Gjensidige Forsikring ASA

Investor Presentation • Oct 22, 2024

Q3 2024 Interim presentation

October 2024

Strong revenue growth, higher claims cost in Norway and a solid financial result in the third quarter

• Pre-tax profit NOK 2,215m
• Insurance service result NOK 1,590m
  • 11.7% insurance revenue growth
  • Lower underlying profitability
  • Increased insurance service result
• Financial result NOK 1,307m, return 2.1%
• Return on equity 23.5%¹

Property, Private Norway: Continued implementation of significant pricing measures.

Property, Private Norway

Claims frequency

Q3'24/Q3'23: - 20% (Q3'23 impacted by severe weather)

Claims inflation (repair cost)

Q3'24/Q3'23: + 5.0% Expectation for next 12-18 months: 4-6%

Implementing targeted measures

Average premiums continue to rise significantly

Average premium in force, per unit

• End Q3 2024/end Q3 2023: + 8.3%
• FY2024: expect + >10% (in addition to + 5.7% FY 2023), based on implemented pricing measures. Will increase further due to ongoing pricing measures with + 16.5% from October.

Increase in deductibles

~0.3 pp positive impact on loss ratio FY 2024

Claims for property insurance volatile in nature

• High exposure to weather expect more frequent weather-related incidents over time
• Susceptibility to stochastic factors such as fires downward trend in number of fires (long term)

Gradual effect on profitability as policies are renewed and premium earned

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Motor, Private Norway: Continued high price increases to meet higher claims cost.

Motor, Private Norway
Claims frequency

Q3'24/Q3'23: + 7.0%

Claims inflation (repair cost)

Q3'24/Q3'23: + 6.3% Expectation for next 12-18 months: 4-7%

Implementing targeted measures

Average premiums continue to rise significantly

Average premium in force, per unit

• End Q3 2024/end Q3 2023: + 12.8%
• FY2024: expect + >14% (in addition to + 7.7% FY 2023), based on implemented pricing measures. Will increase further due to ongoing pricing measures with + 17.5% from July 2024.

Increase in deductibles

~0.7 pp positive impact on loss ratio FY 2024

Claims mix impacts severity

• Shift in claims mix during the past quarters
  • More expensive losses
  • Increase in more severe claims such as collisions
  • Depending on weather, driving behaviour and portfolio mix

Gradual effect on profitability as policies are renewed and premium earned

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Sustained growth momentum and high customer retention

Private:

• Continued strong revenue growth and competitiveness in Norway
• Strong organic growth in Denmark supported by bolt-on

Commercial:

• Strong growth in Norway
• Solid organic growth in Denmark, supported by bolt-on

Sweden:

• Profitable growth and enhanced efficiency

Maintaining high retention in Norway

Moving forward with sustainability initiatives

• Agreement with Mitigrate to provide measures to prevent climate-related damages to properties.
• Launched digital tool for residential buildings in Norway with partners to identifiy energy efficiency measures
• Initiated improvement in the Norwegian insurance industry's requirements for fire alarm systems.
• Agreement with Unifractal to provide advice on safe use of tools and equipments on construction sites.
• Agreement with Fell Tech to provide housing associations with advice on measures to prevent water damages.
• Testing AI to analyse claims reports from work-related injuries to improve identification and assessment of causes.

Financial performance

Higher insurance service result driven by revenue growth. Good contribution from finance and pension.

NOKm	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Private	769	767	1,885	2,038
Commercial	1,080	1,236	2,450	2,876
Sweden	85	40	189	144
Corporate Centre	(344)	(932)	(807)	(1,323)
Insurance service result, general insurance	1,590	1,112	3,717	3,735
Pension	124	4	461	(8)
Net financial result investment portfolio, general insurance	741	110	1,439	567
Other items	(240)	(110)	(522)	(365)
Profit before tax expense, continuing operations	2,215	1,115	5,095	3,930
Profit from discontinued operations	32	3	57	14

• Continued high revenue growth.
• Profitability for Private negatively impacted by property, motor and A&H insurance in Norway and motor and A&H insurance in Denmark.
• Profitability for Commercial negatively impacted by property in Norway. Higher profitability in Denmark.
• Improved profitability in Sweden.
• Pension positively impacted by net finance income and unit linked business.
• Financial result reflects high running yields, falling interest rates, lower credit spreads and positive equity markets.
• Other items reflects write-down of goodwill (sale of ADB Gjensidige), improved results from mobility services, higher interest expenses and increased amortisation.

