2022 Interim Report Q3
INTERIM REPORT Q3 2022
(UNAUDITED)
Highlights Q3 2022
CR 84.9 % and 8 % volume growth
The retuon investments was
In Q3, gross written premiums increased by 8 %, or 12 % in local currencies. The growth is driven by the
YTD, the company recorded a profit of
The SCR‐ratio was 222 % (230 %).
Q3 2022 shows following development compared to Q3 2021:
- Premium growth in local currencies 12 % (26 %)
- Net combined ratio 84.9 % (82.9 %)
- Net retuon investments incl. COI
NOK 22.9m (NOK -7.0m) or 0.2 % (0.0 %) - Profit for the period
NOK 175.2m (NOK 125.1m ) - 222 % (230 %)
Q1-Q3 2022 shows following development compared to Q1-Q3 2021:
- Premium growth in local currencies 15 % (10 %)
- Net combined ratio 87.9 % (85.9 %)
- Net retuon investments incl.
COI NOK -162.2m (NOK 717.1m) or -1.1 % (5.1 %) - Profit for the period
NOK 196.3m (NOK 965.2m )
INTERIM REPORT Q3 2022 |
Financial highlights and key ratios
|
NOKm |
Q3 2022 |
Q3 2021 |
Q1-Q3 22 |
Q1-Q3 21 |
FY 2021 |
|
|
Gross premiums written |
924.0 |
855.9 |
5,822.6 |
5,164.7 |
5,950.6 |
|
|
Earned premiums, net of reinsurance |
1,422.7 |
1,257.3 |
4,187.1 |
3,651.9 |
4,920.7 |
|
|
Claims incurred, net of reinsurance |
(1,073.6) |
(929.6) |
(3,291.3) |
(2,783.1) |
(3,810.1) |
|
|
Sales cost |
(99.9) |
(88.6) |
(278.7) |
(267.0) |
(361.7) |
|
|
Administration cost |
(63.8) |
(60.7) |
(188.2) |
(189.3) |
(256.6) |
|
|
Commission from reinsurer |
30.2 |
37.1 |
76.3 |
104.1 |
130.7 |
|
|
Other insurance related income/expenses |
(5.4) |
(4.1) |
(15.0) |
(23.3) |
(28.7) |
|
|
Technical result |
210.1 |
211.4 |
490.2 |
493.2 |
594.4 |
|
|
Other income/costs |
(16.0) |
(11.1) |
(43.6) |
(41.1) |
(56.4) |
|
|
Net financial income |
20.1 |
(0.3) |
(154.0) |
658.3 |
878.3 |
|
|
Profit before tax |
214.3 |
200.0 |
292.6 |
1,110.4 |
1,416.3 |
|
|
Tax |
(39.6) |
(68.4) |
(69.6) |
(209.4) |
(251.7) |
|
|
Discontinued operations |
(0.1) |
(2.8) |
(17.0) |
67.4 |
67.4 |
|
|
Net comprehensive income |
0.6 |
(3.6) |
(9.7) |
(3.2) |
(28.1) |
|
|
Profit for the period |
175.2 |
125.1 |
196.3 |
965.2 |
1,204.0 |
|
|
Claims ratio, net of reinsurance |
(1) |
75.5 % |
73.9 % |
78.6 % |
76.2 % |
77.4 % |
|
Expense ratio, net of reinsurance |
(2) |
9.4 % |
8.9 % |
9.3 % |
9.6 % |
9.9 % |
|
Combined ratio, net of reinsurance |
(3) |
84.9 % |
82.9 % |
87.9 % |
85.9 % |
87.3 % |
|
Gross claims ratio |
(4) |
77.1 % |
73.4 % |
77.9 % |
75.1 % |
77.8 % |
|
Gross expense ratio |
(5) |
10.0 % |
10.1 % |
9.8 % |
10.7 % |
10.8 % |
|
Gross combined ratio |
(6) |
87.1 % |
83.5 % |
87.7 % |
85.8 % |
88.5 % |
|
Retention rate |
(7) |
87.1 % |
85.2 % |
87.5 % |
85.4 % |
85.6 % |
|
Earnings per share |
(8) |
2.1 |
1.6 |
2.5 |
11.8 |
15.0 |
- Claims incurred, net of reinsurance in % of earned premiums, net of reinsurance
- Operating expenses in % of earned premiums, net of reinsurance
- Net claims ratio + net expense ratio
- Gross claims incurred in % of gross premiums earned
- Sales and administration costs in % of gross premiums earned
- Gross claims ratio + gross expense ratio
- Earned premiums, net of reinsurance in % of gross earned premiums
- Profit before other comprehensive income divided by weighted number of shares
INTERIM REPORT Q3 2022 |
Premiums
In Q3, gross premiums written increased by 8% or
The renewal rate was 83.5 % (99.3 %) supported by price increases accounting for the increased inflation.
