Provisions for unearned premiums, gross NOK million 13,097.2 11,944.6 11,049.2 10,141.6 9,531.4
Solvency margin capital 7 NOK million 12,806.7 12,312.9 12,905.2 16,288.6 15,179.3 1 Underwriting result, general insurance = earned premiums - claims incurred etc. - operating expenses 2 Run-off gains/(losses) = changes in estimates from earlier periods. Reserving is based on best estimate, and expected run-off result over time is zero. 3 Combined ratio = claims ratio + cost ratio 4 Loss ratio = claims incurred etc. /earned premium 5 Cost ratio = operating expenses/earned premium 6 Investment portfolio includes all investment funds in the Group, except Pension and Savings and Retail Bank 7 Solvency margin capital is the sum of Gjensidige Forsikring ASA’s primary capital, according to the capital ratio calculation, and other solvency margin capital, which in
10 Return on financial assets = net financial income as a percentage of the average financial assets including property (excluding Pension and Savings and Retail Bank) 11 Return on equity = profit after tax expense for the period/average equity for the period 4 I Gjensidige annual report 2015
We maintained our position as market leader in Norway despite tough competition throughout 2015 in both the private and commercial markets.
The distribution is based on earned premiums /income, excluding corporate center and other income including eleminations.
There is strong competition in the markets Gjensidige operates in, and the pressure on prices seems to have intensified in the motor insurance market in general, as well as in the market for commercial customers and the municipal market.
Outlook and priorities Gjensidige Bank shall primarily underpin the Norwegian general insurance business by making a wider product range available to existing general insurance customers in Norway. The bank will continue to offer a wide range of financial services through customer-friendly online solutions, Gjensidige’s financial offices and cooperating car dealers.
Retail Bank Gjensidige Bank is a pure internet bank which shall contribute to sales of a wide range of products to general insurance customers in Norway. The bank offers mortgages, car financing, unsecured lending, savings, credit cards and day­to­ day banking services. Distribution is mostly online, and customer service may be reached on the phone, via chat and at Gjensidige’s financial offices. Car financing is also distributed through car dealers.
General Meeting The next ordinary General Meeting will be held at Gjensidige’s offices in Schweigaards gate 21, Oslo, on 7 April 2016, at 17:00 CET.
Gjensidige’s employees must comply with laws and regulations in the societies in which we do business, and act in accordance with ethical norms. Ethics and compliance with laws and regulations are key aspects of the internal training of our staff.
In 2015, Gjensidige donated a total of NOK 1 million to the Norwegian and the Danish Refugee Council and to the Red Cross in Sweden, to contribute to mitigating the refugee crisis. Instead of giving the employees Christmas presents, the Company donated NOK 1 million as a Christmas gift to the Red Cross in support of the organisation’s refugee work.
Fire is something that severely affects our customers, both financially and, not least, personally. Together with the Norwegian Fire Protection Association, the Directorate for Civil Protection and Emergency Planning (DSB) and local fire brigades, we organised the ‘Aksjon Boligbrann’ fire prevention campaign in autumn 2015. It involved visiting 40,000 homes. We also contributed to the development and marketing of educational material on fire prevention for schools. So far, Gjensidige has contributed to teaching more than 100,000 children about fire prevention.
One measure aimed at ensuring such compliance is the compilation of pay statistics to bring light to any wage differences for the same work or work of equivalent value. Any nonconformities will be followed up by actions. No special measures relating to equality or discrimination have been necessary in 2015.
The rules are available on the intranet and in an e-learning course, and managers shall contribute to ensuring that employees are aware of the rules. The purpose is to prevent and help to put a stop to activities that can entail a breach of the regulations at an early stage.
All material procurements are ordered electronically. As far as possible, all suppliers shall use electronic invoicing. Documents relating to invitations to tender, negotiations and agreements are stored electronically. Competitive tender procedures are carried out with the help of online portals.
