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Key figures Q2 2022
Profit performance Group
| Profit performance Group | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| General Insurance Private | 798.1 | 831.7 | 1,481.1 | 1,401.0 | 2,953.3 |
| General Insurance Commercial | 892.7 | 578.8 | 1,363.1 | 1,018.8 | 2,237.7 |
| General Insurance Denmark | 238.1 | 249.9 | 417.4 | 465.9 | 1,024.9 |
| General Insurance Sweden | 9.0 | 15.6 | 37.1 | 18.0 | 97.2 |
| General Insurance Baltics | (18.6) | (4.1) | (58.8) | (14.1) | (77.7) |
| Corporate Centre - costs related to owner | (96.4) | (99.0) | (214.2) | (190.8) | (399.3) |
| Corporate Centre - reinsurance 1 | (75.2) | (45.9) | (253.0) | (131.9) | (117.8) |
| Underwriting result general insurance | 1,747.8 | 1,527.0 | 2,772.7 | 2,566.9 | 5,718.3 |
| Pension | 43.6 | 54.7 | 97.6 | 99.8 | 213.7 |
| Financial result from the investment portfolio | (597.7) | 802.1 | (882.9) | 1,358.3 | 3,063.1 |
| Other items | (55.6) | (53.5) | 656.8 | (97.8) | (195.7) |
| Profit/(loss) before tax expense | 1,138.0 | 2,330.2 | 2,644.2 | 3,927.3 | 8,799.4 |
| Alternative performance measures | |||||
| Large losses 2, 3 | 204.8 | 348.7 | 688.2 | 641.8 | 954.7 |
| Run-off gains/(losses) 2 | 285.3 | 301.1 | 569.2 | 678.8 | 1,306.5 |
| Earned premiums from general insurance | 7,773.9 | 7,175.4 | 15,349.0 | 14,148.7 | 29,136.4 |
| Earned premiums changes in general insurance, local currency 2 | 8.7% | 8.6% | 9.3% | 7.5% | 8.8% |
| Loss ratio 2 | 63.4% | 64.5% | 67.9% | 67.5% | 66.2% |
| Underlying frequency loss ratio 2, 4 | 64.5% | 63.8% | 67.1% | 67.8% | 67.4% |
| Cost ratio 2 | 14.1% | 14.2% | 14.0% | 14.4% | 14.2% |
| Combined ratio 2 | 77.5% | 78.7% | 81.9% | 81.9% | 80.4% |
| Solvency ratio 5 | 191.5% | 211.7% | 190.3% | ||
| 1 Large losses in excess of |
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| 2 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named |
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| 3 Large losses = loss events in excess of |
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| 4 Underlying frequency loss ratio = claims incurred etc. excluding large losses and run-off gains/(losses) divided by earned premiums | |||||
| 5 Solvency ratio = Ratio of total eligible own funds to meet the SCR over the Solvency Capital Requirement |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
General Insurance Private
| General Insurance Private | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Earned premiums | 2,659.5 | 2,502.3 | 5,210.0 | 4,889.2 | 10,068.0 |
| Claims incurred etc. | (1,503.7) | (1,344.4) | (3,040.5) | (2,845.9) | (5,787.5) |
| Operating expenses | (357.6) | (326.2) | (688.4) | (642.3) | (1,327.2) |
| Underwriting result | 798.1 | 831.7 | 1,481.1 | 1,401.0 | 2,953.3 |
| Large losses 1 | 14.7 | 45.9 | 46.2 | 108.7 | 123.1 |
| Run-off gains/(losses) 1 | 50.1 | 100.5 | 171.7 | 281.7 | 491.8 |
| Loss ratio 1 | 56.5% | 53.7% | 58.4% | 58.2% | 57.5% |
| Underlying frequency loss ratio 1 | 57.9% | 55.9% | 60.8% | 61.7% | 61.1% |
| Cost ratio 1 | 13.4% | 13.0% | 13.2% | 13.1% | 13.2% |
| Combined ratio 1 | 70.0% | 66.8% | 71.6% | 71.3% | 70.7% |
| Customer retention rate 2 | 89.8% | 89.3% | 89.8% | ||
| 1 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named |
|||||
| 2 The customer retention rate is the percentage of Gjensidige's customers that have been customers during the last twelve months. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
General Insurance Commercial
| General Insurance Commercial | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Earned premiums | 2,740.3 | 2,480.5 | 5,443.4 | 4,899.0 | 10,083.5 |
| Claims incurred etc. | (1,596.0) | (1,683.7) | (3,594.2) | (3,423.8) | (6,930.5) |
| Operating expenses | (251.5) | (218.0) | (486.1) | (456.5) | (915.3) |
| Underwriting result | 892.7 | 578.8 | 1,363.1 | 1,018.8 | 2,237.7 |
| Large losses 1 | 123.0 | 172.3 | 333.1 | 273.1 | 503.4 |
| Run-off gains/(losses) 1 | 203.0 | 121.8 | 341.0 | 288.2 | 531.7 |
| Loss ratio 1 | 58.2% | 67.9% | 66.0% | 69.9% | 68.7% |
| Underlying frequency loss ratio 1 | 61.2% | 65.8% | 66.2% | 70.2% | 69.0% |
| Cost ratio 1 | 9.2% | 8.8% | 8.9% | 9.3% | 9.1% |
| Combined ratio 1 | 67.4% | 76.7% | 75.0% | 79.2% | 77.8% |
| Customer retention rate 2 | 91.3% | 90.5% | 91.4% | ||
| 1 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named |
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| 2 The customer retention rate is the percentage of Gjensidige's customers that have been customers during the last twelve months. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
General Insurance Denmark
| General Insurance Denmark | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Earned premiums | 1,575.5 | 1,473.0 | 3,133.3 | 2,919.0 | 5,999.0 |
| Claims incurred etc. | (1,100.9) | (993.3) | (2,259.6) | (2,012.0) | (4,113.1) |
| Operating expenses | (236.5) | (229.8) | (456.2) | (441.2) | (861.0) |
| Underwriting result | 238.1 | 249.9 | 417.4 | 465.9 | 1,024.9 |
| Large losses 1 | (0.0) | 38.8 | 44.7 | 38.8 | 38.8 |
| Run-off gains/(losses) 1 | 30.3 | 21.1 | 41.5 | 38.4 | 132.8 |
| Earned premiums in local currency (DKK) 1 | 1,166.8 | 1,084.6 | 2,334.4 | 2,133.2 | 4,389.4 |
| Loss ratio 1 | 69.9% | 67.4% | 72.1% | 68.9% | 68.6% |
| Underlying frequency loss ratio 1 | 71.8% | 66.2% | 72.0% | 68.9% | 70.1% |
| Cost ratio 1 | 15.0% | 15.6% | 14.6% | 15.1% | 14.4% |
| Combined ratio 1 | 84.9% | 83.0% | 86.7% | 84.0% | 82.9% |
| Customer retention rate 2 | 80.0% | 81.4% | 81.1% | ||
| 1 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named |
|||||
| 2 The customer retention rate is the percentage of Gjensidige's customers that have been customers during the last twelve months. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
General Insurance Sweden
| General Insurance Sweden | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Earned premiums | 426.7 | 410.2 | 826.8 | 807.6 | 1,649.4 |
| Claims incurred etc. | (351.8) | (327.0) | (656.9) | (649.1) | (1,257.3) |
| Operating expenses | (65.9) | (67.6) | (132.8) | (140.5) | (294.9) |
| Underwriting result | 9.0 | 15.6 | 37.1 | 18.0 | 97.2 |
| Large losses 1 | 10.0 | 20.0 | 21.2 | 30.0 | 50.0 |
| Run-off gains/(losses) 1 | 3.4 | 37.2 | 1.5 | 47.2 | 51.9 |
| Earned premiums in local currency (SEK) 1 | 445.4 | 411.8 | 867.6 | 804.0 | 1,646.3 |
| Loss ratio 1 | 82.4% | 79.7% | 79.5% | 80.4% | 76.2% |
| Underlying frequency loss ratio 1 | 80.9% | 83.9% | 77.1% | 82.5% | 76.3% |
| Cost ratio 1 | 15.5% | 16.5% | 16.1% | 17.4% | 17.9% |
| Combined ratio 1 | 97.9% | 96.2% | 95.5% | 97.8% | 94.1% |
| Customer retention rate 2 | 80.3% | 77.2% | 79.2% | ||
| 1 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named |
|||||
| 2 The customer retention rate is the percentage of Gjensidige's customers that have been customers during the last twelve months. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
General Insurance Baltics
| General Insurance Baltics | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Earned premiums | 312.7 | 278.2 | 614.9 | 551.9 | 1,150.2 |
| Claims incurred etc. | (245.2) | (202.6) | (500.6) | (405.7) | (894.0) |
| Operating expenses | (86.1) | (79.7) | (173.1) | (160.3) | (333.8) |
| Underwriting result | (18.6) | (4.1) | (58.8) | (14.1) | (77.7) |
| Large losses 1 | |||||
| Run-off gains/(losses) 1 | 6.6 | 10.8 | 15.2 | 21.6 | 50.5 |
| Earned premiums in local currency (EUR) 1 | 31.1 | 27.6 | 61.6 | 54.2 | 113.1 |
| Loss ratio 1 | 78.4% | 72.8% | 81.4% | 73.5% | 77.7% |
