GJENSIDIGE FORSIKRING ASA
Profit performance Group
| Profit performance Group | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| General Insurance Private | 798.1 | 831.7 | 1,481.1 | 1,401.0 | 2,953.3 |
| General Insurance Commercial | 892.7 | 578.8 | 1,363.1 | 1,018.8 | 2,237.7 |
| General Insurance Denmark | 238.1 | 249.9 | 417.4 | 465.9 | 1,024.9 |
| General Insurance Sweden | 9.0 | 15.6 | 37.1 | 18.0 | 97.2 |
| General Insurance Baltics | (18.6) | (4.1) | (58.8) | (14.1) | (77.7) |
| Corporate Centre - costs related to owner | (96.4) | (99.0) | (214.2) | (190.8) | (399.3) |
| Corporate Centre - reinsurance 1 | (75.2) | (45.9) | (253.0) | (131.9) | (117.8) |
| Underwriting result general insurance | 1,747.8 | 1,527.0 | 2,772.7 | 2,566.9 | 5,718.3 |
| Pension | 43.6 | 54.7 | 97.6 | 99.8 | 213.7 |
| Financial result from the investment portfolio | (597.7) | 802.1 | (882.9) | 1,358.3 | 3,063.1 |
| Other items | (55.6) | (53.5) | 656.8 | (97.8) | (195.7) |
| Profit/(loss) before tax expense | 1,138.0 | 2,330.2 | 2,644.2 | 3,927.3 | 8,799.4 |
| Alternative performance measures | |||||
| Large losses 2, 3 | 204.8 | 348.7 | 688.2 | 641.8 | 954.7 |
| Run-off gains/(losses) 2 | 285.3 | 301.1 | 569.2 | 678.8 | 1,306.5 |
| Earned premiums from general insurance | 7,773.9 | 7,175.4 | 15,349.0 | 14,148.7 | 29,136.4 |
| Earned premiums changes in general insurance, local currency 2 | 8.7% | 8.6% | 9.3% | 7.5% | 8.8% |
| Loss ratio 2 | 63.4% | 64.5% | 67.9% | 67.5% | 66.2% |
| Underlying frequency loss ratio 2, 4 | 64.5% | 63.8% | 67.1% | 67.8% | 67.4% |
| Cost ratio 2 | 14.1% | 14.2% | 14.0% | 14.4% | 14.2% |
| Combined ratio 2 | 77.5% | 78.7% | 81.9% | 81.9% | 80.4% |
| Solvency ratio 5 | 191.5% | 211.7% | 190.3% | ||
| 1 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 Centre amounted to NOK 243.0 million (191.2) for the year to date and NOK 57.1 (71.8) in the quarter. Accounting items related to reinsurance are also included. | |||||
| 2 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group Q2 2022. | |||||
| 3 Large losses = loss events in excess of NOK 10.0 million. Expected large losses for the quarter were NOK 366.0 million. | |||||
| 4 Underlying frequency loss ratio = claims incurred etc. excluding large losses and run-off gains/(losses) divided by earned premiums | |||||
| 5 Solvency ratio = Ratio of total eligible own funds to meet the SCR over the Solvency Capital Requirement |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
General Insurance Private
| General Insurance Private | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Earned premiums | 2,659.5 | 2,502.3 | 5,210.0 | 4,889.2 | 10,068.0 |
| Claims incurred etc. | (1,503.7) | (1,344.4) | (3,040.5) | (2,845.9) | (5,787.5) |
| Operating expenses | (357.6) | (326.2) | (688.4) | (642.3) | (1,327.2) |
| Underwriting result | 798.1 | 831.7 | 1,481.1 | 1,401.0 | 2,953.3 |
| Large losses 1 | 14.7 | 45.9 | 46.2 | 108.7 | 123.1 |
| Run-off gains/(losses) 1 | 50.1 | 100.5 | 171.7 | 281.7 | 491.8 |
| Loss ratio 1 | 56.5% | 53.7% | 58.4% | 58.2% | 57.5% |
| Underlying frequency loss ratio 1 | 57.9% | 55.9% | 60.8% | 61.7% | 61.1% |
| Cost ratio 1 | 13.4% | 13.0% | 13.2% | 13.1% | 13.2% |
| Combined ratio 1 | 70.0% | 66.8% | 71.6% | 71.3% | 70.7% |
| Customer retention rate 2 | 89.8% | 89.3% | 89.8% | ||
| 1 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group Q2 2022. | |||||
| 2 The customer retention rate is the percentage of Gjensidige's customers that have been customers during the last twelve months. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
General Insurance Commercial
| General Insurance Commercial | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Earned premiums | 2,740.3 | 2,480.5 | 5,443.4 | 4,899.0 | 10,083.5 |
| Claims incurred etc. | (1,596.0) | (1,683.7) | (3,594.2) | (3,423.8) | (6,930.5) |
| Operating expenses | (251.5) | (218.0) | (486.1) | (456.5) | (915.3) |
| Underwriting result | 892.7 | 578.8 | 1,363.1 | 1,018.8 | 2,237.7 |
| Large losses 1 | 123.0 | 172.3 | 333.1 | 273.1 | 503.4 |
| Run-off gains/(losses) 1 | 203.0 | 121.8 | 341.0 | 288.2 | 531.7 |
| Loss ratio 1 | 58.2% | 67.9% | 66.0% | 69.9% | 68.7% |
| Underlying frequency loss ratio 1 | 61.2% | 65.8% | 66.2% | 70.2% | 69.0% |
| Cost ratio 1 | 9.2% | 8.8% | 8.9% | 9.3% | 9.1% |
| Combined ratio 1 | 67.4% | 76.7% | 75.0% | 79.2% | 77.8% |
| Customer retention rate 2 | 91.3% | 90.5% | 91.4% | ||
| 1 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group Q2 2022. | |||||
| 2 The customer retention rate is the percentage of Gjensidige's customers that have been customers during the last twelve months. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
General Insurance Denmark
| General Insurance Denmark | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Earned premiums | 1,575.5 | 1,473.0 | 3,133.3 | 2,919.0 | 5,999.0 |
| Claims incurred etc. | (1,100.9) | (993.3) | (2,259.6) | (2,012.0) | (4,113.1) |
| Operating expenses | (236.5) | (229.8) | (456.2) | (441.2) | (861.0) |
| Underwriting result | 238.1 | 249.9 | 417.4 | 465.9 | 1,024.9 |
| Large losses 1 | (0.0) | 38.8 | 44.7 | 38.8 | 38.8 |
| Run-off gains/(losses) 1 | 30.3 | 21.1 | 41.5 | 38.4 | 132.8 |
| Earned premiums in local currency (DKK) 1 | 1,166.8 | 1,084.6 | 2,334.4 | 2,133.2 | 4,389.4 |
| Loss ratio 1 | 69.9% | 67.4% | 72.1% | 68.9% | 68.6% |
| Underlying frequency loss ratio 1 | 71.8% | 66.2% | 72.0% | 68.9% | 70.1% |
| Cost ratio 1 | 15.0% | 15.6% | 14.6% | 15.1% | 14.4% |
| Combined ratio 1 | 84.9% | 83.0% | 86.7% | 84.0% | 82.9% |
| Customer retention rate 2 | 80.0% | 81.4% | 81.1% | ||
| 1 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group Q2 2022. | |||||
| 2 The customer retention rate is the percentage of Gjensidige's customers that have been customers during the last twelve months. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
General Insurance Sweden
| General Insurance Sweden | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Earned premiums | 426.7 | 410.2 | 826.8 | 807.6 | 1,649.4 |
| Claims incurred etc. | (351.8) | (327.0) | (656.9) | (649.1) | (1,257.3) |
| Operating expenses | (65.9) | (67.6) | (132.8) | (140.5) | (294.9) |
| Underwriting result | 9.0 | 15.6 | 37.1 | 18.0 | 97.2 |
| Large losses 1 | 10.0 | 20.0 | 21.2 | 30.0 | 50.0 |
| Run-off gains/(losses) 1 | 3.4 | 37.2 | 1.5 | 47.2 | 51.9 |
| Earned premiums in local currency (SEK) 1 | 445.4 | 411.8 | 867.6 | 804.0 | 1,646.3 |
| Loss ratio 1 | 82.4% | 79.7% | 79.5% | 80.4% | 76.2% |
| Underlying frequency loss ratio 1 | 80.9% | 83.9% | 77.1% | 82.5% | 76.3% |
| Cost ratio 1 | 15.5% | 16.5% | 16.1% | 17.4% | 17.9% |
| Combined ratio 1 | 97.9% | 96.2% | 95.5% | 97.8% | 94.1% |
| Customer retention rate 2 | 80.3% | 77.2% | 79.2% | ||
| 1 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group Q2 2022. | |||||
| 2 The customer retention rate is the percentage of Gjensidige's customers that have been customers during the last twelve months. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
General Insurance Baltics
| General Insurance Baltics | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Earned premiums | 312.7 | 278.2 | 614.9 | 551.9 | 1,150.2 |
| Claims incurred etc. | (245.2) | (202.6) | (500.6) | (405.7) | (894.0) |
| Operating expenses | (86.1) | (79.7) | (173.1) | (160.3) | (333.8) |
| Underwriting result | (18.6) | (4.1) | (58.8) | (14.1) | (77.7) |
| Large losses 1 | |||||
| Run-off gains/(losses) 1 | 6.6 | 10.8 | 15.2 | 21.6 | 50.5 |
| Earned premiums in local currency (EUR) 1 | 31.1 | 27.6 | 61.6 | 54.2 | 113.1 |
| Loss ratio 1 | 78.4% | 72.8% | 81.4% | 73.5% | 77.7% |
| Underlying frequency loss ratio 1 | 80.5% | 76.7% | 83.9% | 77.4% | 82.1% |
| Cost ratio 1 | 27.5% | 28.6% | 28.1% | 29.1% | 29.0% |
| Combined ratio 1 | 105.9% | 101.5% | 109.6% | 102.6% | 106.8% |
