Norway's Gjensidige Q3 insurance revenue rises 

Overview

• Norway insurance group's Q3 insurance revenue rose 1.5% yr/yr, with adjusted growth of 5.3%

• Net income for Q3 increased yr/yr, supported by improved margins and claims development

• Combined ratio improved to 73.6% from 79.7% in Q3

Outlook

• Company did not provide specific financial guidance for the current or coming quarters in its press release

Result Drivers

• PRICING AND VOLUME - Co said insurance revenue growth was driven by pricing measures and higher volumes for property, accident, health and travel insurance in Private Norway

• LOWER LOSS RATIOS - Co attributed improved insurance service result to lower loss ratios in Private and Commercial segments

• INTEREST RATES - Co said higher interest rates and credit spreads negatively affected investment portfolio result

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 8 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the multiline insurance & brokers peer group is "buy."

• Wall Street's median 12-month price target for Gjensidige Forsikring ASA is NOK283.25, about 4.8% above its October 22 closing price of NOK270.40

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 17 three months ago

Reuters Recommended Reads

• Oct 21 - Norway's Storebrand Q3 operating profit rises to record on premium growth

• Oct 22 - Selective Insurance Q3 net income rises on improved underwriting performance

• Oct 20 - Insurance firm Chubb Q3 net income rises

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)