11.7 per cent revenue growth – 10.6 per cent in local currency

Insurance revenue development

	Revenue growth
Segment	Local NOK currency		Driver(s)
Private	11.3 %	10.7 %	Mainly price
- Norway	8.9 %	8.9 %	Mainly price
- Denmark	24.3 %	20.6 %	Volume and price
Commercial	12.8 %	11.8 %	Price and volume
- Norway	9.6 %	9.6 %	Mainly price
- Denmark	19.7 %	16.2 %	Price and volume
Sweden	9.1%	3.0 %	Price

Increased loss ratio. Deterioration in underlying profitability gradually decreasing.

Loss ratio development

Key drivers

• Lower large losses (Q3'23 significantly impacted by severe weather)
• Higher underlying frequency loss ratio in Private and Commercial.
  • Implementing targeted pricing measures to mitigate increase in claims
• Lower run-off gains

Continued good cost control - cost ratio 11.8 per cent

Competitive cost ratio

• Efficient operations
• High revenue growth
• Strong cost discipline across the Group

Good performance in Pension

Pre-tax profit Assets under management

Investment return of 2.1 per cent, driven by market conditions

Investment return per asset class Balanced investment portfolio

Moving ahead on operational targets

Metric	Status Q3 2024	Target 2026
Customer satisfaction (Group1)	78	> 78
Customer retention (Norway/Outside Norway1)	91%	> 90%
	85%	> 85%
Digital distribution index (Group1)	+7.5%	> +5-10% annually
Distribution efficiency (Private)		+25%
Digital claims reporting (Group1)	74%	> 85%
Automated claims processing (Norway)	61%	> 70%

High customer retention in Norway, improvement potential in Denmark

Strong capital position

Eligible own funds

• Contribution from operating SII earnings and result in free portfolio offset by formulaic dividend
• Exercise of call option on T2 bond (MNOK 241) in October 2024

Capital requirement

• Mainly driven by growth

1) Operating SII earnings comprise SII underwriting result and SII financial result of the match portfolio after tax. 2) 80% payout ratio according to dividend policy for the accounting year 2024. Gjensidige Forsikring Group 15

Concluding remarks

• Continued strong growth momentum and high customer loyalty.
• Q3'24 result impacted by higher claims cost in Norway.
• Strong focus on ongoing measures and good cost control - will gradually improve the underlying profitability.
• Do not expect to deliver on the combined ratio target for the current year. ROE dependent on developments in the capital markets. All the financial targets for 2025 and 2026 are maintained.
• Strong capital discipline and solid capital position.

Ambitious annual financial targets

Metric	2024 & 2025	2026
Combined ratio	<84%	<82%
Cost ratio	<14%	~13%
Return on equity	>22%	>24%
Solvency ratio	140–190%	140–190%
Insurance service result - Group - Denmark		>NOK 7.5bn >DKK 750m

Roadshows and conferences post Q3 2024 results

Date	Location	Participants	Event	Arranged by
22 October	Oslo	CEO Geir Holmgren CFO Jostein Amdal Head of IR Mitra H. Negård	Roadshow	Carnegie
29 October	London	CEO Geir Holmgren Head of IR Mitra H. Negård	Roadshow	DNB
29 October	Switzerland (virtual)	CFO Jostein Amdal IRO Apineya Maheswaran	Roadshow	Danske
12 November	Stockholm	CEO Geir Holmgren Head of IR Mitra H. Negård	Roadshow	Nordea
13 November	France (virtual)	CFO Jostein Amdal Head of IR Mitra H. Negård	Roadshow	Berenberg
20 November	London	CFO Jostein Amdal IRO Apineya Maheswaran	Nordic Opportunities Seminar	ABGSC

