Gjensidige Forsikring ASA

Latest Results (20.12.2024):

Profit Performance

In the third quarter of 2024, Gjensidige Forsikring ASA reported a profit before tax expense of NOK 2,214.6 million, a significant increase from NOK 1,115.0 million in the same period the previous year. The effective tax rate for the quarter was 24.8%, resulting in a profit after tax of NOK 1,665.2 million. Earnings per share for the quarter were NOK 3.26, compared to NOK 1.62 in the third quarter of 2023.

Insurance Revenue Growth

Gjensidige Forsikring ASA's insurance revenue from general insurance operations increased by 11.7% to NOK 9,888.8 million in the third quarter of 2024, up from NOK 8,853.1 million in the same quarter of the previous year. This growth was primarily driven by effective pricing measures and solid renewals. The insurance service result from general insurance operations rose by 43.0%, supported by a lower cost ratio and higher insurance revenue.

Segment Performance

In the Private segment, insurance revenue increased by 10.7% in local currency, with a stable insurance service result due to higher revenue and lower operating expenses. The Commercial segment saw an 11.8% increase in insurance revenue, although the insurance service result decreased by 12.7% due to a higher loss ratio. The Swedish segment experienced a 3.0% increase in insurance revenue, with an improved insurance service result driven by better loss and cost ratios.

Financial Results

The financial result for Gjensidige Forsikring ASA in the third quarter of 2024 was NOK 1,306.5 million, a substantial increase from NOK 114.5 million in the previous year. This result was positively influenced by high running yields, falling interest rates, lower credit spreads, and positive equity markets. The pension segment also recorded a profit before tax of NOK 123.8 million, driven by increased net finance income and income from the unit-linked business.

Year-to-Date Performance

For the year-to-date, Gjensidige Forsikring ASA reported a profit before tax expense of NOK 5,095.2 million, up from NOK 3,929.7 million in the previous year. The insurance service result from general insurance operations remained stable at NOK 3,716.7 million, with a combined ratio of 86.9%. Earnings per share for the period were NOK 7.52, compared to NOK 5.90 in the previous year. The year-to-date performance was impacted by significant weather-related claims and provisions, but higher insurance revenue and an improved cost ratio contributed positively.