Gjensidige slumps on 'material' Q4 miss in volatile market

Gjensidige Forsikring ASA

25/01/2023 08:05

** Shares in Gjensidige  GJFG.OL  fall 7% after the
Norwegian insurer reported Q4 results below expectations,
blaming interest rate hikes and market volatility
    ** Gjensidige posts a quarterly profit of 1.69 billion
Norwegian crowns ($172 million), against 2.00 billion crowns
seen in a company-provided consensus
    ** "Gjensidge's overall underwriting results were 14% lower
than expected," Jefferies says, pointing to "poor performance"
in Denmark, which delivered large loss volatility and led to a
"material miss" in the quarter
    ** Gjensidige says interest rate hikes in 2022 and an
increase in credit spreads affected fixed-income investments
    ** The stock is among worst performers on Europe's STOXX 600
index  .STOXX 
($1 = 9.8475 Norwegian crowns)
 (Rpeorting by Boleslaw Lasocki)
 ((boleslaw.lasocki@tr.com))