Q2 2025 Gjensidige Forsikring ASA Earnings Call Transcript
Key Points
- Gjensidige Forsikring ASA (GJNSY) reported a significant improvement in profit before tax, reaching NOK2,955 million.
- Insurance revenue increased by 11.7%, with a notable decline in the combined ratio to 79%, indicating improved efficiency.
- The company's investment returns were strong, generating NOK1,102 million, contributing to a solid return on equity of 31.3%.
- The solvency ratio was robust at 182%, showcasing financial stability.
- Customer loyalty remained high despite necessary price increases, with the company continuing to attract new customers.
- The improvement in results is partly attributed to natural variability in the insurance business, which may not be sustainable.
- There is ongoing uncertainty in predicting future claims costs due to geopolitical instability and potential trade barriers.
- The Danish commercial portfolio experienced a slight decline in retention rates.
- The company faces risks from tariffs and potential supply chain disruptions affecting the cost of spare parts.
- The Baltic business results are pending regulatory approval for sale, indicating potential uncertainty in this segment.
Hello there, pardon the interruption. We are now at the top of the hour, please do let me know whenever you're ready to start. And we currently have 13 participants. You ready?
Thank you so much, Mitra. One moment please and have a good call.
Hello and welcome to the Gjensidige Q2 2025 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, the lines will be on listen only mode. However, you will have the opportunity to ask questions at the end of the call. (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 Gjensidige's second quarter presentation. My name is Mitra Negard, and I am Head of Investor Relations.
As always, we will start with our CEO, Geir Holmgren, who will give you
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