Gjensidige delivered sound results also in 2016, with a total profit of NOK 4.7 billion. The results are still below the desired level in Sweden and the Baltics, but we have made systematic efforts in a number of areas throughout 2016 to strengthen our posi- tion in these two markets. We expect both areas to make a positive contribution to Gjensidige’s profitability in the years ahead.
Our banking and pension businesses have both been in operation for ten years, and they are both strong, ambitious players in the Norwegian market. When it was established in 2007, the Retail Bank was the smallest of approximately 130 banks in Norway. At the turn of last year, it had grown to number 14 among Norwegian mortgage banks.
Our pension business was number four in the market for defined contribution pensions at the turn of the year. Both make positive contributions to Gjensidige’s profit, with a total profit of NOK 553,9 million in 2016.
Our customers are paid a large proportion of our profit through the customer dividend model.
Since Gjensidige was listed in 2010, the Gjensidige Foundation has given NOK 11 billion back to our customers in customer dividend.