| Underlying frequency loss ratio 1 | 80.5% | 76.7% | 83.9% | 77.4% | 82.1% |
| Cost ratio 1 | 27.5% | 28.6% | 28.1% | 29.1% | 29.0% |
| Combined ratio 1 | 105.9% | 101.5% | 109.6% | 102.6% | 106.8% |
| Customer retention rate 2 | 65.6% | 68.3% | 68.8% | ||
| 1 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named |
|||||
| 2 The customer retention rate is the percentage of Gjensidige's customers that have been customers during the last twelve months. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Pension
| Pension | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Administration fees | 40.8 | 45.5 | 78.5 | 86.4 | 174.1 |
| Insurance income | 26.5 | 22.3 | 52.7 | 43.6 | 97.1 |
| Management income etc. | 51.4 | 57.4 | 109.2 | 108.8 | 223.9 |
| Operating expenses | (80.7) | (78.2) | (157.0) | (152.6) | (312.9) |
| Net operating income | 38.1 | 47.1 | 83.5 | 86.2 | 182.2 |
| Net financial income | 5.5 | 7.6 | 14.1 | 13.6 | 31.5 |
| Profit/(loss) before tax expense | 43.6 | 54.7 | 97.6 | 99.8 | 213.7 |
| Operating margin 1 | 32.08% | 37.60% | 34.71% | 36.10% | 36.80% |
| Recognised retuon the paid-up policy portfolio 2 | 1.25% | 2.13% | 4.38% | ||
| Value-adjusted retuon the paid-up policy portfolio 3 | 0.97% | 2.33% | 4.63% | ||
| Retuon equity, annualised 1 | 13.6% | 14.1% | 14.9% | ||
| Solvency ratio 4 | 173.5% | 149.7% | 146.5% | ||
| 1 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named |
|||||
| 2 Recognised retuon the paid-up policy portfolio = realised retuon the portfolio | |||||
| 3 Value-adjusted retuon the paid-up policy portfolio = total retuon the portfolio | |||||
| 4 Solvency ratio = Ratio of total eligible own funds to meet the SCR over Solvency Capital Requirement |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Financial assets and properties
| Financial assets and properties | ||||||
| Result Q2 | Result 1.1.-30.6. | Carrying amount 30.6. | ||||
| NOK millions | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| Match portfolio | ||||||
| Fixed income - short duration | (8.3) | 8.8 | (19.4) | 24.0 | 4,796.5 | 4,941.7 |
| Bonds at amortised cost | 142.9 | 140.8 | 272.2 | 279.4 | 17,074.4 | 16,080.4 |
| Current bonds 1 | (212.2) | 26.1 | (366.0) | 107.9 | 15,981.8 | 15,832.5 |
| Match portfolio total | (77.5) | 175.7 | (113.2) | 411.2 | 37,852.7 | 36,854.7 |
| Free portfolio | ||||||
| Fixed income - short duration | 2.3 | 5.6 | 13.2 | 11.5 | 7,135.3 | 7,728.7 |
| Other bonds 2 | (161.6) | 80.3 | (353.4) | (13.7) | 5,589.8 | 4,208.7 |
| High yield bonds 3 | (49.9) | 10.3 | (80.1) | 12.3 | 659.0 | 414.6 |
| Convertible bonds 3 | (142.7) | 23.5 | (211.6) | 35.8 | 366.2 | 1,070.4 |
| Current equities 4 | (41.7) | 163.8 | (231.2) | 312.1 | 3,396.8 | 3,268.8 |
| PE funds | (68.6) | 143.6 | 90.8 | 318.1 | 1,345.7 | 1,395.2 |
| Properties | 0.1 | 201.1 | 1.4 | 261.9 | 34.4 | 4,769.8 |
| Other 5 | (58.1) | (1.7) | 1.2 | 9.1 | 891.5 | 744.3 |
| Free portfolio total | (520.2) | 626.4 | (769.7) | 947.0 | 19,418.8 | 23,600.4 |
| Financial result from the investment portfolio 6 | (597.7) | 802.1 | (882.9) | 1,358.3 | 57,271.5 | 60,455.1 |
| Financial income in Pension | 5.5 | 7.6 | 14.1 | 13.6 | ||
| Interest expense on subordinated debt |
(15.9) | (10.2) | (29.7) | (16.2) | ||
| Interest expense on the lease liability | (7.9) | (6.2) | (15.9) | (12.6) | ||
| Realised gain on joint venture | 10.9 | 783.7 | ||||
| Net income from investments | (605.1) | 793.3 | (130.7) | 1,343.0 | ||
| 1 The item includes discounting effects of the insurance liabilities in |
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| 2 The item includes investment grade and current bonds. Investment grade and emerging market bonds are investments in internationally diversified funds that are externally managed. | ||||||
| 3 Investments in internationally diversified funds that are externally managed. | ||||||
| 4 Investments mainly in internationally diversified funds that are externally managed. The equity risk exposure is reduced by |
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| 5 The item mainly comprises hedge funds, commodities and finance-related expenses. | ||||||
| 6 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Retuper asset class
| Retuper asset class | |||||
| Per cent | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Match portfolio | |||||
| Fixed income - short duration | (0.2) | 0.2 | (0.4) | 0.5 | 0.8 |
| Bonds at amortised cost | 0.9 | 0.9 | 1.7 | 1.8 | 3.8 |
| Current bonds 1 | (1.4) | 0.2 | (2.2) | 0.7 | 1.1 |
| Match portfolio total | (0.2) | 0.5 | (0.3) | 1.1 | 2.2 |
| Free portfolio | |||||
| Fixed income - short duration | 0.0 | 0.1 | 0.2 | 0.2 | 0.3 |
| Other bonds 2 | (2.9) | 2.0 | (7.0) | (0.3) | 0.8 |
| High yield bonds 3 | (6.6) | 2.5 | (8.2) | 3.0 | 4.0 |
| Convertible bonds 4 | (16.9) | 1.6 | (20.4) | 2.2 | 0.6 |
| Current equities 4 | (1.2) | 5.6 | (6.7) | 11.3 | 11.7 |
| PE funds | (4.6) | 11.0 | 6.2 | 25.4 | 32.7 |
| Properties | 0.4 | 4.3 | 0.2 | 5.4 | 31.4 |
| Other 5 | (6.5) | (0.2) | 0.1 | 0.8 | (15.8) |
| Free portfolio total | (2.5) | 2.7 | (3.5) | 4.0 | 9.5 |
| Retuon investment portfolio 6 | (1.0) | 1.3 | (1.5) | 2.3 | 5.1 |
| 1 The item includes discounting effects of the insurance liabilities in |
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| 2 The item includes investment grade and current bonds. Investment grade and emerging market bonds are investments in internationally diversified funds that are externally managed. | |||||
| 3 Investments in internationally diversified funds that are externally managed. | |||||
| 4 Investments mainly in internationally diversified funds that are externally managed. The equity risk exposure is reduced by |
|||||
| 5 The item mainly comprises hedge funds, commodities and finance-related expenses. | |||||
| 6 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Income statement
| Consolidated income statement | ||||||
| NOK millions | Notes | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Operating income | ||||||
| Earned premiums from general insurance | 4 | 7,773.9 | 7,175.4 | 15,349.0 | 14,148.7 | 29,136.4 |
| Earned premiums from pension | 271.6 | 251.9 | 544.9 | 495.8 | 1,026.5 | |
| Other income including eliminations | 252.8 | 58.0 | 390.2 | 109.7 | 243.4 | |
| Total operating income | 3 | 8,298.3 | 7,485.3 | 16,284.2 | 14,754.2 | 30,406.3 |
| Net income from investments | ||||||
| Results from investments in associates and joint ventures | (1.1) | 194.7 | (1.1) | 246.6 | 1,523.3 | |
| Interest income and dividend etc. from financial assets | 251.9 | 210.1 | 498.7 | 380.0 | 746.8 | |
| Net changes in fair value on investments (incl. property) | (1,085.0) | 2.3 | (1,708.2) | (281.1) | 198.0 | |
| Net realised gain and loss on investments | 290.0 | 458.9 | 1,224.0 | 1,112.3 | 829.0 | |
| Interest expenses and expenses related to investments | (60.9) | (72.7) | (144.0) | (114.7) | (269.5) | |
| Total net income from investments | (605.1) | 793.3 | (130.7) | 1,343.0 | 3,027.6 | |
| Total operating income and net income from investments | 7,693.2 | 8,278.7 | 16,153.5 | 16,097.2 | 33,433.9 | |
| Claims | ||||||
| Claims incurred etc. from general insurance | 5, 6 | (4,932.1) | (4,628.2) | (10,425.6) | (9,550.3) | (19,286.5) |
| Claims incurred etc. from pension | (204.3) | (184.1) | (413.7) | (365.7) | (755.3) | |
| Total claims | (5,136.4) | (4,812.2) | (10,839.3) | (9,916.0) | (20,041.8) | |
| Operating expenses | ||||||
| Operating expenses from general insurance | (1,094.0) | (1,020.3) | (2,150.7) | (2,031.4) | (4,131.6) | |
