Gjensidige Forsikring ASA

Investor Presentation • Oct 20, 2020

Company presentation 3rd quarter 2020

Gjensidig Pensjonsforsikring AS 20 October 2020

Classified: General Business

Disclaimer

This presentation and the information contained herein have been prepared by and is the sole responsibility of Gjensidige Pensjonsforsikring AS (the "Company"). Such information is being provided to you solely for your information and may not be reproduced, retransmitted, further distributed to any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. The information and opinions presented herein are based on general information gathered at the time of writing and are therefore subject to change without notice. The Company assumes no obligations to update or correct any of the information set out herein.

These materials may contain statements about future events and expectations that are forward-looking statements. Any statement in these materials that is not a statement of historical fact including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

This presentation does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. The contents of this presentation have not been independently verified. While the Company relies on information obtained from sources believed to be reliable, it does not guarantee its accuracy or completeness. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its owners, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of the Company, its affiliates or any of their respective advisors or representatives or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act.

This presentation should not form the basis of any investment decision. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in any offering documents published in relation to such an offering. For further information about the Company, reference is made public disclosures made by the Company, such as filings made with the Oslo Stock Exchange, periodic reports and other materials available on the Company's web pages.

In addition to the financial statements according to IFRS, Gjensidige uses different alternative performance measures (APM) to present the business in a more relevant way for its different stakeholders. The alternative performance measures have been used consistent over time, and relevant definitions have been disclosed in the quarterly reports. Comparable figures are provided for all alternative performance measures in the quarterly reports.

Key messages

• Leading defined contribution pension specialist
• Defined contribution and disability pension only
• Limited share of paid-up policies managed for stable returns and limited capital requirement
• Competitive business model
• Cost efficient and scalable
• Positioned for continued growth and increased profitability
• Integrated part of Gjensidige's small and medium enterprise (SME) offering

GPF strategically important for Gjensidige Insurance Group - strengthen position in the Norwegian SME market

Gjensidige Insurance group

• Leading Nordic general insurance company with 200 years history
• S&P A rating with strong enterprise risk management
• Earned premiums general insurance 2019: NOK 24.7 bn
• Pre-tax profit 2019: NOK 7.8 bn

Gjensidige Pensjonsforsikring AS (GPF)

• Established in 2005
• Fully owned by Gjensidige Forsikring ASA
• Assets under management Q3 2020: NOK 39,0 bn
• Strategic importance to the Gjensidige Group
• Strong value-proposition in the Norwegian SME-market
• 66,7 per cent shared customers (SME, direct distribution)

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

5

Number two position in the Norwegian individual disability pension market

• A strong contender in a growing market
• Increasingly important to Gjensidige's ambitions within life and health insurance market

Achieving good returns for our unit linked customers

Annual return	1 year	3 years	5 years
Aktiv Offensiv	7.57%	6.81%	6.97%
Aktiv Balansert	6.71%	5.77%	5.87%
Aktiv Trygg	5.33%	4.53%	4.59%
Kombinert Offensiv	7.92%	6.87%	7.63%
Kombinert Balansert	7.02%	5.97%	6.37%
Kombinert Trygg	5.72%	4.85%	4.91%

Strong volume and profit growth in GPF

Key figures Q3-20

			YTD	YTD
NOK million	Q3-2020	Q3-2019	2020	2019
Administration fees	39 7	38 3	117 4	113 5
Insurance revenue	20 0	22 9	63 1	65 6
Management income etc	46 6	43 2	133 0	122 4
Operating Income	106 3	104 4	313 6	301 6
Operating expenses	72 0	66 8	222 9	194 1
Net operating income	34 3	37 6	90 7	5 107
Net financial income	7 0	5 4	19 9	28 3
Profit/(loss) before tax
expense	41 3	43 0	110 6	135 8
Operating margin	32 3 %	36 0 %	28 9 %	35 % 7
Return equity after tax on
(12 months - rolling)			14 5 %	17 7 %

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

*Total Norwegian market. Source:Finance Norway ¹⁰

**Compound annual growth rate

Paid up policies a small part of GPF's liabilities

DC AUM - market total

Share of paid up policies - GPF

Source: Finance Norway

Classified: General Business *Compound annual growth rate 2010 - 2019** Paid up policies / (AUM in defined contribution + paid up policy liabilitie

Balanced group policy portfolio - flexible, yet conservative investment strategy

Booked return Paid-up policy portfolios

AUM	Guaranteed	Value adjusted return YTD	Booked return YTD
NOK 3.4bn	3.6 %	0.78 %	1.38 %
NOK 0.2bn	3.2 %	1.66 %	1.39 %
NOK 0.4bn	2.5 %	2.31 %	2.28 %
NOK 0.2bn	2.0 %	0.74 %	0.65 %

Balanced group policy portfolio - flexible, yet conservative investment strategy

Group policy portfolio NOK 7.0bn …of which paid-up policy portfolio NOK 4.2bn

As of 30.09.2020

Solvency II margin 154 per cent in Q3 2020

Dividend to be considered

Actions to bring margin up to green level within eight quarters

Immediate actions to bring margin> 100 percent

The Solvency II regulation is principle based. Calculations are based on Gjensidige's understanding of the Solvency II regulation and how it is implemented in Norway. Interest rate sensitivities are estimates.