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Gjensidige Forsikring (GJF) investor relations material
Gjensidige Forsikring Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Profit before tax for Q3 2025 was NOK 2,067 million, impacted by a NOK 429 million non-recurring expense from terminating a core IT system in the pension segment.
Insurance service result rose to NOK 2,271 million, with strong growth in Norway and Denmark and improved profitability in Sweden.
Return on equity annualised at 29.6%, and solvency ratio at 191%, reflecting a solid capital position.
Combined ratio improved to 79.7%, driven by better loss and cost ratios.
Financial highlights
Insurance revenue for Q3 increased 13.3% to NOK 11,201.9 million, adjusted for non-recurring effects in Private Norway.
Investment returns contributed NOK 534 million, with positive results across all asset classes.
Cost ratio improved to 10.8%, a 1% reduction year-over-year.
Pension segment reported a pre-tax loss of NOK 414 million, mainly due to the IT system termination expense.
Year-to-date profit before tax was NOK 6,741.5 million, with EPS at NOK 10.25.
Outlook and guidance
Financial targets for 2025/2026: combined ratio below 84%, cost ratio below 14%, return on equity above 22%, solvency ratio between 140–190%.
Price increases in Norway for property and motor insurance are expected to remain at 12.5%-13% on average, above expected claims inflation.
Repair cost inflation for property and motor is expected to be 3%-6% over the next 12-18 months.
Focus remains on operational efficiency, capital discipline, and prioritising profitability over volume.
Pension IT system termination impact
Commercial Denmark loss ratio drivers
Q3 financial result decline drivers?
Capital deployment priorities given 191% solvency?
Pension IT system termination: strategic rationale?
Norway pricing discipline: market sustainability?
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Next Gjensidige Forsikring earnings date
Q4 202529 Jan, 2026
Next Gjensidige Forsikring earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
Gjensidige Forsikring ASA provides general insurance and pension products in Norway, Sweden, Denmark, Latvia, Lithuania, and Estonia. It offers life insurance, health insurance, and accident insurance; as well as various tailored credit life insurance products. Gjensidige Forsikring ASA also provides savings plans and other savings plans, such as pension plans, pension annuities, and long-term care insurance. In addition, it focuses on insuring against pension commitment; other direct cost commitments; repair or replacement of living accommodation; economic disappearance; and business interruption due to accidental damage or property coverage. The company is based in Oslo, Norway.
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