| Customer retention rate 2 | 65.6% | 68.3% | 68.8% | ||
| 1 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group Q2 2022. | |||||
| 2 The customer retention rate is the percentage of Gjensidige's customers that have been customers during the last twelve months. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Pension
| Pension | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Administration fees | 40.8 | 45.5 | 78.5 | 86.4 | 174.1 |
| Insurance income | 26.5 | 22.3 | 52.7 | 43.6 | 97.1 |
| Management income etc. | 51.4 | 57.4 | 109.2 | 108.8 | 223.9 |
| Operating expenses | (80.7) | (78.2) | (157.0) | (152.6) | (312.9) |
| Net operating income | 38.1 | 47.1 | 83.5 | 86.2 | 182.2 |
| Net financial income | 5.5 | 7.6 | 14.1 | 13.6 | 31.5 |
| Profit/(loss) before tax expense | 43.6 | 54.7 | 97.6 | 99.8 | 213.7 |
| Operating margin 1 | 32.08% | 37.60% | 34.71% | 36.10% | 36.80% |
| Recognised return on the paid-up policy portfolio 2 | 1.25% | 2.13% | 4.38% | ||
| Value-adjusted return on the paid-up policy portfolio 3 | 0.97% | 2.33% | 4.63% | ||
| Return on equity, annualised 1 | 13.6% | 14.1% | 14.9% | ||
| Solvency ratio 4 | 173.5% | 149.7% | 146.5% | ||
| 1 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group Q2 2022. | |||||
| 2 Recognised return on the paid-up policy portfolio = realised return on the portfolio | |||||
| 3 Value-adjusted return on the paid-up policy portfolio = total return on the portfolio | |||||
| 4 Solvency ratio = Ratio of total eligible own funds to meet the SCR over Solvency Capital Requirement |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Financial assets and properties
| Financial assets and properties | ||||||
| Result Q2 | Result 1.1.-30.6. | Carrying amount 30.6. | ||||
| NOK millions | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| Match portfolio | ||||||
| Fixed income - short duration | (8.3) | 8.8 | (19.4) | 24.0 | 4,796.5 | 4,941.7 |
| Bonds at amortised cost | 142.9 | 140.8 | 272.2 | 279.4 | 17,074.4 | 16,080.4 |
| Current bonds 1 | (212.2) | 26.1 | (366.0) | 107.9 | 15,981.8 | 15,832.5 |
| Match portfolio total | (77.5) | 175.7 | (113.2) | 411.2 | 37,852.7 | 36,854.7 |
| Free portfolio | ||||||
| Fixed income - short duration | 2.3 | 5.6 | 13.2 | 11.5 | 7,135.3 | 7,728.7 |
| Other bonds 2 | (161.6) | 80.3 | (353.4) | (13.7) | 5,589.8 | 4,208.7 |
| High yield bonds 3 | (49.9) | 10.3 | (80.1) | 12.3 | 659.0 | 414.6 |
| Convertible bonds 3 | (142.7) | 23.5 | (211.6) | 35.8 | 366.2 | 1,070.4 |
| Current equities 4 | (41.7) | 163.8 | (231.2) | 312.1 | 3,396.8 | 3,268.8 |
| PE funds | (68.6) | 143.6 | 90.8 | 318.1 | 1,345.7 | 1,395.2 |
| Properties | 0.1 | 201.1 | 1.4 | 261.9 | 34.4 | 4,769.8 |
| Other 5 | (58.1) | (1.7) | 1.2 | 9.1 | 891.5 | 744.3 |
| Free portfolio total | (520.2) | 626.4 | (769.7) | 947.0 | 19,418.8 | 23,600.4 |
| Financial result from the investment portfolio 6 | (597.7) | 802.1 | (882.9) | 1,358.3 | 57,271.5 | 60,455.1 |
| Financial income in Pension | 5.5 | 7.6 | 14.1 | 13.6 | ||
| Interest expense on subordinated debt Gjensidige Forsikring ASA | (15.9) | (10.2) | (29.7) | (16.2) | ||
| Interest expense on the lease liability | (7.9) | (6.2) | (15.9) | (12.6) | ||
| Realised gain on joint venture | 10.9 | 783.7 | ||||
| Net income from investments | (605.1) | 793.3 | (130.7) | 1,343.0 | ||
| 1 The item includes discounting effects of the insurance liabilities in Denmark and Sweden. Investments include mortgage, sovereign and corporate bonds, investment grade bond funds and loan funds containing secured debt. | ||||||
| 2 The item includes investment grade and current bonds. Investment grade and emerging market bonds are investments in internationally diversified funds that are externally managed. | ||||||
| 3 Investments in internationally diversified funds that are externally managed. | ||||||
| 4 Investments mainly in internationally diversified funds that are externally managed. The equity risk exposure is reduced by NOK 1,508.8 million due to derivatives. | ||||||
| 5 The item mainly comprises hedge funds, commodities and finance-related expenses. | ||||||
| 6 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group Q2 2022. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Return per asset class
| Return per asset class | |||||
| Per cent | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Match portfolio | |||||
| Fixed income - short duration | (0.2) | 0.2 | (0.4) | 0.5 | 0.8 |
| Bonds at amortised cost | 0.9 | 0.9 | 1.7 | 1.8 | 3.8 |
| Current bonds 1 | (1.4) | 0.2 | (2.2) | 0.7 | 1.1 |
| Match portfolio total | (0.2) | 0.5 | (0.3) | 1.1 | 2.2 |
| Free portfolio | |||||
| Fixed income - short duration | 0.0 | 0.1 | 0.2 | 0.2 | 0.3 |
| Other bonds 2 | (2.9) | 2.0 | (7.0) | (0.3) | 0.8 |
| High yield bonds 3 | (6.6) | 2.5 | (8.2) | 3.0 | 4.0 |
| Convertible bonds 4 | (16.9) | 1.6 | (20.4) | 2.2 | 0.6 |
| Current equities 4 | (1.2) | 5.6 | (6.7) | 11.3 | 11.7 |
| PE funds | (4.6) | 11.0 | 6.2 | 25.4 | 32.7 |
| Properties | 0.4 | 4.3 | 0.2 | 5.4 | 31.4 |
| Other 5 | (6.5) | (0.2) | 0.1 | 0.8 | (15.8) |
| Free portfolio total | (2.5) | 2.7 | (3.5) | 4.0 | 9.5 |
| Return on investment portfolio 6 | (1.0) | 1.3 | (1.5) | 2.3 | 5.1 |
| 1 The item includes discounting effects of the insurance liabilities in Denmark and Sweden. Investments include mortgage, sovereign and corporate bonds, investment grade bond funds and loan funds containing secured debt. | |||||
| 2 The item includes investment grade and current bonds. Investment grade and emerging market bonds are investments in internationally diversified funds that are externally managed. | |||||
| 3 Investments in internationally diversified funds that are externally managed. | |||||
| 4 Investments mainly in internationally diversified funds that are externally managed. The equity risk exposure is reduced by NOK 1,508,8 million due to derivatives. | |||||
| 5 The item mainly comprises hedge funds, commodities and finance-related expenses. | |||||
| 6 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group Q2 2022. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Income statement
| Consolidated income statement | ||||||
| NOK millions | Notes | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Operating income | ||||||
| Earned premiums from general insurance | 4 | 7,773.9 | 7,175.4 | 15,349.0 | 14,148.7 | 29,136.4 |
| Earned premiums from pension | 271.6 | 251.9 | 544.9 | 495.8 | 1,026.5 | |
| Other income including eliminations | 252.8 | 58.0 | 390.2 | 109.7 | 243.4 | |
| Total operating income | 3 | 8,298.3 | 7,485.3 | 16,284.2 | 14,754.2 | 30,406.3 |
| Net income from investments | ||||||
| Results from investments in associates and joint ventures | (1.1) | 194.7 | (1.1) | 246.6 | 1,523.3 | |
| Interest income and dividend etc. from financial assets | 251.9 | 210.1 | 498.7 | 380.0 | 746.8 | |
| Net changes in fair value on investments (incl. property) | (1,085.0) | 2.3 | (1,708.2) | (281.1) | 198.0 | |
| Net realised gain and loss on investments | 290.0 | 458.9 | 1,224.0 | 1,112.3 | 829.0 | |
| Interest expenses and expenses related to investments | (60.9) | (72.7) | (144.0) | (114.7) | (269.5) | |
| Total net income from investments | (605.1) | 793.3 | (130.7) | 1,343.0 | 3,027.6 | |
| Total operating income and net income from investments | 7,693.2 | 8,278.7 | 16,153.5 | 16,097.2 | 33,433.9 | |
| Claims | ||||||
| Claims incurred etc. from general insurance | 5, 6 | (4,932.1) | (4,628.2) | (10,425.6) | (9,550.3) | (19,286.5) |
| Claims incurred etc. from pension | (204.3) | (184.1) | (413.7) | (365.7) | (755.3) | |
| Total claims | (5,136.4) | (4,812.2) | (10,839.3) | (9,916.0) | (20,041.8) | |
| Operating expenses | ||||||
| Operating expenses from general insurance | (1,094.0) | (1,020.3) | (2,150.7) | (2,031.4) | (4,131.6) | |
