General Insurance Nordic

The Nordic segment comprises the Group’s operations in the Danish and Swedich private, commercial and municipality markets. Gjensidige has own distribution in these markets, as well as distribution through a series of partners and via brokers. In Denmark the Nykredit Group is a central distribution partner. Gjensidige has a scalable business model in the Nordics, which gives a good position for further growth.


Important priorities in 2016 continued to include integration activities relating to companies and portfolios acquired in the last few years. Further, work has been done towards continuous strengthening of the distribution collaborations and streamlining of operational processes. The focus on continuous development of the business model, portfolio management and repricing contributed to a strengthening of the quality in the portfolios and the profitability development in the Swedish operations.


Gjensidige’s Nordic operations shall contribute to economies of scale, diversification of risk and increased competitiveness Pan-Nordic. The Nordic general insurance markets are relatively consolidated, but Gjensidige expects that it will be possible to grow selectively through a patient, rational approach to new opportunities. The implementation of new tariffs and steps to achieve a higher proportion of self-service will continue to be prioritised in 2017. There will be focus on integra- ting and capitalising on business synergies in connection with portfolio acquisitions and distribution collaborations, and the volatility in the Swedish portfolio will be further reduced.

Implemented measures to improve the profitability in the Danish port- folio will be closely monitored. Further measures will be implemented if necessary. There is strong competition in the markets Gjensidige operates in. The pressure on prices seems to have intensified, especially in the market for commercial customers and the municipal market.

Key figures Nordic

NOK million 20162015 2014

Earned premiums

Underwriting result 247.3509.1  384.3
Loss ratio% 80.174.675.5
Cost ratio% 15.715.616.6
Combined ratio% 95.890.391.2


Go to top