Gjensidige Q2 combined ratio improves to 79%.
July 11 - (The Insurer) – Norwegian insurer Gjensidige Forsikring reported a second-quarter combined ratio of 79.0% for its general insurance operations on Friday, with profit before tax jumping to 2.95 billion crowns ($296.6 million).
Combined ratio improves by 6 percentage points year on year
Insurance service result from general insurance operations up 55%
KBW highlights “material improvement” in underwriting profitability
The group's combined ratio improved by 6 percentage points compared to the 85% combined ratio reported in with the second quarter of 2024.
Insurance revenue increased by 11.7% year on year to 10.49 billion crowns, while the insurance service result from Gjensidige's general insurance operations rose by 55.9% to 2.20 billion crowns from 1.41 million crowns in the prior-year quarter.
Gjensidige said the revenue growth was mainly driven by pricing measures across its private and commercial portfolios in all geographies, the impact of “solid” renewals in the commercial portfolios and higher volumes in Denmark and Sweden.
The group's loss ratio decreased by 5.4 points to 66.2% in Q2, which Gjensidige said reflected a 10 point improvement in the underlying frequency loss ratio.
Large losses, net of reinsurance, totalled 542.8 million crowns, compared with 492.1 million crowns in the prior-year quarter.
Overall, Gjensidige reported a profit after tax of 2.24 billion crowns for the quarter, with earnings per share of 4.42 crowns.
KBW’s Michele Ballatore said the results showed a material improvement in the underwriting profitability that will “certainly be supportive” of the stock today.
“The group's reported net profit was a 41% beat versus consensus in Q2 2025, with both the insurance service result and the investment return performing materially above expectations. The reported headline combined ratio of 79% showed a strong underwriting performance, which was primarily led by the Norwegian business,” said Ballatore in a market circular.
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