Gjensidige Forsikring (GJNSY)
OTHER OTC:GJNSY
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Gjensidige Forsikring
(OTC:GJNSY)
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Rating:74Outperform
Price Target:
$28.00
▼(-0.43% Downside)
Action:ReiteratedDate:02/01/26
The score is driven primarily by improving fundamentals (growth, margins, ROE) and a constructive earnings call highlighting stronger underwriting performance, robust solvency, and a large dividend proposal. Technicals are mixed with weakening momentum signals despite prices holding above key averages, while valuation looks somewhat demanding given the P/E and a moderate dividend yield.
Positive Factors
Improved underwriting profitability
A combined ratio in the low 80s demonstrates durable underwriting discipline and margin recovery. Persistently sub-100 combined ratios indicate the core insurance business earns underwriting profits, supporting long-term cash generation, resilient earnings through pricing cycles and stronger capital build-up.
Negative Factors
Core IT write-downs and strategy uncertainty
Material write-downs and an unresolved core IT strategy create persistent execution and cost risks. Delayed modernization can limit efficiency gains, increase future capex or integration costs, and reduce projected IT-driven margin improvements, affecting multi-year cost structure and operational scalability.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved underwriting profitability
A combined ratio in the low 80s demonstrates durable underwriting discipline and margin recovery. Persistently sub-100 combined ratios indicate the core insurance business earns underwriting profits, supporting long-term cash generation, resilient earnings through pricing cycles and stronger capital build-up.
Read all positive factors
Gjensidige Forsikring (GJNSY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$13.76B
Dividend Yield2.19%
Average Volume (3M)89.00
Price to Earnings (P/E)23.4
Beta (1Y)0.45
Revenue Growth9.55%
EPS Growth30.96%
CountryUS
Employees4,664
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)0.27
Shares Outstanding500,000,000
10 Day Avg. Volume33
30 Day Avg. Volume89
Financial Highlights & Ratios
PEG Ratio0.83
Price to Book (P/B)5.43
Price to Sales (P/S)3.44
P/FCF Ratio26.03
Enterprise Value/Market Cap9.56
Enterprise Value/Revenue2.90
Enterprise Value/Gross Profit3.98
Enterprise Value/Ebitda15.55
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Gjensidige Forsikring Business Overview & Revenue Model
Company Description
Gjensidige Forsikring ASA provides general insurance and pension products in Norway, Sweden, Denmark, Latvia, Lithuania, and Estonia. The company operates through six segments: General Insurance Private, General Insurance Commercial, General Insur...
How the Company Makes Money
Gjensidige primarily makes money by underwriting non-life (property and casualty) insurance and by investing the assets it holds to pay future claims. The main revenue stream is insurance premiums collected from customers across personal and comme...
Gjensidige Forsikring Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call presented multiple strong financial and operational positives: double-digit revenue growth, improved combined ratio, high ROE, a robust solvency ratio and a sizable dividend proposal. These were tempered by one-off IT write-downs and restructuring costs (NOK 502m), weather-related large losses (Storm Amy, NOK 349m), some headline cost-ratio pressure and uncertainty around long-term core IT decisions. On balance, the positives (recurring profitability, capital strength, growth and operational progress) outweigh the lowlights, which are largely one-time or manageable.Positive Updates
Strong profitability and return on equity
Profit before tax of NOK 1.754 billion in Q4; return on equity of 27.3% for the year.
Negative Updates
Large weather-related losses (Storm Amy)
Higher large losses in Q4, including NOK 349 million in Storm Amy claims (net of reinsurance), contributed to a 1.3 percentage point increase in the Q4 loss ratio.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong profitability and return on equity
Profit before tax of NOK 1.754 billion in Q4; return on equity of 27.3% for the year.
