Gjensidige Forsikring ASA

Investor Presentation • Nov 22, 2023

RELEASING THE FULL POTENTIAL

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.

Gjensidige Forsikring Group 2

Programme

09:00 PRESENTATIONS

Releasing the full potential Geir Holmgren, CEO

Industry trends and strategic direction Janne Flessum, EVP Strategy and Group Development

Enhancing growth and profitability across markets René Fløystøl, EVP Private

Core is key to future value creation Lars Gøran Bjerklund, EVP Commercial

Operational excellence and next level customer centricity in Claims Aysegül Cin, EVP Claims

10:50	BREAK
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11:10

Delivering attractive returns Jostein Amdal, CFO

11:25	Q&A SESSION
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12:25 CONCLUDING REMARKS

Releasing the full potential

Geir Holmgren, CEO

We will continue to deliver superior customer experiences and attractive returns

Releasing the full potential

Strong ambitions for the benefit of all stakeholders

Raising the bar further

Return on equity >22%	>24%
Solvency ratio 140–190%	140–190%
Insurance service result	>NOK 7.5bn
Denmark	>DKK 750m

Taking care of people and our planet

Safer society

perceived diversity score

Sustainable claims handling

Responsible investments

• All external managers signed UN PRI

by 2026

• 80% insurance revenue from sustainable products

• 55% reduction in CO2e from claims handling by 2030

• Empowered employees: >8 in engagement and

• All suppliers signed Suppliers Code of Conduct

• Net 0 emission in investment portfolio by 2050

Gjensidige Forsikring Group 6

This presentation contains alternative performance measures (APMs), described at www.gjensidige.no/group/investor-relations/reports in a document named APMs Gjensidige Forsikring Group Q3 2023

We put the customer at the heart of everything we do

Our mission

We safeguard life, health and assets

Our vision

We shall know the customer best and care the most

Our position

Gjensidige is the insurance company that leads the way and finds new ways to create a sense of security

Our ambition is to be a leading general insurance company in the Nordics

• Focus on core business – general insurance
• Achieve sufficient market positions in each country
• Strengthen strategic capabilities

Key enablers to reach our goals

State-of-the-art technology

G j e n s i d i g e F o r s i k r i n g G r o u p

Engaged and competent employees 11Releasing the full potential

Our core capabilities

Underwriting excellence

State of the art distribution model

Superior claims handling

We have sharpened our strategy to release our full potential

Prioritise growth in Norway and Denmark

• Expand distribution channels through attractive partnerships
• Innovate flexible products catering to customer needs
• Target attractive customer segments
• Act on structural growth opportunities

Unleash opportunities with new organisational structure

• Release further benefits of scale and increase synergies
• Sharpen focus on strategic initiatives and innovation

Deliver value faster and enhance efficiency

• Agile transformation
• Further develop technology platform

Industry trends and strategic direction

Janne Flessum, EVP Strategy and Group Development

Attractive Nordic general insurance market-place

Superior cost positions 1)

Over 200 years history of adapting to and driving change

Key insurance trends

Increased digitalisation Increased regulation Shifting business models

• Digital customer journeys
• Access to more (realtime) data
• Increased IT investments
• Access to talent

• ESG
• Artificial intelligence
• Data and consumer protection

• Shifts in mobility industry
• Embedded insurance
• Shifts from PL to CL

In addition, geopolitics, macroeconomics, demographics and climate change are key forces affecting insurers

Safety

Key to success – understand and act on changing customer needs and expectations

We shall know the customer best and care the most

Convenience Sustainability

Seeking even deeper relevance for our customers and partners – safe, convenient and sustainable

Help customers to secure safe and good lives at home

Help customers to secure their pension, lives and health

Be the preferred problem solver and partner in mobility solutions

Safe, convenient and sustainable

Help customers to secure safe and good lives at home

• High degree of home-ownership
• Shifts from house to apartementhousing associations more important
• Climate change and regulations – prevention and technical upgrades

Examples:

• Sustainable property insurance
• Damage preventing sensory IoT solutions
• Home-seller insurance

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-

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Examples:

