Group highlights

First quarter 2024

In the following, the figures in brackets indicate the amount or percentage for the corresponding period in the previous year.

First quarter

Group

  • Profit or loss before tax expense: NOK 1,076.2 million (1,491.5)
  • Earnings per share: NOK 1.59 (2.26)

General Insurance

  • 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)

Profit performance Group

NOK millions

1.1.-31.3.2024

1.1.-31.3.2023

1.1.-31.12.2023

Insurance service result Private

577.4

547.4

2,495.3

Insurance service result Commercial

724.3

608.9

3,543.5

Insurance service result Sweden

34.3

54.0

130.2

Insurance service result Baltics

-5.5

-7.5

49.1

Insurance service result Corporate Centre

-626.4

-88.0

-1,749.3

Insurance service result general insurance

704.1

1,114.8

4,468.9

Profit or loss before tax expense Pension

151.7

-8.5

106.1

Financial result investment portfolio

447.6

794.1

2,590.3

Unwinding general insurance

-283.5

-235.8

-1,023.3

Change in financial assumptions general insurance

205.9

-25.1

-46.9

Other items 1

-149.5

-148.0

-543.7

Profit or loss before tax expense

1,076.2

1,491.5

5,551.5

Alternative performance measures

Large losses, net of reinsurance 2, 3, 4

462.4

213.2

1,796.9

Run-off gains and losses, net of reinsurance 3

63.6

67.7

490.0

Change in risk adjustment, net of reinsurance 3

-45.9

32.8

42.1

Discounting effect 3

283.4

219.1

1,016.2

Insurance revenue from general insurance

9,473.9

8,531.7

36,162.0

Insurance revenue changes in general insurance, local currency

9.7%

7.4%

8.6%

Loss ratio, gross 3

84.4%

72.4%

74.1%

Net reinsurance ratio 3

-5.3%

1.2%

-0.8%

Loss ratio, net of reinsurance 3

79.1%

73.5%

73.3%

Cost ratio 3

13.4%

13.4%

14.4%

Combined ratio 3

92.6%

86.9%

87.6%

Underlying frequency loss ratio, net of reinsurance 3, 5

74.5%

72.2%

69.8%

Solvency ratio 6

177.3%

180.6%

165.5%

  1. Other items are explained in note 8 Specification of other items
  2. Large losses in excess of NOK 30.0 million are charged to the Corporate Centre, while claims of less than NOK 30.0 million are charged to the segment in which the large losses occur. As a main rule, the Baltics segment has a retention level of EUR 0.5 million, while the Swedish segment has a retention level of NOK 10 million. Large losses allocated to the Corporate Centreamounted to NOK 246.8 million (8.7) for the year-to-date. Accounting items related to reinsurance are also included.
  3. Defined as an alternative performance measure (APM). APMs are described in a separate document published on gjensidige.com/reporting.
  4. Large losses = loss events in excess of NOK 10.0 million. Expected large losses per quarter in 2024 is NOK 476 million (undiscounted).
  5. Underlying frequency loss ratio, net of reinsurance = (insurance claims expenses + reinsurance premiums + amounts recovered from reinsurance + large losses, net of reinsurance - run- off gains/losses, net of reinsurance - risk adjustment, net of reinsurance)/insurance revenue
  6. Solvency ratio = Total eligible own funds to meet the Solvency Capital Requirement (SCR), divided by SCR. For the Group and Gjensidige Forsikring ASA total comprehensive income for the year-to-date is included in the solvency calculations, minus a formulaic dividend pay-out ratio in the first, second and third quarter of 80 per cent of net profit. At year end, the proposed dividend is deducted in the calculation of the solvency ratio.

2

Results significantly impacted by weather

The insurance service result was negatively impacted by NOK 577 million in weather-related claims in the quarter, in addition to NOK 108 million in provisions. The result improved when adjusting for these items, due to continued strong momentum in revenue growth and efficient operations. The outlook for Gjensidige's insurance service result for the rest of the year remains good, based on implemented pricing measures in Norway and continued focus on profitability improvements across the Group.

Group profit performance

Development during the quarter

Gjensidige Forsikring Group recorded a profit before tax expense of NOK 1,076.2 million (1,491.5) for the quarter.

The tax expense amounted to NOK 255.1 million (344.5), resulting in an effective tax rate of 23.7 per cent (23.1). The effective tax rate was impacted by realised and unrealised gains and losses on equity investments in the EEA.

