[1] He also served as the prime minister of Iceland from 3 June 1932 to 28 July 1934 for the Progressive Party.

Ásgeir is the only person in Iceland to date to serve both as president and prime minister.

Educated as a theologian, Ásgeir graduated with honours from the University of Iceland in Reykjavík in 1915, but was considered too young to be ordained as a minister.

Shortly after his fourth term started, his wife, Dóra, died from leukemia.

However, even though Gunnar started as the frontrunner (according to opinion polls), he lost the election to Kristján Eldjárn.