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Gjensidige Forsikring
(OTC:GJNSY)
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Rating:76Outperform
Price Target:
$32.00
â–²(13.80% Upside)
Action:Reiterated
Date:07/14/26
The score is driven primarily by solid financial performance (healthy profitability and strong cash conversion, with only moderate balance-sheet caution) and a positive earnings update featuring strong underwriting metrics and solvency. Technicals are supportive with the price above key moving averages, though near-term momentum looks somewhat stretched. Valuation is the main drag due to a ~20.5 P/E paired with a moderate ~2.6% dividend yield.
Positive Factors
Underwriting quality
A 75.2% combined ratio plus a ~4 percentage-point drop in underlying frequency shows durable underwriting discipline. Persistent loss-ratio improvement indicates effective pricing, risk selection and claims management, supporting sustainable underwriting margins and reduced earnings volatility over the medium term.
Negative Factors
Legal/regulatory uncertainty
A NOK 419m hit from the Danish Supreme Court ruling introduces structural legal uncertainty: reopened claims or broad application could raise reserves and claims volatility. That undermines predictability of underwriting results and may force pricing or capital responses that persist beyond a single quarter.
Read all positive and negative factors
Positive Factors
Negative Factors
Underwriting quality
A 75.2% combined ratio plus a ~4 percentage-point drop in underlying frequency shows durable underwriting discipline. Persistent loss-ratio improvement indicates effective pricing, risk selection and claims management, supporting sustainable underwriting margins and reduced earnings volatility over the medium term.
Read all positive factors
Gjensidige Forsikring (GJNSY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.32B
Dividend Yield2.51%
Average Volume (3M)89.00
Price to Earnings (P/E)20.2
Beta (1Y)0.41
Revenue Growth19.83%
EPS Growth15.69%
CountryUS
Employees4,150
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)13.28
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 Cap8.83
Enterprise Value/Revenue2.73
Enterprise Value/Gross Profit3.59
Enterprise Value/Ebitda14.65
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 is a Nordic-Baltic financial services provider specializing in general insurance and pension offerings across Norway, Sweden, Denmark, Latvia, Lithuania, and Estonia. The company's operations are segmented into six key ar...
How the Company Makes Money
Gjensidige primarily makes money through its non-life insurance operations by (1) underwriting income and (2) investment income on its float. Underwriting income is generated by collecting insurance premiums and managing the total cost of claims, ...
Gjensidige Forsikring Earnings Call Summary
Earnings Call Date:Jul 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 23, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: strong profitability (ROE 33.3%), solid solvency (189%), robust insurance service results (combined ratio 75.2%), double-digit revenue growth (9.3%), significant segment-level loss ratio improvements, and material strategic partnership and distribution wins (Tesla, real estate partners). Notable headwinds include a NOK 419 million hit from a Danish court ruling with lingering uncertainty, slower Private GWP growth partly from one-off contract terminations, run-off losses in Sweden, real estate valuation pressures affecting net finance, and higher capital requirements following unit-linked growth. Management emphasized disciplined pricing, profitability over volume, and actions taken to address weaker pension product performance. Overall, the positives (strong earnings metrics, operational improvements, partnerships and distribution gains) outweigh the negatives, though several risks and one-off impacts remain.Positive Updates
Strong profitability metrics
Profit after tax of NOK 2,122 million in Q2; profit before tax of NOK 2,790 million. Return on equity of 33.3% and a robust group solvency ratio of 189%.
Negative Updates
Negative impact from Danish Supreme Court ruling
A NOK 419 million net negative impact (after reserve releases) from the Danish Supreme Court ruling on workers' compensation was recognized in the quarter, with remaining uncertainty about how many claims may be reopened and how the ruling will be applied in practice.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong profitability metrics
Profit after tax of NOK 2,122 million in Q2; profit before tax of NOK 2,790 million. Return on equity of 33.3% and a robust group solvency ratio of 189%.
