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Gjensidige Forsikring
(OTC:GJNSY)
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Rating:72Outperform
Price Target:
$31.00
â–²(1.84% Upside)
Action:Reiterated
Date:10/24/26
The score is driven primarily by solid financial performance (strong profitability, cash generation, and recent revenue momentum) and a constructive earnings update (improving underwriting results and confidence in targets). These positives are tempered by mixed technicals (below key moving averages with slightly negative MACD) and a valuation that appears fair rather than clearly discounted, alongside noted risks from investment returns and claims inflation/volatility.
Positive Factors
Improving Underwriting Performance
The stronger general insurance result and 73.6% combined ratio indicate that pricing, risk selection, lower loss ratios and cost discipline are translating into superior underwriting economics. If these practices persist, they can support more durable earnings quality than investment gains alone.
Negative Factors
Claims Inflation Pressure
Claims inflation raises the cost of repairing vehicles, properties and serving policyholders, creating pressure on loss ratios and margins. Although management expects pricing to keep pace, competitive conditions or claims costs exceeding forecasts could weaken underwriting profitability over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Underwriting Performance
The stronger general insurance result and 73.6% combined ratio indicate that pricing, risk selection, lower loss ratios and cost discipline are translating into superior underwriting economics. If these practices persist, they can support more durable earnings quality than investment gains alone.
Read all positive factors
Gjensidige Forsikring (GJNSY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$14.18B
Dividend Yield2.55%
Average Volume (3M)52.00
Price to Earnings (P/E)17.9
Beta (1Y)0.34
Revenue Growth17.40%
EPS Growth26.52%
CountryUS
Employees4,721
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)14.36
Shares Outstanding500,000,000
10 Day Avg. Volume0
30 Day Avg. Volume52
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 Cap0.98
Enterprise Value/Revenue0.30
Enterprise Value/Gross Profit0.36
Enterprise Value/Ebitda1.49
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 (1) underwriting income from non-life insurance and (2) investment income generated from managing its investment portfolio that supports insurance liabilities and capital.
1) Underwriting (insurance) reven...
Gjensidige Forsikring Earnings Call Summary
Earnings Call Date:Oct 23, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 27, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Management reported substantial year-on-year improvements in profit, general insurance results, margins, capital strength, customer satisfaction and distribution opportunities. The main negative topics were weaker Swedish profitability, negative investment and finance results, lower commercial volumes from prioritizing profitability, temporary effects from fire mutual terminations, and the inherent volatility and uncertainty affecting claims and markets.Positive Updates
Strong Quarterly Profitability
Profit after tax was NOK 2.077 billion in the third quarter, described as a significant year-on-year increase, while profit before tax was NOK 2.781 billion. The increase was mainly driven by a substantial improvement in the general insurance result.
Negative Updates
General Insurance Volatility and Favorable Claims Conditions
Management noted that general insurance is inherently volatile and that volatility has been favorable so far this year. Large losses were lower than normally expected, and 2026 has benefited from favorable weather patterns, no major events and lower large losses than the internal long-term model expects.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Quarterly Profitability
Profit after tax was NOK 2.077 billion in the third quarter, described as a significant year-on-year increase, while profit before tax was NOK 2.781 billion. The increase was mainly driven by a substantial improvement in the general insurance result.
Read all positive updates
Company Guidance
Management expects claims inflation in Norway over the next 12 to 18 months in the range of 3% to 6% for Motor, 4% to 6% for property and around 4 to 5% for the personal side, with inflationary pressure somewhat lower in Denmark and Sweden; pricing is expected to remain at least in line with claims cost development, while new partnerships and increased distribution capacity are expected to support growth over the next 12 to 18 months and beyond 2028, and management remains confident it will achieve its financial targets for 2026.Gjensidige Forsikring Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
73
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 46.68B | 44.69B | 40.36B | 37.01B | 29.68B | 31.67B |
| Gross Profit | 38.46B | 44.69B | 40.36B | 37.01B | 29.68B | 31.67B |
| EBITDA | 9.35B | 8.50B | 6.82B | 6.16B | 4.46B | 9.62B |
| Net Income | 7.22B | 6.56B | 5.14B | 4.13B | 3.44B | 7.14B |
Balance Sheet | ||||||
| Total Assets | 203.12B | 191.90B | 171.49B | 148.28B | 135.15B | 129.82B |
| Cash, Cash Equivalents and Short-Term Investments | 5.36B | 4.43B | 3.69B | 2.99B | 3.20B | 2.35B |
| Total Debt | 8.55B | 5.28B | 5.41B | 4.36B | 3.78B | 3.67B |
| Total Liabilities | 179.85B | 163.59B | 145.47B | 124.05B | 109.28B | 104.62B |
| Stockholders Equity | 23.26B | 28.31B | 26.01B | 24.23B | 25.87B | 25.20B |
Cash Flow | ||||||
| Free Cash Flow | 6.74B | 5.90B | 3.79B | 4.09B | 4.15B | 6.49B |
| Operating Cash Flow | 7.04B | 6.06B | 4.21B | 4.89B | 4.71B | 7.03B |
| Investing Cash Flow | 783.91M | -681.49M | -447.60M | -1.04B | 2.75B | -1.40B |
| Financing Cash Flow | -7.58B | -4.68B | -3.00B | -4.09B | -4.18B | -6.11B |
Gjensidige Forsikring Technical Analysis
Positive
30.44
Price Trends
28.52
Negative
28.51
Negative
27.71
Positive
Market Momentum
0.09
Negative
55.45
Neutral
33.36
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 30.44 is above the 20-day moving average (MA) of 27.47, above the 50-day MA of 28.52, and above the 200-day MA of 27.71, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 55.45 is Neutral, neither overbought nor oversold. The STOCH value of 33.36 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 |
|---|---|---|---|---|---|---|---|
82 Outperform | $5.42B | 5.17 | 21.34% | 0.04% | 20.88% | 445.91% | |
82 Outperform | $35.46B | 7.95 | 24.13% | 1.81% | 4.08% | 34.70% | |
81 Outperform | $36.29B | 8.59 | 18.35% | 5.16% | -5.29% | 14.08% | |
78 Outperform | $7.52B | 7.01 | 17.80% | 1.68% | 10.16% | 7.89% | |
72 Outperform | $14.18B | 17.85 | 31.53% | 2.55% | 17.40% | 26.52% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $42.82B | 14.86 | 7.27% | 2.32% | -4.19% | 1.09% |
* Financial Sector Average
GJNSY
Gjensidige Forsikring
28.38
2.73
10.63%
AIG
American International Group
81.90
4.84
6.28%
ACGL
Arch Capital Group
106.36
20.05
23.23%
AXS
Axis Capital
104.87
12.80
13.90%
HIG
Hartford Insurance
132.59
10.60
8.69%
WTM
White Mountains Insurance Group
2,269.99
366.30
19.24%
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.