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Gjensidige Forsikring ASA (GJFS.OL)

GJFS.OL on Oslo Stock Exchange

126.90NOK
20 Jul 2018
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Latest Key Developments (Source: Significant Developments)

BRIEF-Insurer Gjensidige Q2 profit falls short of expectations
Friday, 13 Jul 2018 

Repeats to attach article to alerts, no changes in text:GJENSIDIGE Q2 PRETAX PROFIT NOK 1,252.6 MILLION (REUTERS POLL NOK 1.6 BILLION).GJENSIDIGE Q2 COMBINED RATIO 88.2 PERCENT (REUTERS POLL 84.9 PERCENT).SAYS STRONG UNDERWRITING PROFITABILITY IS EXPECTED TO OFFSET A CHALLENGING ENVIRONMENT AS REGARDS ACHIEVING INVESTMENT RETURNS.SAYS ORGANIC GROWTH IS EXPECTED TO BE IN LINE WITH NOMINAL GDP GROWTH IN GJENSIDIGE’S MARKET AREAS IN THE NORDIC COUNTRIES AND THE BALTIC STATES OVER TIME.SAYS PROFITABLE GROWTH WILL BE ACHIEVED BY PURSUING A DISCIPLINED ACQUISITION STRATEGY.SAYS THE ANNUAL COMBINED RATIO IS EXPECTED TO BE AT THE LOWER END OF THE TARGET CORRIDOR OF 90–93 (UNDISCOUNTED AND GIVEN ZERO RUN-OFF EFFECTS). THE TARGET COST RATIO IS AROUND 15 PER CENT. A REDUCTION IS EXPECTED IN THE UNDERLYING COST RATIO AND LOSS RATIO.SAYS OVER THE NEXT 2.5-4.5 YEARS, AVERAGE ANNUAL RUN-OFF GAINS ARE EXPECTED TO BE AROUND NOK 1,000 MILLION, MOVING THE EXPECTED REPORTED COMBINED RATIO TO THE LOWER END OF THE 86- 89 CORRIDOR (UNDISCOUNTED)..SAYS OVER TIME, DIVIDEND PAY-OUTS WILL REFLECT GJENSIDIGE’S POLICY NOT TO BUILD UNNECESSARY EXCESS CAPITAL.SAYS AT THE SAME TIME, GJENSIDIGE INTENDS TO INCREASE ITS PRESENCE IN THE GROWING MARKET FOR HEALTH AND PERSONAL INSURANCE.SAYS THE BOARD CONSIDERS THE GROUP’S CAPITAL SITUATION AND FINANCIAL STRENGTH TO BE GOOD.  Full Article

Insurer Gjensidige Q2 profit falls short of expectations
Friday, 13 Jul 2018 

July 13 (Reuters) - Gjensidige Forsikring ASA ::GJENSIDIGE Q2 PRETAX PROFIT NOK 1,252.6 MILLION (REUTERS POLL NOK 1.6 BILLION).GJENSIDIGE Q2 COMBINED RATIO 88.2 PERCENT (REUTERS POLL 84.9 PERCENT).SAYS STRONG UNDERWRITING PROFITABILITY IS EXPECTED TO OFFSET A CHALLENGING ENVIRONMENT AS REGARDS ACHIEVING INVESTMENT RETURNS.SAYS ORGANIC GROWTH IS EXPECTED TO BE IN LINE WITH NOMINAL GDP GROWTH IN GJENSIDIGE’S MARKET AREAS IN THE NORDIC COUNTRIES AND THE BALTIC STATES OVER TIME.SAYS PROFITABLE GROWTH WILL BE ACHIEVED BY PURSUING A DISCIPLINED ACQUISITION STRATEGY.SAYS THE ANNUAL COMBINED RATIO IS EXPECTED TO BE AT THE LOWER END OF THE TARGET CORRIDOR OF 90–93 (UNDISCOUNTED AND GIVEN ZERO RUN-OFF EFFECTS). THE TARGET COST RATIO IS AROUND 15 PER CENT. A REDUCTION IS EXPECTED IN THE UNDERLYING COST RATIO AND LOSS RATIO.SAYS OVER THE NEXT 2.5-4.5 YEARS, AVERAGE ANNUAL RUN-OFF GAINS ARE EXPECTED TO BE AROUND NOK 1,000 MILLION, MOVING THE EXPECTED REPORTED COMBINED RATIO TO THE LOWER END OF THE 86- 89 CORRIDOR (UNDISCOUNTED)..SAYS OVER TIME, DIVIDEND PAY-OUTS WILL REFLECT GJENSIDIGE’S POLICY NOT TO BUILD UNNECESSARY EXCESS CAPITAL.SAYS AT THE SAME TIME, GJENSIDIGE INTENDS TO INCREASE ITS PRESENCE IN THE GROWING MARKET FOR HEALTH AND PERSONAL INSURANCE.SAYS THE BOARD CONSIDERS THE GROUP’S CAPITAL SITUATION AND FINANCIAL STRENGTH TO BE GOOD.  Full Article

