Norway · Delayed Price · Currency is NOK Gjensidige Forsikring ASA Earnings Call Transcripts
Fiscal Year 2026
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Strong quarterly results with 9.3% revenue growth and a 33.3% return on equity, driven by pricing actions, operational efficiency, and new strategic partnerships. Adjusted profit after tax rose year-over-year despite a one-off Danish court impact, and the solvency ratio remained robust at 189%.
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Q2 2026 pre-close call highlighted seasonally lower claims, a DKK 290 million net impact from Danish workers' comp, and stable solvency with a 3-point hit before new Tier 2 eligibility. No significant storm or pension updates; dividend and bond actions noted.
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Strong quarterly results with profit before tax of NOK 2,055 million, a combined ratio of 79.2%, and robust growth across segments. Uncertainty remains from the Danish Supreme Court ruling, but financial targets for 2026 are reaffirmed.
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Q1 2026 is marked by seasonally higher claims but no major natural perils, a reversal of a DKK 80 million provision, and a positive solvency impact from the Baltic sale. Large losses are estimated at NOK 580 million per quarter, with stable reserve and dividend policies.
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Ambitious 2028 targets include a combined ratio below 81%, ROE above 28%, and NOK 10bn insurance service result, driven by operational excellence, advanced technology, and strong Nordic market positions. Strategic focus areas are customer empathy, resilience, profitable growth, and sustainability, with significant investments in AI, digitalization, and claims efficiency.
Fiscal Year 2025
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Strong Q4 and full-year results were driven by revenue growth, disciplined pricing, and operational efficiency, with all financial targets met and a robust capital position. The group proposed a NOK 7.25 billion dividend and expects continued profitability and growth in 2026.
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Q4 is expected to show higher claims due to seasonality and Storm Amy, with NOK 400 million in related losses. Large losses are estimated at NOK 500 million per quarter, and solvency capital and reserves remain stable. Baltics business results are classified as discontinued operations.
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Profit before tax reached NOK 2,067 million, with strong insurance revenue growth and improved profitability across Norway, Denmark, and Sweden. The combined ratio improved to 79.7%, and the solvency ratio rose to 191%, while price increases continue to outpace claims inflation.
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Q3 2025 pre-close call highlighted seasonally lower claims, no major natural events, and a NOK 400 million pension IT write-off. New Tier 1 bond issuance and buybacks increased owned funds, with continued focus on reserve discipline and investment returns.
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Q2 saw strong profit growth, improved combined and cost ratios, and high customer retention, driven by effective pricing and favorable claims trends. Claims inflation forecasts were reduced, price increases moderated, and financial targets reaffirmed, with continued vigilance on geopolitical and market risks.
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Q2 2025 has seen favorable weather and no major natural peril events, supporting lower claims ratios. Large losses are estimated at NOK 2 billion for 2025, with solvency set to decrease due to the Bysor acquisition. Results for ADB Gjensidige remain classified as discontinued operations.
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Profit before tax reached NOK 1,790 million, with insurance revenue up over 10% and a combined ratio of 86.9%. Strong price increases and high retention drove growth, while profitability improved across core segments despite ongoing macroeconomic and regulatory challenges.
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Q1 2025 pre-close call highlighted seasonally higher claims due to winter weather, a NOK 5 billion dividend payout, and the Bay Shore acquisition expected to boost insurance revenue. Large loss expectations have increased for 2025, and Baltic operations sale is on track for early 2026.
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NOK 812 million in claims cost savings were achieved two years ahead of target, driven by AI, automation, and operational enhancements across Norway and Denmark. Sustainability goals are on track, and further efficiency gains are expected through ongoing technology and process improvements.
Fiscal Year 2024
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Q4 saw strong profit growth, improved combined and cost ratios, and robust revenue increases, especially in Norway. Dividend payout is set at NOK 5 billion, with a solid solvency ratio and continued focus on pricing and efficiency measures to meet future targets.
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Q4 2024 pre-close call highlighted seasonality in claims, impacts from weather and acquisitions, and a strengthened capital position through a new bond and regulatory approval. Baltic operations are now reported as discontinued, with updated investment benchmarks and ongoing focus on transparency.
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Profit before tax rose to NOK 2.25 billion, driven by strong insurance and investment results, despite higher claims in Norway. Significant price increases and efficiency measures are expected to improve profitability, with financial targets for 2025 and 2026 maintained.
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Q3 2024 will reflect significant weather impacts, a NOK 120 million loss from the Baltic sale, and ongoing effects from Danish acquisitions. Underlying loss ratios are expected to improve, with reserve strengthening and claims inflation remaining key focus areas.
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Sale of Baltic operations for EUR 80 million sharpens focus on Nordic P&C markets, with a minor accounting loss but improved solvency expected. Dividend policy remains unchanged, and future M&A will target value-creating opportunities within the Nordics.
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Profit before tax rose to NOK 1,830 million, driven by strong revenue growth but offset by high claims in Norway, especially in motor and property. Significant price increases are being implemented to counter claims inflation, with high customer retention and all financial targets for 2025 and 2026 maintained.
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Profit before tax rose to NOK 1,830 million, driven by strong revenue growth but offset by high claims in Norway, especially in motor and property. Significant price increases are being implemented to restore profitability, with all financial targets for 2025 and 2026 maintained.
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Q2 is tracking as a typical summer quarter with no adverse weather impacts and continued focus on claims inflation management. Recent Danish acquisitions are contributing to revenue, and price increases are being implemented to offset inflation. Large losses and reserves remain within expected ranges.