Gjensidige Forsikring (GJF) Pre-Close Call summary

Executive summary

• Q3 2024 results will be released on 22 October, with a silent period starting 1 October and consensus published on 17 October.

• The call focused on reminders of public information, weather impacts, and recent transactions.

Trading performance and revenue trends

• Q2 and Q3 typically have lower claims ratios due to seasonality, but this quarter saw significant wet weather and cloudbursts in Norway and Denmark.

• Acquisitions in Denmark in 2023 continue to impact insurance revenue, with details available in the Q2 2024 report.

• Motor collisions in Norway increased by 6% year-on-year as of early September.

Profitability and margins

• Last year's Q3 had significant weather-related claims and one-off expenses, mainly recognized as large losses and operating expenses in the Corporate Center.

• Normalized large losses are expected at NOK 476 million per quarter in 2024.

• Underlying frequency loss ratio for Private and Commercial segments is expected to improve over time, with no specific guidance.

• Approximately 40% of the decline in underlying frequency loss ratio for Private Norway in Q4 2023 was due to reserve strengthening.