Edition:
India

Gjensidige Forsikring ASA (GJFS.OL)

GJFS.OL on Oslo Stock Exchange

131.80NOK
12 Dec 2018
Change (% chg)

kr0.60 (+0.46%)
Prev Close
kr131.20
Open
kr131.50
Day's High
kr133.40
Day's Low
kr131.50
Volume
368,068
Avg. Vol
499,612
52-wk High
kr162.20
52-wk Low
kr118.80

Latest Key Developments (Source: Significant Developments)

Gjensidige to use capital for growth, no special dividends during 2019
Tuesday, 27 Nov 2018 

Nov 27 (Reuters) - Gjensidige Forsikring ASA ::CFO JOSTEIN AMDAL SAYS THE COMPANY IS VERY WELL CAPITALISED.SAYS CLOSING OF BANK SALE WILL BE IN 2019, WILL USE THAT CAPITAL FOR GROWTH OPPORTUNITIES, WILL NOT THINK ABOUT SPECIAL DIVIDENDS DURING 2019.CEO HELGE LEIRO BAASTAD SAYS IT IS CHALLENGING TO BE IN THE CORRIDOR 86-89 PERCENT FOR COMBINED RATIO IN 2018.SAYS IS INCREASING PRICES WHICH COULD HURT RETENTION, BUT SO FAR IT LOOKS GOOD.CFO SEES CONTINUED DETERIORATION FOR THE MOTOR SEGMENT IN NORWAY IN Q4, IMPROVEMENT IN THE FIRST HALF OF 2019.  Full Article

Norwegian insurer Gjensidige aims to get profitability back on track
Tuesday, 27 Nov 2018 

Nov 27 (Reuters) - Gjensidige Forsikring ASA ::REITERATES TARGET COMBINED RATIO OF 86-89 PERCENT FROM 2019-2022.REITERATES TARGETS DIVIDEND PAYOUT RATIO ABOVE 80 PERCENT OVER TIME.REITERATES TARGET RETURN ON EQUITY AFTER TAX ABOVE 20 PERCENT.SAYS OUR PRIORITIES ARE TO GET PROFITABILITY BACK ON TRACK AND RETAIN OUR STRONG AND UNIQUE POSITION IN NORWAY.SAYS FURTHER WE WILL CONTINUE TO STRENGTHEN OUR PROFITABILITY AND GROWTH OUTSIDE NORWAY.REITERATES TARGET SOLVENCY MARGIN OF 135-200 PERCENT.SAYS WE ARE ALSO COMMITTED TO MAINTAINING A STRICT CAPITAL DISCIPLINE AND CONTINUE DELIVERING HIGH AND STABLE DIVIDENDS TO OUR SHAREHOLDERS.TARGET 2022: REDUCE ANNUAL CLAIMS COST BY NOK 500 MILLION.TARGETS UNDERWRITING RESULT OUTSIDE NORWAY OF NOK 750 MILLION IN 2022.SEEKING ATTRACTIVE M&A OPPORTUNITIES IN SWEDEN, DENMARK, BALTICS.SAYS STRONG CAPITAL POSITION LEADS TO POTENTIAL FOR FURTHER M&A GROWTH, OR SPECIAL DIVIDENDS.  Full Article

Gjensidige Q3 pretax lags forecast, hit by extreme-weather costs
Thursday, 25 Oct 2018 

Oct 25 (Reuters) - Gjensidige Forsikring ASA ::GJENSIDIGE Q3 PRETAX PROFIT NOK 964 MILLION (REUTERS POLL NOK 1.08 BILLION).GJENSIDIGE Q3 COMBINED RATIO 90.6 PERCENT (REUTERS POLL 89.0 PERCENT).RESULTS WERE SIGNIFICANTLY IMPACTED BY CLAIMS FOLLOWING EXTREME WEATHER, WHICH CONTINUED INTO Q3, IN ADDITION TO EXPECTED DETERIORATION OF PROFITABILITY IN OUR NORWEGIAN MOTOR INSURANCE LINE.GOING FORWARD WE WILL STRENGTHEN OUR EFFORTS TO IMPROVE PROFITABILITY THROUGH PRICE ADJUSTMENTS, COST-EFFICIENT OPERATIONS AND BEST CUSTOMER EXPERIENCES.  Full Article

Hege Yli Melhus Ask to become CEO of NHST Media Group
Monday, 27 Aug 2018 

Aug 27 (Reuters) - Gjensidige Forsikring ASA ::EVP HEGE YLI MELHUS ASK HAS DECIDED TO LEAVE GJENSIDIGE FORSIKRING ASA TO TAKE UP A POSITION AS CEO OF NHST MEDIA GROUP.ANNE MARI KALAGER, WHO TODAY IS IN CHARGE OF CONTROLLING IN TECHNOLOGY AND DEVELOPMENT AREA, HAS BEEN APPOINTED ACTING EVP OF CLAIMS.  Full Article