Weather effects, Group excluding the Baltics

	Group excluding the Baltics
	Q3 2024	Q3 2023	Q2 2024	Q2 2023	Q1 2024	Q1 2023	YTD 2024	YTD 2023
Reported
Insurance revenue, MNOK	9,889	8,853	9,392	8,559	9,060	8,176	28,340	25,589
Loss ratio	72.1%	70.8%	72.5%	69.5%	79.4%	73.6%	74.6%	71.3%
Underlying frequency loss ratio	67.1%	65.2%	72.5%	66.6%	75.0%	72.0%	71.4%	67.8%
Weather-related claims
Large losses net of reinsurance, MNOK	0	523	0	0	331	0	331	523
Frequency losses, MNOK	0	35	0	0	246	80	246	115
Weather-related claims, total MNOK	0	558	0	0	577	80	577	638
Weather effect large losses	0.0%	5.9%	0.0%	0.0%	3.7%	0.0%	1.2%	2.0%
Weather effect frequency losses	0.0%	0.4%	0.0%	0.0%	2.7%	1.0%	0.9%	0.4%
Loss ratio adjusted for weather	72.1%	64.5%	72.5%	69.5%	73.0%	72.6%	72.5%	68.8%
Underlying frequency loss ratio adjusted for weather	67.1%	64.8%	72.5%	66.6%	72.3%	71.0%	70.5%	67.4%

Weather effects, Private

	Private											Private Norway				Private Denmark
	Q3 2024	Q3 2023	Q2 2024	Q2 2023	Q1 2024	Q1 2023	YTD 2024	YTD 2023	Q3 2024	Q3 2023	Q2 2024	Q2 2023	Q1 2024	Q1 2023	YTD 2024	YTD 2023	Q3 2024	Q3 2023	Q2 2024	Q2 2023	Q1 2024	Q1 2023	YTD 2024	YTD 2023
Reported
Insurance revenue, MNOK	3,943	3,543	3,723	3,413	3,581	3,230	11,246	10,187	3,251	2,987	3,057	2,849	2,934	2,700	9,242	8,536	692	556	666	564	647	530	2,004	1,651
Loss ratio	67.4%	63.3%	71.7%	64.2%	70.0%	68.7%	69.6%	65.3%	63.4%	61.0%	69.0%	62.4%	68.2%	67.0%	66.8%	63.4%	86.2%	75.1%	84.2%	73.2%	77.8%	77.4%	82.8%	75.2%
Underlying frequency loss ratio	65.5%	61.7%	72.8%	65.3%	73.5%	68.3%	70.5%	65.0%	63.7%	60.1%	71.2%	63.4%	72.2%	67.2%	68.9%	63.5%	73.8%	70.5%	80.0%	74.4%	79.7%	74.1%	77.8%	73.0%
Weather-related claims
Large losses net of reinsurance, MNOK	0	32	0	0	34	0	34	32	0	30	0	0	29	0	29	30	0	2	0	0	5	0	5	2
Frequency losses, MNOK	0	0	0	0	143	60	143	60	0	0	0	0	134	60	134	60	0	0	0	0	9	0	9	0
Weather-related claims, total MNOK	0	32	0	0	177	60	177	92	0	30	0	0	163	60	163	90	0	2	0	0	14	0	14	2
Weather effect large losses	0.0%	0.9%	0.0%	0.0%	1.0%	0.0%	0.3%	0.3%	0.0%	1.0%	0.0%	0.0%	1.0%	0.0%	0.3%	0.4%	0.0%	0.3%	0.0%	0.0%	0.8%	0.0%	0.3%	0.1%
Weather effect frequency losses	0.0%	0.0%	0.0%	0.0%	4.0%	1.9%	1.3%	0.6%	0.0%	0.0%	0.0%	0.0%	4.6%	2.2%	1.4%	0.7%	0.0%	0.0%	0.0%	0.0%	1.4%	0.0%	0.5%	0.0%
Loss ratio adjusted for weather	67.4%	62.4%	71.7%	64.2%	65.0%	66.9%	68.0%	64.4%	63.4%	60.0%	69.0%	62.4%	62.7%	64.8%	65.0%	62.3%	86.2%	74.8%	84.2%	73.2%	75.6%	77.4%	82.1%	75.1%
Underlying frequency loss ratio adjusted for weather	65.5%	61.7%	72.8%	65.3%	69.5%	66.5%	69.2%	64.4%	63.7%	60.1%	71.2%	63.4%	67.6%	65.0%	67.4%	62.8%	73.8%	70.5%	80.0%	74.4%	78.3%	74.1%	77.3%	73.0%

