The outcomes have been offered alongside Gard’s annual built-in report, outlining how the group is working towards its strategic objectives in addition to key outcomes. Monetary highlights embody (all outcomes are on Estimated Complete Name foundation):
Gross written premium: USD 1,193 million
Mixed ratio internet: 95.5 per cent
Insurance coverage (technical) consequence: USD 43 million
Funding (non-technical) consequence: USD 124 million
Revenue after tax: USD 144 million
Fairness: USD 1,566 million
Rolf Thore Roppestad, Gard CEO, acknowledged: “I’m proud to say that Gard carried out very properly in 2024. We delivered a powerful insurance coverage consequence, particularly in P&I, and in addition did properly throughout our different traces of enterprise. The volatility in claims underscore the significance of sustaining a diversified portfolio. A optimistic funding consequence additional strengthened our place, making this a really robust lead to right now’s market.”
Roppestad summed up the 12 months as certainly one of “transitioning and progress”. Milestones included the acquisition of Codan’s international Marine and Power portfolio – the most important enterprise funding Gard has made in 20 years – and the enlargement of Gard’s underwriting licence in Japan.
“We have now had an eventful 12 months – there isn’t a doubt about that,” Roppestad mirrored. “On the identical time, now we have used this era to put the groundwork for steady enhancements. Shifting ahead, our focus will likely be on upholding our position as a accountable and dynamic market chief, increasing our efforts inside loss prevention, and creating and strengthening our organisation. All whereas guaranteeing continued monetary power – the inspiration of the whole lot we do.”
In keeping with the group’s dedication to monetary self-discipline and Member assist, Gard’s Board of Administrators accredited a ten per cent Homeowners’ Common Low cost for Members renewing for the 2025 coverage 12 months. This was the sixteenth consecutive 12 months of Gard returning capital to its Members, leading to roughly USD 50 million in financial savings for its homeowners.
“Sixteen years in a row is a powerful track-record,” Roppestad commented. “It exhibits that we concentrate on sustaining the proper degree of capital – no extra, no much less – in order that we will proceed to ship unwavering service and assist to our Members and purchasers.”
Gard’s CEO additionally took the chance to stress the essential position of marine insurance coverage and sturdy worldwide frameworks in an more and more fragmented setting:
“One of many distinctive strengths of Gard – and of the Worldwide Group of P&I Golf equipment, which we’re part of – is our potential to unite shipowners from throughout the globe, from the US within the West to China and Japan within the East. We share dangers throughout regional and geopolitical divides. And as international tensions rise, defending and safeguarding this method is extra vital than ever.”
Click on right here to learn the Gard Annual Report 2024.
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