This article first appeared on GuruFocus .
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Profit After Tax:NOK1.548 billion.
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Return on Equity:27.7%.
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Solvency Position:195%.
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Insurance Service Result:NOK2.288 billion.
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Combined Ratio:79.2%.
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Cost Ratio:11.7%.
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Investment Portfolio Financial Result:NOK226 million.
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Pension Segment Pretax Loss:NOK298 million.
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Group Insurance Revenue Growth:10.6% in local currency.
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Profit Before Tax:NOK2.055 billion.
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Private Norway Insurance Service Result Increase:NOK258 million.
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Private Denmark Insurance Service Result:NOK74 million.
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Commercial Norway Revenue Growth:Driven by effective pricing measures.
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Commercial Denmark Profitability Improvement:Due to better frequency loss ratio and fewer large losses.
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Swedish Business Performance:Supported by higher run-off gains but impacted by higher frequency loss ratio and large losses.
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Investment Portfolio Return:Positive returns on fixed income securities and real estate holdings.
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Group Solvency Ratio:195% at the end of the first quarter.
Release Date: April 29, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Gjensidige Forsikring ASA ( GJNSY ) achieved a strong profit after tax of NOK1.548 billion, reflecting robust growth momentum and improved margins.
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The company reported a significant increase in insurance service results, amounting to NOK2.288 billion, with a combined ratio of 79.2%, well below the annual target of 82%.
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The Board's proposed dividend was approved, resulting in a payout of NOK7.25 billion to shareholders.
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Gjensidige Forsikring ASA ( GJNSY ) maintained a solid solvency position of 195%, indicating strong financial health.
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The company expanded its sensor-based alarm services from homes to cabins, enhancing customer support and reducing incident rates.
Negative Points
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The Danish Supreme Court ruling on workers' compensation could result in additional claims costs of DKK500 million to DKK800 million, creating financial uncertainty.
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The pension segment recorded a pretax loss of NOK298 million, impacted by a recalculation of reserves and reduced net finance income.
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The results from the pension business were negatively affected by a recalculation of reserves in the IFRS 17 accounts.
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Growth in certain accident insurance products remains subdued, reflecting a prioritization of profitability over growth.
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The commercial segment experienced reduced underlying profitability in Commercial Motor, Private Property, and Payment Protection insurance in Sweden.
Q & A Highlights
Q: Can you provide more details on the Danish Supreme Court ruling's financial impact and the assumptions behind your estimate? A: The financial impact of the Danish workers' compensation ruling is uncertain. Our estimate of DKK500 million to DKK800 million is based on assumptions about claims in the 5% to 15% range of lost working ability. This ruling was unexpected and reverses a 40-year practice. We will work with the Danish Insurance Association to assess measures and will provide a more precise estimate by the second quarter results. (Jostein Amdal, CFO)
Q: How does the updated inflation estimate for Motor and Property in Norway affect your pricing strategy? A: The updated inflation estimates reflect higher energy prices and material costs. For Property, 25% of inflation is due to material prices and 75% to labor costs. For Motor, it's 50% each. Our pricing will align with expected claims development and inflation, ensuring our strategy remains proactive. (Geir Holmgren, CEO)
Q: What are the next steps and timeline for addressing the Danish workers' compensation ruling? A: We will refine our estimate and aim to provide a more precise figure by the second quarter results. We are collaborating with other Danish insurers through the Danish Insurance Association to address the ruling. (Jostein Amdal, CFO)
Q: Why is growth in commercial lines lower, and what are your views on this segment? A: Growth in commercial lines is affected by our focus on profitable growth. We did not renew some large corporate contracts due to pricing conditions not meeting our profitability expectations. However, our competitiveness in the SME market remains strong. (Geir Holmgren, CEO)
Q: What is the solvency impact of the Danish workers' compensation provision? A: The main impact is on own funds, with taxes subtracted from the provision estimate. This will affect our solvency calculations. (Jostein Amdal, CFO)
Q: Can you explain the factors behind the pension reserve strengthening? A: The reserve strengthening is a technical adjustment under IFRS 17, with no impact under IFRS 4 or on solvency. It reflects recalculations needed for the transition to IFRS 17. (Jostein Amdal, CFO)
Q: How did favorable weather conditions impact Motor insurance results in Norway? A: While favorable weather helped, the main improvements in Motor insurance are due to pricing and stable claims inflation and frequency. Weather is not the primary factor. (Geir Holmgren, CEO)
Q: How does currency fluctuation affect your inflation estimates and pricing? A: Currency changes are considered in our inflation estimates, especially for material costs in Motor insurance. We aim to price in line with expected inflation and account for currency uncertainties. (Jostein Amdal, CFO)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