| Operating expenses from pension | (80.7) | (78.2) | (157.0) | (152.6) | (312.9) | |
| Other operating expenses | (210.1) | (1.5) | (298.4) | (3.8) | (30.6) | |
| Amortisation and impairment losses of excess value - intangible assets | (33.9) | (36.2) | (63.8) | (66.1) | (117.6) | |
| Total operating expenses | (1,418.7) | (1,136.2) | (2,669.9) | (2,254.0) | (4,592.7) | |
| Total expenses | (6,555.1) | (5,948.4) | (13,509.3) | (12,170.0) | (24,634.5) | |
| Profit/(loss) before tax expense | 3 | 1,138.0 | 2,330.2 | 2,644.2 | 3,927.3 | 8,799.4 |
| Tax expense | (326.8) | (511.0) | (514.9) | (767.6) | (1,658.3) | |
| Profit/(loss) | 811.2 | 1,819.2 | 2,129.3 | 3,159.6 | 7,141.1 | |
| Profit/(loss) attributable to: | ||||||
| Owners of the company | 811.2 | 1,819.2 | 2,129.3 | 3,159.6 | 7,141.1 | |
| Non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Total | 811.2 | 1,819.2 | 2,129.3 | 3,159.6 | 7,141.1 | |
| Earnings per share, NOK (basic and diluted) | 1.62 | 3.64 | 4.26 | 6.32 | 14.28 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Comprehensive income
| Consolidated statement of comprehensive income | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Profit/(loss) | 811.2 | 1,819.2 | 2,129.3 | 3,159.6 | 7,141.1 |
| Other comprehensive income | |||||
| Other comprehensive income that will not be reclassified subsequently to profit or loss | |||||
| Remeasurement of the net defined benefit liability/asset | 0.0 | 0.0 | 0.0 | 100.1 | (150.4) |
| Share of other comprehensive income of associates and joint ventures | 0.0 | 0.0 | 0.0 | 0.0 | 0.8 |
| Tax on other comprehensive income that will not be reclassified subsequently to profit or loss | 0.0 | 0.0 | 0.0 | (25.0) | 37.6 |
| Total other comprehensive income that will not be reclassified subsequently to profit or loss | 0.0 | 0.0 | 0.0 | 75.1 | (112.0) |
| Other comprehensive income that will be reclassified subsequently to profit or loss | |||||
| Exchange differences from foreign operations | 432.4 | 163.1 | 166.5 | (235.8) | (417.8) |
| Share of exchange differences of associates and joint ventures | 0.0 | (1.6) | 0.0 | 0.0 | |
| Tax on other comprehensive income that will be reclassified subsequently to profit or loss | (56.3) | (25.1) | (22.1) | 38.8 | 63.7 |
| Total other comprehensive income that will be reclassified subsequently to profit or loss | 376.0 | 138.0 | 142.8 | (197.0) | (354.1) |
| Total other comprehensive income | 376.0 | 138.0 | 142.8 | (121.9) | (466.1) |
| Comprehensive income | 1,187.2 | 1,957.2 | 2,272.1 | 3,037.7 | 6,675.0 |
| Comprehensive income attributable to: | |||||
| Owners of the company | 1,187.2 | 1,957.2 | 2,272.1 | 3,037.7 | 6,675.0 |
| Non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total | 1,187.2 | 1,957.2 | 2,272.1 | 3,037.7 | 6,675.0 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Financial position
| Consolidated statement of financial position | ||||
| NOK millions | Notes | |||
| Assets | ||||
| 5,122.2 | 3,709.6 | 3,954.5 | ||
| Other intangible assets | 2,157.7 | 1,248.2 | 1,732.0 | |
| Investments in associates and joint ventures | 1,014.1 | 4,115.4 | 1,280.9 | |
| Investments in associates and joint ventures held for sale | 4,247.9 | |||
| Owner-occupied and right-of-use property, plant and equipment | 1,470.9 | 1,550.4 | 1,440.3 | |
| Pension assets | 262.5 | 395.3 | 262.5 | |
| Financial assets | ||||
| Interest-bearing receivables from joint ventures | 8 | 0.0 | 1,763.9 | 1,735.1 |
| Financial derivatives | 8 | 253.8 | 553.5 | 695.6 |
| Shares and similar interests | 8 | 5,386.9 | 6,047.4 | 6,464.0 |
| Bonds and other securities with fixed income | 8 | 33,101.0 | 32,315.2 | 31,026.4 |
| Bonds held to maturity | 8 | 51.6 | 90.7 | 59.8 |
| Loans and receivables | 8 | 23,888.8 | 21,709.4 | 21,337.7 |
| Assets in life insurance with investment options | 8 | 40,683.2 | 38,530.9 | 42,989.7 |
| Receivables related to direct operations and reinsurance | 8 | 9,842.6 | 9,104.1 | 8,220.0 |
| Other assets and receivables | 8 | 2,438.1 | 726.8 | 938.6 |
| Cash and cash equivalents | 8 | 3,218.5 | 3,247.1 | 2,348.1 |
| Other assets | ||||
| Deferred tax assets | 24.4 | 20.1 | 24.1 | |
| Reinsurers' share of insurance-related liabilities in general insurance, gross | 1,382.5 | 1,304.8 | 1,042.8 | |
| Prepaid expenses and earned, not received income | 70.4 | 76.2 | 22.2 | |
| Total assets | 130,369.1 | 126,509.1 | 129,822.1 | |
| Equity and liabilities | ||||
| Equity | ||||
| Share capital | 999.9 | 1,000.0 | 999.9 | |
| Share premium | 1,430.0 | 1,430.0 | 1,430.0 | |
| Natural perils capital | 2,823.6 | 2,738.3 | 2,829.3 | |
| Guarantee scheme provision | 762.3 | 715.5 | 762.3 | |
| Other equity | 17,592.9 | 18,709.7 | 19,182.9 | |
| Total equity attributable to owners of the company | 23,608.7 | 24,593.5 | 25,204.5 | |
| Non-controlling interests | 0.7 | 0.7 | 0.7 | |
| Total equity | 23,609.4 | 24,594.2 | 25,205.2 | |
| Insurance liabilities | ||||
| Premium reserve in life insurance | 8,269.5 | 7,663.0 | 7,894.5 | |
| Provision for unearned premiums, gross, in general insurance | 16,155.9 | 14,893.8 | 12,047.0 | |
| Claims provision, gross | 7 | 28,981.5 | 28,476.3 | 28,895.0 |
| Other technical provisions | 472.9 | 465.9 | 487.7 | |
| Financial liabilities | ||||
| Subordinated debt | 8 | 2,396.5 | 2,395.6 | 2,396.1 |
| Financial derivatives | 8 | 757.4 | 790.0 | 497.6 |
| Liabilities in life insurance with investment options | 8 | 40,683.2 | 38,530.9 | 42,989.7 |
| Other financial liabilities | 8 | 4,051.0 | 2,845.1 | 3,377.8 |
| Liabilities related to direct insurance and reinsurance | 8 | 921.7 | 892.9 | 832.3 |
| Other liabilities | ||||
| Pension liabilities | 713.4 | 672.6 | 712.4 | |
| Lease liability | 1,226.3 | 1,362.2 | 1,271.3 | |
| Other provisions | 503.9 | 312.6 | 613.5 | |
| Current tax | 783.5 | 1,437.7 | 1,522.7 | |
| Deferred tax liabilities | 321.7 | 725.6 | 614.2 | |
| Accrued expenses and received, not earned income | 521.0 | 450.6 | 465.2 | |
| 0.0 | 0.0 | 0.0 | ||
| Total liabilities | 106,759.7 | 101,914.9 | 104,616.9 | |
| 0.0 | 0.0 | 0.0 | ||
| Total equity and liabilities | 130,369.1 | 126,509.1 | 129,822.1 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Changes in equity
| Consolidated statement of changes in equity | |||||||||
| NOK millions | Share capital | Own shares | Share premium | Other paid-in capital | Perpetual Tier 1 capital | Exchange differ-ences | Re- measure- ment of the net defined benefit liab./asset | Other earned equity | Total equity |
| Equity as at |
1,000.0 | (0.02) | 1,430.0 | 83.3 | 1,002.2 | 934.5 | (2,142.2) | 22,976.1 | 25,283.8 |
| Non-controlling interests as at |
0.7 | ||||||||
| Equity as at |
25,284.5 | ||||||||
| 1.1.- |
|||||||||
| Comprehensive income | |||||||||
| Profit/(loss) (the controlling interests' share) | 51.3 | 7,089.7 | 7,141.1 | ||||||
| Total other comprehensive income | (0.5) | (353.5) | (112.8) | 0.8 | (466.1) | ||||
| Comprehensive income | (0.5) | 51.3 | (353.5) | (112.8) | 7,090.5 | 6,675.0 | |||
| Transactions with the owners of the company | |||||||||
| Own shares | (0.0) | (23.4) | (23.4) | ||||||
| Dividend | (6,899.5) | (6,899.5) | |||||||
| Equity-settled share-based payment transactions | 17.8 | 17.8 | |||||||
| Perpetual Tier 1 capital | 197.2 | (0.8) | 196.4 | ||||||
| Perpetual Tier 1 capital - interest paid | (45.5) | (45.5) | |||||||
| Total transactions with the owners of the company | (0.1) | 17.8 | 151.6 | (6,923.6) | (6,754.3) | ||||
| Equity as at |