| Operating expenses from pension | (80.7) | (78.2) | (157.0) | (152.6) | (312.9) | |
| Other operating expenses | (210.1) | (1.5) | (298.4) | (3.8) | (30.6) | |
| Amortisation and impairment losses of excess value - intangible assets | (33.9) | (36.2) | (63.8) | (66.1) | (117.6) | |
| Total operating expenses | (1,418.7) | (1,136.2) | (2,669.9) | (2,254.0) | (4,592.7) | |
| Total expenses | (6,555.1) | (5,948.4) | (13,509.3) | (12,170.0) | (24,634.5) | |
| Profit/(loss) before tax expense | 3 | 1,138.0 | 2,330.2 | 2,644.2 | 3,927.3 | 8,799.4 |
| Tax expense | (326.8) | (511.0) | (514.9) | (767.6) | (1,658.3) | |
| Profit/(loss) | 811.2 | 1,819.2 | 2,129.3 | 3,159.6 | 7,141.1 | |
| Profit/(loss) attributable to: | ||||||
| Owners of the company | 811.2 | 1,819.2 | 2,129.3 | 3,159.6 | 7,141.1 | |
| Non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Total | 811.2 | 1,819.2 | 2,129.3 | 3,159.6 | 7,141.1 | |
| Earnings per share, NOK (basic and diluted) | 1.62 | 3.64 | 4.26 | 6.32 | 14.28 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Comprehensive income
| Consolidated statement of comprehensive income | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Profit/(loss) | 811.2 | 1,819.2 | 2,129.3 | 3,159.6 | 7,141.1 |
| Other comprehensive income | |||||
| Other comprehensive income that will not be reclassified subsequently to profit or loss | |||||
| Remeasurement of the net defined benefit liability/asset | 0.0 | 0.0 | 0.0 | 100.1 | (150.4) |
| Share of other comprehensive income of associates and joint ventures | 0.0 | 0.0 | 0.0 | 0.0 | 0.8 |
| Tax on other comprehensive income that will not be reclassified subsequently to profit or loss | 0.0 | 0.0 | 0.0 | (25.0) | 37.6 |
| Total other comprehensive income that will not be reclassified subsequently to profit or loss | 0.0 | 0.0 | 0.0 | 75.1 | (112.0) |
| Other comprehensive income that will be reclassified subsequently to profit or loss | |||||
| Exchange differences from foreign operations | 432.4 | 163.1 | 166.5 | (235.8) | (417.8) |
| Share of exchange differences of associates and joint ventures | 0.0 | (1.6) | 0.0 | 0.0 | |
| Tax on other comprehensive income that will be reclassified subsequently to profit or loss | (56.3) | (25.1) | (22.1) | 38.8 | 63.7 |
| Total other comprehensive income that will be reclassified subsequently to profit or loss | 376.0 | 138.0 | 142.8 | (197.0) | (354.1) |
| Total other comprehensive income | 376.0 | 138.0 | 142.8 | (121.9) | (466.1) |
| Comprehensive income | 1,187.2 | 1,957.2 | 2,272.1 | 3,037.7 | 6,675.0 |
| Comprehensive income attributable to: | |||||
| Owners of the company | 1,187.2 | 1,957.2 | 2,272.1 | 3,037.7 | 6,675.0 |
| Non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total | 1,187.2 | 1,957.2 | 2,272.1 | 3,037.7 | 6,675.0 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Financial position
| Consolidated statement of financial position | ||||
| NOK millions | Notes | 30.6.2022 | 30.6.2021 | 31.12.2021 |
| Assets | ||||
| Goodwill | 5,122.2 | 3,709.6 | 3,954.5 | |
| Other intangible assets | 2,157.7 | 1,248.2 | 1,732.0 | |
| Investments in associates and joint ventures | 1,014.1 | 4,115.4 | 1,280.9 | |
| Investments in associates and joint ventures held for sale | 4,247.9 | |||
| Owner-occupied and right-of-use property, plant and equipment | 1,470.9 | 1,550.4 | 1,440.3 | |
| Pension assets | 262.5 | 395.3 | 262.5 | |
| Financial assets | ||||
| Interest-bearing receivables from joint ventures | 8 | 0.0 | 1,763.9 | 1,735.1 |
| Financial derivatives | 8 | 253.8 | 553.5 | 695.6 |
| Shares and similar interests | 8 | 5,386.9 | 6,047.4 | 6,464.0 |
| Bonds and other securities with fixed income | 8 | 33,101.0 | 32,315.2 | 31,026.4 |
| Bonds held to maturity | 8 | 51.6 | 90.7 | 59.8 |
| Loans and receivables | 8 | 23,888.8 | 21,709.4 | 21,337.7 |
| Assets in life insurance with investment options | 8 | 40,683.2 | 38,530.9 | 42,989.7 |
| Receivables related to direct operations and reinsurance | 8 | 9,842.6 | 9,104.1 | 8,220.0 |
| Other assets and receivables | 8 | 2,438.1 | 726.8 | 938.6 |
| Cash and cash equivalents | 8 | 3,218.5 | 3,247.1 | 2,348.1 |
| Other assets | ||||
| Deferred tax assets | 24.4 | 20.1 | 24.1 | |
| Reinsurers' share of insurance-related liabilities in general insurance, gross | 1,382.5 | 1,304.8 | 1,042.8 | |
| Prepaid expenses and earned, not received income | 70.4 | 76.2 | 22.2 | |
| Total assets | 130,369.1 | 126,509.1 | 129,822.1 | |
| Equity and liabilities | ||||
| Equity | ||||
| Share capital | 999.9 | 1,000.0 | 999.9 | |
| Share premium | 1,430.0 | 1,430.0 | 1,430.0 | |
| Natural perils capital | 2,823.6 | 2,738.3 | 2,829.3 | |
| Guarantee scheme provision | 762.3 | 715.5 | 762.3 | |
| Other equity | 17,592.9 | 18,709.7 | 19,182.9 | |
| Total equity attributable to owners of the company | 23,608.7 | 24,593.5 | 25,204.5 | |
| Non-controlling interests | 0.7 | 0.7 | 0.7 | |
| Total equity | 23,609.4 | 24,594.2 | 25,205.2 | |
| Insurance liabilities | ||||
| Premium reserve in life insurance | 8,269.5 | 7,663.0 | 7,894.5 | |
| Provision for unearned premiums, gross, in general insurance | 16,155.9 | 14,893.8 | 12,047.0 | |
| Claims provision, gross | 7 | 28,981.5 | 28,476.3 | 28,895.0 |
| Other technical provisions | 472.9 | 465.9 | 487.7 | |
| Financial liabilities | ||||
| Subordinated debt | 8 | 2,396.5 | 2,395.6 | 2,396.1 |
| Financial derivatives | 8 | 757.4 | 790.0 | 497.6 |
| Liabilities in life insurance with investment options | 8 | 40,683.2 | 38,530.9 | 42,989.7 |
| Other financial liabilities | 8 | 4,051.0 | 2,845.1 | 3,377.8 |
| Liabilities related to direct insurance and reinsurance | 8 | 921.7 | 892.9 | 832.3 |
| Other liabilities | ||||
| Pension liabilities | 713.4 | 672.6 | 712.4 | |
| Lease liability | 1,226.3 | 1,362.2 | 1,271.3 | |
| Other provisions | 503.9 | 312.6 | 613.5 | |
| Current tax | 783.5 | 1,437.7 | 1,522.7 | |
| Deferred tax liabilities | 321.7 | 725.6 | 614.2 | |
| Accrued expenses and received, not earned income | 521.0 | 450.6 | 465.2 | |
| 0.0 | 0.0 | 0.0 | ||
| Total liabilities | 106,759.7 | 101,914.9 | 104,616.9 | |
| 0.0 | 0.0 | 0.0 | ||
| Total equity and liabilities | 130,369.1 | 126,509.1 | 129,822.1 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Changes in equity
| Consolidated statement of changes in equity | |||||||||
| NOK millions | Share capital | Own shares | Share premium | Other paid-in capital | Perpetual Tier 1 capital | Exchange differ-ences | Re- measure- ment of the net defined benefit liab./asset | Other earned equity | Total equity |
| Equity as at 31.12.2020 attributable to the owners of the company | 1,000.0 | (0.02) | 1,430.0 | 83.3 | 1,002.2 | 934.5 | (2,142.2) | 22,976.1 | 25,283.8 |
| Non-controlling interests as at 31.12.2020 | 0.7 | ||||||||
| Equity as at 31.12.2020 | 25,284.5 | ||||||||
| 1.1.-31.12.2021 | |||||||||
| Comprehensive income | |||||||||
| Profit/(loss) (the controlling interests' share) | 51.3 | 7,089.7 | 7,141.1 | ||||||
| Total other comprehensive income | (0.5) | (353.5) | (112.8) | 0.8 | (466.1) | ||||
| Comprehensive income | (0.5) | 51.3 | (353.5) | (112.8) | 7,090.5 | 6,675.0 | |||
| Transactions with the owners of the company | |||||||||
| Own shares | (0.0) | (23.4) | (23.4) | ||||||
| Dividend | (6,899.5) | (6,899.5) | |||||||
| Equity-settled share-based payment transactions | 17.8 | 17.8 | |||||||
| Perpetual Tier 1 capital | 197.2 | (0.8) | 196.4 | ||||||
| Perpetual Tier 1 capital - interest paid | (45.5) | (45.5) | |||||||
| Total transactions with the owners of the company | (0.1) | 17.8 | 151.6 | (6,923.6) | (6,754.3) | ||||
| Equity as at 31.12.2021 attributable to the owners of the company | 1,000.0 | (0.1) | 1,430.0 | 100.5 | 1,205.2 | 581.0 | (2,255.0) | 23,143.0 | 25,204.5 |
