Stock Analysis Report

Executive Summary

Gjensidige Forsikring ASA operates as a general insurance company in Norway, Denmark, Sweden, Lithuania, Latvia, and Estonia.

Snowflake Analysis

Outstanding track record second-rate dividend payer.

Similar Companies

Share Price & News

How has Gjensidige Forsikring's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: 0OJC has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




GB Insurance


GB Market

1 Year Return




GB Insurance


GB Market

Return vs Industry: 0OJC exceeded the UK Insurance industry which returned -11.4% over the past year.

Return vs Market: 0OJC exceeded the UK Market which returned -1.3% over the past year.

Shareholder returns

7 Day-8.7%-10.5%-8.6%
30 Day-5.8%-6.7%-8.4%
90 Day9.1%-4.1%-5.3%
1 Year27.6%21.9%-1.4%-11.4%4.0%-1.3%
3 Year66.7%43.6%5.6%-13.1%7.6%-6.1%
5 Year86.1%40.4%15.1%-14.5%23.4%-4.8%

Price Volatility Vs. Market

How volatile is Gjensidige Forsikring's share price compared to the market and industry in the last 5 years?

Simply Wall St News

No news available


Is Gjensidige Forsikring undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: 0OJC (NOK193.95) is trading below our estimate of fair value (NOK200.05)

Significantly Below Fair Value: 0OJC is trading below fair value, but not by a significant amount.

Price To Earnings Ratio

PE vs Industry: 0OJC is poor value based on its PE Ratio (14.7x) compared to the Insurance industry average (13.5x).

PE vs Market: 0OJC is good value based on its PE Ratio (14.7x) compared to the UK market (16.8x).

Price to Earnings Growth Ratio

PEG Ratio: 0OJC's earnings are forecast to decline next year, so we can't calculate its PEG ratio.

Price to Book Ratio

PB vs Industry: 0OJC is overvalued based on its PB Ratio (3.7x) compared to the GB Insurance industry average (1.7x).

Next Steps

Future Growth

How is Gjensidige Forsikring forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 0OJC's earnings are forecast to decline over the next 3 years (-11% per year).

Earnings vs Market: 0OJC's earnings are forecast to decline over the next 3 years (-11% per year).

High Growth Earnings: 0OJC's earnings are forecast to decline over the next 3 years.

Revenue vs Market: 0OJC's revenue is expected to decline over the next 3 years (-2.3% per year).

High Growth Revenue: 0OJC's revenue is forecast to decline over the next 3 years (-2.3% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 0OJC's Return on Equity is forecast to be low in 3 years time (20%).

Next Steps

Past Performance

How has Gjensidige Forsikring performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 0OJC has high quality earnings.

Growing Profit Margin: 0OJC's current net profit margins (22.3%) are higher than last year (13.2%).

Past Earnings Growth Analysis

Earnings Trend: 0OJC's earnings have grown by 7.1% per year over the past 5 years.

Accelerating Growth: 0OJC's earnings growth over the past year (93.8%) exceeds its 5-year average (7.1% per year).

Earnings vs Industry: 0OJC earnings growth over the past year (93.8%) exceeded the Insurance industry 23.4%.

Return on Equity

High ROE: 0OJC's Return on Equity (25%) is considered high.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is Gjensidige Forsikring's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: 0OJC has a low level of unsold assets or inventory.

Debt Coverage by Assets: 0OJC's debt is covered by short term assets (assets are 33.6x debt).

Financial Institutions Analysis

Asset Level: 0OJC's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if 0OJC has a sufficient allowance for bad loans.

Low Risk Liabilities: 0OJC reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if 0OJC has an acceptable proportion of non-loan assets held.

Low Risk Deposits: 0OJC has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if 0OJC has an appropriate level of bad loans.

Next Steps


What is Gjensidige Forsikring's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Upcoming Dividend Payment

Purchase Gjensidige Forsikring before the 'Buy Limit' to receive their next dividend payment.

Dividend Yield vs Market


Current dividend yield vs market & industry

Notable Dividend: 0OJC's dividend (3.76%) is higher than the bottom 25% of dividend payers in the UK market (1.94%).

High Dividend: 0OJC's dividend (3.76%) is low compared to the top 25% of dividend payers in the UK market (5.4%).

Stability and Growth of Payments

Stable Dividend: 0OJC has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: 0OJC's dividend payments have increased, but the company has only paid a dividend for 9 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (55.3%), 0OJC's dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: 0OJC's dividends in 3 years are forecast to be covered by earnings (83.2% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Helge Baastad (59yo)





Mr. Helge Leiro Baastad has been the Chief Executive Officer at Gjensidige Forsikring ASA since 2003. Mr. Baastad serves as Managing Director of Gjensidige Danmark. He serves as the Chairman of Supervisory ...

