Gjensidige Forsikring ASA

Investor Presentation • Apr 25, 2024

Q1 2024 Interim presentation

25 April 2024

Challenging weather conditions during the quarter

First quarter result significantly impacted by harsh weather

• Pre-tax profit NOK 1,076m
• Insurance service result NOK 704m
  • NOK 1,389m adjusted for weather and provisions
    • Weather-related claims NOK 577m (NOK 331m large losses, NOK 246m frequency claims)
    • Provisions NOK 108m
  • 11.0% insurance revenue growth
  • Underlying frequency loss ratio adjusted for weather and provisions improved by 0.2pp
• Financial result NOK 448m, return 0.7%
• Return on equity 14.4%¹

Combined ratio

On track with mitigating increased losses

Motor, Private Norway	Property, Private Norway
Claims Q1'24/Q1'23: +5 % • Underlying (weather impacted severity, not claims frequency Y/Y)	frequency Q1'24/Q1'23: +45 % • Weather-related	Close monitoring and continuous assessments for further price increases and
Q1'24/Q1'23: + 7.1% Expectation for next 12-18 months: 4-7%	Claims inflation Q1'24/Q1'23: + 4.0% Expectation for next 12-18 months: 5-7%	adjustments of terms and conditions.
Implementing targeted measures
Strengthened pricing measures continued in Q1'24		Gradual effect on insurance
Average premium in force, per unit • End Q1 2024/end Q1 2023: + 8.8% • FY2024: expect + >10% (in addition to +7.7% FY 2023), based on implemented pricing measures Increase in deductibles	Average premium in force, per unit • End Q1 2024/end Q1 2023: + 6.0% • FY2024: expect + >7% (in addition to +5.7% FY 2023), based on implemented pricing measures continued in Q1'24	revenue, claims frequencies and results as policies renew and premium earned.
~0.7% positive impact on loss ratio FY 2024

Expect improved profitability for Private Norway during the next 2 quarters

Expect improved underlying frequency loss ratio Y/Y for Private Norway during the next 2 quarters

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

• Significant price increases and higher deductibles
• Underlying frequency levelled off
• Claims estimates based on normal weather assumptions from Q2'24
• Expected claims inflation 4-7%

• Significant price increases
• Volatile frequency, driven by weather and fires
• Claims estimates based on normal weather assumptions from Q2'24
• Expected claims inflation 5-7%

Sustained growth momentum and efficient operations

• Private and Commercial
  • Norway: Continued strong revenue growth and strong competitiveness
  • Denmark: Good growth and focus on sharing best practice, realising synergies, digitalisation and cost efficiency measures
• Sweden: Profitable growth and enhanced operational efficiency
• Baltics: Good growth, continued improvement in profitability

Maintaining high retention in Norway…

… and keeping the best customers

Moving forward with sustainability initiatives

• Launched several new initiatives relating to damage prevention:
  • Norway: Alarm services in house insurance; sensors for housing associations
  • Denmark: Assessments and advise on handling minor damage on new homes ; thermografic inspection of solar panels
• Renewed co-operation with the Circular Resource Central
• Introduced guarantee covering oxidation damage on used spare parts for cars
• Gjensidige Pensjonsforsikring's sustainability pension fund Grønn Fremtid attracted >BNOK 1 in funds

Goals

Safer society

• 80% insurance revenue from sustainable products by 2026

• 8 engagement and perceived diversity score

Sustainable claims handling

• 55% reduction in CO2e from claims handling by 2030
• All suppliers signed Suppliers Code of Conduct

Responsible investments

• Net 0 emission in investment portfolio by 2050
• All external managers signed UN PRI

Financial performance

Insurance service result significantly impacted by weather

NOKm	Q1 2024	Q1 2023
Private	577	547
Commercial	724	609
Sweden	34	54
Baltics	(5)	(8)
Corporate Centre	(626)	(88)
Insurance service result general insurance	704	1,115
Pension	152	(9)
Net financial result investment portfolio, general insurance	370	533
Other items	(150)	(148)
Profit before tax expense	1,076	1,491

• Insurance service result improved when adjusted for weather and provisions
  • Estimated MNOK 577 in weather-related claims net of reinsurance
    • MNOK 331 property claims, recognised as large losses (Private, Commercial, Corporate Centre)
    • MNOK 246 motor claims, recognised as frequency losses (Private, Commercial, Sweden)
  • Provisions of MNOK 108, recognised as lower insurance revenue in Corporate Centre (additional MNOK 16 recognised as expenses in Other items)
• Pension positively impacted by adjustments and change in financial assumptions, in addition to good underlying profitability
• Other items: improved results from mobility services, higher interest rates and provisions

