The Gjensidige Insurance Group recorded a profit before tax expense of NOK 1,709.3 million (1,640.1) for the second quarter. The underwriting result was NOK 1,071.6 million (1,070.2), corresponding to a combined ratio of 80.6 (79.4). The return on financial assets was 1.0 per cent (0.9), or NOK 569.5 million (511.1). The profit after tax expense was NOK 1,294.8 million (1,195.2), corresponding to NOK 2.60 (2.39) per share.

- Gjensidige once again delivered a strong underwriting result. Relevant customer offerings, cost efficient operations and good risk selection and risk pricing were keys to success, says CEO Helge Leiro Baastad. -We strengthened our domestic leadership position, while at the same time achieving good profitability and high level of customer satisfaction, Baastad says.

The strong underwriting result was driven by 6.7 per cent premium growth combined with a continued favourable underlying frequency claims development. Large losses were higher than in the same period in 2015, but lower than what is normally expected during a second quarter. Run-off gains were around the expected level for the quarter and higher than in the same period last year.

The Retail Bank showed a positive profit development compared with the same period in 2015, mainly driven by portfolio growth. Pension and Savings recorded a profit somewhat higher than the same period last year due to higher volumes and increased net financial income.

The financial result in the quarter was positively impacted by good returns on bonds and the investment in SpareBank1 SR-Bank.

Year to date, the Group recorded a profit before tax expense of NOK 3,318.2 million (2,627.5). The underwriting result was NOK 2,322.4 million (1,486.7), corresponding to a combined ratio of 79.0 (85.6). The return on financial assets was 1.6 per cent (1.8), or NOK 893.3 million (1,032.0). The profit after tax expense was NOK 2,403.7 million (1,943.3), corresponding to NOK 4.82 (3.89) per share.

Highlights second quarter 2016 (second quarter 2015)

  • Profit/loss before tax expense: NOK 1,709.3 million (1,640.1)
  • Profit per share: NOK 2.60 (2.39)
  • Earned premiums: NOK 5,536.8 million (5,188.1)
  • Underwriting result: NOK 1,071.6 million (1,070.2)
  • Combined ratio: 80.6 (79.4)
  • Cost ratio: 15.6 (15.0)
  • Financial result: NOK 569.5 million (511.1)

Highlights year to date 2016 (year to date 2015)

  • Profit/loss before tax expense: NOK 3,318.2 million (2,627.5)
  • Profit per share: NOK 4.82 (3.89)
  • Earned premiums: NOK 11,050.8 million (10,307.3)
  • Underwriting result: NOK 2,322.4 million (1,486.7)
  • Combined ratio: 79.0 (85.6)
  • Cost ratio: 11.1 (15.0)
  • Financial result: NOK 893.3 million (1,032.0)

Gjensidige Forsikring ASA published this content on 15 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 July 2016 16:03:23 UTC.

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