The profit after tax expense was NOK 821.1 million (1,147.0) and the corresponding earnings per share were NOK 1.59 (2.26).

The profit from general insurance operations measured by the insurance service result was NOK 704.1 million (1,114.8), corresponding to a combined ratio of 92.6 (86.9). Adjusted for NOK 577.1 million in weather-related claims and NOK 108.2 million in provisions relating to the recent court ruling in Denmark in favour of the Consumer Ombudsman, the insurance service result was NOK 1,389.4 million. This corresponds to a combined ratio of 85.5. Please see the section 'Events after the reporting period' for further details on the provisions mentioned above.

Insurance revenue from general insurance increased by 11.0 per cent to NOK 9,473.9 million (8,531.7), or by 9.7 per cent measured in local currency. Adjusted for the provisions mentioned above, insurance revenue increased by 11.0 per cent in local currency. This was due to solid renewals, effective and differentiated pricing measures, and volume growth.

The insurance service result from general insurance operations decreased by 36.8 per cent, primarily driven by the harsh weather conditions in the Nordics. A higher discounting effect contributed positively to the insurance service result.

Heavy snowfall, high precipitation, low temperatures, and the storm 'Ingunn' resulted in significantly higher motor and property claims in the first quarter compared with the same quarter last year. Weather-related claims in Norway and Denmark, net of reinsurance are estimated at approximately NOK 577.1 million in the quarter (80.0), of which NOK 331.0 million (0) mainly related to property claims, net of reinsurance, and were recognised as large losses in Private, Commercial and the Corporate Centre. The remaining NOK 246.0 million (80.0) were related to motor claims and were recognised as frequency losses in Private, Commercial, and Sweden.

The loss ratio increased by 5.6 percentage points compared with the first quarter last year, driven by the increase in weather- related claims in Norway, Denmark and Sweden. The loss ratio improved by 0.4 percentage points adjusted for weather-related claims and the provisions mentioned above, driven by the Private and Commercial segments.

The underlying frequency loss ratio increased by 2.2 percentage points driven by weather-related motor claims in Norway, Denmark and Sweden. Adjusted for the weather-related frequency claims and the provisions mentioned above, the underlying frequency loss ratio improved by 0.2 percentage points, driven by Commercial, Sweden and the Baltics.

The cost ratio was stable at 13.4 per cent.

Insurance revenue in the Private segment increased by 10.2 per cent measured in local currency. The insurance service result increased, mainly driven by growth in insurance revenues.

Insurance revenue in the Commercial segment increased by

12.7 per cent measured in local currency. The insurance service result increased, mainly driven by growth in insurance revenue and higher run-off gains.

Insurance revenue in the Swedish segment increased by 4.5 per cent measured in local currency. The insurance service result decreased due to lower run-off gains, higher large losses and a higher change in risk adjustment.

Insurance revenue in the Baltic segment increased by 12.9 per cent measured in local currency. The insurance result was minus NOK 5.5 million (minus 7.5), impacted by a run-off loss, offsetting the positive impact from a significantly lower underlying frequency loss ratio and an improvement in the cost ratio.

The pension segment recorded a profit before tax expense of NOK 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 of NOK 35.3 million in the first quarter of 2024 (minus 15.1).

The financial result for the quarter was NOK 447.6 million (794.1), which corresponds to a return on total assets of 0.7 per cent (1.3). The result for the quarter was positively impacted by high running yields, lower credit spreads and positive equity markets. A decline in commodity prices had a negative impact on the result.

Other items amounted to minus NOK 149.5 million (minus 148.0), primarily reflecting a higher result for mobility services, which was offset by higher interest expenses on subordinated loans and the above-mentioned provisions relating to the court ruling in Denmark.

Equity and capital position

The Group's equity amounted to NOK 21,778.4 million (21,553.1) at the end of the period. The annualised return on equity for the year-to-date was 14.4 per cent (20.1). The solvency ratios at the end of the period were:

  • Approved Partial Internal Model1: 177 per cent

•

Own Partial Internal Model2:

226 per cent

The Group has a robust solvency position.

Gjensidige has an 'A' rating from Standard & Poor's.

Other

The Group's segment structure was changed from July 2023. The segment General Insurance Private now consists of both Private Norway and Private Denmark and the segment General Insurance Commercial consists of Commercial Norway and Commercial Denmark. The other segments are unchanged.

1 Regulatory approved partial internal model

2 Partial internal model with own calibration

3

Comparable figures in the report have been changed accordingly.

