Gjensidige

Gjensidige Forsikring ASA
Allmennaksjeselskap
Traded as OSE: GJF
Industry Financial services
Founded 1689
Headquarters Oslo, Norway
Area served
 Norway, Denmark, Sweden, Baltic region
Key people
 Helge Leiro Baastad (CEO), Inge Hansen (Chairman)
Products Insurance, pensions, savings, online banking
Revenue NOK 21.54 billion (2010)[1]
Profit NOK 2.950 billion (2010)[1]
Total assets NOK 84.11 billion (end 2010)[1]
Total equity NOK 23.14 billion (end 2010)[1]
Number of employees
 3,920 (end 2010)[1]
Subsidiaries Tennant, Fair, Kommuneforsikring, Parekss
Website www.gjensidige.com

Gjensidige Forsikring ASA is a Norwegian insurance company. Though the company has roots back to 1689 when the fire treasury at Nes was founded, Gjensidige in its present form was founded in 2003 when the insurance division of Gjensidige NOR was not made part of its merger with Den norske Bank. Previously organised as a mutual insurance company, Gjensidige demutualised and listed on the Oslo Stock Exchange in December 2010. The firm, headquartered in Oslo, has a 32.1% share of the Norwegian insurance market. The company has 176 branches and 1.5 million customers. Gjensidige has subsidiaries in Denmark, Sweden and The Baltics.

The company offers all kinds of insurance and is divided into three main sectors: private, agriculture and business. It also offers retail banking products through its subsidiary Gjensidige Bank as well as pensions and savings products.

Gjensidige owns 24.33% of the stocks in Storebrand, one of the largest life insurance companies in Scandinavia.

History

The brand name Gjensidige was first taken into use in 1976 when Livsforsikringsselskapet Gjensidige, originally Christiania almindelige gjensidige forsørgelsesanstalt was merged with Samtrygd. Samtrygd was created in 1922 as an umbrella organisation for the 260 fire treasuries in Norway to create a stable liquidity in case of large fires. The first fire treasury was founded in 1689 in Nes.

In 1993 Gjensidige merged with Forenede Forsikring and in 1996 Gjensidige Bank was created with banking services. In 1999 Gjensidge and the savings bank Sparebanken NOR merged to form Gjensidige NOR. When Gjensidige NOR merged with Den norske Bank in 2003 to form DnB NOR, Gjensidige was demerged and became a separate company again, though in many places it retains co-location with DnB NOR.

In November 2007 Gjensidige applied for a listing on the Oslo Stock Exchange, and was scheduled to be listed in Q4 of 2008. However, due to the global financial turmoil and instability on the stock exchanges, Gjensidige has announced that it had postponed its debut on the OSE until 2009. The company eventually listed a 40% stake on 10 December 2010, marking the largest Norwegian initial public offering in almost a decade.[2] The IPO price valued Gjensidige at NOK 29.5 billion.[2]

See also

References

  1. 1 2 3 4 5 "Annual Results 2010". Gjensidige Forsikring. Retrieved 27 February 2011.
  2. 1 2 Klesty, Victoria (10 December 2010). "Shares dip after Gjensidige IPO raises $1.8 billion". Reuters. Retrieved 18 December 2010.

External links

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