Asset management

The purpose of the investment portfolio is primarily to cover the actuarial liabilities and to achieve the Group target return on equity. At the end of 2017, the portfolio totalled NOK 54.9 billion.

Investment portfolio

The Group’s investment portfolio includes all investment funds in the Group, except for investment funds in the Pension and Retail Bank segments. A large part of the asset management is outsourced to external managers, while the Group’s investment function concentrates on asset allocation, risk management and the selection of managers. Direct property investments take place via the company Oslo Areal, in which Gjensidige has an ownership interest of 50 per cent.

The investment portfolio consists of two parts: a match portfolio and a free portfolio. The match portfolio is intended to correspond to the Group’s technical provisions. It is invested in fixed-income instruments whose duration is adapted to match the technical provisions.

The free portfolio consists of various assets. The allocation of assets in this portfolio must be seen in connection with the Group’s capitalisation and risk capacity, and the Group’s risk appetite at all times. In general, the currency risk in the investment portfolio is hedged up to 100 per cent, with a permitted safety margin of +/- 10 per cent per currency.

At year-end 2017, the total investment portfolio amounted to NOK 54.9 billion. The financial result amounted to NOK 2.0 billion, corresponding to a return on financial assets of 3.7 per cent

Financial assets and properties

  Return in per centResult
NOK million       20172016  2015 2017 20162015
Match portfolio2.83.52.8981.01,264.5982.0
Free portfolio5.34.62.31,021.6890.6510.4
Financial profit/loss on the investment portfolio      3.7 3.9  2.62,002.6 2,155.1  1,492.4
Net income from investments         2,029.0 2,196.1 1,473.3 



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