Gjensidige (GJF) Company presentation summary

Financial performance and shareholder returns

• Achieved over 1000% total shareholder return since 2010 IPO, with NOK 43bn insurance revenue in FY2025 and a solvency ratio of 195% in Q1 2026.

• Maintains high customer retention (91% Norway, 87% Denmark) and a combined ratio improving from 87.6% in 2022 to 83.4% in 2025.

• Regular dividends have grown annually, with a payout ratio above 80%, supplemented by special dividends.

• Strong return on equity, reaching 30% in 2026, and a cost ratio of ~11% in 2024.

• Solid capital position with S&P A- rating and a liquid, diversified investment portfolio.

Strategic priorities and market position

• Market leader in Norway with broad Nordic presence and a future-ready platform leveraging advanced AI and data-driven processes.

• Focuses on customer empathy, resilience, and profitable growth, enabled by scale, technology, and disciplined capital allocation.

• Pursues growth in general insurance across the Nordics and pension in Norway, with strong positions in mobility, property, and life/health segments.

• Maintains a simple business model centered on core products, capabilities, and customer relationships.

Dividend and capital management

• Unique customer dividend model in Norway, with over NOK 9bn distributed since 2008, enhancing loyalty and awareness.

• Dividend policy targets at least 80% payout of profit after tax, with excess capital paid out over time.

• Capital management ensures strong solvency, optimized asset allocation, and use of subordinated debt to enhance structure.