Gjensidige (GJF) Q4 2025 earnings summary

Executive summary

• Achieved strong financial and operational results for Q4 and full year 2025, meeting or exceeding all key financial targets and maintaining high customer loyalty and retention.

• Profit before tax for Q4 was NOK 1,754 million (NOK 2,256 million adjusted); full year profit before tax was NOK 8,495.3 million.

• Insurance service result for 2025 was NOK 7,081 million, with Q4 at NOK 1,297 million (NOK 1,798 million adjusted).

• Maintained a robust solvency ratio of 188% and return on equity of 27.3%.

• Significant one-off expenses in Q4 related to IT system write-downs and workforce reductions in Denmark reduced profit by NOK 502 million.

Financial highlights

• Insurance revenue grew 11.5% year-over-year, with Q4 insurance revenue at NOK 11,080.5 million and full year at NOK 42,769.5 million.

• Combined ratio for 2025 was 83.4%, with Q4 at 88.3% (83.3% adjusted); cost ratio improved to 12.7% for the year.

• Financial result from investments in Q4 was NOK 482.3 million; full year NOK 2,630.9 million.

• Earnings per share for the year: NOK 12.83 (up from NOK 10.01 YoY).

• Dividend proposal of NOK 14.50 per share (NOK 7,250 million total), including a special dividend, with payout ratio of 111%.

Outlook and guidance

• 2026 targets: combined ratio below 82%, cost ratio below 13%, return on equity above 24%, solvency ratio 140–190%, and group insurance service result above NOK 7.5 billion.

• Pricing expected to remain at least in line with claims cost inflation, with ongoing assessment of market conditions.

• Continued focus on profitable growth, operational efficiency, and disciplined pricing, especially in Norway and Denmark.