| Non-controlling interests as at 31.12.2021 | 0.7 | ||||||||
| Equity as at 31.12.2021 | 1,000.0 | (0.1) | 1,430.0 | 100.5 | 1,205.2 | 581.0 | (2,255.0) | 23,143.0 | 25,205.2 |
| 1.1.-30.6.2022 | |||||||||
| Comprehensive income | |||||||||
| Profit/(loss) (the controlling interests' share) | 20.3 | 2,109.0 | 2,129.3 | ||||||
| Total other comprehensive income | 0.4 | 142.4 | 0.0 | 0.0 | 142.8 | ||||
| Comprehensive income | 0.4 | 20.3 | 142.4 | 0.0 | 2,109.0 | 2,272.1 | |||
| Transactions with the owners of the company | |||||||||
| Own shares | 0.0 | (11.5) | (11.5) | ||||||
| Dividend | (3,849.8) | (3,849.8) | |||||||
| Equity-settled share-based payment transactions | 12.0 | 12.0 | |||||||
| Perpetual Tier 1 capital | 0.4 | (0.4) | |||||||
| Perpetual Tier 1 capital - interest paid | (18.6) | (18.6) | |||||||
| Total transactions with the owners of the company | 0.0 | 12.0 | (18.2) | (3,861.7) | (3,867.9) | ||||
| Equity as at 30.6.2022 attributable to the owners of the company | 1,000.0 | (0.1) | 1,430.0 | 112.9 | 1,207.3 | 723.4 | (2,255.0) | 21,390.3 | 23,608.7 |
| Non-controlling interests as at 30.6.2022 | 0.7 | ||||||||
| Equity as at 30.6.2022 | 23,609.4 | ||||||||
| 1.1.-30.6.2021 | |||||||||
| Comprehensive income | |||||||||
| Profit/(loss) (the controlling interests' share) | 28.0 | 3,131.6 | 3,159.6 | ||||||
| Total other comprehensive income | (0.3) | (196.7) | 75.1 | (121.9) | |||||
| Comprehensive income | (0.3) | 28.0 | (196.7) | 75.1 | 3,131.6 | 3,037.7 | |||
| Transactions with the owners of the company | |||||||||
| Own shares | (0.0) | (13.0) | (13.0) | ||||||
| Dividend | (4,899.6) | (4,899.6) | |||||||
| Equity-settled share-based payment transactions | 8.4 | 8.4 | |||||||
| Perpetual Tier 1 capital | 1,196.4 | 1,196.4 | |||||||
| Perpetual Tier 1 capital - interest paid | (20.3) | (20.3) | |||||||
| Total transactions with the owners of the company | (0.0) | 8.4 | 1,176.1 | (4,912.6) | (3,728.1) | ||||
| Equity as at 30.6.2021 attributable to the owners of the company | 1,000.0 | (0.0) | 1,430.0 | 91.4 | 2,206.4 | 737.8 | (2,067.1) | 21,195.1 | 24,593.5 |
| Non-controlling interests as at 30.6.2021 | 0.7 | ||||||||
| Equity as at 30.6.2021 | 24,594.2 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Cash flow
| Consolidated statement of cash flows | |||
| NOK millions | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Cash flow from operating activities | |||
| Premiums paid, net of reinsurance | 23,506.1 | 21,726.4 | 45,068.9 |
| Claims paid, net of reinsurance | (10,947.2) | (9,440.4) | (19,260.5) |
| Net receipts/payments of premium reserve transfers | (2,798.4) | (3,929.6) | (10,643.2) |
| Net receipts/payments from financial assets | (3,870.6) | (1,386.8) | (2,478.9) |
| Operating expenses paid, including commissions | (2,681.4) | (2,201.9) | (3,797.2) |
| Taxes paid | (1,642.3) | (1,081.0) | (1,933.3) |
| Net other receipts/payments | 49.4 | 4.3 | 71.0 |
| Net cash flow from operating activities | 1,615.5 | 3,690.9 | 7,026.8 |
| Cash flow from investing activities | |||
| Net receipts/payments from sale/acquisition of subsidiaries and associates/joint venture | 3,546.0 | 29.9 | (867.0) |
| Net receipts/payments on sale/acquisition of owner-occupied property, plant and equipment and intangible assets | (296.3) | (349.8) | (532.6) |
| Net cash flow from investing activities | 3,249.7 | (319.9) | (1,399.6) |
| Cash flow from financing activities | |||
| Payment of dividend | (3,849.8) | (4,899.6) | (6,899.5) |
| Net receipts/payments on subordinated debt incl. interest | (25.3) | 883.4 | 864.2 |
| Net receipts/payments on other short-term liabilities | 0.0 | 0.0 | 0.4 |
| Net receipts/payments on sale/acquisition of own shares | (11.5) | (13.0) | (23.4) |
| Repayment of lease liabilities | (87.6) | (100.0) | (173.4) |
| Payment of interest related to lease liabilities | (15.9) | (12.8) | (29.5) |
| Tier 1 issuance/instalments | 0.0 | 1,200.0 | 200.0 |
| Tier 1 interest payments | (18.6) | (20.3) | (45.5) |
| Net cash flow from financing activities | (4,008.7) | (2,962.2) | (6,106.8) |
| Net cash flow | 856.6 | 408.8 | (479.6) |
| Cash and cash equivalents at the start of the period | 2,348.1 | 2,861.1 | 2,861.1 |
| Net cash flow | 856.6 | 408.8 | (479.6) |
| Effect of exchange rate changes on cash and cash equivalents | 13.8 | (22.8) | (33.5) |
| Cash and cash equivalents at the end of the period | 3,218.5 | 3,247.1 | 2,348.1 |
| Specification of cash and cash equivalents | |||
| Cash and deposits with credit institutions | 3,218.5 | 3,247.1 | 2,348.1 |
| Total cash and cash equivalents | 3,218.5 | 3,247.1 | 2,348.1 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
3. Segment information
| Segment income 2 | Claims | Operating expenses | Net income from investments | Segment result/profit/(loss) before tax expense | ||||||
| Second quarter | ||||||||||
| NOK millions | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| General Insurance Private | 2,659.5 | 2,502.3 | (1,503.7) | (1,344.4) | (357.6) | (326.2) | 798.1 | 831.7 | ||
| General Insurance Commercial | 2,740.3 | 2,480.5 | (1,596.0) | (1,683.7) | (251.5) | (218.0) | 892.7 | 578.8 | ||
| General Insurance Denmark | 1,575.5 | 1,473.0 | (1,100.9) | (993.3) | (236.5) | (229.8) | 238.1 | 249.9 | ||
| General Insurance Sweden | 426.7 | 410.2 | (351.8) | (327.0) | (65.9) | (67.6) | 9.0 | 15.6 | ||
| General Insurance Baltics | 312.7 | 278.2 | (245.2) | (202.6) | (86.1) | (79.7) | (18.6) | (4.1) | ||
| Pension | 323.1 | 309.3 | (204.3) | (184.1) | (80.7) | (78.2) | 5.5 | 7.6 | 43.6 | 54.7 |
| Eliminations etc. 1 | 260.5 | 31.7 | (134.4) | (77.1) | (340.4) | (136.8) | (610.6) | 785.7 | (824.9) | 603.6 |
| Total | 8,298.3 | 7,485.3 | (5,136.4) | (4,812.2) | (1,418.7) | (1,136.2) | (605.1) | 793.3 | 1,138.0 | 2,330.2 |
| Segment income 2 | Claims | Operating expenses | Net income from investments | Segment result/profit/(loss) before tax expense | ||||||
| 1.1.-30.6. | ||||||||||
| NOK millions | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| General Insurance Private | 5,210.0 | 4,889.2 | (3,040.5) | (2,845.9) | (688.4) | (642.3) | 1,481.1 | 1,401.0 | ||
| General Insurance Commercial | 5,443.4 | 4,899.0 | (3,594.2) | (3,423.8) | (486.1) | (456.5) | 1,363.1 | 1,018.8 | ||
| General Insurance Denmark | 3,133.3 | 2,919.0 | (2,259.6) | (2,012.0) | (456.2) | (441.2) | 417.4 | 465.9 | ||
| General Insurance Sweden | 826.8 | 807.6 | (656.9) | (649.1) | (132.8) | (140.5) | 37.1 | 18.0 | ||
| General Insurance Baltics | 614.9 | 551.9 | (500.6) | (405.7) | (173.1) | (160.3) | (58.8) | (14.1) | ||
| Pension | 654.2 | 604.5 | (413.7) | (365.7) | (157.0) | (152.6) | 14.1 | 13.6 | 97.6 | 99.8 |
| Eliminations etc. 1 | 401.7 | 82.9 | (373.8) | (213.8) | (576.4) | (260.7) | (144.8) | 1,329.4 | (693.2) | 937.8 |
| Total | 16,284.2 | 14,754.2 | (10,839.3) | (9,916.0) | (2,669.9) | (2,254.0) | (130.7) | 1,343.0 | 2,644.2 | 3,927.3 |
| 1 Eliminations etc. consist of internal eliminations and other income and expenses not directly attributable to one single segment, and large losses of NOK 243.0 million (191.2) for the year to date and NOK 57.1 (71.8) in the quarter. Interest on subordinated debt is included in Net income from investments. | ||||||||||
| 2 There is no significant income between the segments at this level in 2022 and 2021. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
4. Earned premiums
| 4. Earned premiums from general insurance | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Earned premiums, gross | 7,957.6 | 7,336.2 | 15,701.5 | 14,443.5 | 29,742.7 |
| Ceded reinsurance premiums | (183.7) | (160.8) | (352.5) | (294.8) | (606.3) |
| Total earned premiums, net of reinsurance | 7,773.9 | 7,175.4 | 15,349.0 | 14,148.7 | 29,136.4 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
