Gjensidige Forsikring ASA

Investor Presentation • Oct 20, 2021

Gjensidige Forsikring Group

3rd quarter 2021 results

20 October, 2021

Very solid third quarter results

• Pre-tax profit NOK 2,022m
• Underwriting result NOK 1,804m
  • 8.2% premium growth
  • · Continued improvement in profitability
  • · Good cost control
• Financial result NOK 207m, return 0.3%
• Return on equity 26.9%1)

Special dividend of NOK 4 per share

Capital optimisation

• The Board has decided to distribute a special dividend NOK 4.00 per share
  • Corresponding to a total of NOK 2bn
  • Payment pending approval from FSA
  • Excess capital distribution
  • · Declared based on Board authorisation from General Meeting on 24 March 2021
  • · Key dates will be announced upon FSA approval

Strong track of generating attractive shareholder returns

¹⁾ Pay-out ratio based on regular dividend of NOK 4.00 declared by the Board. Payment pending approval from FSA.

Strong operations

• · Rising claims inflation will be met with necessary pricing measures
• · Solid performance in Norway
  • Strong sales and renewals
  • Effective pricing measures ●
• Continued progress in Denmark
  • NEM Forsikring acquisition completed in October
  • Progress in new core IT system
  • New partner agreement with leading Danish real estate broker Home
• Focus on profit enhancing measures in Sweden and the Baltics

Staying ahead of claims inflation

New products, services and sustainability initiatives

• · New ownership change insurance in Norway from 2022
• · Threshold for condemnation of vehicles lifted to 80 per cent - new industry standard
• Increasing sustainability competence among our largest suppliers in Denmark - "People Way Project"
• Helsehjelp 24/7 service expanded with digital psychologist therapy
• · Preparing for reporting according to EU taxonomy

Gjensidige and Gjensidigestiftelsen address mental health challenges among the young

• among young people
• · Focus on improving life skills
• Gjensidige entered into agreement to support MOT and Ungt Entreprenørskap in Norway

Financial performance

Record high UW result

NOK m	03 2021	03 2020	YID 2021	YTD 2020
Private	826	786	2,227	2,053
Commercial	712	603	1,731	1,620
Denmark	299	163	765	575
Sweden	83	67	101	73
Baltics	(26)	10	(40)	63
Corporate Centre/costs related to owner	(87)	(84)	(277)	(265)
Corporate Centre/reinsurance	(3)	(32)	(135)	(204)
Underwriting result	1,804	1,512	4,371	3,914
Pension	55	41	155	111
Financial result from the investment portfolio	207	551	1,566	190
Amortisation and impairment losses of excess value	(28)	(43)	(94)	(139)
Other items	(16)	(13)	(48)	(47)
Profit/(loss) before tax expenses	2,022	2,048	5,949	4,028

Gjensidige Forsikring Group 7

8.2 per cent premium growth - 9.1 per cent adjusted for currency effects

Premium development

Key drivers - premium development

• Private +6.9%, price and volume driven
• · Commercial +13.8%, price and volume driven
• · Denmark +5.3%
  • · Positive 8.6% in local currency, volume and price driven
• Sweden negative 0.7 %
  • · Positive 0.8% in local currency, volume and price driven
• · Baltics +3.7%
  • Positive 7.1% in local currency, mainly volume driven

Improved loss ratio

Loss ratio development

Loss ratio (%)

64.3		(0.2)	(0.4)	(1.4)				62.4
		losses (pp)	Q3 2020 Change in large Change in run off (pp)		Change in underlying frequency loss ratio (pp)		Q3 2021

Key drivers

• Effective pricing measures
• · Good risk selection
• Underlying frequency loss ratio, adjusted for Covid-19 impacts improved by 1.6 percentage points

Continued good cost control - cost ratio 13.6 per cent

INUK III 969	34	12	4	(2)	5	ଧ	1,024
2020 ОЗ	Private	Commercial	Denmark	Sweden	Baltics	CC	2021 Q3

Cost development

• Efficient operations
• High premium growth
• · Strong cost discipline
• Cost ratio 13.0 per cent excluding Baltics

Good profit for Pension operation

Profit and return

Assets under management

Moderate investment return of 0.3 per cent, reflecting market conditions

Investment return per asset class

Balanced investment portfolio

• 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

Current bonds

■ Other (incl. hedge funds and commodities)

