Norway's Gjensidige Q3 insurance revenue rises
Norway's Gjensidige Q3 insurance revenue rises
Overview
Norway insurance group's Q3 insurance revenue rose 1.5% yr/yr, with adjusted growth of 5.3%
Net income for Q3 increased yr/yr, supported by improved margins and claims development
Combined ratio improved to 73.6% from 79.7% in Q3
Outlook
Company did not provide specific financial guidance for the current or coming quarters in its press release
Result Drivers
PRICING AND VOLUME - Co said insurance revenue growth was driven by pricing measures and higher volumes for property, accident, health and travel insurance in Private Norway
LOWER LOSS RATIOS - Co attributed improved insurance service result to lower loss ratios in Private and Commercial segments
INTEREST RATES - Co said higher interest rates and credit spreads negatively affected investment portfolio result
Company press release: ID:nWkrm5BTM
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Insurance Revenue |
| NOK 11.37 bln |
|
Q3 Net Income |
| NOK 2.08 bln |
|
Q3 Combined Ratio |
| 73.60% |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 8 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the multiline insurance & brokers peer group is "buy."
Wall Street's median 12-month price target for Gjensidige Forsikring ASA is NOK283.25, about 4.8% above its October 22 closing price of NOK270.40
The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 17 three months ago
Reuters Recommended Reads
Oct 21 - Norway's Storebrand Q3 operating profit rises to record on premium growth
Oct 22 - Selective Insurance Q3 net income rises on improved underwriting performance
Oct 20 - Insurance firm Chubb Q3 net income rises
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)