5. Claims incurred etc.
| 5. Claims incurred etc. from general insurance | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Gross claims | (4,985.1) | (4,703.2) | (10,570.1) | (9,553.0) | (19,341.5) |
| Claims, reinsurers' share | 53.0 | 75.1 | 144.5 | 2.7 | 55.0 |
| Total claims incurred etc. from general insurance | (4,932.1) | (4,628.2) | (10,425.6) | (9,550.3) | (19,286.5) |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
6. Run-off gain_(loss)
| 6. Run-off gains/(losses) from general insurance | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Earned premiums from general insurance | 7,773.9 | 7,175.4 | 15,349.0 | 14,148.7 | 29,136.4 |
| Run-off gains/(losses) for the period, net of reinsurance 1 | 285.3 | 301.1 | 569.2 | 678.8 | 1,306.5 |
| In per cent of earned premiums from general insurance | 3.7 | 4.2 | 3.7 | 4.8 | 4.5 |
| 1 Run-off gains/(losses) from general insurance includes run-off from the general insurance segments in addition to run-off on Corporate Centre/reinsurance. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
7. Claims provision, gross
| 7. Claims provision, gross from general insurance | |||
| NOK millions | 30.6.2022 | 30.6.2021 | 31.12.2021 |
| Claims provision, gross, as at 1 January | 28,895.0 | 28,534.3 | 28,534.3 |
| Additions from acquisitions | 170.5 | ||
| Claims for the year | 11,161.4 | 10,368.8 | 20,759.3 |
| Claims incurred in prior years, gross | (590.0) | (816.3) | (1,419.3) |
| Claims paid | (10,098.4) | (9,212.3) | (18,737.9) |
| Discounting of claims provisions | 37.0 | 13.0 | 28.8 |
| Change in discounting and inflation rate | (639.4) | (126.7) | 58.2 |
| Exchange differences | 216.4 | (284.6) | (499.0) |
| Claims provision, gross, at the end of the period | 28,981.5 | 28,476.30 | 28,895.0 |
| Discounted claims provision, gross - annuities | 5,669.0 | 6,144.7 | 6,181.0 |
| Nominal claims provision, gross - annuities | 7,053.5 | 6,519.1 | 6,585.5 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
8. Carrying_fair value
| NOK millions | Carrying amount as at 30.6.2022 | Fair value as at 30.6.2022 | Carrying amount as at 30.6.2021 | Fair value as at 30.6.2021 |
| Financial assets | ||||
| Financial derivatives | ||||
| Financial derivatives at fair value through profit or loss | 253.8 | 253.8 | 553.5 | 553.5 |
| Financial assets at fair value through profit or loss, designated upon initial recognition | ||||
| Shares and similar interests | 5,386.9 | 5,386.9 | 6,047.4 | 6,047.4 |
| Bonds and other fixed income securities | 33,101.0 | 33,101.0 | 32,315.2 | 32,315.2 |
| Shares and similar interests in life insurance with investment options | 33,352.4 | 33,352.4 | 32,521.7 | 32,521.7 |
| Bonds and other fixed income securities in life insurance with investment options | 7,330.8 | 7,330.8 | 6,009.2 | 6,009.2 |
| Loans | 1.7 | 1.7 | 1.9 | 1.9 |
| Financial assets held to maturity | ||||
| Bonds held to maturity | 51.6 | 51.3 | 90.7 | 91.4 |
| Loans and receivables | ||||
| Bonds and other fixed income securities classified as loans and receivables | 23,883.7 | 22,437.8 | 21,703.0 | 22,667.1 |
| Loans | 3.3 | 3.3 | 1,768.4 | 1,768.4 |
| Receivables related to direct operations and reinsurance | 9,842.6 | 9,842.6 | 9,104.1 | 9,104.1 |
| Other assets and receivables | 2,438.1 | 2,438.1 | 726.8 | 726.8 |
| Cash and cash equivalents | 3,218.5 | 3,218.5 | 3,247.1 | 3,247.1 |
| Total financial assets | 118,864.5 | 117,418.3 | 114,089.0 | 115,053.8 |
| Financial liabilities | ||||
| Financial derivatives | ||||
| Financial derivatives at fair value through profit or loss | 747.5 | 747.5 | 789.3 | 789.3 |
| Financial derivatives subject to hedge accounting | 9.9 | 9.9 | 0.6 | 0.6 |
| Financial liabilities at fair value through profit or loss, designated upon initial recognition | ||||
| Liabilities in life insurance with investment options | 40,683.2 | 40,683.2 | 38,530.9 | 38,530.9 |
| Financial liabilities at amortised cost | ||||
| Subordinated debt | 2,396.5 | 2,346.0 | 2,395.6 | 2,422.8 |
| Other financial liabilities | 4,051.0 | 4,051.0 | 2,845.1 | 2,845.1 |
| Liabilities related to direct insurance and reinsurance | 921.7 | 921.7 | 892.9 | 892.9 |
| Total financial liabilities | 48,809.9 | 48,759.3 | 45,454.5 | 45,481.7 |
| Gain/(loss) not recognised in profit or loss | (1,395.6) | 937.6 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
8. Valuation hierarchy
| Valuation hierarchy 2022 | ||||
| The table shows a valuation hierarchy where financial assets/liabilities are divided into three levels based on the method of valuation. | ||||
| Level 1 | Level 2 | Level 3 | ||
| NOK millions | Quoted prices in active markets | Valuation techniques based on observable market data | Valuation techniques based on non-observable market data | Total |
| Financial assets | ||||
| Financial derivatives | ||||
| Financial derivatives at fair value through profit or loss | 253.8 | 253.8 | ||
| Financial assets at fair value through profit or loss, designated upon initial recognition | ||||
| Shares and similar interests | 206.6 | 3,599.5 | 1,580.8 | 5,386.9 |
| Bonds and other fixed income securities | 14,109.9 | 17,820.9 | 1,170.2 | 33,101.0 |
| Shares and similar interests in life insurance with investment options | 33,352.4 | 33,352.4 | ||
| Bonds and other fixed income securities in life insurance with investment options | 7,330.8 | 7,330.8 | ||
| Loans | 1.7 | 1.7 | ||
| Financial assets at amortised cost | ||||
| Bonds held to maturity | 51.3 | 51.3 | ||
| Bonds and other fixed income securities classified as loans and receivables | 22,437.8 | 22,437.8 | ||
| Loans | 3.3 | 3.3 | ||
| Financial liabilities | ||||
| Financial derivatives | ||||
| Financial derivatives at fair value through profit or loss | 747.5 | 747.5 | ||
| Financial derivatives subject to hedge accounting | 9.9 | 9.9 | ||
| Financial liabilities at fair value through profit or loss, designated upon initial recognition | ||||
| Liabilities in life insurance with investment options | 40,683.2 | 40,683.2 | ||
| Financial liabilities at amortised cost | ||||
| Subordinated debt | 2,346.0 | 2,346.0 | ||
| Valuation hierarchy 2021 | ||||
| The table shows a valuation hierarchy where financial assets/liabilities are divided into three levels based on the method of valuation. | ||||
| Level 1 | Level 2 | Level 3 | ||
| NOK millions | Quoted prices in active markets | Valuation techniques based on observable market data | Valuation techniques based on non-observable market data | Total |
| Financial assets | ||||
| Financial derivatives | ||||
| Financial derivatives at fair value through profit or loss | 553.5 | 553.5 | ||
| Financial assets at fair value through profit or loss, designated upon initial recognition | ||||
| Shares and similar interests | 85.2 | 4,454.1 | 1,508.1 | 6,047.4 |
| Bonds and other fixed income securities | 12,270.8 | 19,789.2 | 255.1 | 32,315.2 |
| Shares and similar interests in life insurance with investment options | 32,521.7 | 32,521.7 | ||
| Bonds and other fixed income securities in life insurance with investment options | 6,009.2 | 6,009.2 | ||
| Loans | 1.9 | 1.9 | ||
| Financial assets at amortised cost | ||||
| Bonds held to maturity | 91.4 | 91.4 | ||
| Bonds and other fixed income securities classified as loans and receivables | 22,667.1 | 22,667.1 | ||
| Loans | 1,768.4 | 1,768.4 | ||
| Financial liabilities | ||||
| Financial derivatives | ||||
| Financial derivatives at fair value through profit or loss | 789.3 | 789.3 | ||
| Financial derivatives subject to hedge accounting | 0.6 | 0.6 | ||
| Financial liabilities at fair value through profit or loss, designated upon initial recognition | ||||
| Liabilities in life insurance with investment options | 38,530.9 | 38,530.9 | ||
| Financial liabilities at amortised cost | ||||
| Subordinated debt | 2,422.8 | 2,422.8 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
8. Reconciliation
| Reconciliation of financial assets valued based on non-observable market data (level 3) 2022 | |||||||||
