Gjensidige Forsikring ASA

Investor Presentation • Oct 24, 2025

Storm Amy in October 2025 – a tough reminder of climate changes

• Primary focus on customer assistance and managing high inquiry volumes
• Rapid mobilisation and efficient cross-functional coordination
• Industry-wide natural perils losses in Norway estimated at NOK 1.5-2.1bn (excluding losses outside scheme)
• Gjensidige's total claims cost related to 'Amy' in Q4 2025 estimated at NOK 400m, net of reinsurance and reinstatement premium

Higher general insurance service result, profit impacted by a non-recurring expense for Pension

• Pre-tax profit NOK 2,067m
• Insurance service result NOK 2,271m
• 11.3% insurance revenue growth (adjusted for nonrecurring effect in Private Norway, local currency)
• Effective pricing measures
• Improved underlying frequency loss ratio
• Continued good cost control
• Non-recurring expense in Pension of NOK 429m
• Financial result NOK 534m, return 0.8%
• Return on equity 29.6%¹
• Solvency ratio 191%

Property and motor, Private Norway: Continued implementation of pricing measures

Property, Private Norway

Claims frequency

Q3'25/Q3'24: +5% (inherent volatility)

Claims inflation (repair cost)

Q3'25/Q3'24: +4.0%

Expectation for next 12-18 months: 3-5%

Implementing targeted measures

Average premiums continue to rise

Average premium in force, per unit

• End Q3'25/end Q3'24: +15.8%
• Ongoing pricing measures at +12.5% implemented from October 2025

Motor, Private Norway

Claims frequency

Q3'25/Q3'24: +4% (+1-2% underlying, adjusted for elevated claims in July 2025)

Claims inflation (repair cost)

Q3'25/Q3'24: +4.4%

Expectation for next 12-18 months: 3-6%

Implementing targeted measures

Average premiums continue to rise

Average premium in force, per unit

• End Q3'25/end Q3'24: +18.6%
• Ongoing pricing measures at +13.0% implemented from October 2025

Sustained growth and enhanced operational efficiency

Norway: Strong performance, driven by sustained revenue growth

• Maintained high competitiveness
• Efficient operations
• Continued focus on improving profitability

Denmark: Progress for the private portfolio; the commercial portfolio impacted by inherent variability

• Solid revenue growth and strong focus on operational efficiency
• Improved customer retention

Sweden: Ongoing improvement through consistent operational efficiency efforts

Maintaining high retention in Norway

Good retention in Denmark

Moving forward with sustainability initiatives

• Participated in and funded research with NIVA and Akvaplanniva on environmental risks of land-based fish farming in Norway
• Added climate adaptation measures to Danish home insurance, aligned with EU taxonomy
• Skadestop reduced transport sector damage in Denmark through incident analysis and counselling
• Financial counselling for Norwegian farmers gaining traction, especially among younger clients

Ratings and recognitions:

• Gjensidige Pension named this year's top climber in Söderberg & Partners' 2025 Sustainability Survey

Financial performance

Significant improvement in the insurance service result; pension impacted by non-recurring expense

NOKm	Q3 2025	Q3 2024	YTD 2025	YTD 2024
Private	1,114	769	2,850	1,885
Commercial	1,359	1,080	3,630	2,450
Sweden	117	85	265	189
Corporate Centre	(320)	(344)	(959)	(807)
Insurance service result	2,271	1,590	5,785	3,717
Pension	(414)	124	(136)	461
Net financial result	441	741	1,581	1,439
Other items	(230)	(117)	(488)	(399)
Profit before tax, continuing operations	2,067	2,338	6,741	5,218
Profit, discontinued operations	41	(91)	132	(66)

• Increased insurance service result reflecting revenue growth and improvement in the loss ratio
• Pension result affected by non-recurring expense of NOK 429m
• Financial result reflects positive return from all asset classes
• Other items lower, mainly reflecting transfer of profit on natural perils insurance to natural perils pool and provisions

13.3 per cent revenue growth; 11.3 per cent adjusted for nonrecurring effect in Private Norway (local currency)

