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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 thecoming years. The group strategy guides the businessstrategies 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 2019

Financial targets

Metric Target
Combined ratio 1 86 - 89 per cent 2

Cost ratio 1

< 15 per cent
Solvency margin Partial Internal Model150 - 200 per cent
Return on Equity after tax> 20 per cent 3
Underwriting result from operations outside NorwayNOK 750  ( in 2022) 4
DividendNominal high and stable.
Pay-out ratio >80 per cent over time.

1 Defined as an alternative performance measure (APM). APMs are described at in a document named APMs Gjensidige Forsikring Group Q4 2019.
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 tariffs100 per cent, Group
Digital claims reporting80 per cent, Norway
Claims straight-through processing64 per cent, Norway
Claims costReduce by NOK 500 million, Group

Sustainability targets

A safer society

Damage-preventing measures

By providing advice to our customers and society at large, we shall help to increase knowledge about sustainability and damage prevention.

  • Requirements made of customers in the private and commercial markets to be entitled to discounts.
  • Contribute to at least 1,000 media reports on damage prevention per year.

Sustainable Products

By the end of 2025, we will have made it possible for customers to make sustainable choices within the established product areas motor, property, leisure, and accident and health.

Engaged employees

Further develop our culture for building expertise and generating new ideas and perspectives, to ensure our employees are also relevant in the future.

Have engaged and motivated employees and achieve top quarterly results in the employee satisfaction survey.

Social commitments

Collaborations with non-profit organisations in all the countries we operate in to contribute to:
• a warmer society.
• providing work experience and achieving expedient integration of at least four full-time equivalents/persons per year.
• ensuring children and young people have equal opportunities.

Good corporate governance
Our business shall be characterised by propriety and reliability, with effective risk management and good internal control, which also improves products, services and processes. In addition to complying with external and internal rules, decisions and actions shall also be in line with Gjensidige’s values and Code of Conduct, in a manner that creates and preserves value for customers, owners, employees and society at large.

Reducing carbon intensity

Sustainable claims settlements
Gjensidige will help to reduce our customers’ climate footprint. Our claims settlements shall be sustainable by 2030. We will achieve this by means of concrete measures, dialogue with customers and by supporting the circular economy

Reduce our own climate footprint
We will keep reducing our climate footprint and aim to become a climate neutral business by 2030.

Digital transformation
Establish market-leading digital advisory and support services that ensure efficient customer services and provide information about sustainable solutions for our customers in all countries we operate in by 2025.
Ninety-five per cent of our customers shall be ‘paperless’ by 2025

Socially responsible investments


All investments will, as far as practically possible, be screened for breaches of our SRI policy, which is based on the UN Global Compact principles and the Inhumane Weapons Convention. All breaches must be followed up. 

All external fund managers must recognise the importance of the UN SDGs, and have a strategy for how they as fund managers can work to achieve one or more of these goals.