GF Forsikring profit share means members will save over quarter of a billion Danish krone in 2023

9 January 2023

Hands Up

Members of Danish ICMIF member GF Forsikring, of which there are over 340,000, will have a good start to the new year. With more than DKK 260 million, the distribution of profits from GF Forsikring will ensure that the prices of members’ insurance policies do not skyrocket this year.

“We have balanced the books, and I am very pleased that we will be able to share more than DKK 260 million with our members in 2023. At GF, we have not increased prices beyond the normal indexation. As a member-owned company, we have a special obligation to go the extra mile for our members, and in a situation like this, profit sharing really comes into its own,” said Mark Palmberg, CEO of GF Forsikring.

Profit sharing despite inflation

Despite the many challenges of 2022, including the war in Ukraine and rising inflation, GF Forsikring is pleased to be able to share a large profit with all its members.

“Part of the explanation is the good behaviour of our members, who have been very good at preventing damage again this year, where we have seen, among other things, a decrease in the number of burglaries. And, apart from storms Malik and Nora at the beginning of the year, we have been spared the severe weather events that many of the countries around us have experienced,” explained Mark Palmberg.

Specifically, each member receives the profit share in the form of a special percentage discount, which is deducted from the price of the insurance policies when they come to be paid during the year. For car insurance, the profit is 13.7% on average. For other private insurance, the profit is 6% – and for business insurance, the figure is 4%.

Since it was created in 1967, the basic premise of GF Forsikring has been that its members should share in the profits for the year. Since 2015, this has amounted to more than DKK 1.4 billion.

For member-only strategic content on the cooperative/mutual insurance sector, ICMIF members have exclusive access to a range of online resources through the ICMIF Knowledge Hub.

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