Insurance revenue development

		Revenue growth
Segment	NOK	Local currency	Driver
Private	22.1%	22.1%	Mainly price
- Norway	23.8%	23.8% (18.6% excl. non-recurring item)	Mainly price
- Denmark	14.3%	13.9%	Volume and price
Commercial	8.0%	7.9%	Mainly Price
- Norway	9.7%	9.7%	Price
- Denmark	4.7%	4.4%	Price and volume
Sweden	6.0%	2.7%	Price

Improved loss ratio

Loss ratio development

Key drivers

• Effective pricing measures across all segments
• Improved underlying frequency loss ratio
• Lower large losses and run-off gains
• Positive impact from change in risk adjustment

¹⁾ Risk adjustment.

²⁾ Underlying frequency loss ratio.

Continued good cost control – cost ratio 10.8 per cent

Operating expenses

Competitive cost ratio

• Efficient operations
• High revenue growth
• Continued strong cost discipline across the Group

Cost ratios

%

Pension result impacted by non-recurring expense of

Investment return of 0.8 per cent

Investment return per asset class

Balanced investment portfolio¹

1) As at 30.09.2025. Gjensidige Forsikring Group 13

Moving ahead on operational targets

Metric	Status Q3 2025	Target 2026
(Group1) Customer satisfaction	77	> 78
Customer retention	91%	> 90%
(Norway/Outside Norway1 )	84%	> 85%
Digital distribution index (Group1)	+12%	> +5-10% annually
Distribution efficiency (Private)	+24%	+25%
Digital claims reporting (Group1)	79%	> 85%
Automated claims processing (Norway)	66%	> 70%

High customer retention in Norway, improvement in Private Denmark

Securing an optimal capital base - successful launch of T1 and buy-back

• Significantly oversubscribed Restricted Tier 1 bond issue
• Amount: NOK 1,200m
• Rate: 3 months NIBOR + 2.15% p.a.
• Maturity: perpetuity
• Buy-back in outstanding Tier 1 bond GJF04
• Amount: NOK 487m
• Outstanding amount after buy-back: NOK 713m

Strong capital position

Eligible own funds

• Contribution from operating SII earnings and result in free portfolio
• Deduction of formulaic dividend
• Contribution from T2 bond issued in Oct. 2024: ~ NOK 520m. Expect full effect of Tier 2 bonds over time.
• T1 capital increased by NOK 0.7 billion during the quarter following bond issue and buy-backs

Capital requirement

Increased with growth in pension business

²⁾ 80% payout ratio according to dividend policy for the accounting year 2025.

¹⁾ Operating SII earnings comprise SII underwriting result and SII financial result of the match portfolio after tax.

Concluding remarks

• Strong growth momentum and improved underlying profitability
• Continued focus on ongoing measures and good cost control
• Solid capital position
• Good trajectory to deliver on financial targets

Ambitious annual financial targets

Metric	2025	2026
Combined ratio	<84%	<82%
Cost ratio	<14%	~13%
Return on equity	>22%	>24%
Solvency ratio	140–190%	140–190%
Insurance service result - Group - Denmark		>NOK 7.5bn >DKK 750m

Appendix

Roadshows, conferences and analyst meetings post Q3 2025 results

Date	Event	Location	Participants	Arranged by
24 October	Roadshow	Oslo	CEO Geir Holmgren CFO Jostein Amdal Head of IR Mitra H. Negård	SEB
30 October	Roadshow	London	CEO Geir Holmgren Head of IR Mitra H. Negård	DNB Carnegie
4 November	Roadshow	Paris	CFO Jostein Amdal IRO Jonas Sortland Fougner	ABG SC
20 November	Roadshow	Zürich	CEO Geir Holmgren Head of IR Mitra H. Negård	Arctic Securities
24 November	Norwegian Insurance Seminar	Oslo	CEO Geir Holmgren Head of IR Mitra H. Negård IRO Jonas Sortland Fougner	Danske Bank
11 December	Roadshow	Copenhagen	CEO Geir Holmgren Head of IR Mitra H. Negård	Danske Bank

