Gard today announced the highlights from its consolidated results for the year ending 20th February 2013.
Reporting at a group level the key financial results are:
• Gross written premiums of USD 884 million
• A surplus after tax of USD 99 million
• Combined ratio net of 101%
• Free reserves on an Estimated Total Call (ETC) basis of USD 926 million
Claes Isacson, CEO of Gard, said “We are pleased to report that the 2012 financial year delivered a positive result. Our insurance operations performed well, with a combined ratio (on an ETC basis) across the group of 101% – despite some large losses in the first quarter of the year and highly competitive markets – and a surplus after tax of USD 99 million. This is a good result in difficult markets.
“Our return on investment was 6.1% which was above our expectations for the year, despite volatile market conditions. Given the ongoing low interest rate environment, this is a higher return than we would expect in years to come.
“Our core purpose remains constant – to help our Members and clients in the marine industries to manage risk and its consequences. Delivering consistently solid financial results, combined with a strong reputation for service and innovation, means we have the predictability, breadth and depth to deliver on that promise.”
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