ANNUAL REPORT 2024

{Gjensidige Forsikring}

ABOUT THIS REPORT

The 2024 Annual Report consists of a description of Gjensidige's operations, a sustainability report and financial statements.

The sustainability report has been prepared in accordance with the EU Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) pursuant to the Accounting Act §§ 2-3 and 2-4.

The financial statements have been prepared in accordance with the IFRS® Accounting Standards as approved by the EU and disclosure requirements that follow from the Norwegian Accounting Act the regulations relating to annual accounts for general insurance companies.

In the report, you can read about how we work to create value in the short and long term for our customers, owners, employees, suppliers and society at large, and how sustainability is integrated in our operations.

All the requirements that apply to the Board's report are covered in the annual report. In the event of discrepancies between the Norwegian and English version, the Norwegian version of the annual report takes precedence.

The report is published in digital format only, and it is available on our website; gjensidige.com.

PART 1-4 ANNUAL REPORT: FINANCIAL STATEMENTS:

Part 1 INTRODUCTION

Time passes, Gjensidige endures	4
The past year	5
Key figures and alternative
performance measures	8
Letter from the chair and CEO	11
Good corporate governance	14
The Board	15
Senior group management	16

Part 2 THE COMPANY

Customer satisfaction
- our customer promise	19
Mission, vision and values	20
Targets for value creation	21
Operational targets towards 2026	22
Gjensidige's business model	24
Gjensidige's strategy	26
New and emerging risks	32
Our insurance segments	33
Responsible investments	41
Our commitment to owners
and creditors	44

Part 3 SUSTAINABILITY REPORT

About the sustainability report	47
Material sustainability topics	48
General disclosures	49
Article 8 The EU Taxonomy	75
Climate change	89
Resource use and circular economy	110
Own workforce	117
Workers in the value chain	129
Consumers and end-users	138
Business conduct	146
Independent sustainability auditor's
limited assurance report	156

Part 4 REVIEW OF FINANCIAL RESULT

Financial result	160
Outlook	175
Signatures of the Board and the CEO	176

Part 5 FINANCIAL STATEMENT

Gjensidige Forsikring Group	178
Gjensidige Forsikring ASA	179
Statement from the Board and the CEO	180
Auditor's report	181

TIME PASSES – GJENSIDIGE ENDURES

Unforeseen events, happy surprises, big wishes that come true, and small dreams that fail. Whatever life throws at us, Gjensidige's most important role is to give customers peace of mind, make them as well prepared as possible in all aspects of their lives, and help them when things don't go according to plan. That is what we are here for. This has always been the case. But everything else is constantly and rapidly changing.

Going forward, we aim to become even better at what we do best and ensure peace of mind for more and more people. We will combine the latest technology with everything we already know about people and our surroundings. This will allow us to make the most of our resources, gain even more knowledge about everything that can and will happen, grow in the Nordic region, provide even better customer experiences – and contribute to a more sustainable society.

THE PAST YEAR

NEW PRODUCTS GENERATE INCREASED VALUE

In 2024, we launched home alarms as an integral part of home insurance. The alarm alerts homeowners of fire and water damage, and, if relevant, burglaries, and is connected to a 24-hour monitored alarm service. We also launched a cyber insurance policy for small and medium-sized enterprises in Norway, and a combined home, travel and accident insurance for young customers in Denmark.

BEST CUSTOMER SERVICE

Gjensidige's customer service centre was named 'Call Centre of the Year 2023' at the ANFO Awards in Norway in January 2024. The jury drew particular attention to sales results, working environment, technology and skills development. Gjensidige also won the award for Norway's best customer service in insurance in a survey conducted by the customer index Norsk kundeserviceindeks. This award is based on surveys of customers' actual experiences of companies.

MTIDEN GÅR, GJENSIDIGE BESTÅR

OLD SLOGAN GETS NEW LEASE OF LIFE

'Time passes, Gjensidige endures' was launched as a slogan in the 1930s, but it has not been actively used in our marketing after the turn of the millennium. It remains, however, one of Norway's best known slogans, and in 2024, we decided to reintroduce it. At a time when the world is more unstable than it has been for a long time, it felt right to show that Gjensidige is a security provider that has 'always' been there.

CUSTOMER DIVIDEND

Our customers received a customer dividend of NOK 2.5 billion in 2024. Every year since Gjensidige was listed on the stock exchange in 2010, our largest owner, Gjensidigestiftelsen has passed on its share of the regular dividend to customers. In total, customers have received approximately NOK 30 billion in customer dividends since the stock exchange listing.

