Gard has reported impressive results amid a fluctuating claims environment, as outlined in its annual integrated report. This report highlights the organization’s dedication to achieving its strategic objectives while delivering strong financial performance. The financial achievements include gross written premiums of USD 1,193 million, a combined net ratio of 95.5 percent, an insurance (technical) result of USD 43 million, a non-technical investment result of USD 124 million, and a profit after tax of USD 144 million.
The equity stands at USD 1,566 million. CEO Rolf Thore Roppestad expressed pride in Gard’s performance in 2024, noting a particularly robust outcome in Protection and Indemnity (P&I) insurance, as well as success across other business lines. He emphasized the significance of a diversified portfolio in light of claim volatility and added that a strong investment result has further solidified Gard’s market position.
Roppestad described the past year as one of “transition and growth,” marking significant milestones such as the acquisition of Codan’s global Marine and Energy portfolio—Gard’s most substantial investment in two decades—and the expansion of its underwriting license in Japan. He acknowledged the challenges faced in the year but pointed out that these experiences provided an opportunity to lay a foundation for continued improvement. Looking ahead, Gard aims to maintain its reputation as a responsible market leader, enhance loss prevention efforts, and fortify its organizational structure while ensuring solid financial stability.
To further support its Members, Gard’s Board of Directors approved a 10 percent Owners’ General Discount for those renewing for the 2025 policy year. This marks the 16th consecutive year Gard has returned capital to its Members, saving them around USD 50 million. Roppestad reiterated the importance of maintaining appropriate capital levels to ensure consistent service and support.
He also highlighted the vital role of marine insurance and international partnerships amid global geopolitical tensions, stressing Gard’s unique capability to unite shipowners worldwide and the importance of safeguarding this collaborative approach.