1,000.0 | (0.1) | 1,430.0 | 100.5 | 1,205.2 | 581.0 | (2,255.0) | 23,143.0 | 25,204.5 |
| Non-controlling interests as at |
0.7 | ||||||||
| Equity as at |
1,000.0 | (0.1) | 1,430.0 | 100.5 | 1,205.2 | 581.0 | (2,255.0) | 23,143.0 | 25,205.2 |
| 1.1.- |
|||||||||
| Comprehensive income | |||||||||
| Profit/(loss) (the controlling interests' share) | 20.3 | 2,109.0 | 2,129.3 | ||||||
| Total other comprehensive income | 0.4 | 142.4 | 0.0 | 0.0 | 142.8 | ||||
| Comprehensive income | 0.4 | 20.3 | 142.4 | 0.0 | 2,109.0 | 2,272.1 | |||
| Transactions with the owners of the company | |||||||||
| Own shares | 0.0 | (11.5) | (11.5) | ||||||
| Dividend | (3,849.8) | (3,849.8) | |||||||
| Equity-settled share-based payment transactions | 12.0 | 12.0 | |||||||
| Perpetual Tier 1 capital | 0.4 | (0.4) | |||||||
| Perpetual Tier 1 capital - interest paid | (18.6) | (18.6) | |||||||
| Total transactions with the owners of the company | 0.0 | 12.0 | (18.2) | (3,861.7) | (3,867.9) | ||||
| Equity as at |
1,000.0 | (0.1) | 1,430.0 | 112.9 | 1,207.3 | 723.4 | (2,255.0) | 21,390.3 | 23,608.7 |
| Non-controlling interests as at |
0.7 | ||||||||
| Equity as at |
23,609.4 | ||||||||
| 1.1.- |
|||||||||
| Comprehensive income | |||||||||
| Profit/(loss) (the controlling interests' share) | 28.0 | 3,131.6 | 3,159.6 | ||||||
| Total other comprehensive income | (0.3) | (196.7) | 75.1 | (121.9) | |||||
| Comprehensive income | (0.3) | 28.0 | (196.7) | 75.1 | 3,131.6 | 3,037.7 | |||
| Transactions with the owners of the company | |||||||||
| Own shares | (0.0) | (13.0) | (13.0) | ||||||
| Dividend | (4,899.6) | (4,899.6) | |||||||
| Equity-settled share-based payment transactions | 8.4 | 8.4 | |||||||
| Perpetual Tier 1 capital | 1,196.4 | 1,196.4 | |||||||
| Perpetual Tier 1 capital - interest paid | (20.3) | (20.3) | |||||||
| Total transactions with the owners of the company | (0.0) | 8.4 | 1,176.1 | (4,912.6) | (3,728.1) | ||||
| Equity as at |
1,000.0 | (0.0) | 1,430.0 | 91.4 | 2,206.4 | 737.8 | (2,067.1) | 21,195.1 | 24,593.5 |
| Non-controlling interests as at |
0.7 | ||||||||
| Equity as at |
24,594.2 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Cash flow
| Consolidated statement of cash flows | |||
| NOK millions | 1.1.- |
1.1.- |
1.1.- |
| Cash flow from operating activities | |||
| Premiums paid, net of reinsurance | 23,506.1 | 21,726.4 | 45,068.9 |
| Claims paid, net of reinsurance | (10,947.2) | (9,440.4) | (19,260.5) |
| Net receipts/payments of premium reserve transfers | (2,798.4) | (3,929.6) | (10,643.2) |
| Net receipts/payments from financial assets | (3,870.6) | (1,386.8) | (2,478.9) |
| Operating expenses paid, including commissions | (2,681.4) | (2,201.9) | (3,797.2) |
| Taxes paid | (1,642.3) | (1,081.0) | (1,933.3) |
| Net other receipts/payments | 49.4 | 4.3 | 71.0 |
| Net cash flow from operating activities | 1,615.5 | 3,690.9 | 7,026.8 |
| Cash flow from investing activities | |||
| Net receipts/payments from sale/acquisition of subsidiaries and associates/joint venture | 3,546.0 | 29.9 | (867.0) |
| Net receipts/payments on sale/acquisition of owner-occupied property, plant and equipment and intangible assets | (296.3) | (349.8) | (532.6) |
| Net cash flow from investing activities | 3,249.7 | (319.9) | (1,399.6) |
| Cash flow from financing activities | |||
| Payment of dividend | (3,849.8) | (4,899.6) | (6,899.5) |
| Net receipts/payments on subordinated debt incl. interest | (25.3) | 883.4 | 864.2 |
| Net receipts/payments on other short-term liabilities | 0.0 | 0.0 | 0.4 |
| Net receipts/payments on sale/acquisition of own shares | (11.5) | (13.0) | (23.4) |
| Repayment of lease liabilities | (87.6) | (100.0) | (173.4) |
| Payment of interest related to lease liabilities | (15.9) | (12.8) | (29.5) |
| Tier 1 issuance/instalments | 0.0 | 1,200.0 | 200.0 |
| Tier 1 interest payments | (18.6) | (20.3) | (45.5) |
| Net cash flow from financing activities | (4,008.7) | (2,962.2) | (6,106.8) |
| Net cash flow | 856.6 | 408.8 | (479.6) |
| Cash and cash equivalents at the start of the period | 2,348.1 | 2,861.1 | 2,861.1 |
| Net cash flow | 856.6 | 408.8 | (479.6) |
| Effect of exchange rate changes on cash and cash equivalents | 13.8 | (22.8) | (33.5) |
| Cash and cash equivalents at the end of the period | 3,218.5 | 3,247.1 | 2,348.1 |
| Specification of cash and cash equivalents | |||
| Cash and deposits with credit institutions | 3,218.5 | 3,247.1 | 2,348.1 |
| Total cash and cash equivalents | 3,218.5 | 3,247.1 | 2,348.1 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
3. Segment information
| Segment income 2 | Claims | Operating expenses | Net income from investments | Segment result/profit/(loss) before tax expense | ||||||
| Second quarter | ||||||||||
| NOK millions | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| General Insurance Private | 2,659.5 | 2,502.3 | (1,503.7) | (1,344.4) | (357.6) | (326.2) | 798.1 | 831.7 | ||
| General Insurance Commercial | 2,740.3 | 2,480.5 | (1,596.0) | (1,683.7) | (251.5) | (218.0) | 892.7 | 578.8 | ||
| General Insurance Denmark | 1,575.5 | 1,473.0 | (1,100.9) | (993.3) | (236.5) | (229.8) | 238.1 | 249.9 | ||
| General Insurance Sweden | 426.7 | 410.2 | (351.8) | (327.0) | (65.9) | (67.6) | 9.0 | 15.6 | ||
| General Insurance Baltics | 312.7 | 278.2 | (245.2) | (202.6) | (86.1) | (79.7) | (18.6) | (4.1) | ||
| Pension | 323.1 | 309.3 | (204.3) | (184.1) | (80.7) | (78.2) | 5.5 | 7.6 | 43.6 | 54.7 |
| Eliminations etc. 1 | 260.5 | 31.7 | (134.4) | (77.1) | (340.4) | (136.8) | (610.6) | 785.7 | (824.9) | 603.6 |
| Total | 8,298.3 | 7,485.3 | (5,136.4) | (4,812.2) | (1,418.7) | (1,136.2) | (605.1) | 793.3 | 1,138.0 | 2,330.2 |
| Segment income 2 | Claims | Operating expenses | Net income from investments | Segment result/profit/(loss) before tax expense | ||||||
| 1.1.-30.6. | ||||||||||
| NOK millions | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 |
| General Insurance Private | 5,210.0 | 4,889.2 | (3,040.5) | (2,845.9) | (688.4) | (642.3) | 1,481.1 | 1,401.0 | ||
| General Insurance Commercial | 5,443.4 | 4,899.0 | (3,594.2) | (3,423.8) | (486.1) | (456.5) | 1,363.1 | 1,018.8 | ||
| General Insurance Denmark | 3,133.3 | 2,919.0 | (2,259.6) | (2,012.0) | (456.2) | (441.2) | 417.4 | 465.9 | ||
| General Insurance Sweden | 826.8 | 807.6 | (656.9) | (649.1) | (132.8) | (140.5) | 37.1 | 18.0 | ||
| General Insurance Baltics | 614.9 | 551.9 | (500.6) | (405.7) | (173.1) | (160.3) | (58.8) | (14.1) | ||
| Pension | 654.2 | 604.5 | (413.7) | (365.7) | (157.0) | (152.6) | 14.1 | 13.6 | 97.6 | 99.8 |
| Eliminations etc. 1 | 401.7 | 82.9 | (373.8) | (213.8) | (576.4) | (260.7) | (144.8) | 1,329.4 | (693.2) | 937.8 |
| Total | 16,284.2 | 14,754.2 | (10,839.3) | (9,916.0) | (2,669.9) | (2,254.0) | (130.7) | 1,343.0 | 2,644.2 | 3,927.3 |
| 1 Eliminations etc. consist of internal eliminations and other income and expenses not directly attributable to one single segment, and large losses of |
||||||||||
| 2 There is no significant income between the segments at this level in 2022 and 2021. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
4. Earned premiums
| 4. Earned premiums from general insurance | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Earned premiums, gross | 7,957.6 | 7,336.2 | 15,701.5 | 14,443.5 | 29,742.7 |
| Ceded reinsurance premiums | (183.7) | (160.8) | (352.5) | (294.8) | (606.3) |
| Total earned premiums, net of reinsurance | 7,773.9 | 7,175.4 | 15,349.0 | 14,148.7 | 29,136.4 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
