Share savings scheme 2024 for employees of the Gjensidige Group and subscription from primary insider employees
The Board of Gjensidige Forsikring ASA has decided to continue the share savings scheme for employees. Through the scheme, the company offers employees of the company, its branches in Denmark and Sweden and subsidiaries in Norway to buy shares in the company. The purpose of the scheme is to increase our employees’ interest for the company's goals and performance through owning shares. The scheme is also part of the company's strategy of motivating, rewarding, and retaining employees. The Board wishes the scheme to become a permanent part of the company's employee incentive scheme. The general meeting will nevertheless consider the acquisition of shares every year and decide whether to continue the scheme.
The offer
For 2024, the company will offer a share savings scheme based on a maximum annual savings amount (NOK/SEK/DKK 90,000) that is financed by a monthly deduction from salary. The company will contribute with 25 per cent of the agreed yearly amount invested, limited upwards to NOK 7,500 per year. After two years of ownership, and provided the person is still employed with Gjensidige, the company will allocate one bonus share for every fourth share bought in connection with this offer. The purchase of shares will take place through DNB on the day or days following publication of the interim accounts. The first purchase will take place after the publication of the 1st quarter 2023 interim report. The purchase price and the number of shares acquired by the company will be reported in accordance with the applicable regulations. Employees will be allocated shares at the purchase price, adjusted for the discount.
Attached to this release is information about the subscriptions in the share savings scheme for 2024 made by primary insiders. The subscribed amount disclosed is the total amount for 2024. The purchase price and the number of shares will be reported each time allocation has been made.
Background
At the annual general meeting on 23 March 2023, the general meeting provided the Board with the following authorisation to acquire shares on behalf of the company for the purpose of implementing and executing the Group's share savings scheme (as approved by the board) and remuneration scheme for executive employees (in accordance with the remuneration regulations and the remuneration policy adopted by the Board):
“The Board was authorised to acquire Gjensidige shares in the market on behalf of the Company, cf. Section 9-4 of the Public Limited Liability Companies Act. The authorisation can be used to purchase own shares with a total nominal value of up to NOK 2,000,000, corresponding to 1,000,000 shares with a nominal value of NOK 2.
The authorisation can be used to purchase own shares with a total nominal value of up to NOK 2,000,000, corresponding to 1,000,000 shares with a nominal value of NOK 2. The minimum and maximum amounts that can be paid per share are NOK 20 and NOK 375, respectively.
Within these limits, the Board decides at what price and at what times such acquisition shall take place. The acquisition of shares in accordance with the authorisation can only be used for sale and transfer to employees of the Gjensidige Group as part of the Group's share savings programme or to executive personnel in accordance with the remuneration regulations. The Board is free to acquire and sell shares in the manner that the Board finds expedient, such, however, that general principles concerning equal treatment of shareholders are adhered to.”
The authorisation is valid until the next annual general meeting, however no longer than until 30 June 2024.
This information is subject to disclosure under the Norwegian Securities Act section §5-12.
Contact details, 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
Gjensidige is a leading Nordic insurance group listed on the Oslo Stock Exchange. We have about 4,200 employees and offer insurance products in Norway, Denmark, Sweden, and the Baltic states. In Norway, we also offer pension and savings. The Group's operating income was NOK 34 billion in 2022, while total assets were NOK 135 billion.