• ■Investment grade (internal rating)")
• ■Non-investment grade
• ■Non-investment grade (internal rating)
• ■Unrated

Strong capital generation driven by strong UW result

Eligible own funds

• ·
• Subtracted declared dividend of NOK 4 per share and 80 per cent formulaic dividend for YTD 2021 profit
• · Redemption of Tier 1 loan (NOK 1bn)

Capital requirement

• · and pension
• · Increased market risk driven by higher exposure to convertible bonds and increased market risk in Gjensidige Pensjonsforsikring
• · Closing of NEM (October 2021) and toll company transactions (expected in Q4'21) will bring down the solvency margin by approximately 5 percentage points, all other things equal

17 Operating SII earnings comprise SII underwriting result and SII financial result of the match portfolio after tax 2) 80% payout ratio according to dividend policy, based on YTD profit, and declared dividend of NOK 2 billion (NOK 4 per share)

Moving ahead on operational targets

Metric	Status Q3 2021	Target 2022
Customer satisfaction (CSI)	79	78, Group >
	90%	> 90%, Norway
Customer retention	79%	> 85%, outside Norway
Sales effectiveness	+23%	+ 10%, Group
Automated tariffs	55%	100%, Group
Digital claims reporting	80%	80%, Norway
Claims straight-through processing	21%	64%, Norway
Claims cost	NOK 630 million	Reduce by NOK 500 million, Group

Concluding remarks

• · Solid results
• Focus on growth, strong operations and capital discipline
• Board decided to distribute a special dividend of NOK 4.00 per share
  • Payment pending approval from FSA
• Promising outlook .
  • Expect continued strong results going forward and delivery on financial targets for 2021

Annual financial targets through 2022

Metric	Target
Combined ratio	86-89%1)
Cost ratio	<15%
Solvency margin (PIM)	150-200%
ROE after tax	>20%2)
UW result outside Norway	NOK 750m (in 2022) 3)
Dividends	Nominal high and stable (and >80% over time)

Capital Markets Day 24 November 2021

Gjensidige Forsikring Group

Roadshows and conferences post Q3 2021 results

Date	Location	Participants	Event	Arranged by
20 October	Oslo	CEO Helge Leiro Baastad Head of IR Mitra H. Negård	Roadshow	SEB
22 October	London	CFO Jostein Amdal Head of IR Mitra H. Negård	Roadshow (tel. meetings)	DNB
28 October	Copenhagen/Stockholm	CFO Jostein Amdal IRO Kjetil Gill Østvold	Roadshow (tel. meetings)	ABGSC
11 November	Amsterdam/Paris	CEO Helge Leiro Baastad IRO Kjetil Gill Østvold	Roadshow (tel. meetings)	Kepler Cheuvreux
11 November	London	CFO Head of IR Mitra H. Negård	Conference (tel. meetings)	Berenberg
24 November	Oslo	Executive management Gjensidige Forsikring ASA	Capital Markets Day (virtual)	Gjensidige

Positive claims impact from Covid-19

Claims, NOK million	Q3 21	Q3 20	YET DI 21 .	YTD 20	FY 20
Corporate Centre, gross	O	(24)	O	(284)	(305)
Corporate Centre, net of reinsurance	O	(31)	O	(162)	(184)
Private	32	49	165	157	240
Commercial	9	17	39	72	119
Denmark	21	7	96	103	124
Sweden	3	(5)	ರಿ	(19)	(23)
Baltics	O	3	5	17	20
Total impact on claims, net of reinsurance	64	41	312	1.67	296

