olivLaw · European equity research
Gjensidige Forsikring ASA GJF.OL
Norway · Euronext Oslo Børs · ISIN NO0010582521 · Vertical: Listed companies from Norway
Gjensidige Forsikring is a Nordic non-life insurer focused on property and casualty cover, active in Norway, Denmark and other markets in the region. The company builds its strategy on damage prevention, efficient processes and investments managed with sustainability criteria, a context relevant for a sector subject to strict capital requirements and climate change. Its 2024 annual report describes a diversified customer base with significant exposure to agriculture and real estate.
At the close of 06 Nov 2026, Gjensidige Forsikring ASA (GJF.OL) stock was 273.40 NOK (−2.22% on the day), with market capitalisation 140.4 bn NOK, P/E 27.3 on diluted EPS of 10.01 NOK over the last 12 months, dividend yield 3.12%, beta 0.36, 52-week range 241.80–302.00 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 58.7
- strong (55–70)
- Bollinger (20, 2)
- 251.49 – 277.39
- in the upper half of the band · %B 0.85 · band width 9.8%
- SMA 50 / 200
- 266.97 / 267.00
- mixed trend
- MACD (12, 26, 9)
- 2.36 / 0.42
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.3% | −0.6% | +11.0 pp | — |
| 3 months | −3.8% | −4.2% | +0.4 pp | — |
| 6 months | +9.4% | +4.3% | +5.1 pp | — |
| Year to date | −9.5% | +7.5% | −17.0 pp | — |
| 1 year | −0.7% | +9.9% | −10.6 pp | −5.7% |
| 3 years | +62.9% | +49.8% | +13.1 pp | +15.0% |
| 5 years | +26.2% | +42.8% | −16.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 20.1, median 23.1, max 28.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 3.4 bn | 4.1 bn | 5.1 bn |
| Net income YoY | unavailable | +20.1% | +24.4% |
| Diluted EPS | 6.78 | 8.11 | 10.01 |
| Diluted EPS YoY | unavailable | +19.6% | +23.4% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.7 bn NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 26.0 bn NOK
- Total assets
- 171.5 bn NOK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 20.5%
- ROA
- 3.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Income statement · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Pre-tax income | 4.3 bn | 5.5 bn | 6.8 bn | esef· 08 May 2025verified |
| Income tax | 879.7 m | 1.4 bn | 1.6 bn | esef· 08 May 2025verified |
| Net income | 3.4 bn | 4.1 bn | 5.1 bn | esef· 08 May 2025verified |
| Diluted EPS | 6.78 | 8.11 | 10.01 | esef· 08 May 2025verified |
| Dividend per share | 7.59 | 8.10 | 8.52 | esef· 08 May 2025derived |
Balance sheet · NOK
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.2 bn | 3.0 bn | 3.7 bn | esef· 08 May 2025verified |
| Property, plant & equipment, net | 1.6 bn | 1.8 bn | 1.6 bn | esef· 08 May 2025verified |
| Goodwill | 5.3 bn | 5.7 bn | 5.3 bn | esef· 08 May 2025verified |
| Intangibles (excl. goodwill) | 2.3 bn | 2.5 bn | 2.4 bn | esef· 08 May 2025verified |
| Total assets | 128.1 bn | 148.3 bn | 171.5 bn | esef· 08 May 2025verified |
| Total liabilities | 104.1 bn | 124.0 bn | 145.5 bn | esef· 08 May 2025verified |
| Equity | 24.0 bn | 24.2 bn | 26.0 bn | esef· 08 May 2025verified |
| Shares outstanding at year end | 507.1 m | 509.3 m | 513.4 m | esef· 08 May 2025derived |
Cash flow · NOK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 140.4 bn NOK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 27.3x | 35 (vs peers) | 63% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.1% | 45 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial45/100 · 1/2 factors with a value
- Valuation· partial35/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Gjensidige Forsikring ASA (GJF.OL). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 20.5%.
The estimated value range is 87.63–209.75 NOK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 145.08 NOK, the price of 273.40 NOK leaves a potential of -46.9% (value / price − 1) and a margin of safety of -88.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for GJF.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Gjensidige Forsikring is a Nordic non-life insurer focused on property and casualty cover, active in Norway, Denmark and other markets in the region. The company builds its strategy on damage prevention, efficient processes and investments managed with sustainability criteria, a context relevant for a sector subject to strict capital requirements and climate change. Its 2024 annual report describes a diversified customer base with significant exposure to agriculture and real estate.
SWOT
Strengths
- Long-standing experience in risk calculation and a broad customer base that supports data-based pricing.
- A clear focus on damage prevention, which can reduce claim frequency and supports customer relationships.
- A clearly formulated strategy with three priorities and a sustainability framework integrated into business processes.
Weaknesses
- Significant exposure to a few real economy sectors, such as agriculture and real estate, which concentrates risk.
- Dependence on geographically concentrated markets, which limits revenue diversification.
- Complex sustainability reporting processes that demand considerable resources and rigorous internal control.
Opportunities
- Developing prevention and climate adaptation products could create new revenue sources and customer loyalty.
- Automating and standardising processes could reduce costs and speed up claims handling.
