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combined ratio improved significantly, reflecting both disciplined pricing
measures and high cost efficiency. Favourable driving conditions in Norway also
contributed positively. The result from Pension was negatively impacted by a
recalculation of reserves in the IFRS 17 accounts, with no impact on the
solvency position. Net income from the unit linked business increased. The
financial result for the investment portfolio also contributed to delivery of an
annualised return on equity of 27.7 per cent. The capital position remains
strong.
“Customer retention remains high, and the continued loyalty we experience
demonstrates the value and significance of our services. More than 40,000
customers received travel assistance this quarter, including many affected by
the conflict in the Middle East,” says CEO Geir Holmgren.
Also during the quarter, Gjensidige launched “Hytte Smart” (“Smart Cabin”). The
product is a cabin insurance policy with an integrated alarm service, providing
cabin owners with full visibility and alerts for critical incidents. The
solution enables early detection and mitigation, preventing damage from becoming
extensive and costly.
“Like Gjensidige’s other Smart insurance products, Hytte Smart is connected to a
24/7 staffed alarm centre with emergency response. The services form part of
Gjensidige’s targeted focus on technology and damage prevention, contributing to
improved customer satisfaction and loyalty. Hytte Smart represents a natural
extension of Gjensidige’s Smart Insurance offering, as presented at the Capital
Markets Day in February 2026,” says Holmgren.
Highlights first quarter 2026 (first quarter 2025):
· Insurance revenue from general insurance: NOK 11,004.1 million (9,993.9)
· Insurance service result general insurance: NOK 2,288.1 million (1,313.6)
· Financial result investment portfolios: NOK 225.8 million (512.6)
· Profit before tax expense: NOK 2,054.8 million (1,718.7)
· Loss ratio, net of reinsurance: 67.5% (74.9%)
· Cost ratio: 11.7% (12.0%)
· Combined ratio: 79.2% (86.9%)
· Underlying frequency loss ratio, net of reinsurance: 67.0% (69.9%)
· Earnings per share from continuing operations: NOK 3.01 (2.53)
· Solvency ratio: 195% (188% Q4 2025)
Insurance revenue from general insurance increased by 10.1 per cent to NOK
11,004 million (9,993.9) in the quarter, or by 10.6 per cent measured in local
currency. The revenue growth was mainly driven by pricing measures across the
Private and Commercial portfolios in all geographies, in addition to higher
volumes in Private and for most main products in Sweden.
The profit from general insurance operations measured by the insurance service
result was NOK 2,288.1 million (1,313.6), reflecting higher insurance revenue
and improved loss and cost ratios.
The combined ratio was 79.2 per cent (86.9 per cent). The loss ratio decreased
by 7.4 percentage points, driven by lower large losses and an improved
underlying frequency loss ratio. Lower run-off gains contributed negatively. The
underlying frequency loss ratio improved by 3.0 percentage points, reflecting
improvements in the Private segment and in the Commercial segment in Denmark.
The cost ratio improved by 0.3 percentage points, reflecting revenue growth in
all segments and strict cost discipline.
Pension
The profit before tax adjusted for the contractual service margin (CSM) was
minus NOK 298.2 million (profit of NOK 105.3 ), reflecting a lower net finance
income and a decrease in the insurance service result adjusted for CSM. The
insurance service result adjusted for the CSM was negatively impacted by a
strengthening of reserves, reflecting revised liability assumptions relating to
prior periods recalculation of reserves in the IFRS 17 accounts. The result
under IFRS 4 remained unaffected by this. The recalculation of reserves impacted
the insurance service result by NOK160.1 million, and the CSM by NOK 95.1
million. Adjusted for these factors, the profit before tax adjusted for CSM was
minus NOK 43.0 million.
Financial result
The financial result for the investment portfolios was NOK 225.8 million
(512.6). Net of insurance finance, the net financial result for the investment
portfolio was NOK 197.8 million (441.3).
This release contains inside information related to Gjensidige Forsikring ASA
pursuant to the EU Market Abuse Regulation and is subject to the disclosure
requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This release contains alternative performance measures (APMs). APMs are
described at www.gjensidige.com/reporting
This release is issued by Marie Brudevold, Media Relations Officer at Gjensidige
Forsikring ASA. Date and time of publication: 07:00 CET, 29 April 2026.
Contact persons, Gjensidige Forsikring ASA:
Head of Investor Relations, Mitra Hagen Negård. Tel: +47 957 93 631
Media Relations Officer, Bjarne Aani Rysstad. Tel: +47 918 19 434
Gjensidige is a leading Nordic insurance group listed on the Oslo Stock
Exchange. We have about 4,150 employees and offer insurance products in Norway,
Denmark and Sweden. In Norway, we also offer pension and savings. The Group’s
operating income was NOK 43 billion in 2025, while total assets were NOK 192
billion.
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