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BRIEF-Gjensidige Q1 pretax profit beats forecast
May 4, 2017 / 5:15 AM / 7 months ago

BRIEF-Gjensidige Q1 pretax profit beats forecast

May 4 (Reuters) - Gjensidige Forsikring Asa

* Gjensidige q1 pretax profit nok 1,365 million (Reuters poll nok 1.24 billion)

* Gjensidige q1 combined ratio 86.8 percent (Reuters poll 88.5 percent)

* Adjusted for a one-off related to pension payments of nok 476.6 million, underwriting result in q1 2016 was a record-strong nok 774.1 million, corresponding to a combined ratio of 86.0

* Remains confident in gjensidige’s ability to deliver solid earnings and dividend growth over time.

* Repeats target for combined ratio at the lower end of the target corridor of 90–93 (undiscounted and given zero run-off effects) and sees average annual run-off gains the next 3-5 years of around NOK 900 million, moving the expected reported combined ratio to the lower end of the 86-89 corridor (undiscounted)

* Says although the macroeconomic situation is still somewhat challenging, the outlook for the Norwegian and Nordic general insurance operations is still regarded as good. Source text for Eikon: Further company coverage: (Reporting By Camilla Knudsen)

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