BRIEF-Insurer Gjensidige Q2 profit falls short of expectations
Friday, 13 Jul 2018 

Repeats to attach article to alerts, no changes in text:GJENSIDIGE Q2 PRETAX PROFIT NOK 1,252.6 MILLION (REUTERS POLL NOK 1.6 BILLION).GJENSIDIGE Q2 COMBINED RATIO 88.2 PERCENT (REUTERS POLL 84.9 PERCENT).SAYS STRONG UNDERWRITING PROFITABILITY IS EXPECTED TO OFFSET A CHALLENGING ENVIRONMENT AS REGARDS ACHIEVING INVESTMENT RETURNS.SAYS ORGANIC GROWTH IS EXPECTED TO BE IN LINE WITH NOMINAL GDP GROWTH IN GJENSIDIGE’S MARKET AREAS IN THE NORDIC COUNTRIES AND THE BALTIC STATES OVER TIME.SAYS PROFITABLE GROWTH WILL BE ACHIEVED BY PURSUING A DISCIPLINED ACQUISITION STRATEGY.SAYS THE ANNUAL COMBINED RATIO IS EXPECTED TO BE AT THE LOWER END OF THE TARGET CORRIDOR OF 90–93 (UNDISCOUNTED AND GIVEN ZERO RUN-OFF EFFECTS). THE TARGET COST RATIO IS AROUND 15 PER CENT. A REDUCTION IS EXPECTED IN THE UNDERLYING COST RATIO AND LOSS RATIO.SAYS OVER THE NEXT 2.5-4.5 YEARS, AVERAGE ANNUAL RUN-OFF GAINS ARE EXPECTED TO BE AROUND NOK 1,000 MILLION, MOVING THE EXPECTED REPORTED COMBINED RATIO TO THE LOWER END OF THE 86- 89 CORRIDOR (UNDISCOUNTED)..SAYS OVER TIME, DIVIDEND PAY-OUTS WILL REFLECT GJENSIDIGE’S POLICY NOT TO BUILD UNNECESSARY EXCESS CAPITAL.SAYS AT THE SAME TIME, GJENSIDIGE INTENDS TO INCREASE ITS PRESENCE IN THE GROWING MARKET FOR HEALTH AND PERSONAL INSURANCE.SAYS THE BOARD CONSIDERS THE GROUP’S CAPITAL SITUATION AND FINANCIAL STRENGTH TO BE GOOD.  Full Article

Insurer Gjensidige Q2 profit falls short of expectations
Friday, 13 Jul 2018 

July 13 (Reuters) - Gjensidige Forsikring ASA ::GJENSIDIGE Q2 PRETAX PROFIT NOK 1,252.6 MILLION (REUTERS POLL NOK 1.6 BILLION).GJENSIDIGE Q2 COMBINED RATIO 88.2 PERCENT (REUTERS POLL 84.9 PERCENT).SAYS STRONG UNDERWRITING PROFITABILITY IS EXPECTED TO OFFSET A CHALLENGING ENVIRONMENT AS REGARDS ACHIEVING INVESTMENT RETURNS.SAYS ORGANIC GROWTH IS EXPECTED TO BE IN LINE WITH NOMINAL GDP GROWTH IN GJENSIDIGE’S MARKET AREAS IN THE NORDIC COUNTRIES AND THE BALTIC STATES OVER TIME.SAYS PROFITABLE GROWTH WILL BE ACHIEVED BY PURSUING A DISCIPLINED ACQUISITION STRATEGY.SAYS THE ANNUAL COMBINED RATIO IS EXPECTED TO BE AT THE LOWER END OF THE TARGET CORRIDOR OF 90–93 (UNDISCOUNTED AND GIVEN ZERO RUN-OFF EFFECTS). THE TARGET COST RATIO IS AROUND 15 PER CENT. A REDUCTION IS EXPECTED IN THE UNDERLYING COST RATIO AND LOSS RATIO.SAYS OVER THE NEXT 2.5-4.5 YEARS, AVERAGE ANNUAL RUN-OFF GAINS ARE EXPECTED TO BE AROUND NOK 1,000 MILLION, MOVING THE EXPECTED REPORTED COMBINED RATIO TO THE LOWER END OF THE 86- 89 CORRIDOR (UNDISCOUNTED)..SAYS OVER TIME, DIVIDEND PAY-OUTS WILL REFLECT GJENSIDIGE’S POLICY NOT TO BUILD UNNECESSARY EXCESS CAPITAL.SAYS AT THE SAME TIME, GJENSIDIGE INTENDS TO INCREASE ITS PRESENCE IN THE GROWING MARKET FOR HEALTH AND PERSONAL INSURANCE.SAYS THE BOARD CONSIDERS THE GROUP’S CAPITAL SITUATION AND FINANCIAL STRENGTH TO BE GOOD.  Full Article