					Group excluding	the	Baltics
	Q4 2024	Q3 2025	Q3 2024	Q2 2025	Q2 2024	Q1 2025	Q1 2024	YTD 2025	YTD 2024	FY 2024
Reported
Insurance revenue, MNOK	10,019	11,202	9,889	10,493	9,392	9,994	9,060	31,689	28,340	38,359
Loss ratio	71.1%	68.9%	72.1%	67.1%	72.5%	74.9%	79.4%	70.2%	74.6%	73.7%
Underlying frequency loss ratio	68.6%	65.7%	67.1%	62.5%	72.5%	69.9%	74.6%	66.0%	71.3%	70.6%
Weather-related claims, MNOK
Large losses net of reinsurance	0	0	0	0	0	0	331	0	331	331
Frequency losses	0	0	0	0	0	0	246	0	246	246
Weather-related claims, total MNOK	0	0	0	0	0	0	577	0	577	577
Weather effect large losses	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.7%	0.0%	1.2%	0.9%
Weather effect frequency losses	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.7%	0.0%	0.9%	0.6%
Loss ratio adjusted for weather	71.1%	68.9%	72.1%	67.1%	72.5%	74.9%	73.0%	70.2%	72.5%	72.2%
Underlying frequency loss ratio adj. for weather	68.6%	65.7%	67.1%	62.5%	72.5%	69.9%	71.9%	66.0%	70.4%	69.9%
Adverse development of claims occurred in Q1 2024, recognised in Q2 2024, MNOK	0	0	0	0	(238)	0	238	0	0	0
Adverse development of claims, pct.	0.0%	0.0%	0.0%	0.0%	(2.5%)	0.0%	2.6%	0.0%	0.0%	0.0%
Loss ratio adj. for weather and adverse development of claims	71.1%	68.9%	72.1%	67.1%	69.9%	74.9%	75.6%	70.2%	72.5%	72.2%
Underlying frequency loss ratio adj. for weather and adverse development of claims	68.6%	65.7%	67.1%	62.5%	69.9%	69.9%	74.5%	66.0%	70.4%	69.9%

					Private											Commercial
	Q4 2024	Q3 2025	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024	Q4 2024	Q3 2025	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024
Reported
Insurance revenue, MNOK	3,933	4,815	3,943	4,278	3,723	3,998	3,581	13,090	11,246	15,179	5,440	5,799	5,369	5,634	5,140	5,477	5,039	16,910	15,549	20,988
Loss ratio	64.1%	65.7%	67.4%	59.4%	71.7%	72.8%	70.0%	65.8%	69.6%	68.2%	72.6%	67.9%	71.0%	70.3%	78.5%	70.5%	76.2%	69.6%	75.1%	74.5%
Underlying frequency loss ratio	66.5%	63.1%	65.5%	60.3%	72.8%	70.4%	73.5%	64.4%	70.5%	69.4%	69.2%	67.1%	68.1%	62.3%	71.3%	68.8%	74.1%	66.1%	71.1%	70.6%
Weather-related claims, MNOK
Large losses net of reinsurance	0	0	0	0	0	0	34	0	34	34	0	0	0	0	0	0	76	0	76	76
Frequency losses	0	0	0	0	0	0	143	0	143	143	0	0	0	0	0	0	91	0	91	91
Weather-related claims, total MNOK	0	0	0	0	0	0	177	0	177	177	0	0	0	0	0	0	167	0	167	167
Weather effect large losses	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.0%	0.0%	0.3%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.5%	0.0%	0.5%	0.4%
Weather effect frequency losses	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.0%	0.0%	1.3%	0.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.8%	0.0%	0.6%	0.4%
Loss ratio adjusted for weather	64.1%	65.7%	67.4%	59.4%	71.7%	72.8%	65.0%	65.8%	68.0%	67.0%	72.6%	67.9%	71.0%	70.3%	78.5%	70.5%	72.9%	69.6%	74.1%	73.7%
Underlying frequency loss ratio adjusted for weather	66.5%	63.1%	65.5%	60.3%	72.8%	70.4%	69.5%	64.4%	69.2%	68.5%	69.2%	67.1%	68.1%	62.3%	71.3%	68.8%	72.3%	66.1%	70.5%	70.2%
Adverse development of claims occurred in Q1 2024, recognised in Q2 2024, MNOK Adverse development of claims,	0	0	0	0	(66)	0	66	0	0	0	0	0	0	0	(106)	0	106	0	0	0
pct.	0.0%	0.0%	0.0%	0.0%	(1.8%)	0.0%	1.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	(2.1%)	0.0%	2.1%	0.0%	0.0%	0.0%
Loss ratio adj. for weather and adverse development of claims	64.1%	65.7%	67.4%	59.4%	69.9%	72.8%	66.8%	65.8%	68.0%	67.0%	72.6%	67.9%	71.0%	70.3%	76.4%	70.5%	75.0%	69.6%	74.1%	73.7%
Underlying frequency loss ratio adj. for weather and adverse development of claims	66.5%	63.1%	65.5%	60.3%	71.0%	70.4%	71.4%	64.4%	69.2%	68.5%	69.2%	67.1%	68.1%	62.3%	69.2%	68.8%	74.4%	66.1%	70.5%	70.2%

