The Gjensidige Insurance Group recorded a profit before tax expense for the second quarter of NOK 1,747.9 million (1,076.9). Earned premiums from general insurance increased by 8.9 per cent from the same period last year, and the profit from general insurance operations measured by the underwriting result was NOK 951.0 million (448.5). For the investment portfolio, the return on financial assets was 1.3 per cent (1.1), or NOK 744.6 million (604.6). The profit after tax expense was NOK 1,304.8 million (891.3), corresponding to NOK 2.61 (1.78) per share.

The record strong underwriting result was driven by solid premium growth, good underlying frequency claims development and a low proportion of large losses.

'This is the best underwriting result we have ever delivered in a single quarter. 'The result is affected by a benign weather situation in the period, but also reflects continued good competitive strength and solid operations', says CEO Helge Leiro Baastad.

Both the Retail Bank and Pension and Savings have improved their profit performance since the same period last year as a result of volume growth. The financial result in the quarter was satisfactory.

The Group recorded a profit before tax expense for the first half-year of NOK 2,903.9 million (1,617.6). The profit from general insurance operations measured by the underwriting result was NOK 1,300.1 million (791.4). For the investment portfolio, the return on financial assets was 2.6 per cent (1.4), or NOK 1,507.0 million (777.5). The profit after tax expense was NOK 2,227.8 million (1,207.9), corresponding to NOK 4.46 (2.42) per share.

Highlights second quarter 2014 (second quarter 2013)

  • Profit before tax expense: NOK 1,747.9 million (1,076.9)
  • Profit per share: NOK 2.61 (1.78)
  • Earned premiums: NOK 5,061.5 million (4,646.6)
  • Underwriting result: NOK 951.0 million (448.5)
  • Combined ratio: 81.2 (90.3)
  • Cost ratio: 14.9 (15.3)
  • Financial result: NOK 744.6 million (604.6)

Highlights first half-year 2014 (first half-year 2013)

  • Profit before tax expense: NOK 2,903.9 million (1,617.6)
  • Profit per share: 4.46 (2.42)
  • Earned premiums: NOK 9,968.8 million (9,103.7)
  • Underwriting result: NOK 1,300.1 million (791.4)
  • Combined ratio: 87.0 (91.3)
  • Cost ratio: 15.1 (15.5)
  • Financial result: 1,507.0 (777.5)

This press release is subject to a disclosure requirement pursuant to Section 5-12 of the Securities Trading Act

  • Release
  • Interim report Q2 2014
  • Interim presentation Q2 2014
  • Key figures Q2 2014
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