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15/05-2019 07:00:24: (INSR) Insr: Q1 2019 results: Strong growth - high claims ratio

Oslo, May 15th, 2019

Insr Insurance Group ASA (OSE:INSR) announces results for the first quarter of

A presentation of the results by the Group's senior management will take place
today at 08:30 CET - see details below.

Net result for the quarter, including other comprehensive income, was a loss of
NOK 69.5 million (24.8 million in Q1 2018). Gross combined ratio was 124.8%

The strong premium growth continues; gross earned premium in the quarter was
16.3% above same period last year.

Claims results are disappointing, as there was an accumulation of large claims,
including several house fires, this quarter. Losses above NOK 1 million
contribute 14%-points to the gross claims ratio, which is worse than any quarter
in Insr during 2016 to 2018. Run-off losses during the quarter were NOK 7
million, compared to a gain of NOK 20 million first quarter last year.

Sales costs are, as expected, high in the quarter, as written premium is around
NOK 100 million higher in the first quarter, and sales commissions are expensed
immediately. Administrative costs were in line with expectations, and higher
than the expected long term run-rate.

Hans Petter Madsen started as CFO from April 1st, 2019. Mr. Madsen (52) has 30
years of experience from insurance. This includes 7 years as CEO in DNB
Forsikring AS and around 15 years as CFO and other finance director roles in
Sparebank 1 Skadeforsikring, HELP Forsikring and DNB Forsikring.

The organisation was reorganised during the quarter to align it with the
strategy. Processes towards the internal customer Nemi and external customers
are now common. Almost all operating roles  have been redefined and, for the
most part, filled with existing employees. The overall headcount remains
approximately the same. With this foundation established, and further work to
make the platform more efficient through 2019, cost synergies will gradually
materialize in the financials and allow a sustainable cost level.

Espen Husstad, CEO of Insr Insurance Group, comments: "As pricing and pruning
measures continue with full force, we are confident that the claims result will
improve in the near future, and Insr is set for profitability in 2019. Given the
weak first quarter, this will be challenging, but a strong start to the second
quarter supports this view."

Financial Highlights:

(Figures in brackets = figures for same period previous year unless otherwise

Premium earned for own account (net) was NOK 223.0 million (NOK 148.8 million)

Net result was a loss of NOK 69.5 million (loss of NOK 24.8 million)

Gross loss ratio of 84.3% (87.1%)

Gross cost ratio of 30.5% (27.1%)

Net combined ratio was 131.6% (118.4%) and gross combined ratio 124.8% (114.3%)

The solvency ratio was 135% compared to 153% at the end of Q4 '18

Presentation details

Espen Husstad (CEO) and Hans Petter Madsen (CFO) will present the results on May
15th at 08:30 CET:

(1) Through participative

(2) In Vika Atrium Conference Centre, Munkedamsveien 45, Oslo.

The interim report and webcast presentation for the first quarter of 2019 are
attached to this release. The webcast presentation is not intended to be a stand
-alone presentation and should be read in conjunction with management's comments
and the quarterly report.

For further information, please contact:

Anne B. Knudtzon, SVP Business Controlling & Investor Relations
T: +47 926 10 606

Partnership insurance made easy. Insr enables you to broaden your customer or
member offering through white label and co-branding insurance solutions. We
provide insurance risk capital and insurance expertise, whilst you maintain your
customer or member relationship. Insr is regulated by the Norwegian FSA
(Finanstilsynet) and has a license for all groups of non-life insurance, except
for credit and guarantee insurance.

Insr Insurance Group ASA was established in 2009 and is an independent insurance
group listed on the Oslo Stock Exchange, with headquarters in Oslo. The
Company's main focus is on the market for property and casualty insurance for
the retail and small enterprise segments in Norway and Denmark. Insr distributes
its products mainly through partners and insurance agents.

This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

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