Solid fourth quarter and full year underwriting results. The financial result reflects high market volatility.

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This release contains inside information related to Gjensidige Forsikring ASA pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.


Strong operations, effective pricing measures, good risk selection and stringent cost control resulted in a solid underwriting result for the quarter and full year. The return on the investment portfolio reflects market conditions. The outlook for Gjensidige’s underwriting results remains good. The Board proposes a regular dividend of NOK 8.25 per share.


Gjensidige Forsikring Group recorded a profit before tax of NOK 1,694.2 million (2,850.1) for the quarter. The profit in the fourth quarter of 2021 included appreciation of NOK 1.2 billion in the value of the property assets in the investment portfolio, related to the sale of Oslo Areal. The profit after tax was NOK 1,334.5 million (2,486.3) and the corresponding earnings per share were NOK 2.64 (4.96). The profit from general insurance operations measured by the underwriting result was NOK 1,174.4 million (1,347.4), corresponding to a combined ratio of 85.6 (82.0).


- We are very pleased with the solid results Gjensidige has delivered. And I am very confident that we are on the best possible trajectory to continue our strong performance. We will stay ahead of claims inflation, and unless the current geopolitical situation becomes dramatically worse, we do not expect to see any significant negative spill-over to our underwriting result, says CEO Geir Holmgren. -We will continue to create value for our stakeholders, including paying out attractive dividends to our shareholders, Holmgren says.


-I would also like to mention the step-up in our sustainability efforts throughout the Group. We contribute to a safer society and cut emissions both within the investment portfolio, our claims handlings processes and internal processes. I am also very pleased with our continued strong growth and profitability in commercial insurance across all countries, Holmgren says.


Earned premiums from general insurance increased by 9.2 per cent to NOK 8,156.5 million (7,471.6) in the quarter. Measured in local currency, premiums increased by 8.4 per cent. Earned premiums increased due to solid renewals, effective and differentiated pricing measures and volume growth.

The underwriting result reflects strong premium growth, offset by a higher loss ratio. Large losses were significantly higher and run-off gains somewhat higher than in the same quarter in 2021.  The cost ratio continued to improve. The underlying frequency loss ratio increased by 2.3 percentage points compared with the same quarter in 2021. Adjusted for the positive Covid-19 impact on claims in the fourth quarter 2021, the underlying frequency loss ratio increased by 1.8 percentage points, driven by Commercial and Denmark.


The Pension segment generated a record high profit for the period, driven by increased operating and financial income. The financial result for the quarter was NOK 559.9 million (1,497.4), which corresponds to a return on total assets of 1.0 per cent (2.5). The result was positively impacted by higher equity markets and marginally lower interest rates. Lower credit spreads also contributed positively.


For the full year 2022, the Group recorded a profit before tax of NOK 5,823.9 million (8,799.4). The profit from general insurance operations measured by the underwriting result was NOK 5,855.8 million (5,718.3), corresponding to a combined ratio of 81.4 (80.4). The profit after tax was NOK 4,568.8 million (7,141.1).  Earnings per share amounted to NOK 9.04 (14.18). The profit includes a NOK 0.8 billion gain on the sale of Oslo Areal in the first quarter 2022, recorded under Other items. The increase in the underwriting result was driven by 8.3 per cent growth in earned premiums, partly offset by a higher loss ratio. Earned premiums rose by 8.8 per cent measured in local currency. Large losses were higher and run-off gains lower than in 2021. The underlying frequency loss ratio increased by 0.3 percentage points. Adjusted for the effects of the weather and Covid-19 claims in 2021, the underlying frequency loss ratio improved by 0.1 percentage points.


The Pension segment recorded a higher profit, mainly driven by increased insurance and financial income.


The rise in interest rates in 2022 in combination with an increase in credit spreads has had a negative impact on fixed-income investments. Due to the rise in interest rates, other asset classes also generated negative returns. Commodities, Private Equity, bonds valued at amortised cost and fixed-income investments with a short duration were the only asset classes with positive returns in the investment portfolio during the period. The financial result for the year was minus NOK 651.0 million (3,063.1), which corresponds to a return on total assets of minus 1.1 per cent (5.1). Oslo Areal was sold during the fourth quarter 2021. The transaction was closed in January 2022. A gain of NOK 0.8 billion was recorded under Other items in the first quarter 2022.


Highlights fourth quarter 2022 (fourth quarter 2021)

  • Profit/(loss) before tax: NOK 1,694.2 million (2,850.1)
  • Earnings per share: NOK 2.64 (4.96)
  • Earned premiums: NOK 8,156.5 million (7,471.6)
  • Underwriting result: NOK 1,174.4 million (1,347.4)
  • Combined ratio: 85.6 (82.0)
  • Cost ratio: 14.0 (14.4)
  • Financial result: NOK 559.9 million (1,497.4)


Highlights year as a whole 2022 (2021)

  • Profit/(loss) before tax: NOK 5,823.9 million (8,799.4)
  • Earnings per share: NOK 9.04 (14.18)
  • Earned premiums: NOK 31,552.3 million (29,136.4)
  • Underwriting result: NOK 5,855.8 million (5,718.3)
  • Combined ratio: 81.4 (80.4)
  • Cost ratio: 13.7 (14.2)
  • Financial result: NOK minus 651.0 million (3,063.1)


Proposed dividend

  • Proposed regular dividend: NOK 4,125 million (3,850), corresponding to NOK 8.25 per share (7.70)


This release contains alternative performance measures (APMs). APMs are described at in a document named APMs Gjensidige Forsikring Group Q4 2022.

This release is issued by Jon Aniksdal, Communication Manager at Gjensidige Forsikring ASA.


Date and time of publication: 07:00 CET,25.January 2023.


Contact persons, Gjensidige Forsikring ASA:
Head of Communication, 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 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.