Strong increase for Gjensidige

Gjensidige Forsikring experienced a profitably strong last quarter of last year, but the result was affected by high settlement gains.

The insurance company’s profit for the fourth quarter of 2018 was published on Thursday.

Profit from the general insurance business, measured by the insurance result, was NOK 1.9 billion. However, the result was affected by high settlement gains of NOK 1.4 billion. Adjusted for this, the insurance result was NOK 530.3 million, according to a press release from the company.

– The improvement in the insurance result from the fourth quarter of 2017 was a result of considerably higher liquidation gains, as a result of a thorough review of our claims reserves, says CEO Helge Leiro Baastad.

– In addition, premium growth and improved underlying profitability, especially for motor vehicles in Norway, contributed to the improvement in earnings. Our operations outside Norway show continued good progress, and our strict cost discipline has led to a decrease in the cost ratio, he adds.

However, he is not satisfied with last year as a whole.

– For 2018, we are not satisfied with the underlying results, even when adjusted for extraordinary effects. The proposed share dividend is nevertheless on par with last year’s and confirms our promise to strive for a high and stable nominal dividend to our shareholders, says Baastad.

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