The Group’s energy consumption in 2015 was 11.1 MWh. Most of our energy consumption is related to lighting, heating and computers. The energy carriers are electricity, which in Norway is almost exclusively based on hydropower, district heating, which is largely based on waste incineration, and fuel oil.
– Authorisation to the Board to decide the distribution of dividend on the basis of the Company’s annual accounts for 2014. The authorisation is valid until the next annual general meeting, no longer, however, than until 30 June 2016. The authorisation is in accordance with the Company’s adopted capital strategy and dividend policy. It gives the Company flexibility and will mean that the Company can distribute additional dividends without having to call an extraordinary general meeting. The authorisation was not used in 2015. The authorisation was considered as a separate item at the Company’s annual general meeting.
The nomination committee wishes to ensure that the shareholders’ views are taken into account when qualified members are nominated for the governing bodies of Gjensidige Forsikring ASA. In addition to the nomination committee consulting relevant shareholders for proposals for candidates and support for its recommendations, all shareholders are invited to propose candidates for governing bodies via a request on the Company’s website. The deadline for submitting proposals is normally set at the turn of the year to ensure that proposed candidates are considered at the start of the process.
Individual board members are obliged to ensure they are not disqualified from considering a matter on grounds of partiality. In cases of doubt, the matter shall be presented to the Chairman of the Board. The Chairman of the Board shall present cases of doubt relating to his or her own impartiality to the whole Board.
The Board carries out an annual review of the Group’s most important risk areas and its internal control. The Board also receives quarterly reports on the risk situation in the Group. The division of respon sibility between the Board and the CEO is as follows: The Board’s responsibilities: • The Board has overall responsibility for ensuring that Gjensidige has established expedient, effective processes for risk management and internal control in accordance with recognised frameworks.
Deviations from the Code of Practice: None 12. Remuneration of the Board The nomination committee proposes the remuneration of the Board, which is decided by the Supervisory Board. This remuneration is not dependent on the 44 I Gjensidige annual report 2015
The guidelines are submitted to the general meeting as a separate item in accordance with the Public Limited Liability Companies Act Section 16-6 a). The general meeting’s decision on the guidelines in the statement on remuneration of executive personnel is advisory to the Board, except the part of the document that concerns share-based remuneration, which is binding. As a result, the general meeting holds an advisory vote on the Board’s statement on the stipulation of pay and other remuneration and the Board’s guidelines for the stipulation of pay for executive personnel, as well as a binding vote on the new guidelines for the allocation of shares, subscription rights etc. that the Board proposes pursuant to the Public Limited Liability Companies Act Section 6-16a first paragraph third sentence 3.
The Board’s complete declaration on remuneration of executive personnel is available on page 132 of the annual report.
Among other things, Andersen has been an auditor with PricewaterhouseCoopers. He is a state-authorised public accountant and holds an MBA from the Norwegian School of Economics (NHH).
Products and customer data are available on the same system platform, which helps to ensure uniform customer service across channels and standardisation of work processes, and results in cost-efficient operation of ICT systems. A flexible service architecture enables Gjensidige to use functionality from the core-system and information from the customer system for self-service solutions, common user interfaces for customer advisers and in the work on optimising risk selection and tariff setting.
Cost ratio ~15 per cent 15.1 per cent * Dividends based on profit for the year. Excess capital distribution not included. ** Combined ratio target on an undiscounted basis, assuming ~4 pp run-off gains next 3-5 years and normalised large losses impact. Beyond the next 3-5 years, the target is 90-93 given 0 pp run-off.
Gradual development and adaptation to a digitalised world through the five strategic focus areas Gjensidige’s Board has defined five strategic focus areas that will play a central role in achieving the financial and operational targets in the period up to 2018. See page 38 for a more detailed description of Gjensidige’s strategy. A selection of measures and initiatives that have been implemented in 2015 relating to each of the five focus areas are presented in the following.