The growth per country was;
|
Gross premiums written (NOKm) |
Q3 2022 |
Q3 2021 |
Growth |
|
|
|
173,0 |
174,2 |
-1,2 |
-1 % |
|
|
230,6 |
247,6 |
-17,0 |
-7 % |
|
|
59,2 |
60,7 |
-1,6 |
-3 % |
|
|
459,4 |
367,8 |
91,6 |
25 % |
|
|
1,8 |
5,5 |
-3,7 |
-68 % |
|
Total |
924,0 |
855,9 |
68,1 |
8 % |
In the three first quarters, gross written premiums totalled
The renewal rate was 91.7% (90.7%).
The growth by country was:
|
Gross premiums written (NOKm) Q1-Q3 22 |
Q1-Q3 21 |
Growth |
||
|
|
1 466,5 |
1 292,9 |
173,6 |
13 % |
|
|
1 689,1 |
1 544,7 |
144,5 |
9 % |
|
|
934,6 |
826,9 |
107,7 |
13 % |
|
|
1 518,5 |
1 326,8 |
191,7 |
14 % |
|
|
213,8 |
173,4 |
40,5 |
23 % |
|
Total |
5 822,6 |
5 164,7 |
657,9 |
13 % |
Results
In Q3 the profit for the quarter totalled to
The net combined ratio by country is provided in the table below.
|
Net combined ratio |
Net claims ratio |
Net expense ratio |
||||
|
Q3 2022 |
Q3 2021 |
Q3 2022 |
Q3 2021 |
Q3 2022 |
Q3 2021 |
|
|
|
72,2 % |
80,4 % |
67,8 % |
74,1 % |
4,4 % |
6,3 % |
|
|
82,5 % |
69,5 % |
70,6 % |
61,1 % |
11,9 % |
8,4 % |
|
|
90,8 % |
79,6 % |
84,1 % |
74,4 % |
6,7 % |
5,2 % |
|
|
94,0 % |
103,8 % |
80,1 % |
88,2 % |
13,9 % |
15,6 % |
|
|
104,6 % |
89,6 % |
99,4 % |
85,7 % |
5,2 % |
3,9 % |
|
Total |
84,9 % |
82,9 % |
75,5 % |
73,9 % |
9,4 % |
8,9 % |
In Q3, the company had run‐off gains of 3.8 % against 4.9 % in Q3 2021.
INTERIM REPORT Q3 2022 |
The claims ratio for own account increased from 73.9 % in Q3 2021 to 75.5 % in Q3 2022. The large loss‐ratio for own account decreased from 7.9 % in Q3 2021 to 7.0 % in Q3 2022. The large loss ratio was driven by 2 large claims in
The net expense ratio was 9.4 %, up from 8.9 %. The increase is due to higher broker commissions due to premium growth (earned premiums) in
In the first three quarters, the profit for the period totalled
The net combined ratio for the first three quarters by country was:
|
Net combined ratio |
Net claims ratio |
Net expense ratio |
||||
|
Q1-Q3 22 |
Q1-Q3 21 |
Q1-Q3 22 |
Q1-Q3 21 |
Q1-Q3 22 |
Q1-Q3 21 |
|
|
|
82,9 % |
86,7 % |
77,9 % |
79,9 % |
5,0 % |
6,8 % |
|
|
85,3 % |
73,1 % |
74,1 % |
63,1 % |
11,2 % |
10,0 % |
|
|
93,3 % |
86,6 % |
86,7 % |
80,6 % |
6,6 % |
5,9 % |
|
|
92,2 % |
101,4 % |
78,1 % |
85,5 % |
14,1 % |
15,8 % |
|
|
93,1 % |
86,5 % |
89,1 % |
82,3 % |
4,1 % |
4,2 % |
|
Total |
87,9 % |
85,9 % |
78,6 % |
76,2 % |
9,3 % |
9,6 % |
In the first three quarters, the company had run-off gains of
The claims ratio for own account increased by 2.4 percentage points to 78.6%. The large loss‐ratio for own account increased from 3.7 % in the same period last year to 6.9 %.
The expense ratio for own account amounted to 9.3 % (9.6 %). The decrease is mainly due to premium growth and lower personnel costs, while higher broker commissions and lower reinsurance commissions have the opposite effect.
Discontinued operations
In Q3, the technical result for discontinued operations (change of ownership insurance) was NOK ‐5.7m (NOK 7.4m) and the profit for the quarter was NOK ‐0.1m (NOK ‐2.8m).
In the first three quarters, the technical result was NOK‐10.6m (NOK 28.1m). The profit was NOK ‐17.0m (NOK 67.4m).
Investment return
The net investment portfolio amounted to a total of
In Q3, the investment activities yielded a total retuof
As from 4 October the company's ownership in
INTERIM REPORT Q3 2022 |
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