Norway's Gjensidige Q1 results gain on pricing and higher volumes; combined ratio improves

Gjensidige Forsikring ASA

29/04/2026 06:27

Overview

Norway insurance group's Q1 insurance revenue rose 10%, driven by pricing and higher volumes

Q1 net income after tax increased, supported by improved insurance service result and lower loss ratio

Combined ratio improved to 79.2% from 86.9% on disciplined pricing and cost efficiency

Outlook

Gjensidige did not provide specific guidance for the current or upcoming quarters

Result Drivers

PRICING AND VOLUME - Revenue growth driven by pricing measures across Private and Commercial portfolios and higher volumes, especially in Private and Sweden

IMPROVED LOSS AND COST RATIOS - Lower large losses and improved underlying frequency loss ratio reduced the loss ratio; cost ratio improved due to revenue growth and strict cost discipline

NEGATIVE PENSION IMPACT - Pension profit negatively impacted by reserve recalculation and revised liability assumptions under IFRS 17

Company press release: ID:nWkr7N0lgV

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Insurance Revenue
NOK 11.004 bln
Q1 Net Income
NOK 1.55 bln
Q1 Combined Ratio
79.20%


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 7 "strong buy" or "buy", 6 "hold" and 3 "sell" or "strong sell"

The average consensus recommendation for the multiline insurance & brokers peer group is "buy."

Wall Street's median 12-month price target for Gjensidige Forsikring ASA is NOK292.00, about 14.6% above its April 28 closing price of NOK254.80

The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 19 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)