						Private Norway										Private Denmark
	Q4 2024	Q3 2025	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024	Q4 2024	Q3 2025	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024
Reported
Insurance revenue, MNOK	3,222	4,024	3,251	3,524	3,057	3,280	2,934	10,828	9,242	12,464	710	790	692	754	666	717	647	2,261	2,004	2,715
Loss ratio	58.4%	63.9%	63.4%	55.5%	69.0%	70.2%	68.2%	63.1%	66.8%	64.6%	89.7%	74.9%	86.2%	77.5%	84.2%	85.0%	77.8%	79.0%	82.8%	84.6%
Underlying frequency loss ratio	63.4%	61.5%	63.7%	56.4%	71.2%	67.6%	72.2%	61.7%	68.9%	67.5%	80.6%	71.1%	73.8%	78.2%	80.0%	83.0%	79.7%	77.2%	77.8%	78.5%
Weather-related claims, MNOK
Large losses net of reinsurance	0	0	0	0	0	0	29	0	29	29	0	0	0	0	0	0	5	0	5	5
Frequency losses	0	0	0	0	0	0	134	0	134	134	0	0	0	0	0	0	9	0	9	9
Weather-related claims, total MNOK	0	0	0	0	0	0	163	0	163	163	0	0	0	0	0	0	14	0	14	14
Weather effect large losses	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.0%	0.0%	0.3%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.8%	0.0%	0.3%	0.2%
Weather effect frequency losses	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	4.6%	0.0%	1.4%	1.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.4%	0.0%	0.5%	0.3%
Loss ratio adjusted for weather	58.4%	63.9%	63.4%	55.5%	69.0%	70.2%	62.7%	63.1%	65.0%	63.3%	89.7%	74.9%	86.2%	77.5%	84.2%	85.0%	75.6%	79.0%	82.1%	84.1%
Underlying frequency loss ratio adjusted for weather	63.4%	61.5%	63.7%	56.4%	71.2%	67.6%	67.6%	61.7%	67.4%	66.4%	80.6%	71.1%	73.8%	78.2%	80.0%	83.0%	78.3%	77.2%	77.3%	78.2%
Adverse development of claims occurred in Q1 2024, recognised in Q2 2024, MNOK Adverse development of claims,	0	0	0	0	(66)	0	66	0	0	0	0	0	0	0	0	0	0	0	0	0
pct.	0.0%	0.0%	0.0%	0.0%	(2.1%)	0.0%	2.2%	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%
Loss ratio adj. for weather and adverse development of claims	58.4%	63.9%	63.4%	55.5%	66.8%	70.2%	64.9%	63.1%	65.0%	63.3%	89.7%	74.9%	86.2%	77.5%	84.2%	85.0%	75.6%	79.0%	82.1%	84.1%
Underlying frequency loss ratio adj. for weather and adverse development of claims	63.4%	61.5%	63.7%	56.4%	69.0%	67.6%	69.9%	61.7%	67.4%	66.4%	80.6%	71.1%	73.8%	78.2%	80.0%	83.0%	78.3%	77.2%	77.3%	78.2%

