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Annual Report 2017 the Year Our Customers Were More Satisfied with Us in 2017 Than Ever Before, and We Maintained High Market Shares

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Annual Report 2017 the Year Our Customers Were More Satisfied with Us in 2017 Than Ever Before, and We Maintained High Market Shares Annual report 2017 The year Our customers were more satisfied with us in 2017 than ever before, and we maintained high market shares. 2017 Profitability remained very good. Image recognition in claims Gjensidige launched a Partner agreement with photo recognition tool that the Norwegian Society uses artificial intelligence for Sea Rescue to assess claims based on We signed a partner submission of images via agreement with the our claims reporting app. Aquisition Great digital Norwegian Society for Sea in Denmark commitment Rescue, who shares our Gjensidige aquired We started recruitment commitment to protect the Danish insurance of 40 IT employees as lives, health and assets. company Mølholm part of our commitment 120,000 members will Forsikring. to digitalise and receive discounts on boat automate work insurance, as well as other processes. benefits. Most attractive employer in the industry Universum Awards 2017: Gjensidige was proclaimed World record in the most attractive Claims settlement employer in the Norwegian Our claims robot insurance industry. settled what was probably the quickest claims settlement in Customer dividend the history of the New headquarter Gjensidige’s general world when a in the Baltics insurance customers in customer had his We opened a new, Norway received claim accepted in 1.6 Baltic headquarter customer dividend for the seconds. with 350 employees in eight consecutive year. Vilnius, Lithuania. The Gjensidige Foundation paid about NOK 2.1 billion in customer dividend. That equals 14 per cent of the premiums paid the preceding year. About the reporting Gjensidige publishes a web-based annual report on www.gjensidige.no/ reporting. The annual report 2017 will not be printed. Find further information about the Group on www.gjensidige.no/group In case of any discrepancies, the Norwegian version of the annual report shall prevail. Sponsorship agreement Financial calender 2018 During the year, a sponsorship agree- General Meeting 5 April ment has been signed with both the Ex dividend date 6 April Universum: Climber of the year Norwegian Association Q1-result 25 April Gjensidige climbed more than of Athletes and the any other company in Norway on Norwegian Ice Hockey Q2-result 13 July the list of preferred employers Association. among IT-people. Among IT-girls Q3-result 25 October we climbed 50 steps. Ipsos Reputation Award 2017 Gjensidige received Ipsos reputation award 2017 because Christmas the company has for a long gift to SOS time had a solid reputation, We donated which has also been NOK 500,000 as strengthened in a Christmas gift recent years. to SOS Children's Villages. Content Key figures 2 Letter from the CEO 6 Operations in brief 8 Asset management 16 Additional information 18 Investor information 20 Corporate social responsibility 22 Corporate governance 40 The Board’s report 54 Financial statements and notes 79 Gjensidige annual report 2017 1 Key figures Gjensidige recorded a profit after tax of NOK 4.5 billion in 2017, corresponding to a return on equity of 21.3 per cent. For the general insurance operation the premium growth was 4.3 per cent and the combined ratio was 85.4 per cent. The earnings per share was NOK 9.05 and the Board has proposed a dividend of NOK 7.10 per share. Key figures Prot before tax Earned premiums general insurance NOK bn NOK bn 6 24 22 4 20 2 18 0 16 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Return on equity Underwriting result general insurance % NOK bn 24 4 18 3 12 2 6 1 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Earnings per share Combined ratio general insurance NOK % 10 90 8 85 6 4 80 2 0 75 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2 Gjensidige annual report 2017 Key figures 7.10.. ...NOK per share in proposed dividend Market value as at 31.12. Dividend per share Based on profit Distributiopn of NOK billion for the year excess capital 75 2017* NOK 7.10 55 2016 NOK 6.80 2015 NOK 6.40 NOK 6.00 35 2014 NOK 5.90 15 2013 NOK 6.80 NOK 10.00 2013 2014 2015 2016 2017 * Proposed Total return* 525 450 375 300 225 150 75 