Q4 2024 Gjensidige Forsikring ASA Earnings Call Transcript
Key Points
- Gjensidige Forsikring ASA (GJNSF) reported a strong profit before tax of NOK1.605 billion for Q4 2024, indicating successful efforts to improve results.
- The company's general insurance service result increased significantly to NOK1.670 billion, driven by strong growth and improved profitability.
- The combined ratio improved to 83.3%, reflecting better loss and cost ratios.
- Gjensidige Forsikring ASA (GJNSF) achieved a return on equity of 22.7%, supported by investment returns and strong performance in the Pension business.
- The Board proposed a total dividend of NOK5 billion, including a special dividend, reflecting confidence in the company's strong capital position.
- Elevated motor claims frequency and severity in Norway continue to pressure profitability, preventing the company from meeting its combined ratio target for the year.
- The Danish operations showed lower profitability, with Private Denmark negatively impacted by reserve strengthening and Commercial Denmark showing low reinsurance results.
- Claims inflation remains a concern, with expectations of continued high claims frequency and repair costs in the motor insurance segment.
- The Pension segment reported a pre-tax loss of NOK58 million due to higher interest rates, despite good performance in other areas.
- Retention outside Norway declined slightly, driven by Commercial in Denmark, indicating challenges in maintaining customer loyalty amid pricing measures.
Welcome to today's quarter four 2024 results presentation. My name is Caroline, and I will be your operator for today's event. Please note, this call is being recorded. (Operator Instructions)
I will now call to your host, Mitra Hagen Negard to begin today's conference. Thank you.
Good morning, everyone, and welcome to the fourth quarter presentation for Gjensidige. This is Mitra Negard, and I am Head of Investor Relations. As always, we will start with our CEO, Geir Holmgren, who will start with the highlights of the quarter, followed by our CFO, Jostein Amdal, who will run through the numbers in further detail. And we have plenty of time for Q&A after that.
Geir, please.
Thank you, Mitra, and good morning, everyone. Let us turn over to page 2 for comments on our fourth quarter results. The profit before tax was NOK1.605 billion. I'm very pleased to
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