Brief: Gjensidige Forsikring Q3 Pre-Tax Profit Below Company Consensus At NOK 1,485.5 Mln

Gjensidige Forsikring ASA

21/10/2022 06:10

Oct 21 (Reuters) - Gjensidige Forsikring ASA  GJFG.OL :
    * SOLID UNDERWRITING RESULT, FINANCIAL RESULT SIGNIFICANTLY
IMPACTED BY MARKET TURMOIL
    * Q3 PRE-TAX PROFIT NOK 1,485.5 MILLION (COMPANY CONSENSUS
ESTIMATE: NOK 1,565 MILLION)
    * Q3 EARNED PREMIUMS NOK 8,046.8 MILLION (COMPANY CONSENSUS
ESTIMATE: NOK 8,001 MILLION)
    * PREMIUM GROWTH, PARTLY OFFSET BY HIGHER LARGE LOSSES AND
LOWER
RUN-OFF GAINS, DROVE IMPROVEMENT IN UNDERWRITING RESULT
    * RISE IN INTEREST RATES IN 2022, COMBINED WITH AN INCREASE
IN
CREDIT SPREADS, HAS HAD A NEGATIVE IMPACT ON FIXED-INCOME
INVESTMENTS.
    * Q3 COMBINED RATIO 76.3% (COMPANY CONSENSUS ESTIMATE:
78.4%)
    * DUE TO RISE IN INTEREST RATES, OTHER ASSET CLASSES ALSO
GENERATED NEGATIVE RETURNS
    * THE OUTLOOK FOR GJENSIDIGE’S UNDERWRITING RESULTS REMAINS
GOOD
    * THE BOARD CONSIDERS THE GROUP’S CAPITAL SITUATION AND
FINANCIAL
POSITION TO BE STRONG

Source text for Eikon:  ID:nWkr1PFXY3 
Further company coverage:  GJFG.OL 
 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))