Insr Insurance Group ASA Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Year 2018
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.