Read all positive updates
Company Guidance
Management guided that they remain confident of reaching the 2026 financial targets and will prioritize profitable growth, disciplined capital management and cost efficiency, with pricing broadly aligned to expected claims costs (selected products/segments higher). They pointed to a strong Q2 baseline — insurance service result (adjusted) NOK 2,794m, profit before tax NOK 2,790m and profit after tax NOK 2,122m, combined ratio 75.2%, insurance revenue/GWP growth 9.3%, private GWP +5.6% in Q2 (Q1 +9%), commercial GWP +3.3%, underlying frequency loss ratio down ~4pp, ROE 33.3% and solvency 189% — and said this capital strength, together with improved distribution (Denmark, pension), new partnerships and housing initiatives, supports further growth while keeping a competitive cost ratio (~11.7%) and high retention (Norway 90%, Denmark 87%).Gjensidige Forsikring Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 46.31B | 44.69B | 40.36B | 37.01B | 29.68B | 31.67B |
| Gross Profit | 35.25B | 44.69B | 40.36B | 37.01B | 29.68B | 31.67B |
| EBITDA | 8.63B | 8.50B | 6.82B | 6.16B | 4.46B | 9.19B |
| Net Income | 6.75B | 6.56B | 5.14B | 4.13B | 3.44B | 7.14B |
Balance Sheet | ||||||
| Total Assets | 198.40B | 191.90B | 171.49B | 148.28B | 135.15B | 129.82B |
| Cash, Cash Equivalents and Short-Term Investments | 4.51B | 4.43B | 3.69B | 2.99B | 3.20B | 2.35B |
| Total Debt | 5.35B | 5.28B | 5.41B | 4.36B | 3.78B | 3.67B |
| Total Liabilities | 175.09B | 163.59B | 145.47B | 124.05B | 109.28B | 104.62B |
| Stockholders Equity | 23.31B | 28.31B | 26.01B | 24.23B | 25.87B | 25.20B |
Cash Flow | ||||||
| Free Cash Flow | 7.49B | 5.90B | 3.79B | 4.09B | 4.15B | 6.49B |
| Operating Cash Flow | 7.75B | 6.06B | 4.21B | 4.89B | 4.71B | 7.03B |
| Investing Cash Flow | 749.20M | -681.49M | -447.60M | -1.04B | 2.75B | -1.40B |
| Financing Cash Flow | -8.04B | -4.68B | -3.00B | -4.09B | -4.18B | -6.11B |
Gjensidige Forsikring Technical Analysis
Positive
28.12
Price Trends
27.47
Positive
27.12
Positive
27.00
Positive
Market Momentum
0.36
Negative
55.07
Neutral
53.37
Neutral
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 27.78, above the 50-day MA of 27.47, and above the 200-day MA of 27.00, indicating a bullish trend. The MACD of 0.36 indicates Negative momentum. The RSI at 55.07 is Neutral, neither overbought nor oversold. The STOCH value of 53.37 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $10.29B | 10.10 | 16.72% | 6.98% | 13.12% | 33.46% | |
76 Outperform | $14.32B | 20.22 | 29.12% | 2.19% | 19.83% | 15.69% | |
72 Outperform | $24.61B | 15.99 | 13.25% | 3.44% | -1.98% | 48.93% | |
70 Outperform | $42.68B | 13.95 | 7.70% | 2.02% | -2.31% | 26.43% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $13.37B | -17.12 | -219.79% | 2.15% | -19.35% | -175.55% | |
61 Neutral | $13.48B | 12.89 | 11.63% | 5.77% | 33.06% | 50.47% |
* Financial Sector Average
GJNSY
Gjensidige Forsikring
28.29
2.10
8.03%
AEG
Aegon
9.05
2.20
32.19%
AIG
American International Group
79.80
0.28
0.35%
ORI
Old Republic International
42.21
8.47
25.09%
PFG
Principal Financial
112.06
34.70
44.86%
EQH
Equitable Holdings
48.10
-3.02
-5.91%
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.