Gjensidige Forsikring ASA

Investor Presentation • Apr 27, 2022

Gjensidige Forsikring Group

1st quarter 2022 results 27 April, 2022

Solid underwriting result, financial result impacted by market turmoil

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Strong operations

• Rising claims inflation will be met with necessary pricing measures
• · Continued strong performance in Norway
  • High profitability and premium growth
• Good progress in Denmark, moving forward on new core IT system
• Turnaround efforts starting to show results in Sweden

Staying ahead of claims inflation

Quarterly update

Accelerating transformation in the Baltics

• · Key measures:
  • · Pricing measures and portfolio pruning
  • Strengthened focus on costs, steering and fraud filters in claims processes
  • Standardisation and digitalisation of processes
• Growth strategy:
  • Step up digital distribution
  • Focus on strong broker distribution
  • Seek in-organic growth opportunities

Targeting improved profitability

• · Combined ratio < 100% from Q4'22
• further improvement going forward
• · Operating expenses significantly down from 2023

Quarterly update

Moving forward to deliver on our sustainability goals

Safer society:

• · Fire detection sensors as standard offering to commercial customers
• Improved HSE advice for commercial customers on Gjensidige's web site

Sustainable claims handling:

• · Lifted minimum threshold for motor second-hand spare parts
• Agreement with Elcare, paving way for repairs of electronic equipment
• · Implemented several initiatives together with MOT and UE

Responsible investments:

• · Vast majority of external managers confirmed signing un pri
• · Screening and exclusions

Key sustainability goals:

• 80% premiums from sustainable products by 2025
• · 35% reduction in CO2e from claims handling processes by 2025
• · Net 0 emission in investment portfolio by 2050

Quarterly update

Delivering on our ambition to be our customers' problem solver

Maksimer

The hassle-free way to maximize the value of your home before selling

Strong underlying UW, financial result reflect market conditions

NOK m	Q1 2022	Q1 2021
Private	683	569
Commercial	470	440
Denmark	179	216
Sweden	28	2
Baltics	(40)	(10)
Corporate Centre	(296)	(178)
Underwriting result	1,025	1,040
Pension	54	45
Financial result from the investment portfolio	(285)	556
Other items	712	(44)
Profit/(loss) before tax expenses	1,506	1,597

• · Premium growth, improved underlying frequency loss ratio and lower cost ratio
• Above-average large losses
• Investment returns impacted by market turmoil
• Remaining gain on sale of Oslo Areal included in Other items (NOK 0.8bn)

8.6 per cent premium growth - 9.9 per cent adjusted for currency effects

Premium development

Key drivers - premium development

• · Private +6.9%, mainly price driven
• · Commercial +11.8%, volume and price driven
• · Denmark +7.7%
  • · Positive 11.3% in local currency, volume and price driven
• · Sweden +0.7%
  • · Positive 7.7% in local currency, volume and price driven
• · Baltics +10.4%
  • · Positive 14.1% in local currency, volume and price driven

Improved underlying frequency loss ratio, higher large losses

Loss ratio development

• · Effective pricing measures
• · Good risk selection
• Lower run-off gains
• Higher large losses
• Underlying frequency loss ratio improved 1.9pp
  • Adjusted for Covid-19 impacts and weather improved by 0.7pp

Continued good cost control - cost ratio 13.9 per cent

Operating expenses

Improved cost ratio in all segments

• Efficient operations
• High premium growth
• · Strong cost discipline

Cost ratios

Good profit for Pension operation

Profit and return

Assets under management

Investment return of minus 0.5 per cent, impacted by market turmoil

Investment return per asset class

10 %

Free

61.1bn 40 % High credit quality 10% 11% NOK 55.6bn 76%

NOK

Balanced investment portfolio

• Current bonds ■ Bonds at amortised cost ■ Fixed income - short duration ■ Other bonds (US/EUR IG, Sovereigns, EMD) ■ High Yield bonds ■ Convertible bonds ■ Current equities ■ PE funds = Properties
• Other (incl. hedge funds and commodities)

Investment grade

■Investment grade (internal rating)1)

■Non-investment grade

■Non-investment grade (internal rating)

■Unrated

Figures as at 31.3.2022 11 Internal rating - rating by Gjensidige. 97% of this portfolio rated as Investment grade.