Gjensidige to focus on growth opportunities in Sweden, Denmark, Estonia
Monday, 2 Jul 2018 

July 2 (Reuters) - Gjensidige Forsikring ASA ::GJENSIDIGE CEO HELGE LEIRO BAASTAD SAYS WANTS TO GROW THE NON LIFE BUSINESS IN SWEDEN AND DENMARK.IN THE BALTICS WE ARE SATISFIED BUT WOULD LOOK INTO OPPORTUNITIES IN ESTONIA .GJENSIDIGE SAYS M&A STRATEGY IS THE SAME AS BEFORE.GJENSIDIGE SAYS DIVIDEND POLICY REMAINS FIRM.  Full Article

Sweden's Nordea buys insurer Gjensidige's bank arm for NOK 5.5 bln
Monday, 2 Jul 2018 

July 2 (Reuters) - Gjensidige Forsikring Asa ::GJF: SALE OF GJENSIDIGE BANK TO NORDEA - ENTERING STRATEGIC DISTRIBUTION.AGREED PURCHASE PRICE IS NOK 5.5 BILLION FOR 100 PER CENT OF SHARE CAPITAL OF GJENSIDIGE BANK.CLOSING IS EXPECTED TO TAKE PLACE DURING Q1 2019.GJENSIDIGE FORSIKRING GROUP IS EXPECTED TO RECORD AN ESTIMATED GAIN OF APPROXIMATELY NOK 1.9 BILLION UPON CLOSING OF TRANSACTION.THIS GAIN WILL BE EXCLUDED FROM BASIS FOR CALCULATING PAYOUT RATIO FOR REGULAR DIVIDENDS..GJENSIDIGE FORSIKRING GROUP'S LEGAL SOLVENCY MARGIN AS AT 31 MARCH 2018 WAS 159 PER CENT.AND CORRESPONDING PRO-FORMA MARGIN AFTER SALE IS ESTIMATED AT 233 PER CENT.ARCTIC SECURITIES, SCHJØDT AND EY HAVE ACTED AS ADVISORS TO GJENSIDIGE.  Full Article

Nordea To Acquire Gjensidige Bank And Enter Strategic Partnership With Gjensidige
Monday, 2 Jul 2018 