• Market leading digital pension service
• Online consultation doctor/psychologist
• More affordable health insurance

Safe, convenient and sustainable

-

Examples:

• Sustainable property insurance
• Damage preventing sensory IoT solutions
• Home-seller insurance

Help customers to secure their pension, lives and health

• Demographic changes and pressure on social welfare systems
• Well being and health promotion
• Broad and complete offering across commercial and private lines

Examples:

• Market leading digital pension service
• Online consultation doctor/psychologist
• New more affordable health insurance

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Safe, convenient and sustainable

-

Examples:

• Sustainable property insurance
• Damage preventing sensory IoT solutions
• Home-seller insurance

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Be the preferred problem solver and partner in mobility solutions

• The industry is going electric
• Connected and software-defined
• Norway a test-bed for OEMs
• Digitalised customer journey

Examples:

• Market leading digital pension service
• Online consultation doctor/psychologist
• More affordable health insurance

Mobility deepdive: Seeking even deeper relevance for our customers and partners

• Holistic approach to customer journey and mobility value chain
• Enhance our attractiveness as an insurer and partner to the mobility industry
• Strengthen operational effectiveness towards distribution, pricing and claims

The preferred partner to the mobility industry and the end-users – catering safety, convenience and sustainability along the customer journey

Core is King!

"Gjensidige's risk appetite is large in the core area of general insurance in the Nordic and Baltic countries.

The risk appetite shall be highest in areas where Gjensidige has a high level of expertise and access to relevant data.

Other complementary business areas and initiatives shall contribute to the Group's overall growth and profitability within general insurance."

– from our Board approved Risk Appetite

Continuously optimising the core insurance portfolio

Customer segments

• Prioritise private and SME segment growth
• More standardised
• Less volatile

Distribution channels

• Prioritise direct customer dialogue channels in the omnichannel model
• Lower acquisition cost
• 3rd party/indirect distribution where needed and relevant

Insurance products

• Secure a diversified, broad and sustainable core insurance product offering
• Stay relevant, broaden customer engagement and increase loyalty

ر الا

Underwriting discipline

• Prioritise profitability before growth
• Secure optimal risk selection and pricing, and allocation of capital for the highest returns

Utilising best practises across borders

Releasing the full potential across Norway and Denmark #1 priority

Significant potential in strengthening underwriting- and operational excellence in Denmark:

A focused Nordic general insurance growth agenda

A focused Nordic general insurance growth agenda

Further strengthen our unique position in Norway

• Next level customer orientation
• World class pricing, distribution and claims excellence
• Pension complementary to SME offering

Strengthen profitability and growth outside Norway

• Utilise best-practice across boarders – significant potential in Denmark
• M&A, strategic partnerships and alliances

Maintain capital discipline and attractive dividends

• Risk appetite high in core GI
• Continued underwriting discipline
• Proactive but disciplined M&A

René Fløystøl, EVP Private

• Long-term ambitions for Private
  • Strengthen our market position in Norway
  • Realising significant profitable growth in Denmark
• Short- to mid-term priorities
  • Becoming a digital frontrunner
  • Unlocking synergies across markets
  • Building for further growth

Market leader in Norway, ready to unlock potential in Denmark

Improving distribution efficiency is key to grow revenues while maintaining cost control

Three strategic focus areas towards 2026 to enhance growth and profitability

Becoming a digital frontrunner Unlocking synergies

Use of data, digitalisation and AI to:

• secure profitable customer growth
• improve customer satisfaction

across markets

Moving technology and best practice across borders to:

• improve self-service and customer satisfaction
• reduce costs
• increase profitability

Building for further growth

Develop our core products to:

• secure our share of market growth
• meet customers' changing needs
• help customers prevent damages

