Gjensidige reported higher third-quarter profit on 23 October 2026 as its general-insurance service result improved. The stronger underwriting performance partly offset weaker investment performance, while a non-recurring charge in the prior-year quarter also influenced the comparison.
The quarter in figures
| Measure | Disclosure | Official source |
|---|---|---|
| Profit before tax | NOK2,780.6 million, versus NOK2,067.4 million. | Primary record |
| After-tax profit from continuing operations | NOK2,076.7 million, versus NOK1,563.8 million. | Primary record |
| Earnings per share from continuing operations | NOK4.08, versus NOK3.04. | Primary record |
| General-insurance revenue | NOK11,367.4 million, versus NOK11,201.9 million; reported growth 1.5%. | Primary record |
| General-insurance service result | NOK3,003.6 million, versus NOK2,270.6 million. | Primary record |
| Combined ratio | 73.6%, versus 79.7%. | Primary record |
Why the combined ratio matters
The combined ratio relates insurance claims and operating costs to insurance revenue. A lower ratio indicates less of the revenue was absorbed by those costs on this measure. The movement from 79.7% to 73.6% is an improvement of 6.1 percentage points, not a 6.1% relative change.
Gjensidige attributed the improvement to lower loss ratios in Norway and Denmark. Its cost ratio increased to 11.5%, partly because of NOK90 million in technology-division restructuring costs. Better underwriting should therefore not be read as every cost category falling.
Reported, currency-adjusted and one-off effects
General-insurance revenue rose 1.5% in reported kroner and 3.7% in local currency. Adjusting for a prior-year change in revenue recognition for Norwegian home-seller insurance, the local-currency growth figure was 5.3%. These are different comparisons and should retain their labels.
The prior-year group profit included a NOK429.1 million negative impact from discontinuing a core IT-system implementation in the pension business. Meanwhile, the investment portfolio’s financial result was negative NOK192.9 million this quarter, compared with positive NOK534.0 million a year earlier.
Those differences explain why insurance-service profit, group profit and investment results cannot be used interchangeably. The figures above cover the quarter, not the nine-month year-to-date period shown elsewhere in the interim report.
Official sources and reporting scope
Primary document and official companion record. The report is linked from Gjensidige’s own investor page; it is issuer evidence, not independent corroboration. Latest saved source observation: . This report does not establish a live share-price reaction or an investment return.
Related CapKet coverage: Sodexo’s reported versus underlying performance distinctions.
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