Gjensidige (GJF) Pre-Close Call summary

Executive summary

• Q2 2024 earnings release is scheduled for July 15, with consensus estimates published July 10 and a silent period starting July 1.

• Q2 pre-close call reviewed key public information, reporting dates, business seasonality, and recent acquisitions.

• Seasonality impacts claims ratios, with Q2 and Q3 typically seeing lower claims than winter quarters.

• Recent acquisitions in Denmark (PenSam Forsikring and Sønderjysk Forsikring) completed in late 2023 and integrated into the portfolio.

• Regular dividend of NOK 8.75 per share for 2023 paid in Q2/April 2024 as resolved at the AGM.

Trading performance and revenue trends

• Acquisitions in Denmark added DKK 318 million in annual insurance revenue from late 2023.

• Q2 and Q3 typically have lower claims ratios due to seasonality; no major flood events in Norway, but increased thunderstorm and lightning-related claims reported.

• May was warm and dry, June was wet with some cloudbursts and thunderstorms, but no significant impact noted.

Profitability and margins

• Significant price increases and higher deductibles are being implemented to offset claims inflation and improve profitability.

• Claims inflation for private motor in Norway estimated at 7%, expected to decline to 4% over 12–18 months; property claims inflation at 5–7%.

• Staying ahead of claims inflation is a high priority, with ongoing monitoring and pricing adjustments.