Gjensidige Forsikring ASA Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Hans Rettedal Christiansen - Danske Markets Equities - Analyst : Yes, good morning and thanks for taking my question. So my question is around the claims frequency numbers that you give in motor and property, and I guess there's a lot of sort of volatility, especially between Q2 last quarter and Q3 this quarter, with quite a sizeable effect on the overall claims outcome. So, I was just wondering if you could give it a little bit more color on your confidence that sort of frequency will come down and also perhaps just a bit more elaboration on what was driving the July pick up in motor and also in property. and just a very small question on the amounts recovered from reinsurance, which is lower than it typically is of only $12 million this quarter. I know there's nothing typical about reinsurance, but still any help on why this is or sort of drivers behind it would be interesting to hear. Thank you.

Question: Hans Rettedal Christiansen - Danske Markets Equities - Analyst : Yes, very clear. Thank you very much. That was all from my side.

Question: Ulrik Zurcher - Nordea Markets - Analyst : Yeah. Thank you. Just a short one. I just use them when you say limited effects, from the fire mutuals. Is it possible to like how much is that, premiums, and then secondly, just the technical one, you transferred some profits to the natural perils pool. I was just wondering how will this work going forward.

Question: Ulrik Zurcher - Nordea Markets - Analyst : Is it like a quarterly thing or ?

Question: Ulrik Zurcher - Nordea Markets - Analyst : If you talk about the impact on the profitability, I will also mention that because that is due to kind of agent distribution set up, we will also get definitely reduced expenses going forward regarding distribution. So we improve the distribution efficiency when it comes to existing customers Through that channel.

Question: Ulrik Zurcher - Nordea Markets - Analyst : Okay, but will this be like done on a quarterly basis or annually.

Question: Darryl Doe - Jeffreys - Analyst : Good morning, everyone. So my question is to run a cost ratio. Now you're running at 12%. Is this the new base that is sustainable? Or would you, and I guess, would you consider maybe reinvesting some of that into growth please thanks.

Question: Darryl Doe - Jeffreys - Analyst : But just to be clear, I guess if it's fair to assume that this 12% is a reasonable run rate for now.

Question: Youdish Chicooree - Autonomous Research - Analyst : Good morning, everyone. This is Youdish Chicooree from Autonomous Research. Can you hear me? Yeah, thank you. I have just one question just on solvency given the very strong progress here today. I was wondering whether you could comment on where your preferences in terms of capital deployment currently lies, in terms of whether you see some good opportunities on the horizon or whether you're more leaning towards, your capital and potentially Repatriate the form and then secondly link to the capital situation if you could comment on any update, if any, on the approval process for your own internal model. Thank you.

Question: Youdish Chicooree - Autonomous Research - Analyst : And so if I could pull up and there's nothing interesting on the M&A you see at the moment.

Question: Youdish Chicooree - Autonomous Research - Analyst : Thank you very much.

Question: Vinit Malhotra - Mediobanca - Analyst : Good morning. This is Vinit from Mediobanca. So my one question would be just following up on your comment on the July weather effect driving the the 1 to 2 point you mentioned on the underlying and in this period, is there a similar explanation or is that the same explanation for commercial Denmark? Which seems to have worsened about 4 points in the quarter when compared to 3 2 4. Is there any comment on that that you could share that also throws some light on what happened there? Thank you.

Question: Vinit Malhotra - Mediobanca - Analyst : Okay, thank you.

Question: Michele Ballatore - Keefe Bruyette & Woods Inc - Analyst : Yes, good morning. This is Michele Ballatore from KBW. So my question is related to the, in general, the, pricing Regarding your, comment earlier. So can you, tell us what the status is of the, you're pricing. Both in private and in commercial across, Norway, Denmark, and Sweden. Thank you.

Question: Michele Ballatore - Keefe Bruyette & Woods Inc - Analyst : Thank you. Sorry to follow-up on Norway. If I understood correctly, you were talking about 12 13% price increases. I mean this is. I mean, am I wrong in assuming, I mean this is significantly above inflation. And you have of course quite a sizable market share in Norway, but my point is this something, I mean, is there the same level of discipline in the market? I'm just trying to understand what you're doing compared to what the market is doing.

Question: Michele Ballatore - Keefe Bruyette & Woods Inc - Analyst : Okay, thank you. Thank you very much.

Question: Hans Rettedal Christiansen - Danske Markets Equities - Analyst : Yes, thanks for taking the follow-up question. I guess it's a bit general, but I was just wondering sort of related to the previous question, do you see any effect from the prices that you've implemented now on customers perhaps dropping coverage or changing coverage, changing terms of REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 24, 2025 / 7:00AM, GJFG.OL - Q3 2025 Gjensidige Forsikring ASA Earnings Call deductibles or any sort of movements on the customer side as a as a effect of kind of pricing having increased quite significantly over the past couple of years.

Question: Hans Rettedal Christiansen - Danske Markets Equities - Analyst : Thank you very much.

Question: Darryl Doe - Jeffreys - Analyst : Hey, the first one is the clarification. Did you say what are the rate increases that you're putting through in Denmark? Like what percentage is it and how does it compass to the claims inflation in both the private and commercial side of Denmark? And then could you maybe speak to how conservative you might be recognizing some of the margins? I think a few questions of this already being that the rate increases seem to be far outstripping the Clinton's inflation number. Is it a case that maybe you are building up a bit of a reserve Buffer? Thanks.

Question: Vinit Malhotra - Mediobanca - Analyst : Thank you for the opportunity. The second question from me is on the Inflation outlook because I remember that we were all expecting you to provide an update on inflation in this quarter, and it appears to be unchanged versus Q2, whereas obviously in Q2 we heard you talk about. Reducing some of the price increases and we see that in the numbers. Could you just comment that is this inflation being unchanged Q2 versus Q3 a surprise to you or what are the drivers and are you still happy with lowering the price increases in Norway, even though inflation outlook is unchanged? Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 24, 2025 / 7:00AM, GJFG.OL - Q3 2025 Gjensidige Forsikring ASA Earnings Call

Question: Vinit Malhotra - Mediobanca - Analyst : Okay, thank you.

Question: Darryl Doe - Jeffreys - Analyst : Hi again. Hi, it's from Autonomous Research. I was wondering if you could comment on the revenue growth dynamics in the near term. I mean, in the third quarter 13% growth was kind of helped by some factors, but at the same time you're also because it's an earned revenue, it's also benefiting and reflecting the high rate increases that you've implemented. In the past, yes, I was wondering whether that 13% is a sustainable level in the near term or whether it could potentially improve on the basis that it's reflecting the earned premiums going forward. Thank you.

Question: Darryl Doe - Jeffreys - Analyst : Alright, great, thank you very much.