Gjensidige slides as challenging weather hurts Q4 results

Gjensidige Forsikring ASA

24/01/2024 08:10

** Shares in Gjensidige  GJFG.OL  fall 5.5% after the
Norwegian insurer reported Q4 results impacted by higher claims
costs due to challenging weather conditions
    ** It posts a quarterly pre-tax profit of NOK 1,606.5
million ($153.15 million), below the NOK 1,844 million seen by
analysts in a company consensus
    ** "Difficult driving conditions and frost damage on
properties contributed to a large number of claims from
customers," as per the company statement
    ** Claims frequency remains elevated, the result was
impacted more costly than expected adverse weather, Jefferies
says 
    ** Similarly, Gjensidige's peer Topdanmark  TOP.CO  reported
on Tuesday Q4 profit hit by higher-than-expected weather claims
    ** Gjensidige stock is on track for its worst day since July
2023


($1 = 10.4895 Norwegian crowns)

 (Reporting by Marta Frąckowiak)
 ((marta.frackowiak@thomsonreuters.com))