Seamless multichannel distribution In 2015, Gjensidige established a new group-wide contact centre solution that ensures increasingly customised dialogue with customers across telephony, web-based and chat solutions. This solution will be developed further and new functions added during 2016 and 2017.
During the first half-year 2016, Gjensidige plans to apply for approval of an internal model for calculating the regulatory capital requirement for parts of its operations. Gjensidige’s internal model gives a good picture of the Group’s risk and capital need.
VAT on financial services In 2015, the Ministry of Finance stated that it wishes to expand the VAT basis to include financial services provided in return for a concrete consideration. In order to prevent an unintended switch from concrete considerations to other types of consideration, including interest, a tax will also be introduced on margin income. The Ministry of Finance plans to submit a proposal for necessary changes in the national budget, at the earliest in the proposed national budget for 2017. The effect of such an extension is uncertain, as a concrete proposal for changes is not yet available.
Run-off gains/(losses) 2 261.0 181.9 1 Large losses = loss event in excess of NOK 10.0 million.
Operating expenses amounted to NOK 809.3 million (770.6), corresponding to a cost ratio of 11.4 (11.3). The increase in operating expenses was partly due to higher commission expenses and non-recurring reorganisation costs.
Kristensen has previously been general manager of Alta IF Football. He has an education in IT and economics from Finnmark University College.
Bonds recognised at amortised cost amounted to NOK 18.7 billion (18.8). Unrealised excess value amounted to NOK 1,416.3 million (2,193.8) at year-end. The reinvestment rate of new investments in the portfolio of bonds held at amortised cost was approximately 3.1 per cent on average in 2015, and the running yield was 4.5 per cent.
Equity portfolio The total equity exposure at the end of the period was NOK 4.6 billion (5.5), of which NOK 3.3 billion (3.8) consisted of current equities and NOK 1.4 billion (1.7) of PE funds. The return on current equities was minus 10.3 per cent (plus 6.7). The low return was mainly due to weak performance for the investment in SpareBank 1 SR-Bank. The market value of the investment in SpareBank 1 SR-Bank amounted to NOK 1,053.6 million at year-end, and the return was minus 22.5 per cent in 2015. The return on PE funds was minus 6.8 per cent (plus 15.1). The negative return was particularly driven by a fall in the value of funds exposed to the oil sector.
Total return swaps have been entered into between Gjensidige Forsikring ASA (GF), Gjensidige Pensjonskasse (GPK) and Gjensidige Pensjon og Sparing AS (GPS), whereby GPK and GPS will receive a return on property, while GF will receive a return on money market instruments plus a margin. The underlying amount in the agreements was NOK 0.9 billion. The total return swap with GPK (NOK 0.3 billion) was terminated at year-end 2015.
Financial result from the invesment portfolio 2.6 4.3 1,492.4 2,426.3 57,173.9 56,538.8
Inge K. Hansen Trond Vegard Andersen Hans-Erik F. Andersson Per Arne Bjørge Kjetil Kristensen Chair
Cash flow from operating activities Premiums paid, net of reinsurance 25,539.7 24,091.4 Claims paid, net of reinsurance (16,314.5) (15,127.2) Net payment of loans to customers (9,167.6) (3,352.6) Net payment of deposits from customers 2,653.9 1,765.1 Payment of interest from customers 1,283.8 1,251.5 Payment of interest to customers (311.0) (472.3) Net receipts/payments on premium reserve transfers (759.2) (598.7) Net receipts/payments from financial assets (4,947.7) 1,028.4 Net receipts/payments from properties 285.0 297.6 Net receipts/payments from sale/acquisition of investment property 130.2 (1,190.5) Operating expenses paid, including commissions (3,785.8) (3,460.9) Taxes paid (1,056.9) (852.7) Net other receipts/payments 53.6 49.3 Net cash flow from operating activities (6,396.4) 3,428.3
See note 6 for a further description of the Group’s joint venture.
