Gjensidige’s strategy 2020–2025

Gjensidige’s corporate strategy follows from our mission to ‘safeguard life, health and assets’. We have been doing that for more than 200 years, based on our vision to ‘know the customer best and care the most’.

Our long-term ambition is to be a leading general insurance company in the Nordics and Baltics. We will achieve this through a continued focus on customer orientation and by leading and constantly finding new ways to make people feel secure. 

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In the strategy period, we will pay particular attention to and be prepared for the development of new business models. Examples include embedded insurance, fragmentation of the value chain upon the introduction of niche players, and more comprehensive risk relief products.

Our strategic priorities

To succeed in creating long-term value creation, we believe that scale, size and Nordic presence will become even more important in the years ahead. At the same time, we must maintain and further develop our unique position and relationship with our customers. 

The group strategy therefore focuses on three strategic priorities: 

  • We will build on our strong, unique position in Norway 
  • We will strengthen profitability and grow outside of Norway 
  • We will maintain capital discipline and attractive dividends 

Our strategic priorities should be seen as an integrated set of activities that will create value for all Gjensidige’s stakeholders. 

You can read more about our strategy in our annual report

 

Sustainability targets

Gjensidige has set goals for the Group’s contribution to overall sustainability, with focus on safer society, sustainable claims handling and responsible investments:

  • A safer society: 80 % of premium income sustainable by 2025 for products covered by the EU taxonomy for general insurance.
  • Sustainable claims settlements: 35 % reduction in CO2e in claims processes by 2025. Base year 2019.
  • Responsible investments: Net zero emissions in the investment portfolios by 2050

 

Group financial targets from 2023

Metric  Target
Combined ratio*  < 84 per cent
Cost ratio* < 14 per cent
Solvency margin ratio between 150 and 200 per cent
Return on Equity after tax > 20 per cent

*Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group 2022.
 

Operational targets 2025

Customer orientation

  • Customer satisfaction, Group > 78
  • Retention:
    • Norway > 90%
    • Outside Norway > 85%

Efficient and sustainable operations

  • Digitalisation index, Group> +10% annually
  • Digital claims reporting, Group > 85%
  • Automated claims processing* , Norway > 70%
  • Reduced carbon emissions, Group 75 % (base year: 2019)
  • Employee engagement score: top 25 % in finance in Europe 
  • No fines from authorities

* Process after claims have been reported

Key figures

Main figures           2022  2021 2020  2019   2018 
Earned premiums, general insurance NOK Millions 31,552.3     29.136,4     27.160,5   24.650,4   24.052,8
Underwriting result1 NOK Millions 5,855.8      5.718,3      5.075,6    4.036,4    3.605,8
Net income from investments    NOK Millions 65.6      3.027,6      1.318,5    3.860,3      830,2
Profit/ (loss) from Pension NOK Millions 217.0        213,7        166,8      196,9      166,6
Profit/(loss) from continuing and
discontinued operations		 NOK Millions 4.568.8      7.141,1      4.953,9    6.593,8    3.716,4
Regular dividend per share NOK  8,25         7,70         7,40       7,25       7,10
Special dividend per share NOK  -            -          6,40       5,00         - 
Main figures general insurance                
Large losses1  NOK Millions 1,260.0        954,7        955,6      635,0      954,7
Run-off results1  NOK Millions 1,261.3      1.306,5      1.122,3    1.363,2    2.356,9
Combined ratio1  Per cent 81,4         80,4         81,3       83,6       85,0
Loss ratio1  Per cent 67,7         66,2         66,8       68,9       69,8
Underlying frequency loss ratio1 Per cent 67,7         67,4         67,4       71,8       75,6
Cost ratio1 Per cent 13,7         14,2         14,5       14,7       15,2
Financial position            
Investment portfolio2 NOK Millions 58,362.4     59.803,8     58.887,4   59.054,4   52.816,0
Equity  NOK Millions 25,873.4     25.205,2     25.284,5   26.192,2   23.845,2
Total equity and liabilities NOK Millions 135,152.8    129.822,1    118.312,0  112.405,9  156.762,9
Solvency margin, partial internal model Per cent 179          190          198        206        190
Return            
Return on financial assets1  Per cent -1,1          5,1          2,2        4,1        1,5
Return on equity1 Per cent 19.3         31,0         19,2       28,2       17,3

1)Defined as an alternative performance measure (APM). APMs are described at www.gjensidige.no/reporting in a document named APMs Gjensidige Forsikring Group 2022|. 
2)The investment portfolio includes all assets in the Group, except Pension.