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Interim Report 4Th Quarter and Preliminary Result 2016 Gjensidige Insurance Group

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Interim Report 4Th Quarter and Preliminary Result 2016 Gjensidige Insurance Group Interim Report 4th quarter and preliminary result 2016 Gjensidige Insurance Group Group highlights Fourth quarter and preliminary result 2016 In the following, figures in brackets indicate the amount or percentage for the corresponding period the year before. Year as a whole Fourth quarter Group Group • Profit/loss before tax expense: NOK 6,139.9 million (5,049.7) • Profit/loss before tax expense: NOK 1,305.8 million (1,470.6) • Profit per share: NOK 9.34 (7.57) • Profit per share: NOK 2.18 (2.49) General Insurance General Insurance • Earned premiums: NOK 22,441.9 million (21,272.0) • Earned premiums: NOK 5,685.6 million (5,493.5) • Underwriting result: NOK 3,734.6 million (3,456.9) • Underwriting result: NOK 700.4 million (879.2) • Combined ratio: 83.4 (83.7) • Combined ratio: 87.7 (84.0) • Cost ratio: 14.2 (15.1) • Cost ratio: 17.1 (16.0) • Financial result: NOK 2,155.1 million (1,492.4) • Financial result: NOK 561.4 million (610.8) Proposed dividend • Proposed regular dividend: NOK 3,400 million (3,200) • Proposed regular dividend per share: NOK 6.80 (6.40) Profit performance Group NOK millions Q4 2016 Q4 2015 1.1.-31.12.2016 1.1.-31.12.2015 General Insurance Private 549.9 639.5 2,196.7 2,208.1 General Insurance Commercial 382.2 402.9 1,631.3 1,440.8 General Insurance Nordic 20.4 65.6 247.3 509.1 General Insurance Baltics (36.6) (64.4) (99.5) (98.9) Corporate Centre/costs related to owner (128.3) (102.5) (10.6) (331.8) Corporate Centre/reinsurance 1 (87.1) (61.9) (230.6) (270.5) Underwriting result general insurance 2 700.4 879.2 3,734.6 3,456.9 Pension and Savings 28.7 23.3 125.4 84.2 Retail Bank 94.4 82.8 428.5 303.6 Financial result from the investment portfolio 3 561.4 610.8 2,155.1 1,492.4 Amortisation and impairment losses of excess value – intangible assets (60.1) (82.7) (254.2) (209.6) Other items (19.1) (42.8) (49.5) (77.7) Profit/(loss) for the period before tax expense 1,305.8 1,470.6 6,139.9 5,049.7 Key figures general insurance Large losses 4 181.9 261.4 871.8 880.3 Run-off gains/(losses) 5 314.4 230.5 1,023.4 724.8 Loss ratio 6 70.6% 68.0% 69.1% 68.6% Cost ratio 7 17.1% 16.0% 14.2% 15.1% Combined ratio 8 87.7% 84.0% 83.4% 83.7% 1 Large losses in excess of NOK 30.0 million are charged to the Corporate Centre, while claims of less than NOK 30.0 million are charged to the segment in which the large losses occur. As a main rule, the Baltics segment has a retention level of EUR 0.5 million. Large losses allocated to the Corporate Centre amounted to NOK 205.5 million (382.5) for the year as a whole and NOK 47.6 million (118.0) in the quarter. Accounting items related to written reinsurance and reinstatement premium are also included. 2 Underwriting result general insurance = earned premiums - claims incurred etc. - operating expenses 3 Excluding the return on financial assets in Pension and Savings and Retail Bank. 4 Large losses = loss events in excess of NOK 10.0 million. Expected large losses for the quarter were NOK 318.0 million. 5 Run-off gains/(losses) = changes in estimates from earlier periods. Provisions are based on best estimates, and the expected run-off result over time is zero. 6 Loss ratio = claims incurred etc./earned premiums 7 Cost ratio = insurance related operating expenses/earned premiums 8 Combined ratio = loss ratio + cost ratio Gjensidige Insurance Group – 4th quarter and preliminary 2016 1 A solid fourth quarter and record-strong full-year result Group profit performance Development during the year Earned premiums in the Baltic segment increased by 61.4 per cent The Gjensidige Group delivered a record-strong profit before tax (56.4 per cent in local currency), mainly driven by the acquisition of expense of NOK 6,139.9 million (5,049.7) in 2016. The profit from PZU Lietuva. The underwriting result was negative and in line with general insurance operations measured by the underwriting result 2015. It was impacted by several medium-sized frequency claims was NOK 3,734.6 million (3,456.9), corresponding to a combined and pan-Baltic integration costs. ratio of 83.4 (83.7). A restructuring provision of around NOK 164 million was made in the second half-year to cover a downscaling of The Retail Bank’s profit performance improved, largely driven by 230 positions in staff and support functions. This was part of the portfolio growth and improved returns on financial instruments. The