Gjensidige Forsikring ASA

Investor Presentation • Jan 24, 2024

Q4 2023 Interim presentation

24 January 2024

Challenging winter conditions in the fourth quarter, continued in 2024

Fourth quarter insurance result impacted by challenging weather conditions

• Pre-tax profit NOK 1,607m
• Insurance service result NOK 734m
  • 12.8% insurance revenue growth
  • Underlying frequency loss ratio impacted by weather conditions, increase in claims frequency and strengthening of reserves
  • Large loss higher than expected level
  • Lower run-off gains
• Financial result NOK 1,876m, return 3.1%
• Return on equity 18.2%¹

Combined ratio

This presentation contains alternative performance measures (APMs). APMs are described at www.gjensidige.no/group/investor-relations/reports in a document named APMs Gjensidige Forsikring Group Q4 2023.

2023 full year result impacted by challenging weather and one-off expenses. Continued strong revenue growth.

• Pre-tax profit NOK 5,552m
• Insurance service result NOK 4,469m
  • 12.2% growth in insurance revenue
  • Robust operations
  • Weather effects on claims
  • Elevated claims frequency for motor in Norway
  • Good cost control, but operating expenses negatively impacted by one-offs in Q3
• Financial result NOK 2,590m, return 4.3%
• Return on equity 18.2%

Metric	Delivered 2023	Target 2023
Combined ratio	87.6%	<84%
Cost ratio	14.4%	<14%
Solvency ratio (PIM)1)	166%	140-190%
ROE after tax	18.2%	>20%
Dividends	NOK 8.75 per share	Dividend policy

Proposed regular dividend NOK 8.75 per share, 106% pay-out ratio for the Group

Strong track record of generating attractive

…supported by a solid capital position

• Proposal contingent upon FSA approval
• Approval expected, given solid capital position

Mitigating increased loss ratio in Private, Norway

Motor	Property
Claims frequency
+11% y/y • 2/3 weather effects, 1/3 underlying	+5% y/y • Freeze, water damages and volatility in medium-sized fire claims	Gradual effect on insurance revenue, claims frequencies and
Actual claims	inflation FY 2023	results as
6.5%	4.0%	policies renew and premium
		earned.
Strengthened pricing
Average premium per unit December 2023: +7.7% y/y	Average premium per unit December 2023: +5.7% y/y	Close monitoring and continuous
		assessments for
Further pricing measures Increasing average premium by additional >10%	January & February 2024 Increasing average premium by additional 7-8%	further price increases and adjustments of
	terms and
In addition, adjustments Increased deductibles on some coverages in 2023; currently increasing deductibles on remaining major coverages	to terms and conditions Increased deductibles on some coverages in 2023	conditions.

Price increases above expected claims inflation

Sustained growth momentum

• Focus on further improving operations through sharing best practice, realising synergies, digitalisation and cost efficiency measures
• Moving forward with core-IT system, preparing for Danish commercial portfolio
• Private: Good growth in Norway, picking up in Denmark
• Commercial: Strong revenue growth and January renewals
• Sweden: Good underlying growth, profitability impacted by weather and higher medium-sized losses
• Baltics: Good growth, continued improvement in profitability

Maintaining high retention in Norway

Strong partnerships – renewed agreements

Key sustainability achievements in 2023

Initiatives

Safer society:

• Launched new taxonomy aligned insurance products, increasing the share of gross written premiums to ~29%
• Launched several pilot projects aimed at developing damage prevention measures for properties

Sustainable claims handling:

• Supplier agreements aimed to increase the share of repair and to use less materials in repair processes
• Circular resource centre inaugurated

Responsible investments:

• Sustainability pension profile 'Grønn Fremtid' among the best performing funds in Norway in 2023

Other initiatives:

• Joined TNFD and participate in the TNFD Forum
• Accepted to participate in SBTi project to develop and implement updated framework for the financial industry

Recognitions

• AAA rating from MSCI
• Low risk ESG rating from Sustainalytics
• Ranked among top 3% from EcoVadis (global)
• Top ranking in Sustainable Brand Index (Norway)
• Top ranking in finance sector in IPSOS' reputation survey (Norway)

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 impacted by higher claims Financial result reflected market conditions

NOKm	Q4 2023	Q4 2022	2023	2022
Private	457	758	2,495	3,093
Commercial	668	521	3,543	3,117
Sweden	(14)	26	130	162
Baltics	27	(27)	49	(76)
Corporate Centre	(404)	(177)	(1,749)	(760)
Insurance service result general insurance	734	1,101	4,469	5,536
Pension	114	135	106	130
Net financial result investment portfolio, general insurance	936	583	1,520	(1,649)
Other items	(177)	(145)	(544)	301
Profit before tax expense	1,607	1,674	5,551	4,318

• Continued high revenue growth

• Insurance service result negatively impacted by weather conditions, elevated claims frequency and a strengthening of reserves in Norway
• Pension result reflects underlying growth and higher financial income. Negative impact from a strengthening of provisions for children's disability pension and model changes in 2022.

