Gjensidige Forsikring ASA

Investor Presentation • Jul 14, 2021

Gjensidige Forsikring Group

2nd quarter 2021 results

14 July, 2021

Very solid second quarter results

• Pre-tax profit NOK 2,330m
• Underwriting result NOK 1,527m
  • 6.1% premium growth ●
  • Continued improvement in underlying profitability
  • Further strengthened market position
  • · Good cost control
• Financial result NOK 802m, return 1.3%
• Return on equity 27.7%1)

Combined ratio

APMs are described at www.gjensidige.no/group/investor-elations/reports in a document named APMs Gjensidige Forsikring Group Q2 2021. 1) Annualised, YTD

Customer dividend model supports customer loyalty

• More than NOK 23bn paid out since 2007
• Highly valued customer proposition
  • 8 out of 10 customers say the customer dividend model contributes to their loyalty
  • · 9 out of 10 customers aware of the model
  • 6 out of 10 non-customers aware of the model
• · Complements a strong brand and superior customer experiences in building loyalty

High and stable customer dividends

Customer dividend ratio1)

Strong operations

• Norway
  • Effective pricing measures and good risk selection
  • Strong sales and renewals
  • · Strengthened #1 market position
• · Denmark
  • Partnership agreement with Toyota
  • New core IT-system opened for sales
• Focus on profit enhancing measures in Sweden and the Baltics

High customer retention in Norway

1) Retention for the whole portfolio and loyalty/ affinity portfolio respectively. The latter represents 84 per cent of premiums.

Staying ahead of claims inflation

Continuous monitoring and rapid response to claims inflation

Best market terms on supplier contracts, limited exposure to inflation on materials

Motor & property Norway

90 % of frequency claim repairs carried out by contracted suppliers

Claims cost, frequency property claims in Norway

~20-25 %

material cost

~75-80 %

labour cost, at fixed annual rates

Quarterly update

Moving forward to deliver on our sustainability goals

• New initiatives for damage prevention
• Signatory to Guide against Greenwashing, and Women in Finance charter
• Strong recognitions
  • Ranked # 4 among all Norwegian companies in sustainability survey by the Norwegian Business School
  • Ranked as the most attractive employer in insurance industry and «Climber of the year» in Universum survey in Norway
• Preparing for reporting according to EU taxonomy

Our focus areas

• Safer society
• · Reduced CO2 intensity
• · Responsible investments

Financial performance

Record high UW result and strong financial result

NOK m	022021	022020	Y ID 2021	Y D 2020
Private	832	747	1 401	1 267
Commercial	579	523	1 019	1 016
Denmark	250	237	466	413
Sweden	16	(15)	18	5
Baltics	(4)	48	(14)	53
Corporate Centre/costs related to owner	(99)	(76)	(191)	(181)
Corporate Centre/reinsurance	(46)	(119)	(132)	(172)
Underwriting result	1 527	1 344	2 567	2 401
Pension	55	34	100	69
Financial result from the investment portfolio	802	1 159	1 358	(361)
Amortisation and impairment losses of excess value	(36)	(44)	(66)	(96)
Other items	(17)	(16)	(32)	(34)
Profit/(loss) before tax expenses	2 330	2 477	3 927	1 980

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

Premium development

Key drivers - premium development

• Private +7.9%, price and volume driven
• · Commercial +11.8%, price and volume driven
• · Denmark negative 1.3%
  • · Positive 7.3% in local currency, volume and price driven
• · Sweden +2.5%
  • · Positive 6.4% in local currency, volume and price driven
• · Baltics negative 6.4%
  • Positive 2.2% in local currency, mainly volume driven

Improved loss ratio

Loss ratio development

Loss ratio (%)

65.6	(0.3)	0.1	(1.0)	64.5
Q2 2020	losses (pp)	Change in large Change in run off (pp)	Change in underlying frequency loss ratio (pp)	Q2 2021