Meet Clara, our customer

On their way home… Later that day… Time to talk and decide…

2 %	of all Norwegians planning to move in the next 60 days can be targeted	1,200	data variables in our models	94 %	retention rate for customers with 3 or more insurance products
Today	2026	Today	2026	Today	2026
40%	70%	45%	60%	64%	69%

of our customers receiving personalised offers

hit rate based on our upsell model

of customers with 2 or more products

On their way home… Later that day… Time to talk and decide…

of our customers receiving personalised offers

hit rate based on our upsell model

of customers with 2 or more products

On their way home… Later that day… Time to talk and decide…

2 of all Norwegians planning to move in the next 60 % days can be targeted		1,200 data variables in our models		94 %	retention rate for customers with 3 or more insurance products
Today	2026	Today	2026	Today	2026
40%	70%	45%	60%	64%	69%

of our customers receiving personalised offers

hit rate based on our upsell model

of customers with 2 or more products

An ambitious roadmap to further improve distribution efficiency in Norway towards 2026

Realising synergies and capitalising on the new core system in Denmark

Strong potential for growth in our core products, offering value-added products and services

Ambitions for Private in 2026

Customer satisfaction in Norway/Denmark

Increase in distribution efficiency

Customer retention rate in Norway/Denmark

• Long-term ambitions for Private
  • Strengthen our market position in Norway
  • Realising significant profitable growth in Denmark
• Short- to mid-term priorities
  • Becoming a digital frontrunner
  • Unlocking synergies across markets
  • Building for further growth

CORE is key to future value creation

Lars Gøran Bjerklund, EVP Commercial

CORE is key to future value creation

• Long-term ambitions for Commercial
  • Reach a profitable top 3 position in Denmark
  • Further strengthen Gjensidige's solid market leader position in Norway
• Short- to mid-term priorities
  • Deliver superior customer experiences
  • Win the small companies
  • Strengthen Gjensidige's competitive position in Denmark

Strong development to be boosted by joint commercial operations in Norway and Denmark

Analytically empowered

O

Customer experiences

Providing the best solutions to solve customer needs for risk mitigation, advice and damage prevention

91%/88%

Customer retention Norway/Denmark 1)

76/100

Customer satisfaction Norway 2)

Operational excellence

Ensuring top quality in risk selection, efficient work processes and system support

8.9% Cost ratio 3)

72.2% Loss ratio 3)

Responsibility

Offering the most responsible solutions for our customers, keeping the environment, the social aspect and governance in mind

AAA MSCI ESG rating

Employees

Being an attractive employer, enabling our employees to create the greatest possible value

8.0 yrs Average seniority

CORE

Being available when needed is important for companies when selecting an insurance provider

Competitor survey, Ipsos

CORE is key to future value creation

14% 107% Digital customer experiences increase customer satisfaction and overall availability

increase in digital sales Norway (1H22–1H23)

increase in "Contact me" requests received through digital solutions

CORE is key to future value creation

Advanced analytics have significant effects on portfolio quality and profitability

Proven effects from improving repricing process in Norway

Differentiated repricing supports higher customer retention

Effective repricing enhances profitability

Reduced scope of manual processes supports increased efficiency and availability

2.0pp

increase in premium-based customer retention 1)

average lower loss ratio for customers staying vs customers leaving 2)

improved loss ratio among commercial customers 3)

increase in insurance revenue per sales-FTE 4)

Started out with

• high-level customer

• rule-based customer scoring models

segmentation

CORE is key to future value creation

Further upside from continued refinement of repricing process in Norway and narrowing the gap to Denmark

Moving towards

• best practice repricing process
• granular customer segmentation
• machine learning customer scoring models

CORE is key to future value creation

Offering responsible customer solutions increases competitiveness

Customers are increasingly requesting ESG-related information from suppliers

50%

of our advisers have received ESG-related questions from a customer 1)

Gjensidige has committed to the Science Based Targets initiative to make significant contribution towards net zero GHG emissions by 2050 and avoid global warming above 1.5 degrees

Severe weather events are occurring increasingly often

7/10

of the largest natural perils events since 1980 have occurred after 2010 2)

CORE is key to future value creation

Supporting customers to become more robust and reduce risk

Adapting to climate risk

Adjusting products by incorporating climate scenarios in pricing models and incentivising customers to take risk-reducing measures.

Care for employees

Offering accident and health solutions to employers, helping companies care for their most important asset – their employees.

9,000 companies have completed the cyber maturity evaluation 3)

Understanding cyber risk

Offering a cyber maturity self-evaluation tool in cooperation with DNV, contributing to more robust businesses. Offering insurance coverage to assist after a cyberattack.

