The following is a summary of the Gjensidige Forsikring ASA (GJNSY) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Gjensidige Forsikring ASA reported a Q4 pre-tax profit of NOK1,607 million, despite an increased loss ratio amid weather-related claims.

• For full year 2023, the company posted a pre-tax profit of NOK5,551 million, with a combined ratio of 87.6%, raised due to the weather events in Q3 and Q4 of 2023.

• The company's solvency ratio, at the end of the year, was 166%, with a return on equity of 18.2%.

• The Board proposed a dividend for 2023 of NOK4,375 million, equating to NOK8.75 per share, up by 6.1% from 2022.

• With the aim to tackle increased claims frequency, the company plans on hiking its average premium levels by at least 10%.

Business Progress:

• The company focuses on profitable growth, improved operational efficiency, and a strong product portfolio for the next three years.

• Gjensidige Forsikring is integrating its businesses in Norway and Denmark to realize synergies by 2026.

• The company showed progress in raising profitability in private commercial segments and the claims area, through procurement and automation.

• In Sweden, investments in the sales force and digital technology led to a 7% uplift in premium growth in Q4.

• The Digital distribution index rose by 4% in 2023, and customer retention remained high in Norway, backed by digitalization and automation efforts.

More detailed: GJENSIDIGE FORSIKRING ASA UNSP ADR EA REPR 1 ORD SHS IR

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