Gjensidige Forsikring ASA

Gjensidige Forskring provides insurance products to private and commercial customers in Norway, Denmark, Sweden and the Baltic states. Co.'s activities are divided into six segments in addition to the asset management unit which manages Co.'s investment portfolio. The Private segment provides a range of general insurance products besides banking, savings and investment products. The Commercial segment provides a range of general insurance products to the commercial and municipality markets. Co.'s investment portfolio includes all investment funds in Co. except for investment funds in the Pension and Savings and Retail Bank segments. Co.'s other segments include Nordic and Baltics.
  • TickerGJF
  • ISINNO0010582521
  • ExchangeOslo Bors
  • SectorNonlife Insurance
  • CountryNorway

Analysts

Expert Corporate Governance Service (ECGS)

Gjensidige Forsikring, Mars 28, 2019

In general, Gjensidige Forsikring ("Gjensidige") is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 11a (1), it is proposed to re-appoint Ms. Gisele Marchand as Chairman of the board of directors. Although Ms. Marchand is considered independent, ECGS has concerns over her aggregate time commitments. Ms. Marchand is currently serving as board Chairman of Gjensidige Forsikring ASA and Selvaag Bolig ASA (both listed) and non-executive director of Scatec Solar ASA (listed) and Norgesgruppen ASA (substantial non-lis...

GJENSIDIGE – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

MarketLine Department

Storebrand ASA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Storebrand ASA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Storebrand ASA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highl...

MarketLine Department

Sampo plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Sampo plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Sampo plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights Thi...

Håkon Astrup ...
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Mattias Montgomery
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Niclas Gehin

Gjensidige Forsikring (Hold, TP: NOK150.00) - Back on track

After four consecutive quarters of weaker than expected combined ratios, Gjensidige’s Q4 combined ratio beat our expectations and consensus by some 4%-points when adjusting for run-off gains. We have made only minor estimate changes on the back of the report and maintain our target price of NOK150. Post the strong share price performance recently, we have lowered our recommendation to HOLD (BUY). We still see Gjensidige as attractively valued relative to its Danish peers, but struggle to see any immediate triggers for this discount to close in the near future.

Niclas Gehin

Green winter, red investment results

We expect weak investment results for Q4 due to sluggish equity markets and widening credit spreads, resulting in marked-to-market losses, while combined ratios are likely to be broadly flat YOY. We have made only small estimate changes, but have upgraded Sampo to BUY (HOLD) on our view of an excessive implicit If… valuation discount (trading at a 2019e P/E of 12x versus Danish peers at ~18x). Gjensidige remains a BUY and our sector top pick with Sampo, while the valuations of Topdanmark and Tryg still look demanding but we struggle to identify any negative catalysts near-term.

Niclas Gehin

Gjensidige Forsikring (Buy, TP: NOK150.00) - Financial targets unchanged

Gjensidige reiterated its strategic roadmap and financial targets at its CMD. It also guided for an underwriting result for Outside Norway of NOK750m in 2022. This suggests 25% potential upside to our underwriting result estimate of ~NOK600m in 2020, two years earlier. We have not changed our 2019–2020e EPS following the CMD, but have lowered our 2018e extraordinary DPS from NOK2 to zero, as management appears more eager to have as much purchasing power as possible through the coming years. We reiterate our NOK150 target price and BUY recommendation.

Niclas Gehin

Gjensidige Forsikring (Buy, TP: NOK150.00) - Not changing a winning recipe

Gjensidige will host a capital markets day in London on 27 November. We do not expect any large announcements regarding the company’s strategy or financial targets that would have a material impact on the share price. The agenda for the CMD has not yet been released. We expect an educational session, much like the CMD in 2014, which prompted a flat share price reaction. We have not made any estimate changes in this report, and reiterate our BUY recommendation and NOK150 target price.

Niclas Gehin

Gjensidige Forsikring (Buy, TP: NOK150.00) - Solid capital position

The Q3 pro forma Solvency II ratio of 262% offers significant headroom to the internal target of 135–200%. We have made limited changes to our 2019–2020 estimates, and reiterate our BUY and NOK150 target price. The stock continues to look attractively valued versus peers, and we believe recent price rises together with any normalisation of weather effects should help the results improve going forward.

1 director bought

A director at Gjensidige Forskring ASA bought 2,500 shares at 125.100NOK and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Håkon Astrup ...
  • Joachim Gunell
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Mattias Montgomery
  • Niclas Gehin
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Niclas Gehin ...
  • Ole-Andreas Krohn

Northern Lights

Marius Knudssøn ...
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl

Northern Lights

Alexander Aukner ...
  • Antti Kansanen
  • Christer Magnergård
  • Christoffer Wang Bjørnsen
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Helge André Martinsen
  • Joachim Gunell
  • Jon Masdal
  • Jørgen Lian
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Mattias Montgomery
  • Niclas Gehin
  • Nicolai Farstad Olsen
  • Nicolas McBeath
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

Frank Maaø ...
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Huseby Karlsen
  • Mattias Montgomery
  • Niclas Gehin
  • Nicolay Dyvik
  • Ole-Andreas Krohn

Northern Lights

GJDG.FORSIKRING ASA with less fundamental stars is reduced to Neutral

GJDG.FORSIKRING ASA (NO), a company active in the Full Line Insurance industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date November 20, 2018, the closing price was NOK 130.50 and its expected value was estimated a...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

Storebrand ASA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Storebrand ASA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Storebrand ASA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highl...

MarketLine Department

Sampo plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Sampo plc Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Sampo plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights Thi...

Expert Corporate Governance Service (ECGS)

Gjensidige Forsikring, Mars 28, 2019

In general, Gjensidige Forsikring ("Gjensidige") is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 11a (1), it is proposed to re-appoint Ms. Gisele Marchand as Chairman of the board of directors. Although Ms. Marchand is considered independent, ECGS has concerns over her aggregate time commitments. Ms. Marchand is currently serving as board Chairman of Gjensidige Forsikring ASA and Selvaag Bolig ASA (both listed) and non-executive director of Scatec Solar ASA (listed) and Norgesgruppen ASA (substantial non-lis...

GJENSIDIGE – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Proxy Report - 05/04/2018

In general, Gjensidige Forsikring ("Gjensidige") is in compliance with the Norwegian regulations relating to the organisation and procedures of the Annual General Meeting. ECGS recommends to vote FOR all proposals. There are no further peculiarities.

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