• Financial result driven by lower interest rates and credit spreads, high running yield and positive equity markets

12.8 per cent revenue growth – 9.1 per cent adjusted for currency effects

Insurance revenue development

• Private +9.6% (NOK), mainly price driven
  • Norway +6.5%; Denmark +13.3% (local currency)
• Commercial +15.4% (NOK), price and volume driven
• Norway +10.2%; Denmark +14.4% (local currency)
• Sweden +9.5% (NOK)
  • +2.4% (7% adjusted for accounting change) in local currency, volume and price driven
• Baltics +26.9% (NOK)
  • +12.8% in local currency, price and volume driven

Increased loss ratio

Loss ratio development

%
		1	2

Key drivers

• Higher underlying frequency loss ratio mainly driven by Private
• Lower run-off gains
• Higher large losses
• Higher discounting effect due to increased interest rates

Continued good cost control - cost ratio 13.3 per cent

Operating expenses

Cost ratios

%

Competitive cost ratio

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

Good underlying performance in Pension

Pre-tax profit Assets under management

Investment return of 3.1 per cent, driven by market conditions

Investment return per asset class Balanced investment portfolio

Fixed-income: 94%

• Listed equities: 3%
• PE funds: 2%
• Other (incl. hedge funds and commodities): 2%

High credit quality

• Investment grade: 81%
  • Investment grade (internal rating): 9%
• Non-investment grade: 0.5%
• Non-investment grade (internal rating): 0.4%
• Unrated: 9%

Strong capital position Eligible own funds

• Contribution from operating SII earnings and result in free portfolio offset by proposed dividend
• Acquisition of PenSam Forsikring reduced funds

Capital requirement

• Higher underwriting risk due to growth
• Lower market risk mainly due to lower exposure to credit risk
• FSA approved model change for health insurance in Norway, reducing SCR by ~ MNOK 100

1) Operating SII earnings comprise SII underwriting result and SII financial result of the match portfolio after tax. 2) Proposed dividend 4,375 NOK bn (8.75 NOK pr share). Gjensidige Forsikring Group 17

Moving ahead on operational targets

Metric	Status Q4 2023	Target 2026
Customer satisfaction	78	> 78, Group
	90%	> 90%, Norway
Customer retention	79%	> 85%, Outside Norway
Digital distribution index	+4%	> +5+10% annually, Group
Distribution efficiency1		+25%, Private
Digital claims reporting	74%	> 85%, Group
Automated claims processing	59%	> 70%, Norway

High customer retention in Norway, improvement potential in Denmark

Concluding remarks

• Strong growth momentum sustained
• Superior market position
• Implemented enhanced measures to improve underlying profitability
• Strong capital position
• Board proposal for regular dividend of NOK 8.75 per share

Ambitious annual financial targets

Annual financial targets	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 Q4 2023 results

Date	Location	Participants	Event	Arranged by
24 January	Oslo	CEO Geir Holmgren CFO Jostein Amdal Head of IR Mitra H. Negård IRO Marius M. Fjellbo	Roadshow	SEB
25 January	London	CEO Geir Holmgren Head of IR Mitra H. Negård	Roadshow	BofA
1 February	Stockholm	CEO Geir Holmgren Head of IR Mitra H. Negård	Roadshow	Nordea
7 February	Paris	CEO Geir Holmgren Head of IR Mitra H. Negård	Roadshow	Carnegie
13 March	London	CEO Geir Holmgren Head of IR Mitra H. Negård	Morgan Stanley European Financials Conference 2024

General insurance Norway – cost ratio and loss ratio per segment

Private Norway Commercial Norway

General insurance Denmark – cost ratio and loss ratio per segment

Private Denmark Commercial Denmark

Sweden

General insurance – cost ratio and loss ratio per segment

Baltics

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 25

Large losses development

~ NOK 1.6bn in large losses expected annually (before discounting)