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017 July 2011 July 2012 July 2013 July 2014 July 2015 July 2016 July 2017 Gjensidige Nordic general insurance** * Dividend reinvested ** Non-weighted average in local currency for Tryg, Topdanmark, Sampo and Alm.Brand Last two Since IPO Total return * Last year years 10.12.2010 Gjensidige 19 % 26 % 346 % Nordic general insurance** 44 % 48 % 401 % * Dividend reinvested ** Non-weighted average in local currency for Tryg, Topdanmark, Sampo and Alm.Brand. Gjensidige annual report 2017 3 Key figures Financial key figures Result 2017 2016 2015 2014 2013 Earned premiums, general insurance NOK million 23,398.3 22,441.9 21,272.0 20,386.8 18,736.9 Other operating income NOK million 3,615.7 3,049.5 2,883.4 2,711.9 2,147.6 Net income from investments NOK million 2,029.0 2,196.1 1,473.3 2,475.6 2,538.1 Claims incurred, general insurance NOK million (16,401.7) (15,515.9) (14,597.5) (14,470.4) (13,859.6) Other claims incurred, losses etc. NOK million (2,311.6) (1,963.7) (1,927.8) (1,892.4) (1,435.7) Operating expenses, general insurance NOK million (3,586.5) (3,191.4) (3,217.6) (3,054.0) (2,857.8) Other operating expenses NOK million (914.1) (876.5) (836.0) (758.0) (695.4) Tax expense NOK million (1,309.8) (1,474.1) (1,265.0) (1,210.0) (903.5) Profit for the year NOK million 4,519.3 4,665.9 3,784.7 4,189.6 3,670.6 Earnings per share NOK 9.05 9.34 7.57 8.34 7.34 Regular dividend per share NOK 7.10 6.80 6.40 5.90 6.80 (Based on profit for the year) Special dividend per share NOK 6.00 10.00 (Based on distribution of excess capital) Main figures general insurance 2017 2016 2015 2014 2013 Underwriting result 1 NOK million 3,410.1 3,734.6 3,456.9 2,862.3 2,019.6 Large losses 2 NOK million 577.4 871.8 880.3 823.3 906.6 Run-off results 3 NOK million 1,030.3 1,023.4 724.8 493.7 299.6 Combined ratio 4 % 85.4 83.4 83.7 86.0 89.2 Loss ratio 5 % 70.1 69.1 68.6 71.0 74.0 Cost ratio 6 % 15.3 14.2 15.1 15.0 15.3 Balance 2017 2016 2015 2014 2013 Investment portfolio 7 NOK million 54,860.2 53,957.7 57,173.9 56,538.8 58,148.2 Provisions for unearned premiums, gross NOK million 15,746.3 13,654.9 13,097.2 11,944.6 11,049.2 Claims provisions, gross NOK million 31,332.7 32,447.5 33,178.5 32,926.9 31,749.6 Equity NOK million 23,703.1 22,326.0 23,330.6 21,656.8 26,287.8 Total equity and liabilities NOK million 149,072.4 135,926.6 129,264.4 113,982.0 108,946.3 Return 2017 2016 2015 2014 2013 Return on financial assets 8 % 3.7 3.9 2.6 4.3 4.3 Return on equity 9 % 21.3 21.4 17.4 18.1 14.6 1 Underwriting result, general insurance = earned premiums - claims incurred etc. - operating expenses 2 Large losses = loss events in excess of NOK 10.0 million 3 Run-off gains/(losses) = changes in estimates from earlier periods. Reserving is based on best estimate, and expected run-off result over time is zero. 4 Combined ratio = claims ratio + cost ratio 5 Loss ratio = claims incurred etc. /earned premium 6 Cost ratio = operating expenses/earned premium 7 Investment portfolio includes all investment funds in the Group, except Pension and Retail Bank 8 Return on financial assets = net financial income as a percentage of the average financial assets including property (excluding Pension and Retail Bank) 9 Return on equity = Shareholders’ share of net profit for the period/average shareholders’ equity for the period 4 Gjensidige annual report 2017 Key figures AnsaEmployeestte pe per landr country Employees per business area as at 31.12.2017 as at 31.12.2017 2,103 Norway 3,604 General insurance 760 Denmark 169 Bank 620 Baltics 61 Pension 351 Sweden Health, safety and the environment 2017 2016 2015 2014 2013 Sickness absence (Self-certified and doctor-certified), % 3.9 3.9 4.1 4.7 5.1 Gjensidige Forsikring Injuries, Gjensidige Forsikring Number 0 0 0 0 0 Turnover of employees, Gjensidige Forsikring % 15.3 9.7 9.6 8.7 9.7 Employees 2017 2016 2015 2014 2013 Number of employees in the Group Persons 3,834 4,005 3,908 3,525 3,377 Average age Gjensidige Forsikring Year 42.0 43.0 44.3 43.1 44.4 Average amount spent on skills development per employee NOK 10,300 15,000 17,500 17,500 15,800 Participation in a training programme Days 6,960 7,487 5,524 7,400 8,900 In addition to the financial statements according to IFRS, Gjensidige uses diffe- rent alternative performance measures (APM) to present the business in a more relevant way for its different stakeholders.
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