Gjensidige Forsikring ASA

Earnings Release • Apr 27, 2022

Solid underwriting result, financial result impacted by market turmoil

Solid underwriting result, financial result impacted by market turmoil

This release contains inside information related to Gjensidige Forsikring ASA

pursuant to the EUMarket Abuse Regulation and is subject to the disclosure

requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Strong operations, effective pricing measures, good risk selection and stringent

cost control resulted in a solid underwriting result. The investment portfolio

was hit by the turmoil in the financial markets. The Group result was positively

impacted by the remaining gain on the sale of Oslo Areal. Gjensidige's outlook

remains good.

Gjensidige Forsikring Group recorded a profit before tax of NOK 1,506.2 million

(1,597.0) for the quarter. The profit after tax was NOK 1,318.1 million

(1,340.4) and the corresponding earnings per share were NOK 2.64 (2.68). The

profit includes a NOK 0.8 billion gain on the sale of Oslo Areal.  The profit

from general insurance operations measured by the underwriting result was NOK

1,024.9 million (1,040.0), corresponding to a combined ratio of 86.5 (85.1).

- We are very pleased with the solid results we continue to deliver. We have set

ambitious targets for the next 4 years and we are confident to deliver on them.

We will continue to focus on profitable growth. Together with strong and

efficient operations, our strong product offering and good prospects for non

-life operations in our markets, this should bode well for continued solid

results and attractive returns, says CEO Helge Leiro Baastad.

Earned premiums from general insurance increased by 8.6 per cent to NOK 7,575.1

million (6,973.2) in the quarter. Measured in local currency, premiums increased

by 9.9 per cent. Earned premiums increased due to solid renewals, effective and

differentiated pricing measures and volume growth.

Premium growth, an improved underlying frequency loss ratio and a lower cost

ratio improved the underwriting result, but this was more than offset by above

-average large losses. The Covid-19 pandemic did not impact the result in the

first quarter.

The underlying frequency loss ratio improved by 1.9 percentage points compared

with the same quarter in 2021, driven by Private, Commercial and Sweden.

Adjusted for the positive Covid-19 impact on claims and the effect on claims of

the extraordinarily cold winter in Norway in the first quarter 2021, the

underlying frequency loss ratio improved 0.7 percentage points.

The Pension segment generated a higher profit for the period, driven by an

increase in operating income and increased return on real estate investments.

The financial result for the quarter was minus NOK 285.1 million (positive

556.1), which corresponds to a return on total assets of minus 0.5 per cent

(plus 0.9). The result for the quarter was negatively impacted by higher

interest rates, a decline in the equity markets and higher credit spreads.

Private equity and commodities contributed positively to the performance.

Highlights first quarter 2022 (first quarter 2021)

· Profit/(loss) before tax: NOK 1,506.2 million (1,597.0)

· Earnings per share: NOK 2.64 (2.68)

· Earned premiums: NOK 7,575.1 million (6,973.2)

· Underwriting result: NOK 1,024.9 million (1,040.0)

· Combined ratio: 86.5 (85.1)

· Cost ratio: 13.9 (14.5)

· Financial result: NOK negative 285.1 million (556.1)

This release contains alternative performance measures (APMs). APMs are

described at

www.gjensidige.no/reporting (https://eur02.safelinks.protection.outlook.com/?url=

http%3A%2F%2Fwww.gjensidige.no%2Freporting&data=04%7C01%7C%7C6f121ea6906e4de9c1a2

08d9991da38d%7C80184e22072c440ea8a922f52b82646d%7C0%7C0%7C637709174886993144%7CUn

known%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6M

n0%3D%7C1000&sdata=olrVzdkz1RuEnDJKcnZetjS0SXMcHDTktI6Bqwqoahg%3D&reserved=0) in

a document named APMs Gjensidige Forsikring Group Q1 2022.

This release is issued by Jon Aniksdal, Communication Manager at Gjensidige

Forsikring ASA.

Date and time of publication: 07.00 CET, 27.04.2022

Contact persons,Gjensidige Forsikring ASA:

Head ofCommunication, Øystein Thoresen. Tel: 47 952 33 382

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

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

Exchange. We have about 3,800 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 30 billion in 2021, while total

assets were NOK 130 billion.