Gjensidige scraps CoreSuite pension IT project, impacting profit by NOK 400m

Gjensidige Pensjonsforsikring is terminating the implementation of CoreSuite, its new core-IT system for the pension business. The company stated the solution no longer adequately addresses evolving business requirements, a conclusion reached over the project period. This decision is expected to impact profit before tax for the pension business by approximately NOK 400 million in the third quarter of 2025.

The termination will not affect the group's eligible own funds in the Solvency II calculation, and therefore its dividend capacity, as intangible assets are excluded from own funds. Gjensidige will now update its development strategy to reflect renewed business and system needs, leveraging recent technological advancements that have extended the operational lifespan of its existing system.

The assessment and termination of CoreSuite are entirely separate from the ongoing implementation of a new core IT system for the group's general insurance business. Gjensidige is a leading Nordic insurance group, listed on the Oslo Stock Exchange.