2022 Interim Report Q4
INTERIM REPORT Q4 2022
(UNAUDITED)
Highlights Q4 and preliminary full year 2022
A strong quarter and full year result
The retuon investments was
In Q4, the gross written premiums amounted to MNOK 1,275.2 up 62 % (60 % in local currencies) relative to Q4 2021. The strong growth is mainly driven by the
In 2022, the company recorded a profit of
The retuon investments was
The Board has utilised its authorisation granted by the Annual General Meeting in 2022 and
has resolved to distribute a special dividend of
The SCR‐ratio was 195 % (206 %) year‐end, post dividends.
Q4 2022 shows following development compared to Q4 2021:
- Premium growth in local currencies 60 % (14 %)
- Net combined ratio 91.6 % (91.6 %)
- Net retuon investments
NOK 662.8m (NOK 237.4m ) or 4.6 % (1.7 %) - Profit for the period 613.1m (NOK 238.8m)
- Solvency margin of 195 % (206 %)
FY 2022 shows the following development compared to FY 2021:
- Premium growth in local currencies 21 % (10 %)
- Net combined ratio 88.9 % (87.3 %)
- Net retuon investments
NOK 500.6m (NOK 954.5m ) or 3.4 % (6.8 %) - Profit for the period 809.5m (NOK 1,204.0m)
INTERIM REPORT Q4 2022 |
Financial highlights and key ratios
|
NOKm |
Q4 2022 |
Q4 2021 |
FY 2022 |
FY 2021 |
|
|
Gross premiums written |
1,275.2 |
785.9 |
7,097.8 |
5,950.6 |
|
|
Gross premiums earned |
1,755.4 |
1,468.3 |
6,541.0 |
5,746.1 |
|
|
Gross claims incurred |
(1,455.0) |
(1,256.5) |
(5,184.2) |
(4,468.4) |
|
|
Earned premiums, net of reinsurance |
1,527.5 |
1,268.9 |
5,714.6 |
4,920.7 |
|
|
Claims incurred, net of reinsurance |
(1,242.7) |
(1,026.9) |
(4,534.0) |
(3,810.1) |
|
|
Sales cost |
(107.9) |
(94.7) |
(386.6) |
(361.7) |
|
|
Administration cost |
(74.6) |
(67.3) |
(262.8) |
(256.6) |
|
|
Commission from reinsurer |
25.4 |
26.6 |
101.7 |
130.7 |
|
|
Other insurance related income/expenses |
(18.3) |
(5.3) |
(33.3) |
(28.7) |
|
|
Technical result |
109.4 |
101.2 |
599.6 |
594.4 |
|
|
Other income/costs |
(20.9) |
(15.3) |
(64.6) |
(56.4) |
|
|
Net financial income |
631.0 |
220.1 |
477.0 |
878.3 |
|
|
Profit before tax |
719.4 |
305.9 |
1,012.0 |
1,416.3 |
|
|
Tax |
(97.1) |
(42.3) |
(166.7) |
(251.7) |
|
|
Discontinued operations |
14.5 |
(0.0) |
(2.5) |
67.4 |
|
|
Net comprehensive income |
(23.6) |
(24.9) |
(33.3) |
(28.1) |
|
|
Profit for the period |
613.1 |
238.8 |
809.5 |
1,204.0 |
|
|
Claims ratio, net of reinsurance |
(1) |
81.4 % |
80.9 % |
79.3 % |
77.4 % |
|
Expense ratio, net of reinsurance |
(2) |
10.3 % |
10.7 % |
9.6 % |
9.9 % |
|
Combined ratio, net of reinsurance |
(3) |
91.6 % |
91.6 % |
88.9 % |
87.3 % |
|
Gross claims ratio |
(4) |
82.9 % |
85.6 % |
79.3 % |
77.8 % |
|
Gross expense ratio |
(5) |
10.4 % |
11.0 % |
9.9 % |
10.8 % |
|
Gross combined ratio |
(6) |
93.3 % |
96.6 % |
89.2 % |
88.5 % |
|
Retention rate |
(7) |
87.0 % |
86.4 % |
87.4 % |
85.6 % |
|
Earnings per share |
(8) |
7.7 |
3.2 |
10.2 |
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 Q4 2022 |
