Satisfactory first quarter
• Profit before tax: NOK 501 million (NOK 519 million in 2006)
• Profit after tax: NOK 437 million (NOK 587 million)
• Market leader in general insurance
• The industry' most satisfied customers for general insurance
• 5000 customers in Gjensidige Bank
The Gjensidige Forsikring group, which includes all subsidiaries, achieved a profit before tax of NOK 501 million in the first quarter. This is a slight drop from NOK 519 million in the same period last year. The general insurance business has been affected by more medium and large claims than last year. The combined ratio for the general insurance business was 105.6 (102.1). Gjensidige is once again market leader for land-based general insurance, with a market share of 31.6 per cent in a more competitive market.
”The company is about to conclude a significant efficiency drive which aims to flatten the organisational structure, simplify the administrative processes and a strengthen the sales area. At the same time we have carried out a highly successful launch of the bank and savings business. An impressive effort by the Gjensidige employees has been decisive in helping the group appear even more competitive and attractive to the customers,” says Helge Leiro Baastad, CEO.
Looking into equity instrument. Gjensidige's general meeting of 21 April backed the continuing work to look into a listed primary capital certificate. A final decision on whether to issue and list such a certificate will be taken by Gjensidige's general meeting as close to a listing as possible. The process aims to list Gjensidige's primary capital certificate on the Oslo Stock Exchange by the end of 2007.
Industry's most satisfied customers. Gjensidige Forsikring once again held the sector'r best position in the Norsk Kundebarometer (Norwegian customer barometer). In total, we increased the satisfaction score by 1.5 points and moved up 7 places to 39th position. The survey is carried out by the Norwegian School of Management. Gjensidige Pensjon og Sparing, which entered the market at the beginning of 2006, already obtained a good position and shows how strong the Gjensidige brand is in the market.
5000 customers in Gjensidige Bank. Gjensidige bank was launched to the market in January. The bank has been very well received by the market, with its competitive conditions, and now has more than 5000 customers.
Contact:
Jørgen Ringdal, Group Support Services, tel: (+47) 90186261
Øystein Thoresen, Information Director, tel: (+47) 95233382
As of 1 January 2007 Gjensidige's consolidated accounts are reported according to International financial reporting standards (IFRS). Results, key figures and comparison figures are therefore based on IFRS.