11.0 per cent revenue growth – 11.0 per cent in local currency, adjusted for provisions

Insurance revenue development

Segment	Revenue growth
	NOK	Local currency	Driver(s)
Private	10.9%	10.2%	Mainly price
- Norway	8.7%	8.7%	Mainly price
- Denmark	21.9%	17.4%	Price and volume
Commercial	14.0%	12.7%	Price and volume
- Norway	11.4%	11.4%	Price and volume
- Denmark	19.8%	15.5%	Price and volume
Sweden	7.9%	4.5%	Volume and price
Baltics	17.4%	12.9%	Price and volume

Increased loss ratio

Loss ratio development

%
		1	2

Key drivers

• Significant negative impact from weather and provisions. Adjusted for this:
  • loss ratio improved by 0.4pp
  • underlying frequency loss ratio improved by 0.2pp
• Change in risk adjustment relating to elevated claims in the quarter
• Positive contribution from discounting effect

Continued good cost control - cost ratio 13.4 per cent

Operating expenses

Cost ratios

%

Competitive cost ratio

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

Strong underlying performance in Pension

Pre-tax profit Assets under management

Investment return of 0.7 per cent, driven by market conditions

Investment return per asset class Balanced investment portfolio

Fixed-income: 97%

• Listed equities: 2%
• PE funds: 2%
• Other (incl. hedge funds and commodities): 0%

High credit quality

• NOK 64.0bn¹
• Investment grade: 83%
  • Investment grade (internal rating): 9%
• Non-investment grade: 0.7%
• Non-investment grade (internal rating): 0.4%
• Unrated: 7%

Financial Performance

Ensuring an optimal capital base

	March 2024
Tier 1 issue	• Issue amount: MNOK 800 • Rate: 3 months NIBOR + 2.80% p.a. • Maturity: perpetual tenor with first call option after 5.75 years
	February 2024
Tier 2 issue	• Issue amount: MNOK 800 • Rate: 3 months NIBOR + 1.70% p.a. • Maturity: 30.5 years
	February 2024
Tier 2 buy back	• Buy-back amount: MNOK 263 • Outstanding loan amount after buy-back: MNOK 241

Moving ahead on operational targets

Metric	Status Q1 2024	Target 2026
Customer satisfaction (Group)	78	> 78
Customer retention (Norway/Outside Norway)	91%	> 90%
	79%	> 85%
Digital distribution index (Group)	+3%	> +5-10% annually
Distribution efficiency (Private)		+25%
Digital claims reporting (Group)	74%	> 85%
Automated claims processing (Norway)	59%	> 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
• Issuance and redemption of loans

Capital requirement

• Mainly driven by growth, especially for life insurance

Sent application to FSA for storm model

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 17

Concluding remarks

• Strong growth momentum and improved profitability when adjusted for weather and provisions
• Continued focus on profitable growth and enhanced operational efficiency
• Expect turning point in profitability for Private Norway during the next 2 quarters
• Outlook for the rest of the year remains good
• Aim to deliver on financial targets for 2024 although weather-related claims and provisions in Q1'24 may challenge delivery on combined ratio target for 2024

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 Q1 2024 results

Date	Location	Participants	Event	Arranged by
25 April	Oslo	CEO Geir Holmgren CFO Jostein Amdal Head of IR Mitra H. Negård	Roadshow	Carnegie
29 April	London, virtual	CFO Jostein Amdal IRO Marius M. Fjellbo	Roadshow	DNB Markets
2 May	Copenhagen	CEO Geir Holmgren Head of IR Mitra H. Negård	Roadshow	Danske
21 May	Oslo, virtual	CEO Geir Holmgren Head of IR Mitra H. Negård	Citi Nordic Insurance Trip	Citi
31 May	Oslo	CEO Geir Holmgren CFO Jostein Amdal Head of IR Mitra H. Negård	Nordea Insurance Trip	Nordea
6 June	Madrid	CEO Geir Holmgren Head of IR Mitra H. Negård	Goldman Sachs European Financials Conference	Goldman Sachs