Individual write-downs are assessed before the write-down on groups is determined. If there is objective evidence that a financial asset is impaired, a write-down is made for the estimated loss. Objective evidence means evidence of occurrences indicating that the loan is impaired. This may be information about damaged credit histories, bankruptcy or defaults. For a closer description of the bank, see note 3 in the consolidated group accounts.
The following will be the target solvency margin ranges for the Gjensidige Insurance Group: • Standard Formula (SF): 115 -140 per cent • Partial Internal Model (PIM): 120 -175 per cent
Gjensidige has regular processes where external actuarial firms calculate best estimates of the technical provisions. This is done to get a second opinion on the level of the provision from independent, recognised actuarial firms. The deviation between the internal and external estimates of the claims provisions has been within normal range for calculations of this type.
Table 4 below shows the impact on profit or loss for the year and thereby on equity at year-end, of changes in Combined Ratio (CR). Tax impact is not included in the calculations. CR is the key measure of profitability in the general insurance business. The calculations show the effect of a change of one per cent in CR for each segment. An increase in CR can be caused by an increase in the loss frequency and/or an increase in the severity. In some LOB there is a risk that the loss frequency and the severity of claims are correlated so that an increase in the underlying insurance risk may affect both the frequency and severity of claims.
Total disbursed 10,155.3 10,339.9 10,752.2 10,945.6 10,210.7 11,897.7 12,820.0 10,479.1 11,693.1 11,183.5 8,122.6 118,599.6 Claims provision 995.4 1,127.4 1,227.4 1,388.9 1,657.3 1,782.1 1,836.9 2,295.6 2,422.8 2,400.2 6,355.0 23,488.8 Prior-year claims provision and loss adjustment provision 7,709.8 Gjensidige Baltic 595.2 Total 31,793.9
At the end of the accident year 11,767.1 11,685.8 12,241.2 12,223.7 11,695.5 13,641.6 14,441.7 12,639.4 14,361.5 14,087.5 13,857.9 - One year later 11,733.2 11,561.7 12,254.2 12,324.8 11,624.3 13,557.8 14,677.7 12,644.3 14,176.2 13,717.7 - Two years later 11,719.6 11,505.3 12,144.7 12,230.8 11,480.8 13,578.8 14,710.4 12,584.0 14,012.2 - Three years later 11,670.0 11,323.9 12,084.6 12,195.6 11,483.0 13,505.7 14,537.4 12,429.2 - Four years later 11,497.9 11,314.0 12,090.6 12,154.5 11,348.7 13,410.1 14,344.2 - Five years later 11,490.1 11,317.4 12,010.3 12,029.7 11,282.9 13,301.1 - Six years later 11,492.2 11,269.5 11,923.9 11,985.9 11,234.9 - Seven years later 11,371.2 11,167.5 11,884.3 11,939.0 - Eight years later 11,268.7 11,129.5 11,835.9 - Nine years later 11,265.2 11,178.0 - Ten years later 11,337.5
The tables below show the number of members and contracts for mandatory occupational pension and other defined contribution pension plans, respectively. The reduction in number of contracts is primarily due to clearing up in the administration system for about 1,000 contracts which should have been closed in 2014 and earlier.
Longevity sensitivity testing is performed for several purposes, and Solvency II calculations reveal a potential loss of NOK 125 million per Q4 2015, if the mortality rate decreases by 20 per cent. It is first and foremost the paid-up policies that require extra provisions in case of increased longevity.
The development of the financial results is measured continuously relative to the targets and risk limits set by the Board. In the liquid part of the free portfolio, risk is measured daily against limits in accordance with Tail Value at Risk (TVaR); see the table below. As of 31 December 2015, NOK 62.9 million of the risk capacity measured by TVaR was used. TVaR is a statistical measure of maximum loss in NOK million per day given a 95 per cent confidence level. TVaR has fluctuated between NOK 40 and 65 million throughout the year. In the event of a significant negative development in the financial results, the limit on investments in risky assets will be lowered. The development in the financial results and asset allocation are measured and reported regularly to the Group management and the Board.
