Investor information

The Gjensidige share yielded a total return of 5 per cent in 2016. At year-end Gjensidige was the eighth largest company listed on Oslo Stock Exchange, with a market cap of NOK 69 billion. Earnings per share was NOK 9.34 in 2016, and the Board has proposed a dividend of NOK 6.80 per share.

Guidelines for investor relations

Gjensidige shall maintain an open dialogue with all stakeholders and complies with the Oslo Børs Code of Practice for IR. Established guidelines for investor relations can be found on www.gjensidige.no/ir

Every quarter, the results and business operations are discussed in meetings with analysts and investors. As a main principle, investor relations is always present at these meetings, possibly in addition to the CEO and/or CFO or other relevant senior management from the company.

Dividend and dividend policy

Gjensidige targets high and stable nominal dividends, over time a minimum of 70 per cent of the profit after tax. When determining the size of the dividend, the expected future capital need will be taken into account. Over time, Gjensidige will also pay out excess capital above the targeted capitalisation.

A total dividend of NOK 6.80 per share is proposed for the 2016 financial year. This corresponds to 73 per cent of the profit after tax.

In addition, a special dividend of NOK 3.0 billion, corre- sponding to NOK 6.00 per share, was paid through- out 2016, as distribution of excess capital.
 
Dividend for the 2016 financial year will be approved by the Annual General Meeting on 6 April 2017 and paid to shareholders registered on the date of the General Meeting. The Gjensidige share is traded ex dividend on 7 April 2017, the record date is 10 April 2017, and dividend is to be paid on 20 April 2017.

Dividend_model

Customer dividend

The Gjensidige Foundation is the largest sharehol- der in Gjensidige with 62.2 percent of the shares.The Foundation distributes the regular dividends it receives from Gjensidige based on dividends related to the annual result, to Gjensidige’s general insurance customers in Norway. Special dividends related to distribution of excess capital is retained and managed by the Gjensidige Foundation.

The customer dividend is distributed to the custo- mers based on insurance premiums paid for the accounting year the share dividend relates to. It is paid to those who are still customers of Gjensidige at the time of the Gjensidige Foundation’s General Meeting approving the customer dividend.

Paid customer dividend in 2016, based on the accounting year 2015, equalled 13.5 percent of paid premiums in 2015.

Ownership

At the end of 2016, Gjensidige had about 34,000 shareholders. The 20 largest shareholders held a total of 85.6 per cent of the shares in Gjensidige.

In its Articles of Association, the Gjensidige Foundation has stipulated to have an ownership in Gjensidige of at least 60 per cent, and shall contribute to stable ownership and predictability.

The Foundation expresses a willingness to consider reducing the holding in the event of any acquisiti- ons or capital increases that are in accordance with Gjensidige’s overall strategy.

The Gjensidige Foundation manages the ownership of Gjensidige on behalf of Gjensidige’s general insurance customers in Norway. The Foundation 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 2016 1*

 

1 Gjensidigestiftelsen62.2
2 Folketrygdondet 4.3
3 Deutsche Bank  3.6
4 Caisse de Depot et Placement du Quebec3.3
5 Danske Bank 2.8
6 Black Rock 1.8
7 KLP0.9
8 State Street Corporation 0.8
9 Vanguard Group 0.8
10 DnB0.6
11 Safe investment Company  0.6
12 JPMorgan Chase & Co 0.6
13 Storebrand0.6
14 Fidelity Worldwide Investment (FIL) 0.5
15 William Blair & Company 0.4
16 Nordea  0.4
17 Genossenschaftliche FinanzGruppe Volksbanken Raiffeisenbanken 0.4
18 Thornburg Investment Mgt. 0.4
19 BNP Paribas Group 0.4
20 Legal & General  Group 0.3

*  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.

Go to top

General Meeting

The next ordinary General Meeting will be held at Gjensidiges headquarter, Schweigaards  gate 21, Oslo, Norway, 6 April 2016, 17:00 CET.

For more detailed information about governing bodies and/ or the General Meeting, see page 31-47 and/ or www.gjensidige.no/ir .