Weather effects, Q1 2024

Q1 2024	Group		Private		Commercial		Sweden		Baltics
	Q1 2024	Q1 2023	Q1 2024	Q1 2023	Q1 2024	Q1 2023	Q1 2024	Q1 2023	Q1 2024	Q1 2023
Reported
Insurance revenue, MNOK	9,474	8,532	3,581	3,230	5,039	4,420	494	458	428	365
Loss ratio	79.1%	73.5%	70.0%	68.7%	76.2%	77.3%	78.7%	73.0%	73.6%	73.2%
Underlying frequency loss ratio	74.5%	72.2%	73.5%	68.3%	74.1%	73.8%	79.8%	81.2%	72.0%	78.7%
Weather-related claims
Large losses net of reinsurance (mainly property insurance), MNOK	331	0	34	0	76	0	0	0	0	0
Frequency losses (motor insurance), MNOK	246	80	143	60	91	20	12	0	0	0
Weather-related claims, total MNOK	577	80	177	60	167	20	12	0	0	0
Weather effect large losses	3.5%	0.0%	1.0%	0.0%	1.5%	0.0%	0.0%	0.0%	0.0%	0.0%
Weather effect frequency losses	2.6%	0.9%	4.0%	1.9%	1.8%	0.5%	2.4%	0.0%	0.0%	0.0%
Loss ratio adjusted for weather	73.1%	72.6%	65.0%	66.9%	72.9%	76.8%	76.3%	73.0%	73.6%	73.2%
Underlying frequency loss ratio adjusted for weather	71.9%	71.3%	69.5%	66.5%	72.3%	73.4%	77.4%	81.2%	72.0%	78.7%

Weather effects, Q1 2024

Q1 2024	Private		Private Norway		Private Denmark		Commercial		Commercial Norway		Commercial Denmark
	Q1 2024	Q1 2023	Q1 2024	Q1 2023	Q1 2024	Q1 2023	Q1 2024	Q1 2023	Q1 2024	Q1 2023	Q1 2024	Q1 2023
Reported
Insurance revenue, MNOK	3,581	3,230	2,934	2,700	647	530	5,039	4,420	3,391	3,045	1,648	1,376
Loss ratio	70.0%	68.7%	68.2%	67.0%	77.8%	77.4%	76.2%	77.3%	76,7%	78.9%	75.0%	73.5%
Underlying frequency loss ratio	73.5%	68.3%	72.2%	67.2%	79.7%	74.1%	74.1%	73.8%	73,5%	72.5%	75.4%	76.8%
Weather-related claims
Large losses net of reinsurance
(mainly property insurance), MNOK	34	0	29	0	5	0	76	0	60	0	15	0
Frequency losses (motor insurance), MNOK	143	60	134	60	9	0	91	20	77	20	14	0
Weather-related claims, total MNOK	177	60	163	60	14	0	167	20	137	20	29	0
Weather effect large losses	1.0%	0.0%	1.0%	0.0%	0.8%	0.0%	1.5%	0.0%	1.8%	0.0%	0.9%	0.0%
Weather effect frequency losses	4.0%	1.9%	4.6%	2.2%	1.4%	0.0%	1.8%	0.5%	2.3%	0.7%	0.8%	0.0%
Loss ratio adjusted for weather	65.0%	66.9%	62.7%	64.8%	75.6%	77.4%	72.9%	76.8%	72.7%	78.3%	73.3%	73.5%
Underlying frequency loss ratio adjusted for weather	69.5%	66.5%	67.6%	65.0%	78.3%	74.1%	72.3%	73.4%	71.2%	71.8%	74.6%	76.8%

General insurance Norway

Combined ratio

Private Norway Commercial Norway

General insurance Denmark – cost ratio and loss ratio per segment

General insurance – cost ratio and loss ratio per segment

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. The Baltics segment has, as a main rule, a retention level of EUR 0.5m. The Sweden segment has a retention level of NOK 10m. Gjensidige Forsikring Group 26

Large losses development

~ NOK 1.9bn in large losses expected annually (before discounting)

800 NOK m NOK m

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

Run-off gains 0.7 percentage points

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% o 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 31.03.2024

Match portfolio

• NOK 38.7 bn
• Average duration: 2.9 years
• Average yield: 4.3%

Fixed-income NOK: 57%

Fixed-income DKK: 32%

Fixed-income other currencies: 11%

Free portfolio

• NOK 27.4 bn
• Average duration fixed-income instruments: 2.1 years
• Average yield: 4.5%

