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Gard achieves best underwriting performance in 15 years

But bottom line is hit by poor investment returns in ‘short’ accounting year

Gard has reported its best underwriting performance in 15 years after a fall in major claims.

The Norwegian marine insurer said its combined ratio, which reflects pure underwriting performance, was 81% in 2022, resulting in a $149.8m technical profit — a 15-year high.

Its bottom-line post-tax profit was $1.7m.

Gard, a mutual P&I insurer and a commercial marine insurer, said it has been hit by losses on its investment activities.

Its non-technical result was a $149.3m loss.

Investment returns represent a paper loss and fluctuate over time as they are driven largely by interest rates and equity markets.

The company has changed its financial year from the protection and indemnity policy year — which runs for 12 months from the 20 February renewal date — to the calendar year.

Its figures for 2022 represent just over 10 months of business, so its gross written premium was $995m compared with $1.16bn in the full year to 20 February 2022.

“I am delighted to see that Gard continues to deliver strong results, offering stability, sustainability and financial strength for the benefit of our members and clients. It has been a turbulent year, both operationally and in terms of financial markets, so it has not been straightforward,” said chief executive Rolf Thore Roppestad.

Strong results

“The strong results were driven primarily by a lower level of major claims, combined with disciplined underwriting and good claims handling.”

Gard’s equity reserves stand at $1.26bn. It will reward members with its usual 5% general owners’ discount in 2023, costing around $23m.

“With this, we continue to help and support our members and clients in uncertain times, focusing on staying robust and well placed to face the future,” Roppestad said.


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