Positive results and a reduced call in a challenging year

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Following the meeting of the Board of Directors on 12 May 2021, Gard today announced its results for the year ending 20 February 2021. Reporting at a group level, the key financial results are:

• A profit after tax of USD 68 million on an Estimated Total Call (ETC) basis
• Combined ratio net of 104 per cent on ETC basis
• Gross written premium of USD 922 million on ETC basis
• The non-technical result was a profit of USD 113 million
• Equity reserves of USD 1,263 million, after reducing the ETC for P&I mutual Members by ten per cent and returning USD 38 million

Rolf Thore Roppestad, CEO of Gard, said “Whatever we thought might lie ahead of us all this time last year, I think we can all confidently agree that the reality was not as anyone predicted. This has made for an exceptionally challenging year for everyone in the maritime industry. I am pleased to say that the full year results for the group have improved considerably from the half year point, at which they had been impacted by adverse events in both the maritime and financial markets.

“While Marine & Energy has delivered a strong profit, our P&I business has been impacted by some major claims; both for our own account and Pool claims from the International Group clubs which have risen sharply. Another issue was a 50 per cent increase in the number of people claims caused by Covid-19. Despite incredibly challenging conditions for owners in the last year, with significant operational hurdles to overcome, Gard Members continue to run quality operations which is reflected in our results.

“It would have been easy to allow the pandemic storm to drive us off course in our ambition to enable sustainable maritime development but looking to the future has remained a key priority. We have continued to take steps to engage industry-wide on topics that are vital to the future success of the maritime industries. This is reflected in today’s launch of our Sustainability Report for 2020, which sits alongside our financial results and monitors our progress against the five Sustainability Development Goals that we use as our framework for our ambitions and targets.”  

Notes to Editors

1. Gard is a shipowner-controlled provider of P&I, marine and energy insurance products, with over 550 staff in 13 offices around the world.
2. The direct insurance entities within the Gard group; Gard P. & I. (Bermuda) Ltd, Assuranceforeningen Gard -gjensidig, Gard Marine & Energy Limited and Gard Marine & Energy Insurance (Europe) AS are rated ‘A+' by Standard & Poor’s.

Contacts

Caroline Wagstaff 
Luther Pendragon                                           

Email: carolinewagstaff@luther.co.uk