| NOK millions | As at 1.1.2022 | Net realised/ unrealised gains recognised in profit or loss | Pur- chases | Sales | Settle- ments | Transfers into/out of level 3 | Cur-rency effect | As at 30.6.2022 | Amount of net realised/ unrealised gains recognised in profit or loss that are attributable to instruments held as at 30.6.2022 |
| Shares and similar interests | 1,600.8 | 54.2 | 61.6 | (135.9) | 0.2 | 1,580.8 | 54.2 | ||
| Bonds and other fixed income securities | 782.0 | (32.7) | 628.7 | (224.6) | 16.7 | 1,170.2 | (15.0) | ||
| Loans at fair value | 2.1 | 0.1 | (0.1) | (0.4) | 1.7 | 0.1 | |||
| Total | 2,384.8 | 21.6 | 690.3 | (360.6) | (0.4) | 16.9 | 2,752.7 | 39.3 | |
| Reconciliation of financial assets valued based on non-observable market data (level 3) 2021 | |||||||||
| NOK millions | As at 1.1.2021 | Net realised/ unrealised gains recognised in profit or loss | Pur- chases | Sales | Settle- ments | Transfers into/out of level 3 | Cur-rency effect | As at 30.6.2021 | Amount of net realised/ unrealised gains recognised in profit or loss that are attributable to instruments held as at 30.6.2021 |
| Shares and similar interests | 1,278.2 | 237.6 | 77.9 | (85.3) | (0.2) | 1,508.1 | 237.6 | ||
| Bonds and other fixed income securities | 277.9 | 30.0 | (45.8) | (7.0) | 255.1 | ||||
| Loans at fair value | 1.9 | 1.9 | |||||||
| Total | 1,558.0 | 267.5 | 77.9 | (131.1) | (7.2) | 1,765.1 | 237.6 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
9. Contingent liabilities
| 9. Contingent liabilities | |||
| NOK millions | 30.6.2022 | 30.6.2021 | 31.12.2021 |
| Guarantees and committed capital | |||
| Committed capital, not paid | 1,925.6 | 2,260.4 | 2,323.0 |
| Credit facility Oslo Areal | 2,236.1 | 2,264.9 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
11. Acquisition of Falck
| NOK million | Carrying amounts before the transaction | Fair value adjustments | Carrying amount at the acquisition date |
| Assets | |||
| Goodwill | 1,104.3 | 1,104.3 | |
| Customer relations | 330.3 | 330.3 | |
| Receivables | 215.6 | 215.6 | |
| Other assets | 101.8 | 101.8 | |
| Total assets | 317.4 | 1,434.6 | 1,752.0 |
| Liabilities | |||
| Deferred tax liabilities | 69.4 | 69.4 | |
| Other liabilities | 208.3 | 208.3 | |
| Total liabilities | 208.3 | 69.4 | 277.7 |
| Net identifiable assets and liabilities | 109.1 | 1,365.2 | 1,474.3 |
| Purchase price | 1,474.3 |
Alternative performance me
| Alternative performance measures and key figures | ||||||
| Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 | ||
| Gjensidige Forsikring Group | ||||||
| Total equity attributable to owners of the company | NOK millions | 23,608.7 | 24,593.5 | 25,204.5 | ||
| Equity per share | NOK | 47.2 | 49.2 | 50.4 | ||
| Earnings per share, basic and diluted 1 | NOK | 1.62 | 3.64 | 4.26 | 6.32 | 14.28 |
| Return on equity, annualised 2 | % | 18.3 | 27.7 | 31.0 | ||
| Return on tangible equity, annualised 2 | % | 25.5 | 35.4 | 39.9 | ||
| Return on investment portfolio 2 | % | (1.0) | 1.3 | (1.5) | 2.3 | 5.1 |
| Total eligible own funds to meet the SCR 3 | NOK millions | 20,388.7 | 23,717.3 | 22,640.6 | ||
| Solvency Capital Requirement (SCR) 4 | NOK millions | 10,646.3 | 11,202.3 | 11,896.6 | ||
| Solvency ratio 5 | % | 191.5 | 211.7 | 190.3 | ||
| Gjensidige Forsikring ASA | ||||||
| Total eligible own funds to meet the SCR 3 | NOK millions | 20,128.8 | 23,417.7 | 22,100.6 | ||
| Solvency Capital Requirement (SCR) 4 | NOK millions | 9,772.1 | 10,131.9 | 10,771.9 | ||
| Solvency ratio 5 | % | 206.0 | 231.1 | 205.2 | ||
| Issued shares, at the end of the period | Number | 500,000,000 | 500,000,000 | 500,000,000 | ||
| General Insurance | ||||||
| Gross premiums written 2 | ||||||
| Private | NOK millions | 2,624.6 | 2,491.9 | 5,999.9 | 5,669.1 | 10,485.6 |
| Commercial | NOK millions | 1,915.0 | 1,786.8 | 7,579.5 | 6,809.2 | 10,740.7 |
| Denmark | NOK millions | 1,113.4 | 1,082.2 | 4,275.2 | 3,956.7 | 6,150.7 |
| Sweden | NOK millions | 469.2 | 391.6 | 1,024.7 | 978.2 | 1,747.7 |
| Baltics | NOK millions | 266.9 | 283.5 | 601.6 | 588.7 | 1,256.4 |
| Corporate Centre/reinsurance | NOK millions | 41.0 | 0.4 | 200.8 | 101.9 | 150.0 |
| Total General Insurance | NOK millions | 6,430.0 | 6,036.4 | 19,681.6 | 18,103.8 | 30,531.2 |
| Premiums, net of reinsurance 2 | % | 96.9 | 97.0 | 98.0 | ||
| Earned premiums | ||||||
| Private | NOK millions | 2,659.5 | 2,502.3 | 5,210.0 | 4,889.2 | 10,068.0 |
| Commercial | NOK millions | 2,740.3 | 2,480.5 | 5,443.4 | 4,899.0 | 10,083.5 |
| Denmark | NOK millions | 1,575.5 | 1,473.0 | 3,133.3 | 2,919.0 | 5,999.0 |
| Sweden | NOK millions | 426.7 | 410.2 | 826.8 | 807.6 | 1,649.4 |
| Baltics | NOK millions | 312.7 | 278.2 | 614.9 | 551.9 | 1,150.2 |
| Corporate Centre/reinsurance | NOK millions | 59.2 | 31.1 | 120.8 | 81.9 | 186.2 |
| Total General Insurance | NOK millions | 7,773.9 | 7,175.4 | 15,349.0 | 14,148.7 | 29,136.4 |
| Loss ratio 2 | ||||||
| Private | % | 56.5 | 53.7 | 58.4 | 58.2 | 57.5 |
| Commercial | % | 58.2 | 67.9 | 66.0 | 69.9 | 68.7 |
| Denmark | % | 69.9 | 67.4 | 72.1 | 68.9 | 68.6 |
| Sweden | % | 82.4 | 79.7 | 79.5 | 80.4 | 76.2 |
| Baltics | % | 78.4 | 72.8 | 81.4 | 73.5 | 77.7 |
| Total General Insurance | % | 63.4 | 64.5 | 67.9 | 67.5 | 66.2 |
| Underlying frequency loss ratio 2 | ||||||
| Private | % | 57.9 | 55.9 | 60.8 | 61.7 | 61.1 |
| Commercial | % | 61.2 | 65.8 | 66.2 | 70.2 | 69.0 |
| Denmark | % | 71.8 | 66.2 | 72.0 | 68.9 | 70.1 |
| Sweden | % | 80.9 | 83.9 | 77.1 | 82.5 | 76.3 |
| Baltics | % | 80.5 | 76.7 | 83.9 | 77.4 | 82.1 |
| Total General Insurance | % | 64.5 | 63.8 | 67.1 | 67.8 | 67.4 |
| Cost ratio 2 | ||||||
| Private | % | 13.4 | 13.0 | 13.2 | 13.1 | 13.2 |
| Commercial | % | 9.2 | 8.8 | 8.9 | 9.3 | 9.1 |
| Denmark | % | 15.0 | 15.6 | 14.6 | 15.1 | 14.4 |
| Sweden | % | 15.5 | 16.5 | 16.1 | 17.4 | 17.9 |
| Baltics | % | 27.5 | 28.6 | 28.1 | 29.1 | 29.0 |
| Total General Insurance | % | 14.1 | 14.2 | 14.0 | 14.4 | 14.2 |
| Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 | ||
| Combined ratio 2 | ||||||
| Private | % | 70.0 | 66.8 | 71.6 | 71.3 | 70.7 |
| Commercial | % | 67.4 | 76.7 | 75.0 | 79.2 | 77.8 |
| Denmark | % | 84.9 | 83.0 | 86.7 | 84.0 | 82.9 |
| Sweden | % | 97.9 | 96.2 | 95.5 | 97.8 | 94.1 |
| Baltics | % | 105.9 | 101.5 | 109.6 | 102.6 | 106.8 |
| Total General Insurance | % | 77.5 | 78.7 | 81.9 | 81.9 | 80.4 |
| Combined ratio discounted 2 | % | 76.0 | 78.0 | 80.8 | 81.1 | 79.6 |
| Pension | ||||||
| Assets under management pension, at the end of the period | NOK millions | 49,375.9 | 46,650.9 | 51,426.4 | ||
| of which the group policy portfolio | NOK millions | 8,598.2 | 7,998.7 | 8,242.0 | ||
| Operating margin 2 | % | 32.08 | 37.60 | 34.71 | 36.10 | 36.80 |
| Recognised return on the paid-up policy portfolio 6 | % | 1.25 | 2.13 | 4.38 | ||
| Value-adjusted return on the paid-up policy portfolio 7 | % | 0.97 | 2.33 | 4.63 | ||
| Share of shared commercial customers 8 | % | 66.7 | 67.5 | 66.9 | ||
| Return on equity, annualised 2 | % | 13.6 | 14.1 | 14.9 | ||
| Total eligible own funds to meet the SCR 3 | NOK millions | 2,401.6 | 2,672.6 | 2,661.9 | ||
| Solvency Capital Requirement (SCR) 4 | NOK millions | 1,384.6 | 1,784.7 | 1,816.5 | ||
| Solvency ratio 5 | % | 173.5 | 149.7 | 146.5 | ||
| 1 Earnings per share, basic and diluted = the shareholders' share of the profit or loss from continuing and discontinued operations in the period/average number of outstanding shares in the period | ||||||
| 2 Defined as alternative performance measure (APM). APMs are described on www.gjensidige.no/reporting in document named APMs Gjensidige Forsikring Group Q2 2022. | ||||||
| 3 Total eligible own funds to meet the SCR = Total eligible own funds to meet the solvency capital requirement. 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 first, second and third quarter of 80 per cent of net profit. There are no dividend adjustments for Gjensidige Pensjonsforsikring AS. | ||||||
| 4 Solvency Capital Requirement (SCR) = Regulatory capital requirement. The approved partial internal model is used for the Group and for Gjensidige Forsikring ASA. The standard formula is used for Gjensidige Pensjonsforsikring AS. | ||||||
| 5 Solvency ratio = Ratio of total eligible own funds to meet the SCR over the Solvency Capital Requirement | ||||||
| 6 Recognised return on the paid-up policy portfolio = realised return on the portfolio | ||||||
| 7 Value-adjusted return on the paid-up policy portfolio = total return on the portfolio | ||||||
| 8 Share of shared commercial customers = customers having both pension and general insurance products with Gjensidige |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Quarterly earnings performance
| Quarterly earnings performance | |||||||||
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | |
| NOK millions | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | 2020 | 2020 | 2020 |
| Earned premiums from general insurance | 7,773.9 | 7,575.1 | 7,471.6 | 7,516.1 | 7,175.4 | 6,973.2 | 6,875.7 | 6,949.0 | 6,765.3 |
| Other income | 524.4 | 410.7 | 356.1 | 308.2 | 309.9 | 295.6 | 315.5 | 269.5 | 252.3 |
| Total operating income | 8,298.3 | 7,985.9 | 7,827.7 | 7,824.4 | 7,485.3 | 7,268.8 | 7,191.2 | 7,218.4 | 7,017.5 |
| Total net income from investments | (605.1) | 474.4 | 1,483.6 | 201.0 | 793.3 | 549.7 | 1,155.7 | 544.6 | 1,151.3 |
| Total operating income and net income from investments | 7,693.2 | 8,460.3 | 9,311.3 | 8,025.4 | 8,278.7 | 7,818.6 | 8,346.9 | 7,763.0 | 8,168.9 |
| Claims incurred etc. from general insurance | (4,932.1) | (5,493.5) | (5,047.7) | (4,688.5) | (4,628.2) | (4,922.1) | (4,700.7) | (4,467.8) | (4,440.8) |
| Claims incurred etc. from pension | (204.3) | (209.4) | (207.2) | (182.3) | (184.1) | (181.6) | (206.2) | (162.3) | (149.8) |
| Total claims etc. | (5,136.4) | (5,702.9) | (5,255.0) | (4,870.8) | (4,812.2) | (5,103.8) | (4,906.9) | (4,630.1) | (4,590.6) |
| Operating expenses from general insurance | (1,094.0) | (1,056.7) | (1,076.5) | (1,023.7) | (1,020.3) | (1,011.1) | (1,013.3) | (968.8) | (980.7) |
| Other operating expenses | (324.7) | (194.6) | (129.7) | (108.8) | (115.9) | (106.6) | (113.1) | (115.8) | (120.9) |
| Total operating expenses | (1,418.7) | (1,251.2) | (1,206.2) | (1,132.5) | (1,136.2) | (1,117.8) | (1,126.4) | (1,084.5) | (1,101.6) |
| Total expenses | (6,555.1) | (6,954.2) | (6,461.2) | (6,003.4) | (5,948.4) | (6,221.5) | (6,033.3) | (5,714.6) | (5,692.2) |
| Profit/(loss) for the period before tax expense | 1,138.0 | 1,506.2 | 2,850.1 | 2,022.0 | 2,330.2 | 1,597.0 | 2,313.6 | 2,048.4 | 2,476.7 |
| Underwriting result general insurance | 1,747.8 | 1,024.9 | 1,347.4 | 1,804.0 | 1,527.0 | 1,040.0 | 1,161.8 | 1,512.3 | 1,343.7 |
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| NOK millions | 2020 | 2019 | 2019 | 2019 | 2019 | 2018 | 2018 | 2018 | 2018 |
| Earned premiums from general insurance | 6,570.6 | 6,313.8 | 6,317.0 | 6,082.8 | 5,936.7 | 6,081.2 | 6,118.1 | 5,987.2 | 5,866.3 |
| Other income | 262.1 | 286.7 | 823.5 | 1,076.0 | 714.7 | 511.7 | 499.2 | 595.0 | 602.8 |
| Total operating income | 6,832.7 | 6,600.6 | 7,140.6 | 7,158.9 | 6,651.5 | 6,592.9 | 6,617.4 | 6,582.1 | 6,469.1 |
| Total net income from investments | (1,533.1) | 826.6 | 264.3 | 500.5 | 2,268.9 | (224.6) | 429.7 | 370.4 | 254.7 |
| Total operating income and net income from investments | 5,299.6 | 7,427.1 | 7,404.9 | 7,659.3 | 8,920.4 | 6,368.3 | 7,047.1 | 6,952.5 | 6,723.8 |
| Claims incurred etc. from general insurance | (4,524.2) | (4,437.6) | (4,367.7) | (3,916.4) | (4,256.8) | (3,268.9) | (4,591.7) | (4,371.0) | (4,559.5) |
| Claims incurred etc. from pension | (156.2) | (156.7) | (718.5) | (974.9) | (615.6) | (408.1) | (406.1) | (503.0) | (516.4) |
| Total claims etc. | (4,680.4) | (4,594.3) | (5,086.3) | (4,891.4) | (4,872.4) | (3,676.9) | (4,997.8) | (4,874.0) | (5,075.9) |
| Operating expenses from general insurance | (988.8) | (956.9) | (888.2) | (908.7) | (881.8) | (897.9) | (953.0) | (909.3) | (895.7) |
| Other operating expenses | (127.5) | (147.6) | (158.8) | (136.3) | (135.5) | (132.3) | (132.3) | (134.3) | (147.3) |
| Total operating expenses | (1,116.3) | (1,104.6) | (1,047.0) | (1,045.0) | (1,017.3) | (1,030.2) | (1,085.3) | (1,043.6) | (1,043.0) |
| Total expenses | (5,796.7) | (5,698.8) | (6,133.3) | (5,936.4) | (5,889.7) | (4,707.1) | (6,083.1) | (5,917.6) | (6,118.8) |
| Profit/(loss) for the period before tax expense | (497.2) | 1,728.3 | 1,271.5 | 1,722.9 | 3,030.7 | 1,661.2 | 964.0 | 1,034.9 | 605.0 |
| Underwriting result general insurance | 1,057.5 | 919.3 | 1,061.1 | 1,257.6 | 798.1 | 1,914.4 | 573.4 | 706.8 | 411.2 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
General Insurance CC
| General Insurance Corporate Centre | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Corporate Centre - costs related to owner | (96.4) | (99.0) | (214.2) | (190.8) | (399.3) |
| Corporate Centre - reinsurance | (75.2) | (45.9) | (253.0) | (131.9) | (117.8) |
| Total Corporate Centre | (171.6) | (144.9) | (467.2) | (322.6) | (517.1) |
| Large losses | 57.1 | 71.8 | 243.0 | 191.2 | 239.4 |
| Run-off gains/(losses) | (8.1) | 9.6 | (1.7) | 1.8 | 47.7 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Income statement GF ASA
| Income statement | |||||
| Gjensidige Forsikring ASA | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.-30.6.2022 | 1.1.-30.6.2021 | 1.1.-31.12.2021 |
| Premiums etc. | |||||
| Earned premiums, gross | 7,566.7 | 7,057.5 | 14,913.8 | 13,883.5 | 28,491.7 |
| Ceded reinsurance premiums | (171.0) | (160.3) | (314.8) | (286.8) | (589.3) |
| Total earned premiums, net of reinsurance | 7,395.7 | 6,897.2 | 14,598.9 | 13,596.8 | 27,902.4 |
| Claims | |||||
| Gross claims | (4,697.9) | (4,499.4) | (9,972.9) | (9,146.5) | (18,381.5) |
| Claims, reinsurers' share | 45.4 | 73.8 | 129.1 | 1.9 | 53.5 |
| Total claims incurred, net of reinsurance | (4,652.5) | (4,425.5) | (9,843.8) | (9,144.6) | (18,328.0) |
| Insurance-related operating expenses | |||||
| Insurance-related administration expenses incl. commissions for received reinsurance and sales expenses | (1,018.2) | (965.4) | (1,983.3) | (1,915.3) | (3,859.4) |
| Received commission for ceded reinsurance and profit share | 3.3 | 2.9 | 4.7 | 4.6 | 7.3 |
| Total insurance-related operating expenses | (1,014.9) | (962.5) | (1,978.6) | (1,910.7) | (3,852.1) |
| Technical profit/(loss) | 1,728.3 | 1,509.1 | 2,776.6 | 2,541.4 | 5,722.2 |
| Net income from investments | |||||
| Income from investments in subsidiaries, associates and joint ventures | 156.5 | ||||
| Impairment losses of investments in subsidiaries, associates and joint ventures | (70.9) | ||||
| Realised gain from sale of joint venture | 10.9 | 3,943.1 | |||
| Interest income and dividend etc. from financial assets | 253.6 | 202.9 | 492.7 | 377.7 | 738.2 |
| Changes in fair value on investments | (1,051.7) | 3.0 | (1,635.9) | (271.4) | 234.1 |
| Realised gain and loss on investments | 276.9 | 457.6 | 437.3 | 1,106.2 | 815.9 |
| Administration expenses related to investments, including interest expenses | (54.2) | (67.5) | (129.8) | (105.2) | (252.5) |
| Total net income from investments | (564.5) | 596.0 | 3,107.5 | 1,107.3 | 1,621.3 |
| Other income | 1.5 | 0.6 | 3.4 | 1.1 | 4.1 |
| Other expenses | (16.6) | (10.7) | (32.8) | (18.9) | (42.3) |
| Profit/(loss) of non-technical account | (579.6) | 585.9 | 3,078.1 | 1,089.4 | 1,583.1 |
| Profit/(loss) before tax expense | 1,148.6 | 2,095.0 | 5,854.7 | 3,630.9 | 7,305.3 |
| Tax expense | (309.8) | (498.3) | (486.6) | (748.3) | (1,630.9) |
| Profit/(loss) before other comprehensive income | 838.8 | 1,596.8 | 5,368.1 | 2,882.6 | 5,674.4 |
| Other comprehensive income | |||||
| Other comprehensive income that will not be reclassified to profit or loss | |||||
| Changes in estimates related to defined benefit plans | 100.1 | (148.8) | |||
| Tax on other comprehensive income that will not be reclassified to profit or loss | (25.0) | 37.2 | |||
| Total other comprehensive income that will not be reclassified to profit or loss | 75.1 | (111.6) | |||
| Other comprehensive income that may be reclassified to profit or loss | |||||
| Exchange differences from foreign operations | 298.4 | 125.0 | 127.8 | (192.5) | (316.0) |
