ICMIF member GF Forsikring, one of Denmark’s leading mutual insurers, has reported a strong set of results for 2024, highlighting continued growth, record member numbers, and a solid financial performance—all achieved without any extraordinary price increases.
With over 22,000 new members joining in 2024, many of whom still visit the 48 local offices across Denmark, GF Forsikring now serves 375,000 member policyholders. CEO Mark Palmberg says this growth, along with high member loyalty and satisfaction, is proof that the company’s mutual model continues to thrive in a competitive insurance landscape.
Strong financials with a member focus
The company reported a pre-tax profit of DKK 509 million for 2024, up from DKK 451 million the previous year. The technical result reached DKK 181 million, while investment income contributed DKK 330 million, thanks to a strategy focused on moderate risk which safeguards member value.
“Our financial progress is based entirely on organic growth,” said Palmberg. “We’ve made real progress under our new ‘GF on the move’ strategy, which aims to position us as Denmark’s leading member-owned insurer by 2028. The strong results allow us to continue investing in the future—without acquisitions, without extraordinary price hikes, and with member value at the centre.”
The combined ratio before profit sharing stood at 89.8, and 94.8 after sharing profits with members—close to the company’s strategic target of 96.
Sharing success with members
In line with its mutual principles, GF Forsikring will distribute more than DKK 165 million back to members. The company has now maintained profit sharing for several consecutive years, underlining the value of the member-owned model.
Palmberg emphasised the connection between GF Forsikring’s member-centric approach and its performance. “We’re growing faster than expected, and we’re doing it while keeping some of the most loyal and satisfied members in the industry. According to the latest EPSI survey, our members rate us significantly higher than the industry average, and they stay with us for an average of 11 years.”
No extraordinary price increases in 2025
In a reassuring message to members, Palmberg confirmed that GF Forsikring will not introduce extraordinary price increases in 2025—not even on car insurance, where many competitors have raised premiums. “We have no plans to implement extraordinary price hikes on any of our insurance products in 2025,” he said.
Outlook for 2025
Looking ahead, GF Forsikring says it expects a post-tax result of DKK 200–250 million in 2025, assuming normal conditions in both weather events and financial markets. Membership growth is expected to continue, albeit at a slightly lower rate than in 2024.
Palmberg concluded: “As a mutual insurer, our goal is to deliver the greatest possible value to our members—and in 2024, I believe we’ve truly succeeded in doing just that.”
Photo: GF Forsikring/Anders Boe
