9 MAY 2018 -Following the meeting of the Board of Directors on 7 May 2018, Gard today announced its results for the year ending 20 February 2018.
Reporting at a group level, the key financial results are:
A surplus after tax of USD 193 million on an Estimated Total Call (ETC) basis
Combined ratio net of 91 per cent on ETC basis – a profit of USD 59 million
Gross written premium of USD 775 million on ETC basis
Investment return of USD 144 million – a 6.3 per cent return
Equity reserves of USD 1,249 million – after the reduction in the deferred call
The insurance cost for mutual Members will be reduced by USD 79 million, a cancellation of the entire deferred call.
Rolf Thore Roppestad, CEO of Gard, said “I am pleased to say that, despite competitive market conditions, we made an underwriting profit across all areas of our business last year. We also benefitted from a first-class investment result. The combination of these factors means that, for the 11th year in a row, we are able to give money back to our Members by reducing their premiums through cancelling part or all of the deferred call.
“While the group’s income declined by 11 per cent, primarily due to an ongoing reduction in pricing and values, as well as lower demand in some segments, the technical result benefited from a benign claims environment and the Club has benefitted from quality Members driving improvements in operations and, as result, attracting new owners of a similar quality with whom to share risk.
“These figures provide hard evidence that our focus on our core business; being the best in our market at assessing and pricing maritime risk and handling maritime claims, as well as delivering great client service, is a successful strategy. We must also have strong analytical capabilities so we can take the right business decisions in the future and remain financially strong in a challenging environment, delivering the stability and consistency that protects the assets, incomes, and reputations of our Members and clients. Our history is one of responding to change and our future will be the same. Our consistent and robust financial performance gives us the rock-solid foundation on which to do this.”
** ENDS**
Notes to Editors
Gard is a shipowner-controlled provider of P&I, marine and energy insurance products, with over 470 staff in 13 offices around the world.
The direct insurance entities within the Gard group; Gard P. & I. (Bermuda) Ltd, Assuranceforeningen Gard -gjensidig, Gard Marine & Energy Limited and Gard Marine & Energy Insurance (Europe) AS are rated ‘A+' by Standard & Poor’s.
Contacts
Caroline Wagstaff
Email: carolinewagstaff@luther.co.uk
Luther Pendragon