Read all positive updates
Company Guidance
Management guided that pricing will be kept at least in line with claims‑cost development to deliver on 2026 targets, citing expected repair‑cost inflation of 3–5% for property and 3–6% for motor over the next 12–18 months, current average price increases of ~9% (property) and 10% (private motor) after average premiums rose ~14% and 16.5% last year, and continued focus on efficiency; key metrics cited include an adjusted Q4 combined ratio of 83.8% (FY combined ratio 83.4%, a 2.5pp improvement), Q4 insurance service result NOK 1.297bn (adjusted NOK 1.798bn after NOK 502m one‑offs), Q4 profit before tax NOK 1.754bn, investment returns contributing (CEO) NOK 482m, return on equity 27.3%, annual revenue growth 11.5% (Q4 +10.4% LCU), cost ratio 12.7% (11.5% adjusted), solvency ratio 188% (target range 140–190%), and a proposed dividend of NOK 7.25bn (regular NOK 5bn = NOK10/sh, special NOK 2.25bn = NOK4.5/sh, regular payout ~76%); they also flagged a decision on the Sweden core‑IT path to come first, expect FSA approval of the dividend, and noted the Baltics sale will lift solvency by ~5pp in Q1 2026.Gjensidige Forsikring Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
73
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 44.69B | 40.36B | 37.01B | 29.68B | 31.67B |
| Gross Profit | 44.69B | 40.36B | 37.01B | 29.68B | 31.67B |
| EBITDA | 8.50B | 6.82B | 5.50B | 4.46B | 9.19B |
| Net Income | 6.56B | 5.14B | 4.13B | 3.44B | 7.14B |
Balance Sheet | |||||
| Total Assets | 191.90B | 171.49B | 148.28B | 135.15B | 129.82B |
| Cash, Cash Equivalents and Short-Term Investments | 4.43B | 3.69B | 2.99B | 3.20B | 2.35B |
| Total Debt | 5.28B | 5.41B | 4.36B | 3.78B | 3.67B |
| Total Liabilities | 163.59B | 145.47B | 124.05B | 109.28B | 104.62B |
| Stockholders Equity | 28.31B | 26.01B | 24.23B | 25.87B | 25.20B |
Cash Flow | |||||
| Free Cash Flow | 5.90B | 3.79B | 4.09B | 4.15B | 6.49B |
| Operating Cash Flow | 6.06B | 4.21B | 4.89B | 4.71B | 7.03B |
| Investing Cash Flow | -681.49M | -447.60M | -1.04B | 2.75B | -1.40B |
| Financing Cash Flow | -4.66B | -3.00B | -4.09B | -4.18B | -6.11B |
Gjensidige Forsikring Technical Analysis
Positive
28.12
Price Trends
26.47
Positive
26.72
Positive
26.46
Positive
Market Momentum
-0.02
Negative
58.54
Neutral
87.52
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GJNSY, the sentiment is Positive. The current price of 28.12 is above the 20-day moving average (MA) of 25.93, above the 50-day MA of 26.47, and above the 200-day MA of 26.46, indicating a bullish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 58.54 is Neutral, neither overbought nor oversold. The STOCH value of 87.52 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GJNSY.
Gjensidige Forsikring Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $13.76B | 23.43 | 27.14% | 2.19% | 9.55% | 30.96% | |
73 Outperform | $20.02B | 9.49 | 10.26% | 3.44% | 12.33% | ― | |
70 Outperform | $10.22B | 11.89 | 15.32% | 6.98% | 7.08% | -4.36% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $41.70B | 15.62 | 7.50% | 2.02% | -23.02% | 52.43% | |
65 Neutral | $11.74B | 10.92 | 11.63% | 5.77% | -6.19% | ― | |
50 Neutral | $10.79B | 15.82 | -152.32% | 2.15% | 7.70% | -155.12% |
* Financial Sector Average
GJNSY
Gjensidige Forsikring
27.50
6.85
33.19%
AEG
Aegon
7.85
2.32
42.00%
AIG
American International Group
77.72
-1.84
-2.31%
ORI
Old Republic International
41.59
8.01
23.84%
PFG
Principal Financial
92.32
23.04
33.26%
EQH
Equitable Holdings
38.48
-6.26
-14.00%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.