Q1 2025 Gjensidige Forsikring ASA Earnings Call Transcript
Key Points
- Gjensidige Forsikring ASA (GJNSY) reported a significant increase in profit before tax to NOK1,790 million, with the general insurance service result rising to NOK1,340 million.
- Insurance revenue increased by more than 10%, reflecting strong top-line growth.
- The combined ratio improved to 86.9%, indicating better loss and cost ratios.
- Investment returns were strong, contributing EUR503 million and resulting in a solid return on equity of 22.2%.
- High customer retention and loyalty were maintained despite significant price increases, particularly in Norway.
- Large losses were higher than expected, driven by a significant fire loss in Norway.
- The Danish market showed weak profitability, particularly in the private segment, requiring further pricing and efficiency measures.
- The ongoing international trade disputes and tariff threats are creating significant uncertainty, impacting both property and motor insurance.
- The pension segment reported a lower pre-tax result due to decreased profitability in occupational pensions.
- The Danish Competition Authority's potential investigation into pricing practices could pose regulatory challenges.
Hello, and welcome to the Gjensidige Q1 2025 results presentation call. My name is Laura, and I will be your Coordinator for today's event. Please note, this call is being recorded. (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. Good morning, everyone, and welcome to this first quarter presentation of Gjensidige. My name is Mitra Negard and the I'm Head of Investor Relations. We will start this session with our CEO, Geir Holmgren, who will give you the highlights of the quarter, followed by our CFO, Jostein Amdal, who will discuss the results in further detail. And we'll have plenty of time for Q&A after that.
Geir, please.
Thank you, Mitra, and good morning, everyone. We are navigating uncertain times, characterized by heightened geopolitical
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