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Financial performance

Well prepared for IFRS 17

Limited impact for general insurance

• Simplified method (PAA) for general insurance
• Preliminary calculations indicate no significant impact on UW result, no impact on solvency
• Significant impact on opening balance of claims ● provisions in 2023
• Most important changes for general insurance:
  • Discounting of all claims provisions
  • Introduction of risk adjustment
• . Significant impact on Pension business opening balance
• Further details to be presented in a webinar in November 2022

Moving ahead on operational targets - Reporting on new KPIs this quarter

Metric	Status Q1 2022	Target 2025
Customer satisfaction	79	> 78, Group
Customer retention	91%	> 90%, Norway
	79%	> 85%, Outside Norway
Digitalisation index	7%	> +10% annually, Group
Digital claims reporting	76%	> 85%, Group
Automated claims processing	56%	> 70%, Norway

Strong customer retention in the three largest segments

Concluding remarks

• Solid underlying performance
• Focus on growth, strong operations and capital discipline
• · Good outlook
  • Expect continued strong results going forward and delivery on financial targets

Annual financial targets through 2025

Roadshows and conferences post Q1 2022 results

Date	Location	Participants	Event	Arranged by
27 April	Oslo	CFO Head of IR Mitra H. Negård IRO Kjetil Gill Østvold	Roadshow	Pareto
28 April	London	CEO Helge Leiro Baastad Head of IR Mitra H. Negård	Roadshow	DNB
11 May	London	CFO Jostein Amdal IRO Kjetil Gill Østvold	Conference	KBW
19 May	Oslo	CFO Head of IR Mitra H. Negård IRO Kjetil Gill Østvold	Conference	ABGSC
25 May	Frankfurt	CEO Helge Leiro Baastad IRO Kjetil Gill Østvold	Roadshow	Kepler
2 June	Copenhagen	EVP Denmark Mats Gottschalk Head of IR Mitra H. Negård	Conference	Danske Bank
7 June	Rome	CEO Helge Leiro Baastad Head of IR Mitra H. Negård	Conference	Goldman Sachs
9 June	Oslo	Gjensidige Group Management	Webinar	Gjensidige
9 June	Oslo	CFO Jostein Amdal Head of IR Mitra H. Negård IRO Kjetil Gill Østvold	Conference	Nordea

Covid- and weather effects, Q1 2021

Of 2021	Group	Private	Commercial	Denmark	Sweden	Baltics
	Q1 2021	Of 2021	Of 2021	Of 2021	01 2021	Of 2021
Earned premiums	6,973	2,387	2,419	1,446	397	274
Loss ratio	70.6%	62.9%	71.9%	70.4%	81.1%	74.2%
Underlying frequency loss ratio	71.8%	67.9%	74.7%	71.6%	81.0%	78.1%
Covid - large loss
Covid - frequency	130	77	14	34	2	3
Covid total	130	77	14	34	2	3
Weather - large loss	(103)	(10)	(20)
Weather - frequency	(213)	(126)	(87)
Weather total	(316)	(136)	(107)			I
Covid effect on large loss	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Covid effect on underlying frequency loss	1.9%	3.2%	0.6%	2.4%	0.5%	1.1%
Weather effect on large loss	(1.5%)	(0.4%)	(0.8%)	0.0%	0.0%	0.0%
Weather effect on underlying frequency loss	(3.1%)	(5.3%)	(3.6%)	0.0%	0.0%	0.0%
Loss ratio adjusted for weather and covid	67.9%	60.4%	68.1%	72.8%	81.6%	75.3%
Underlying frequency loss ratio adjusted for weather and covid	70.6%	65.8%	71.6%	74.0%	81.6%	79.2%

Private

General insurance - cost ratio and loss ratio per segment

Commercial

General insurance – cost ratio and loss ratio per segment

Effect of discounting of claims provisions

Effect of discounting on CR - Q1 2022

Assumptions

• · Only claims provisions are discounted (i.e. premium provisions are undiscounted)
• Swap rates in Norway, Sweden and Denmark
• Euroswap rates in the Baltic countries

Large losses 6.4 percentage points - higher than expected

Large losses - reported vs. expected

NOK m

Large losses per segment

CC = Corporate Centre Lage Losses > Losses relicided Lage losses in excess of NOK 30m ac charged to the Coponate Contre vhile up to NOK 30m per clainis correst to the segment in which the large loss ocurred. The Baltics segment has, as a main rule, a retention level of NOK 10m.

