Gjensidige Forsikring Asa Stock Earnings Reports

Gjensidige delivered a strong Q2 driven by insurance operations and revenue growth. Reported profit after tax was NOK 2.122 billion (including a NOK 419 million net hit from a Danish Supreme Court workers' compensation ruling); adjusted for that item, results improved year-on-year. Insurance revenue rose 9.3% driven by price increases and some volume growth. The insurance service result adjusted for the Danish ruling was NOK 2,794 million with an adjusted combined ratio of 75.2%. Return on equity was strong at 33.3% and the group solvency ratio remained robust at 189%. The group paid a NOK 3.1 billion customer dividend in May (11% of prior-year premiums), underscoring its mutual heritage. Strategic highlights include a new partnership with Tesla and other distribution partnerships (Privatmegleren, Huseierne, Tekna) to support future growth. Pension delivered a pre-tax profit of NOK 245 million (adjusted for CSM) while unit-linked AUM and revenues grew; some product-level profitability actions (child pension) are underway. Management emphasized disciplined pricing and underwriting (prioritizing profitability over volume), cost efficiency, continued digitalization/automation gains, and confidence in meeting 2026 financial targets despite the remaining uncertainty around the Danish ruling and normal volatility in general insurance.