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12 Report of the Board of Directors Report of the Board of Directors OPERATIONS 13 September once final approval for the Combined Ratio Gjensidige NOR Forsikring has its head office conversion process was received from the (Share of cost + loss ratio) % in Oslo and is Norway's second largest companies' governing bodies. The listed 115 general insurer. It is the largest Norwegian- company holds all of the shares in the new owned insurer and the only one of Norway's companies Gjensidige NOR Sparebank ASA 110 major insurers to be owned entirely by its and Gjensidige NOR Spareforsikring ASA. customers. As a result of the restructuring of the 105 The company's financial results for 2002 Gjensidige NOR group, Gjensidige NOR were a big improvement on 2001. Due to Forsikring became an independent mutual another year of unstable financial markets financial services group with its own board 100 and falling share prices, investment income of directors. The company will endeavour was substantially down on a normal year. to develop its mutual ownership form to 95 However, the company's insurance results the benefit of its customers. improved substantially in 2002 and the Gjensidige NOR Forsikring has a holding 90 weak financial markets highlighted the of just over 13 per cent in Gjensidige NOR importance of generating satisfactory ASA and is represented on the company's 85 If results in the company's core business. board. Under the terms of a strategic The accounts for Gjensidige NOR cooperation agreement, the two groups will group Vesta Skade Vesta Forsikring show operating profit of NOK seek to make Gjensidige NOR the leading 1 Sparebank consolidated 202 million for 2002. The profitability of brand in the Norwegian financial services Gjensidige NOR the insurance business as measured by the market. Two jointly owned companies have Forsikringsgruppen combined ratio (costs plus claims as a per- been set up to support this strategic colla- 2001 2002 centage of premiums) increased during the boration: Gjensidige NOR Markedsstøtte year. The combined ratio for Gjensidige NOR and Gjensidige NOR Driftspartner. Forsikring was 101.9 per cent in 2002, against 106.9 per cent in 2001. The better CUSTOMER-ORIENTATED ORGANISATION insurance results were due to a general Organisational changes were made in increase in premiums, a long-term focus on autumn 2002 to increase the company's Cost ratio loss prevention activities and more accurate customer orientation in line with its vision (Operating expenses/Premiums earned f.o.a.) pricing of individual risks. "to know the customer best and care the % The company recorded a loss of NOK 265 most". This is to be achieved by defining 30 million after tax and security provisions, roles, strengthening the local/regional against NOK 1 109 million in 2001. The organisation and having the fewest possible downturn in the stock markets and higher levels between customers and senior 25 security provisions as a result of growth in management. premium volumes were the main reasons At the beginning of 2003 five geograph- for the loss. ical regions were formed with responsibility 20 The Gjensidige NOR Forsikring group for the customer-facing side of the business. generated operating profit of NOK 163 mil- This organisation makes it possible to lion and a loss after tax and security provi- decentralise customer service functions 15 sions of NOK 265 million. that the previous regions lacked the critical The group consists of Gjensidige NOR mass to handle. This will preserve and Forsikring and its subsidiaries, including strengthen the company's uniqueness, with Lindorff Holding AS, Glitne Invest AS, its local footing and proximity to customers 10 Gjensidige Marine & Energy Insurance AS through local autonomy, skills and market group and Gjensidige NOR Kredittforsikring AS. insight. It also opens the door for a greater Vesta Skade Vesta Sparebank 1 Sparebank degree of uniformity across the organisation, consolidated Gjensidige NOR NEW GROUP STRUCTURE which will ensure that the company realises Forsikringsgruppen The Ministry of Finance approved the economies of scale by being one company restructuring of the Gjensidige NOR group on and not building up development environ- 2001 2002 16 July 2002. Gjensidige NOR Sparebank ments beyond those already established to (Union Bank of Norway) and Gjensidige serve the entire company. NOR Spareforsikring were converted into limited liability companies owned by listed parent company Gjensidige NOR ASA, which was floated on the stock market on Report of the Board of Directors 13 DISTRIBUTION AND MARKET POSITION fires, which can be attributed to a long Market share – Motor, total The extended non-life group Gjensidige NOR period of very cold weather during which % Forsikringsgruppen has a 27.8 per cent heating was needed. Insurances of the 50 share of the Norwegian onshore market. person are showing good profitability 45 The group's market share fell by 0.9 growth but the increase in the number of percentage points during the year, due in people acquiring disabilities is still worrying. 