Q1 2026 Gjensidige Forsikring ASA Earnings Call Transcript
Key Points
- Gjensidige Forsikring ASA (GJNSY) achieved a strong profit after tax of NOK1.548 billion, reflecting robust growth momentum and improved margins.
- 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%.
- The Board's proposed dividend was approved, resulting in a payout of NOK7.25 billion to shareholders.
- Gjensidige Forsikring ASA (GJNSY) maintained a solid solvency position of 195%, indicating strong financial health.
- The company expanded its sensor-based alarm services from homes to cabins, enhancing customer support and reducing incident rates.
- The Danish Supreme Court ruling on workers' compensation could result in additional claims costs of DKK500 million to DKK800 million, creating financial uncertainty.
- The pension segment recorded a pretax loss of NOK298 million, impacted by a recalculation of reserves and reduced net finance income.
- The results from the pension business were negatively affected by a recalculation of reserves in the IFRS 17 accounts.
- Growth in certain accident insurance products remains subdued, reflecting a prioritization of profitability over growth.
- The commercial segment experienced reduced underlying profitability in Commercial Motor, Private Property, and Payment Protection insurance in Sweden.
Good morning, and welcome to the first 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. I will start with the Danish Supreme Court ruling on the workers compensation scheme announced yesterday, reducing the compensation threshold. This ruling marks a significant change in the Danish authorities practice regarding workers' compensation. The Danish Insurance Association expected the Danish government to assume full responsibility for the industry's losses.
At this stage, the financial impact remains highly uncertain. Based on our initial assessment, we
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
