Gjensidigestiftelsen is the largest Norwegian financial foundation – established in 2007 as a charitable foundation then converted into a financial foundation prior to the listing of Gjensidige Forsikring ASA in 2010.
In connection with a partial demutualization and the listing on the Oslo Stock Exchange, the foundation sold 38 percent of its shares in the Gjensidige forsikring ASA for 10.4 billion, but retained the remaining 62 percent.
The dividends earned on the 62 percent stake are re-distributed to insurance policy holders.
The proceeds from the sale of 38 percent stake have been invested in a diversified portfolio managed by Gjensidigestiftelsen’s professional in-house investment team. The financial return earned is fully dedicated to the advancement of the Foundation's program and philanthropic purposes.
The Gjensidige Foundation’s financial objectives are to manage its long-term ownership of Gjensidige, to pass on a share dividend to Gjensidige’s non-life insurance customers, and to manage the revenue raised from the sale of shares.
For the 2009 financial year, Gjensidige paid out a total of approximately NOK 1.2 billion in dividends to its customers. Since its flotation, it is the company’s shareholders who have received the dividend. The Gjensidige Foundation distributes its share of the dividend to non-life customers in Norway. For the 2015 financial year, this amounted to approximately NOK 1.8 billion, and since 2010 a total of approximately NOK 11 billion.
The Foundation’s non-profit objective is to promote health and safety through charitable donations. Such donations are made in accordance with the Foundation’s fundamental values, which are : “Preventive – Developing – Activity creating – Society building”.
From its establishment in October 2007 up until 2017, the Gjensidige Foundation has distributed over NOK 1.9 billion to more than 6.000 projects that promote health and safety initiatives.