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.
Gjensidige is the insurance company that leads the way, constantly finding new ways to create security.
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:
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 meet customer expectations and eliminate frustration. |
Read more about goals and strategy in our annual report 2021
Gjensidige has set goals for the Group’s contribution to overall sustainability, with focus on safer society, sustainable claims handling and responsible investments:
| 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. |
|
Customer orientation
Efficient and sustainable operations
* Process after claims have been reported
| 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 | ||||||
| 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.