Insr Insurance Group first quarter 2018 results: Step change in operations

Oslo,  May 16th, 2018 

Insr Insurance Group ASA (OSE:INSR) announces results for the first quarter of 2018. 

A presentation of the results by the group’s senior management team will take place today at 08:30 CET - see details below.

Organic premium portfolio growth continued for the third consecutive quarter. With 8.7% annualized growth in the first quarter, Insr is on track to deliver on medium term target of low double digit growth.  

Operational efficiency has been improved. Synergies from combining Nemi and Insr are starting to show in a reduced gross cost ratio. This, in combination with an improved reinsurance programme, gives a significant improvement in costs and result for own account. Premium volume per full time employee, another measure of operational efficiency, has grown by over 40% since signing the Nemi acquisition. Improved operational control shows in amongst others a clean 2017 audit opinion.

The Norwegian insurance market reports underwriting results for the quarter affected both by a harsh winter with difficult driving conditions and underlying claims inflation. Insr’s claims ratio increased in line with the market. Ongoing price adjustments to counter claims inflation appear to be accepted by our customers, indicating that the market in general is launching price measures. The net loss from operations was NOK 24.8 million.

Insr and Nemi legally merged March 21st. The ambitious integration plan is on track. The focus for 2018 is to align the two companies’ IT-platforms and establish a common culture in the combined organisation supporting the wholesale strategy.

Espen Husstad, CEO of Insr Insurance Group, comments: “I’m very satisfied with having organic portfolio growth for the third consecutive quarter. This gives us confidence in our wholesale strategy and value proposition. We expect the growth to continue in 2018 and that we are able to deliver on our medium term target of low double digit growth. We have also made a step change in operations, and parts of the synergies from combining Nemi and Insr are already visible in the results. I’m enthusiastic and proud of working together with talented and skilled colleagues from both legacy companies. ”

Financial Highlights Q1 2018
(Figures in brackets = pro forma figures for same period prior year unless otherwise stated)

  • Premiums earned for own account was NOK 148.8 million (NOK 80.0 million pro forma and NOK 37.0 million reported)

  • Net result was a loss of NOK 24.8 million (loss of NOK 30.2 million)

  • Gross loss ratio of 87.1% (77.4%)

  • Gross cost ratio of 27.1% (29.3%)

  • Combined ratio for own account improved significantly to 118.4% (138.5%)

  • The solvency ratio at the end of the quarter was 162% (actual reported Insr Q1 ‘17 239%)  


The focus for Insr in 2018 will be integration and profitable growth. Migration to one core IT system and joint work processes will be completed in the second half of 2018.

Insr expects continued organic portfolio growth in the rest of 2018. The quality of the insurance portfolio is expected to keep improving, as a result of the continuous focus on pricing and pruning measures. Cost synergies will continue to gradually materialize in the financials, which together with stringent cost control facilitates profitable growth.

Insr targets a gross combined ratio in the medium term of 90-92% and aims for low double digit portfolio growth.

Insr Insurance Group ASA complies with statutory solvency requirements, reporting a solvency ratio of 162% as of 31 March, 2018. The company will optimize capital management with a sustainable solvency margin above 130% going forward.

Presentation details

Espen Husstad (CEO) and Bård Standal (CFO) present the results on 16 May at 08:30 CET:

(1) Through participative webcast, link:

(2) In Vika Atrium Conference Centre, Munkedamsveien 45, Oslo.

The interim report and investor presentation for the first quarter 2018 are attached to this release.

For further information, please contact:

Anne B. Knudtzon, SVP Business Controlling & Investor Relations
T: +47 926 10 606

This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Insr Insurance Group ASA was established in 2009 and is an independent insurance group listed on the Oslo Stock Exchange, with headquarters in Oslo. Insr has a license for all groups of non-life insurance, except for credit and guarantee insurance. The Company's main focus is on the market for property and casualty insurance for the retail and small & medium sized enterprise segments in Norway and Denmark. Insr distributes its products mainly through insurance agents and partners.