Gjensidige Forsikring Group 25

Large losses development

~ NOK 1.5bn in large losses expected annually

Large losses per segment - actual vs. expected

Run-off gains 3.7 percentage points - higher than planned

Run-off net

Run-off net per segment

Run-off development

Expected average annual run-off gains of ~4 pp (~NOK 1bn) through 2022

Run-off % of earned premium

Quarterly underwriting results - seasonality in Nordic general insurance

11 Reported UW result for Q1 2016 was NOK 1,25 m. Adjusted for a non-recurring income of NOK 477m.

2) Reported UW result for Q3 2016 was NOK 712m. Adjusted for a non recurring cost the UW result was NOK 832m.

Plegarded Wiest Call Click Clores (CVCA 4-inneses in prosis of restructuring cost and CV (City consection incessed pay of the WCC (AP) n = 10.7 (All result pas WC (AVC ) (All

41 Reported UW result for Q3 2018 was NOK 573m. Adusted for a non-recurring cost the UW result was NOK 653m.

5) Reported UW result for Q4 2018 was NOK 1,914m. Adjusted for the extra run-off gains of NOK 1.1bn the UW result was NOK 834m

Norwegian Natural Perils Pool in brief

Details regarding the pool

• · As per 1.1.2022 the premium rate is set to 0.065 per thousand of the fire insurance amount, no change from 2021
• Natural perils damages in Norway:
  • · NOK 0-1,500m covered by general insurance companies based on national market share
  • NOK 1,500m-16,000m covered by the Norwegian Natural Perils Pool's reinsurance programme
  • · 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

• The customers report claims to own insurance company
• The insurance company reports claims on to Finance Norway, who coordinates the Norwegian Natural Perils Pool
• Share of claims is allocated to the companies based on national market share for fire insurance
• Through own accounts, the companies cover the allocated claims costs

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

24.5% Gjensidige's calculated market share for 2022

Reinsurance - overview valid as from 2022

• Reinsurance is purchased for protection of the Group's capital position and is primarily a capital management tool
• General retention level per claim/event is around NOK 100m
• · For weather-related events the retention level per claim/event is around NOK 200m
• • Maximum retention level per claim/event hitting more than one reinsurance programme is NOK 500mincluding any reinstatement premium
• Gjensidige considers additional coverage if this is appropriate considering 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 claims exceed NOK 1,500m

• Gjensidige is allocated its share of the NOK 1,500m claim from 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
• Gjensidige's net impact for this event is around NOK 200m if the event occurs

Investment strategy supporting high and stable nominal dividends

Match portfolio

• Duration and currency matching versus technical provisions (undiscounted)
• · Credit element for increased returns
• · Some inflation hedging

Free portfolio

• Compounding and focused on absolute returns
• Dynamic risk management
• · Tactical allocation
• Active management fixed income and equities
• · Normal risk premiums basis for asset allocation and use of capital

Key characteristics

• Limited risk appetite
• · Currency hedging vs NOK ~ 100%
• Limit +/- 10% per currency
• · Marked-to-market recognition
  • Except bonds at amortised cost
• Stable performance

Investment portfolio

Asset class	Investments, key elements1)	Benchmark
Match portfolio
Fixed income - short duration	Norwegian money market	136032NO index
Bonds at amortised cost	Government and corporate bonds	Yield provided in quarterly reports
Current bonds	Mortgage, sovereign and corporate bonds, investment grade bond funds and loan funds containing secured debt	IBOX COR 1-3 years QW5C index
Free portfolio
Fixed income - short duration	Norwegian money market	136032NO index
Other bonds	IG bonds in internationally diversified funds externally managed and current bonds	Global Agg Corp LGCPTRUH index
High Yield bonds	Internationally diversified funds externally managed	BOAML global HY HWIC index
Convertible bonds	Internationally diversified funds externally managed	BOAML global 300 conv VG00 index / Exogen factors
Current equities	Mainly internationally and domestic diversified funds externally managed	MSCIAC NDUEACWF index
PE funds	Oil/ oil-service/ general (Norwegian and Nordic funds)	OSEBX index / oil price
Other	Miscellaneous

