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Gard

Assuranceforeningen Gard
Gard AS, Kittelsbuktveien 31, NO-4836 Arendal, Servicebox 600, NO-4809 Arendal, Norway
Gard.no t +47 37 01 91 00

2017 report overview

  • Reported a combined ratio of 83% for the 16/17 PY
  • The club reported a surplus after tax of USD 215 million on an ETC basis.
  • Free reserves stand at USD 1,135 million
  • Waiver of the entire deferred call for 2016 policy year, equalling a 20% reduction in premium for owned Members (USD 90million)
  • Investment return of 4.7% totalling USD 104 million

Read the Gard reports 2017 results document

Aon’s comment

No doubt a sigh of relief could have been heard across Norway following the failed merger talks between Britannia and The U.K. The club hold on to its number one spot by premium volume and Free Reserves continue to grow. The club has made a return to the Cruise industry this year.

The prospect of another reduced deferred call seems likely. Whilst Free Reserves now eclipse the USD 1 billion figure, it must be borne in mind that these are over all lines of business.

Entered GT by vessel type

Entered GT by vessel type
Number of ships (owned entries only)
2016 2015 2014
6,400 6,300 6,050
Total owned entered GT
2016 2015 2014
199,000,000 188,700,000 169,800,000
Total chartered GT
2016 2015 2014
90,000,000 57,500,000 57,500,000
Total MOU chartered GT
2016 2015 2014
16,000,000 18,900,000 16,900,000

Entered GT by region

Entered GT by region

Income Statement (year ending February) USD 000s

  2016 2015
Income Calls and premiums 644,198 666,004
Excess Calls -36,938 -37,332
Reinsurance Premiums -137,214 -132,615
Total Income 470,046 496,057
Expenditure Net claims incurred -351,938 -425,970
Net operating expenses -50,494 -59,723
Total expenditure -402,432 -485,693
Underwriting result pre investment/other financial income and tax 67,614 10,364
Investment/other financial income ** **
Tax/interest charged ** **
Overall result ** **
Free reserves 1,016,697 968,590

Breakdown of investment by type

Breakdown of investment by type
S&P Rating Current Rating Nov-16
Rating A+ A+
Outlook Stable Stable
Type of rating Interactive Interactive

** No longer allocated across individual lines of business.

Policy Year 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
General Increase % 7.5 5.0 10.0 15.0 0.0 0.0 5.0 5.0 2.5 0.0
Supplementary Call Record % 25/25 25/10 25/15 25/20 25/15 25/15 25/15 25/15 25/25 25/25

Release Call Percentage - as at February 2017

2014 2015 2016 2017
5% 5% 20% 20%