40 part to the expiry of several large collective In some sectors premium levels are still 35 contracts. The market featured a need for too low relative to normal profitability 30 premium increases and stiff competition requirements and so there may be a need 25 from new and smaller players. Gjensidige for premium increases in excess of inflation. NOR Forsikring prioritised the profitability Work is continuing on developing support 20 of its portfolio over growth. Competitive- systems to ensure that premiums accurately 15 ness was boosted during the year as a reflect each individual customer's risk profile. 10 result of several competitors raising their Market share in the motor sector in terms premiums further than Gjensidige NOR of the number of policies increased to 5 Forsikring. 32 per cent. Gjensidige NOR Forsikring now 0 2002 brought a major drive to succeed insures more cars in Norway than anyone 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 with sales and referrals of standard insu- else. The company has had a cooperation rance products from the bank branches. agreement with the Norwegian If Almost 30,000 customers were referred Automobile Association since 1974 covering Gjensidige NOR Forsikringsgruppen* from Gjensidige NOR Sparebank and the areas like quality control and recovery Vesta Skade consolidated cooperating savings banks. The proportion services. Sparebank 1 group** of referrals leading to active insurance Market share in the other household *) Including Lokal Forsikring as of 3 qtr 1999 contracts is constantly increasing. Systems sectors was slightly down, due primarily **) Vår and Sparebank 1 merged as of 4 qtr 2002 for referring bank products through the to the loss of collective schemes in the insurance branches were introduced at the organisation market. end of the year and this will be a focus area Market share in agriculture is up at in 2003. 71.6 per cent, and interest-free loans total- Usage of the insurance pages on the ling NOK 250 million have been issued for Internet grew throughout the year. The financing some 6 000 fire alarm systems. Internet may well become a major distribu- There was a sharp focus on loss preven- Market share – Occupational injury, total tion channel in the future. The customer has tion activities in 2002 and this work will direct access to the company's insurance continue in 2003. Our goal is to be the leader % systems when taking out motor policies. in this field in terms of both expertise and 50 Brand awareness surveys show that the provision of services to each customer. 45 Gjensidige NOR is a strong brand in the 40 Norwegian financial services market. Business 35 A major effort by employees, the develop- Market share in the business market fell ment of joint communication concepts for from 28.3 per cent to 26.5 per cent during 30 the whole Gjensidige NOR group and posi- the year. 25 tive media coverage have had good results. 2002 brought a major focus on profita- 20 The company's surveys reveal that its bility and improving the quality of the customers are among the most satisfied business portfolio, and the sometimes sub- 15 in the market and are very loyal to the stantial premium increases introduced in 10 company. The customers who have the 2001 contributed to better results during 5 most products are also the most loyal and the year in most sectors. There are still some 0 satisfied customers. The benefits of the sectors exposed to major losses where company's loyalty programme and a similar further premium increases are needed to 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 advantage programme at Gjensidige NOR achieve satisfactory profitability. Sparebank have been warmly welcomed by Insurances of the person for company If the market. employees are generally an area that is Gjensidige NOR Forsikringsgruppen* growing strongly and accounted for a third Vesta Skade consolidated Household/agriculture of business premiums at the end of 2002. Sparebank 1 group** KLP The household/agriculture portfolio – which Over the last two to three years there has includes household motor, buildings and been a focus on improving profitability in *) Including Lokal Forsikring as of 3 qtr 1999 home contents cover, agricultural policies this area. Profitability is now satisfactory, **) Vår and Sparebank 1 merged as of 4 qtr 2002 and insurances of the person – generated but this has to some extent been at the cost very satisfactory technical results in 2002. of market share. Figures for new business in The improvement was greatest in agricul- 2002 reveal an increase in competitiveness ture as a result of substantially fewer major at sensible prices. fires than in previous years. There was a It was decided to suspend new business sharp increase in the number of household and renewals of blue-water hull and aviation 14 Report of the Board of Directors insurances with effect from 15 February 2002 increases in premiums in selected sectors Loss ratio as these are no longer defined as strategic and partly to growth in the number of poli- % business areas.
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