AI ANALYST

A number of tools and solutions based on artificial intelligence were developed in 2024. Gjensidige's AI analyst Eglev can retrieve information from the company's data warehouse, thus making it more readily available to all the company's employees. Eglev is an old Norwegian name that means 'I live', illustrating that the tool imitates a human analyst.

THE PAST YEAR

RECOGNITION FOR SUSTAINABILITY EFFORTS

We received recognition from several organisations for our work on sustainability during the year. We retained our triple-A rating from MSCI, were rated Norway's second most sustainable insurance company in the Sustainable Brand Index and came in 12th in BI Norwegian Business School's Norwegian Sustainability Barometer regardless of industry, with the highest ranking of all companies in the Norwegian financial sector. According to Position Green, we were one of only two Scandinavian companies to receive an A+ rating for our sustainability reporting.

SALE OF BUSINESS IN THE BALTICS

In July, we announced the decision to sell our subsidiary ADB Gjensidige to ERGO International AG, and that we were thus pulling out of the Baltic insurance market. The reason for the sale is that we wish to concentrate our efforts on being a leading general insurance company in the Nordic region. The sale will be completed when all official approvals are in place.

ATTRACTIVE EMPLOYER

Gjensidige was named the most attractive employer in the Norwegian insurance industry in the areas of finance, law and IT among students and members of the working population with higher education. Both surveys have close to 10,000 respondents and are considered an important indicator of a company's ability to attract qualified labour.

PENSAM FORSIKRING MERGED INTO GJENSIDIGE

In 2023, Gjensidige acquired PenSam Forsikring in Denmark, and, at the same time, entered into a strategic partnership with PenSam to provide insurance to their close to 500,000 members. In autumn 2024, the company was merged into Gjensidige, and all customers will eventually be transferred to Gjensidige's core systems.

NEW HEAD OF GJENSIDIGE PENSJONSFORSIKRING

Lisa S. Legallais took over as CEO of the subsidiary Gjensidige Pensjonsforsikring in September. She took over from Torstein Ingebretsen, who had led the company for 12 years.

RETURN ON EQUITY 22.7%

SIDEOVERSKRIFT

Gjensidige Annual Report

Gjensidige årsrapport 7

KEY FIGURES AND ALTERNATIVE PERFORMANCE MEASURES

INSURANCE REVENUE, GENERAL INSURANCE NOK bln

INSURANCE SERVICE RESULT, GENERAL INSURANCE1 NOK bln

PROFIT AFTER TAX NOK bln

COMBINED RATIO, GENERAL INSURANCE1

Per cent

RETURN ON EQUITY1

Per cent

SOLVENCY RATIO2

Per cent

MARKET VALUE ON OSLO STOCK EXCHANGE AT 31 DEC. NOK bln

1 Defined as an alternative performance measure (APM). APMs are described at gjensidige.com/reporting.

2 Solvency ratio = Total eligible own funds to meet the Solvency Capital Requirement (SCR), divided by SCR. Based on the approved partially internal model.

Gjensidige Annual Report 8

INTRODUCTION

TOTAL RETURN1

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

TOTAL RETURN1 800	LAST YEAR	LAST TWO YEARS	SINCE IPO 10.12.2010
Gjensidige Forsikring	13.1%	15.8%	735.1%
700 Nordic non-life insurance 2	11.9%	11.2%	601.4%

500 DIVIDEND PER SHARE	BASED ON RESULT FOR THE YEAR	DISTRIBUTION OF EXCESS CAPITAL
20243 400	9.00	1.00
2023 300	8.75
2022	8.25
200 2021	7.70
100 2020	7.40	6.40

Dividend reinvested
Weighted average in local currency for Tryg, Sampo and Alm. Brand
Proposed dividend for 2024 will be adopted by the General Meeting on 20 March 2025

H2 TOC SUBHEADING INSURANCE SERVICE RESULT

The insurance service result in 2024 was NOK 5.4 billion.

SIDEOVERSKRIFT

Gjensidige Annual Report 10

Gjensidige årsrapport 10

Letter from the chair and CEO

We create safety in difficult times

In 2024, the insurance industry was characterised by strong claims inflation and an increased claims frequency, especially in Norway. Gjensidige implemented vigorous measures to deal with this trend. We created peace of mind and good experiences for our customers and delivered sound profits for our owners.