		Commercial Norway														Commercial Denmark
	Q4 2024	Q3 2025	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024	Q4 2024	Q3 2025	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024
Reported
Insurance revenue, MNOK	3,654	3,904	3,559	3,790	3,462	3,669	3,391	11,363	10,413	14,067	1,785	1,896	1,810	1,844	1,678	1,807	1,648	5,547	5,136	6,922
Loss ratio	70.7%	64.6%	72.1%	68.2%	80.0%	67.4%	76.7%	66.7%	76.2%	74.8%	76.7%	74.9%	68.7%	74.6%	75.3%	76.9%	75.0%	75.4%	72.9%	73.9%
Underlying frequency loss ratio	65.4%	64.4%	68.0%	58.8%	71.3%	65.5%	73.5%	62.9%	70.9%	69.5%	76.9%	72.6%	68.4%	69.6%	71.3%	75.5%	75.4%	72.6%	71.6%	73.0%
Weather-related claims, MNOK
Large losses net of reinsurance	0	0	0	0	0	0	60	0	60	60	0	0	0	0	0	0	15	0	15	15
Frequency losses	0	0	0	0	0	0	77	0	77	77	0	0	0	0	0	0	14	0	14	14
Weather-related claims, total MNOK	0	0	0	0	0	0	138	0	138	138	0	0	0	0	0	0	29	0	29	29
Weather effect large losses	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.8%	0.0%	0.6%	0.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.9%	0.0%	0.3%	0.2%
Weather effect frequency losses	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.3%	0.0%	0.7%	0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.8%	0.0%	0.3%	0.2%
Loss ratio adjusted for weather	70.7%	64.6%	72.1%	68.2%	80.0%	67.4%	72.7%	66.7%	74.9%	73.8%	76.7%	74.9%	68.7%	74.6%	75.3%	76.9%	73.3%	75.4%	72.3%	73.5%
Underlying frequency loss ratio adjusted for weather	65.4%	64.4%	68.0%	58.8%	71.3%	65.5%	71.2%	62.9%	70.1%	68.9%	76.9%	72.6%	68.4%	69.6%	71.3%	75.5%	74.6%	72.6%	71.3%	72.8%
Adverse development of claims occurred in Q1 2024, recognised in Q2 2024, MNOK Adverse development of claims,	0	0	0	0	(106)	0	106	0	0	0	0	0	0	0	0	0	0	0	0	0
pct. Loss ratio adj. for weather and adverse development of claims	0.0% 70.7%	0.0% 64.6%	0.0% 72.1%	0.0% 68.2%	(3.1%) 76.9%	0.0% 67.4%	3.1% 75.8%	0.0% 66.7%	0.0% 74.9%	0.0% 73.8%	0.0% 76.7%	0.0% 74.9%	0.0% 68.7%	0.0% 74.6%	0.0% 75.3%	0.0% 76.9%	0.0% 73.3%	0.0% 75.4%	0.0% 72.3%	0.0% 73.5%
Underlying frequency loss ratio adj. for weather and adverse development of claims	65.4%	64.4%	68.0%	58.8%	68.2%	65.5%	74.3%	62.9%	70.1%	68.9%	76.9%	72.6%	68.4%	69.6%	71.3%	75.5%	74.6%	72.6%	71.3%	72.8%

