Gjensidige (GJF) Pre-close call summary
Event summary combining transcript, slides, and related documents.
Pre-close call summary
28 Sep, 2026Executive summary
Q3 pre-close call reviewed public information, with no new business updates shared.
Q3 results will be released on October 23rd, with consensus published on October 16th.
Q&A session addressed clarifications on large fire event allocation and tier two capital treatment.
Trading performance and revenue trends
Q2 and Q3 typically have lower claims ratios due to seasonality; this quarter saw normal temperatures and no major natural peril events, except for a significant residential fire in Norway.
The fire event's impact is limited to NOK 100 million, covered by reinsurance, and will be reflected in Q3 results.
Q3 2025 had two non-recurring effects: a NOK 429 million negative impact from IT system termination and a NOK 168 million positive impact from a change in revenue recognition.
Profitability and margins
Expected large losses for the year are estimated at NOK 580 million per quarter, but actuals may vary due to randomness.
Reserves continue to be set at best estimate, potentially resulting in run-off gains or losses.
Latest events from Gjensidige
- Record FY profit and underwriting supported a proposed NOK 7.70 dividend.GJF
Q4 2021 (Q&A) - Record underwriting and premium growth supported strong Q3 results; NOK 4 per-share special dividend declared.GJF
Q3 2021 (Q&A) - 2028 ambition: combined ratio <81%, ROE >28% and GI service result >NOK10bn.GJF
Investor presentation - Stronger underwriting lifted Q3 profit to NOK 2.08bn as the combined ratio improved to 73.6%.GJF
Q3 2026 - 2023 targets tighten for combined ratio and return on equity as IFRS 9 and IFRS 17 take effect.GJF
Investor Update - Holmgren named CEO from January 2023 as Nordic and Baltic growth strategy continues.GJF
Investor Update - Special dividend withdrawn; regular dividend maintained and estimated solvency margin at 211%.GJF
Investor Update - Q2 2026 saw 33.3% ROE, 189% solvency, and continued strong dividend growth.GJF
Investor presentation - NOK 812m in claims savings achieved two years early through AI and operational efficiencies.GJF
Investor Update