Weather effects, Commercial

	Commercial						Commercial Norway							Commercial Denmark
	Q3 2024	Q3 2023	Q2 2024	Q2 2023	Q1 2024	Q1 2023	YTD 2024	YTD 2023	Q3 2024	Q3 2023	Q2 2024	Q2 2023	Q1 2024	Q1 2023	YTD 2024	YTD 2023	Q3 2024	Q3 2023	Q2 2024	Q2 2023	Q1 2024	Q1 2023	YTD 2024	YTD 2023
Reported
Insurance revenue, MNOK	5,369	4,759	5,140	4,594	5,039	4,420	15,549	13,773	3,559	3,247	3,462	3,130	3,391	3,045	10,413	9,421	1,810	1,512	1,678	1,464	1,648	1,376	5,136	4,352
Loss ratio	71.0%	65.5%	78.5%	68.4%	76.2%	77.3%	75.1%	70.3%	72.1%	62.5%	80.0%	68.9%	76.7%	78.9%	76.2%	70.0%	68.7%	71.9%	75.3%	67.4%	75.0%	73.5%	72.9%	70.9%
Underlying frequency loss ratio	68.1%	66.7%	71.3%	65.6%	74.1%	73.8%	71.1%	68.6%	68.0%	63.9%	71.3%	63.1%	73.5%	72.5%	70.9%	66.4%	68.4%	72.7%	71.3%	71.0%	75.4%	76.8%	71.6%	73.4%
Weather-related claims
Large losses net of reinsurance, MNOK	0	27	0	0	76	0	76	27	0	26	0	0	60	0	60	26	0	1	0	0	15	0	15	1
Frequency losses, MNOK	0	35	0	0	91	20	91	55	0	35	0	0	77	20	77	55	0	0	0	0	14	0	14	0
Weather-related claims, total MNOK	0	62	0	0	167	20	167	82	0	61	0	0	138	20	138	81	0	1	0	0	29	0	29	1
Weather effect large losses	0.0%	0.6%	0.0%	0.0%	1.5%	0.0%	0.5%	0.2%	0.0%	0.8%	0.0%	0.0%	1.8%	0.0%	0.6%	0.3%	0.0%	0.1%	0.0%	0.0%	0.9%	0.0%	0.3%	0.0%
Weather effect frequency losses	0.0%	0.7%	0.0%	0.0%	1.8%	0.5%	0.6%	0.4%	0.0%	1.1%	0.0%	0.0%	2.3%	0.7%	0.7%	0.6%	0.0%	0.0%	0.0%	0.0%	0.8%	0.0%	0.3%	0.0%
Loss ratio adjusted for weather	71.0%	64.2%	78.5%	68.4%	72.9%	76.8%	74.1%	69.7%	72.1%	60.6%	80.0%	68.9%	72.7%	78.3%	74.9%	69.1%	68.7%	71.9%	75.3%	67.4%	73.3%	73.5%	72.3%	70.9%
Underlying frequency loss ratio adjusted for weather	68.1%	65.9%	71.3%	65.6%	72.3%	73.4%	70.5%	68.2%	68.0%	62.8%	71.3%	63.1%	71.2%	71.8%	70.1%	65.8%	68.4%	72.7%	71.3%	71.0%	74.6%	76.8%	71.3%	73.4%

Weather effects, Sweden and Corporate Centre

	Sweden										Corporate	Centre
	Q3 2024	Q3 2023	Q2 2024	Q2 2023	Q1 2024	Q1 2023	YTD 2024	YTD 2023	Q3 2024	Q3 2023	Q2 2024	Q2 2023	Q1 2024	Q1 2023	YTD 2024	YTD 2023
Reported
Insurance revenue, MNOK	525	481	474	467	494	458	1,494	1,406	52	70	54	85	(54)	68	52	223
Loss ratio	69.0%	76.4%	70.3%	72.6%	78.7%	73.0%	72.6%	74.0%
Underlying frequency loss ratio	74.0%	79.1%	74.0%	80.2%	79.8%	81.2%	75.9%	80.1%
Weather-related claims
Large losses net of reinsurance, MNOK	0	0	0	0	0	0	0	0	0	464	0	0	221	0	221	464
Frequency losses, MNOK	0	0	0	0	12	0	12	0	0	0	0	0	0	0	0	0
Weather-related claims, total MNOK	0	0	0	0	12	0	12	0	0	464	0	0	221	0	221	464
Weather effect large losses	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Weather effect frequency losses	0.0%	0.0%	0.0%	0.0%	2.4%	0.0%	0.8%	0.0%
Loss ratio adjusted for weather	69.0%	76.3%	70.3%	72.6%	76.3%	73.0%	71.8%	74.0%
Underlying frequency loss ratio adjusted for weather	74.0%	79.1%	74.0%	80.2%	77.4%	81.2%	75.1%	80.1%

General insurance Norway – cost ratio and loss ratio

Combined ratio

Private Norway Commercial Norway

Combined ratio

General insurance Denmark – cost ratio and loss ratio

Combined ratio

Private Denmark Commercial Denmark

Combined ratio

General insurance Sweden – cost ratio and loss ratio

Combined ratio

Sweden

Large losses higher than expected

CC = Corporate Centre. Large losses: Losses > NOK 10m. Weather related large losses are included. Large losses in excess of NOK 30m are charged to the Corporate Centre while up to NOK 30m per claim is charged to the segment in which the large loss occurred.

