Q2 2026 Gjensidige Forsikring ASA Earnings Call Transcript
Key Points
- Gjensidige Forsikring ASA (GJNSY) reported a strong profit after tax of NOK2.122 billion in the second quarter, despite a negative impact from the Danish Supreme Court ruling.
- The company achieved a revenue growth of 9.3% in the quarter, supported by effective price increases and volume growth in key markets.
- Gjensidige's pension business achieved top ranking in the 2026 recognized occupational pension barometer in Norway, highlighting its strong market position.
- The company entered into a strategic partnership with Tesla, enhancing its position in the Norwegian motor insurance market.
- Gjensidige maintained a robust solvency ratio of 189%, providing flexibility for future growth and shareholder distributions.
- The Danish Supreme Court ruling on workers' compensation had a negative impact of NOK419 million on the company's results.
- There was a slowdown in gross written product growth in the private segment, decreasing from 9% in Q1 to 5.6% in Q2.
- The Swedish business experienced a NOK56 million decrease in insurance service results due to runoff losses.
- The termination of agreements with fire mutuals in Norway led to a short-term negative impact on volume growth.
- The real estate portfolio delivered a negative return due to market adjustments and high yield requirements.
Good morning, and welcome to the second quarter presentation for Gjensidige. My name is Mitra Negard and I'm Head of Investor Relations.
We will start this session with our CEO, Geir Holmgren, who will give you the highlights of the quarter, followed by our CFO, Jostein Amdal, who will run through the numbers in further detail. And we have plenty of time for a Q&A after that. Geir, please.
Thank you, Mitra, and good morning, everyone.
Turning to page 2. We generated strong results this quarter, but before discussing them, I would like to highlight a few important developments during the quarter.
First, Lisa Legallais, CEO of the Pension business has joined the group management team. This reflects the growing strategic importance of Pension within Gjensidige and ensures that this business area is represented directly in key strategic discussions and decisions. At the same time, the product,
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