GJF: Adjusted dividend proposal. Invitation to conference call.
The Board of Gjensidige Forsikring ASA has today resolved to withdraw the proposal of a special dividend of NOK 5.00 per share, to be voted on at the General Meeting on 26 March 2020. The proposal of a regular dividend of NOK 7.25 per share is maintained. As per the notice to the General Meeting published on 3 March, the Board will, in line with previous years’ practice, seek authorisation to distribute additional dividend later this year.
The Gjensidige Group has a solid capital position to meet future uncertainties. Adjusted for the amended dividend proposal, the solvency margin as of 31 December 2019 would have been 231 per cent. As of 19 March 2020, it is estimated at 211 per cent (188 per cent based on the original dividend proposal).
The ongoing situation in the wake of the Covid-19 outbreak is a significant global challenge, with wide implications for businesses and societies. The change in the dividend proposal is a precautionary measure in light of the prevailing uncertainties for economic development in our markets.
- Based on the current extraordinary situation, we believe it is in the best interest of the company to have a cautious stance until we have more visibility of the full implications of the economic development. We remain committed to our dividend policy and continued focus on long-term value-creation, Chair Gisele Marchand says.
To date, the impacts on Gjensidige’s employees and business have been limited and we maintain good customer services. All critical business functions are operating well and the total impact on Group claims has been limited. The investment portfolios have been negatively impacted by the significant market movements.
All financial targets remain unchanged, and the amendment does not entail any change in the Group dividend policy.
Members of Gjensidige’s management team will be available for questions from investors and analysts at a conference call on Monday 23 March at 08:00 CET. The meeting will be held in English. A replay will be available after the call.
Norway: +47 800 51025 UK/ Europe: +44 (0) 800 358 6374 USA: +1 866-519-2796
Other locations: Please choose one of the above.
Confirmation code: 185866
The amended proposal for item 6 on the agenda for the General Meeting on 26 March 2020 is attached to this disclosure. The amended proposal will also be made available on Gjensidige's web pages, www.gjensidige.no/corporate-governance.
This information is subject to disclosure under the Norwegian Securities Act section §5-12.
Contact person Gjensidige Forsikring ASA:
Head of Investor Relations: Mitra H. Negård, Tel: +47 957 93 631
Head of Communication: Øystein Thoresen, Tel: +47 952 33 382