A modern financial foundation supporting a philanthropic mission with a 200 year history from the insurance industry
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.
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 2019, the Gjensidige Foundation has distributed over NOK 2.2billion to more than 7.500 projects that promote health and safety initiatives.