GJNSF - Gjensidige Forsikring ASA (GJNSF) Q1 2024 Earnings Call Transcript

2024-04-27 08:40:02 ET

Gjensidige Forsikring ASA (GJNSF)

Q1 2024 Earnings Conference Call

April 25, 2024 3:00 AM ET

Company Participants

Mitra Negard - Head, Investor Relations

Geir Holmgren - Chief Executive Officer

Jostein Amdal - Chief Financial Officer

Conference Call Participants

Freya Kong - Bank of America

Tryfonas Spyrou - Berenberg

Håkon Astrup - DNB Market

Vinit Malhotra - Mediobanca

Johan Ström - Carnegie

Vegard Toverud - Pareto

Youdish Chicooree - Autonomous Research

Jan Erik - ABG

Thomas Svendsen - SEB

Presentation

Mitra Negard

Thank you. Good morning, everyone, and welcome to this first quarter presentation of Gjensidige. My name is Mitra Negard and the I'm Head of Investor Relations.

We will start this session with our CEO, Geir Holmgren, who will give you the highlights of the quarter, followed by our CFO, Jostein Amdal, who will discuss the results in further detail. And we'll have plenty of time for questions after that. Geir, please.

Geir Holmgren

Thank you, Mitra, and good morning, everyone. 2024 started off with a harsh winter in our region, particularly in Norway. Last time, we had such a tough winter condition was in 2010. Many days with heavy snow created very difficult driving conditions across the Nordic. Record low temperatures in Norway led to a significant increase in price burst. And the heavy rain, we got on top of snow and ice resulted in many water damages. Adding to this, the storm Ingunn caused significant damage in central and northern parts of Norway. To put some numbers on this. Both January and February broke our record in terms of number of claims for those months with an increase of 18% year-on-year.

I'm very impressed by our organization's ability to handle yet another quarter with an extraordinary high number of inquiries and claims. We are taking good care of our customers when it matters the most, and I processed claims in an efficient manner. The weather conditions in March were much more benign....

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