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GJENSIDIGE FORSIKRING ASA

(GJF)
  Report
Real-time Oslo Bors  -  10:25 2022-09-30 am EDT
187.00 NOK   +1.74%
09/30Invitation to the presentation of Gjensidige's results for the 3rd quarter 2022
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09/19Gjensidige Forsikring ASA(OB:GJF) dropped from Oslo OBX Total Return Index
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07/18Acquisition of own shares / primary insider trades
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Norwegian insurer Storebrand beats earnings forecast, shares gain

07/13/2018 | 07:22am EDT

OSLO (Reuters) - Norway's Storebrand reported better than expected second-quarter results on Friday, driven by a strong performance in its insurance division, sending its shares higher.

Shares in Storebrand were up 2.4 percent at 0932 GMT, the best-performing stock on the Oslo benchmark index <.OSEBX>.

Although a slight drop from the previous year's quarterly performance, group profit of 812 million crowns (75.94 million pounds)came in well above a forecast for 663 million crowns in a Reuters poll.

Its rival Gjensidige reported below-forecast quarterly results that sent its shares lower on Friday.

"Storebrand delivers a solid Q2 report, mostly driven by core earnings and a better than expected Solvency 2 rate at 163 percent," said Sparebank 1 Markets analyst Nils Christian Oeyen, who has a "Buy" recommendation on the stock.

The Solvency 2 rate is the amount of capital that insurers working in the European common market must hold to reduce the risk of insolvency. Storebrand's current rate of 163 percent is above its minimum target of 150 percent.

Two out of three Storebrand divisions -- insurance and guaranteed pensions -- performed better than the Reuters poll forecast.

($1 = 8.1445 Norwegian crowns)

(Reporting by Gwladys Fouche)


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
GJENSIDIGE FORSIKRING ASA 1.74% 187 Real-time Quote.-12.62%
OSLO BØRS BENCHMARK 2.14% 1102.79 Real-time Quote.-8.21%
STOREBRAND ASA 3.51% 75.46 Real-time Quote.-14.75%
All news about GJENSIDIGE FORSIKRING ASA
09/30Invitation to the presentation of Gjensidige's results for the 3rd quarter 2022
AQ
09/19Gjensidige Forsikring ASA(OB:GJF) dropped from Oslo OBX Tot..
CI
07/18Acquisition of own shares / primary insider trades
AQ
07/15Gjensidige Forsikring ASA Reports Earnings Results for the Second Quarter and Six Month..
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07/15Gjensidige Forsikring : Key figures Q2 2022
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07/15Transcript : Gjensidige Forsikring ASA, Q2 2022 Earnings Call, Jul 15, 2022
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07/15Solid underwriting result, financial result significantly impacted by market turmoil
AQ
07/14GJENSIDIGE FORSIKRING ASA : Press Release
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07/14GJENSIDIGE FORSIKRING ASA : Half-year report
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07/05Gjensidige Forsikring ASA (OB:GJF) acquired unknown majori..
CI
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Financials
Sales 2022 31 220 M 2 874 M 2 874 M
Net income 2022 5 077 M 467 M 467 M
Net Debt 2022 3 594 M 331 M 331 M
P/E ratio 2022 18,4x
Yield 2022 4,97%
Capitalization 93 492 M 8 608 M 8 608 M
EV / Sales 2022 3,11x
Capi. / Sales 2023 2,87x
Nbr of Employees 4 143
Free-Float 36,7%
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 14
Last Close Price 187,00 NOK
Average target price 220,29 NOK
Spread / Average Target 17,8%
EPS Revisions
Managers and Directors
Helge Leiro Baastad Chief Executive Officer
Jostein Amdal Chief Financial Officer & Executive Vice President
Liv Gisèle Marchand Chairman
Kaare Steinar Østgaard Executive VP-Technology & Development
Gunnar Mjåtvedt Independent Director
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