Operations in brief

Gjensidige is a Nordic general insurer. The Group safeguards life, health and assets for private and commercial customers in Norway, Den mark, Sweden, Lithuania, Latvia and Estonia. In Nor- way, products within banking, pension and savings are also offered.

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About Gjensidige

Gjensidige is market leader in the Norwegian general insurance market, where the Group has high brand recognition and preference. Gjensidige was the leading player in Norwegian non-marine general insurance in 2016 as well, and has a solid position for further growth in the Nordic countries and Baltic states.

The Group’s activities are divided into six segments. Management of the investment portfolio comes in addition. nking, pension and savings are also offered.


A strong focus on customers is the core of Gjensidige’s strategy. Backed by a down-to-earth business culture and analytically-driven core operations, this will give Gjensidige a competitive advantage.

Gjensidige’s position shall be further strengthened through the development of Gjensidige as a
pan-Nordic general insurance player that also takes its share of the growing accident and health insurance market. Acquisitions shall supplement organic growth and the achievement of the following financial targets after 2–3 years:

  • Return on equity above 15 percent
  • Combined ratio in the interval 90-93

A fast pace and flexibility in the development of products, services and service models are necessary in order to be the preferred insurance provider. The automation of internal processes is intended to ensure cost-efficiency and facilitate increased use of self-service solutions by customers.

Analytical use of data in order to offer attractive products and services and ensure profitable ope- rations is crucial if we are to realise our ambition of being the most customer-oriented general insurance company in the Nordic region.


Changes in technology and customer behaviour mean that increasingly close cooperation is required between our distribution channels. A good understanding of what customers are concerned with in their everyday lives is a precondition for being able to develop new, relevant services.
Customers’ needs and behaviour are changing faster than ever. It is therefore paramount to reduce the time it takes to develop and launch new customer-oriented services.

Information is a strategic resource for Gjensidige. The work on ensuring good data quality, efficient data collection processes, availability, reporting and analysis will therefore be strengthened further.

Without motivated, committed managers and employees who possess the right expertise and attitudes, our strategic ambitions cannot be reali- sed. A higher pace of change – not least as regards technology and customer behaviour – means that a transition is needed from traditional training-ba- sed competence-raising measures to a dynamic learning culture driven by individual managers and employees. Competence shall increasingly be shared through data-driven work processes and cooperation-based solutions. A stronger overall understanding shall be created through internal rotation of managers and staff.

Gjensidige Bank and Gjensidige Pensjon og Sparing play an important strategic role in relation to Gjensidige’s position in the Norwegian market.
Exclusive customer solutions and concepts will continue to be important in both the private and commercial markets.

Financial targets


AreaTarget 2016Achievement 2016 
Return on equity> 15 per cent21.4 per cent 
Dividend*Nominal high and stable.
Pay-out ratio > 70 per cent 
Nominal +6.3 per cent
Pay-out ratio ~73 per cent
RatingMaintain A rating from S&PA rating confirmed in June 2016
 Solvency margin Standard Formula 115-140 per cent147 per cent** 
Solvency margin Internal Model120-175 per cent180 per cent**
General Insurance  
Combined ratio86-89 per cent***83.4 per cent
84.6 per cent adjusted****
Cost ratio~15 per cent14.2  per cent
15.5 per cent adjusted****

*   Dividends based on profit for the year.
**  Adjusted for proposed dividend for 2016.
*** Combined ratio target on an undiscounted basis, assuming ~4 pp run-off gains next 3-5 years and normalised large losses impact. Beyond the next 3-5 years, the target is 90-93 given 0 pp run-off.
**** Adjusted for one off effects


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