Gjensidige (1K) | Hold (Not Rated) | Built in Norway

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Gjensidige (1K) | Hold (Not Rated) | Built in Norway

Gjensidige Hold | Target Price: NOK272.00

Norway remains the core earnings engine

Gjensidige remains a Norway led franchise. Norway accounts for c. 70% of group revenues in 2025,

but its importance is even higher at the earnings level, contributing c. 83% of the group’s

insurance service result. This reflects both the scale of the Norwegian business and its stronger

profitability versus operations outside the home market.

Within Norway, earnings are broadly balanced between private and commercial lines. Denmark

and Sweden remain smaller contributors, particularly at the ISR level, where private Denmark

contributes only c. 1% despite accounting for c. 7% of revenues.

Chart 1: Revenue by segment 2025 Chart 2: Insurance service result by segment 2025

5% 4%

12%

17%

34% Private Norway Private Norway

Private Denmark 42% Private Denmark

Commercial Norway Commercial Norway

Commercial Denmark Commercial Denmark

Sweden Sweden

41%

7%

36%

1%

Source: Kepler Cheuvreux Source: Kepler Cheuvreux

Strong in Norway, but limited scale outside the home market

Gjensidige has a leading position in Norway, ranking first with a c. 26% market share. This remains

the group’s core strength, supported by a stable private market position and continued growth in

commercial Norway. Commercial Norway’s market share increased from c. 28% in 2016 to c. 31%

in 2025, while private Norway remained broadly stable at c. 24%.

Outside Norway, Gjensidige lacks comparable scale. The group ranks fourth in Denmark with c.

8% market share and eighth in Sweden, with c. 2%. This limits scale benefits outside the home

market and reinforces Gjensidige’s dependence on Norway for both revenues and earnings. As a