Key figures

Gjensidige recorded a profit after tax of NOK 4.7 billion in 2016, corresponding to a return on equity of 21.4 per cent. For the general insurance operation the premium growth was 5.5 per cent and the combined ratio was 83.4 per cent. The earnings per share was NOK 9.34 and the Board has proposed a dividend of NOK 6.80 per share.

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Financial key figures, graphs



Financial key figures, tables

Results  2016  2015 201420132012
Earned premiums, general insuranceNOK million 22,441.921,272.020,386.818,736.917,797.3
Other operating incomeNOK million3,049.5 2,883.42,711.92,147.61,720.4
Net income from investmentsNOK million2,196.1 1,473.32,475.62,538.13,055.8
Claims incurred, general insuranceNOK million(15.515.9) (14,597.5)(14,470.4)(13,859.6)(12,437.7)
Other claims incurred, losses etcNOK million(1.963,7) (1,927.8)(1,892.3)( 1,435.7 )(1,150.0)
Operating expences, general insuranceNOK million(3,191,4) (3,217.6)(3,054.0)(2,857.8)(2,751.8)
Other operating expencesNOK million(876.5) (836.0)(758.0)(695.4)(600.4)
Tax expenseNOK million(1,474.1) (1,265.0)(1,210.0)(903.5)(1,353.5)
Profit for the yearNOK million4,665.9 3,784.74,189.63,670.64,280.1
Earnings per shareNOK9.347.578.347.348.56
 Regular dividend per share, based on profit for the yearNOK 6.806.405.906.806.85 
 Special dividend per share, based on distribution of excess capitalNOK  6.00 10.00   
Main figures general insurance 2016 2015 2004 2013 2012 
Underwriting results 1NOK million3,734.63,456.92,862.32,019.62,607.8
Large losses2NOK million871.8880.3823.3906.6581.1
Run-off results, general insurance 3NOK million 1,023.4724.8493.7299.6342.0
Combined ratio 4% 83.483.786.089.285.3
Loss ratio 5% 69.168.671.074.069.9

Cost ratio 6

Balance sheet  2016 2015  201420132012
Investment portfolio 6NOK million 53,957.757,173.956,538.858,148.256,296.0
Provisions for unearned premiums, grossNOK million13,654.9 13,097.211,944.811,049.210,141.6
Claims provisons, grossNOK million32,447.5 33,178.532,926.931,749.629,562.3
EquityNOK million22,326.0 23,330.621,656.826,287.825,617.7
Total equity and liabilitiesNOK million135,926.6 129,264.4113,982.0108,946.394,207.1
Return  2016 2015 2014 20132012
Return on financial assets (ROI) 8%3.9
Return on equity (ROE) 9%21.4 17.418.114.618.1

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 Savings and Retail Bank
8  Return on financial assets = net financial income as a percentage of the average financial assets including property (excluding Pension and Savings 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
Gjensidige5%28% 275%
Nordic general insurance **3%23% 249%
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
2016*NOK 6,80 
NOK 6,40NOK 6.00
2014NOK 5,90 
2013NOK 6,80   NOK 10,00 
2012NOK 6,85 
* Proposed


Non-financial key figures, graphs

Non-financial key figures, table

Health, safety and the environment 2016  20152014 20132012
Sickness absence (self-certified and doctor-certified), Gjensidige Forsikring Norway%3.94.1
Injuries, Gjensidige ForsikringNumber00000
Turnover of employees, Gjensidige Forsikring% 16.6
Employees  20162015 2014 201320122009
Number of employees in the GroupPersons4,0053,9083,5253,377 3.1633.780
Average age, Gjensidige Forsikring ScandinaviaYears43,044.343.1 44.4 44.344.6
Average amount spent on skills development per employeeNOK15,000117,5001 17,5001 15,800113,20010,000
Participation in a training programmeDays7,4875,5247,400 8,9006,2003,231

  1 Starting in 2013, the amount refers to the Group as a whole. Figures for 2012 are adjusted accordingly.

In addition to the financial statements according to IFRS, Gjensidige uses diffe- rent 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 perfor- mance measures in the quarterly reports.