Our mission, vision, strategy and targets

Gjensidige shall be a leading general insurance company with business in the Nordic and Baltics. A high degree of customer orientation shall be combined with cost efficient operations. Sustainable choices and solutions are a precondition for long term value creation. Mergers, acquisitions and strategic alliances will complement organic growth and help the Group deliver on strategic goals. Profitability shall still be prioritised ahead of growth.


Our mission

For more than 200 years, Gjensidige has sought to create a sense of security for our customers by safeguarding life, health and assets in a sustainable way. That’s our mission. We have continuously implemented damage prevention measures, and provided help when the damage was done. Our experience and expertise shall benefit society at large.

Our vision

Gjensidige’s vision is to know the customer best, and care the most. We aim to be the most customer-oriented general insurance company in the Nordic and Baltic area. This goal shall permeate the Company’s solutions and development agenda and characterise Gjensidige as a brand.

Our strategy

The board has determined Gjensidige’s group strategy for the coming years. The group strategy guides the business strategies of each business segment.

The Board has also adopted targets to ensure that Gjensidige meets its obligations to the Company’s stakeholders. The board has adopted both sustainability targets and financial targets.

In order to support these targets, the management has adopted operational targets.

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
  • Corporate social responsibility/sustainability

 Strategy towards 2025 

We expect that the business model and the market players will be broadly the same in the period up until 2025. Gjensidige has different positions and preconditions for further growth and development in the segments. We will implement best practices across segments where natural and expedient. Profitability will be prioritised over growth.

Key elements of our strategy towards 2025, that you can read more about in our Annual report:

  • A problem-solver for customers
  • Improvement and development agendas
  • Segment strategies
  • Capital strategy
  • Structural growth

 Read more about goals and strategy in our annual report 2020.


Sustainability targets

A safer society Reducing carbon intensity Responsible investments

 Damage preventing

  • Share of security discount of total portfolio (damage prevention measures).

  • Contribute to at least 1000 media reports annually on damage prevention.

Sustainable claims settlements
  • Annual reduction of carbon intensity in claims

  • Annual increase of reused materials (in tons).

Share of follow-up of asset managers
investing in companies on the exclusion list.

Sustainable products

  •  Share of premiums qualified as sustainable
    (EU taxonomy).

 Exploit digitalisation potentials

  • Claims straight-through processing (Norway)

  • 95 per cent digital customers.

Reducing our own climate footprint from shares and property investments

 Social commitment

  • Provide work practice and contribute to good integration for minimum 4 FTE/persons.

  • Contribute to equal opportunities for children
    and young people.

Reducing our own carbon footprint
  • Annual reduction of carbon emissions from own operations and climate neutral from 2020
    by purchasing carbon offsets.

 Engaged employees

Gjensidige’s employees to be among the 25 per cent most engaged within the finance industry.
Positive development in perceived diversity.
Positive development in perceived innovation.

 Good corporate governance

Combined Ratio: See table on next page.
Annual reduction in customer complaints.
No fees related to breaches of GDPR, corruption, money laundering.



Financial targets

Metric  Target
Combined ratio 1  86 - 89 per cent 2

Cost ratio 1

< 15 per cent
Solvency margin Partial Internal Model 150 - 200 per cent
Return on Equity after tax > 20 per cent 3
Underwriting result from operations outside Norway NOK 750  ( in 2022) 4
Dividend Nominal high and stable.
Pay-out ratio >80 per cent over time.

1 Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group 2020.
2 Assuming annual run-off gains ~NOK 1 billion through 2022. Corresponds to 90-93 per cent given zero run-off gains post 2022.
3 Corresponds to >16 per cent given zero run-off gains post 2022
4 Excluding run-off

Operational targets

The following operational targets shall underpin the Group’s financial targets.

Metric  Target 2022
Customer satisfaction (CSI) > 78, Group

Customer retention

> 90 per cent, Norway
> 85 per cent, outside Norway
Sales effectiveness + 10 per cent, Group
Automated tariffs 100 per cent, Group
Digital claims reporting 80 per cent, Norway
Claims straight-through processing 64 per cent, Norway
Claims cost Reduce by NOK 500 million, Group