Asset allocation - as at 31.3.2022

Match portfolio

• Carrying amount: NOK 36.8bn

■Fixed income -

■Bonds at

short duration

amortised cost

Current bonds

· Average duration: 3.6 years

Free portfolio

• Carrying amount: NOK 24.3bn
• · Average duration fixed-income instruments: 1.6 years

Quarterly investment returns

Credit and counterparty risk

Credit exposure

• 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	12.4	33.6	3.7	19.7
AA	2.8	7.6	5.5	29.5
A	6.4	17.5	3.2	17.1
вв	6.1	16.6	1.9	10.2
BB	0.0	0.1	0.4	1.9
B	0.8	2.2	0.4	2.4
CCC or lower	0.1	0.2	0.1	0.5
Internal rating1)	4.0	10.8	2.2	11.8
Unrated	4.2	11.5	1.3	6.9
Fixed income portfolio	36.8	10000	18.8	1 00.0

Split - Counterparty	Match portfolio	Free portfolio
	NOK bn	8	NOK bn	%
Public sector	5.5	149	3.7	19.7
Bank/financial institutions	17.9	48.6	11.5	61.4
Corporates	13.4	36.5	3.5	18.8
llotal	36 3	100.0	18.8	100.0

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 Pensjons- forsikring
Capital available	20.4	17.8	20.5	17.9	2.4
Capital requirement	10.8	9.9	8.6	7.6	1.4
Solvency ratio	188%	180%	239%	235%	169%

Figures as at 31.3.2022. The legal perspective is the partial internal model. Solvency margins reflect best estimate reserves. 1) Own partial internal model is not validated

NOK bn

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	20.4	20.5
Capital charge for non-life and health uw risk	9.3	7.2
Capital charge for life uw risk	1.7	1.7
Capital charge for market risk	6.0	5.6
Capital charge for counterparty risk	0.6	0.6
Diversification	(4.6)	(4.9)
Basic solvency capital requirement	13.0	10.1
Operational risk	1.0	1.0
Adjustments (loss-absorbing capacity of deferred tax)	(3.2)	(2.5)
Solvency capital requirement (SCR)	108	8.6
Surplus	9.6	11.9
Solvency ratio	188%	239%

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 31.3.2022.

1) Host of non-life and harket risk related to the non-life and heath insurance business is internally modelled. The stard formula is used for other iss. 2) Own partial internal model is not validated

Solvency II sensitivities for the approved partial internal model

Figures as t 3.2022. The legal persed version of the partil internal most Solver cy margins effect estimate est in Pressonal in Pressonal in Propon in Propon in Propon in Pro

Subordinated debt capacity Gjensidige Forsikring Group

Principles for capacity

	100	112	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 1.9-2.3bn
  • Utilised Tier 1 debt capacity: NOK 1.2bn
• Tier 2 remaining capacity is 0.3bn
  • Utilised sub debt: NOK 2.4bn
  • Utilised natural perils fund: NOK 2.8bn

Equity (NOK m)

Annualised return on equity 22.1 per cent

1,318 25,205 (239) 22,434 (3,850) 31.12.2021 Profit YTD 31.03.2022 Dividend Total 2022 components of other comprehensive income etc.

Annualised return on equity (%)

Bridge shows main elements in equity development

Market leader in Norway

Market share - Total market

Market share - Commercial

Market share - Private

Source: Finance Norway, non-life insurance, 4th quarter 2021

Growth opportunities outside Norway

Sources: Insurance Sweden, 4ª quarter 2021 (Gjensidige including Vardia), The Danish Insurance Association 1st quarter 2021. Battics Insurance Supervisory Authorities of Latvia and Lithuania, Estonia Statistics, competitor reports, and manual calculations, 40 quarter 2021

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 422.1bn

Gjensidige Pensjonsforsikring - Paid up policies a small part of liabilities

-- Share of paid up policies - market total - Share of paid up policies - GPF

AUM defined contribution and paid up policies

Share of paid up policies 1)

Gjensidige Pensjonsforsikring - Balanced group policy portfolio

Group policy portfolio NOK 7.9bn

■ Bonds at amortised cost

• Property exposure
• ■Fixed income short duration
• Other financial investments
• ■Equity funds

...of which paid-up policy portfolio NOK 4.3bn

Gjensidige Pensjonsforsikring - Well positioned for long-term growth in the Norwegian defined contribution pension market

