Insr Insurance Group second quarter 2017 results: Strong improvement of operational performance
Insr Insurance Group ASA (OSE:INSR) announces its results for the second quarter and first half of 2017.
Espen Husstad, CEO of Insr Insurance Group, comments: “I am very pleased to see that the turnaround initiated in 2016 is materializing with a strong improvement in our operational performance. Insr had a gross combined ratio of 97% in the second quarter and thus profitable gross insurance operations. We are now well into phase two of our strategic roadmap, aimed at disciplined, profitable growth. The response from the wholesale market is encouraging, giving us confidence of achieving our goals of portfolio growth during second half of 2017.”
The webcast from the presentation of the results by the group’s senior management team is available here: http://webtv.hegnar.no/presentation.php?webcastId=58381725
Financial Highlights Q2 2017
(Figures in brackets = same period 2016 unless otherwise stated)
● Premiums earned for own account was NOK 54.7 million (NOK 73.3 million)
● Result from operations was a loss of NOK 14.4 million (loss of NOK 13.1 million)
● Investment portfolio amounted to NOK 225.9 million (NOK 152.6 million)
● Net financial income came to NOK 2.4 million (NOK 1.8 million)
● Gross loss ratio of 66% (100%)
● Gross cost ratio of 31% (35%).
● The solvency ratio at the end of the quarter was 211% (196%)
Outlook
The current macroeconomic conditions in Norway and Denmark give reason to expect continued stable demand for general insurance products in the short and medium term.
Insr remains committed to completing the restructuring process in 2017, including implementing further measures to strengthen operational capacity and capabilities. Management maintains the target of NOK 175 million in underlying operating expenses for 2017.
The implementation of the wholesale strategy is on track and continues with full force, setting the scene for portfolio growth towards year-end 2017. The premium portfolio is expected to continue improving going forward, due to implemented pricing and pruning measures. Coupled with the significant reduction in the cost base, Insr has established a strong base for delivering enhanced profitability.
Insr Insurance Group ASA complies with statutory solvency requirements, reporting a solvency ratio of 211% as of 30 June 2017. The company forecast the solvency ratio to stay above 200% through 2017.
The interim report and investor presentation for the second quarter and half year of 2017 are attached to this release.
This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
Anne B. Knudtzon
SVP Business Controlling & Investor Relations
Phone: +47 926 10 606
E-mail: Anne B. Knudtzon
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.
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