Covid- and weather effects, YTD 2021

YTD 2021	Group		Private		Commercial		Denmark		Sweden		Baltics
	2021	2020	2092	2020	2092	2020	2092	2020	2024	2020	2022	2020
Earned premiums Loss ratio Underlying frequency loss ratio	21,665 65.7% 66.8%	20,285 66.2% 6/.1%	7,520 57.3% 61.0%	7,027 57.9% 61.6%	1,478 67.7% 68.7%	6,659 65.8% 68.1%	4,469 68.3% 69.1%	4,409 72.6% 71.3%	1,225 74.5% 75.9%	1,197 75.8% 78.2%	854 75.7% 80.0%	887 63.9% 66.2%
Covid - large loss Covid - frequency Covid total	312 312	(193) 360 167	165 165	(14) 171 157	39 39	(3) 76 72	(12) 96 96	115 103	8 8	(0) (19) (19)	5 5	1 17 17
Weather - large loss Weather - frequency Weather total	(103) (213) (BT6)		(10) (126) (136)		(20) (87) (107)
Covid effect on large loss Covid effect on underlying frequency loss	0.0% 1.4%	(0.9%) 1.8%	0.0% 2.2%	(0.2%) 2.4%	0.0% 0.5%	0.0% 1.1%	0.0% 2.1%	(0.3%) 2.6%	0.0% 0.6%	0.0% (1.6%)	0.0% 0.6%	(0.1%) 1.9%
Weather effect on large loss Weather effect on underlying frequency loss	(0.5%) (1.0%)	0.0% 0.0%	(0.1%) (1.7%)	0.0% 0.0%	(0.3%) (1.2%)	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%
Loss ratio adjusted for weather and covid Underlying frequency loss ratio adjusted for weather and covid	65.7% 67.3%	67.0% 68.8%	5777790 61.5%	60.1% 64.0%	66.8% 68.0%	66.9% 69.3%	70.4% 71.8%	74.9% 74.0%	715 11% 76.5%	74.2% 76.7%	76 396 80.6%	65.89% 68.1%

Covid-and weather effects, Q3 2021

Q3 2021	Group		Private		Commercial		Denmark		Sweden		Baltics
	2021	2020	20921	2020	2024	2020	2092	2020	2094	2020	2022	2020
Earned premiums	7,516	6,949	2,631	2,460	2,579	2,267	1,550	1,473	417	420	302	291
Loss ratio Underlying frequency loss ratio	62.4% 65.1%	64.3% 66.4%	55.6% 59.6%	55.6% 60.1%	63.6% 65.8%	63.9% 66.8%	67.1% 71.2%	74.9% 73.7%	63.1% 63.0%	66.5% 73.0%	79.7% 84.6%	68.3% 73.8%
Covid - large loss Covid - frequency	64	(31) 71	32	49	9	17	21		3	(5)		3
Covid total	64	41	32	49	9	17	21	7	3	(5)		3
Weather - large loss Weather - frequency Weather total
Covid effect on large loss Covid effect on underlying frequency loss	0.0% 0.9%	(0.4%) 1.0%	0.0% 1.2%	0.0% 2.0%	0.0% 0.3%	0.0% 0.7%	0.0% 1.3%	0.0% 0.5%	0.0% 0.7%	0.0% (1.2%)	0.0% 0.0%	0.0% 1.1%
Weather effect on large loss Weather effect on underlying frequency loss	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%	0.0% 0.0%
Loss ratio adjusted for weather and covid	65.246	64.9%	56.8%	57.6%	63.9%	64.6%	68.4%	75.4%	63.9%	65.3%	79.796	69.4%
Underlying frequency loss ratio adjusted for weather and covid	65.9%	67.5%	60.8%	62.1%	66.1%	67.5%	72.5%	74.2%	63.7%	71.8%	84.6%	21 74.9%

General insurance - cost ratio and loss ratio per segment

Private

Commercial

General insurance - cost ratio and loss ratio per segment

Effect of discounting of claims provisions

Effect of discounting on CR - Q3 2021

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 1.9 percentage points - lower 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

NOK m

Large losses development

~ NOK 1.3bn in large losses expected annually

Large losses per segment - actual vs. expected

Run-off gains 4.6 percentage points - higher than planned

Run-off net

ロPlanned ■Reported

Run-off net per segment

NOK m

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 1.1.2021 the premium rate is set to 0.065 per thousand of the fire insurance amount, no change from 2020
• 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 it's own market share
• Natural perils claims are booked in the same month as the claim occurs

23.4% Gjensidige's calculated market share for 2021

Reinsurance - overview valid as from 2021

• 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
Property	50% of Oslo Areal	IPD index Norway / Exogen factors
Other	Miscellaneous

1) See quarterly report for a more detailed description

Asset allocation - as at 30.9.2021

Match portfolio

• Carrying amount: NOK 36.8bn
• Average duration: 3.4 years

• ■Fixed income short duration ■Bonds at amortised cost
• Current bonds

Free portfolio

• Carrying amount: NOK 23.9bn
• · Average duration fixed-income instruments: 2.2 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	13.1	35.6	1.1	8.3
AA	3.5	9.6	3.7	27.0
A	6.2	16.8	2.0	14.2
ввв	6.0	16.2	2.1	15.3
BB	0.1	0.2	0.4	3.2
B	0.9	2.5	0.6	4.7
CCC or lower	0.1	0.4	0.1	1.0
Internal rating1)	3.7	10.2	2.2	16.1
Unrated	3.1	8.5	1.4	10.2
Fixed income portfolio	36.8	100.0	13.8	100.0