		Sweden													Corporate	Centre
	Q4 2024	Q3 2025	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024	Q4 2024	Q3 2025	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024
Reported
Insurance revenue, MNOK	503	557	525	541	474	500	494	1,598	1,494	1,997	144	31	52	41	54	19	(54)	91	52	195
Loss ratio	77.9%	66.0%	69.0%	65.1%	70.3%	76.0%	78.7%	68.8%	72.6%	73.9%
Underlying frequency loss ratio	77.8%	68.0%	74.0%	72.4%	74.0%	73.7%	79.8%	71.3%	75.9%	76.4%
Weather-related claims, MNOK
Large losses net of reinsurance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	221	0	221	221
Frequency losses	0	0	0	0	0	0	12	0	12	12	0	0	0	0	0	0	0	0	0	0
Weather-related claims, total MNOK	0	0	0	0	0	0	12	0	12	12	0	0	0	0	0	0	221	0	221	221
Weather effect large losses	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Weather effect frequency losses	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.4%	0.0%	0.8%	0.6%
Loss ratio adjusted for weather	77.9%	66.0%	69.0%	65.1%	70.3%	76.0%	76.3%	68.8%	71.8%	73.4%
Underlying frequency loss ratio adjusted for weather	77.8%	68.0%	74.0%	72.4%	74.0%	73.7%	77.4%	71.3%	75.1%	75.8%
Adverse development of claims occurred in Q1 2024, recognised in Q2 2024, MNOK Adverse development of claims, pct.	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 adj. for weather and adverse development of claims	77.9%	66.0%	69.0%	65.1%	70.3%	76.0%	76.3%	68.8%	71.8%	73.4%
Underlying frequency loss ratio adj. for weather and adverse development of claims	77.8%	68.0%	74.0%	72.4%	74.0%	73.7%	77.4%	71.3%	75.1%	75.8%

General insurance Norway

63.4% 63.9% 66.8% 63.1% 11.2% 9.6% 11.5% 10.5% 74.6% 73.5% 78.3% 73.6% Q3 2024 Q3 2025 YTD 2024 YTD 2025 Combined ratio Loss ratio Cost ratio

Private Norway Commercial Norway

General insurance Denmark

86.2% 74.9% 82.8% 79.0% 22.2% 19.3% 23.2% 21.4% 108.4% 94.3% 106.0% 100.4% Q3 2024 Q3 2025 YTD 2024 YTD 2025 Combined ratio Loss ratio Cost ratio

Private Denmark Commercial Denmark

General insurance Sweden

Sweden

Combined ratio

Large losses

Large losses (before discounting)¹ Large losses per segment (before discounting)

CC = Corporate Centre. Large losses: Losses > NOK 10m. Weather related large losses are included. Large losses in excess of NOK 30m are charged to the Corporate Centre while up to NOK 30m per claim is charged to the segment in which the large loss occurred.

Large losses

FY 2025 estimate ~ NOK 2bn¹ ,before discounting

Gjensidige Forsikring Group 30 1) Excluding the Baltics from Q3 2024.

Run-off

Run-off

¹⁾ Based on earned premiums up until 2022.

²⁾ Excluding the Baltics from Q3 2024. Gjensidige Forsikring Group 32

Quarterly insurance service results - seasonality in Nordic general insurance

Gjensidige Forsikring Group 33 Excluding the Baltics from Q3 2024.

Gross written premiums

Norwegian Natural Perils Pool in brief

• Natural perils insurance is a compulsory cover linked to fire insurance in Norway. All insurance companies providing fire insurance in Norway must be members of the pool. Fire insurance coverage for buildings and contents in Norway includes coverage for certain types of natural catastrophe events (premium 0.08 per thousand of the fire insurance premium as of 1 January 2025).
• Maximum compensation per event for natural perils damages covered by this pool arrangement is NOK 16,000m. It does not cover loss of profits, motor vehicles, leisure boats, and certain other items, which are covered through ordinary insurances by the individual insurance companies.
• Premiums are collected and claims are reported to the insurance companies, which handle the claims and settlement.
• New regulation effective from January 2025 stipulates that the Natural Perils Pool shall build a national natural perils fund based on the individual insurance companies' profits on the natural perils scheme. Prior to this new regulation, the individual companies retained their profits on the scheme as natural perils capital, part of IFRS Equity. This transfer of profit from the companies to the new fund will continue until the fund has reached a target level. For companies with accumulated natural perils capital, the companies' share of losses on the natural perils scheme will be carried by the individual companies as before until the fund has reached the target level.

Reinsurance 2025

• Reinsurance is purchased for protection of the Gjensidige Group's capital position and is primarily a capital management tool.
• General retention level per loss/loss occurrence is NOK/DKK/SEK 100m (for the first loss the retention is NOK/SEK 200m and DKK 100m).
• Gjensidige's total claims related to natural peril events are covered by Gjensidige's catastrophe reinsurance programme. For weather-related events the retention level is NOK/SEK 300m and DKK 200m.
• Gjensidige considers additional coverage at lower levels if this is appropriate according to internal modelling and market conditions.