Nordea Bank AB 3,161.0 DNB ASA 2,799.1 Nykredit Realkredit A/S 2,272.6 Danske Bank A/S 1,650.3 Kongeriket Norge 1,452.6 BKK AS 1,280.5 JPMorgan Chase & Co. 1,257.9 NIAM V Kjøpesenter I Holding AS 1,227.5 Lloyds Bank Covered 1,062.5 Realkredit Danmark A/S 974.5 Total ten largest 17,138.5 Total fixed-income portfolio 47,818.9
Table 25 – Reinsurance receivables and reinsurers’ share of claims provisions 2015 2014
Table 28 – Sensitivity fixed-income and equity portfolio, Gjensidige Pensjonsforsikring NOK millions 31.12.2015 31.12.2014 100 bps parallell shift up (2.4) (1.5) 10% drop in equity prices (1.2) (2.4)
Associates - additional information Storebrand ASA 110.3 I/A SpareBank 1 SR-Bank ASA 82.0 I/A Bilskadeinstituttet AS (0.2) N/A Vervet AS 102.1 6.1 96.0 0.5 (2.9) N/A FDC A/S 188.8 88.1 100.8 396.3 0.7 (0.1) N/A Total shares in associates 291.0 94.2 196.8 396.9 (2.2) 192.0
Transferred from/(to) investment property 3.2 3.2 Additions through business combinations 5.0 5.0 Additions 9.0 220.7 229.8
Gjensidige annual report 2015 | 113 8. Financial assets and liabilities Fair value Financial assets and liabilities measured at fair value are carried at the amount each asset/liability can be settled to in an orderly transaction between market participants at the measurements date at the prevailing market conditions.
• Listed shares • Norwegian government/government backed bonds and other fixed income securities • Exchange traded funds
Financial liabilities Financial derivatives Financial derivatives at fair value through profit or loss 403.5 403.5 317.9 317.9 Financial derivatives subject to hedge accounting 209.3 209.3
Financial assets at fair value through profit or loss, initial recognition Shares and similar interests 1,139.8 4,118.8 1,943.7 7,202.3 Bonds and other fixed income securities 11,440.1 17,011.7 2,174.6 30,626.4 Shares and similar interests in life insurance with investment options 13,709.6 11.0 13,720.6 Bonds and other fixed income securities in life insurance with investment options 1,377.7 11.3 1,389.0
Financial liabilities at amortised cost Subordinated debt 1,485.5 1,485.5 Interest-bearing liabilities 17,616.7 17,616.7
Claims reported and claims handling costs 18,331.2 16,709.4 Claims incurred, but not reported 14,847.2 16,217.5 Total claims provision, gross 33,178.5 32,926.9
Claims reported and claims handling costs 18,331.2 (486.5) 17,844.8 16,709.4 (523.1) 16,186.3 Claims incurred, but not reported 14,847.2 (5.9) 14,841.4 16,217.5 16,217.5 Total as at 31 December 33,178.5 (492.3) 32,686.2 32,926.9 (523.1) 32,403.7
As at 1 January 2,335.5 588.1 2,923.7 2,019.5 481.8 2,501.4 Correction of the opening balance 0.8 0.8 Current service cost 35.9 11.3 47.1 31.9 8.6 40.6 Employers' national insurance contributions of current service cost 5.1 1.6 6.6 4.5 1.2 5.7
Expected contribution to the defined benefit plan for the next year 0.1 101.4 1 Future salary increases represent our expected average future salary increase for the industry. Since Gjensidige has a closed plan, average future salary increase for our population is 1.6 per cent (2.0). See explanation under Actuarial assumptions.
