The implementation of Gjensidige Pensjonsforsikring's new core-IT system,
CoreSuite, will be discontinued. Over the course of the project period, it has
become increasingly evident that the selected solution does not adequately
address the evolving business requirements.
The termination will impact profit before tax for the pension business in the
Group accounts by approximately NOK 400 million in the third quarter of 2025.
This will not impact the Group's eligible own funds in the Solvency II
calculation and hence its dividend capacity, as own funds do not include
intangible assets.
Recent technological advancements have created opportunities to extend the
operational lifespan of the existing system. Gjensidige Pensjonsforsikring will
use the time ahead to update its development strategy to reflect renewed
business and system needs.
The assessment and termination of CoreSuite is unrelated to the implementation
of the new core IT system in the general insurance business of the Group.
Contact:
Mitra Hagen Negård, Head of Investor Relations, tel. +47 957 93 631
Gjensidige is a leading Nordic insurance group listed on the Oslo Stock
Exchange. We have approximately 4,700 full time employees and offer insurance
products in Norway, Denmark, Sweden and the Baltic states. In Norway, we also
provide pension and savings solutions. In 2024, the Group's insurance revenue
was NOK 39 billion, and total assets amounted to NOK 171 billion.
For more information, visit: www.gjensidige.com