This release contains inside information related toGjensidige Forsikring ASA pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. Gjensidige generated a profit after tax ofNOK 821 million in the first quarter. The insurance service result was negatively impacted by weather-related claims and provisions. The result improved when adjusting for these items, due to continued strong momentum in revenue growth and efficient operations. Highlights first quarter 2024 (first quarter 2023) · Profit or loss before tax:NOK 1,076.2 million (1,491.5) · Earnings per share:NOK 1.59 (2.26) · Insurance revenue:NOK 9,473.9 million (8,531.7) · Insurance service result:NOK 704.1 million (1,114.8) · Combined ratio: 92.6 % (86.9 %) · Cost ratio: 13.4 % (13.4 %) · Financial result:NOK 447.6 million (794.1) · Solvency ratio, approved Partial Internal Model: 177 % (181 %) - We continue to have a very strong growth momentum. We navigated very well through a tough quarter which was heavily impacted by harsh weather conditions, says CEOGeir Holmgren . - I am very impressed by our organisation's ability to handle yet another quarter with an extraordinary high number of enquiries and claims. We have taken good care of our customers when it matters the most, and processed claims in an efficient manner, Holmgren says. General insurance Insurance revenue increased by 11.0 per cent toNOK 9,473.9 million (8,531.7), or by 9.7 per cent measured in local currency. This was due to solid renewals, effective and differentiated pricing measures, and volume growth. The insurance service result decreased by 36.8 per cent toNOK 704.1 million (1,114.8), corresponding to a combined ratio of 92.6 (86.9). The decrease was primarily driven by the harsh weather conditions in the Nordics. A higher discounting effect contributed positively to the insurance service result. Adjusted forNOK 577.1 million in weather-related claims andNOK 108.2 million in provisions due to a recent court ruling inDenmark in favour of the Consumer Ombudsman, the insurance service result wasNOK 1,389.4 million . This corresponds to a combined ratio of 85.5. The loss ratio increased by 5.6 percentage points compared with the first quarter last year, driven by the increase in weather-related claims. Adjusted for the weather-related frequency claims and the provisions mentioned above, the underlying frequency loss ratio improved by 0.2 percentage points. The cost ratio was stable at 13.4 per cent. Pension The pension segment recorded a profit before tax expense ofNOK 151.7 million (minus 8.5), driven by a higher insurance service result and changes in financial assumptions. The insurance service result was impacted by adjustments to best estimate of future liabilities and year-end adjustments of profit sharing, amounting to a positive impact ofNOK 35.3 million in the first quarter of 2024 (minus 15.1). Financial result The financial result for the quarter wasNOK 447.6 million (794.1), which corresponds to a return on total assets of 0.7 percent (1.3) . The result for the quarter was positively impacted by high running yields, lower credit spreads and positive equity markets. Outlook remains good -The outlook for Gjensidige's insurance service result for the rest of the year remains good. We will continue to focus on profitable growth, and further improve operational efficiency across the Group, which together with our strong product offering and solid capital position bode well for continued solid results and attractive returns to our shareholders, Holmgren says. This release contains alternative performance measures (APMs). APMs are described at www.gjensidige.com/reporting This release is issued byChristian Haraldsen , media relations officer atGjensidige Forsikring ASA . Date and time of publication:07:00 CET ,25 April 2024 Contact persons Head of Communication, Øystein Thoresen. Tel: 47 952 33 382 Head of Investor RelationsMitra Hagen Negård . Tel: 47 957 93 631 Gjensidige is a leading Nordic insurance group listed on theOslo Stock Exchange . We have about 4,500 employees and offer insurance products inNorway ,Denmark ,Sweden and the Baltic states. InNorway , we also offer pension and savings. The Group's operating income wasNOK 36 billion in 2023, while total assets wereNOK 148 billion .
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