Gjensidige Forsikring ASA

AGM Information • Mar 26, 2020

GJF: Annual General Meeting 2020 is postponed

GJF: Annual General Meeting 2020 is postponed

The Board of Gjensidige Forsikring ASA has resolved to postpone the Annual

General Meeting (AGM) initially scheduled for 26 March 2020. The postponement is

based on the response letter from the Norwegian Ministry of Finance (MF) to the

Norwegian Financial Supervisory Authority (FSA), published on 25 March 2020, in

which they express an expectation that finance institutions halt dividends until

the significant uncertainty related to the economic development is reduced.

The postponement of the AGM will allow time for the Board to once again assess

the dividend proposal and further process. There is no change to the Board's

assessment of the financial prerequisites for the proposal of the regular

dividend of NOK 7.25 per share. The Group has a solid capital position to meet

uncertainty following the Covid-19 outbreak, and the impact on the underwriting

result is expected to be limited and manageable.

Adjusted for the dividend proposal of NOK 7.25 per share, the solvency margin as

at 31 December 2019 would have been 231 per cent. As at 24 March 2020 it was

estimated at 209 per cent, considering the dividend proposal of NOK 7.25 per

share. The ongoing situation in the wake of the Covid-19 outbreak has to date

had a limited impact on Gjensidige's employees and business. All critical

business functions are operating well. The investment portfolios have been

negatively impacted by the significant market movements. However, the total

impact on Group claims has been limited.

A dividend payment could contribute to supporting companies and households in

Norway through the customer dividend model, which is conditioned upon payment of

dividend from Gjensidige Forsikring ASA to Gjensidigestiftelsen.

A new notice with documents and information regarding the AGM will be sent in

the ordinary manner when the time for the new meeting is decided upon. Due to

the postponement, key information regarding dividend payment will be amended

when the time of the new AGM has been decided upon.

This information is subject to disclosure under the Norwegian Securities Act

section §5-12.

Contact person Gjensidige Forsikring ASA:

Head of Investor Relations: Mitra H. Negård, Tel: +47 957 93 631

Head of Communication: Øystein Thoresen, Tel: +47 952 33 382