Derivatives Net interest income/(expenses) from derivatives (26.9) (5.9) Unrealised gains/(losses) from derivatives 156.3 (236.6) Realised gains/(losses) from derivatives (792.0) (493.4) Total net income and gains/(losses) from derivatives (662.6) (735.9)
NOK millions Income Expense Income Expense Mondux Affinity Aps 12.9 Mondux Assurance Agentur A/S 25.4 NAF Forsikringsformidling AS 0.5 Nordisk Forsikrings Service AS 30.9 Nykredit Forsikring A/S 316.3 238.5 101.6 Oslo Areal AS 0.1 0.8 0.3 1.0 Tennant Assuranse AS (owned by Lokal Forsikring AS) 11.7 18.8
Dividends Gjensidige Baltic AAS 41.0 Gjensidige Pensjon og Sparing Holding AS 32.0 Gjensidige Pensjonskasse 9.5 Gjensidigestiftelsen 1,836.1 5,228.2 Nordisk Forsikrings Service AS 35.2 Nykredit Forsikring A/S 58.2 83.0 Oslo Areal AS 70.0
Impairment losses Gjensidige Baltic AAS 13.5 Lokal Forsikring AS 20.1 Nordisk Forsikrings Service AS 27.4
Weighted average share price (NOK) 131.40 119.30 128.91 119.85 Expected turnover N/A N/A 10% 10% Expected sale N/A N/A 5% 5% Lock-in period (years) 3 3 2 2 Expected dividend (NOK per share) 1 5.41 6.88 5.41 6.88 1 The expected return is based on the Group's actual profit/loss after tax expense as of the third quarter, grossed up to a full year, plus the maximum distribution of dividend corresponding to 80 per cent of the profit after tax expense. This was carried out as a technical calculation because the Company's forecast for the fourth quarter result was not available at the time the calculations were carried out.
The accounting of the acquisition was based on the acquisition method. The analysis of acquired assets and liabilities is presented in the table below and is considered to be temporary. The difference between the acquisition price and the identifiable acquired assets and assumed liabilities is recognised as goodwill in the consolidated financial statement.
Received commission for ceded reinsurance and profit share 4.6 5.8 Total insurance-related operating expenses (3,112.9) (2,882.8)
Subsidiaries Gjensidige Bank Holding AS Oslo, Norway 100% 1,931.4 1,952.7 1,931.4 1,832.7 Gjensidige Norge AS Oslo, Norway 100% 195.7 1.2 195.7 1.2 Gjensidige Pensjon og Sparing Holding AS Oslo, Norway 100% 741.0 742.7 741.0 742.1 Oslo Areal AS 1 Oslo, Norway 100% 1,828.8 1,828.8 Gjensidige Baltic AAS Riga, Latvia 100% 351.5 347.8 351.5 347.8 Samtrygd Eigedom AS Oslo, Norway 100% 6.9 6.9 6.9 6.9 Lokal Forsikring AS Oslo, Norway 100% 31.4 11.3 31.4 11.3
Depreciation and impairment losses As at 1 January 2014 (32.8) (335.5) (368.3) Depreciation for the year (2.9) (46.2) (49.1) Disposals 5.8 36.4 42.3 Impairment losses reversed during the period 0.8 0.8 Exchange differences (2.9) (2.9) As at 31 December 2014 (29.0) (348.2) (377.2)
unrealised gains recognised in profit or loss that are attributable to instruments held as at 31.12.2014
Shares and similar interests Decrease in value 10% 212.5 Bonds and other fixed income securities Decrease in value 10% 40.6 Total 253.1
The valuation model values each property separately. The valuation model relies on a quarterly in arrears cash flow method. The most important inputs are yield, market rent, contractual rent, potentially vacant premises, the properties' long-term normalized operating costs and any investment requirements. The method maps all incomes and all expenses in a given investment horizon so that the net cash flow is given yearly for each property. Thereafter, the present value is calculated using this cash flow based on real yield adjusted for expected inflation. The present value of the cash flow and the present value of the remaining value compose the cash flow value of the property, and this is considered as the market value, as it would appear in an orderly transaction between market participants at the measurement date under current market conditions.