Large losses development

800 NOK m NOK m

Large losses¹ per segment (before discounting) actual vs. expected

Run-off gains¹

Run-off

Appendix

Quarterly insurance service results - seasonality in Nordic general insurance

2022 2023 2024

Gross written premiums

Norwegian Natural Perils Pool in brief

Details regarding the pool

• As per 1.1.2024 the premium rate is set to 0.065 per thousand of the fire insurance amount. No change from 2023.
• Natural perils damages in Norway:
  • o NOK 0-1,500m covered by general insurance companies based on national market share
  • o NOK 1,500m-16,000m covered by the Norwegian Natural Perils Pool's reinsurance programme
  • o Maximum compensation per event is NOK 16,000m
• No limit for the frequency of events

Objects covered

• Fire insurance coverage for buildings and contents in Norway includes coverage for natural catastrophes
• The pool does not cover loss of profits, motor vehicles, leisure boats, and certain other items, which are covered through ordinary insurances
• For damages on private property that cannot be insured, e.g., roads, bridges, farmland and forests, coverage may be sought through the National Natural Perils Fund

Handling of natural perils claims

Details regarding the pool

• The customers report claims to own insurance company
• The insurance company reports claims to Finance Norway, which coordinates the Norwegian Natural Perils Pool
• Share of claims is allocated to the companies based on national market share for fire insurance
• The companies cover the allocated claims costs through own accounts

Gjensidige specific

• Gjensidige is a reinsurer for the pool, for its own market share
• Natural perils claims are booked in the same month as the claim occurs

Appendix

Reinsurance – overview valid as from 2024

• Reinsurance is purchased for protection of the Group's capital position and is primarily a capital management tool.
• General retention level per loss/loss occurrence is NOK/DKK/SEK 100m (for the first loss the retention is NOK/DKK/SEK 200m).
• For weather-related events the retention level is NOK/DKK/SEK 300m.
• Maximum retention level for the group per loss/loss occurrence/event across reinsurance programmes is NOK 800m including any reinstatement premium.
• Gjensidige considers additional coverage if this is appropriate according to internal modelling and capital requirement.

Practical example, natural perils claim in Norway

• A natural perils event covered by the Norwegian Natural Perils Pool occurs and is defined by Finance Norway as a single event. The total industry claim exceeds NOK 1,500m.
• Gjensidige's share of the NOK 1,500 claim is allocated according to share in the pool.
• Gjensidige is in addition allocated its share of the amount exceeding NOK 1,500m, as a reinsurer for the pool.
• Gjensidige receives claims directly, for damages not covered by the pool.
• Gjensidige's total claims related to the natural perils event exceeds Gjensidige's retention level and hits the catastrophe reinsurance programme.
• In general Gjensidige's net impact for this event is NOK 300m.

• Duration and currency matching versus technical provisions
• Credit element for increased returns
• Some inflation hedging

Free portfolio

• Focused on absolute returns
• Dynamic risk management
• Active management fixed income and equities
• Normal risk premiums basis for asset allocation and use of capital

Match portfolio Key characteristics

• Limited risk appetite
• Fixed-income:
  • Currency hedging vs NOK ~ 100%
    • Limit +/- 10% per currency
• Equity and PE funds:
  • Currency hedging 0-100%
• Fair value recognition
• Stable performance