Key drivers

• Higher earned premiums
• Efficient operations
• Slightly lower Covid-19 impact on claims
• Underlying frequency loss ratio, adjusted for Covid-19 impacts improved by 2.4 percentage points

Continued good cost control - cost ratio 14.2 per cent

Cost development

• Strong cost discipline across the Group
• Cost ratio 13.6 per cent excluding Baltics

Good profit for Pension operation

Profit and return

Assets under management

Investment return of 1.3 per cent, reflecting market condition

12% 11.0 % 10% 8% 6% 5.6 % 4.3 % 4% 2% 0.9 % 0.5 % 0% (0.2%) -2% Free World Crient of the String Properties Croperies (1987) (1987)

Creating (1987)

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 ■ Investment grade (internal rating) 1)

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

■ Unrated

Figures as at 30.6.2021 1) Internal rating - rating by Gjensidige. 97% of this portfolio rated as Investment grade.

Strong capital generation driven by strong UW and investment result

1) Operating SII earnings comprise SII underwriting result of the match portfolio after tax 2) 80% payout ratio according to dividend policy for the accounting year

• Solvency margin of 203% adjusted for the upcoming redemption of Gjensidige's Tier 1-loan of NOK 1 billion in September
• Eligible own funds
  • · Increased by operating profit and return on the free portfolio
  • · Subtracted formulaic dividend (80% of YTD result)
  • · Redemption of loan in GPF of NOK 300 million
• Capital requirement
  • · Underwriting risk increased due to increased portfolio for both non-life and life business

Moving ahead on operational targets

Metric	Status Q2 2021	Target 2022
Customer satisfaction (CSI)	79	> 78, Group
Customer retention	90%	> 90%, Norway
	79%	> 85%, outside Norway
Sales effectiveness	+22%	+ 10%, Group
Automated tariffs	55%	100%, Group
Digital claims reporting	80%	80%, Norway
Claims straight-through processing	19%	64%, Norway
Claims cost	NOK 615 million	Reduce by NOK 500 million, Group

Concluding remarks

• Strong results for the quarter
• Focus on growth and strong operations
• Robust capital position
• Maintaining strong capital discipline and focus on generating attractive returns
• Promising outlook expect continued strong results going forward

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 Q2 2021 results

Date	Location	Participants	Event	Arranged by
16 August	Oslo	CFO Jostein Amdal Head of IR Mitra H. Negård	Roadshow (tel. meetings)	DNB
19 August	London	CFO Head of IR Mitra H. Negård	Roadshow (tel. meetings)	Danske Bank
26 August	Oslo	CEO Helge Leiro Baastad Head of IR Mitra H. Negård	Conference (tel. meetings)	SEB
31 August	Helsinki	CFO Jostein Amdal IRO Kjetil Gill Østvold	Roadshow (tel. meetings)	SEB
2 September	München	CEO Helge Leiro Baastad Head of IR Mitra H. Negård IRO Kjetil Gill Østvold	Roadshow (tel. meetings)	Kepler Cheuvreux
8 September	Milano/Lugano	CEO Helge Leiro Baastad Head of IR Mitra H. Negård IRO Kjetil Gill Østvold	Roadshow (tel. meetings)	KBW
9 September	Copenhagen	CFO Jostein Amdal IRO Kjetil Gill Østvold	Roadshow (tel. meetings)	Carnegie
14 September	London	CFO Jostein Amdal Head of IR Mitra H. Negård	Conference (tel. meetings)	Barclays

Positive claims impact from Covid-19

Claims, NOK million	02 21	Q2 20	Y Di2H	YID 20	FY 20
Corporate Centre, gross	0	(38)	0	(260)	(305)
Corporate Centre, net of reinsurance	0	(72)	O	(132)	(184)
Private	57	69	134	107	240
Commercial	16	25	30	56	119
Denmark	41	108	75	95	124
Sweden	3	-11	5	-14	(23)
Baltics	2	14	5	13	20
Total impact on claims, net of reinsurance	119	132	248	126	296

