Gjensidige (GJF) investor relations material

Executive summary

• Q3 profit after tax was NOK 2,076.7m vs NOK 1,563.8m YoY; stronger general insurance results drove the increase, partly offset by weaker investment returns.

• Favorable claims conditions, pricing, risk selection and efficiency gains supported stronger Private and Commercial results.

• Annualised ROE was 34.2% and solvency was 190.3%; management remained confident of meeting 2026 targets.

Financial highlights

• Profit before tax was NOK 2,780.6m vs NOK 2,067.4m; insurance service result rose to NOK 3,003.6m from NOK 2,270.6m.

• Consolidated insurance revenue was NOK 11,582.7m; general insurance revenue was NOK 11,367.4m, up 3.7% in local currency or 5.3% adjusted for a non-recurring Q3 2025 effect.

• General insurance combined ratio was 73.6%; loss ratio was 62.0% and cost ratio 11.5%. Cost ratio excluding NOK 90m of restructuring costs was 10.7%.

• General insurance financial result was -NOK 193m; net investment result was -NOK 25m, with short-duration fixed income positive and bonds and equities negative.

• Pension pre-tax profit adjusted for CSM was NOK 98.2m; excluding the prior-year CoreSuite termination charge, it improved NOK 25.4m YoY.

Outlook and guidance

• 2026 targets include combined ratio <82%, cost ratio ~13%, ROE >24%, solvency ratio 140–190% and group insurance service result >NOK 7.5bn.

• 2027–28 targets include combined ratio <81%, cost ratio ~12%, ROE >28%, group insurance service result >NOK 10bn by 2028 and Denmark result >DKK 750m.

• Pricing is expected to at least match claims-cost development; Norwegian claims inflation over 12–18 months is estimated at 3%–6% for motor, 4%–6% for property and 4%–5% for personal lines.

• Growth opportunities include Norwegian private property, life, health and pensions, plus Danish distribution investment and increased underwriting capacity.

• AI, pricing, CRM and core-system investments aim to improve customer experience, automation and efficiency; Danish distribution capacity and partnerships are expected to support growth over time.