Rankings Financial data & insurance broking Gjensidige
Gjensidige
87
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Business abroad−3
- Multiples vs own history−3
- Workers' comp and reserves−2
Strengths
- Higher targets+2
- Pricing power and underlying operations+1
How the score is built
From 100 to 87, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 268.00 NOK
- Median analyst target
- 280.00 NOK
- Upside to median
- +4.5%
- Analysts
- 16
- Target range
- 244.00 – 321.00 NOK
- 52-week change
- −3%
- P/E (trailing)
- 18.9
- Forward P/E
- 14.9
- PEG
- 1.05
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 1 finding−3 of −30
- −3Business abroadNorway carries the group (personal-lines combined ratio 66.8%), while Danish personal lines have only now improved to 90.0% from 99.5%, and Sweden is at 91.6% with only 1.6% market share. Expansion abroad has for years delivered far lower returns than the home market.
Price
Today's multiples against the company's own history and its peers. · 2 findings−4 of −35
- −3Multiples vs own historyP/B 5.62 vs 3.86–5.33 in 2021–2025 (a record) and P/TBV 8.2; trailing P/E 20.5 vs 15.0–28.4. The forward P/E on 2026 EPS (16.7) is at the low end of 15.6–19.7, though, so book value is expensive, earnings are not.
- −1PeersP/B 5.62 at a 27% ROE vs Sampo (3.2/24%) and Tryg (2.25/12%); forward P/E about 15–17 vs Sampo 15.0 and Tryg 13.9. The premium is largely explained by the higher return, but there is no discount.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−4 of −35
- −2Workers' comp and reservesThe Supreme Court ruling of 28 April 2026 on loss of earning capacity cost NOK 419m in Q2 (combined ratio 78.9% vs 75.2% adjusted). The industry has set aside about DKK 4–4.5bn in total, while the Ministry of Employment estimates 10–30bn; risk of further provisions in Denmark.
- −1GovernanceThe Gjensidige Foundation is the controlling shareholder, and the free float is only about 38% (188.8m of 500m shares); insiders own 0.04%. Minority shareholders have limited influence.
- −1Claims inflation and weatherThe company expects 4–7% claims inflation in motor and 4–6% in property over the next 12–18 months; the margin requires continued price increases, and weather and large losses can quickly move the combined ratio from its record-low level.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Higher targetsAll earlier financial targets have been met; at the 2026 capital markets day the 2027–2028 targets were raised to a combined ratio below 81%, ROE above 28% and an insurance result above NOK 10bn (2026: above 7.5bn).
- +1Pricing power and underlying operationsQ2 2026: insurance revenue +9.3% in local currency, underlying frequency claims ratio improved 4.0 pp, expense ratio 11.7%, ROE 33.3% and solvency 189%.
Caveats
What the score does not capture, or where the data is weak.
Insurance: FCF is not fully meaningful; payouts are measured against net income. Dividends and buybacks earn no plus because the payout ratio is 110% of net income (ordinary + special dividend from excess capital). Stockanalysis' forward P/E of 15.2 is 12 months forward; on 2026 EPS (15.65) it is 16.7. The share is −7% over one year with RSI 30 ahead of Q3 results on 23 Oct. The pension business and investment portfolio have not been examined separately.
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