Gjensidige Forsikring Q4 2025 Pre-Close Call Summary Company Overview - **Company**: Gjensidige Forsikring (OTCPK:GJNS.Y) - **Event**: Fourth Quarter 2025 Pre-Close Call - **Date**: December 19, 2025 Key Points Industry Insights - **Seasonality**: The insurance business experiences higher claims ratios in winter quarters (Q1 and Q4) compared to summer quarters (Q2 and Q3) [4] - **Weather Impact**: Scandinavia had a mild Q4 with precipitation levels normal to above average. Storm Amy impacted Northern Europe, particularly Norway, leading to significant claims [4][5] Financial Highlights - **Claims from Storm Amy**: Estimated total claims cost for Q4 2025 related to Storm Amy is approximately NOK 400 million, net of reinsurance and including reinstatement premiums [4] - **Claims Distribution Policy**: Losses up to NOK 30 million are charged to the segment where they occur, with amounts above that going to the Corporate Center. This NOK 30 million limit applies to the total across all segments [5][14] - **Large Losses Expectation**: The expectation for large losses in 2025 is approximately NOK 500 million per quarter, which is an estimate and not a guiding figure [6] Solvency and Capital Management - **Eligible Own Funds**: At the end of Q3 2025, eligible own funds included approximately NOK 520 million of the NOK 900 million Tier 2 bond issued in October 2024. This amount is expected to increase over time as capital requirements grow [7] - **Dividend Treatment**: For Q4, the deduction for eligible own funds is based on the proposed dividend for the year, differing from the first three quarters where it was based on a formulaic dividend equal to 80% of profit after tax [7] Investment Portfolio - **Return Estimation**: The company suggests using the same asset allocation as the previous quarter to estimate returns, applying returns on listed indices [8] Additional Notes - **Q4 Results Release**: Q4 results will be released on January 29, 2026, with a silent period starting on January 1, 2026 [3] - **Q&A Session**: The call included a Q&A session where questions about Storm Amy's losses and solvency capital modeling were addressed [11][15] Conclusion Gjensidige Forsikring's Q4 2025 Pre-Close Call highlighted the impact of seasonal weather patterns on claims, particularly from Storm Amy, and provided insights into the company's financial expectations and capital management strategies. The upcoming Q4 results are anticipated to provide further clarity on these issues.