole, the profit before tax totalled NOK 3,217.0 million, a strong improvement over NOK 307.2 million in 2008. The underwriting profit for the year came to NOK 866.7 million, compared with NOK 859.8 million in the same period in 2008. Net income from investment for the year as a whole amounted to NOK 2,788.0 million (a loss of NOK 258.7 million). January 2010 has been abnormally cold, and this has entailed a greater number of losses than normal. This makes it natural to consider price measures.

“Gjensidige emerges in a strengthened position from a year that has been difficult for many companies. I am very pleased with the profit, which was so good that we can distribute a  substantial dividend to our customers and the Gjensidige Foundation,” says group CEO Helge Leiro Baastad. 

The dividend to customers is an additional benefit for the general insurance customers of Gjensidige in Norway. The customers have financial ownership rights in the form of a right to dividends.   
 

NOK million Q4 2009  Q4 2008 2009  2008  
Gross premium written  3.794 3.476  18.276 17.429
Claims ratio general insurance  77,1 %  77,8 % 77,1 %  77,4 %
Cost ratio general insurance 18,1 % 18,0 %  17,4 % 17,0 %
UW result general insurance  191 165  867 860 
Net income from investments  649 (752) 2.788 (259)
Profit/loss before tax 634 (653) 3.217 307
Profit of the period 431 (885) 2.341 252

Head of Communication Øystein Thoresen, Tel.: 47 95233382
Deputy CEO Tor Magne Lønnum, Tel.: 47 97164830

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