Q2 2024 Gjensidige Forsikring ASA Earnings Call Transcript
Key Points
- Gjensidige Forsikring ASA (GJNSF) reported a profit before tax of NOK1,830 million, up from NOK1,334 million.
- The company saw a strong growth momentum with insurance revenue increasing by almost 10%.
- Investment returns were robust at NOK540 million, with an annualized return on equity of 20.2%.
- Customer retention remains high despite significant pricing measures, indicating strong brand loyalty.
- The company has launched new insurance products and solutions, including cyber insurance for SMEs and bundled insurance concepts in Denmark.
- Higher motor and property insurance claims in Norway negatively impacted the insurance service result.
- Claims inflation is expected to remain in the 5% to 7% range for the next 12 to 18 months, putting pressure on profitability.
- The significant increase in property claims due to fires and water damage is a concern.
- Economic growth and high inflation, partly driven by the weak Norwegian kroner, have also impacted claims.
- The company's combined ratio target for 2024 is challenged due to the high claims in the first half of the year.
Hello, and welcome to the Gjensidige's Q2 2024 results presentation. My name is Laura, and I will be your coordinator for today's event. Please note, this call is being recorded and for the duration of the call your lines will be on a listen-only mode. (Operator Instructions)
I will now hand you over to your host, Mitra Negard, Head of Investor Relations, to begin today's conference. Thank you.
Thank you, operator. Good morning, everyone, and welcome to the second quarter presentation of Gjensidige. My name is Mitra Negard, and I'm Head of Investor Relations. As always, we will start with our CEO, who will give you the highlights of the quarter; followed by our CFO, Jostein Amdal, who will go through the numbers in further detail. And we have plenty of time for a Q&A afterwards. Geir, please?
Thank you, Mitra, and good morning, everyone. We have put behind us a
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