Norway's Gjensidige Q1 pretax profit in line with forecasts

OSLO Wed May 14, 2014 1:12am EDT

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OSLO May 14 (Reuters) - Gjensidige, Norway's biggest non-life insurer, reported second-quarter earnings in line with expectations on Wednesday and said its medium term financial targets were unchanged as it has substantial financial buffers and handles competition well.

The firm's pre-tax profit more than doubled to 1.16 billion crowns ($196 million), in line with expectations for 1.15 billion crowns in a Reuters poll of analysts.

However, its combined ratio at 92.9 was above expectations for 91.3 but the firm said it continued to target the combined ratio between 90 and 93 over time.

It also said its return on equity target after tax expense remained 15 percent with effect from 2015. (Reporting by Balazs Koranyi)

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