Gjensidige Forsikring ASA Posts Strong Q3 Results
CEO Geir Holmgren Shares Highlights
Gjensidige Forsikring ASA recently announced its third-quarter results, with a profit before tax of NOK 2.215 billion. CEO Geir Holmgren attributed the strong performance to effective pricing measures, which contributed to an increase in the insurance service result.
Revenue Growth and Profitability
The company saw significant revenue growth, with insurance revenue increasing by almost 12% year-over-year. However, underlying profitability was negatively impacted by higher claims costs in Norway. Despite this, the insurance service result rose to NOK 1.590 billion, up from the previous year.
Investments and Pension Business Drive Returns
Gjensidige’s investments generated returns of NOK 1.307 billion, while the pension business delivered good results. These factors combined to produce an annualized return on equity of 23.5%.
Property Insurance Update
In his comments, Holmgren touched on the property insurance segment, noting that…
CFO Jostein Amdal Provides Detailed Analysis
CFO Jostein Amdal followed up with a detailed analysis of the quarter’s results, providing further insight into the company’s financial performance.
Q&A Session
The presentation concluded with a Q&A session, where analysts from various institutions, including HSBC, Nordea, Danske Bank, Mediobanca, and KBW, posed questions to the Gjensidige management team.
Key Takeaways
- Gjensidige Forsikring ASA reported a profit before tax of NOK 2.215 billion for Q3 2024.
- Insurance revenue grew by almost 12% year-over-year.
- Underlying profitability was negatively impacted by higher claims costs in Norway.
- Investments generated returns of NOK 1.307 billion.
- The pension business delivered good results, contributing to an annualized return on equity of 23.5%.
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