Operational targets

Gjensidige revised its set of operational targets at the capital markets day in November 2023, extending the target period to 2026 and introducing a new metric, Distribution efficiency for the Private segment. The operational targets are important to support delivery of strategic priorities and Gjensidige's financial targets.

The high customer satisfaction score confirms Gjensidige's strong customer offering. Retention in Norway increased from a high level. Outside Norway, retention remined stable, somewhat higher in Denmark, while slightly lower in Sweden and the Baltics. The improvement in the Digital distribution index reflects an increase in all parameters. Distribution efficiency is a new metric which will be measured from later this year. Digital claims and automated claims remained stable.

Status

Target

Metric

Q1 2024

2026

(Q4 2023)

Customer satisfaction

78 (78)

>78, Group

91% (90)

>90%, Norway

Customer retention

79% (79)

>85%, outside

Norway

Digital distribution index

+3%

+5-10%

annually, Group

Distribution efficiency

+25%, Private

Digital claims reporting

74% (74)

> 85%, Group

Automated claims

59% (59)

> 70%, Norway

processing

Sustainable development

Gjensidige's sustainability targets focus on three areas where the Group can really make a difference: a safer society, sustainable claims handling and responsible investments. For a more detailed description, see the Integrated Annual Report for 2023. A few examples of the most recent results and operational initiatives are listed below:

Safer society

Launched several new initiatives relating to damage prevention:

  • 'Smart House' product in Norway, aiming at reducing burglary, fire and water damage by integrating alarm services in the house insurance product.
  • 'Home Hotline' in Denmark in cooperation with the Danish consultancy company NRGi. Customers who have recently bought a home are offered assessments and advise on how to handle minor damage on their new home.
  • Offering leakage sensors to housing associations in Norway in cooperation with Fell Tech, to reduce water damage.
  • Offering thermographic inspection of solar panels to Danish customers in cooperation with Pro Inspection, to reduce fire damage.

Sustainable claims handling

Renewed co-operation with the Circular Resource Central (SRS). SRS offers more than 600 unique products and over 50,000 used items. Gjensidige has initiated a pilot on re-use of materials from SRS in our claims processes, highlighting customer satisfaction and cost effectiveness.

In order to increase the use of used spare parts in car repairs, Gjensidige will offer a guarantee to Norwegian customers covering oxidation damage on spare parts used in the repairs, if the damage appears within eight years after the repair was made.

Responsible investments

Gjensidige Pensjonsforsikring's sustainability pension fund Grønn Fremtid which was launched in 2022, had attracted more than NOK 1 billion in funds by the end of the first quarter 2024 and is among the Norwegian funds that have generated the highest returns since its establishment in 2022. We aim to qualify the fund as a sustainable fund in accordance with the requirements in SFDR Article 9.

Recognitions

Gjensidige Norway was ranked number two among Norwegian insurance companies in the Sustainable Brand Index survey in 2024.

Other

Established cooperation with the Norwegian Tax Administration, the Norwegian Directorate of Fisheries and Finance Norway to influence attitudes and practices among our fish farming customers to prevent money laundering, tax evasion, animal welfare breaches and environmental damage.

4

Insurance

Combined

Insurance

revenue

ratio

service result

+10.2%

83.9%

MNOK 577.4

(local currency)

General Insurance Private

Development during the quarter

The insurance service result increased by 5.5 per cent, driven by higher insurance revenue. The result in Norway increased by 8.5 per cent, while in Denmark the result turned from a slight profit last year to a loss this year. Difficult weather conditions during the quarter impacted the results negatively, with an estimated impact on claims of NOK 177.3 million (60.0), of which NOK 163.1 million (60.0) in Norway and NOK 14.2 million in Denmark.

Insurance revenue increased by 10.9 per cent. In Norway, insurance revenue increased by 8.7 per cent, driven by price increases in all main product lines. Volumes increased for motor, property, and travel insurance. The number of customers increased and Gjensidige maintained its strong position in the market. The customer retention rate in Norway increased further. Insurance revenue in Denmark increased by 17.4 percent in local currency, due to price increases for all the main products and volume growth primarily for payment protection insurance. Pensam Forsikring also contributed to the growth in insurance revenue. The customer retention rate improved.

