Norwegian insurer Gjensidige Forsikring ASA posted a robust Q4 2025, beating forecasts amid one‑off IT and restructuring costs. Pre‑tax profit rose 11% when those NOK502 million were excluded, and the adjusted combined ratio slipped to 83.8%, 50 basis points better than analysts expected.

Dividend policy shifted from a nominal high‑stable stance to a growing regular payout model, and total dividends climbed to NOK14.5 per share, including a NOK4.5 special dividend. Analysts had priced in NOK12.3, so the move signals confidence in sustained profitability and may lift shareholder sentiment.

Insurance revenue edged past expectations by 0.3%, while the service result beat forecasts by 3.8%. Private and commercial segments outperformed, with Sweden delivering a 79.7% jump. Corporate centre costs surged 44.5% on top of the one‑off hit, underscoring the need for tighter cost control.

With a solvency ratio of 188% and a pension result beating expectations, Gjensidige remains well‑capitalised. Investors will watch how the company manages the one‑off restructuring costs and whether the new dividend trajectory sustains in a tightening credit environment. Analysts predict a cautious but steady growth outlook.