5. Claims incurred etc.
| 5. Claims incurred etc. from general insurance | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Gross claims | (4,985.1) | (4,703.2) | (10,570.1) | (9,553.0) | (19,341.5) |
| Claims, reinsurers' share | 53.0 | 75.1 | 144.5 | 2.7 | 55.0 |
| Total claims incurred etc. from general insurance | (4,932.1) | (4,628.2) | (10,425.6) | (9,550.3) | (19,286.5) |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
6. Run-off gain_(loss)
| 6. Run-off gains/(losses) from general insurance | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Earned premiums from general insurance | 7,773.9 | 7,175.4 | 15,349.0 | 14,148.7 | 29,136.4 |
| Run-off gains/(losses) for the period, net of reinsurance 1 | 285.3 | 301.1 | 569.2 | 678.8 | 1,306.5 |
| In per cent of earned premiums from general insurance | 3.7 | 4.2 | 3.7 | 4.8 | 4.5 |
| 1 Run-off gains/(losses) from general insurance includes run-off from the general insurance segments in addition to run-off on Corporate Centre/reinsurance. |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
7. Claims provision, gross
| 7. Claims provision, gross from general insurance | |||
| NOK millions | |||
| Claims provision, gross, as at 1 January | 28,895.0 | 28,534.3 | 28,534.3 |
| Additions from acquisitions | 170.5 | ||
| Claims for the year | 11,161.4 | 10,368.8 | 20,759.3 |
| Claims incurred in prior years, gross | (590.0) | (816.3) | (1,419.3) |
| Claims paid | (10,098.4) | (9,212.3) | (18,737.9) |
| Discounting of claims provisions | 37.0 | 13.0 | 28.8 |
| Change in discounting and inflation rate | (639.4) | (126.7) | 58.2 |
| Exchange differences | 216.4 | (284.6) | (499.0) |
| Claims provision, gross, at the end of the period | 28,981.5 | 28,476.30 | 28,895.0 |
| Discounted claims provision, gross - annuities | 5,669.0 | 6,144.7 | 6,181.0 |
| Nominal claims provision, gross - annuities | 7,053.5 | 6,519.1 | 6,585.5 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
8. Carrying_fair value
| NOK millions | Carrying amount as at |
Fair value as at |
Carrying amount as at |
Fair value as at |
| Financial assets | ||||
| Financial derivatives | ||||
| Financial derivatives at fair value through profit or loss | 253.8 | 253.8 | 553.5 | 553.5 |
| Financial assets at fair value through profit or loss, designated upon initial recognition | ||||
| Shares and similar interests | 5,386.9 | 5,386.9 | 6,047.4 | 6,047.4 |
| Bonds and other fixed income securities | 33,101.0 | 33,101.0 | 32,315.2 | 32,315.2 |
| Shares and similar interests in life insurance with investment options | 33,352.4 | 33,352.4 | 32,521.7 | 32,521.7 |
| Bonds and other fixed income securities in life insurance with investment options | 7,330.8 | 7,330.8 | 6,009.2 | 6,009.2 |
| Loans | 1.7 | 1.7 | 1.9 | 1.9 |
| Financial assets held to maturity | ||||
| Bonds held to maturity | 51.6 | 51.3 | 90.7 | 91.4 |
| Loans and receivables | ||||
| Bonds and other fixed income securities classified as loans and receivables | 23,883.7 | 22,437.8 | 21,703.0 | 22,667.1 |
| Loans | 3.3 | 3.3 | 1,768.4 | 1,768.4 |
| Receivables related to direct operations and reinsurance | 9,842.6 | 9,842.6 | 9,104.1 | 9,104.1 |
| Other assets and receivables | 2,438.1 | 2,438.1 | 726.8 | 726.8 |
| Cash and cash equivalents | 3,218.5 | 3,218.5 | 3,247.1 | 3,247.1 |
| Total financial assets | 118,864.5 | 117,418.3 | 114,089.0 | 115,053.8 |
| Financial liabilities | ||||
| Financial derivatives | ||||
| Financial derivatives at fair value through profit or loss | 747.5 | 747.5 | 789.3 | 789.3 |
| Financial derivatives subject to hedge accounting | 9.9 | 9.9 | 0.6 | 0.6 |
| Financial liabilities at fair value through profit or loss, designated upon initial recognition | ||||
| Liabilities in life insurance with investment options | 40,683.2 | 40,683.2 | 38,530.9 | 38,530.9 |
| Financial liabilities at amortised cost | ||||
| Subordinated debt | 2,396.5 | 2,346.0 | 2,395.6 | 2,422.8 |
| Other financial liabilities | 4,051.0 | 4,051.0 | 2,845.1 | 2,845.1 |
| Liabilities related to direct insurance and reinsurance | 921.7 | 921.7 | 892.9 | 892.9 |
| Total financial liabilities | 48,809.9 | 48,759.3 | 45,454.5 | 45,481.7 |
| Gain/(loss) not recognised in profit or loss | (1,395.6) | 937.6 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
8. Valuation hierarchy
| Valuation hierarchy 2022 | ||||
| The table shows a valuation hierarchy where financial assets/liabilities are divided into three levels based on the method of valuation. | ||||
| Level 1 | Level 2 | Level 3 | ||
| NOK millions | Quoted prices in active markets | Valuation techniques based on observable market data | Valuation techniques based on non-observable market data | Total |
| Financial assets | ||||
| Financial derivatives | ||||
| Financial derivatives at fair value through profit or loss | 253.8 | 253.8 | ||
| Financial assets at fair value through profit or loss, designated upon initial recognition | ||||
| Shares and similar interests | 206.6 | 3,599.5 | 1,580.8 | 5,386.9 |
| Bonds and other fixed income securities | 14,109.9 | 17,820.9 | 1,170.2 | 33,101.0 |
| Shares and similar interests in life insurance with investment options | 33,352.4 | 33,352.4 | ||
| Bonds and other fixed income securities in life insurance with investment options | 7,330.8 | 7,330.8 | ||
| Loans | 1.7 | 1.7 | ||
| Financial assets at amortised cost | ||||
| Bonds held to maturity | 51.3 | 51.3 | ||
| Bonds and other fixed income securities classified as loans and receivables | 22,437.8 | 22,437.8 | ||
| Loans | 3.3 | 3.3 | ||
| Financial liabilities | ||||
| Financial derivatives | ||||
| Financial derivatives at fair value through profit or loss | 747.5 | 747.5 | ||
| Financial derivatives subject to hedge accounting | 9.9 | 9.9 | ||
| Financial liabilities at fair value through profit or loss, designated upon initial recognition | ||||
| Liabilities in life insurance with investment options | 40,683.2 | 40,683.2 | ||
| Financial liabilities at amortised cost | ||||
| Subordinated debt | 2,346.0 | 2,346.0 | ||
| Valuation hierarchy 2021 | ||||
| The table shows a valuation hierarchy where financial assets/liabilities are divided into three levels based on the method of valuation. | ||||
| Level 1 | Level 2 | Level 3 | ||
| NOK millions | Quoted prices in active markets | Valuation techniques based on observable market data | Valuation techniques based on non-observable market data | Total |
| Financial assets | ||||
| Financial derivatives | ||||
| Financial derivatives at fair value through profit or loss | 553.5 | 553.5 | ||
| Financial assets at fair value through profit or loss, designated upon initial recognition | ||||
| Shares and similar interests | 85.2 | 4,454.1 | 1,508.1 | 6,047.4 |
| Bonds and other fixed income securities | 12,270.8 | 19,789.2 | 255.1 | 32,315.2 |
| Shares and similar interests in life insurance with investment options | 32,521.7 | 32,521.7 | ||
| Bonds and other fixed income securities in life insurance with investment options | 6,009.2 | 6,009.2 | ||
| Loans | 1.9 | 1.9 | ||
| Financial assets at amortised cost | ||||
| Bonds held to maturity | 91.4 | 91.4 | ||
| Bonds and other fixed income securities classified as loans and receivables | 22,667.1 | 22,667.1 | ||
| Loans | 1,768.4 | 1,768.4 | ||
| Financial liabilities | ||||
| Financial derivatives | ||||
| Financial derivatives at fair value through profit or loss | 789.3 | 789.3 | ||
| Financial derivatives subject to hedge accounting | 0.6 | 0.6 | ||
| Financial liabilities at fair value through profit or loss, designated upon initial recognition | ||||
| Liabilities in life insurance with investment options | 38,530.9 | 38,530.9 | ||
| Financial liabilities at amortised cost | ||||
| Subordinated debt | 2,422.8 | 2,422.8 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
