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

Niclas Gehin

Gjensidige Forsikring (Hold, TP: NOK180.00) - Demonstrating its pricing power

Gjensidige’s Q2 results were in our view a demonstration of its strong market position and pricing power. After having pushed through price increases of ~6% throughout the past year, Gjensidige reported a 79.3% combined ratio, beating underlying estimates by ~3%-points in a quarter with relatively normal weather conditions. We believe Gjensidige’s valuation appears demanding at a 2020e P/E of 21x despite our being c3% above consensus EPS. However, we do not identify any negative share price triggers and thus reiterate our HOLD. We have raised our EPS estimates by 2% on the strong report and ha...

GJDG.FORSIKRING ASA reduced its risk exposure resulting in an upgrade to Slightly Positive

GJDG.FORSIKRING ASA (NO), a company active in the Full Line Insurance industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 3 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date July 12, 2019, the closing price was NOK 178.70 and its potential was estimated at NOK 188.14.

Niclas Gehin

Steady yielders at a premium

The Nordic P&C insurers have seen their share prices appreciate c29% YTD, of which 26%-points stem from multiples expansion. We believe this premium pricing is linked to their stable dividend streams, low dependency on economic cycles, and relative safe-haven classification. While we find current valuations demanding, we struggle to identify any potential negative catalysts. The Q2 results look set to be relatively solid due to benign weather in the Nordics. We reiterate our HOLDs and continue to favour Sampo (HOLD, TP EUR44) as If… is trading at a considerable discount on 2020e P/E at 19x ver...

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Niclas Gehin

Gjensidige Forsikring (Hold, TP: NOK155.00) - Effects of repricing for profitability

Overall the Q1 report met market expectations, with EPS 5% above consensus, boosted by run-off gains. The results showed signs of the repricing measures taking effect, with the underwriting margin better than expected, while premiums were somewhat softer. We have reduced our 2020–2021e EPS by ~1%, mainly as a result of our lower premiums expectations. We reiterate our HOLD and have increased our target price to NOK155 (NOK150).

Niclas Gehin

Gjensidige Forsikring (Hold, TP: NOK180.00) - Demonstrating its pricing power

Gjensidige’s Q2 results were in our view a demonstration of its strong market position and pricing power. After having pushed through price increases of ~6% throughout the past year, Gjensidige reported a 79.3% combined ratio, beating underlying estimates by ~3%-points in a quarter with relatively normal weather conditions. We believe Gjensidige’s valuation appears demanding at a 2020e P/E of 21x despite our being c3% above consensus EPS. However, we do not identify any negative share price triggers and thus reiterate our HOLD. We have raised our EPS estimates by 2% on the strong report and ha...

Niclas Gehin

Steady yielders at a premium

The Nordic P&C insurers have seen their share prices appreciate c29% YTD, of which 26%-points stem from multiples expansion. We believe this premium pricing is linked to their stable dividend streams, low dependency on economic cycles, and relative safe-haven classification. While we find current valuations demanding, we struggle to identify any potential negative catalysts. The Q2 results look set to be relatively solid due to benign weather in the Nordics. We reiterate our HOLDs and continue to favour Sampo (HOLD, TP EUR44) as If… is trading at a considerable discount on 2020e P/E at 19x ver...

Niclas Gehin

Gjensidige Forsikring (Hold, TP: NOK155.00) - Effects of repricing for profitability

Overall the Q1 report met market expectations, with EPS 5% above consensus, boosted by run-off gains. The results showed signs of the repricing measures taking effect, with the underwriting margin better than expected, while premiums were somewhat softer. We have reduced our 2020–2021e EPS by ~1%, mainly as a result of our lower premiums expectations. We reiterate our HOLD and have increased our target price to NOK155 (NOK150).

Niclas Gehin

Solid names, demanding valuation

We expect the Nordic non-life insurers to report fairly solid Q1 results, with a positive impact from the relatively benign winter weather in most of the region. Coupled with strong investment returns, we see solid EPS only partly offset and complimented by various one-offs in the quarter. We maintain our target price on Sampo, but have downgraded to HOLD (BUY) following the appreciation since January. We maintain our HOLD recommendations on the other stocks we cover. The sector valuation continues to look demanding, but we struggle to identify any potential downside triggers. Sampo remains ou...

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.

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. ...

Eivind Sars Veddeng ...
  • Håkon Astrup
  • Jimi Lehtonen
  • Jon Berggren
  • Karl-Johan Bonnevier
  • Mattias Holmberg
  • Niclas Gehin
  • Nicolas McBeath
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Rune Majlund Dahl
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

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

GJDG.FORSIKRING ASA reduced its risk exposure resulting in an upgrade to Slightly Positive

GJDG.FORSIKRING ASA (NO), a company active in the Full Line Insurance industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 3 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date July 12, 2019, the closing price was NOK 178.70 and its potential was estimated at NOK 188.14.

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.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch