Key highlights include (all income and result figures are on an Estimated Total Call basis):
Gross written premium of USD 1,183 million
Combined ratio net of 93 per cent
Insurance (technical) result of USD 67 million
Investment (non-technical) result of USD 161 million
Profit after tax of USD 236 million
Equity of USD 1,471 million
Rolf Thore Roppestad, Gard CEO, stated: “I am proud to see that Gard has yet again delivered very strong results. In fact, this year’s result is the second best we have seen in over a century of serving our Members and clients. Gross written premium is also at an all-time high, reflecting that a growing share of the world fleet sees Gard as their preferred insurance partner. We are humbled and grateful for this and remain committed to what we believe are our core strengths: mitigating risks, preventing losses, and delivering unparalleled service at all times.”
Roppestad was pleased to see that both the insurance performance and investments contributed to the strong results: “We had relatively few large claims last year, which of course contributed positively to the bottom line. Investments also saw a satisfactory rebound after the turmoil in the financial markets in 2022. In many ways, Gard is now stronger than ever,” Roppestad added.
Based on the robust capitalisation of the group, Gard’s Board of Directors agreed to give a 10 per cent Owners’ General Discount to Members renewing with Gard for the 2024 policy year. This is the 15th consecutive year that Gard returns capital to its membership, and it will result in approximately USD 50 million in savings for its owners this year.
“We always focus on staying financially strong while at the same time not holding more capital than is needed. With this, we are striking the right balance, staying well-positioned and fit for the future,” Roppestad added.
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Notes to editor:
Gard is a shipowner-controlled provider of P&I, marine and energy insurance, with more than 650 employees and 13 offices around the world.
The direct insurance entities within the Gard group; Gard P. & I. (Bermuda) Ltd, Assuranceforeningen Gard, Gard Marine & Energy Limited and Gard Marine & Energy Insurance (Europe) Limited are rated ‘A+' with a stable outlook by Standard & Poor’s.