The loss ratio increased by 1.2 percentage points, mainly driven by a higher underlying frequency loss ratio. Difficult driving conditions, low temperatures, high precipitation, and the storm 'Ingunn' resulted in significant motor and property claims, of which NOK 34.3 million was recognised as large losses and

NOK 143.0 million (60.0) as frequency losses. Higher run-off gains, a higher discounting effect and a lower change in risk adjustment contributed positively. The loss ratio adjusted for weather-related claims improved by 1.9 percentage points.

The underlying frequency loss ratio increased by 5.2 percentage points. Adjusted for weather-related frequency claims, the underlying frequency loss ratio increased by 3.1 percentage points. In Norway, the underlying frequency loss ratio increased by 5.0 percentage points, mainly driven by motor insurance. Adjusted for weather-related frequency claims for motor, the underlying frequency loss ratio increased by 2.7 percentage points driven by a higher underlying claims frequency for motor insurance. Profitability also decreased for property. This has been met by targeted measures, including price increases and adjustments of deductibles, and the full effect of these measures on the insurance service result will materialise over time. Accident and health insurance showed improved profitability while travel insurance showed lower profitability. The underlying frequency loss ratio in Denmark increased by 5.6 percentage points. Adjusted for weather-related motor claims, the underlying frequency loss ratio increased by 4.2 percentage points, driven by property and accident and health insurance.

The cost ratio improved by 0.4 percentage points.

5

General Insurance Private

NOK millions

1.1.-31.3.2024

1.1.-31.3.2023

1.1.-31.12.2023

Insurance revenue

3,580.8

3,230.1

13,736.2

Incurred claims and changes in past and future service

-2,759.1

-2,194.4

-9,716.8

Other incurred insurance service expenses

-498.2

-462.7

-1,980.5

Insurance service result before reinsurance contracts held

323.5

573.1

2,038.9

Reinsurance premiums

-48.5

-27.5

-141.5

Amounts recovered from reinsurance

302.5

1.8

598.0

Insurance service result

577.4

547.4

2,495.3

Large losses, net of reinsurance 1

34.3

22.9

91.4

Run-off gains and losses, net of reinsurance 1

163.0

36.9

73.6

Change in risk adjustment, net of reinsurance 1

-0.5

-27.0

10.1

Discounting effect 1

78.8

54.1

265.9

Loss ratio, gross 1

77.1%

67.9%

70.7%

Net reinsurance ratio 1

-7.1%

0.8%

-3.3%

Loss ratio, net of reinsurance 1

70.0%

68.7%

67.4%

Cost ratio 1

13.9%

14.3%

14.4%

Combined ratio 1

83.9%

83.1%

81.8%

Underlying frequency loss ratio, net of reinsurance 1

73.5%

68.3%

67.4%

  1. Defined as an alternative performance measure (APM). APMs are described in a separate document published on gjensidige.com/reporting.
  2. The customer retention rate is the percentage of Gjensidige's customers at the end of the quarter who also were customers at the end of the same quarter last year.

Insurance

Combined

Insurance

revenue

ratio

service result

+8.7%

80.3%

MNOK 579.5

(local currency)

General Insurance Private Norway

NOK millions

1.1.-31.3.2024

1.1.-31.3.2023

1.1.-31.12.2023

Insurance revenue

2,934.3

2,699.7

11,445.4

Incurred claims and changes in past and future service

-2,262.1

-1,794.2

-8,008.2

Other incurred insurance service expenses

-352.5

-355.9

-1,420.7

Insurance service result before reinsurance contracts held

319.7

549.6

2,016.5

Reinsurance premiums

-31.9

-15.9

-91.0

Amounts recovered from reinsurance

291.6

0.3

574.2

Insurance service result

579.5

534.1

2,499.6

Large losses, net of reinsurance 1

29.6

18.2

74.5

Run-off gains and losses, net of reinsurance 1

147.9

51.5

113.2

Change in risk adjustment, net of reinsurance 1

-2.3

-28.8

5.8

Discounting effect 1

69.1

45.6

225.2

Loss ratio, gross 1

77.1%

66.5%

70.0%

Net reinsurance ratio 1

-8.9%

0.6%

-4.2%

Loss ratio, net of reinsurance 1

68.2%

67.0%

65.7%

Cost ratio 1

12.0%

13.2%

12.4%

Combined ratio 1

80.3%

80.2%

78.2%

Underlying frequency loss ratio, net of reinsurance 1

72.2%

67.2%

66.1%

Customer retention rate 2

90.0%

89.7%

89.9%

6

Insurance

Combined

Insurance

revenue

ratio

service result

17.4%

100.3%

MNOK -2,1

(local currency)

General Insurance Private Denmark

NOK millions

1.1.-31.3.2024

1.1.-31.3.2023

1.1.-31.12.2023

Insurance revenue

646.5

530.4

2,290.8

Incurred claims and changes in past and future service

-497.1

-400.2

-1,708.6

Other incurred insurance service expenses

-145.7

-106.8

-559.8

Insurance service result before reinsurance contracts held

3.7

23.4

22.4

Reinsurance premiums

-16.7

-11.6

-50.5

Amounts recovered from reinsurance

10.9

1.5

23.8

Insurance service result

-2.1

13.3

-4.3

Large losses, net of reinsurance 1

4.7

4.7

16.8

Run-off gains and losses, net of reinsurance 1

15.1

-14.6

-39.6

Change in risk adjustment, net of reinsurance 1

1.9

1.8

4.3

Discounting effect 1

9.7

8.5

40.7

Insurance revenue in local currency (DKK) 1

421.9

359.4

1,494.0

Loss ratio, gross 1

76.9%

75.5%

74.6%

Net reinsurance ratio 1

0.9%

1.9%

1.2%

Loss ratio, net of reinsurance 1

77.8%

77.4%

75.7%

Cost ratio 1

22.5%

20.1%

24.4%

Combined ratio 1

100.3%

97.5%

100.2%

Underlying frequency loss ratio, net of reinsurance 1

79.7%

74.1%

73.5%

Customer retention rate 2

82.0%

79.2%

81.7%

7

Insurance

Combined

Insurance

revenue

ratio

service result

+12.7%

85.6%

MNOK

(local currency)

724.3

General Insurance Commercial

Development during the quarter

The insurance service result increased by 18.9 per cent, mainly driven by higher insurance revenue and higher run-off gains. The result in Norway increased by 26.0 per cent, while the result in Denmark increased by 3.1 per cent in local currency. Difficult weather conditions during the quarter impacted the results negatively, with an impact on claims estimated at NOK 166.6 million (20.0), of which NOK 137.6 million (20.0) in Norway and NOK 29.1 million in Denmark.

Insurance revenue increased by 14.0 per cent. In Norway insurance revenue increased by 11.4 per cent driven by price increases for all products, solid renewals and higher volumes for accident and health. Gjensidige maintained its strong position in the market, while implementing price increases in response to claims inflation. The retention rate increased further. Insurance revenue in Denmark increased by 15.5 per cent in local currency, driven by higher volumes and price increases for all main products, in addition to the portfolio from Sønderjysk Forsikring. The retention rate declined somewhat.

The loss ratio improved by 1.1 percentage points, mainly driven by higher run off gains and discounting effects. Difficult driving conditions, low temperatures, heavy precipitation, and the storm 'Ingunn', resulted in significant claims for motor and property, of which NOK 75.5 million was recognised as large losses and NOK 91.1 million (20.0) as frequency losses. The loss ratio

adjusted for weather-related claims improved by 3.9 percentage points.

The underlying frequency loss ratio increased by 0.3 percentage points. Adjusted for weather-related frequency claims, the underlying frequency loss ratio improved by 1.0 percentage points. In Norway, the underlying frequency loss ratio increased by 1.0 percentage points, driven by motor insurance which was impacted by the difficult driving conditions during the quarter. Marine insurance (included in 'Other products') also showed lower profitability, partly due to the harsh weather conditions. Adjusted for weather-related frequency claims for motor, the underlying frequency loss ratio improved by 0.6 percentage points, driven by accident and health and property insurance. The underlying frequency loss ratio in Denmark improved by 1.3 percentage points. Adjusted for weather-related motor claims, the underlying frequency loss ratio improved by 2.2 percentage points, driven by accident and health insurance. Profitability for property insurance was stable compared with the same quarter last year.

The cost ratio increased by 0.5 percentage points.

