Gjensidige Forsikring ASA

Gjensidige Forsikring ASA: Successful issuance of Subordinated Tier 2 capital

With reference to the announcement dated 19 February 2024, Gjensidige Forsikring

ASA ("Gjensidige"), rated A by S&P (stable), has today successfully completed

issuance of a NOK 800 million Subordinated Tier 2 bond issue, which was

significantly oversubscribed.

The Subordinated Tier 2 bond will have a floating rate coupon equal to 3 months

NIBOR + 1.70% p.a., and have a tenor of 30.5 years with a first call option for

Gjensidige after 5.25 years. Expected issue rating is BBB+ by S&P.

The Tier 2 issue is Solvency II compliant, and the issuance has been authorised

by Gjensidige's General Meeting and approved by the Norwegian Financial

Supervisory Authority.

Settlement of the bonds is expected to be 28 February 2024, and the bonds will

be applied for listing on Euronext Oslo Børs.

DNB Markets and Nordea acted as joint lead arrangers.

For further information, please contact:

Mitra Hagen Negård, Head of Investor Relations, tel. +47 957 93 631.

This information is subject to disclosure under the Norwegian Securities Act

section §5-12.

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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