- Partnerships and strategic alliances could extend distribution without a proportional rise in costs.
Threats
- Extreme weather events could push losses above modelled levels.
- Inflationary pressure on repair costs could reduce margins if tariffs do not adjust.
- Changes in capital and reporting regulation could raise compliance costs.
Risks
- Concentration in economic sectorsmedium
High exposure to agriculture, construction and real estate can make technical results sensitive to events specific to these industries.
- Climate and extreme event riskhigh
Climate change may raise the frequency and cost of claims, and scenario-based estimates may be overtaken by actual developments.
- Investment riskmedium
The investment portfolio is exposed to financial institutions and the public sector, and market changes could affect returns and capital.
- Regulation and capital requirementsmedium
Changes to capital and reporting rules could require costly adjustments to the business model.
- Reporting and sustainability risklow
Errors in sustainability reporting could weaken investor confidence, so internal controls must remain effective.
Investment thesis
What would need to be true (bull case)
- If damage prevention and data-based pricing perform as expected, the company could keep margins stable even as climate risk rises.
- A large customer base and long experience in risk offer an advantage that new competitors would find hard to replicate.
- Digitalisation and automation could lower operating costs and speed up claims handling, supporting efficiency.
What would break the thesis
- If extreme weather events become more frequent than models anticipate, claims could exceed estimates and pressure results.
- Concentrated exposure to a few sectors could amplify the effects of a local economic downturn on the customer portfolio.
- Regulatory and reporting requirements could raise administrative and compliance costs over time.
What to watch
- Trend in average claims cost and technical result in the commercial segments2025
- Investment results and return on the Norwegian pension portfolio2025
- Progress toward the net zero emissions target for investments2050
- Capital and regulatory adjustments that could affect the business modelnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Gjensidige describes itself as a non-life insurer aiming to be the leading Nordic property and casualty insurer, with three strategic priorities: customer orientation throughout the journey, excellence in claims, and an attractive alliance partner role. Activities include risk assessment and underwriting, product development, distribution through digital, telephone and physical channels, and claims handling, where the company seeks repairs with lower environmental impact. The company also manages significant investments, funded by premiums paid in advance and by a pension company in Norway.
The report presents the business model as integrated with sustainability goals, and the company applies the UN PSI principles for sustainable insurance. Damage prevention is central to the customer relationship, through advice on risk-reducing measures and sustainability requirements placed on suppliers. Insurance is strictly regulated, which imposes capital requirements and care for customer needs.
For business customers, the company performs customer-specific risk assessments and site inspections, while for private individuals it offers a broad range of products. The sales process starts with a request for a quote and continues through risk assessment, pricing and policy issuance, while the claims process includes supplier selection and quality control of repairs.
Segments
Commercial customer insurance
The report shows that insurance for business customers in Norway and Denmark is split across several sectors, with the largest shares in agriculture, real estate and construction. This distribution means technical results depend on events specific to these industries, such as weather or the construction cycle.
Investments and pensions
The investment portfolio is largely exposed to financial institutions and public administration, with a significant share in property operations. The Norwegian pension subsidiary manages assets that must deliver competitive returns for its customers, and investments are also assessed for sustainability risk.
Market context
The company's core market is Norway, with operations also in Denmark, and the report describes a strictly regulated sector in which prices must reflect risk and capital requirements. Climate change and the frequency of extreme weather events influence risk estimates and prices, and the company uses climate scenarios to estimate future risks, not only historical statistics.
The market is also shaped by claims cost inflation, rising claim counts and the level of digitalisation in distribution. The report notes that customers still largely prefer a combination of digital self-service, telephone contact and physical meeting points, which keeps traditional channels relevant.
Trends
- Climate change and extreme weather eventsmixed
A rise in the frequency of extreme weather events could increase the number and cost of claims, but also requires investment in prevention and more precise pricing models. The company uses climate scenarios to adjust prices.
- Digitalisation of distribution and claimstailwind
Automation and standardisation allow faster price updates and better risk assessment, but require continued investment in technology and data security.
- Inflation in repair and claims costsheadwind
Rising material and labour costs could raise the average cost of claims, which could squeeze margins if tariffs do not adjust sufficiently.
- Regulatory and sustainability reporting requirementsmixed
Sustainability reporting is becoming more detailed and subject to internal control, raising administrative costs, but it may also strengthen investor and customer confidence.
Competitive position
The annual report does not explicitly name the company's competitors and does not provide a market share analysis. The Nordic competitive landscape includes other large non-life insurers, but comparisons should be made using their public data.
The advantage the company claims rests on its long history of risk calculation, its large customer base and its use of data and pricing models. These elements are hard for new entrants to replicate quickly.
- Other Nordic non-life insurers
Competitors in Norway, Denmark and Sweden, not individually identified in the source; comparisons require their public reports.
- Norwegian pension insurers and asset managers
Competition in the pension and asset management segment, not individually named in the annual report.
- Digital insurance distributors
New online distribution channels competing on price and customer experience, with no names specified in the source.
- Banks and financial institutions with insurance divisions
Players that can offer insurance bundled with banking services in the region's markets.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Gjensidige Forsikring ASA · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.