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Gjensidige's strategy 2020-2025

Gjensidige’s corporate strategy follows from our mission to ‘safeguard life, health and assets’. We have been doing that for more than 200 years, based on our vision to ‘know the customer best and care the most’.

Our ambition

Our long-term ambition is to be a leading general insurance company in the Nordics and Baltics. We will achieve this through a continued focus on customer orientation and by leading and constantly finding new ways to make people feel secure. 

In the strategy period, we will pay particular attention to and be prepared for the development of new business models. Examples include embedded insurance, fragmentation of the value chain upon the introduction of niche players, and more comprehensive risk relief products.

Our strategic priorities

Our most important sustainable targets

  • A safer society: 80 % of premium income sustainable by 2025 for products covered by the EU taxonomy for general insurance.
  • Sustainable claims settlements: 35 % reduction in CO2e in claims processes by 2025. Base year 2019.
  • Responsible investments: Net zero emissions in the investment portfolios by 2050

Read more about our sustainable strategy

To succeed in creating long-term value creation, we believe that scale, size and Nordic presence will become even more important in the years ahead. At the same time, we must maintain and further develop our unique position and relationship with our customers. 

The group strategy therefore focuses on three strategic priorities: 

  • We will build on our strong, unique position in Norway 
  • We will strengthen profitability and grow outside of Norway 
  • We will maintain capital discipline and attractive dividends 

Our strategic priorities should be seen as an integrated set of activities that will create value for all Gjensidige’s stakeholders. 

Read more about our strategy in our annual report

Group financial targets from 2023

Metric Target
Combined ratio*< 84 per cent
Cost ratio*< 14 per cent
Solvency margin ratioBetween 150 and 200 per cent
Return on Equity after tax> 20 per cent
*Defined as an alternative performance measure (APM). APMs are described at in a document named APMs Gjensidige Forsikring Group 2022. 

Operational targets 2025

Customer orientation

  • Customer satisfaction, Group > 78
  • Retention:
    • Norway > 90%
    • Outside Norway > 85%

Efficient and sustainable operations

  • Digitalisation index, Group> +10% annually
  • Digital claims reporting, Group > 85%
  • Automated claims processing* , Norway > 70%
  • Reduced carbon emissions, Group 75 % (base year: 2019)
  • Employee engagement score: top 25 % in finance in Europe 
  • No fines from authorities

* Process after claims have been reported