Insr Insurance Group ASA reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported premiums earned for own account of NOK 156,029,000 compared to NOK 54,694,000 a year ago. Loss before tax was NOK 16,136,000 compared to NOK 14,374,000 a year ago. Net loss was NOK 17,423,000 compared to NOK 14,414,000 a year ago. Net cash flow from operations was NOK 76,249,000 compared to NOK 11,971,000 a year ago. Loss per share was NOK 0.13 compared to NOK 0.24 per share a year ago.

For the six months, the company reported premiums earned for own account of NOK 304,871,000 compared to NOK 91,727,000 a year ago. Loss before tax was NOK 41,232,000 compared to NOK 36,858,000 a year ago. Loss from operations was NOK 42,180,000 compared to NOK 34,950,000 a year ago. Net cash flow from operations was NOK 113,890,000 compared to NOK 33,345,000 a year ago. Acquisition of assets was NOK 2,869,000.

The company expects continued organic portfolio growth in the rest of 2018. The medium term target of low double digit growth is within reach already for 2018. The quality of the insurance portfolio is expected to improve as a result of pricing and pruning measures. Cost synergies will materialize in the financials post migration. It targets a gross combined ratio in the medium term of 90%-92%, and aims for low double digit portfolio growth.