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Gjensidige Forsikring ASA (GJFS.OL)

GJFS.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

BRIEF-Gjensidige Q1 pretax profit beats forecast
Thursday, 4 May 2017 01:00am EDT 

Rpt with no changes to text:Gjensidige q1 pretax profit nok 1,365 million (Reuters poll nok 1.24 billion).Gjensidige q1 combined ratio 86.8 percent (Reuters poll 88.5 percent).Adjusted for a one-off related to pension payments of nok 476.6 million, underwriting result in q1 2016 was a record-strong nok 774.1 million, corresponding to a combined ratio of 86.0.Remains confident in gjensidige’s ability to deliver solid earnings and dividend growth over time..Repeats target for combined ratio at the lower end of the target corridor of 90–93 (undiscounted and given zero run-off effects) and sees average annual run-off gains the next 3-5 years of around NOK 900 million, moving the expected reported combined ratio to the lower end of the 86-89 corridor (undiscounted).Says although the macroeconomic situation is still somewhat challenging, the outlook for the Norwegian and Nordic general insurance operations is still regarded as good. .  Full Article

Gjensidige Q1 pretax profit beats forecast
Thursday, 4 May 2017 01:00am EDT 

May 4 (Reuters) - Gjensidige Forsikring Asa :Gjensidige q1 pretax profit nok 1,365 million (Reuters poll nok 1.24 billion).Gjensidige q1 combined ratio 86.8 percent (Reuters poll 88.5 percent).Adjusted for a one-off related to pension payments of nok 476.6 million, underwriting result in q1 2016 was a record-strong nok 774.1 million, corresponding to a combined ratio of 86.0.Remains confident in gjensidige’s ability to deliver solid earnings and dividend growth over time..Repeats target for combined ratio at the lower end of the target corridor of 90–93 (undiscounted and given zero run-off effects) and sees average annual run-off gains the next 3-5 years of around NOK 900 million, moving the expected reported combined ratio to the lower end of the 86-89 corridor (undiscounted).Says although the macroeconomic situation is still somewhat challenging, the outlook for the Norwegian and Nordic general insurance operations is still regarded as good. .  Full Article

Gjensidige board member bought 3,500 shares
Friday, 10 Feb 2017 07:31am EST 

Gjensidige Forsikring Asa :John Giverholt, board member in Gjensidige Forsikring asa, has today bougt 3,500 shares in Gjensidige at nok 134.20 per share.  Full Article

Insurer Gjensidige's Q4, dividend lag
Thursday, 9 Feb 2017 01:00am EST 

Gjensidige Forsikring Asa : Q4 combined ratio 87.7 percent (Reuters poll 86.0 percent) . Q4 pretax profit NOK 1,305 million (Reuters poll nok 1.49 billion) . proposes 2016 dividend of nok 6.80 per share (Reuters poll 10.7 crowns per share) . Says the lower underwriting result in Q4 2016 vs Q4 2015 was partly driven by a more normal weather situation and consequently more normal overall frequency claims levels . Says one-offs related to restructuring and payroll tax provision had a negative effect on the underwriting result of NOK 66.9 million .Says a lower level of large losses and higher run-off gains contributed positively to the result development.  Full Article

Gjensidige sold its SR-Bank shares at NOK 61 each
Thursday, 19 Jan 2017 01:55am EST 

Gjensidige Forsikring Asa : Sold 10 million shares in Sparebank 1 SR-Bank . Offer was significantly oversubscribed. Shares were sold at a price of nok 61.00 per share vs Jan 18 close of NOK 62 . Following sale, Gjensidige holds 2,308,416 shares equal to 0.9 per cent of share capital . Arctic securities and Pareto securities acted as bookrunners on transaction .Remaining position will be managed as a pure financial investment in gjensidige's investment portfolio.  Full Article

Gjensidige executive Cecilie Ditlev-Simonsen resigns
Monday, 31 Oct 2016 05:30am EDT 

Gjensidige : Cecilie Ditlev-Simonsen has decided to resign her position after five years as Executive Vice President in charge of brand, communications and marketing . CEO Helge Leiro Baastad regrets Ditlev-Simonsen's resignation but says he understands her decision to pursue new career opportunities .The areas that Ditlev-Simonsen has been responsible for will be divided among Group General Services (Communications), Private Norway (Brand, Marketing and Sponsorships) and Technology and Development (Portal).  Full Article

Gjensidige Q3 pretax lags forecast, announces dividend payment
Wednesday, 26 Oct 2016 01:18am EDT 

Gjensidige : Q3 pretax profit nok 1,515.9 million (Reuters poll nok 1.62 billion) . Q3 combined ratio 87.5 percent (Reuters poll 82.9 percent) . The Board has decided to distribute excess capital in the amount of NOK 2,000 million, corresponding to NOK 4.00 per share . Says the lower underwriting result in the quarter was partly driven by a provision of NOK 120 million to cover one-time restructuring costs related to the reduction of about 190 full-time equivalent positions in staff and support functions . Repeats over the next 2-4 years, average annual run-off gains are expected to be around NOK 800 million, moving the expected reported combined ratio to the lower end of the 86-89 corridor (undiscounted) . Competition is still increasing in the Norwegian general insurance market, partly driven by a more challenging macroeconomic environment, which is resulting in limited growth . The growth rate is expected to remain low in the short to medium term . New, profitable opportunities for growth will be considered in the Nordic region and the Baltic states, leveraging the Group's scalable business model and best practice .Strong emphasis will also be placed on further developing cooperation with partners and distributors.  Full Article

Gjensidige sells 14,500,000 shares in SpareBank1 SR
Wednesday, 12 Oct 2016 02:29am EDT 

SpareBank 1 SR Bank ASA : Gjensidige has sold 14,500,000 shares in SB1 SR-bank, representing 5.67 per cent of share capital by way of an accelerated bookbuilding process .Shares were sold at a price of 46.00 Norwegian crowns per share.  Full Article

Gjensidige sold 5.7 pct SR-Bank stake, now holds 4.8 pct
Wednesday, 12 Oct 2016 02:01am EDT 

Gjensidige : Sold 14,500,000 shares in Sparebank 1 SR-Bank, representing 5.67 per cent of share capital by way of an accelerated bookbuilding process. Shares were sold at a price of nok 46.00 each. Gjensidige now holds 4.81 percent of the bank's shares . SR-Bank's shares on Tuesday closed at NOK 47.4 .has entered into a customary lock-up with the bookrunners of 3 months following the completion of the sale.  Full Article

Norwegian insurer Gjensidige to cut staff, picks new CFO
Monday, 26 Sep 2016 02:55am EDT 

Gjensidige Forsikring: Says "efficiency measures will be implemented to ensure a competitive organisation set to deliver on Gjensidige's strategic priorities" . The Group's financial targets remain unchanged . During 2017, Gjensidige will reduce number of employees by about 190 full-time equivalents within staff and support functions across the Group . A non-recurring provision of about NOK 120 million will be made in the third quarter 2016 to cover restructuring costs . Says hope to avoid lay-offs by offering voluntary solutions to employees . Jostein Amdal will take over as CFO after Catharina Hellerud. Amdal has been head of capital management and M&A for the past two years, and was previously head of Group risk . Martin Danielsen will leave the group management to head Gjensidige's strategic initiatives within data mining and analytics .Hellerud, will continue as executive vice president, now with responsibility for Analytics, Product and Price.  Full Article

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RPT-BRIEF-Gjensidige Q1 pretax profit beats forecast

* Gjensidige q1 pretax profit nok 1,365 million (Reuters poll nok 1.24 billion)