Third quarter 2009: Continued strong profit performance

The Gjensidige Forsikring Group reported a consolidated pre-tax profit in the third quarter of NOK 1,244.3 million, compared with NOK 1,199.3 million in the corresponding period in 2008.

• Profit before tax: NOK 1,244.3 million (NOK 1,199.3 million in the same period last year)
• Underwriting result in the general insurance operations: NOK 259.0 million (NOK 345.7 million)
• Solid financial result: NOK 1,060.1 million (NOK 925.3 million)
• Good financial performance in pensions and savings. Total assets increased by 21.2 per cent during the quarter
• Agreements made concerning significant bank investments in SpareBank 1 SR Bank and  acquisition of Citibank’s Norwegian consumer finance operations

The Gjensidige Forsikring Group reported a consolidated pre-tax profit in the third quarter of NOK 1,244.3 million, compared with NOK 1,199.3 million in the corresponding period in 2008. Measured by underwriting result, the profit for the general insurance operations came to NOK 259.0 million in the quarter, compared with NOK 345.7 million in the same period last year. The financial results for the quarter were solid at NOK 1,060.1 million, up from NOK 925.3 million last year.

The total profit for the first nine months of the year came to NOK 2,582.7 million, compared with NOK 960.6 million at the end of the third quarter last year. The profit for the general insurance operations at the end of the third quarter amounted to NOK 675.5 million, compared with NOK 693.0 million at the same time last year.

“The insurance profits reflect lower profitability than previously, partly as a result of pressure on revenues. Further measures to improve the risk margin in the insurance activities and reduce costs adapted to the premium performance are necessary to ensure continued positive profit performance,” says CEO Helge Leiro Baastad.

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