Premiums
In Q4, gross premiums written increased by 62 % or
The growth per country was:
Gross premiums written (NOKm)
|
Q4 2022 |
Q4 2021 |
Growth |
||
|
|
143.6 |
122.1 |
21.5 |
18 % |
|
|
383.5 |
275.8 |
107.7 |
39 % |
|
|
142.6 |
91.8 |
50.8 |
55 % |
|
|
597.2 |
291.4 |
305.8 |
105 % |
|
|
8.3 |
4.9 |
3.5 |
72 % |
|
Total |
1,275.2 |
785.9 |
489.3 |
62 % |
In 2022, the gross premiums written totaled to
The growth in local currencies was 21 %. On a company level the growth has been supported by a low client chuand continued price increases. All business units have contributed positively to the premium growth. However,
The growth per country was:
Gross premiums written (NOKm)
|
FY 2022 |
FY 2021 |
Growth |
||
|
|
1,610.1 |
1,415.0 |
195.1 |
14 % |
|
|
2,072.6 |
1,820.5 |
252.1 |
14 % |
|
|
1,077.2 |
918.7 |
158.5 |
17 % |
|
|
2,115.7 |
1,618.1 |
497.5 |
31 % |
|
|
222.2 |
178.2 |
44.0 |
25 % |
|
Total |
7 097.8 |
5 950.6 |
1 147.2 |
19 % |
Results
In Q4, the profit for the quarter totaled
INTERIM REPORT Q4 2022 |
The net combined ratio by country was:
|
Net combined ratio |
||
|
Q4 2022 |
Q4 2021 |
|
|
|
107.5 % |
96.6 % |
|
|
91.6 % |
72.6 % |
|
|
94.8 % |
99.1 % |
|
|
76.6 % |
108.4 % |
|
|
85.7 % |
67.4 % |
|
Net claims ratio |
Net expense ratio |
||
|
Q4 2022 |
Q4 2021 |
Q4 2022 |
Q4 2021 |
|
100.6 % |
88.5 % |
6.9 % |
8.1 % |
|
77.8 % |
61.8 % |
13.9 % |
10.8 % |
|
87.5 % |
89.3 % |
7.3 % |
9.8 % |
|
65.2 % |
93.6 % |
11.5 % |
14.8 % |
|
78.1 % |
64.1 % |
7.7 % |
3.3 % |
|
Total |
91.6 % |
91.6 % |
81.4 % |
80.9 % |
10.3 % |
10.7 % |
The net claims ratio increased from 80.9 % in Q4 2021 to 81.4 % in Q4 2022. The large loss‐ratio decreased from 7.2 % in Q4 2021 to 4.2 % in Q4 2022. In Q4, the company had run‐off losses of ‐0.3 % against ‐4.3 % in Q4 2021.
The net expense ratio was 10.3 %, down from 10.7 %. The decrease is mainly due to premium growth.
In 2022, the profit totaled
The net combined ratio by country was:
|
Net combined ratio |
||
|
FY 2022 |
FY 2021 |
|
|
|
89.2 % |
89.2 % |
|
|
86.9 % |
73.0 % |
|
|
93.7 % |
89.8 % |
|
|
87.6 % |
103.3 % |
|
|
91.5 % |
82.1 % |
|
Net claims ratio |
Net expense ratio |
||
|
FY 2022 |
FY 2021 |
FY 2022 |
FY 2021 |
|
83.7 % |
82.1 % |
5.5 % |
7.2 % |
|
75.0 % |
62.8 % |
11.9 % |
10.2 % |
|
86.9 % |
82.9 % |
6.8 % |
6.9 % |
|
74.2 % |
87.8 % |
13.3 % |
15.5 % |
|
86.6 % |
78.1 % |
4.9 % |
4.0 % |
|
Total |
88.9 % |
87.3 % |
79.3 % |
77.4 % |
9.6 % |
9.9 % |
In 2022, the company had run‐off gains of
The net claims ratio increased from 77.4 % in 2021 to 79.3 % in 2022. The large loss‐ratio was 6.2 % against 4.6 % in 2021.
The Covid‐19 pandemic had no measurable impact in 2022. In 2021, Covid‐19 had a positive impact on the net claims ratio of 0.8 percentage points, mainly related to motor insurance.
The net expense ratio amounted to 9.6 %, down from 9.9 % in 2021. The decrease is mainly due to premium growth.
INTERIM REPORT Q4 2022 |
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