8

General Insurance Commercial

NOK millions

1.1.-31.3.2024

1.1.-31.3.2023

1.1.-31.12.2023

Insurance revenue

5,039.5

4,420.3

18,667.5

Incurred claims and changes in past and future service

-4,459.3

-3,378.9

-14,057.7

Other incurred insurance service expenses

-476.6

-396.5

-1,653.1

Insurance service result before reinsurance contracts held

103.6

645.0

2,956.8

Reinsurance premiums

-185.0

-120.1

-594.6

Amounts recovered from reinsurance

805.6

84.1

1,181.3

Insurance service result

724.3

608.9

3,543.5

Large losses, net of reinsurance 1

171.3

181.7

753.8

Run-off gains and losses, net of reinsurance 1

118.5

17.3

324.5

Change in risk adjustment, net of reinsurance 1

-50.3

11.9

-61.0

Discounting effect 1

180.6

142.0

647.7

Loss ratio, gross 1

88.5 %

76.4 %

75.3 %

Net reinsurance ratio 1

-12.3 %

0.8 %

-3.1 %

Loss ratio, net of reinsurance 1

76.2 %

77.3 %

72.2 %

Cost ratio 1

9.5 %

9.0 %

8.9 %

Combined ratio 1

85.6 %

86.2 %

81.0 %

Underlying frequency loss ratio, net of reinsurance 1

74.1 %

73.8 %

69.5 %

  1. Defined as an alternative performance measure (APM). APMs are described in a separate document published on gjensidige.com/reporting.
  2. The customer retention rate is the percentage of Gjensidige's customers at the end of the quarter who also were customers at the end of the quarter last year.

Insurance

Combined

Insurance

revenue

ratio

service result

+11.4%

85.4%

MNOK 495.1

(local currency)

General Insurance Commercial Norway

NOK millions

1.1.-31.3.2024

1.1.-31.3.2023

1.1.-31.12.2023

Insurance revenue

3,391.4

3,044.6

12,695.1

Incurred claims and changes in past and future service

-3,262.4

-2,393.9

-9,926.4

Other incurred insurance service expenses

-294.3

-248.0

-1,012.5

Insurance service result before reinsurance contracts held

-165.3

402.6

1,756.1

Reinsurance premiums

-133.8

-77.7

-411.9

Amounts recovered from reinsurance

794.2

67.9

1,143.8

Insurance service result

495.1

392.9

2,488.0

Large losses, net of reinsurance 1

156.7

169.8

727.1

Run-off gains and losses, net of reinsurance 1

88.7

-40.5

182.7

Change in risk adjustment, net of reinsurance 1

-41.3

12.9

-38.9

Discounting effect 1

117.4

79.7

376.8

Loss ratio, gross 1

96.2 %

78.6 %

78.2 %

Net reinsurance ratio 1

-19.5 %

0.3 %

-5.8 %

Loss ratio, net of reinsurance 1

76.7 %

78.9 %

72.4 %

Cost ratio 1

8.7 %

8.1 %

8.0 %

Combined ratio 1

85.4 %

87.1 %

80.4 %

Underlying frequency loss ratio, net of reinsurance 1

73.5 %

72.5 %

67.8 %

Customer retention rate 2

91.5 %

90.9 %

91.0 %

9

Insurance

Combined

Insurance

revenue

ratio

service result

+15.5%

86.1%

MNOK 229.1

(local currency)

General Insurance Commercial Denmark

NOK millions

1.1.-31.3.2024

1.1.-31.3.2023

1.1.-31.12.2023

Insurance revenue

1,648.0

1,375.8

5,972.5

Incurred claims and changes in past and future service

-1,196.8

-985.0

-4,131.3

Other incurred insurance service expenses

-182.3

-148.5

-640.6

Insurance service result before reinsurance contracts held

268.9

242.3

1,200.6

Reinsurance premiums

-51.2

-42.4

-182.7

Amounts recovered from reinsurance

11.4

16.1

37.5

Insurance service result

229.1

216.1

1,055.4

Large losses, net of reinsurance 1

14.6

11.9

26.7

Run-off gains and losses, net of reinsurance 1

29.8

57.7

141.7

Change in risk adjustment, net of reinsurance 1

-9.0

-1.0

-22.1

Discounting effect 1

63.2

62.3

270.8

Insurance revenue in local currency (DKK) 1

1,075.6

932.3

3,896.1

Loss ratio, gross 1

72.6 %

71.6 %

69.2 %

Net reinsurance ratio 1

2.4 %

1.9 %

2.4 %

Loss ratio, net of reinsurance 1

75.0 %

73.5 %

71.6 %

Cost ratio 1

11.1 %

10.8 %

10.7 %

Combined ratio 1

86.1 %

84.3 %

82.3 %

Underlying frequency loss ratio, net of reinsurance 1

75.4 %

76.8 %

73.2 %

Customer retention rate 2

86.1 %

88.3 %

87.7 %

10

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Gjensidige Forsikring ASA published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 April 2024 06:52:04 UTC.