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Gjensidige earned more than NOK 2 billion in the third quarter, thanks to record results in insurance.
Helge Leiro Baastad, Gjensidige coach.
Paul Kleiven / NTB scanpix
Published:,
– We are very satisfied to have obtained a solid result in the third quarter.
including the best insurance result in a quarter, says Gjensidige CEO Helge Leiro Baastad in a press release.
On Tuesday it will present the quarterly report to the insurance giant.
It shows that Gjensidige Forsikring made a pre-tax profit of NOK 2.05 billion in the third quarter.
This is an increase from the result of NOK 1.27 billion in the corresponding quarter of last year.
It also exceeds what analysts had anticipated. According to Infront estimates, they expected a result of NOK 1.75 billion.
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Increase in insurance benefits
The non-life business generated a profit of NOK 1.51 billion, compared to NOK 1.06 billion at the same time last year.
– We deliver solid results in Norway and our business outside Norway continues to show progress, says Baastad.
Gjensidige explains the higher insurance gains with higher premium income, as well as a better ratio of underlying claims and fewer claims related to large claims.
Insurance business revenue increased 10 percent, the report shows.
In the private market, higher prices for auto and property insurance, as well as accident insurance and health insurance contributed to increasing revenues, reports Gjensidige.
Insurance claims in the private market fell to NOK 1.37 billion from NOK 1.54 billion.
This is partly due to lower travel activity in the wake of the corona pandemic, which was partially offset by higher requirements related to accident and health insurance, according to the quarterly report.
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Capital market rise
Additionally, equity investment in financial markets outperformed last year.
Global stock exchanges and fixed income markets have made a strong comeback after the collapse of the crown this spring, with the financial result increasing to NOK 551 million from NOK 279 million.
Gjensidige writes that all asset classes contributed positively in the quarter, pointing to lower interest rates and strong equity and commodity markets.
