Gard is touting a “robust” first half as markets normalise.
The Norwegian insurer reported a $33m technical profit for the first six months of 2024, while bringing in $80m in total comprehensive income.
Gard chief executive Rolf Thore Roppestad said: “These are strong results. Overall, they reflect that our members and clients run quality operations.
“The marine market will always be volatile but Gard’s performance over time shows relative stability based on diversification and prudence in our risk-taking. As always, our top priority is to stay close to our members and clients, understanding their evolving risks and insurance needs.”
Roppestad said investments had suffered due to market volatility but had begun to recover due to an improving long-term economic outlook, while insurance results are within the group’s expectations.
“We have seen a strong inflow of business in all business areas, particularly from our existing members, both as P&I renewal transfers at 20 February and for newbuildings delivered so far in 2024.”
Gard said its gross earned premium for its protection and indemnity business was $342m for the period, while claims came in at $232m, a result “better than expected for both mutual and fixed”.
Gross earned premium for its marine and energy business was $264m versus claims for own account coming in at $151m.
The organisation said marine claims were lower than expected but were offset by higher-than-expected energy claims.
“Gard remains financially strong and well positioned to withstand any future volatility,” Roppestad said.
Gard’s investments brought in a profit of $58.2m, driven by its equities investments, high-yield corporate bonds and alternatives, which together make up a total of 19.5% of its portfolio.