• Fixed-income short duration: 46% Global investment grade bonds: 40%
• Global high yield bonds: 3%
• Other bonds: 4%
• Listed equities : 5%
• Private Equity funds: 4%
• Other: 0%

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	15.8	40.8	4.7	18.4
AA	2.3	5.9	9.6	38.0
A	9.3	24.1	4.9	19.2
BBB	4.6	11.9	1.9	7.5
BB	0.1	0.2	0.2	0.9
B	0.0	0.0	0.1	0.4
CCC or lower	0.0	0.0	0.0	0.1
Internal rating1	3.4	8.7	2.5	9.7
Unrated	3.3	8.5	1.5	5.8
Fixed income portfolio	38.7	100.0	25.3	100.0

Split – Counterparty	Match portfolio		Free portfolio
	NOK bn	%	NOK bn	%
Public sector	6.5	16.7	8.0	31.8
Bank/financial
institutions	21.0	54.3	13.5	53.4
Corporates	11.2	29.0	3.8	14.9
Total	38.7	100.0	25.3	100.0

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	21.9	19.3	22.1	19.5	2.5
Capital requirement	12.3	11.1	9.8	8.5	1.9
Solvency ratio	177%	173%	226%	229%	133%

Solvency II eligible own funds

Bridging the gap between IFRS¹ equity and Solvency II capital

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	21.9	22.1
Capital charge for non-life and health UW risk	12.2	9.2
Capital charge for life UW risk	2.2	2.2
Capital charge for market risk	4.4	4.2
Capital charge for counterparty risk	0.4	0.4
Diversification	-4.3	-4.5
Basic solvency capital requirement	14.9	11.5
Operational risk	1.2	1.2
Adjustments (loss-absorbing capacity of deferred tax)	-3.7	-2.9
Solvency capital requirement (SCR)	12.3	9.8
Surplus	9.5	12.3
Solvency ratio	177%	226%

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 31.03.2024.

1) Most of non-life and health iunderwriting risk and market risk related to the non-life and health insurance business is internally modelled. The standard formula is used for other risks. 2) Own partial internal model is not validated. Gjensidige Forsikring Group 42

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 0.4bn
  • Utilised sub debt: NOK 3.4bn
  • Utilised natural perils fund: NOK 2.3bn
  • Risk equalisation fund life insurance NOK 0.1bn

Annualised return on equity 14.4 per cent

Equity (NOK m) Annualised return on equity (%)

Market leader in Norway

Growth opportunities outside Norway

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 466 bn

Gjensidige Pensjonsforsikring

Group policy ¹ and company portfolio Number of occupational pension members

Currenct bonds: 80%

Fixed income - short duration: 17%

Property exsposure: 3%

Equity funds: 0.3%

Ownership

10 largest shareholders¹

No	Shareholder	Stake (%)
1	Gjensidigestiftelsen	62.2
2	Folketrygdfondet	4.4
3	Deutsche Bank	2.9
4	BlackRock Inc	2.7
5	Scotia Bank	2.0
6	The Vanguard Group, Inc	1.2
7	Storebrand Investments	1.2
8	Nordea	1.2
9	State Street	1.0
10	Danske Bank	0.9
	Total 10 largest	79.8

Geographical distribution of shares²

Gjensidigestiftelsen ownership policy

• Long term target holding: >60%
• Can accept reduced ownership ratio in case of acquisitions and capital issues when in accordance with Gjensidige's overall strategy

1) Shareholder list based on analysis performed by Orient Capital Ltd of the register of shareholders in the Norwegian Central Securities Depository (VPS) as per 31 March 2024. This analysis provides a survey of the shareholders who are behind the nominee accounts. There is no guarantee that the list is complete. 2) Distribution of shares excluding share held by the Gjensidige Foundation (Gjensidigestiftelsen). Gjensidige Forsikring Group 50

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.no/group/investor-relations/reports.

Investor Relations

Mitra Hagen Negård Head of Investor Relations Mobile: (+47) 95 79 36 31 mitra-hagen.negard@gjensidige.no Marius Michelsen Fjellbo Investor Relations Officer Mobile: (+47) 99 56 75 93 marius-michelsen.fjellbo@gjensidige.no Address Schweigaards gate 21, P.O. Box 700 Sentrum,

NO-0106 OSLO gjensidige.no/ir