8. Reconciliation
| Reconciliation of financial assets valued based on non-observable market data (level 3) 2022 | |||||||||
| NOK millions | As at |
Net realised/ unrealised gains recognised in profit or loss | Pur- chases | Sales | Settle- ments | Transfers into/out of level 3 | Cur-rency effect | As at |
Amount of net realised/ unrealised gains recognised in profit or loss that are attributable to instruments held as at |
| Shares and similar interests | 1,600.8 | 54.2 | 61.6 | (135.9) | 0.2 | 1,580.8 | 54.2 | ||
| Bonds and other fixed income securities | 782.0 | (32.7) | 628.7 | (224.6) | 16.7 | 1,170.2 | (15.0) | ||
| Loans at fair value | 2.1 | 0.1 | (0.1) | (0.4) | 1.7 | 0.1 | |||
| Total | 2,384.8 | 21.6 | 690.3 | (360.6) | (0.4) | 16.9 | 2,752.7 | 39.3 | |
| Reconciliation of financial assets valued based on non-observable market data (level 3) 2021 | |||||||||
| NOK millions | As at |
Net realised/ unrealised gains recognised in profit or loss | Pur- chases | Sales | Settle- ments | Transfers into/out of level 3 | Cur-rency effect | As at |
Amount of net realised/ unrealised gains recognised in profit or loss that are attributable to instruments held as at |
| Shares and similar interests | 1,278.2 | 237.6 | 77.9 | (85.3) | (0.2) | 1,508.1 | 237.6 | ||
| Bonds and other fixed income securities | 277.9 | 30.0 | (45.8) | (7.0) | 255.1 | ||||
| Loans at fair value | 1.9 | 1.9 | |||||||
| Total | 1,558.0 | 267.5 | 77.9 | (131.1) | (7.2) | 1,765.1 | 237.6 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
9. Contingent liabilities
| 9. Contingent liabilities | |||
| NOK millions | |||
| Guarantees and committed capital | |||
| Committed capital, not paid | 1,925.6 | 2,260.4 | 2,323.0 |
| Credit facility Oslo Areal | 2,236.1 | 2,264.9 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
11. Acquisition of Falck
| NOK million | Carrying amounts before the transaction | Fair value adjustments | Carrying amount at the acquisition date |
| Assets | |||
| 1,104.3 | 1,104.3 | ||
| Customer relations | 330.3 | 330.3 | |
| Receivables | 215.6 | 215.6 | |
| Other assets | 101.8 | 101.8 | |
| Total assets | 317.4 | 1,434.6 | 1,752.0 |
| Liabilities | |||
| Deferred tax liabilities | 69.4 | 69.4 | |
| Other liabilities | 208.3 | 208.3 | |
| Total liabilities | 208.3 | 69.4 | 277.7 |
| Net identifiable assets and liabilities | 109.1 | 1,365.2 | 1,474.3 |
| Purchase price | 1,474.3 |
Alternative performance me
| Alternative performance measures and key figures | ||||||
| Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
||
| Total equity attributable to owners of the company | NOK millions | 23,608.7 | 24,593.5 | 25,204.5 | ||
| Equity per share | NOK | 47.2 | 49.2 | 50.4 | ||
| Earnings per share, basic and diluted 1 | NOK | 1.62 | 3.64 | 4.26 | 6.32 | 14.28 |
| Retuon equity, annualised 2 | % | 18.3 | 27.7 | 31.0 | ||
| Retuon tangible equity, annualised 2 | % | 25.5 | 35.4 | 39.9 | ||
| Retuon investment portfolio 2 | % | (1.0) | 1.3 | (1.5) | 2.3 | 5.1 |
| Total eligible own funds to meet the SCR 3 | NOK millions | 20,388.7 | 23,717.3 | 22,640.6 | ||
| Solvency Capital Requirement (SCR) 4 | NOK millions | 10,646.3 | 11,202.3 | 11,896.6 | ||
| Solvency ratio 5 | % | 191.5 | 211.7 | 190.3 | ||
| Total eligible own funds to meet the SCR 3 | NOK millions | 20,128.8 | 23,417.7 | 22,100.6 | ||
| Solvency Capital Requirement (SCR) 4 | NOK millions | 9,772.1 | 10,131.9 | 10,771.9 | ||
| Solvency ratio 5 | % | 206.0 | 231.1 | 205.2 | ||
| Issued shares, at the end of the period | Number | 500,000,000 | 500,000,000 | 500,000,000 | ||
| Gross premiums written 2 | ||||||
| Private | NOK millions | 2,624.6 | 2,491.9 | 5,999.9 | 5,669.1 | 10,485.6 |
| Commercial | NOK millions | 1,915.0 | 1,786.8 | 7,579.5 | 6,809.2 | 10,740.7 |
| NOK millions | 1,113.4 | 1,082.2 | 4,275.2 | 3,956.7 | 6,150.7 | |
| NOK millions | 469.2 | 391.6 | 1,024.7 | 978.2 | 1,747.7 | |
| Baltics | NOK millions | 266.9 | 283.5 | 601.6 | 588.7 | 1,256.4 |
| Corporate Centre/reinsurance | NOK millions | 41.0 | 0.4 | 200.8 | 101.9 | 150.0 |
| NOK millions | 6,430.0 | 6,036.4 | 19,681.6 | 18,103.8 | 30,531.2 | |
| Premiums, net of reinsurance 2 | % | 96.9 | 97.0 | 98.0 | ||
| Earned premiums | ||||||
| Private | NOK millions | 2,659.5 | 2,502.3 | 5,210.0 | 4,889.2 | 10,068.0 |
| Commercial | NOK millions | 2,740.3 | 2,480.5 | 5,443.4 | 4,899.0 | 10,083.5 |
| NOK millions | 1,575.5 | 1,473.0 | 3,133.3 | 2,919.0 | 5,999.0 | |
| NOK millions | 426.7 | 410.2 | 826.8 | 807.6 | 1,649.4 | |
| Baltics | NOK millions | 312.7 | 278.2 | 614.9 | 551.9 | 1,150.2 |
| Corporate Centre/reinsurance | NOK millions | 59.2 | 31.1 | 120.8 | 81.9 | 186.2 |
| NOK millions | 7,773.9 | 7,175.4 | 15,349.0 | 14,148.7 | 29,136.4 | |
| Loss ratio 2 | ||||||
| Private | % | 56.5 | 53.7 | 58.4 | 58.2 | 57.5 |
| Commercial | % | 58.2 | 67.9 | 66.0 | 69.9 | 68.7 |
| % | 69.9 | 67.4 | 72.1 | 68.9 | 68.6 | |
| % | 82.4 | 79.7 | 79.5 | 80.4 | 76.2 | |
| Baltics | % | 78.4 | 72.8 | 81.4 | 73.5 | 77.7 |
| % | 63.4 | 64.5 | 67.9 | 67.5 | 66.2 | |
| Underlying frequency loss ratio 2 | ||||||
| Private | % | 57.9 | 55.9 | 60.8 | 61.7 | 61.1 |
| Commercial | % | 61.2 | 65.8 | 66.2 | 70.2 | 69.0 |
| % | 71.8 | 66.2 | 72.0 | 68.9 | 70.1 | |
| % | 80.9 | 83.9 | 77.1 | 82.5 | 76.3 | |
| Baltics | % | 80.5 | 76.7 | 83.9 | 77.4 | 82.1 |
| % | 64.5 | 63.8 | 67.1 | 67.8 | 67.4 | |
| Cost ratio 2 | ||||||
| Private | % | 13.4 | 13.0 | 13.2 | 13.1 | 13.2 |
| Commercial | % | 9.2 | 8.8 | 8.9 | 9.3 | 9.1 |
| % | 15.0 | 15.6 | 14.6 | 15.1 | 14.4 | |
| % | 15.5 | 16.5 | 16.1 | 17.4 | 17.9 | |
| Baltics | % | 27.5 | 28.6 | 28.1 | 29.1 | 29.0 |
| % | 14.1 | 14.2 | 14.0 | 14.4 | 14.2 | |
| Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
||
| Combined ratio 2 | ||||||
| Private | % | 70.0 | 66.8 | 71.6 | 71.3 | 70.7 |
| Commercial | % | 67.4 | 76.7 | 75.0 | 79.2 | 77.8 |
| % | 84.9 | 83.0 | 86.7 | 84.0 | 82.9 | |
| % | 97.9 | 96.2 | 95.5 | 97.8 | 94.1 | |
| Baltics | % | 105.9 | 101.5 | 109.6 | 102.6 | 106.8 |
| % | 77.5 | 78.7 | 81.9 | 81.9 | 80.4 | |
| Combined ratio discounted 2 | % | 76.0 | 78.0 | 80.8 | 81.1 | 79.6 |
| Pension | ||||||
| Assets under management pension, at the end of the period | NOK millions | 49,375.9 | 46,650.9 | 51,426.4 | ||
| of which the group policy portfolio | NOK millions | 8,598.2 | 7,998.7 | 8,242.0 | ||
| Operating margin 2 | % | 32.08 | 37.60 | 34.71 | 36.10 | 36.80 |
| Recognised retuon the paid-up policy portfolio 6 | % | 1.25 | 2.13 | 4.38 | ||
| Value-adjusted retuon the paid-up policy portfolio 7 | % | 0.97 | 2.33 | 4.63 | ||
| Share of shared commercial customers 8 | % | 66.7 | 67.5 | 66.9 | ||
| Retuon equity, annualised 2 | % | 13.6 | 14.1 | 14.9 | ||
| Total eligible own funds to meet the SCR 3 | NOK millions | 2,401.6 | 2,672.6 | 2,661.9 | ||
| Solvency Capital Requirement (SCR) 4 | NOK millions | 1,384.6 | 1,784.7 | 1,816.5 | ||
| Solvency ratio 5 | % | 173.5 | 149.7 | 146.5 | ||
| 1 Earnings per share, basic and diluted = the shareholders' share of the profit or loss from continuing and discontinued operations in the period/average number of outstanding shares in the period | ||||||
| 2 Defined as alternative performance measure (APM). APMs are described on www.gjensidige.no/reporting in document named |
||||||
| 3 Total eligible own funds to meet the SCR = Total eligible own funds to meet the solvency capital requirement. For the Group and |
||||||
| 4 Solvency Capital Requirement (SCR) = Regulatory capital requirement. The approved partial internal model is used for the Group and for |
||||||
| 5 Solvency ratio = Ratio of total eligible own funds to meet the SCR over the Solvency Capital Requirement | ||||||
| 6 Recognised retuon the paid-up policy portfolio = realised retuon the portfolio | ||||||
