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Our insurance segments

General insurance has been our core business for more than 200 years. In Norway we also offer pension and savings products. The Group's operations are divided into five operational segments. 

General Insurance Private - Norway

24 %

Market shares as at third quarter 2023

11.4 NOK billion

Insurance revenue 2023

General Insurance Private - Denmark

7 %

Market shares as at fourth quarter 2022

2.3 NOK billion

Insurance revenue 2023

Private

  • Brands: Gjensidige, Gouda
  • Combined ratio:
    Norway: 78.2 %
    Denmark: 100.2 %
  • Customer retention:
    Norway: 90 %
    Denmark: 82 %
  • Number of employees: 
    Norway: 566
    Denmark: 226
  • Number of costumers: 
    Norway: 820.000
    Denmark: 350.000

Private provides a wide range of general insurance products and services to private individuals in Norway and Denmark, and handles sales and customer service.

The distribution channels for Private are Office channel, Call centre, Internet and Partners

General Insurance Commercial - Norway

31 %

Market shares as at third quarter 2023

12.6 NOK billion

Insurance revenue 2023

General Insurance Commercial - Denmark

7 %

Market shares as at fourth quarter 2022

6.0 NOK billion

Insurance revenue 2023

Commercial

  • Brands:
    Norway: Gjensidige, Gouda
    Denmark: Gjensidige, Gouda, Dansk Tandforsikring
  • Combined ratio:
    Norway: 80.4 %
    Denmark: 82.3 %
  • Customer retention:
    Norway: 91 %
    Denmark: 88 %
  • Number of employees: 
    Norway: 378
    Denmark: 239
  • Number of costumers: 
    Norway: 150.000
    Denmark: 230.000

This segment offers a wide range of general insurance products to commercial and agricultural customers, and the public sector in Norway and Denmark, in addition to pensions in the Norwegian market. The segment handles sales and customer service.

Commercial distributes products and services online, by Office channel, call centre, partners and external brokers

General Insurance Sweden

2 %

Market shares as of third quarter 2023

1.9 NOK billion

Insurance revenue 2023

Sweden

  • Brands: Gjensidige, Gouda
  • Combined ratio: 93.1 %
  • Customer retention: 79 %
  • Number of employees: 249
  • Number of costumers: 130.000

The Swedish segment offers insurance to the private and commercial markets. About 49 per cent of earned premiums come from the private market, while about 51 per cent comes from the commercial market.

Sweden distributes products and services online, by Call centre and Partners as well as external brokers.

General Insurance Baltics

7 %

Market shares as at third quarter 2023

1.6 NOK billion

Insurance revenue 2023

Baltics

  • Brands: Gjensidige
  • Combined ratio: 97.0 %
  • Customer retention: 68 %
  • Number of employees: 657
  • Number of costumers: 390.000

The Baltics includes the Group’s general insurance operations in Lithuania, Latvia and Estonia, aimed at the private and commercial markets. The segment handles sales, customer service and claims settlement. About 47 per cent of earned premiums come from the private market, while the rest comes from the commercial market.

Baltics distributes products and services online, via Office channel, call centre, partners and by external brokers.

Pension

11 %

Market shares as of fourth quarter 2023

69 NOK billion

Asset under management in 2023

Pension

  • Brands: Gjensidige
  • Number of employees: 119
  • Number of costumers: 300.000

Pension offers defined contribution occupational pension schemes for businesses, in addition to individual pension savings agreements and disability pension. Pension is a priority area that helps to ensure that Gjensidige is a complete supplier of insurance and pension products to private and commercial customers in Norway. The business contributes to stronger customer relations and loyalty among our general insurance customers.