Gjensidige on track for best day in decade after Q4 earnings beat

Gjensidige Forsikring ASA

24/01/2025 08:19

** Shares in Gjensidige Forsikring  GJFG.OL  rise 9.5% after
the Norwegian insurer posted Q4 earnings above consensus, driven
by lower-than-expected large losses and stronger investment
returns
    ** Insurance Service Result in the quarter was NOK 1.67
billion ($148.79 million), up 134% y/y and 25% above a
company-compiled consensus
    ** This was aided by higher insurance revenue and
improvement in loss ratio, which was driven by targeted pricing
measures, the company says
    ** "The underlying frequency ratio is better than expected,
suggesting that the long run of price rises is at last having a
meaningful impact (and exceeding inflation)," Jefferies says
    ** Gjensidige also proposes a special dividend of NOK 1 per
share, accompanying the ordinary dividend of NOK 9 per share
    ** The shares are on track for their best day in a decade if
the gains hold

($1 = 11.2241 Norwegian crowns)

 (Reporting by Jesus Calero)
 ((Jesus.calero@thomsonreuters.com))