CEO Compensation Analysis

Compensation vs Market: Helge's total compensation ($USD1.05M) is below average for companies of similar size in the UK market ($USD4.65M).

Compensation vs Earnings: Helge's compensation has been consistent with company performance over the past year.

Leadership Team

Helge Baastad
Chief Executive Officer17.1yrskr9.86m0.013% NOK12.2m
Jostein Amdal
Executive VP of Finance & CFO3.3yrskr5.48m0.0034% NOK3.2m
Kaare Østgaard
Executive Vice President of Technology & Infrastructure5.1yrskr4.98m0.0036% NOK3.4m
Jørgen Ringdal
Executive Vice President of Organization1.9yrskr4.83m0.0056% NOK5.3m
Catharina Hellerud
Executive Vice President of Analytics4.1yrskr4.79m0.0046% NOK4.4m
Sigurd Austin
Executive Vice President of Private8.7yrskr4.94m0.0036% NOK3.4m
Janne Flessum
Executive Vice President of Communications & Shared Services0yrskr3.78m0.00096% NOK907.2k
Mats Gottschalk
Executive Vice President of Denmark8.2yrskr6.79m0.0039% NOK3.7m
Lars Bjerklund
Executive Vice President of Commercial1.4yrskr4.16m0.000030% NOK28.3k
Aysegül Cin
Executive Vice President of Sweden1.4yrskr3.78m0.00032% NOK302.4k


Average Tenure


Average Age

Experienced Management: 0OJC's management team is considered experienced (4.1 years average tenure).

Board Members

John Giverholt
Director3.8yrskr406.80k0.00070% NOK661.5k
Gisèle Marchand
Independent Chairman of the Board1.8yrskr698.80k0.00030% NOK283.5k
Gunnar Mjåtvedt
Employee Representative Director13.1yrskr396.00k0.00046% NOK434.7k
Bjørn Iversen
Chairman of Supervisory Board0yrskr198.70kno data
Per Bjørge
Independent Director9.1yrskr452.70k0.0021% NOK2.0m
Hilde Nafstad
Independent Director2.8yrskr365.80k0.00059% NOK557.5k
Christina Stray
Deputy Chairman of Supervisory Board0yrskr34.60kno data
Lotte Kronholm Sjøberg
Employee Representative Director5.1yrskr365.80k0.00018% NOK170.1k
Anne Nyhammer
Employee Representative Director3.4yrskr326.20kno data
Eivind Elnan
Independent Director2.8yrskr333.00k0.00044% NOK415.8k


Average Tenure


Average Age

Experienced Board: 0OJC's board of directors are considered experienced (3.6 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: 0OJC insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Gjensidige Forsikring ASA's company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Gjensidige Forsikring ASA
  • Ticker: 0OJC
  • Exchange: LSE
  • Founded:
  • Industry: Multi-line Insurance
  • Sector: Insurance
  • Market Cap: kr94.499b
  • Shares outstanding: 499.99m
  • Website:

Number of Employees


  • Gjensidige Forsikring ASA
  • Schweigaardsgate 21
  • Oslo
  • Oslo
  • 191
  • Norway


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GJFOB (Oslo Bors)YesOrdinary SharesNONOKDec 2010
XGJDB (Deutsche Boerse AG)YesOrdinary SharesDEEURDec 2010
0OJCLSE (London Stock Exchange)YesOrdinary SharesGBNOKDec 2010
GJNS.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDDec 2010
GJFOBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBNOKDec 2010


Gjensidige Forsikring ASA operates as a general insurance company in Norway, Denmark, Sweden, Lithuania, Latvia, and Estonia. The company operates through six segments: General Insurance Private, General Insurance Commercial, General Insurance Denmark, General Insurance Sweden, General Insurance Baltics, and Pension. It offers various insurance products, including motor vehicles, property, leisure boats, and accident and health insurance products, as well as insurance products in the areas of liability, commercial, municipality, and agriculture, coastal and marine/transport, and defined contribution scheme; travel; and life and pet insurance products. The company also provides pension and savings products comprising occupational pensions, private pension savings, spouse/cohabitant pension, child’s pension, and individual disability pensions. It distributes its products through its distribution network, as well as through agents, partnerships, brokers, telephone, digital solutions, and sales offices to private and commercial customers. The company is headquartered in Oslo, Norway. Gjensidige Forsikring ASA is a subsidiary of Gjensidigestiftelsen. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/28 23:03
End of Day Share Price2020/02/28 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.