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Asset management

The purpose of the investment portfolio is primarily to cover the actuarial liabilities and to achieve the Group target return on equity. At the end of 2018, the portfolio totalled NOK 52.8 billion.

 

Investment portfolio

The Group’s investment portfolio includes all invest- ment funds in the Group, except for investment funds in the Pension and Retail Bank segments. A large part of the asset management is outsourced to external managers, while the Group’s investment function concentrates on asset allocation, risk management and the selection of managers. Direct property investments take place via the company Oslo Areal, in which Gjensidige has an ownership interest of 50 per cent.

The investment portfolio consists of two parts: a match portfolio and a free portfolio. The match portfolio is intended to correspond to the Group’s technical provisions. It is invested in fixed-income instruments with a duration and currency that matches the duration and currency of the technical provisions.

The free portfolio consists of various assets. The allocation of assets in this portfolio must be seen in connection with the Group’s capitalisation and risk capacity, and the Group’s risk appetite at all times. In general, the currency risk in the investment portfolio is hedged up to 100 per cent, with a permitted safety margin of +/- 10 per cent per currency.

At year-end 2018, the total investment portfolio amounted to NOK 52.8 billion. The financial result amounted to NOK 0.8 billion, corresponding to a return on financial assets of 1.5 per cent.

At year-end 2016, the investment portfolio totalled NOK 54.0 billion. The financial result was NOK 2.2 billion, which corresponds to a return on financial assets of 3.9 per cent.

Financial assets and properties

  Return in per centResult
NOK million   2018 20172016201820172016
       
Match portfolio2.02.83.5706.5981.01,264.5
Free portfolio0.65.34.6114.41,021.6890.6
Financial profit/loss on the investment portfolio   1.5 3.73.9820.9  2,002.62,152.6
Net income from investments      830.2 2,002.2 2,152.6

Portfolio

 

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