Gjensidige's recognised claims cost, irrelevant of the size of the claim, is generally capped at the retention levels showed above.

Investment strategy supporting high and stable nominal dividends

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

Free portfolio

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

Match portfolio Key characteristics

• Limited risk appetite
• Fixed-income:
• Currency hedging vs NOK ~ 100%
  • Limit +/- 10% per currency
• Equity and PE funds:
• Currency hedging 0-100%
• Fair value recognition
• Stable performance

Investment portfolio

Asset class	Investments, key elements	Benchmark
Match portfolio
Fixed-income NOK	Corporate and government bonds	NBP Norwegian RM1-RM3 Duration 3Y Index - NORM123D3 (Alternatively: a Norwegian IG fund with 3 year duration)
Fixed-income DKK	Covered Bonds and government bonds	Nykredit Constant Maturity Index Bullet Covered Bonds 5Y - NYKRCMB5 Index
Fixed-income SEK	Covered bonds, corporate and government bonds	NASDAQ OMRX Mortgage Bond 3-5Y Index - OMRXMT35 Index
Free portfolio
Fixed-income – short duration	Norwegian money market	NBP Norwegian Government Duration 0.25 Index - NOGOVD3M (Alternatively: I36032NO Index Bloomberg Barclays Norway T-Bills)
Global investment grade bonds	IG bonds in internationally diversified funds externally managed	Bloomberg Global Agg Corp - Hedged to NOK - H09805NO Index
Global high yield bonds	Including HY, Convertible bonds and Emerging Market Debt externally managed	Bloomberg Global HY- Hedged to NOK - H00039NO Index
Other bonds	Government bonds, Fixed Income derivatives and cash	NBP Norwegian Government Duration 0.25 Index - NOGOVD3M (Alternatively: I36032NO Index Bloomberg Barclays Norway T-Bills)
Listed equities	Mainly internationally and domestic diversified funds externally managed	MSCI World – Local Currency - NDDLWI Index
Private Equity funds	Generalists (Norwegian and Nordic)/ Oil & Gas	Oslo Børs - OSEBX index
Property	Real estate in Oslo, Norway	Expect approximately 5 per cent annual yield
Other	Including finance related expenses, hedge funds and commodities	N/A

Asset allocation – as at 30.09.2025

Match portfolio

• NOK 39.1bn

• Average duration: 2.9 years

• Average yield: 3.6%

Free portfolio

• NOK 26.8bn
• Average duration fixed-income instruments: 1.3 years
• Average yield: 3.9%

Credit and counterparty risk

• 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, corporates and municipalities.

Total fixed income portfolio

Split – Rating		Match portfolio		Free portfolio
	NOK bn	%	NOK bn	%
AAA	18.4	46.9	5.9	26.6
AA	3.8	9.8	6.9	30.9
A	7.5	19.3	3.2	14.5
BBB	3.6	9.3	1.3	6.0
BB	0.0	0.0	0.1	0.3
B	0.0	0.0	0.0	0.0
CCC or lower	0.0	0.0	0.0	0.0
Internal rating	3.0	7.6	3.8	16.9
Unrated	2.8	7.2	1.0	4.7
Fixed income portfolio	39.1	100.0	22.3	100.0

Split – Counterparty		Match portfolio		Free portfolio
	NOK bn	%	NOK bn	%
Public sector	7.7	19.6	7.3	32.8
Bank/financial institutions	21.7	55.4	12.2	54.7
Corporates	9.8	25.0	2.8	12.5
Total	39.1	100.0	22.3	100.0

Capital generation year-to-date

^<sup>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 2025.

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 Pensjonsforsikring
Eligible own funds	24.1	19.8	23.4	19.1	3.9
Capital requirement	12.6	11.0	10.9	9.2	2.9
Solvency ratio	191%	180%	215%	207%	131%

Solvency II eligible own funds

Bridging the gap between IFRS¹ equity and Solvency II capital

Figures as at 30.09.2025.

GPF = Gjensidige Pensjonsforsikring AS.

