Key figures

Gjensidige recorded a profit after tax of NOK 4.5 billion in 2017, corresponding to a return on equity of 21.3 per cent. For the general insurance operation the premium growth was 4.3 per cent and the combined ratio was 85.4 per cent. The earnings per share was NOK 9.05 and the Board has proposed a dividend of NOK 7.10 per share.

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Financial key figures, graphs



Financial key figures, tables

Results  2017 2016  2015 20142013
Earned premiums, general insuranceNOK million 23,398.1 22,441.921,272.020,386.818,736.9
Other operating incomeNOK million 3,615.73,049.5 2,883.42,711.92,147.6
Net income from investmentsNOK million 2,029.02,196.1 1,473.32,475.62,538.1
Claims incurred, general insuranceNOK million (16,401.7)(15.515.9) (14,597.5)(14,470.4)(13,859.6)
Other claims incurred, losses etcNOK million (2,311.6)(1.963,7) (1,927.8)(1,892.3)( 1,435.7 )
Operating expences, general insuranceNOK million (3,586.5) (3,191,4) (3,217.6)(3,054.0)(2,857.8)
Other operating expencesNOK million (914,1)(876.5) (836.0)(758.0)(695.4)
Tax expenseNOK million(1,309.8)(1,474.1) (1,265.0)(1,210.0)(903.5)
Profit for the yearNOK million 4,519.34,665.9 3,784.74,189.63,670.6
Earnings per shareNOK 9.059.347.578.347.34
 Regular dividend per share, based on profit for the yearNOK  7.106.806.405.906.80
 Special dividend per share, based on distribution of excess capitalNOK   6.00 10.00  
Main figures general insurance 2017 2016 2015 2004 2013 
Underwriting results 1NOK million3,410.1 3,734.63,456.92,862.32,019.6
Large losses2NOK million577.4 871.8880.3823.3906.6
Run-off results, general insurance 3NOK million1,030.3  1,023.4724.8493.7299.6
Combined ratio 4%85.4  83.483.786.089.2
Loss ratio 5%70.1  69.168.671.074.0

Cost ratio 6

Balance sheet  2017 2016 2015  20142013
Investment portfolio 6NOK million54,860.2  53,957.757,173.956,538.858,148.2
Provisions for unearned premiums, grossNOK million15,746,3 13,654.9 13,097.211,944.811,049.2
Claims provisons, grossNOK million31,322,7 32,447.5 33,178.532,926.931,749.6
EquityNOK million23,703.1 22,326.0 23,330.621,656.826,287.8
Total equity and liabilitiesNOK million149,072.4 135,926.6 129,264.4113,982.0108,946.3
Return  2017 2016 2015 2014 2013
Return on financial assets (ROI) 8%3.7 3.9
Return on equity (ROE) 9%21.3 21.4 17.418.114.6

1  Underwriting result, general insurance = earned premiums - claims incurred etc. - operating expenses
2  Large losses = loss events in excess of NOK 10.0 million.  
3  Run-off gains/(losses) = changes in estimates from earlier periods. Reserving is based on best estimate, and expected run-off result over time is zero.
4  Combined ratio = claims ratio + cost ratio
5  Loss ratio = claims incurred etc. /earned premium
6  Cost ratio = operating expenses/earned premium
7  Investment portfolio includes all investment funds in the Group, except Pension and Retail Bank
8  Return on financial assets = net financial income as a percentage of the average financial assets including property (excluding Pension and Retail Bank)
9  Return on equity, annualised = Shareholders’ share of net profit for the period/average shareholders’ equity for the period, annualised

Total return*

Total return *Last yearLast two years Since IPO
Gjensidige19%26% 346%
Nordic general insurance **44%48% 401%
Dividend reinvested
** Non-weighted average in local currency forTryg, TopDanmark, Sampo og Alm. Brand 
Dividend per share    
 Dividend based on profit
for the year after tax
Dividend related to distribution
of excess capital
2017*NOK 7,10  
2016NOK 6,80 
NOK 6,40NOK 6.00
2014NOK 5,90 
2013NOK 6,80   NOK 10,00 
2012NOK 6,85 
* Proposed


*Dividend reinvested
** Non-weighted average in local currency forTryg, TopDanmark, Sampo og Alm. Brand  

Non-financial key figures, graphs

Non-financial key figures, table

Health, safety and the environment  20172016  20152014 2013
Sickness absence (self-certified and doctor-certified), Gjensidige Forsikring% 4.75.1
Injuries, Gjensidige ForsikringNumber00000
Turnover of employees, Gjensidige Forsikring% 
Employees 2017  20162015 2014 2013
Number of employees in the GroupPersons3,8344,0053,9083,5253,377
Average age, Gjensidige ForsikringYears42.043.044.343.144.4
Average amount spent on skills development per employeeNOK10,30015,00017,50017,50015,800
Participation in a training programmeDays6,960 7,4875,5247,400 8,900

In addition to the financial statements according to IFRS, Gjensidige uses different alternative performance measures (APM) to present the business in a more relevant way for its different stakeholders. The alternative performance measures have been used consistent over time, and relevant definitions have been disclosed in the quarterly reports. Comparable figures are provided for all alternative performance measures in the quarterly reports.