Covid- and weather effects, YTD 2021

YTD 2021	Group		Private		Commercial		Denmark		Sweden		Baltics
	2021	2020	2021	20220	2021	2020	2024	2020	2024	2020	2021	2020
Earned premiums	14,149	13,336	4,889	4,567	4,899	4,392	2,919	2,936	808	777	552	596
Loss ratio	67.5%	67.2%	58.2%	59.2%	69.9%	66.8%	68.9%	71.4%	80.4%	80.8%	73.5%	61.8%
Underlying frequency loss ratio	67.8%	67.4%	61.7%	62.4%	70.2%	68.8%	68.9%	70.2%	82.5%	81.1%	77.4%	62.5%
Covid - large loss		-162		-14		-3		-12				-1
Covid - frequency	248	288	134	122	30	59	75	108	5	-14	5	14
Covid total	248	126	134	107	30	56	75	95	5	-14	5	13
Weather - large loss	-103		-10		-20
Weather - frequency	-213		-126		-87
Weather total	+316		-136		-107
Covid effect on large loss	0.0%	-1.2%	0.0%	-0.3%	0.0%	-0.1%	0.0%	-0.4%	0.0%	0.0%	0.0%	-0.1%
Covid effect on underlying frequency los	1.8%	2.2%	2.7%	2.7%	0.6%	1.3%	2.6%	3.7%	0.6%	-1.8%	0.9%	2.3%
Weather effect on large loss	-0.7%	0.0%	-0.2%	0.0%	-0.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Weather effect on underlying
frequency loss	-1.5%	0.0%	-2.6%	0.0%	-1.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Loss ratio adjusted for weather
and covid	67.0%	68.2%	5872%	61.5%	68.3%	68.0%	74.5%	74.6%	80.9%	79.0%	74.4%	64.0%
Underlying frequency loss ratio adjusted for weather and covid	68.0%	69.6%	61.9%	65.1%	69.0%	70.2%	71.5%	73.8%	83.1%	79.3%	78.3%	21 64.9%

Covid-and weather effects, Q2 2021

0722024	Group		Private		Commercial		Denmark		Sweden		Baltics
	2092	2020	2021	2020	2024	2020	2024	2020	2024	2020	2021	2020
Earned premiums	7,175	6,765	2,502	2,320	2,481	2,219	1,473	1,492	410	400	278	297
Loss ratio Underlying frequency loss ratio	64.5% 63.8%	65.6% 64.8%	53.7% 55.9%	54.8% 59.6%	67.9% 65.8%	66.5% 66.6%	67.4% 66.2%	69.6% 65.9%	79.7% 83.9%	83.9% 81.3%	72.8% 76.7%	55.5% 59.4%
Covid - large loss Covid - frequency Covid total	119 119	-72 204 132	57 57	69 69	16 16	25 25	41 41	108 108	3 3	-11 - 11	2 2	14 14
Weather - large loss Weather - frequency Weather total
Covid effect on large loss Covid effect on underlying frequency loss	0.0% 1.7%	-1.1% 3.0%	0.0% 2.3%	0.0% 3.0%	0.0% 0.6%	0.0% 1.1%	0.0% 2.8%	0.0% 7.2%	0.0% 0.6%	0.0% -2.9%	0.0% 0.7%	0.0% 4.7%
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	66.72%	67.6%	56.0%	5777790	68.5%	67.6%	70 22%	76.9%	80.3%	81.1%	7.6.6%	60, 2%
Underlying frequency loss ratio adjusted for weather and covid	65.5%	67.8%	58.2%	62.5%	66.5%	67.8%	69.096	73.1%	84.5%	78.5%	77.4%	64.1% 22

Private

General insurance - cost ratio and loss ratio per segment

Commercial

23 Gjensidige Forsikring Group

General insurance - cost ratio and loss ratio per segment

102.6 %

29.1 %

73.5 %

91.1 %

29.3 %

61.8 %

Effect of discounting of claims provisions

Effect of discounting on CR - Q2 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 4.9 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 26

Large losses development

~ NOK 1.3bn in large losses expected annually

Large losses per segment - actual vs. expected

Run-off gains 4.2 percentage points - higher than planned

Run-off net

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.

