Gjensidige Forsikring ASA

Approval of plan for merger of Gjensidige and its wholly owned Danish subsidiary Gjensidige Forsikring Tidligere PenSam Forsikring A/S

Reference is made to the announcement on 31 October 2023 regarding Gjensidige's

acquisition of PenSam Forsikring. The Board of Gjensidige Forsikring ASA

("Gjensidige") has today approved a merger plan between Gjensidige and its

wholly owned Danish subsidiary Gjensidige Forsikring Tidligere PenSam Forsikring

A/S. It is planned that the boards of both companies will follow up on the

decision regarding the merger plan with a final resolution and a decision on the

merger on or about 24 April 2024 in Gjensidige and 2 May 2024 in the Danish

subsidiary. Both companies will apply to their respective national financial

supervisory authorities for approval of the merger, and the completion of the

merger will be contingent upon such approval. It is expected that the merger

will be completed during the third quarter 2024.

The merger will not have any effect on Gjensidige Group's capital position and

aims to enhance operational efficiency. The merger plan will be submitted to the

Norwegian Register of Business Enterprises, and shareholders of Gjensidige will

receive written notification. The letter to the shareholders, available in both

English and Norwegian, is attached hereto. Additionally, the merger plan and

related documents will be available at Gjensidige's offices and on

www.gjensidige.com.

This information is subject to disclosure under the Norwegian Securities Act

section §5-12 and the rules of the Oslo Stock Exchange.

Contact, Gjensidige Forsikring ASA:

Head of Investor Relations Hagen Negård. Tel: +47 957 93 631

Investor Relations Officer Marius Michelsen Fjellbo. Tel: +47 995 67 593

Gjensidige is a leading Nordic insurance group listed on the Oslo Stock

Exchange. We have about 4,500 employees and offer insurance products in Norway,

Denmark, Sweden and the Baltic states. In Norway, we also offer pension and

savings. The Group's operating income was NOK 36 billion in 2023, while total

assets were NOK 148 billion.

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