Gjensidige Q1 combined ratio improves to 86.9%

ReutersApr 29, 2025 7:03 AM

Combined ratio improves by 5.2 percentage points year on year
Insurance service result from general insurance operations up 84%
Commercial insurance service result up 52.5% to 1.10 billion crowns (Q1 2024: 724.3 million crowns)

By Rebecca Delaney

April 29 - (The Insurer) - Norwegian insurer Gjensidige Forsikring reported a first-quarter combined ratio of 86.9% for its general insurance operations on Tuesday, with profit after tax totalling 1.30 billion crowns ($125.4 million).

The combined ratio improved by 5.2 percentage points compared with the first quarter of 2024.

Insurance revenue increased by 10% year on year to 9.99 billion crowns, while the insurance service result from Gjensidige's general insurance operations rose by 84% to 1.31 billion crowns from 715.2 million crowns in the prior-year quarter.

The loss ratio decreased by 4.5 points to 74.9%, which Gjensidige said reflected a 4.7 point improvement in the underlying frequency loss ratio, as well as higher run-off gains and a positive impact from the change in risk adjustment.

Overall, Gjensidige reported a financial result of 512.6 million crowns for the quarter, with earnings per share of 2.60 crowns.

In the commercial segment, the insurance service result increased by 52.5% to 1.10 billion crowns from 724.3 million crowns in Q1 2024.

Gjensidige said this reflected higher insurance revenue (up 8% in local currency) and an improved loss ratio, which improved by 5.6 points owing to a lower underlying frequency loss ratio and higher run-off gains.

The combined ratio in the commercial segment improved by 5.8 points year on year to 79.8%.

The insurance service result in the private segment decreased by 6.3% to 541.2 million crowns, reflecting a higher loss ratio, while insurance revenue in the Swedish segment decreased by 1.3% measured in local currency.

The profit from discontinued operations was 38.4 million crowns, mainly driven by an increased insurance service result from discontinued operations of 27.6 million crowns, reflecting higher insurance revenue and lower loss and cost ratios.

ADB Gjensidige was reported as discontinued operations from July 2024. The Baltics is therefore no longer a reporting segment for the group.

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