CORE

Professional and competent advisers are important for companies when selecting an insurance provider.

Competitor survey, Ipsos

CORE is key to future value creation

Empowering advisers through structured development and analytical support

Structured competence development: classroom and e-learning courses, authorisation and training

Our CORE focus is key to deliver on our 2026 priorities

Delivering superior customer experiences

Winning the small companies Strengthening our competitive position in Denmark

1) Customer retention for Commercial and Agricultural customers. Norway 91%, and Denmark 88% per 30.09.2023.

2) 2026 vs R12m Q323. Gross inflow of new, small, Commercial customers, 0-50 employees, across Norway and Denmark. Baseline annual inflow of 19,500 customers R12mQ323.

3) YE2026 vs 30.09.2023. Commercial and Agricultural customers in Denmark. Baseline 40,500 customers at 30.09.2023. Gjensidige Forsikring Group 54

CORE is key to future value creation

• Long-term ambition
  • Reaching a profitable top 3 position in Denmark
  • Further strengthening Gjensidige's solid market leader position in Norway
• Short- to mid-term priorities
  • Delivering superior customer experiences
  • Winning the small companies
  • Strengthening Gjensidige's competitive position in Denmark

Operational excellence and next level customer centricity in Claims

Aysegül Cin, EVP Claims

Operational excellence and next level customer centricity in Claims

• Realising synergies and reducing claims cost in Denmark and Norway
• Excelling in customer experience driven by advanced analytics
• Continuing digitalisation and automation of operations
• Preventing damages and ensuring sustainable claims handling

Unleashing the potential through 'one Claims' operations

Strong track record in Norway Ambitious targets towards 2026

1) Efficiency gains from claims cost and digitalisation initiatives in Norway 2) Group 3) Norway Gjensidige Forsikring Group 58

750,000 claim cases annually NOK 18bn in claims

Substantial value creation through claims cost savings and excellent customer experiences

Focus on claims cost savings and synergies

Delivering excellent customer experiences

Digitalisation, data and analytics as core enablers

Sustainability integrated in claims operations

A new claims programme across Norway and Denmark will generate significant cost savings towards 2026

Operational excellence and next level customer centricity in Claims

Significant savings potential from improving fraud detection

Substantial savings potential proven in fraud pilots

• Conducted fraud pilots for Property and Motor in Norway (2022)
• Increased hit rate from 40% to 65%

• Implementing AI-driven antifraud systems and best practice sharing across Norway and Denmark
• Further digitising fraud detection of documents and images
  • Increasing number of fraud leads in high-cost claims cases

NOK 150m

in savings by 2026

A unified approach to procurement excellence

Analytics-driven procurement excellence

• Seamless digital integration with suppliers and sophisticated steering
• Best practice and standardised category management
• Scale and consolidated procurement power

Savings driven by synergies, new technology and partnerships

• Improving supplier steering systems to create new partner platforms
• Establishing new partnerships and improving business value across all lines of business

Competitors Gjensidige

Synergy example building claims (supplier control)

Norway

Assessment robot handles 100% of all calculations received from suppliers. Identifies deviation in 18% of all calculations.

Denmark Manual handling

Going forward in Denmark

• Implementing assessment robot
• Transfer know-how and well proven business rules
• Consistent monitoring and follow up on claims cost KPIs

Operational excellence and next level customer centricity in Claims

REDGO enables seamless customer experiences

First on site – strengthens steering in claims process and customer experience

• REDGO integration is progressing – assistance integrated in claims processes
• 24/7 first line claims management established for Motor and Property in Norway
• Promising start on realising synergies, claims cost savings of NOK 23m as per Q3 2023
• Unique feet-on-the-ground position attractive to win future OEM tenders

60% of wow-moments Gjensidige's customers are experiencing claims handling in connection with

Operational excellence and next level customer centricity in Claims

Personalised customer care is next level customer centricity

Gjensidige's customers are the most satisfied 1) after claims settlement compared to competitors