communicated strategy to reduce underlying costs in order to profit performance in Pension and Savings developed positively, create room to invest in the brand, technology and new mainly due to higher business volume. competencies, and thereby secure long-term competitiveness. The provision is recognised in the Corporate Centre. Furthermore, a The return on financial assets was satisfactory, and higher than provision in the amount of NOK 23.0 million related to increased 2015. This was largely due to increased returns on current equities payroll tax, applicable from 2017, was made in the fourth quarter, and bonds, partly offset by negative returns on private equity mainly affecting costs in the Corporate Centre. investments. The removal of an annual minimum regulation clause for pension Development during the quarter payments under the defined benefit plan contributed non-recurring The Group recorded a profit before tax expense for the quarter of income of NOK 476.6 million in the first quarter. The amount was NOK 1,305.8 million (1,470.6). The profit from general insurance classified as a reduction in operating expenses and recognised in operations measured by the underwriting result was NOK 700.4 full in the Corporate Centre. Adjusted for this, the restructuring million (879.2), corresponding to a combined ratio of 87.7 (84.0). provision and payroll tax, the underwriting result was NOK 3,445.0 The return on financial assets was 1.0 per cent (1.1) or NOK 561.4 million, corresponding to a combined ratio of 84.6, on par with the million (610.8). The profit after tax expense was NOK 1,090.4 record-strong result in 2015. million (1.246.7), corresponding to NOK 2.18 (2.49) per share. The return on financial assets was 3.9 per cent (2.6) or NOK The underwriting result in the fourth quarter 2015 was record- 2,155.1 million (1,492.4). strong, driven by a very benign frequency claims situation due to favourable weather. The lower underwriting result in the fourth The tax expense amounted to NOK 1,474.1 million (1,265.0), quarter 2016 was partly driven by a more normal winter and corresponding to an effective tax rate of 24.0 per cent (25.1). The consequently more normal overall frequency claims levels. In effective tax rate was influenced by realised and unrealised gains addition, the underlying claims inflation trend is somewhat less and losses on equity investments in the EEA. favourable. The previously mentioned restructuring provision and payroll tax provision had a negative effect of NOK 43.9 million and The profit after tax expense was NOK 4,665.9 million (3,784.7), NOK 23.0 million, respectively. Adjusted for these, the combined corresponding to NOK 9.34 (7.57) per share. ratio was 86.5. A lower level of large losses and higher run-off gains contributed positively to the result development. The storm The underwriting result was positively influenced by solid premium Urd resulted in NOK 75 million in large losses. growth of 5.5 per cent compared with the year before, leading to earned premiums totalling NOK 22.4 billion (21.3). The result also The Retail Bank showed a positive profit development compared to reflects continued good customer and risk selection and risk pricing. the same period in 2015, mainly driven by portfolio growth and Adjusted for one-off effects and run-off and large losses better returns on financial investments. Pension and Savings expectations, profitability in 2016 was in the lower part of the recorded a higher profit due to higher volumes. targeted 86-89 combined ratio corridor. Total large losses were below expectations, and somewhat lower than last year. Run-off The financial result in the quarter was positively impacted by good gains exceeded the expected run-rate. returns on the investment in SpareBank1 SR-Bank, properties and tactical allocation. Earned premiums in the Private segment increased by 1.7 per cent. The underwriting result was on a par with 2015. Higher run-off gains Equity and capital position were offset by a slightly less favourable frequency claims The Group’s equity amounted to NOK 22,326.0 million (23,330.6) at development. year end. The return on equity was 21.4 per cent (17.4). Earned premiums in the Commercial segment increased by 2.6 per Based on Gjensidige’s understanding of the Solvency II regulation cent, mainly driven by new business initiatives. Growth, a and how it is implemented in Norway, the solvency margins at the somewhat more favourable frequency claims level and higher run- end of the year were: off gains contributed positively to the improved underwriting result.
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