Investment portfolio

Asset class	elements1 Investments, key	Benchmark
Match portfolio
Fixed-income NOK	Corporate and government bonds	NBP Norwegian RM1-RM3 Duration 3Y Index - NORM123D3 (Alternatively: a Norwegian IG fund with 3 year duration)
Fixed-income DKK	Covered Bonds and government bonds	Nykredit Constant Maturity Index Bullet Covered Bonds 5Y - NYKRCMB5 Index
Fixed-income other currencies	Covered bonds, corporate and government bonds	Bloomberg Euro Agg Treasury 3-5Y - LET3TREU Index
Free portfolio
Fixed-income – short duration	Norwegian money market	NBP Norwegian Government Duration 0.25 Index - NOGOVD3M (Alternatively: I36032NO Index Bloomberg Barclays Norway T-Bills)
Global investment grade bonds	IG bonds in internationally diversified funds externally managed	Bloomberg Global Agg Corp - Hedged to NOK - H09805NO Index
Global high yield bonds	Including HY, Convertible bonds and Emerging Market Debt externally managed	Bloomberg Global HY- Hedged to NOK - H00039NO Index
Other bonds	Government bonds, Fixed Income derivatives and cash	NBP Norwegian Government Duration 0.25 Index - NOGOVD3M (Alternatively: I36032NO Index Bloomberg Barclays Norway T-Bills)
Listed equities	Mainly internationally and domestic diversified funds externally managed	MSCI World – Local Currency - NDDLWI Index
Private Equity funds	Generalists (Norwegian and Nordic)/ Oil & Gas	Oslo Børs - OSEBX index
Other	Including finance related expenses, hedge funds and commodities	NBP Norwegian Government Duration 0.25 Index - NOGOVD3M (Alternatively: I36032NO Index Bloomberg Barclays Norway T-Bills)

Asset allocation – as at 30.09.2024

Fixed-income NOK: 59%

Fixed-income DKK: 33%

Fixed-income other currencies: 7%

Match portfolio

• NOK 38.4 bn
• Average duration: 2.8 years
• Average yield: 3.7%

Free portfolio

• NOK 23.7 bn
• Average duration fixed-income instruments: 1.4 years
• Average yield: 4.4%

• Fixed-income short duration: 44%
• Global investment grade bonds: 41%
• Global high yield bonds: 2%
• Other bonds: 2%
• Listed equities : 4%
• Private Equity funds: 4%
• Other: 3%

Credit and counterparty risk

• The portfolio consists mainly of securities in rated companies with high creditworthiness (Investment grade)
• Issuers with no official rating are mainly Norwegian savings banks, municipalities, credit institutions and power producers and distributors

Total fixed income portfolio

Split – Rating		Match portfolio		Free portfolio
	NOK bn	%	NOK bn	%
AAA	16.2	42.2	5.5	26.0
AA	2.6	6.7	3.6	17.0
A	8.3	21.5	4.7	22.4
BBB	4.1	10.7	1.3	6.2
BB	0.1	0.1	0.1	0.3
B	0.0	0.0	0.0	0.1
CCC or lower	0.0	0.0	0.0	0.0
Internal rating1	3.9	10.2	4.1	19.2
Unrated	3.3	8.6	1.9	8.8
Fixed income portfolio	38.4	100.0	21.1	100.0

Split – Counterparty	Match portfolio			Free portfolio
	NOK bn	%	NOK bn	%
Public sector	6.3	16.3	7.9	37.2
Bank/financial
institutions	21.1	55.0	9.5	44.9
Corporates	11.0	28.7	3.8	17.9
Total	38.4	100.0	21.1	100.0

Capital generation year-to-date

1) Operating SII earnings comprise SII underwriting result and SII financial result of the match portfolio after tax. 2) 80% payout ratio according to dividend policy for the accounting year 2024. Gjensidige Forsikring Group 40

Capital position per operational areas

NOK bn	Approved partial internal model (Group)	Approved partial internal model (general insurance)	Own partial internal model (Group)1	Own partial internal model (general insurance)1	Gjensidige Pensjonsforsikring
Eligible own funds	21.5	19.0	21.3	18.2	2.8
Capital requirement	13.1	11.9	10.2	8.9	2.1
Solvency ratio	164%	160%	208%	204%	138%

Solvency II eligible own funds

Bridging the gap between IFRS¹ equity and Solvency II capital

Assumed dividend of 80% of profit.

GPF = Gjensidige Pensjonsforsikring AS.

Miscellaneous: Main effects are related to the guarantee scheme provision..

