Gjensidige Forsikring ASA

GJF.OL

Insurance - Diversified · Financial Services

Exchange

Oslo Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Mixed

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Winston Score History

The full picture

Gjensidige Forsikring is a Norwegian insurance company that sells protection products to everyday people and businesses. Its main products include car insurance, home insurance, health insurance, and business property coverage. It is one of the largest insurance providers in the Nordic region, with roots going back to 1816.

Gjensidige makes money by collecting premiums from customers and paying out claims when accidents or losses occur. It operates primarily in Norway, Denmark, Sweden, and the Baltics, serving millions of private and commercial customers. Its competitive strength comes from its strong brand recognition in Norway, a large loyal customer base, and its mutual ownership history that built deep trust over generations. The main risk the company faces is rising claims costs driven by inflation and more frequent extreme weather events, which can push payouts higher and squeeze profitability.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-3.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

62.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 186.7B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Gjensidige Forsikring ASA is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

22.1%

Excellent — 22.1% operating margin

Return on the money invested

ROCE

35.1%

Exceptional — 35.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+7.9%

Steady sales growth (+7.9% YoY)

Profit growth

EPS YoY

+5.5%

Modest earnings growth (+5.5% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

111%

Turns 111% of profit into real cash

Spare cash per sale

FCF Margin

15.5%

Converts sales into free cash efficiently (15.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.29

Conservative — low debt load (0.29)

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

20.7x

no trend

Growth-priced — P/E 20.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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