Gjensidige Forsikring ASA

Strong Q3 profitability driven by better insurance results - Profit after tax: NOK 2.077bn (significant YoY increase). - Underlying improvement: driven by disciplined pricing, better risk selection, and operational efficiency. - General Insurance: insurance service result NOK 3.04bn, combined ratio 73.6%; large losses lower than normal and cost discipline supported results. - Underlying UFLR (frequency loss ratio): improved materially YoY (noted as a key driver of margin improvement). - Annualized ROE: 34.2%; Solvency ratio: 190% (strong capital position).

Revenue growth mixed; currency effects explain most GWP deceleration - Revenue growth: +3.7% in local currency (+5.3% ex non-recurring last year for home seller insurance in Private Norway). - Written premium / GWP slowdown in reported NOK: call explicitly highlights FX impact: - Group: -1% in NOK, but +0.9% currency-adjusted. - Private: +1.2% in reported NOK vs +2.6% currency-adjusted. - Commercial: -3.7% in NOK vs -1.7% currency-adjusted. - Sweden: -3.2% in NOK but +4.4% in local currency, showing currency swings are the main explanation.

Segment outlook: Norway & Denmark resilient; Sweden weaker (normalization costs/claims mix) - Norway Private: strong quarter; UFLR improved +4.9pp YoY (especially Motor), claims inflation broadly in line with expectations. - Claims inflation guidance (Norway Private): - Motor: 3%–6% - Property: 4%–6% - Denmark Private: profitability improved; better runoff gains and lower large losses; UFLR improved +1pp YoY and cost ratio improved ~1pp YoY. - Commercial (Norway & Denmark): profitability improved via pricing/risk selection; volumes were more constrained where they prioritize margin over growth. - Sweden: weaker YoY insurance service result; normalization of midsized claims frequency and temporary digital-claims technology costs hurt loss and expense ratios.