Further digitalisation will boost efficiency

0% 20% 40% 60% 80% 100% 2019 2020 2021 2022 R12m Q323 2023 2024 2025 2026 Digital claims reporting, Norway Forecast, Norway Forecast, Denmark 85% 80% Target

Increase digitally reported claims… ...and accelerate automation

Operational excellence and next level customer centricity in Claims

AI enhances efficiency and raises customer satisfaction

ready to scale further

Chat analyser 2.0

• Generative AI
• Document classification

AI / machine learning

• Prediction of compensation
• Fraud detection
• Image recognition

Operational excellence and next level customer centricity in Claims

Supporting the green transition with sustainable claims operations

Moving ahead, we will strengthen our commitment to proactively prevent damages

Operational excellence and next level customer centricity in Claims

• Realising synergies and reducing claims cost in Denmark and Norway
• Excelling in customer experience driven by advanced analytics
• Continuing digitalisation and automation of operations
• Preventing damages and ensuring sustainable claims handling

Delivering attractive returns

Jostein Amdal, CFO

We have continued to deliver strong results…

…and paid out attractive dividends, while maintaining a strong capital base

Ambitious revised financial targets

Financial targets FY2026 Insurance service result, general insurance

Key enablers

• Revenue growth pricing at least in line with expected claims inflation
• Claims efficiency programme
• Improved sales efficiency through digitalisation and CRM
• Improved tariffs and underwriting
• Continued cost discipline

Operational KPIs support delivery on financial targets

Targets by 2026

CSI, Group >78

Customer retention

• Norway >90%
• Outside Norway >85%

Digital distribution index, Group +5–10% p.a. Distribution efficiency, Private +25% Digital claims reporting, Group >85% Automated claims processing, Norway >70%

Our priorities across segments and operating units

Investments supporting high and stable nominal dividends

Yield 5-year senior- and OMF bonds Liquid, low risk portfolio with flexibility to exploit market opportunities 1)

• Conservative investment approach
• Match portfolio to hedge liabilities, Free portfolio to generate excess return
• High running yield supports high ROE
• Aiming for net zero emissions in 2050

Strong capital generation - remaining focused on capital discipline

NOK 6.6 billion in capital generation since year-end 2021

SII operating earnings and return on the free portfolio are expected to finance organic growth, bolt-on acquisitions and a regular dividend stream.

Solvency ratio target lowered to 140-190%

Target zone 140–190%

Gjensidige continues to work for full approval of own Partial Internal Model

NOK 2.2bn difference in capital requirement between approved and own Partial Internal Model

Windstorm model	Correlation between market risk and	Prudential margin	Target zone for solvency ratio based on approved PIM. Internal decisions such as pricing, reinsurance and investment limits based
	UW risk		on own PIM.

Approved and remaining elements for full approval of own Partial Internal Model

Reduced capital loading for parameter uncertainty – market risk (Approved in 2020)	Minor model change approved, Commercial Property Denmark (Approved in 2021)	Minor model change approved, Private Property Norway (Approved in 2023)	Remove capital loading for parameter uncertainty – market risk (Pending decision from Ministry of Finance)	Storm model (Planning application late 2023 / early 2024)	Internally modelled correlation between underwriting risk and market risk	Reduce/remove capital loading for parameter uncertainty – underwriting risk

Remaining focused on delivering attractive returns

Solid base to deliver on dividend policy

Gjensidige targets high and stable nominal dividends, and a pay-out ratio over time of at least 80 per cent of profit after tax. Over time, Gjensidige will also pay out excess capital.

Attractive value proposition

• Attractive markets Stable growth and best-in-class margins across the cycle
• Strong brand High customer loyalty and reputation, supported by unique customer dividend model in Norway
• Operating excellence Leveraging modern technology platform, Nordic scale, analytical capabilities and strong underwriting skills across markets
• Sustainability Strong credentials and strategic focus on sustainability across organisation
• Delivery Engaged and highly competent organisation and experienced management team committed to deliver on ambitious targets
• Shareholder value Dividend and capital policies set to deliver attractive shareholder returns

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,

Gjensidige Forsikring Group 83

NO-0106 OSLO gjensidige.no/ir