BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Gjensidige Forsikring Group (GJF.OL) reported that its second quarter profit from continuing operations decreased to 2.12 billion Norwegian Kroner from 2.24 billion kroner, prior year. Earnings per share from continuing operations fell to 4.18 kroner from 4.42 kroner. Profit before tax expense decreased to 2.79 billion kroner from 2.95 billion kroner.
Insurance revenue increased to 11.46 billion kroner, from 10.68 billion kroner, prior year. Excluding the negative impact related to the Danish Supreme Court ruling, the insurance service result increased significantly year-on-year, driven by continued revenue growth, improved margins and strong cost control.
The financial result for the investment portfolio declined to 786.4 million kroner compared to 1.10 billion kroner, last year. Net of insurance finance, the net financial result for the investment portfolio totaled 374.1 million kroner, down from 699.3 million kroner, last year.
At last close, Gjensidige shares were trading at $28.78, up 3.15%.
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