Gjensidige (GJFG.OL): 2Q’26 earnings preview: Expect growth metrics to be in focus in an otherwise normal quarter

Research evidence excerpt

Gjensidige (GJFG.OL): 2Q’26 earnings preview: Expect growth metrics to be in focus in an otherwise normal quarter

Equity Research

9 July 2026 | 9:31PM BST

Gjensidige (GJFG.OL): 2Q’26 earnings preview: Expect growth metrics to

be in focus in an otherwise normal quarter

Gjensidige reports its 2Q’26 earnings on July 13. Overall, we are 1% above Vash Gosalia, CFA

+44(20)7051-0132 |

company-compiled consensus net income, underpinned by a 4% ahead of consensus vash.gosalia@gs.com

Goldman Sachs International

insurance service result, which is offset by lower Pension PBT and IFIE. We note that

Andrew Baker, CFA

due to the reserving from the Danish Workers comp, the moving parts of company +44(20)7051-2074 |

consensus have wide distributions. andrew.x.baker@gs.comGoldman Sachs International

Alice PalumboWithin our insurance service results, we are 1% worse than consensus, but this is +44(20)7051-2403 |

offset by 90 bps better-than-consensus COR as we estimate modestly better loss alice.palumbo@gs.comGoldman Sachs International

ratio and cost ratio vs consensus. We note that while we are 1.7pp better than Ankitha Giridhar

company consensus on the underlying frequency loss ratio, it is skewed by an outlier +1(332)245-7972ankitha.giridhar@gs.com|

within the consensus; we are only 10 bps better than the median value. Similarly, on Goldman Sachs India SPL

the run-off gains, while we are 56% worse than the average consensus, we are in line

with the median.

Within IFIE, we MTM the moving parts using the forward swap curve and are 5%

worse than consensus.

Elsewhere, on Solvency II ratio, we are 2pp below consensus. Within our Solvency II

estimates, we reflect for a NOK713mn impact from the debt redemption and a 1pp

benefit from the MTM movements.