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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 30.6.2021

Match portfolio

• Carrying amount: NOK 36.9bn
• · Average duration: 3.5 years

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

Free portfolio

• Carrying amount: NOK 23.6bn
• · Average duration fixed-income instruments: 2.1 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	9/0	NOK bn	%
AAA	13.2	35.9	0.6	4.7
AA	3.3	9.0	3.4	25.1
A	6.3	17.2	2.8	21.1
BBB	4.8	13.1	2.1	16.0
BB	0.1	0.4	0.4	2.9
B	1.1	2.9	0.2	1.3
CCC or lower	0.2	0.5	0.1	0.5
Internal rating1)	4.8	13.0	29	21.4
Unrated	3.0	8.1	1.0	7.1
Fixed income portfolio	36.9	100.0	13.4	1 00 0

Split - Counterparty	Match portfolio		Free portfolio
	NOK bn	%	NOK bn	8
Public sector	5.6	15.3	4.2	31.5
Bank/financial institutions	18.4	49.8	5.7	42.4
Corporates	12.9	34.9	3.5	26.1
Total	36.9	100.0	13.4	100.0

Capital generation year-to-date

1) 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 for the accounting year

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	23.7	21.1	23.8	21.2	2.7
Capital requirement	11.2	9.9	9.3	8.0	1.8
Solvency margin	212%	212%	256%	265%	150%

NOK bn

Solvency II eligible own funds

Bridging the gap between IFRS equity and Solvency II capital

Figures as at 30.6.2021. GPF = Gjensidge Pensions AS. All differences in valuation of assets and liabilities are adjusted for tax. Tax is assumed on the security provision. Min effects are related to the guarantee scheme provision and different valuation of Oslo Area.

Solvency II capital requirements

Nok bn	Approved partial internal model (Group)	Own partial internal model (Group) 1)
Eligible own funds	23.7	23.8
Capital charge for non-life and health uw risk	8.7	7.0
Capital charge for life uw risk	1.8	1.8
Capital charge for market risk	7.2	6.7
Capital charge for counterparty risk	0.3	0.3
Diversification	(4.8)	(5.0)
Basic SCR	133	10 3
Operational risk	0.9	0.9
Adjustments (loss-absorbing capacity of deferred tax)	(3.0)	(2.4)
Total solvency capital requirement	11.2	9.3
Surplus	12.5	14.5
Solvency ratio	212%	256%

Scope regulatory approved PIM

Solvency II sensitivities for the approved partial internal model

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 1.5-1.9bn 1.5-1.9bn (NOK 2.3-2.9 bn after redemption of Tier 1loan in September 2021)
  • Utilised Tier 1 debt capacity: NOK 2.2bn
• Tier 2 remaining capacity is 0.4bn
  • Utilised sub debt: NOK 2.4bn
  • Utilised natural perils fund: NOK 2.7bn

Equity (NOK m)

Annualised return on equity 27.7 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, 1* quarter 2021 (Gjensidige including Vardia), The Danish Insurance Association 200 . Battics Insurance Supervisory Authorities of Latistics, competitor reports, and manual calculations, 18 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 368bn

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 7.5bn

■ 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	3.90
3	Deutsche Bank	3.41
4	BlackRock Inc	3.35
5	Nordea	1.68
6	Scotia Bank	1.04
7	The Vanguard Group, Inc	1.04
8	State Street Corporation	0.98
9	Danske Bank	0.94
10	ORIX Corporation	0.78
	Total 10 largest	79.37

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

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