Gjensidige Forsikring ASA

Earnings Release • Oct 20, 2021

Delivering superior customer experiences and stable returns

October 2021

Gjensidige is a highly profitable and leading general insurer in the Nordic and Baltic market

Leading position		Strong performance			Efficient operation
Strong brand built over	11 In Norway (26% market share)	Premiums NOK 28 bn			Superior customer experiences
200 years Nordic/ Baltic growth agenda	~2 million customers	ROE > 18% (avg since IPO)	TSR > 600% (since IPO)		Profitability before growth
Retail SME	Very high loyalty	Dividend pay-out ratio ~80% Unique customer dividend ~14% (Based on regular dividend, avg since IPO)			Analytical approach from A to Z	Cost efficient <15% cost ratio

This presentation contains aternative performance in APMs are described on www.gensidge.no/reporting/indocument named APM Gensidige Forskiring Group O3 2021.

Attractive value proposition

• Proven track-record .
• · Strong position in attractive market place
• Efficient distribution and loyal customers
• Scalable hard-to-copy business model
• Efficient capital structure and good financial flexibility
• · Attractive dividend policy

Strong value creation since IPO ...

... driven by solid growth, underwriting and cost discipline

Proven ability to secure profitability over time

Superior Norwegian position, strong potential outside Norway

Growth ambition in Nordic/Baltic region

Ambition to secure strong position in Norway

Sources: Finance Norway, norter 2021, Insurance Sweder, 2ª "quarter 2021, The Danish hourance Superior 2020. Baltics Insurance Superiority Authorities of Latina and Lithania, Estonia Statistics, competitor reports, and many conserved 2021. Internet premiums for Gentified C 2021 in ech county, Source: Finance Nows, 19 comparis in Chel category

Gjensidige Forsikring Group 5

We operate in an attractive marketplace - further consolidation expected

Stable market and high barriers to entry ...

• · Superior cost positions
• Strong local brands .
• High customer loyalty
• Integrated value chains

...size and scale are increasingly important

Meet compliance complexity
Enable strategic/tech investments
Attract and develop skills
Increase diversification
Be a preferred alliance partner

Unique strengths provide competitive advantage

Brand awareness and strength	Quality mark in a competitive and digitalised environment
Loyal customers	Low acquisition costs and high-quality portfolio
Customer dividend model	Building loyalty and preference in Norway
Technology platform and analytical capabilities	Investing in technology and competency key to analysing Big Data and applying insight

We will continue to deliver superior customer experiences and stable shareholder returns – in a sustainable way

Operational targets for 2022

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

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)

1) Asuming annual run-off gains ~NOK 1 billion through 2022. Corresponds to 90-93 per cent given zero run-off gains post 2022 2) Corresponds to >16 per cent given zero run-off gains post 2022 3) Excluding run-off

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Excel and empower to deliver the best customer experiences also in the future

Group initiatives today ...

• Growth and profitability measures
• Launching next generation tariffs and CRM
• New core IT system and infrastructure

... to strengthen customer relations tomorrow

Increase efficiency and flexibility to develop and offer new products and services - alone or together with partners

Moving towards becoming our customers' problem solver

Our customer centric corporate strategy ...

... and segment priorities

Retain strong & unique position in Norway Exceed customer expectation, strengthen customer relationships

Continued strong position in Denmark Stringent profitability control, further development of business processes

Digital transformation in Sweden Rationalisation, simplification and digitalisation of the customer journey

Profitable growth in the Baltics Rationalisation, simplification and

digitalisation of the customer journey

Premium growth and underwriting discipline offset challenging investment environment

Continued solid premium growth expected

• Organic growth in line with nominal GDP growth over time
• · Continued complementary growth through M&A

Solid underwriting increasingly important

Conservative investment approach – balanced investment portfolio 2)

· Current equities ■ PE funds = Properties ■ Other (incl. hedge funds and commodities)

High credit quality

Investment grade

■ Current bonds

■ High Yield bonds

Convertible bonds

■ Bonds at amortised cost ■ Fixed income - short duration

= Other bonds (US/EUR IG, Sovereigns, EMD)

■Investment grade (internal rating)3)

• Non-investment grade
• Non-investment grade (internal rating)
• Unrated

We have an attractive dividend policy – supported by a solid capital position

Strong track record of generating attractive shareholder returns

Dividend policy

Gjensidige targets high and stable nominal dividends to its shareholders, and a payout ratio over time of at least 80 per cent of profit after tax. When determining the size of the dividend, the expected future capital need will be taken into account.

Over time, Gjensidige will also payout excess capital.

Excellence in our core operations is our first priority

Retain strong and unique position in Norway

• Adjust prices and terms
• Improve tariffs
• Increase digitalisation and automation

Strengthen profitability and growth outside Norway

• · Reduce total costs
• Improve tariffs
• Increase digitalisation and automation
• Strengthen own distribution
• Implement new core IT system

Maintain capital discipline and attractive dividends

• Retain solid capital situation
• Pursue disciplined and rational M&A
• Deliver high and stable nominal dividends
• · Support ROE target

Attractive value proposition

• · Proven track-record
• Strong position in attractive market place
• Efficient distribution and loyal customers
• Scalable hard-to-copy business model
• Efficient capital structure and good financial flexibility
• Attractive dividend policy