Gjensidige Forsikring Asa (GJNSF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hi everyone, and welcome to this first quarter presentation of Jensidie. My name is Mitra Negoy and I'm Head of Investor Relations. As always, we will start with our CEO, Geir Holmgren, who will give you the highlights of the quarter, followed by our CFO, Justine Amdahl, who will run through the numbers in further detail. And we have plenty of time for a Q&A after that. Geir, please. Thank you Mitra, and good morning everyone. We are navigating uncertain times characterized by heightened geopolitical tension, significant macroeconomic uncertainty, and considerable market turmoil. We anticipate that these challenges will persist for some time, and in light of this, it is more crucial than ever to focus on keeping the customers' trust, effective risk management, and prudent financial risk taking. We will continue to closely monitor developments in drivers of claims expenses and respond swiftly to emerging changes. Our strong capital position places us in a favourable position to withstand further turbulence in the capital markets. So let us move on to comments on our first quarter results on page 2. I am very pleased to see that our strong efforts to improve the results are gradually coming through. The profit before tax was 1 billion and 790 million kroner. The general insurance service result was 1 billion and 340 million, significantly up year on year. Insurance revenue increased by more than 10 percent. The combined ratio declined to 86.9 percent, reflecting improvements in both the loss and cost ratios. It is very encouraging to see that underlying profitability improved by 3.7 percentage points when adjusting for weather adverse development in claims and provisions in the first quarter last year. Large losses were somewhat higher than our quarterly estimate this ...