Gjensidige Forsikring ASA: Results for the 3rd quarter 2025: Higher general insurance service result, profit impacted by a non-recurring expense for Pension
This release contains inside information related to Gjensidige Forsikring ASA pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Effective pricing measures and continued focus on operational efficiency resulted in a significant improvement in the insurance service result. Profit for the pension business was negatively impacted by the termination of the implementation of the core IT system. Results from the investment portfolios contributed to an annualised return on equity of 29.6 per cent. Gjensidige's capital position is strong.
-Our strong growth momentum continued in the quarter. The insurance service result increased substantially, driven by the continued strong top line growth and higher margins. We are making good progress toward delivering on our financial targets this year and in 2026," says Geir Holmgren, CEO of Gjensidige.
-We are very pleased that we have seen a solid increase in the number of customers this year, reaching 850,000 customers in Private Norway. This shows that we continue to deliver high value to our customers," says Holmgren.
Highlights third quarter 2025 (corresponding quarter of 2024 in parentheses)
· Profit or loss before tax expense: NOK 2,067.4 million (2,337.6)
· Earnings per share: NOK 3.13 (3.32)
· Insurance revenue: NOK 11,201.9 million (9,888.8)
· Insurance revenue growth: 13.0% in local currency (10.6%), or 11.3% adjusted for a non-recurring effect in Private Norway
· Insurance service result: NOK 2,270.6 million (1,590.0)
· Combined ratio: 79.7% (83.9%)
· Loss ratio, net of reinsurance: 68.9% (72.1%)
· Underlying frequency loss ratio, net of reinsurance: 65.7% (67.1%)
· Cost ratio: 10.8% (11.8%)
· Financial result: NOK 534.0 million (1,306.5)
Gjensidige Forsikring Group recorded a profit before tax expense of NOK 2,067.4 million (2,337.6) for the quarter. The profit includes a negative impact of NOK 429.1 million, related to the termination of the core IT system implementation in the pension business. The profit after tax expense from continuing operations was NOK 1,563.8 million (1,788.2).
General insurance
Insurance revenue increased by 13.3 per cent to NOK 11,201.9 million (9,888.8) in the quarter, or by 13.0 per cent measured in local currency. Adjusted for a non-recurring effect related to the change in recognition of home seller insurance policies in Private Norway, the growth was 11.3 per cent in local currency. This was mainly driven by pricing measures across the private and commercial portfolios in all geographies, solid renewals in the commercial portfolios and higher volumes in Denmark and Sweden.
The insurance service result was NOK 2,270.6 million (1,590.0). The increase was driven by a higher insurance revenue and an improved loss ratio.
The combined ratio was 79.7 (83.9). The loss ratio decreased by 3.2 percentage points, mainly driven by an improvement in the underlying frequency loss ratio and lower large losses. Lower run-off gains contributed negatively. The underlying frequency loss ratio improved by 1.4 percentage points. All segments showed an improvement, except Commercial in Denmark.
The cost ratio improved by 1.0 percentage points, reflecting revenue growth and operational efficiency.
Pension
The pension segment recorded a profit before tax expense of minus NOK 414.5 million (123.8), with the decrease mainly reflecting the non-recurring expense related to the core IT system. A lower net finance income also contributed to the decrease in profit.
Financial result
The financial result for the quarter was NOK 534.0 million (1,306.5), corresponding to a return on total assets of 0.8 per cent (2.1). The result for the quarter reflects positive return from all asset classes, driven by running yields, lower credit spreads and positive equity and real estate markets.
Other items
Other items amounted to minus NOK 229.6 million (minus 117.1). The decrease was mainly driven by profits from natural perils insurance transferred to the natural perils pool and provisions related to the termination of cooperation agreements with seven fire-mutuals effective from 2026.
Discontinued operations
The profit from discontinued operations was NOK 40.7 million (minus 91.2). The loss in the third quarter of 2024 included a NOK 123.0 million write-down of goodwill related to the agreement on the sale of ADB Gjensidige. Adjusted for this, the profit improved, reflecting a higher insurance service result and lower net financial income. The insurance service result from discontinued operations was NOK 33.4 million (12.9), reflecting higher run-off gains and lower loss and cost ratios.
Highlights year-to-date 2025 (year-to-date 2024 in parentheses)
· Profit or loss before tax expense: NOK 6,741.5 million (5,218.2)
· Earnings per share: NOK 10.25 (7.63)
· Insurance revenue: NOK 31,689.0 million (28,340.5)
· Insurance revenue growth of 11.3% in local currency (10.1%)
· Insurance service result: NOK 5,784.7 million (3,716.7)
· Combined ratio: 81.7% (86.9%)
· Loss ratio, net of reinsurance: 70.2% (74.6%)
· Underlying frequency loss ratio, net of reinsurance: 66.0% (71.3%)
· Cost ratio: 11.6% (12.3%)
· Financial result: NOK 2,148.6 million (2,250.5)
This release contains alternative performance measures (APMs). APMs are described at www.gjensidige.com/reporting This release is issued by Christian Haraldsen, media relations officer at Gjensidige Forsikring ASA. Date and time of publication: 07:00 CET, 24 October 2025.
Contact persons, Gjensidige Forsikring ASA:
Head of Communication, Øystein Thoresen. Tel: +47 952 33 382
Head of Investor Relations, Mitra Hagen Negård. 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