Miscellaneous: Main effects are related to the guarantee scheme provision.

¹⁾ IFRS® Accounting Standards as adopted by the EU.

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	24.1	23.4
Capital charge for non-life and health UW risk	11.8	10.1
Capital charge for life UW risk	2.7	2.7
Capital charge for market risk	4.8	4.6
Capital charge for counterparty risk	0.6	0.6
Diversification	(5.0)	(5.3)
Basic solvency capital requirement	14.9	12.7
Operational risk	1.4	1.4
Adjustments (loss-absorbing capacity of deferred tax)	(3.8)	(3.3)
Solvency capital requirement (SCR)	12.6	10.9
Surplus	11.5	12.5
Solvency ratio 191%		215%

Main differences between approved and own PIM

• 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.
• Capital requirement for some lines of business within underwriting risk

Figures as at 30.09.2025

^<sup>1)Most of non-life and health underwriting risk and market risk related to the non-life and health insurance business is internally modelled. The standard formula is used for other risks.

²⁾ Own partial internal model is not validated.

Solvency II sensitivities for the approved partial internal model

Subordinated debt capacity – Gjensidige Forsikring Group

Principles for capacity

	T1	T2	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 0.8 1.0bn
• Utilised Tier 1 debt capacity: NOK 2.7bn
• There is no Tier 2 remaining capacity
• Utilised sub debt: NOK 4.2bn
• Utilised natural perils fund: NOK 2.4bn
• Risk equalisation fund life insurance NOK 0.1bn

Annualised return on equity 29.6 per cent

Bridge shows main elements in equity development. Gjensidige Forsikring Group 47

Market leader in Norway

Market share – Total market

Market share – Commercial

Market share – Private

Growth opportunities outside Norway

Market shares Denmark

Market shares Sweden

Gjensidige Pensjonsforsikring

- Number four 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 609bn

Source: Finans Norge September 2025. Gjensidige Forsikring Group 50

Gjensidige Pensjonsforsikring

Group policy ¹ and company portfolio Number of occupational pension members

In thousand

Ownership

10 largest shareholders¹

No	Shareholder	Stake
1	Gjensidigestiftelsen	62.2 %
2	Folketrygdfondet	4.9 %
3	BlackRock Inc	3.3 %
4	Deutsche Bank	2.6 %
5	The Vanguard Group, Inc	1.6 %
6	Storebrand Investments	1.5 %
7	Nordea Investment Mgt	1.3 %
8	KLP Kapitalforvaltning	1.1 %
9	State Street Corporation	1.0 %
10	DNB Asset Mgt	0.9 %
	Total 10 largest	80.4 %

Geographical distribution of shares²

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

¹⁾ Shareholder list based on analysis performed by MUFG Corporate Markets of the register of shareholders in the Norwegian Central Securities Depository (VPS) as per 30 September 2025. This analysis provides a survey of the shareholders who are behind the nominee accounts. There is no guarantee that the list is complete.

Disclaimer

This presentation and the information contained herein have been prepared by and is the sole responsibility of Gjensidige Forsikring ASA (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.

Gjensidige Forsikring provides alternative performance measures (APMs) in the financial reports, in addition to the financial figures prepared in accordance with the International Financial Reporting Standards (IFRS). The measures are not defined in IFRS (International Financial Report Standards) and are not necessarily directly comparable to other companies' performance measures. The APMs are not intended to be a substitute for, or superior to, any IFRS measures of performance, but have been included to provide insight into Gjensidige's performance and represent important measures for how management governs the Group and its business activities. Key figures that are regulated by IFRS or other legislation, as well as non-financial information, are not regarded as APMs. Gjensidige's APMs are presented in the quarterly report and presentation. All APMs are presented with comparable figures for earlier periods. The APMs have generally been used consistently over time. Definitions and calculations can be found at www.gjensidige.com/investor-relations/reports-and-presentations.

Investor Relations

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

Jonas Sortland Fougner Investor Relations Officer Mobile: (+47) 948 05 851 jonas-sortland.fougner@gjensidige.no Address Schweigaards gate 21, P.O. Box 700 Sentrum, NO-0106 OSLO gjensidige.com/ir