Gjensidige to focus on growth opportunities in Sweden, Denmark, Estonia
Monday, 2 Jul 2018 

July 2 (Reuters) - Gjensidige Forsikring ASA ::GJENSIDIGE CEO HELGE LEIRO BAASTAD SAYS WANTS TO GROW THE NON LIFE BUSINESS IN SWEDEN AND DENMARK.IN THE BALTICS WE ARE SATISFIED BUT WOULD LOOK INTO OPPORTUNITIES IN ESTONIA .GJENSIDIGE SAYS M&A STRATEGY IS THE SAME AS BEFORE.GJENSIDIGE SAYS DIVIDEND POLICY REMAINS FIRM.  Full Article

Sweden's Nordea buys insurer Gjensidige's bank arm for NOK 5.5 bln
Monday, 2 Jul 2018 

July 2 (Reuters) - Gjensidige Forsikring Asa ::GJF: SALE OF GJENSIDIGE BANK TO NORDEA - ENTERING STRATEGIC DISTRIBUTION.AGREED PURCHASE PRICE IS NOK 5.5 BILLION FOR 100 PER CENT OF SHARE CAPITAL OF GJENSIDIGE BANK.CLOSING IS EXPECTED TO TAKE PLACE DURING Q1 2019.GJENSIDIGE FORSIKRING GROUP IS EXPECTED TO RECORD AN ESTIMATED GAIN OF APPROXIMATELY NOK 1.9 BILLION UPON CLOSING OF TRANSACTION.THIS GAIN WILL BE EXCLUDED FROM BASIS FOR CALCULATING PAYOUT RATIO FOR REGULAR DIVIDENDS..GJENSIDIGE FORSIKRING GROUP'S LEGAL SOLVENCY MARGIN AS AT 31 MARCH 2018 WAS 159 PER CENT.AND CORRESPONDING PRO-FORMA MARGIN AFTER SALE IS ESTIMATED AT 233 PER CENT.ARCTIC SECURITIES, SCHJØDT AND EY HAVE ACTED AS ADVISORS TO GJENSIDIGE.  Full Article

Nordea To Acquire Gjensidige Bank And Enter Strategic Partnership With Gjensidige
Monday, 2 Jul 2018 

July 2 (Reuters) - Nordea ::TO ACQUIRE GJENSIDIGE BANK AND ENTER STRATEGIC PARTNERSHIP WITH GJENSIDIGE.ENTERED INTO AN AGREEMENT WITH GJENSIDIGE FORSIKRING ASA TO ACQUIRE ALL SHARES IN GJENSIDIGE BANK ASA.SAYS AGREEMENT ALSO INCLUDES A LONG-TERM STRATEGIC MUTUAL DISTRIBUTION COOPERATION WITH GJENSIDIGE IN NORWAY..CO TO ACQUIRE GJENSIDIGE BANK FOR ESTIMATED CASH CONSIDERATION OF NOK 5,500 MILLION (EUR 578 MILLION).SAYS NORDEA EXPECTS TO DELIVER ANNUALISED COST SYNERGIES OF APPROXIMATELY EUR 25 MILLION FROM COMBINED NORDEA AND GJENSIDIGE COST BASE BY 2022.DEAL'S ESTIMATED CASH CONSIDERATION OF NOK 5,500 MILLION TO BE ADJUSTED FOR EQUITY GENERATED BY GJENSIDIGE BANK UNTIL CLOSING OF TRANSACTION.ACQUISITION WILL HAVE A POSITIVE IMPACT ON NORDEA'S EARNINGS PER SHARE FROM YEAR ONE.ACQUISITION TO HAVE RETURN ON INVESTMENT OF APPROXIMATELY 16% BY 2022 AND REDUCE NORDEA'S CET1 CAPITAL RATIO BY APPROXIMATELY 60BPS.SAYS ACQUISITION, WHICH IS SUBJECT TO E.G. REGULATORY AND OTHER APPROVALS, IS EXPECTED TO CLOSE IN Q1 OF 2019..  Full Article

Gjensidige Forsikring Board approves 2017 dividend of NOK 7.10 per share
Thursday, 5 Apr 2018 

April 5 (Reuters) - Gjensidige Forsikring ASA ::APPROVED BOARD'S PROPOSAL TO DISTRIBUTE A DIVIDEND FOR 2017 OF NOK 7.10 PER SHARE BASED ON PROFIT FOR YEAR.  Full Article