Gard reports “strong foundations from profitable 2019”

Norway-based marine insurer Gard has reported a post-tax profit of $93m (for policy year 2019-20 to February 20th 2020. A decision on payment of the last instalment of premium has been deferred. The estimated premium from the Last Instalment of 20% of the ETC is $72m.

The combined ratio was 102%, down from a reported 110% the previous year.

Gross written premiums were $874m, up from $798m reported last year.

The non-technical result was a gain of $118m, compared with a loss of $9m in policy year 2018-19.

All numbers are on an estimated total call basis.

Equity reserves of $1.179bn (without including the 20% last instalment of the 2019 premium), up from a reported £1.159bn in last year’s release (after the reduction in the deferred call).

Rolf Thore Roppestad, CEO of Gard, said that “the financial statements for the year ending February 20th 2020 covered a time when what became the global Covid-19 pandemic was still in its early stages. “Since then the world has been turned upside down by the speed of its spread, the actions taken by governments around the world to reduce the impact and the consequences these have had on people, societies and economies everywhere. And that picture is still developing as we write this today”.

He went on to say that “due to the uncertainty brought about by the pandemic, the decision concerning the level of the last instalment for the 2019 premium has been postponed till later in the year and after the approval of these financial statements. Our statement of accounts, including total equity, reflect that this income has not been called yet. We hope this postponement will offer some limited cashflow help to Members.”

Release calls

  • 2017 policy year: Nil
  • 2018 policy year: 5%
  • 2019 policy year: 5%
  • 2020 policy year: 10%

Comparative 2019 release at: