Gjensidige reports strong Q3 2025 growth, led by general insurance

Gjensidige Forsikring ASA announced a strong third quarter for 2025, with a profit before tax expense of NOK 2,067.4 million. This was driven by a substantial 42.5% increase in the insurance service result to NOK 2,270.6 million, reflecting strong top-line growth and improved loss ratios. Insurance revenue grew by 13.0% in local currency to NOK 11,201.9 million, with the combined ratio improving to 79.7% from 83.9% in the prior year period.

The pension segment, however, recorded a pre-tax loss of NOK 414.5 million, impacted by a non-recurring expense of NOK 429.1 million due to the termination of a core IT system implementation. Despite this, the financial result for the quarter was NOK 534.0 million, achieving a 0.8% return on total assets. The year-to-date profit before tax expense reached NOK 6,741.5 million, with an annualised return on equity of 29.6%.

The company is progressing well towards its financial targets for both 2025 and 2026, maintaining a strong capital position and customer growth. Large losses for the quarter were NOK 387.7 million, with underlying frequency loss ratio improving by 1.4 percentage points.