The results were presented alongside Gard’s annual integrated report, outlining how the group is working toward its strategic goals as well as key results. Financial highlights include (all results are on Estimated Total Call basis):
Gross written premium: USD 1,193 million
Combined ratio net: 95.5 per cent
Insurance (technical) result: USD 43 million
Investment (non-technical) result: USD 124 million
Profit after tax: USD 144 million
Equity: USD 1,566 million
Rolf Thore Roppestad, Gard CEO, stated: “I am proud to say that Gard performed very well in 2024. We delivered a strong insurance result, especially in P&I, and also did well across our other lines of business. The volatility in claims underscore the importance of maintaining a diversified portfolio. A positive investment result further strengthened our position, making this a very strong result in today’s market.”
A year of transition and growth
Roppestad summed up the year as one of “transitioning and growth”. Milestones included the acquisition of Codan’s global Marine and Energy portfolio – the largest business investment Gard has made in 20 years – and the expansion of Gard’s underwriting licence in Japan.
“We have had an eventful year – there is no doubt about that,” Roppestad reflected. “At the same time, we have used this period to lay the groundwork for continuous improvements. Moving forward, our focus will be on upholding our role as a responsible and dynamic market leader, expanding our efforts within loss prevention, and developing and strengthening our organisation. All while ensuring continued financial strength – the foundation of everything we do.”
Capital returned to owners
In line with the group’s commitment to financial discipline and Member support, Gard’s Board of Directors approved a 10 per cent Owners’ General Discount for Members renewing for the 2025 policy year. This was the 16th consecutive year of Gard returning capital to its Members, resulting in approximately USD 50 million in savings for its owners.
“Sixteen years in a row is a strong track-record,” Roppestad commented. “It shows that we focus on maintaining the right level of capital – no more, no less – so that we can continue to deliver unwavering service and support to our Members and clients.”
Navigating the geopolitical divide
Gard’s CEO also took the opportunity to emphasise the critical role of marine insurance and robust international frameworks in an increasingly fragmented environment:
“One of the unique strengths of Gard – and of the International Group of P&I Clubs, which we are a part of – is our ability to unite shipowners from across the globe, from the US in the West to China and Japan in the East. We share risks across regional and geopolitical divides. And as global tensions rise, protecting and safeguarding this system is more important than ever.”
Click here to read the Gard Annual Report 2024.
About Gard:
Gard is a world-leading provider of P&I, Marine and Energy insurance, with gross written premium of USD 1.2 billion.
Gard’s direct insurance entities are rated ‘A+' with a stable outlook by Standard & Poor’s.
Gard operates 15 offices worldwide with approximately 750 employees.
The company recently completed its acquisition of Codan’s Marine & Energy portfolio, adding a separate Danish branch to its global group structure.
Media contacts:
Karoline Flåm karoline.flaam@gard.no / +47 97717718
Ingmar Brokka Rike ingmar.brokka.rike@gard.no / +47 91186282
