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Gjensidige Forsikring SWOT & PESTLE Analysis

ID : 521245953| Jun 2022| 21 pages

COMPANY PROFILE -Gjensidige Forsikring

Business Sector :Insurance

Operating Geography :Norway, Europe, Global

About Gjensidige Forsikring :

Gjensidige Forsikring ASA is a Norwegian insurance firm. The company, based in Oslo, has a significant part of the Norwegian insurance industry. Although the corporation was founded in 1816, the name Gjensidige comes from the life insurance company Christiania almindelige gjensidige forsrgelsesanstalt, which was founded in 1847. Within the Gjensidige group, it is the parent firm. Six business areas make up the operations of the Group. General insurance, as well as risk-based accident and health insurance, are Gjensidige's main activities. Property and accident and health insurance are both part of the general insurance activities. Life insurance, which is pure risk insurance with a tenure of up to one year, primarily group life insurance, is also part of the Norwegian general insurance business. The firm also provides pension services, which is a logical complement to its primary business in Norway. Branches are used to conduct business outside of Norway. It has a Lithuanian subsidiary with Estonian and Latvian branches in the Baltics. The company announced the completion of its acquisition of Falck's roadside assistance on March 1, 2022.

Gjensidige Forsikring ASA's USP lies in its being the leading Nordic insurance group listed on the Oslo Stock Exchange, with more than 200 years of experience in providing insurance services. The mission statement of Gjensidige Forsikring ASA reads, "To create a sense of security for our customers by safeguarding life, health and assets".

Gjensidige Forsikring Revenue :


US$ 3.76 billion – FY ending 31 December 2021
US$ 3.52 billion – FY ending 31 December 2020  

Competitive Analysis of Gjensidige Forsikring

SWOT
PESTLE
The SWOT analysis for Gjensidige Forsikring is presented below in a matrix followed by the detailed analysis report:
StrengthWeakness
1. 200 years strong brand with leading market share in 5 countries, enjoying high customer loyalty
2. Gjensidige Forsikring has an extremely strong value proposition and acquisition activity
3. Strong underlying loss ratio and high ROE
4. Strong capital generation by the company and solid financials
5. The company is undergoing digital transformation and utilizing new technologies
1. Reduced profits after tax, reduced ROE and combined ratio general insurance in 2020
OpportunityThreat
1. Improve customer experiences through analytics and digitalization
2. Reduce claim costs and increase sales effectiveness
3. Changing insurance needs due to increasing urbanization, rise of technology and increased ownership of cars
1. Increasing insurance fraud may affect profitability
2. Extreme weather conditions are increasing claim costs
3. Increased costs for compliance with legal requirements and regulations, especially data protection and sustainability
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Gjensidige Forsikring

Strength

1. 200 years strong brand with leading market share in 5 countries, enjoying high customer loyalty: Gjensidige is a leading general insurer in the Nordic and Baltic countries. According to statistics from Finance Norway, the Company is the largest player in the Norwegian land-based general insurance market, with a market share of just below 26% in 2020, out of a total market worth more than NOK 66 billion. Gjensidige is a well-established player in the Danish market and has a market position which provides economies of scale. Gjensidige’s market share in Sweden is lower than in the other markets, and the Company is in a challenger position in relation to the big, established players. In the Baltics, Gjensidige is well-positioned for further growth. The Company’s operations outside Norway is based on a number of small and medium-sized acquisitions over the past 15 years. The Norwegian market represents 68% of Gjensidige’s net premiums earned, and the private and commercial is fairly equally split in the Norwegian market. Denmark is the second largest market with 22% of net premiums earned for the company. Gjensidige has an ambition to grab 79% market share in Norway, 65% in Denmark, 82% in Sweden, 95% in Finland and 80% in the Baltic states. The insurance company has very high customer satisfaction (79% as of Q4 2020) and high customer retention (92% in Norway and 79% outside of Norway). The sales effectiveness of the company increased 10% in 2020. Gjensidige is a leading insurance player in the Scandinavian countries and is positioned to grow in the Scandinavian market. The company is also present in USA, Luxembourg and the UK.

2. Gjensidige Forsikring has an extremely strong value proposition and acquisition activity: The Norwegian Insurance company holds competitive market shares in the Scandinavian region and is number one in Norway. Due to its long history of establishment and operations, the company enjoys increased customer loyalty and retention. This is due to the attractive value proposition it offers to both its customers and investors. Gjensidige Forsikring has a proven track record of strong growth, underwriting, cost discipline as well as a strong value creation since its IPO ten years ago. It holds a strong position in attractive market places, with efficient distribution and loyal customers. The company has a scalable, hard-to-copy business model, efficient capital structure and good financial flexibility as well. The company has an attractive dividend policy, and has been able to secure profitability over the years. The company expects further consolidation through acquisitions in attractive market places and expand through strong local brands. In 2020, Gjensidige was ranked top in the Norwegian financial industry, both in the Norwegian Customer Survey, which measures customer satisfaction, and in the Ipsos profile survey, which measures reputation. We also received the Stockman award from the Norwegian Society of Financial Analysts for our investor communication, and our sustainability reporting was ranked best in the industry by The Governance Group. Gjensidige acquired an ownership interest in Mimiro, a company that offers digital services to help farmers optimize production and reduce the risk of damage. Gjensidige offers a wide range of insurance products to both private individuals and businesses. This gives customers comprehensive protection against financial losses in connection with different claims events.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

This section is available only in the 'Complete Report' on purchase.

Opportunity

This section is available only in the 'Complete Report' on purchase.

Threat

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • Groupama Insurance
  • Ethias
  • Brit
  • Life Insurance Corporation of India
  • La Capitale
  • Sampo Group
  • Suncorp Group
  • Frankenmuth Insurance

Major Brands :

  • Nordea Direct Bank ASA
  • Gjensidige Pensjonsforsikring AS
  • Gouda Rejsefosikring
  • Fair Forsikring
  • Mondux A/S
  • AAS Gjensidige Baltic
  • MGA Insurance Holding AB
  • Fair Insurance A/S
  • Gjensidige Nor Forsikring, Asset Management Arm
  • Glitne Invest AS
  • Oslo Areal AS
  • Gjensidige Bank Holding ASA
  • ADB Gjensidige
  • Gjensidige Marine and Energy Insurance A/S
  • European Institute for Risk Management A/S
  • Mondux Affinity Aps
SWOT & PESTLE (combined)
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References used in Gjensidige Forsikring SWOT & PESTLE Analysis Report

1. Annual Report - https://www.gjensidige.no/group/investor-relations/reports
2. Teams and practices for effective digitization at Gjensidige Insurance, Norway - https://teamtopologies.com/industry-examples/teams-and-practices-for-effective-digitization-at-gjensidige-insurance-norway
3. Share of insurance frauds detected in Norway in 2020, by type - https://www.statista.com/statistics/1081558/insurance-frauds-detected-in-norway-by-type/
4. EIOPA brings about important changes with regard to published national general good rules - https://www.eiopa.europa.eu/content/eiopa-brings-about-important-changes-regard-published-national-general-good-rules-0_en
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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SWOT & PESTLE.com (2022). Gjensidige Forsikring SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/gjensidige-forsikring/ [Accessed 30 Jun, 2022].

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Gjensidige Forsikring SWOT and PESTLE analysis has been conducted by Muskan Arya and reviewed by senior analysts from Barakaat Consulting.

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