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July 31, 2015 6:27 AM ET

Insurance

Company Overview of Gjensidige Forsikring ASA

Company Overview

Gjensidige Forsikring ASA operates as a general insurance company in Norway, Denmark, Sweden, Estonia, Lithuania, and Latvia. It operates through six segments: General Insurance Private, General Insurance Commercial, General Insurance Nordic, General Insurance Baltics, Pension and Savings in Norway, and Retail Bank in Norway. The company offers various insurance products relating to motor vehicles, property, travel/leisure, and accident and health insurance products, as well as insurance products in the areas of liability, agriculture, coastal, aquaculture, and transport; and life insurance products. It also provides pension and savings products comprising group occupational pensions, indivi...

Schweigaardsgate 21

Oslo,  0191

Norway

3,555 Employees

Phone:

47 22 96 80 00

Key Executives for Gjensidige Forsikring ASA

Chief Executive Officer
Age: 55
Total Annual Compensation: $5.7M
Chief Financial Officer, Executive Vice President of Finance and Executive Vice President of Strategy & M&A
Age: 47
Total Annual Compensation: $3.1M
Executive Vice President of Commercial
Age: 38
Total Annual Compensation: $3.2M
Executive Vice President of International General Insurance
Age: 45
Total Annual Compensation: $2.8M
Executive Vice President of Claims
Age: 44
Total Annual Compensation: $2.8M
Compensation as of Fiscal Year 2014.

Gjensidige Forsikring ASA Key Developments

Forsikring Mulls Acquisitions

Gjensidige Forsikring ASA (OB:GJF) intends to pursue acquisitions. Helge Leiro Baastad, Chief Executive Officer of Forsikring, said the company is open to potential acquisitions, primarily smaller insurers operating in the Nordic and Baltic regions, Barsen reported on July 14, 2015. "Our active acquisition efforts will continue," Baastad reportedly said. "We have our eyes and ears open, and if a small-sized business in one of the Nordic countries or the Baltic States emerges, and it fits in to our existing business model, we will clearly be open to an acquisition."

Gjensidige Insurance Group Reports Earnings Results for the Second Quarter and Six Months of 2015

Gjensidige Insurance Group reported earnings results for the second quarter and six months of 2015. For the quarter, the company reported profit before tax of NOK 1,640.1 million against NOK 1,747.9 million a year ago. Earnings per share were NOK 2.39 against NOK 2.61 a year ago. Earned premiums were NOK 5,188.1 million against NOK 5,061.5 million a year ago. For the six months, the company reported profit before tax of NOK 2,627.5 million against NOK 2,903.9 million a year ago. Earnings per share were NOK 3.89 against NOK 4.46 a year ago. Earned premiums were NOK 10,307.3 million against NOK 9,968.8 a year ago. Annualized return on equity was 18.3% against 18.3% a year ago.

Gjensidige Forsikring ASA Announces Consolidated and Company Earnings Results for the Second Quarter and Half Year Ended June 30, 2015; Provides Return on Equity Guidance for the Year 2015

Gjensidige Forsikring ASA announced consolidated and company earnings results for the second quarter and half year ended June 30, 2015. For the quarter, on consolidated basis, the company reported total operating income of NOK 5,854.6 million compared to NOK 5,706.8 million a year ago. Total net income from investments was NOK 518.1 million compared to NOK 765.3 million a year ago. Profit before tax expense was NOK 1,640.1 million compared to NOK 1,747.9 million a year ago. Profit for the period was NOK 1,195.2 million compared to NOK 1,304.8 million a year ago. Profit for the period attributable to owners of the company was NOK 1,195.2 million compared to NOK 1,304.8 million a year ago. Basic and diluted earnings per share were NOK 2.39 million compared to NOK 2.61 million a year ago. For the half year, on consolidated basis, the company reported total operating income of NOK 11,671.5 million compared to NOK 11,250.1 million a year ago. Total net income from investments was NOK 1,042.5 million compared to NOK 1,548.8 million a year ago. Profit before tax expense was NOK 2,627.5 million compared to NOK 2,903.9 million a year ago. Profit for the period was NOK 1,943.3 million compared to NOK 2,227.8 million a year ago. Profit for the period attributable to owners of the company was NOK 1,943.3 million compared to NOK 2,227.8 million a year ago. Basic and diluted earnings per share were NOK 3.89 million compared to NOK 4.46 million a year ago. Net cash flow from operating activities was NOK 2,114.8 million compared to NOK 3,537.4 million a year ago. Return on equity before tax expense, annualized was 24.8% compared to 23.9% a year ago. Return on equity after tax expense, annualized was 18.3% compared to 18.3% a year ago. For the quarter, on company basis, total net income from investments was NOK 422.3 million compared to NOK 1,199.5 million a year ago. Profit before tax expense was NOK 1,469.0 million compared to NOK 2,091.3 million a year ago. Total comprehensive income was NOK 1,232.9 million compared to NOK 1,708.0 million a year ago. For the half year, on company basis, total net income from investments was NOK 955.5 million compared to NOK 2,834.9 million a year ago. Profit before tax expense was NOK 2,430.1 million compared to NOK 4,068.6 million a year ago. Total comprehensive income was NOK 1,977.9 million compared to NOK 3,425.8 million a year ago. The group has a target of a 15% return on equity after tax from and including 2015. Over time, organic growth is expected to be in line with GDP-growth in the company’s market areas in the Nordic countries and the Baltic states. Profitable growth in excess of this shall be achieved through pursuing a disciplined acquisition strategy. The annual combined ratio shall be within the corridor 90- 93 (not discounted). Moreover, the targeted cost ratio is around 15%. A reduction is expected in the underlying cost ratio and loss ratio, but Gjensidige will endeavour to strike a balance between good profitability and increased investments in order to ensure strong competitiveness in future. In the short and medium term, the combined ratio is expected to be in the lower half of the target range. However, extraordinary circumstances relating to the weather and the proportion of large losses, and to run-off effects from previous years can bring the combined ratio outside the target range in both directions.

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