Third quarter and year to date 2012: Strong result
The Gjensidige Group recorded a profit before tax for the third quarter of NOK 1,606.9 million (773.1). The profit from general insurance operations measured by the underwriting result increased to NOK 780.3 million (570.2), largely due to lower claims incurred.
For the investment portfolio, the return on financial assets was 1.5 per cent (0.4), or NOK 828.7 million (230.1).
“Our business developed positively in the quarter due to effects of initiatives to retain customers and further improve operations in both the private and the commercial market,” says Helge Leiro Baastad, Chief Executive Officer.
“Group programmes for optimal risk pricing, simplification and the development of self-service solutions are progressing. Together with the launch of a new visual profile for the Gjensidige brand, these initiatives will contribute to profitable growth and the positioning of Gjensidige as the most customer-oriented general insurance company in the Nordic region,” Baastad says.
The new visual identity will be presented together with the group programme for simplification and automation in connection with the quarterly results presentation today. Implementation of the new profile will start in December.
The Group recorded a profit before tax for the year to date of NOK 4,252.3 million (2,833.1). The profit from general insurance operations measured by the underwriting result was NOK 2,005.1 million (1,235.0). For the investment portfolio, the return on financial assets was 4.0 per cent (3.1), corresponding to NOK 2,232.0 million (1,648.6). The improvement in profit performance was largely due to a substantial improvement in the development of general insurance operations, in both Norway and the Nordic segments, combined with a higher return on financial assets.
Third quarter 2012 (third quarter 2011):
• Profit before tax: NOK 1,606.9 million (773.1)
• Earned premiums general insurance: NOK 4,571.7 million (4,537.8)
• Underwriting result: NOK 780.3 million (570.2)
• Combined ratio: 82.9 (87.4)
• Cost ratio: 14.8 (15.2)
• Return on financial assets: NOK 828.7 million (230.1)
Highlights year to date 2012 (year to date 2011):
• Profit before tax: NOK 4,252.3 million (2,833.1)
• Earned premiums general insurance: NOK 13,379.1 million (13,176.5)
• Underwriting result: NOK 2,005.1 million (1,235.0)
• Combined ratio: 85.0 (90.6)
• Cost ratio: 15.3 (16.3)
• Return on financial assets: NOK 2,232.0 million (1,648.6)
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.