Our mission, vision, strategy and targets

Our goals are based on a desire to achieve positive financial results and as sustainable operations as possible. 
Strategically, we work on efficiency in the short term, development in the slightly longer term and sustainable value creation in the long term.


Our mission

We safeguard life, health and assets.

Our vision

We shall know the customer best and care the most.

Our position

Gjensidige is the insurance company that leads the way, constantly finding new ways to create security.

Our strategy

Gjensidige’s corporate strategy follows from our mission to safeguard lives, health and assets – a mission that is further strengthened by our sustainability ambitions. Our overarching vision is to know the customer best and care the most, which confirms our effort to find relevant solutions for our customers, based on an increasing amount of data and better models for analytical insight.

Gjensidige has defined the Nordic region and the Baltics as its geographical catchment area, and we aim for continued growth in general insurance in this area, in addition to a broad range of services in the financial sector in Norway.

Strategic platform 

In order to ensure competitiveness, and to succeed with long term value creation, we will have to balance customer orientation with efficient operations. Both must be based on an analytical approach through the entire value chain, and key girders to succeed are a strong brand, technology/ infrastructure that underpins flexibility, and relevant competencies and culture. Sustainable choices and solutions are a fundamental precondition for long term value creation.

Key elements of our strategic platform, that you can read more about in our Annual report:

  • Customer orientation
  • Efficient operations
  • Analytics-driven business processes
  • Brand platform
  • Technology platform
  • Leadership, expertise and culture
  • Sustainability/Social Responsibility

 Strategy towards 2025 
Gjensidige’s strategy is based on our position for further growth and development in the individual markets, while exploiting synergies and best practices across the Group. Gjensidige has a clear ambition to achieve organic, profitable growth in all its markets. At the same time as Gjensidige strengthens its current business model, market position and profitability, we make systematic and targeted efforts to exploit new pockets of growth and explore new, innovative products and services of greater relevance to customers’ lives.

We develop strategic flexibility and the required financial room for manoeuvre through continuous improvement and more efficient operations. During the period, we will increasingly position ourselves through new customer concepts that help to prevent damage and solve customer problems. We will do this alone, together with partners or by participating in relevant ecosystems. This will ensure greater relevance in relation to our customers and make us more attractive to potential alliance partners.

We create loyality by solving relevant problems for our customers as they arise,
often by helping them to avoid damage or to create incentives for sustainable choices.

We build customer satisfaction through reliable, differentiating customer
service and advice, and competitive, correctly priced products.

We meet customer expectations and eliminate frustration.

Read more about goals and strategy in our annual report 2021


Sustainability targets

Gjensidige has set goals for the Group’s contribution to overall sustainability, with focus on safer society, sustainable claims handling and responsible investments:

  • A safer society: 80 % of premium income sustainable by 2025 for products covered by the EU taxonomy for general insurance.
  • Sustainable claims settlements: 35 % reduction in CO2e in claims processes by 2025. Base year 2019.
  • Responsible investments: Net zero emissions in the investment portfolios by 2050


Group financial targets for 2022 to 2025

Metric  Target
Combined ratio*  < 85 per cent
Cost ratio* < 14 per cent
Solvency margin ratio between 150 and 200 per cent
Return on Equity after tax > 19 per cent

*Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group 2021.

Operational targets

Customer orientation

  • Customer satisfaction, Group > 78
  • Retention:
    • Norway > 90%
    • Outside Norway > 85%

Efficient and sustainable operations

  • Digitalisation index, Group> +10% annually
  • Digital claims reporting, Group > 85%
  • Automated claims processing* , Norway > 70%
  • Reduced carbon emissions, Group 75 % (base year: 2019)
  • Employee engagement score: top 25 % in finance in Europe 
  • No fines from authorities

* Process after claims have been reported

Key figures

Main figures            2021 2020  2019   2018   2017 
Earned premiums, general insurance NOK Millions     29.136,4     27.160,5   24.650,4   24.052,8   23.398,3
Underwriting result1 NOK Millions      5.718,3      5.075,6    4.036,4    3.605,8    3.410,1
Net income from investments    NOK Millions      3.027,6      1.318,5    3.860,3      830,2    2.002,2
Profit/ (loss) from Pension NOK Millions        213,7        166,8      196,9      166,6      103,6
Profit/(loss) from continuing and
iscontinued operations
NOK Millions      7.141,1      4.953,9    6.593,8    3.716,4    4.519,3
Regular dividend per share NOK          7,70         7,40       7,25       7,10       7,10
Special dividend per share NOK            -          6,40       5,00         -          - 
Main figures general insurance                
Large losses1  NOK Millions        954,7        955,6      635,0      954,7      577,4
Run-off results1  NOK Millions      1.306,5      1.122,3    1.363,2    2.356,9    1.030,3
Combined ratio1  Per cent         80,4         81,3       83,6       85,0       85,4
Loss ratio1  Per cent         66,2         66,8       68,9       69,8       70,1
Underlying frequency loss ratio1 Per cent         67,4         67,4       71,8       75,6       72,0
Cost ratio1 Per cent         14,2         14,5       14,7       15,2       15,3
Financial position            
Investment portfolio2 NOK Millions     59.803,8     58.887,4   59.054,4   52.816,0   54.860,2
Equity  NOK Millions     25.205,2     25.284,5   26.192,2   23.845,2   23.703,1
Total equity and liabilities NOK Millions    129.822,1    118.312,0  112.405,9  156.762,9  149.072,4
Solvency margin, partial internal model Per cent          190          198        206        190        169
Return on financial assets1  Per cent          5,1          2,2        4,1        1,5        3,7
Return on equity1 Per cent         31,0         19,2       28,2       17,3       21,3

1)Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group 2021|. 
2)The investment portfolio includes all assets in the Group, except Pension.