July 2 (Reuters) - Nordea ::TO ACQUIRE GJENSIDIGE BANK AND ENTER STRATEGIC PARTNERSHIP WITH GJENSIDIGE.ENTERED INTO AN AGREEMENT WITH GJENSIDIGE FORSIKRING ASA TO ACQUIRE ALL SHARES IN GJENSIDIGE BANK ASA.SAYS AGREEMENT ALSO INCLUDES A LONG-TERM STRATEGIC MUTUAL DISTRIBUTION COOPERATION WITH GJENSIDIGE IN NORWAY..CO TO ACQUIRE GJENSIDIGE BANK FOR ESTIMATED CASH CONSIDERATION OF NOK 5,500 MILLION (EUR 578 MILLION).SAYS NORDEA EXPECTS TO DELIVER ANNUALISED COST SYNERGIES OF APPROXIMATELY EUR 25 MILLION FROM COMBINED NORDEA AND GJENSIDIGE COST BASE BY 2022.DEAL'S ESTIMATED CASH CONSIDERATION OF NOK 5,500 MILLION TO BE ADJUSTED FOR EQUITY GENERATED BY GJENSIDIGE BANK UNTIL CLOSING OF TRANSACTION.ACQUISITION WILL HAVE A POSITIVE IMPACT ON NORDEA'S EARNINGS PER SHARE FROM YEAR ONE.ACQUISITION TO HAVE RETURN ON INVESTMENT OF APPROXIMATELY 16% BY 2022 AND REDUCE NORDEA'S CET1 CAPITAL RATIO BY APPROXIMATELY 60BPS.SAYS ACQUISITION, WHICH IS SUBJECT TO E.G. REGULATORY AND OTHER APPROVALS, IS EXPECTED TO CLOSE IN Q1 OF 2019..  Full Article

Gjensidige Forsikring Board approves 2017 dividend of NOK 7.10 per share
Thursday, 5 Apr 2018 

April 5 (Reuters) - Gjensidige Forsikring ASA ::APPROVED BOARD'S PROPOSAL TO DISTRIBUTE A DIVIDEND FOR 2017 OF NOK 7.10 PER SHARE BASED ON PROFIT FOR YEAR.  Full Article

Gjensidige Q3 pretax profit above forecast
Thursday, 26 Oct 2017 

Oct 26 (Reuters) - Gjensidige Forsikring Asa :Gjensidige q3 pretax profit nok ‍1.72 bln (Reuters poll nok 1.52 billion).Gjensidige q3 combined ratio ‍81.0​ percent (Reuters poll 84.4 percent).Says large losses were lower than in the third quarter 2016, below the level that is normally expected.The Board remains confident in Gjensidige’s ability to deliver solid earnings and dividend growth over time .Strong underwriting profitability is expected to offset a challenging environment as regards achieving investment returns.Repeats guidance for combined ratio.Says the macroeconomic situation is improving, and the outlook for the Norwegian and Nordic general insurance operations is regarded as good.Says new, profitable opportunities for growth will be considered in the Nordic region and the Baltic states in order to ensure good utilisation of a scalable business model and best practice.  Full Article

Gjensidige Bank in SEK 200 mln bond issue
Friday, 20 Oct 2017 

Oct 20 (Reuters) - Gjensidige Forsikring Asa :Gjensidige bank asa: new senior unsecured SEK bond and buy-back in GJEB17.‍gjensidige bank asa today issued SEK 200 million in a new senior bond. Bond has floating interest rate and maturity date 27 october 2022.Gjensidige Bank ASA has at the same time repurchased nominal NOK 230 million in GJEB17 from the market​.  Full Article

Gjensidige Chairman Inge Hansen to step down in 2018
Tuesday, 17 Oct 2017 

Oct 17 (Reuters) - Gjensidige Forsikring Asa :Gjensidige forsikring asa: Chairman of the Board Inge K. Hansen do not seek re-election in 2018.‍Hansen has been chairman of board at Gjensidige since 2008​.‍Nomination committee will immediately start process to find Hansen's successor​.  Full Article

Gjensidige sells 14,500,000 shares in SpareBank1 SR
Wednesday, 12 Oct 2016 

SpareBank 1 SR Bank ASA : Gjensidige has sold 14,500,000 shares in SB1 SR-bank, representing 5.67 per cent of share capital by way of an accelerated bookbuilding process .Shares were sold at a price of 46.00 Norwegian crowns per share.  Full Article

UPDATE 2-European shares score second week of gains

* Hays jumps 5 pct after strong results (Adds closing prices, details)