Gjensidige Forsikring (GJF) Q4 2025 earnings summary

Executive summary

• Achieved strong financial and operational results for Q4 and full year 2025, meeting or exceeding all key financial targets and maintaining high customer loyalty and retention.

• Profit before tax for Q4 was NOK 1,754 million (NOK 2,256 million adjusted); full year profit before tax was NOK 8,495.3 million, up from NOK 6,823.4 million YoY.

• Insurance service result for 2025 was NOK 7,081 million, with Q4 at NOK 1,297 million (NOK 1,798 million adjusted for IT and workforce expenses).

• Return on equity for the year was 27.3% annualized, with a robust solvency ratio of 188%.

• Significant one-off expenses in Q4 related to IT system write-downs and workforce reductions in Denmark reduced profit by NOK 502 million.

Financial highlights

• Insurance revenue grew 11.5% year-over-year, with Q4 growth at 10.6%; Q4 insurance revenue was NOK 11,080.5 million, full year NOK 42,769.5 million.

• Combined ratio for 2025 was 83.4%, with Q4 at 88.3% (83.3% adjusted); cost ratio improved to 12.7% for the year, and 11.4% in Q4 when adjusted.

• Financial result for 2025 was NOK 2,631 million; Q4 financial result was NOK 482 million.

• Earnings per share for Q4 was NOK 2.58 (up from NOK 2.38 YoY); full year NOK 12.83 (up from NOK 10.01 YoY).

• Board proposed total dividends of NOK 7,250 million (NOK 14.50 per share), including a special dividend, with a payout ratio of 111%.

Outlook and guidance

• 2026 targets: combined ratio below 82%, cost ratio below 13%, return on equity above 24%, solvency ratio 140–190%, and group insurance service result above NOK 7.5 billion.

• Ongoing focus on cost control, operational efficiency, and delivering on financial targets, with continued investments in technology.

• Dividend policy updated to target growing regular dividends and a payout ratio of at least 80% of profit after tax over time.