| Tax on other comprehensive income that may be reclassified | (59.8) | (26.4) | (23.8) | 40.9 | 66.8 |
| Total other comprehensive income that may be reclassified | 238.6 | 98.5 | 104.0 | (151.6) | (249.1) |
| Comprehensive income | 1,077.5 | 1,695.3 | 5,472.1 | 2,806.0 | 5,313.6 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Financial position GF ASA
| Statement of financial position | |||
| Gjensidige Forsikring ASA | |||
| NOK millions | 30.6.2022 | 30.6.2021 | 31.12.2021 |
| Assets | |||
| Goodwill | 3,080.0 | 3,059.6 | 3,009.1 |
| Other intangible assets | 309.5 | 467.5 | 359.4 |
| Total intangible assets | 3,389.5 | 3,527.2 | 3,368.6 |
| Investments | |||
| Buildings and other real estate | |||
| Owner-occupied property | 30.5 | 28.5 | 28.5 |
| Right-of-use property | 1,063.6 | 1,185.1 | 1,097.5 |
| Subsidiaries, associates and joint ventures | |||
| Shares in subsidiaries, associates and joint ventures | 5,889.1 | 3,895.0 | 4,009.8 |
| Shares in subsidiaries, associates and joint ventures held for sale | 1,086.9 | ||
| Interest-bearing receivables on subsidiaries and joint ventures | 300.4 | 2,064.1 | 2,035.4 |
| Financial assets measured at amortised cost | |||
| Loans and receivables | 17,025.8 | 15,994.2 | 15,433.0 |
| Financial assets measured at fair value | |||
| Shares and similar interests (incl. shares and similar interests measured at cost) | 5,354.5 | 6,035.9 | 6,433.2 |
| Fixed income securities | 29,657.7 | 29,323.0 | 27,376.9 |
| Subordinated loans | 1.7 | 1.9 | 1.8 |
| Financial derivatives | 253.8 | 553.5 | 695.5 |
| Other financial assets | 111.0 | 111.0 | 111.0 |
| Total investments | 59,688.1 | 59,192.0 | 58,309.5 |
| Reinsurers' share of insurance-related liabilities, gross | |||
| Reinsurers' share of provision for unearned premiums, gross | 298.0 | 296.2 | 38.2 |
| Reinsurers' share of claims provision, gross | 465.3 | 468.6 | 423.7 |
| Total reinsurers' share of insurance-related liabilities, gross | 763.3 | 764.8 | 461.9 |
| Receivables | |||
| Receivables related to direct operations | 9,687.1 | 8,842.7 | 7,871.4 |
| Receivables related to reinsurance | 75.0 | 89.1 | 69.3 |
| Receivables within the group | 67.5 | 29.7 | 177.2 |
| Other receivables | 1,517.5 | 444.7 | 162.2 |
| Total receivables | 11,347.1 | 9,406.2 | 8,280.1 |
| Other assets | |||
| Plant and equipment | 107.4 | 111.6 | 89.0 |
| Cash and cash equivalents | 2,608.7 | 2,681.2 | 1,875.9 |
| Pension assets | 260.2 | 392.9 | 260.2 |
| Total other assets | 2,976.3 | 3,185.6 | 2,225.0 |
| Prepaid expenses | |||
| Other prepaid expenses | 16.8 | 61.4 | 6.3 |
| Total prepaid expenses | 16.8 | 61.4 | 6.3 |
| Total assets | 78,181.0 | 76,137.2 | 72,651.4 |
| Equity and liabilities | |||
| Paid in equity | |||
| Share capital | 1,000.0 | 1,000.0 | 1,000.0 |
| Own shares | (0.1) | (0.0) | (0.1) |
| Share premium | 1,430.0 | 1,430.0 | 1,430.0 |
| Perpetual Tier 1 Capital | 1,207.3 | 2,206.4 | 1,205.2 |
| Other paid-in equity | 109.7 | 88.7 | 97.3 |
| Total paid-in equity | 3,746.9 | 4,725.1 | 3,732.4 |
| Retained equity | |||
| Funds etc. | |||
| Natural perils capital | 2,823.6 | 2,738.3 | 2,829.3 |
| Guarantee scheme provision | 762.3 | 715.5 | 762.3 |
| Other retained earnings | 15,772.8 | 13,841.8 | 10,327.4 |
| Total retained earnings | 19,358.8 | 17,295.6 | 13,919.0 |
| Total equity | 23,105.7 | 22,020.6 | 17,651.5 |
| Subordinated debt | 2,396.5 | 2,395.6 | 2,396.1 |
| Insurance-related liabilities in general insurance, gross | |||
| Provision for unearned premiums, gross | 15,536.7 | 14,382.3 | 11,386.7 |
| Claims provision, gross | 28,314.6 | 28,027.6 | 28,250.7 |
| Provision for premium discounts and other profit agreements | 108.6 | 103.5 | 106.5 |
| Total insurance-related liabilities in general insurance, gross | 43,959.9 | 42,513.4 | 39,743.9 |
| Provision for liabilities | |||
| Pension liabilities | 704.6 | 668.7 | 703.6 |
| Current tax | 729.4 | 1,415.0 | 1,453.8 |
| Deferred tax liabilities | 502.1 | 967.1 | 852.5 |
| Other provisions | 433.7 | 303.5 | 587.1 |
| Total provision for liabilities | 2,369.9 | 3,354.3 | 3,597.0 |
| Liabilities | |||
| Liabilities related to direct insurance | 343.0 | 345.6 | 426.5 |
| Liabilities related to reinsurance | 287.4 | 269.5 | 40.9 |
| Financial derivatives | 757.4 | 790.0 | 497.6 |
| Accrued dividend | 3,850.0 | ||
| Lease liability | 1,161.4 | 1,278.0 | 1,195.6 |
| Other liabilities | 3,190.8 | 2,668.8 | 2,641.0 |
| Liabilities to subsidiaries and associates | 235.9 | 129.1 | 231.9 |
| Total liabilities | 5,975.8 | 5,481.0 | 8,883.5 |
| Accrued expenses and deferred income | |||
| Other accrued expenses and deferred income | 373.2 | 372.2 | 379.4 |
| Total accrued expenses and deferred income | 373.2 | 372.2 | 379.4 |
| Total equity and liabilities | 78,181.0 | 76,137.2 | 72,651.4 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Changes in equity GF ASA
| Statement of changes in equity | |||||||||
| Gjensidige Forsikring ASA | |||||||||
| NOK millions | Share capital | Own shares | Share premium | Other paid-in capital | Perpetual Tier 1 capital | Exchange differ- ences | Changes in estimates related to defined benefit plans | Other earned equity | Total equity |
| Equity as at 31.12.2020 | 1,000.0 | (0.0) | 1,430.0 | 80.6 | 1,002.2 | 607.7 | (2,139.4) | 16,061.5 | 18,042.7 |
| 1.1.-31.12.2021 | |||||||||
| Comprehensive income | |||||||||
| Profit/(loss) | 51.3 | 5,623.0 | 5,674.4 | ||||||
| Total other comprehensive income | (0.5) | (248.6) | (111.6) | (360.7) | |||||
| Comprehensive income | (0.5) | 51.3 | (248.6) | (111.6) | 5,623.0 | 5,313.6 | |||
| Transactions with the owners of the company | |||||||||
| Own shares | (0.1) | (23.4) | (23.4) | ||||||
| Dividend | (5,849.5) | (5,849.5) | |||||||
| Equity-settled share-based payment transactions | 17.2 | 17.2 | |||||||
| Perpetual Tier 1 capital | 197.2 | (0.8) | 196.4 | ||||||
| Perpetual Tier 1 capital - interest paid | (45.5) | (45.5) | |||||||
| Total transactions with the owners of the company | (0.1) | 17.2 | 151.6 | (5,873.6) | (5,704.8) | ||||
| Equity as at 31.12.2021 | 1,000.0 | (0.1) | 1,430.0 | 97.3 | 1,205.2 | 359.1 | (2,251.0) | 15,810.9 | 17,651.5 |
| 1.1.-30.6.2022 | |||||||||
| Comprehensive income | |||||||||
| Profit/(loss) | 20.5 | 5,347.6 | 5,368.1 | ||||||
| Total other comprehensive income | 0.4 | 103.6 | 0.0 | 104.0 | |||||
| Comprehensive income | 0.4 | 20.5 | 103.6 | 0.0 | 5,347.6 | 5,472.1 | |||
| Transactions with the owners of the company | |||||||||
| Own shares | 0.0 | (11.5) | (11.5) | ||||||
| Dividend | 0.2 | 0.2 | |||||||
| Equity-settled share-based payment transactions | 12.0 | 12.0 | |||||||
| Perpetual Tier 1 capital | 0.2 | (0.2) | 0.0 | ||||||
| Perpetual Tier 1 capital - interest paid | (18.6) | (18.6) | |||||||
| Total transactions with the owners of the company | 0.0 | 12.0 | (18.4) | (11.5) | (17.9) | ||||
| Equity as at 30.6.2022 | 1,000.0 | (0.1) | 1,430.0 | 109.7 | 1,207.3 | 462.7 | (2,251.0) | 21,147.0 | 23,105.7 |
| 1.1.-30.6.2021 | |||||||||
| Comprehensive income | |||||||||
| Profit/(loss) | 28.0 | 2,854.6 | 2,882.6 | ||||||
| Total other comprehensive income | (0.3) | (151.3) | 75.1 | (76.5) | |||||
| Comprehensive income | (0.3) | 28.0 | (151.3) | 75.1 | 2,854.6 | 2,806.0 | |||
| Transactions with the owners of the company | |||||||||
| Own shares | (0.0) | (13.0) | (13.0) | ||||||
| Dividend | 0.4 | 0.4 | |||||||
| Equity-settled share-based payment transactions | 8.4 | 8.4 | |||||||
| Perpetual Tier 1 capital | 1,196.4 | 1,196.4 | |||||||
| Perpetual Tier 1 capital - interest paid | (20.3) | (20.3) | |||||||
| Total transactions with the owners of the company | (0.0) | 8.4 | 1,176.1 | (12.6) | 1,171.9 | ||||
| Equity as at 30.6.2021 | 1,000.0 | (0.0) | 1,430.0 | 88.7 | 2,206.4 | 456.4 | (2,064.3) | 18,903.5 | 22,020.6 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
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Gjensidige Forsikring ASA published this content on 15 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 July 2022 07:43:04 UTC.
