GJF’s reported results in Q4 came in below expectation with a NOK 2.58 EPS vs ARCe/Cons 2.96/3.07 – though this was primarily explained by NOK ~500m in one-offs on the cost line and adjusted for this the results were slightly better than our estimates. Insurance revenues were up ~11% y/y as expected and, though GJF continues to flag repricing measures especially within property/motor Norway, the pace is coming down in line with improving underlying results. With a Solvency ratio towards the high ....
