The returns have been great, but I still don't understand the two drawdowns of 80%, Great Recession and the Pandemic, but working on it (see below)
It could be a very interesting company if those drawdowns in share price can be understood and turns out they're not correlated to the health of the company.

Part of the drawdown as characterized in USD may be due to Krone/USD exchange rates. But that's only 20% or so, whereas the total drawdowns were about 80%

From https://www.poundsterlinglive.com/bank-of-england-...
we have following currency info:

USD/Krone
Jan 2007 6.37
May 2008 5.06
A 20% drop


April 2020 10.42
May 2021 8.30
A 20% drop

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Also fwiw the Oslo Bors All-Share had significant drops of 53% in the Great Recession and about 30% in The Pandemcic.
But why should this should greatly affect an insurance company?
https://tradingeconomics.com/norway/stock-market

2007: 570
2008: 270
A 53% drop

Jan 13 2020 1053
May 16 2020 725
A 32% drop

Non-US Stocks FAQ

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