Acquisition of own shares / primary insider trades

On 26–27 October 2026, DNB Carnegie acquired 104,367 Gjensidige shares on the company's behalf. Of these, 82,977 shares were sold to employees at NOK 262.2629 per share under Gjensidige's 2026 share savings scheme.

Analysis

This is a routine employee-share-plan execution, not evidence of a change in Gjensidige’s operating outlook or capital-allocation stance. Buying shares in the market for onward sale to employees is mechanically different from issuing new equity; absent evidence of issuance, it should not be read as dilution. The disclosed activity may create a small, temporary flow around execution, but its significance cannot be assessed without comparing it with GJF’s normal trading volume and shares outstanding. The difference between shares acquired and sold also does not establish the Company’s ultimate holding or disposition of the balance.

Near term, the likely investment impact is negligible. Over 1–3 months, employee participation could modestly support alignment, but it is not a substitute for evidence on retention, underwriting performance, pricing, claims inflation, or capital returns. The structural angle is therefore limited unless the scheme’s scale or terms change materially. No reliable conclusion on valuation or earnings follows from this notice.

Key Decisions for Investors

• No trade on this disclosure alone; treat it as administrative and neutral for GJF.
• Check the scheme terms and subsequent filings to establish whether any acquired balance is retained, transferred, or otherwise disposed of; do not infer net ownership from this notice.
• For any flow-based view, compare execution size with GJF’s daily turnover and shares outstanding. Reassess only if repeated activity becomes material or the plan shifts from market purchases to new issuance.
• Keep the investment thesis anchored to underwriting results, claims-cost trends, pricing, and capital-return guidance; a material deterioration or revision in those measures would falsify any constructive view based solely on employee alignment.