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The cold, long winter has become expensive for the insurance giant. The company is now raging on the stock market
– The result is characterized by weather-related injuries and the continued weakening of profitability of motor vehicles in Norway, "comments Helge Leiro Baastad, CEO of Gjensidige Forsikring.
The insurance giant posts figures for the second quarter (April, May and June) showing a sharp decline in the company's profitability. The company is also raging on the stock market.
See also: Heavy rains and lightning cause significant damage
Down
Profit before tax drops from $ 250 million to $ 1.253 billion while the result of insurance still fall to 706.8 million kronor, compared with 972.3 million in the same quarter in 2017.
The company writes that they experienced a significant increase in property damage in Norway, mainly due to the winter long. "Weather-related frequency injuries" were estimated to be between 150 and 200 million NOK higher in the second quarter than the historical average.
The numbers have not been well received by the financial market. Gjensidige is 9% publicly traded after the submission of reports.
This means that values for more than six billion are dulled in a few hours
Takes the Ascendant
Baastad now promises that the company will act in the future.
– In order to strengthen our competitiveness and profitability in the future, We continue our broad commitment to digitization and innovation to ensure the best customer experience in the Nordic market ", explains Mr. Baastad.
Gjensidige recently sold his banking activities to Nordea
Read also: Nordea buys Gjensidige Bank
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