Equinor retains title as Norway’s most valuable brand, valued at NOK130.3 billion
Equinor has retained its title as Norway’s most valuable brand, valued at NOK130.3 billion. Equinor’s brand value has increased 65%, making it worth more than three times that of its runner-up, Telenor (brand value NOK44.5 billion).
Since the inception of the Brand Finance Norway ranking eight years ago, Equinor, Telenor and DNB (brand value NOK 32.4 billion) have claimed first, second, and third place respectively. Of the 25 brands included in this year’s ranking, Telenor saw the most brand value decline at just 2%. This is testament to the overall growth, power, and potential of Norwegian brands.
Anna Brolin, Managing Director, Nordics of Brand Finance commented:
“To celebrate the performance of a wider pool of Norwegian brands, Brand Finance has chosen to expand this year’s ranking to the Top 25 Norwegian brands. Equinor, Norway’s number one brand, continues to make strides in its move towards sustainable energy. Following its 2018 rebrand, the signs for Equinor’s long-term success are really encouraging as it continues to be an innovative player within the industry.”
AkerBP (brand value up 143% to NOK28.2 billion) has more than doubled in brand value in connection with its acquisition of Lundin Energy’s exploration and production business and resulting improved market share. This exponential growth means AkerBP has become the second largest brand operating on the Norwegian Continental Shelf.
Gjensidige is the nation’s strongest brand
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.
Gjensidige (brand value up 55% to NOK9.8 billion) has overtaken Equinor to become Norway’s strongest brand. Following a 15-point increase in Brand Strength Index (BSI) score, the Norwegian insurance leader has jumped to an impressive 82 out of 100, now rated AAA-.
As part of its analysis, Brand Finance assesses the role that specific brand attributes play in driving overall brand value. One such attribute is sustainability. Brand Finance assesses how sustainable specific brands are perceived to be, represented by a ‘Sustainability Perceptions Score’. The value that is linked to sustainability perceptions, the ‘Sustainability Perceptions Value’, is then calculated for each brand. In addition to brand strength, Gjensidige is perceived well in terms of sustainability, with a Sustainability Perceptions Score of 4.71 out of 10.
Norwegian Air (brand value up 42% to NOK3.2 billion) has experienced a 42% increase in brand value. This is attributed to increased revenues as a result of post-COVID recovery and reduced risk factors across the industry, with improved load factors on flights as consumers return to pre-pandemic-like travel.
Equinor has a lot of value linked to sustainability perceptions, with a Sustainability Perceptions Value at NOK11.3 billion. Equinor has communicated its commitment to sustainability in line with the brand’s three strategic pillars: always safe, high value and low carbon.
Brand Finance Soft Power 2023: Noble Norway
In this year’s Global Soft Power Index, Norway gave another strong performance. Ranked 17th out of 121 countries, Norway maintained its position from the previous year, and gained almost 3-points (2.9) on its overall score.