Gjensidige continues to work for full approval of own partial internal model (PIM)

NOK bn	Approved PIM (Group) 1	Own PIM (Group) 2
Eligible own funds	21.5	21.3
Capital charge for non-life and health UW risk	13.3	9.8
Capital charge for life UW risk	2.3	2.3
Capital charge for market risk	4.3	4.1
Capital charge for counterparty risk	0.5	0.5
Diversification	(4.5)	(4.7)
Basic solvency capital requirement	15.9	12.0
Operational risk	1.3	1.3
Adjustments (loss-absorbing capacity of deferred tax)	(4.0)	(3.1)
Solvency capital requirement (SCR)	13.1	10.2
Surplus	8.4	11.1
Solvency ratio 164%		208%

Main differences between approved and own PIM

• Windstorm model: Approved PIM based on standard formula. More validation required for approval.
• Correlation between market risk and underwriting risk: Approved PIM based on standard formula. Own PIM takes account of dependencies between underwriting risk and market risk through common exposure to interest rates, inflation rates and currency rates.
• Prudential margin: Approved PIM includes general prudential margins for both market risk and underwriting risk.

Figures as at 30.09.2024.

Appendix

Solvency II sensitivities for the approved partial internal model

Subordinated debt capacity – Gjensidige Forsikring Group

Principles for capacity

	T1	T2	Constraint
SII	Max 20% of Tier 1 capital	Max 50% of SCR less other T2 capital items	Must be satisfied at group and solo level

Capacity and utilisation

• Tier 1 remaining capacity is NOK 1.2 1.5bn
  • Utilised Tier 1 debt capacity: NOK 2.0bn
• Tier 2 remaining capacity is NOK 0.9bn
  • Utilised sub debt: NOK 3.2bn
  • Utilised natural perils fund: NOK 2.3bn
  • Risk equalisation fund life insurance NOK 0.1bn

Annualised return on equity 23.5 per cent

Market leader in Norway

Growth opportunities outside Norway

Market shares Denmark

Market shares Sweden

Appendix

Gjensidige Pensjonsforsikring - Number four position in the growing Norwegian defined contribution pension market

• Well positioned for continued profitable organic growth
• Core focus on SME customers
• Strong profitability
• Multi-channel distribution

Market shares – total AUM NOK 512 bn

Gjensidige Pensjonsforsikring

Group policy ¹ and company portfolio Number of occupational pension members

Currenct bonds: 80.9%

Fixed income - short duration: 15.6%

• Property exsposure: 2.9%
• Equity funds: 0.5%

Disclaimer

This presentation and the information contained herein have been prepared by and is the sole responsibility of Gjensidige Forsikring ASA (the "Company"). Such information is being provided to you solely for your information and may not be reproduced, retransmitted, further distributed to any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. The information and opinions presented herein are based on general information gathered at the time of writing and are therefore subject to change without notice. The Company assumes no obligations to update or correct any of the information set out herein.

These materials may contain statements about future events and expectations that are forward-looking statements. Any statement in these materials that is not a statement of historical fact including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

This presentation does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. The contents of this presentation have not been independently verified. While the Company relies on information obtained from sources believed to be reliable, it does not guarantee its accuracy or completeness. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its owners, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of the Company, its affiliates or any of their respective advisors or representatives or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act.

This presentation should not form the basis of any investment decision. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in any offering documents published in relation to such an offering. For further information about the Company, reference is made public disclosures made by the Company, such as filings made with the Oslo Stock Exchange, periodic reports and other materials available on the Company's web pages.

Gjensidige Forsikring provides alternative performance measures (APMs) in the financial reports, in addition to the financial figures prepared in accordance with the International Financial Reporting Standards (IFRS). The measures are not defined in IFRS (International Financial Report Standards) and are not necessarily directly comparable to other companies' performance measures. The APMs are not intended to be a substitute for, or superior to, any IFRS measures of performance, but have been included to provide insight into Gjensidige's performance and represent important measures for how management governs the Group and its business activities. Key figures that are regulated by IFRS or other legislation, as well as non-financial information, are not regarded as APMs. Gjensidige's APMs are presented in the quarterly report and presentation. All APMs are presented with comparable figures for earlier periods. The APMs have generally been used consistently over time. Definitions and calculations can be found at www.gjensidige.com/investor-relations/reports-and-presentations.

Investor Relations

Mitra Hagen Negård Head of Investor Relations Mobile: (+47) 957 93 631 mitra-hagen.negard@gjensidige.no

Apineya Maheswaran Investor Relations Officer Mobile: (+47) 991 11 950 apineya.maheswaran@gjensidige.no Address Schweigaards gate 21, P.O. Box 700 Sentrum, NO-0106 OSLO gjensidige.com/ir