Gjensidige (GJFG.OL): Key takeaways from 2Q’26 conference call and sell-side meeting

Research evidence excerpt

Gjensidige (GJFG.OL): Key takeaways from 2Q’26 conference call and sell-side meeting

Goldman Sachs Gjensidige (GJFG.OL)

Management remain highly confident in robust future growth. This is supported by

newly signed partnerships with Tesla, Privatmegleren and Huseierne, alongside efforts to

strengthen distribution capacity and efficiency in the Danish private market.

Separately, at the sell-side call management noted that the reason for the different

growth in Private and Commercial is underpinned by the fact that the drivers for

inflation are different. The Commercial book has a large exposure to A&H which have

different inflationary drivers as opposed to Motor and Property. That said, the

non-renewal of the agreement with Fire mutuals also had a larger impact on Commercial

vs Private.

Margins

Gjensidige continues to prioritise profitability over volume. Underwriting pricing is

matching claims inflation in most lines, and exceeding it in select lines to boost

profitability. Claims inflation is projected at 4% to 7% for motor and 4% to 6% for

property in Norway. Inflationary pressures are notably lower in Denmark and Sweden.

Further, in response to a recent Supreme Court ruling and subsequent reserving

developments, Gjensidige will be increasing prices on Danish workers’ compensation

policies.

Speaking to the underlying frequency loss ratio (UFLR), management noted that the

improvement is predominantly driven by pricing actions, with some contribution from

quarterly stochastic volatility. They also note that the first half of 2026 enjoyed an

exceptionally favourable claims environment. As such, while the margin outlook remains

solid, it is worth bearing in mind that the current UFLR might be a favourable starting

point for the future.