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Gjensidige Q1 pretax profit beats forecast

Thursday, 4 May 2017 01:00am EDT 

May 4 (Reuters) - Gjensidige Forsikring Asa :Gjensidige q1 pretax profit nok 1,365 million (Reuters poll nok 1.24 billion).Gjensidige q1 combined ratio 86.8 percent (Reuters poll 88.5 percent).Adjusted for a one-off related to pension payments of nok 476.6 million, underwriting result in q1 2016 was a record-strong nok 774.1 million, corresponding to a combined ratio of 86.0.Remains confident in gjensidige’s ability to deliver solid earnings and dividend growth over time..Repeats target for combined ratio at the lower end of the target corridor of 90–93 (undiscounted and given zero run-off effects) and sees average annual run-off gains the next 3-5 years of around NOK 900 million, moving the expected reported combined ratio to the lower end of the 86-89 corridor (undiscounted).Says although the macroeconomic situation is still somewhat challenging, the outlook for the Norwegian and Nordic general insurance operations is still regarded as good. . 

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