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Investor information

The Gjensidige share yielded a total return of minus 8 per cent in 2018. At year-end, Gjensidige was the ninth biggest company listed on Oslo Børs, with a market value of NOK 68 billion.
The profit per share was NOK 7.44 in 2018, and the Board has proposed a dividend of NOK 7.10 per share.

Investor information

Gjensidige shall have an open dialogue with all stake- holders, and it follows the Oslo Børs Code of Practice for IR. Established guidelines for investor relations are available at www.gjensidige.no/ir.

Each quarter, we meet with analysts and investors to discuss results and business operations. A member of Gjensidige’s Investor Relations team usually attends these meetings, possibly together with the CEO and/ or the CFO or another relevant executive from the Company.

Dividend and dividend policy

Gjensidige’s goal is to distribute high and stable nominal dividends to shareholders, and a dividend ratio over time of at least 70 per cent of the
profit after tax expense over time. After the sale of Gjensidige Bank, the targeted dividend ratio will increase to 80 per cent of the profit after tax expense over time. When determining the size of the dividend, consideration will be given to expected future capital needs. Over time, Gjensidige will also distribute excess capital.

For the 2018 financial year, the Board has proposed that a dividend of NOK 7.10 per share be distributed  based on the profit for the year. This corresponds to 95.5 per cent of the Group profit after tax.

The general meeting on 28 March 2019 will vote on the proposed dividend for the 2018 financial year. The approved dividend will be paid to shareholders registered on the date of the general meeting. The Gjensidige share will be traded ex dividend on 29 March 2019, the record date will be 1 April 2019 and the dividend will be disbursed on 9 April 2019.

Customer dividend

The Gjensidige Foundation is the largest shareholder in Gjensidige, with a holding of 62.2 per cent. The Foundation passes on its share dividend relating to the profit for the year from Gjensidige, to Gjensidige’s general insurance customers in Norway in the form of customer dividend. Share dividends relating to the distribution of excess capital are retained and managed by the Gjensidige Foundation.

Customer dividend is allocated to customers based on how much they paid in insurance premiums during the financial year in question. It is then distributed to customers who are still customers at the time of Gjensidige’s general meeting, which adopts the customer dividend.

 

 

Ownership

At year-end 2018, Gjensidige had approximately 35,000 shareholders. The 20 biggest owners represented a total of 85.6 per cent of the shares in the Company.

The Gjensidige Foundation has laid down in its statutes that its ownership interest in Gjensidige shall amount to at least 60 per cent, which shall contribute to predictability and stable ownership.

The Foundation is willing to consider a reduced ownership fraction in the event of any acquisitions or capital increases that are in accordance with Gjensidige’s overall strategy.

The Foundation manages ownership of Gjensidige on behalf of Gjensidige’s general insurance customers in Norway. It has an ownership policy that focuses on high value creation over time, and expects a competitive dividend.



 The 20 largest shareholders as of 31 December 2018 * 

1 Gjensidigestiftelsen62.24
2 Folketrygdfondet 4.15
3 Caisse de Depot et Placement du Quebec3.68
4 Deutsche Bank  3.50
5 Black Rock Inc1.98
6 Danske Bank1.87
7 DNB ASA 1.16
8 The Vanguard Group, Inc0.98
9 Nordea0.92
10 Svenska Handelsbanken Group0.92
11 State Street Corporation 0.85
12 Storebrand Investments0.68
13 Government of China 0.53
14 KLP Kapitalforvaltning 0.47
15 Beutel Goodman &Co0.31
16 Northern Trust Corporation 0.29
17 Sparebank 1 Gruppen 0.27
18 Legal & General Group  0.25
19 Scotia Bank 0.25
20 Equinor 0.25

*  The list of shareholders is based on an analysis of the register of shareholders in the Norwegian Central Securities Depository (VPS) carried out by RD:IR. The analysis maps the owners behind the nominee accounts. There is no guarantee that the list is complete. An overview of the 20 largest shareholders as specified in VPS’s register of shareholders is available in Note  24 on page 143.

**
Distribution of shares excluding shares owned by the Gjensidige Foundation.

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General Meeting

The next ordinary General Meeting will be held at Gjensidige’s offices in Schweigaards gate 21, Oslo, on 28 March 2019 at 17:00 CET.

For more detailed information about the governing bodies and/or the General Meeting, see page 50-55 and/or www.gjensidige.no/ir.