Results for the 3rd quarter 2025: Higher general insurance service result, profit impacted by a non-recurring expense for Pension
This release contains inside information related to Gjensidige Forsikring ASApursuant to the EUMarket Abuse Regulation and is subject to the disclosurerequirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Effective pricing measures and continued focus on operational efficiencyresulted in a significant improvement in the insurance service result. Profitfor the pension business was negatively impacted by the termination of theimplementation of the core IT system. Results from the investment portfolioscontributed to an annualised return on equity of 29.6 per cent. Gjensidige'scapital position is strong.
-Our strong growth momentum continued in the quarter. The insurance serviceresult increased substantially, driven by the continued strong top line growthand higher margins. We are making good progress toward delivering on ourfinancial targets this year and in 2026," says Geir Holmgren, CEO ofGjensidige.
-We are very pleased that we have seen a solid increase in the number ofcustomers this year, reaching 850,000 customers in Private Norway. This showsthat we continue to deliver high value to our customers," says Holmgren.
Highlights third quarter 2025 (corresponding quarter of 2024 in parentheses)
. Profit or loss before tax expense: NOK 2,067.4 million (2,337.6)
. Earnings per share: NOK 3.13 (3.32)
. Insurance revenue: NOK 11,201.9 million (9,888.8)
. Insurance revenue growth: 13.0% in local currency (10.6%), or 11.3%adjusted for a non-recurring effect in Private Norway
. Insurance service result: NOK 2,270.6 million (1,590.0)
. Combined ratio: 79.7% (83.9%)
. Loss ratio, net of reinsurance: 68.9% (72.1%)
. Underlying frequency loss ratio, net of reinsurance: 65.7% (67.1%)
. Cost ratio: 10.8% (11.8%)
. Financial result: NOK 534.0 million (1,306.5)
Gjensidige Forsikring Group recorded a profit before tax expense of NOK2,067.4million (2,337.6) for the quarter. The profit includes a negative impact ofNOK429.1 million, related to the termination of the core IT system implementationin the pension business. The profit after tax expense from continuingoperationswas NOK 1,563.8 million (1,788.2).
General insurance
Insurance revenue increased by 13.3 per cent to NOK 11,201.9 million (9,888.8)in the quarter, or by 13.0 per cent measured in local currency. Adjusted for anon-recurring effect related to the change in recognition of home sellerinsurance policies in Private Norway, the growth was 11.3 per cent in localcurrency. This was mainly driven by pricing measures across the private andcommercial portfolios in all geographies, solid renewals in the commercialportfolios and higher volumes in Denmark and Sweden.
The insurance service result was NOK 2,270.6 million (1,590.0). The increasewasdriven by a higher insurance revenue and an improved loss ratio.
The combined ratio was 79.7 (83.9). The loss ratio decreased by 3.2 percentagepoints, mainly driven by an improvement in the underlying frequency loss ratioand lower large losses. Lower run-off gains contributed negatively. Theunderlying frequency loss ratio improved by 1.4 percentage points. Allsegmentsshowed an improvement, except Commercial in Denmark.
The cost ratio improved by 1.0 percentage points, reflecting revenue growthandoperational efficiency.
Pension
The pension segment recorded a profit before tax expense of minus NOK 414.5million (123.8), with the decrease mainly reflecting the non-recurring expenserelated to the core IT system. A lower net finance income also contributed tothe decrease in profit.
Financial result
The financial result for the quarter was NOK 534.0 million (1,306.5),corresponding to a return on total assets of 0.8 per cent (2.1). The resultforthe quarter reflects positive return from all asset classes, driven by runningyields, lower credit spreads and positive equity and real estate markets.
Other items
Other items amounted to minus NOK 229.6 million (minus 117.1). The decreasewasmainly driven by profits from natural perils insurance transferred to thenatural perils pool and provisions related to the termination of cooperationagreements with seven fire-mutuals effective from 2026.
Discontinued operations
The profit from discontinued operations was NOK 40.7 million (minus 91.2). Theloss in the third quarter of 2024 included a NOK 123.0 million write-down ofgoodwill related to the agreement on the sale of ADB Gjensidige. Adjusted forthis, the profit improved, reflecting a higher insurance service result andlower net financial income. The insurance service result from discontinuedoperations was NOK 33.4 million (12.9), reflecting higher run-off gains andlower loss and cost ratios.
Highlights year-to-date 2025 (year-to-date 2024 in parentheses)
. Profit or loss before tax expense: NOK 6,741.5 million (5,218.2)
. Earnings per share: NOK 10.25 (7.63)
. Insurance revenue: NOK 31,689.0 million (28,340.5)
. Insurance revenue growth of 11.3% in local currency (10.1%)
. Insurance service result: NOK 5,784.7 million (3,716.7)
. Combined ratio: 81.7% (86.9%)
. Loss ratio, net of reinsurance: 70.2% (74.6%)
. Underlying frequency loss ratio, net of reinsurance: 66.0% (71.3%)
. Cost ratio: 11.6% (12.3%)
. Financial result: NOK 2,148.6 million (2,250.5)
This release contains alternative performance measures (APMs). APMs aredescribed atwww.gjensidige.com/reporting This release is issued by ChristianHaraldsen, media relations officer at Gjensidige Forsikring ASA. Date and timeof publication: 07:00 CET, 24 October 2025.
Contact persons,Gjensidige Forsikring ASA:
Head ofCommunication, Øystein Thoresen. Tel: +47 952 33 382
Head of Investor Relations, Mitra Hagen Negård.Tel: +47 957 93 631
Gjensidige is a leading Nordic insurance group listed on the Oslo StockExchange. We have approximately 4,700 full time employees and offer insuranceproducts in Norway, Denmark, Sweden and the Baltic states. In Norway, we alsoprovide pension and savings solutions. In 2024, the Group's insurance revenuewas NOK 39 billion, and total assets amounted to NOK 171 billion. For moreinformation, visit: www.gjensidige.com
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