| 7 Value-adjusted retuon the paid-up policy portfolio = total retuon the portfolio | ||||||
| 8 Share of shared commercial customers = customers having both pension and general insurance products with Gjensidige |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Quarterly earnings performance
| Quarterly earnings performance | |||||||||
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | |
| NOK millions | 2022 | 2022 | 2021 | 2021 | 2021 | 2021 | 2020 | 2020 | 2020 |
| Earned premiums from general insurance | 7,773.9 | 7,575.1 | 7,471.6 | 7,516.1 | 7,175.4 | 6,973.2 | 6,875.7 | 6,949.0 | 6,765.3 |
| Other income | 524.4 | 410.7 | 356.1 | 308.2 | 309.9 | 295.6 | 315.5 | 269.5 | 252.3 |
| Total operating income | 8,298.3 | 7,985.9 | 7,827.7 | 7,824.4 | 7,485.3 | 7,268.8 | 7,191.2 | 7,218.4 | 7,017.5 |
| Total net income from investments | (605.1) | 474.4 | 1,483.6 | 201.0 | 793.3 | 549.7 | 1,155.7 | 544.6 | 1,151.3 |
| Total operating income and net income from investments | 7,693.2 | 8,460.3 | 9,311.3 | 8,025.4 | 8,278.7 | 7,818.6 | 8,346.9 | 7,763.0 | 8,168.9 |
| Claims incurred etc. from general insurance | (4,932.1) | (5,493.5) | (5,047.7) | (4,688.5) | (4,628.2) | (4,922.1) | (4,700.7) | (4,467.8) | (4,440.8) |
| Claims incurred etc. from pension | (204.3) | (209.4) | (207.2) | (182.3) | (184.1) | (181.6) | (206.2) | (162.3) | (149.8) |
| Total claims etc. | (5,136.4) | (5,702.9) | (5,255.0) | (4,870.8) | (4,812.2) | (5,103.8) | (4,906.9) | (4,630.1) | (4,590.6) |
| Operating expenses from general insurance | (1,094.0) | (1,056.7) | (1,076.5) | (1,023.7) | (1,020.3) | (1,011.1) | (1,013.3) | (968.8) | (980.7) |
| Other operating expenses | (324.7) | (194.6) | (129.7) | (108.8) | (115.9) | (106.6) | (113.1) | (115.8) | (120.9) |
| Total operating expenses | (1,418.7) | (1,251.2) | (1,206.2) | (1,132.5) | (1,136.2) | (1,117.8) | (1,126.4) | (1,084.5) | (1,101.6) |
| Total expenses | (6,555.1) | (6,954.2) | (6,461.2) | (6,003.4) | (5,948.4) | (6,221.5) | (6,033.3) | (5,714.6) | (5,692.2) |
| Profit/(loss) for the period before tax expense | 1,138.0 | 1,506.2 | 2,850.1 | 2,022.0 | 2,330.2 | 1,597.0 | 2,313.6 | 2,048.4 | 2,476.7 |
| Underwriting result general insurance | 1,747.8 | 1,024.9 | 1,347.4 | 1,804.0 | 1,527.0 | 1,040.0 | 1,161.8 | 1,512.3 | 1,343.7 |
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| NOK millions | 2020 | 2019 | 2019 | 2019 | 2019 | 2018 | 2018 | 2018 | 2018 |
| Earned premiums from general insurance | 6,570.6 | 6,313.8 | 6,317.0 | 6,082.8 | 5,936.7 | 6,081.2 | 6,118.1 | 5,987.2 | 5,866.3 |
| Other income | 262.1 | 286.7 | 823.5 | 1,076.0 | 714.7 | 511.7 | 499.2 | 595.0 | 602.8 |
| Total operating income | 6,832.7 | 6,600.6 | 7,140.6 | 7,158.9 | 6,651.5 | 6,592.9 | 6,617.4 | 6,582.1 | 6,469.1 |
| Total net income from investments | (1,533.1) | 826.6 | 264.3 | 500.5 | 2,268.9 | (224.6) | 429.7 | 370.4 | 254.7 |
| Total operating income and net income from investments | 5,299.6 | 7,427.1 | 7,404.9 | 7,659.3 | 8,920.4 | 6,368.3 | 7,047.1 | 6,952.5 | 6,723.8 |
| Claims incurred etc. from general insurance | (4,524.2) | (4,437.6) | (4,367.7) | (3,916.4) | (4,256.8) | (3,268.9) | (4,591.7) | (4,371.0) | (4,559.5) |
| Claims incurred etc. from pension | (156.2) | (156.7) | (718.5) | (974.9) | (615.6) | (408.1) | (406.1) | (503.0) | (516.4) |
| Total claims etc. | (4,680.4) | (4,594.3) | (5,086.3) | (4,891.4) | (4,872.4) | (3,676.9) | (4,997.8) | (4,874.0) | (5,075.9) |
| Operating expenses from general insurance | (988.8) | (956.9) | (888.2) | (908.7) | (881.8) | (897.9) | (953.0) | (909.3) | (895.7) |
| Other operating expenses | (127.5) | (147.6) | (158.8) | (136.3) | (135.5) | (132.3) | (132.3) | (134.3) | (147.3) |
| Total operating expenses | (1,116.3) | (1,104.6) | (1,047.0) | (1,045.0) | (1,017.3) | (1,030.2) | (1,085.3) | (1,043.6) | (1,043.0) |
| Total expenses | (5,796.7) | (5,698.8) | (6,133.3) | (5,936.4) | (5,889.7) | (4,707.1) | (6,083.1) | (5,917.6) | (6,118.8) |
| Profit/(loss) for the period before tax expense | (497.2) | 1,728.3 | 1,271.5 | 1,722.9 | 3,030.7 | 1,661.2 | 964.0 | 1,034.9 | 605.0 |
| Underwriting result general insurance | 1,057.5 | 919.3 | 1,061.1 | 1,257.6 | 798.1 | 1,914.4 | 573.4 | 706.8 | 411.2 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
General Insurance CC
| NOK millions | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Corporate Centre - costs related to owner | (96.4) | (99.0) | (214.2) | (190.8) | (399.3) |
| Corporate Centre - reinsurance | (75.2) | (45.9) | (253.0) | (131.9) | (117.8) |
| (171.6) | (144.9) | (467.2) | (322.6) | (517.1) | |
| Large losses | 57.1 | 71.8 | 243.0 | 191.2 | 239.4 |
| Run-off gains/(losses) | (8.1) | 9.6 | (1.7) | 1.8 | 47.7 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Income statement GF ASA
| Income statement | |||||
| NOK millions | Q2 2022 | Q2 2021 | 1.1.- |
1.1.- |
1.1.- |
| Premiums etc. | |||||
| Earned premiums, gross | 7,566.7 | 7,057.5 | 14,913.8 | 13,883.5 | 28,491.7 |
| Ceded reinsurance premiums | (171.0) | (160.3) | (314.8) | (286.8) | (589.3) |
| Total earned premiums, net of reinsurance | 7,395.7 | 6,897.2 | 14,598.9 | 13,596.8 | 27,902.4 |
| Claims | |||||
| Gross claims | (4,697.9) | (4,499.4) | (9,972.9) | (9,146.5) | (18,381.5) |
| Claims, reinsurers' share | 45.4 | 73.8 | 129.1 | 1.9 | 53.5 |
| Total claims incurred, net of reinsurance | (4,652.5) | (4,425.5) | (9,843.8) | (9,144.6) | (18,328.0) |
| Insurance-related operating expenses | |||||
| Insurance-related administration expenses incl. commissions for received reinsurance and sales expenses | (1,018.2) | (965.4) | (1,983.3) | (1,915.3) | (3,859.4) |
| Received commission for ceded reinsurance and profit share | 3.3 | 2.9 | 4.7 | 4.6 | 7.3 |
| Total insurance-related operating expenses | (1,014.9) | (962.5) | (1,978.6) | (1,910.7) | (3,852.1) |
| Technical profit/(loss) | 1,728.3 | 1,509.1 | 2,776.6 | 2,541.4 | 5,722.2 |
| Net income from investments | |||||
| Income from investments in subsidiaries, associates and joint ventures | 156.5 | ||||
| Impairment losses of investments in subsidiaries, associates and joint ventures | (70.9) | ||||
| Realised gain from sale of joint venture | 10.9 | 3,943.1 | |||
| Interest income and dividend etc. from financial assets | 253.6 | 202.9 | 492.7 | 377.7 | 738.2 |
| Changes in fair value on investments | (1,051.7) | 3.0 | (1,635.9) | (271.4) | 234.1 |
| Realised gain and loss on investments | 276.9 | 457.6 | 437.3 | 1,106.2 | 815.9 |
| Administration expenses related to investments, including interest expenses | (54.2) | (67.5) | (129.8) | (105.2) | (252.5) |
| Total net income from investments | (564.5) | 596.0 | 3,107.5 | 1,107.3 | 1,621.3 |
| Other income | 1.5 | 0.6 | 3.4 | 1.1 | 4.1 |
| Other expenses | (16.6) | (10.7) | (32.8) | (18.9) | (42.3) |
| Profit/(loss) of non-technical account | (579.6) | 585.9 | 3,078.1 | 1,089.4 | 1,583.1 |
| Profit/(loss) before tax expense | 1,148.6 | 2,095.0 | 5,854.7 | 3,630.9 | 7,305.3 |
| Tax expense | (309.8) | (498.3) | (486.6) | (748.3) | (1,630.9) |
| Profit/(loss) before other comprehensive income | 838.8 | 1,596.8 | 5,368.1 | 2,882.6 | 5,674.4 |
| Other comprehensive income | |||||
| Other comprehensive income that will not be reclassified to profit or loss | |||||
| Changes in estimates related to defined benefit plans | 100.1 | (148.8) | |||
| Tax on other comprehensive income that will not be reclassified to profit or loss | (25.0) | 37.2 | |||
| Total other comprehensive income that will not be reclassified to profit or loss | 75.1 | (111.6) | |||
| Other comprehensive income that may be reclassified to profit or loss | |||||
| Exchange differences from foreign operations | 298.4 | 125.0 | 127.8 | (192.5) | (316.0) |