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

Run-off gains 0.5 percentage points

Appendix

Run-off

Appendix

Quarterly insurance service results - seasonality in Nordic general insurance

2022 2023

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 31.12.2023

Match portfolio

• NOK 36.4bn
• Average duration: 3.1 years
• Average yield: 4.3%

Free portfolio

• NOK 24.3bn
• Average duration fixed-income instruments: 1.7 years
• Average yield: 4.5%

- Fixed-income short duration: 34% Global investment grade bonds: 44%

• Global high yield bonds: 3%
• Other bonds: 5%
• Listed equities : 6%
• Private Equity funds: 5%
• Other: 5%

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	14.8	40.6	3.9	18.9
AA	3.7	10.2	5.7	27.6
A	7.9	21.8	4.5	21.8
BBB	3.9	10.7	2.0	9.5
BB	0.0	0.0	0.2	0.8
B	0.0	0.0	0.1	0.4
CCC or lower	0.0	0.0	0.0	0.1
Internal rating1	2.8	7.7	2.7	13.0
Unrated	3.3	9.0	1.6	7.8
Fixed income portfolio	36.4	100.0	20.6	100.0

Split – Counterparty	Match portfolio		Free portfolio
	NOK bn	%	NOK bn	%
Public sector	5.9	16.1	8.1	39.1
Bank/financial
institutions	19.4	53.4	8.2	39.6
Corporates	11.1	30.5	4.4	21.3
Total	36.4	100.0	20.6	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) Proposed dividend 4,375 NOK bn (8.75 NOK pr share). Gjensidige Forsikring Group 39

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	19.8	17.6	20.0	17.9	2.2
Capital requirement	12.0	10.9	9.5	8.4	1.7
Solvency ratio	166%	162%	211%	214%	130%

Solvency II eligible own funds

Bridging the gap between IFRS 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	19.8	20.0
Capital charge for non-life and health UW risk	12.0	9.0
Capital charge for life UW risk	2.0	2.0
Capital charge for market risk	4.1	4.2
Capital charge for counterparty risk	0.4	0.4
Diversification	-4.1	-4.3
Basic solvency capital requirement	14.4	11.2
Operational risk	1.2	1.2
Adjustments (loss-absorbing capacity of deferred tax)	-3.7	-2.9
Solvency capital requirement (SCR)	12.0	9.5
Surplus	7.8	10.5
Solvency ratio	166%	211%

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 31.12.2023.

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 1.7-2.1bn
  • Utilised Tier 1 debt capacity: NOK 1.2bn
• Tier 2 remaining capacity is NOK 0.6bn
  • Utilised sub debt: NOK 2.9bn
  • Utilised natural perils fund: NOK 2.4bn
  • Risk equalisation fund life insurance NOK 0.1bn

Annualised return on equity 18.2 per cent

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

Market leader in Norway

Growth opportunities outside Norway

Appendix

Gjensidige Pensjonsforsikring - Number five 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 398 bn

Gjensidige Pensjonsforsikring

Group policy ¹ and company portfolio Number of occupational pension members

Currenct bonds: 77.5%

Fixed income - short duration: 15.3%

Property exsposure: 7.0%

Equity funds: 0.1%

In thousand

Appendix

New buffer for future profit arising from Life insurance

• Life insurance contracts are separated into profitable and onerous groups, based on best estimate at recognition.
• Future profits are set aside in CSM as estimated unearned profit.
• CSM released to P&L proportionately to risk reduction.
• Loss component arising from onerous contracts affects P&L directly at recognition.

Example

Ownership

10 largest shareholders¹

No	Shareholder	Stake (%)
1	Gjensidigestiftelsen	62.2
2	Folketrygdfondet	4.5
3	Deutsche Bank	3.0
4	BlackRock Inc	2.7
5	Scotia Bank	2.0
6	The Vanguard Group, Inc	1.2
7	Nordea	1.1
8	Storebrand Investments	1.1
9	State Street	1.0
10	Danske Bank	0.9
	Total 10 largest	79.7

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 December 2023. 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 51

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) 957 93 631 mitra-hagen.negard@gjensidige.no Marius Michelsen Fjellbo Investor Relations Officer Mobile: (+47) 995 67 593 marius-michelsen.fjellbo@gjensidige.no Address Schweigaards gate 21, P.O. Box 700 Sentrum,

NO-0106 OSLO gjensidige.no/ir