Gjensidige Forsikring Asa (GJNSF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, operator, and good morning, everyone. Welcome to this fourth quarter and full year 2025 presentation of Jensidie. My name is Mitra Negård and I am head of investor relations. As always, we will start with our CEO, Geir Holmgren, who will give you the highlights of the quarter and the year, followed by our CFO, Jostein Amdahl, who will run through the numbers in further detail. And we have plenty of time for a Q&A after that. Guide, please. Thank you, Mitra, and good morning, everyone. We have concluded a strong year, driven by solid efforts across the organization. We moved forward with confidence, guided by a clear commitment to honoring our purpose of being there for our customers when it matters most. Over the course of the year, we processed nearly 1 million claims, including a high volume related to Storm ME, maintaining a strong emphasis on speed and efficiency. We always continue to introduce innovative solutions that help prevent damage and simplify everyday life, further strengthening the value we provide. Our customers continually confirm the relevance of what we do. In parallel, sustained efficiency initiatives have contributed to a return to strong profitability. Let's turn to page 2 for comments on our fourth quarter results, before moving on to the full year result. We generated a general insurance service result of 1 billion and 297 million. This result includes a total of 502 million in expenses related to reduction of the book value of the core IT system and the downsizing of our workforce in Denmark. Adjusted for this, the insurance service result was up almost 8%, reflecting continued strong revenue growth, efficient operations and continued good cost control. The combined ratio, when adjusting for the expenses I just mentioned, was 83.8...