| Tax on other comprehensive income that may be reclassified | (59.8) | (26.4) | (23.8) | 40.9 | 66.8 |
| Total other comprehensive income that may be reclassified | 238.6 | 98.5 | 104.0 | (151.6) | (249.1) |
| Comprehensive income | 1,077.5 | 1,695.3 | 5,472.1 | 2,806.0 | 5,313.6 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Financial position GF ASA
| Statement of financial position | |||
| NOK millions | |||
| Assets | |||
| 3,080.0 | 3,059.6 | 3,009.1 | |
| Other intangible assets | 309.5 | 467.5 | 359.4 |
| Total intangible assets | 3,389.5 | 3,527.2 | 3,368.6 |
| Investments | |||
| Buildings and other real estate | |||
| Owner-occupied property | 30.5 | 28.5 | 28.5 |
| Right-of-use property | 1,063.6 | 1,185.1 | 1,097.5 |
| Subsidiaries, associates and joint ventures | |||
| Shares in subsidiaries, associates and joint ventures | 5,889.1 | 3,895.0 | 4,009.8 |
| Shares in subsidiaries, associates and joint ventures held for sale | 1,086.9 | ||
| Interest-bearing receivables on subsidiaries and joint ventures | 300.4 | 2,064.1 | 2,035.4 |
| Financial assets measured at amortised cost | |||
| Loans and receivables | 17,025.8 | 15,994.2 | 15,433.0 |
| Financial assets measured at fair value | |||
| Shares and similar interests (incl. shares and similar interests measured at cost) | 5,354.5 | 6,035.9 | 6,433.2 |
| Fixed income securities | 29,657.7 | 29,323.0 | 27,376.9 |
| Subordinated loans | 1.7 | 1.9 | 1.8 |
| Financial derivatives | 253.8 | 553.5 | 695.5 |
| Other financial assets | 111.0 | 111.0 | 111.0 |
| Total investments | 59,688.1 | 59,192.0 | 58,309.5 |
| Reinsurers' share of insurance-related liabilities, gross | |||
| Reinsurers' share of provision for unearned premiums, gross | 298.0 | 296.2 | 38.2 |
| Reinsurers' share of claims provision, gross | 465.3 | 468.6 | 423.7 |
| Total reinsurers' share of insurance-related liabilities, gross | 763.3 | 764.8 | 461.9 |
| Receivables | |||
| Receivables related to direct operations | 9,687.1 | 8,842.7 | 7,871.4 |
| Receivables related to reinsurance | 75.0 | 89.1 | 69.3 |
| Receivables within the group | 67.5 | 29.7 | 177.2 |
| Other receivables | 1,517.5 | 444.7 | 162.2 |
| Total receivables | 11,347.1 | 9,406.2 | 8,280.1 |
| Other assets | |||
| Plant and equipment | 107.4 | 111.6 | 89.0 |
| Cash and cash equivalents | 2,608.7 | 2,681.2 | 1,875.9 |
| Pension assets | 260.2 | 392.9 | 260.2 |
| Total other assets | 2,976.3 | 3,185.6 | 2,225.0 |
| Prepaid expenses | |||
| Other prepaid expenses | 16.8 | 61.4 | 6.3 |
| Total prepaid expenses | 16.8 | 61.4 | 6.3 |
| Total assets | 78,181.0 | 76,137.2 | 72,651.4 |
| Equity and liabilities | |||
| Paid in equity | |||
| Share capital | 1,000.0 | 1,000.0 | 1,000.0 |
| Own shares | (0.1) | (0.0) | (0.1) |
| Share premium | 1,430.0 | 1,430.0 | 1,430.0 |
| Perpetual Tier 1 Capital | 1,207.3 | 2,206.4 | 1,205.2 |
| Other paid-in equity | 109.7 | 88.7 | 97.3 |
| Total paid-in equity | 3,746.9 | 4,725.1 | 3,732.4 |
| Retained equity | |||
| Funds etc. | |||
| Natural perils capital | 2,823.6 | 2,738.3 | 2,829.3 |
| Guarantee scheme provision | 762.3 | 715.5 | 762.3 |
| Other retained earnings | 15,772.8 | 13,841.8 | 10,327.4 |
| Total retained earnings | 19,358.8 | 17,295.6 | 13,919.0 |
| Total equity | 23,105.7 | 22,020.6 | 17,651.5 |
| Subordinated debt | 2,396.5 | 2,395.6 | 2,396.1 |
| Insurance-related liabilities in general insurance, gross | |||
| Provision for unearned premiums, gross | 15,536.7 | 14,382.3 | 11,386.7 |
| Claims provision, gross | 28,314.6 | 28,027.6 | 28,250.7 |
| Provision for premium discounts and other profit agreements | 108.6 | 103.5 | 106.5 |
| Total insurance-related liabilities in general insurance, gross | 43,959.9 | 42,513.4 | 39,743.9 |
| Provision for liabilities | |||
| Pension liabilities | 704.6 | 668.7 | 703.6 |
| Current tax | 729.4 | 1,415.0 | 1,453.8 |
| Deferred tax liabilities | 502.1 | 967.1 | 852.5 |
| Other provisions | 433.7 | 303.5 | 587.1 |
| Total provision for liabilities | 2,369.9 | 3,354.3 | 3,597.0 |
| Liabilities | |||
| Liabilities related to direct insurance | 343.0 | 345.6 | 426.5 |
| Liabilities related to reinsurance | 287.4 | 269.5 | 40.9 |
| Financial derivatives | 757.4 | 790.0 | 497.6 |
| Accrued dividend | 3,850.0 | ||
| Lease liability | 1,161.4 | 1,278.0 | 1,195.6 |
| Other liabilities | 3,190.8 | 2,668.8 | 2,641.0 |
| Liabilities to subsidiaries and associates | 235.9 | 129.1 | 231.9 |
| Total liabilities | 5,975.8 | 5,481.0 | 8,883.5 |
| Accrued expenses and deferred income | |||
| Other accrued expenses and deferred income | 373.2 | 372.2 | 379.4 |
| Total accrued expenses and deferred income | 373.2 | 372.2 | 379.4 |
| Total equity and liabilities | 78,181.0 | 76,137.2 | 72,651.4 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
Changes in equity GF ASA
| Statement of changes in equity | |||||||||
| NOK millions | Share capital | Own shares | Share premium | Other paid-in capital | Perpetual Tier 1 capital | Exchange differ- ences | Changes in estimates related to defined benefit plans | Other earned equity | Total equity |
| Equity as at |
1,000.0 | (0.0) | 1,430.0 | 80.6 | 1,002.2 | 607.7 | (2,139.4) | 16,061.5 | 18,042.7 |
| 1.1.- |
|||||||||
| Comprehensive income | |||||||||
| Profit/(loss) | 51.3 | 5,623.0 | 5,674.4 | ||||||
| Total other comprehensive income | (0.5) | (248.6) | (111.6) | (360.7) | |||||
| Comprehensive income | (0.5) | 51.3 | (248.6) | (111.6) | 5,623.0 | 5,313.6 | |||
| Transactions with the owners of the company | |||||||||
| Own shares | (0.1) | (23.4) | (23.4) | ||||||
| Dividend | (5,849.5) | (5,849.5) | |||||||
| Equity-settled share-based payment transactions | 17.2 | 17.2 | |||||||
| Perpetual Tier 1 capital | 197.2 | (0.8) | 196.4 | ||||||
| Perpetual Tier 1 capital - interest paid | (45.5) | (45.5) | |||||||
| Total transactions with the owners of the company | (0.1) | 17.2 | 151.6 | (5,873.6) | (5,704.8) | ||||
| Equity as at |
1,000.0 | (0.1) | 1,430.0 | 97.3 | 1,205.2 | 359.1 | (2,251.0) | 15,810.9 | 17,651.5 |
| 1.1.- |
|||||||||
| Comprehensive income | |||||||||
| Profit/(loss) | 20.5 | 5,347.6 | 5,368.1 | ||||||
| Total other comprehensive income | 0.4 | 103.6 | 0.0 | 104.0 | |||||
| Comprehensive income | 0.4 | 20.5 | 103.6 | 0.0 | 5,347.6 | 5,472.1 | |||
| Transactions with the owners of the company | |||||||||
| Own shares | 0.0 | (11.5) | (11.5) | ||||||
| Dividend | 0.2 | 0.2 | |||||||
| Equity-settled share-based payment transactions | 12.0 | 12.0 | |||||||
| Perpetual Tier 1 capital | 0.2 | (0.2) | 0.0 | ||||||
| Perpetual Tier 1 capital - interest paid | (18.6) | (18.6) | |||||||
| Total transactions with the owners of the company | 0.0 | 12.0 | (18.4) | (11.5) | (17.9) | ||||
| Equity as at |
1,000.0 | (0.1) | 1,430.0 | 109.7 | 1,207.3 | 462.7 | (2,251.0) | 21,147.0 | 23,105.7 |
| 1.1.- |
|||||||||
| Comprehensive income | |||||||||
| Profit/(loss) | 28.0 | 2,854.6 | 2,882.6 | ||||||
| Total other comprehensive income | (0.3) | (151.3) | 75.1 | (76.5) | |||||
| Comprehensive income | (0.3) | 28.0 | (151.3) | 75.1 | 2,854.6 | 2,806.0 | |||
| Transactions with the owners of the company | |||||||||
| Own shares | (0.0) | (13.0) | (13.0) | ||||||
| Dividend | 0.4 | 0.4 | |||||||
| Equity-settled share-based payment transactions | 8.4 | 8.4 | |||||||
| Perpetual Tier 1 capital | 1,196.4 | 1,196.4 | |||||||
| Perpetual Tier 1 capital - interest paid | (20.3) | (20.3) | |||||||
| Total transactions with the owners of the company | (0.0) | 8.4 | 1,176.1 | (12.6) | 1,171.9 | ||||
| Equity as at |
1,000.0 | (0.0) | 1,430.0 | 88.7 | 2,206.4 | 456.4 | (2,064.3) | 18,903.5 | 22,020.6 |
_x000D_&1#&"Calibri"&10&K000000 Classified: General Business
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(07.2022) Advance information regarding premiums
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