Split - Counterparty	Match portfolio		Free portfolio
	NOK bn	%	NOK bn	%
Public sector	5.8	15.7	3.1	22.0
Bank/financial institutions	18.4	50.0	6.2	45.1
Corporates	12.6	34.3	4.5	32.8
Total	36.8	100.0	13.8	1 0 0 0

• Reported solvency margin as at 30.9.2021: 182%
• Regular dividend can differ from formulaic dividend of 80% included in solvency margin calculation
• Acquisitions of Nem Forsikring (completed in October 2021) and the two toll service companies (expected in Q4'21) is expected to reduce the solvency margin with approximately 5 percentage points, all other things being equal

Capital generation year-to-date

Gjensidige Forsikring Group 39

1) Operating SII earnings comprise SII underwriting result of the match portfolio after tax 22 80% payout ratio according to dividend policy, based on YTD profit, and declared dividend of NOK 2 billion (NOK 4 per share)

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	20.8	17.9	20.9	18.0	2.8
Capital requirement	11.4	10.1	9.5	8.2	1.8
Solvency margin	182%	177%	220%	220%	152%

NOK bn

Solvency II eligible own funds

Bridging the gap between IFRS equity and Solvency II capital

Figures as at 30.9.2021. GPF = Gjensidige AS. Deferred tax. All differences in valuation of assets and libilities are adjusted for tax. Tax is assumed on the security provision. Miscellaneous: Main effects are related to the provision and different valuation of Oslo Areal. 80% payout ratio according to dividend policy, based on YTD profit, and declared dividend of NOK 2 billion (NOK 4 per share)

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	20.8	20.9
Capital charge for non-life and health uw risk	8.8	7.1
Capital charge for life uw risk	1.9	1.9
Capital charge for market risk	7 4	6.9
Capital charge for counterparty risk	0.4	0.4
Diversification	(4.9)	(5.2)
Basic solvency capital requirement	13.5	11.0
Operational risk	1.0	1.0
Adjustments (loss-absorbing capacity of deferred tax)	(3.1)	(2.5)
Solvency capital requirement (SCR)	11.4	9.5
Surplus	9.4	11.4
Solvency ratio	182%	220%

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 30.9.2021

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 at 30.9.2021. The legal perspective is the partial internal internal internal internal mediation in the may inted.

Subordinated debt capacity Gjensidige Forsikring Group

Principles for capacity

	100	12	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 1.9-2.4
  • Utilised Tier 1 debt capacity: NOK 1.2bn
• Tier 2 remaining capacity is 0.4bn
  • Utilised sub debt: NOK 2.4bn
  • Utilised natural perils fund: NOK 2.8bn

Equity (NOK m)

Annualised return on equity 26.9 per cent

Annualised return on equity (%)

Market leader in Norway

Market share - Total market

Market share - Commercial

Market share - Private

Growth opportunities outside Norway

Sources: Insurance Sweden, 210 quarter 2021 (Gjensidige including Vardia), The Danish Insurance Association 30 quarter 2020. Battics Insurance Supervisory Authorities of Lithuania, Estonia Statistics, competitor reports, and manual calculations, 20° 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 392bn

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 7.6bn

■ 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	4.00
3	BlackRock Inc	3.20
4	Deutsche Bank	2.94
5	Nordea	1.50
6	Scotia Bank	1.37
7	The Vanguard Group, Inc	1.05
8	State Street Corporation	0.98
9	Danske Bank	0.88
	10 Svenska Handelsbanken Group	0.78
	Total 10 largest	78.94

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

44 Stareholder ist based on analysis performed by Orient of the Norwegan Centrel Securities Depository (VPS) as per 30 September 2021. This analysis pources as uney of the sharelates wha are behind the nomines accurrent that the is complete. 4 Discribution of share reducing share held by the Gensidge Foundation (Gensidigestifrelsen),

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 on of elegation, as vel as on financin, and regarded in the partiery por and presentation. Al Prisa representation A.I.APMs are presentation A.I.APMs are presentation 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