Annual contribution (DC) and premium (DB) 1)

Ownership

10 largest shareholders 1)

No	Shareholder	Stake (%)
ਜ	Gjensidigestiftelsen	62.24
2	Folketrygdfondet	4.28
3	BlackRock Inc	3.30
4	Deutsche Bank	3.12
5	Nordea	1.54
6	Scotia Bank	1.37
7	The Vanguard Group, Inc	1.07
8	State Street Corporation	0.90
9	Danske Bank	0.88
10	Storebrand Investments	0.88
	Total 10 largest	79.57

Geographical distribution of shares 2)

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

4 Shareholer is the books porformed by Orient Capital to the Norweller in the Noneglan Contries Deposition (1PS) as per 3 March 2022. This and of the shareholders who are being the nomines accounts. The is complet. 4 Ostribution of shares excluding share held by the Gensidge Foundation (Gresidlyests).

Gjensidige

Gjensidige Forsikring Group

Disclaimer

This pesertation and hare here have been pepared by and is the clearing A.S.) the Compon ", Such information is being govines to you informational ney note espocured, for he distributed to any other person of the local purpose. Fille to compy with this resirition may constitute a whatin of applicable examines larks. Texis, arco quinor presented heein a e east infrinting and a the driving and a cherefore sulject to drage without not open monthe in company consection of the inimation set out herein.

These materials may continue events and environments. Any statements. Any statements. Any statement of isonal finds in the unition, inthout, intose egading the Concert of the pusiness states, can and decires of mages contributing to trival business traditions in the incomment that in one hard on issues with nay case or actual ests, perfirmance or advision in the materially different for any fotus each perimance or achieved by such forwards. Schlowers locking statements and orders reading the Concern and bure is not the environment in with the Company will pear in the Company will personnel no objations to update the forward-looking statements contained to results, changes in assumptions or changes in factors affecting these statements.

This pessuation doesnot consisted in consection with a nother on the on initiation of any sticitation of any offer on subscribed on purches any securities and rigentialized n stall form the basis for comitined whas sever. In eliment of the material in the mation on the miss ompletered, accurry of finnes. The informationin this presentation is suited on completion and carge. The presentation have not been integral While the Company elles on information obtained for nources delieved to belible, does not a actually of completeres. According of warm), express or included is mode of the Company of its owner, differs or englayes or y of its owner, of the personal of the courage confines of the infornation in this resertation. None of the Compry, traffiliate on any of their resert reasons on exercused in are ary libility watsere (in egligere or drewseler aimigring resertain of it contents of the resertation of the presentation The Connection in the Conpert search will not be eget ed unter the US Securites Act, and a collection of putside the United States in ancemption for negation of the provided y Replation of the US Securities Act.

This presention the basis of any instance in econtinent in sculties of any issue necibed in need to make their any spaced to make the investigation and approach inte business and financel concirement the recurities. Any decision in the comes of a proposed offering of sould be need sole in the casts of fifornator orrained in any of the in reading for an ofteing, for unter information a bot the Company references mate by the Company, such as filing mate with the Confort Exchange, periodic reports and other materials available on the Company's web pages.

Genside For sing routes a lens be performance in addition to the financial figures prepared in accordination in management in and a Reporting Starter (FRS), The neaste no teline in International Prancis in are nonessaily allectly companies performance performance neasures . The PN arent internation in VFS mesures of performance, but hand think Gensi get speriments and epresent imprism management to Goupanditions for just the Soupandities. Ny jigens be equaled by FFS or other on a vel as not regared as 47%. Gensitiges PM a re presentation All.AP/Vs are presentation Al.A.P/Vs re presentative on and period The APMs have generally been used consistently over time. Definitions and calculations can be found at www.gjensidige.ndgroup/investor-relations/reports.

Notes

Notes

Investor Relations

Mitra Hagen Negård

Head of Investor Relations Mitra-Hagen.Negard@gjensidige.no Mobile: (+47) 957 93 631

Kjetil Gill Østvold

Investor Relations Officer Kjetil-gill.ostvold@gjensidige.no Mobile: (+47) 468 63 004

Address

Schweigaards gate 21, PO Box 700 Sentrum, 0106 Oslo, Norway gjensidige.no/ir