Insr: Q3 2019 results: Consolidating Norway
Oslo, November 13th, 2019
Insr Insurance Group ASA (OSE:INSR) announces results for third quarter of 2019.
A presentation of the results by the Group’s senior management will take place today at 08:30 CET - see details below.
The result in the third quarter, a loss of NOK 12.5 million, is significantly impacted by non-recurring effects. The continuing business in the Norwegian home market reports a net result of NOK 7.8 million, while primarily non-recurring items give a net loss for discontinued operations of NOK 20.3 million.
The ongoing business in the Norwegian market continues to improve, and results are in line with expectations. Net premium growth since third quarter last year was 12.5%. Gross and net loss ratios were 70.2% and 71.5% respectively. This is in line with medium term targets. The ongoing price increases and pruning will continue to support the loss ratios. With Danish operations discontinued, the focus will be on delivering a strong fourth quarter, and continue along the positive trajectory the company is on. Insr expects to continue delivering low double digit growth in net earned premium, with the reinsurance quota expected to be further reduced.
Insr has had a busy autumn; exit from Denmark in September, and, in October, raising NOK 104 million of equity. The report includes an operational update section, as the Capital Markets Day has been moved to the Annual General Meeting day, May 20th, 2020.
The additional capital sourced will allow continuing investing in an IT platform supporting a lean and swift implementation process for our partners. This will contribute to future strong partnerships that deliver excellent and innovative risk mitigation and services to the end customers of our customers.
Espen Husstad, CEO of Insr Insurance Group, comments: ”We are very pleased with another profitable quarter in the continued business in Norway. With the additional capital raised, we are on track for profitable growth. I also wish to thank our Danish colleagues who are moving on to new challenges for their continued professionality and cooperation in the closedown of Insr’s Danish operations.”
Q3 Financial Highlights:
(Figures are for continued operations, and figures in brackets for same period previous year, unless otherwise stated)
- Premium earned for own account (net) was NOK 192.8 million (NOK 170.8 million)
- Net result from operations was a gain of NOK 7.8 million (loss of NOK 13.5 million)
- Total result incl. discontinued operations was a loss of NOK 12.5 mn (loss of NOK 14.3 mn)
- Gross loss ratio was 70.2% (68.5%)
- Gross cost ratio was 22.1% (26.6%)
- Net combined ratio was 94.8% (108.2%) and gross combined ratio 92.4% (95.1%)
- The pro forma solvency ratio was 156% when including the equity issued in October. It was 132% at the end of Q2 ‘19.
Presentation details:
Espen Husstad (CEO) and Hans Petter Madsen (CFO) will present the results on November 13th at 08:30 CET:
(1) Through participative webcast: https://webtv.hegnar.no/presentation.php?webcastId=98164475
(2) In Vika Atrium Conference Centre, Munkedamsveien 45, Oslo.
The interim report and webcast presentation for the third quarter of 2019 are attached to this release. A spreadsheet explaining Alternative Performance Measures is available on the company webpage insr.io/investor-relations. The webcast presentation is not intended to be a stand-alone presentation and should be read in conjunction with management’s comments and the quarterly report.
For further information, please contact:
Anne B. Knudtzon, SVP Business Controlling & Investor Relations
T: +47 926 10 606
E: anne.b.knudtzon@insr.io
Partnership insurance made easy. Insr enables you to broaden your customer or member offering through white label and co-branding insurance solutions. We provide insurance risk capital and insurance expertise, whilst you maintain your customer or member relationship. Insr is regulated by the Norwegian FSA (Finanstilsynet) and has a license for all groups of non-life insurance, except for credit and guarantee insurance.
Insr Insurance Group ASA was established in 2009 and is an independent insurance group listed on the Oslo Stock Exchange, with headquarters in Oslo. The Company’s main focus is on the market for property and casualty insurance for the retail and small enterprise segments in Norway. Insr distributes its products mainly through partners and insurance agents.
This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.