Gjensidige Forsikring ASA

Capital/Financing Update • Sep 18, 2023

Gjensidige Forsikring ASA: Contemplating Subordinated Tier 2 bond issue

Gjensidige Forsikring ASA: Contemplating Subordinated Tier 2 bond issue

Gjensidige Forsikring ASA ("Gjensidige" or "the Company", OSE:GJF, LEI

5967007LIEEXZX6FAO47), rated A by S&P, has mandated DNB Markets and Pareto

Securities AS as Joint Lead Managers to arrange a digital fixed income investor

meeting on Monday 18 September 2023.

The company contemplates to issue a new Tier 2 bond issue in NOK with floating

interest rate. The issuance will have a minimum 30-year tenor, and the issuer

will have a first call option after minimum 5 years. Expected issue size up to

NOK 1,200 million, subject to market conditions. The Tier 2 bond issue will be

Solvency II compliant and is expected to be rated BBB+ by S&P.

The contemplated bond issue is authorized by the Company's General Meeting and

approved by the Norwegian Financial Supervisory Authority.

In conjunction with the potential bond issuance the company may consider to buy

back the outstanding Subordinated Tier 2 bond issue GJF01 (ISIN NO0010720378).

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 approximately 4,200 employees and offer insurance products in

Norway, Denmark, Sweden and the Baltic states. In Norway, Gjensidige also

offers pension and savings. The Group's operating income was NOK 34 billion in

2022, while total assets were NOK 135 billion.