Claims reported and claims handling costs 17,038.3 (356.1) 16,682.2 15,930.5 (501.0) 15,429.5 Claims incurred, but not reported 14,614.3 (5.7) 14,608.6 16,051.4 16,051.4 Total as at 31 December 31,652.5 (361.7) 31,290.8 31,981.9 (501.0) 31,480.9
As from 2016 Gjensidige has changed its contribution rates and breakpoint in order to adjust to the new Norwegian Act relating to Company Pensions. The new rates are seven per cent between 0 and 7.1 G and 20 per cent between 7.1 and 12 G.
Expected contribution to the defined benefit plan for the next year 100.0 1 Future salary increases represent our expected average future salary increase for the industry. Since Gjensidige has a closed plan, average future salary increase for our population is 2.0 per cent (2.6). See explanation under Actuarial assumptions.
Other costs Commodity costs and other expenses 9.7 4.9 Total other expenses 9.7 4.9
Gjensidige annual report 2015 | 183 earned annually, and is based on an overall assessment of financial and non-financial performance over the two last years. The assessment takes into account a combination of the enterprise’s overall performance targets for return on equity adjusted for extraordinary dividends and transactions and combined ratio, as well as developments in customer satisfaction. In addition, it evaluates the target achievement of the business unit in question, as well as personal contribution relating to compliance with the Group’s vision, values, ethical guidelines and management principles. Half of the variable remuneration is in the form of a promise of shares in Gjensidige Forsikring ASA, one third of which are released in each of the following three years. Restricted variable remuneration that has not yet been disbursed may be reduced if subsequent results and developments indicate that it was based on incorrect assumptions.
Members of the senior group management have a period of notice of six months. One of the members has an agreement of up to 12 months payment if the person concerned has been given notice, given that the termination of employment is not due to a substantial breach of contract. Other members of the senior group management have no such agreements of severance pay or payment of pay after termination of employment.
Assets with 0% risk weight 0.0 0.0 Assets with 10% risk weight 196.8 189.5 Assets with 20% risk weight 4,603.4 4,856.8 Assets with 35% risk weight 0.2 0.2 Assets with 50% risk weight 330.6 396.6 Assets with 100% risk weight 36,363.3 30,996.1 Assets with 150% risk weight 2,075.2 2,599.7 Total risk weighted assets 43,569.5 39,038.7
Gjensidigestiftelsen 311,200,115 62.24% Folketrygdfondet 18,741,225 3.75% State Street Bank And Trust Co. Nominee 13,819,654 2.76% State Street Bank And Trust Co. Nominee 13,793,631 2.76% Clearstream Banking S.A. Nominee 6,027,249 1.21% State Street Bank & Trust Company Nominee 5,125,180 1.03% State Street Bank And Trust Co. Nominee 3,702,319 0.74% State Street Bank And Trust Co. Nominee 3,693,254 0.74% Danske Invest Norske Instit. II. 3,487,340 0.70% State Street Bank And Trust Co. Nominee 2,795,979 0.56% Fidelity Funds - Global Dividend 2,587,000 0.52% State Street Bank And Trust Co. Nominee 2,447,221 0.49% JPMorgan Chase Bank, N.A Nominee 2,433,703 0.49% J.P. Morgan Chase Bank N.A. London Nominee 2,128,751 0.43% State Street Bank & Trust Co. Nominee 1,909,098 0.38% JP Morgan Bank Luxenbourg S.A Nominee 1,904,959 0.38% Danske Invest Norske Aksjer Inst. 1,852,409 0.37% Skandinaviska Enskilda Banken Ab Nominee 1,797,384 0.36% Klp Aksje Norge Indeks 1,744,145 0.35% Verdipapirfondet DNB Norge (Iv) 1,654,105 0.33% Number of shares 20 largest shareholders 402,844,721 80.57% Total number of shares 500,000,000 100.00%
Average remaining life of outstanding bonus shares 1.00 0.96 Weighted average fair value of bonus shares granted 112.88 100.79 Weighted average share price of bonus shares released during the period 128.75 119.60