Gjensidige Forsikring ASA
OSE:GJF
Gjensidige Forsikring ASA
Gjensidige Forsikring ASA, a stalwart in the Nordic insurance landscape, traces its roots back to 1816, showcasing a heritage deeply intertwined with community welfare. As one of the leading insurance companies in Scandinavia, Gjensidige caters to both individuals and businesses by providing a wide spectrum of insurance services—notably, non-life coverage such as motor, property, and casualty insurances. The company’s robust business model hinges on its ability to assess and price risk effectively, maintaining a balanced portfolio that reduces unwanted volatility while ensuring sufficient capital to meet claims. This risk management expertise is the linchpin of their operations, fostering not only customer trust but also shareholder confidence, allowing Gjensidige to leverage its substantial market presence and strong brand reputation.
Marco operations in Norway, Denmark, Sweden, and the Baltic states bolster its revenues, drawing from the distinctive economic and demographic milieus of each region. The firm's revenue structure is predominantly driven by premium income from policyholders, supplemented by strategic investments aimed at optimizing returns from collected reserves and premiums. Moreover, Gjensidige distinguishes itself by pursuing a customer-centric approach, underscored by technological advancements that streamline claims processing and enhance customer service. By balancing operational efficiency and customer satisfaction with prudent financial management, Gjensidige not only sustains its market leadership but also ensures its business is well-positioned to adapt to the ever-evolving financial and regulatory landscapes.
Gjensidige Forsikring ASA, a stalwart in the Nordic insurance landscape, traces its roots back to 1816, showcasing a heritage deeply intertwined with community welfare. As one of the leading insurance companies in Scandinavia, Gjensidige caters to both individuals and businesses by providing a wide spectrum of insurance services—notably, non-life coverage such as motor, property, and casualty insurances. The company’s robust business model hinges on its ability to assess and price risk effectively, maintaining a balanced portfolio that reduces unwanted volatility while ensuring sufficient capital to meet claims. This risk management expertise is the linchpin of their operations, fostering not only customer trust but also shareholder confidence, allowing Gjensidige to leverage its substantial market presence and strong brand reputation.
Marco operations in Norway, Denmark, Sweden, and the Baltic states bolster its revenues, drawing from the distinctive economic and demographic milieus of each region. The firm's revenue structure is predominantly driven by premium income from policyholders, supplemented by strategic investments aimed at optimizing returns from collected reserves and premiums. Moreover, Gjensidige distinguishes itself by pursuing a customer-centric approach, underscored by technological advancements that streamline claims processing and enhance customer service. By balancing operational efficiency and customer satisfaction with prudent financial management, Gjensidige not only sustains its market leadership but also ensures its business is well-positioned to adapt to the ever-evolving financial and regulatory landscapes.
Profitability: Gjensidige reported strong Q4 and full-year results, with insurance service result up almost 8% after adjusting for one-off IT and Denmark workforce expenses.
Combined Ratio: The combined ratio improved to 83.4% for the year (down 2.5 percentage points), reflecting successful pricing actions and operational improvements.
Dividend: The board proposed a total dividend of NOK 7.25 billion (NOK 14.5 per share), including a special dividend, and clarified a policy of growing regular dividends.
Capital Position: The solvency ratio remains strong at 188%, with further improvement expected in Q1 2026 after the Baltic business sale.
Growth Drivers: Revenue growth of 11.5% was driven by price increases and higher volumes across Norway, Denmark, and Sweden.
IT System Write-Down: A NOK 502 million expense was recorded to reduce the book value of the core IT system and for Danish workforce reduction, providing more strategic flexibility for future investments.
Cost Discipline: Adjusted cost ratio dropped to 11.5% for the year, reflecting strict cost control and ongoing efficiency improvements.
Market Environment: Management noted continued rational competition and successful price increases above claims inflation, particularly in Norway.