War in Europe and other parts of the world, climate change and a high cost of living are among the factors that created uncertainty and a sense of insecurity for our customers in 2024. Our social mission is to create peace of mind and predictability by carrying risk for our customers and protecting them from financial loss. In 2024, we reintroduced an old slogan that is very well known in Norway – 'Time passes, Gjensidige endures' – to emphasise that Gjensidige offers peace of mind in a time when many people feel afraid and uncertain.

We are among the three largest general insurance companies in the Nordic region, which is our core market, and we have a great willingness to carry risk in this area for our customers. We offer most types of insurance that consumers, businesses and public enterprises need, and thus achieve a broad portfolio with good risk diversification.

We prioritise supplying a wide range of solutions for the private market and small and medium-sized enterprises, where products are fairly standardised and demand is stable. Distribution largely takes place through digital and physical channels where we have direct contact with customers, but also through partners where

appropriate. Whatever the distribution solution, our aim is always to nurture direct customer dialogue to create peace of mind and further develop customer relationships.

People in focus

In total, we have approximately 1.7 million general insurance customers in Norway, Denmark and Sweden. During 2024, we handled over 600,000 claims, broken down into motor, property, travel, accident and health, liability insurance etc. An increasing proportion of claims handling takes place automatically, using algorithms built into our core system. This is possible thanks to long-term work on simplification and structuring of claims reporting, which enables customers to register claims online, either on their mobile phone or computer. Automated claims handling means that customers receive faster answers on claims, and our experience is that the settlements are accurate and correct. We systematically measure how satisfied customers are with the claims handling process, and customer satisfaction was again at a very high level in 2024: 77 on a scale of 100.

The most telling proof that customers are satisfied with us is that they continue to be Gjensidige customers. In Norway, 91 per cent of customers

at the beginning of the year were still our customers at the end of the year. We consider this a major accomplishment. Outside of Norway, the corresponding figure was 84 per cent, and we are making active efforts to increase customer retention in these markets.

Our goal is to provide good experiences for customers in the channels they prefer to use. We have customer service centres with highly competent advisors who are regularly ranked very highly. In 2024, our customer service centre for the private market was named 'Call centre of the year 2023' at the ANFO Awards in Norway. At the same time, we see that more and more customers, especially in the private market, prefer digital self-service solutions. Throughout the year, we continued to improve customer service in both customer centres and digital channels, including through the use of AI-based solutions.

Towards the end of 2024, we took the next step towards business agility and we implemented an agile organisation in all parts of the company where this is appropriate. We are convinced that an agile organisation will help us respond even better to increasingly rapid changes in technology, customer behaviour and market conditions. The rationale for the change is to further improve customer orientation. Agility is as much a cultural change as a reorganisation, and we recognise that it will take time before we fully reap the benefits of this new way of working.

The Gjensidige Customer and Brand School held many courses and training programmes throughout the year, to enable our employees to develop their skills. All advisors go through a comprehensive certification programme in order to meet customer needs in a structured manner. Our advice and recommendations are always based on customers' situation and needs.

We hosted a series of webinars on health and well-being at work, and women's health was a particular focus area in 2024. We organised a number of activities throughout the year in order to enhance our inclusive corporate culture. As part of this effort we marked the World Mental Health Day, the International Women's Day and Pride.

Employee engagement is measured on a regular basis to identify challenges we need to address. This is described in more detail in the sustainability report.

The world impacts us, and we impact the world

Although there were no major natural disasters in our markets in 2024, we had an unusually severe winter, especially in Norway, which led to a high number of claims. We assume that the weather will become more unpredictable in the decades to come as a result of climate change. As a result, we will see more frequent torrential rain, flooding and storms, and more frequent alternation between cold and mild weather. We have put climate change and the need for damage preventing climate change adaptation on the agenda, both on our own and in cooperation with, among others, Finance Norway. We are a member of Skift – Business Climate Leaders – which is a solutions-oriented network for climate-conscious companies in Norway. We are also working with research institutions to gain more knowledge about how wilder and wetter weather will impact us and our customers. This creates a good basis for identifying solutions that contribute to preventing damage and increasing security.

We continued to develop our climate accounts for claims handling, which provide useful information about how we can reduce GHG emissions relating to our claims compensation. We see significant opportunities for more circular repairs, which can reduce the use of new materials, waste generation and GHG emissions.

More and more of our insurance products are classified as sustainable under the EU taxonomy, and in 2024, we entered into partnerships with several players that have developed innovative solutions for damage prevention.

Gjensidige Pensjonsforsikring's sustainable investment profile continued to attract many customers. Efforts to reduce the carbon footprint of the Group's investment portfolios continued unabated, towards the target of net zero emissions by 2050.

Our Nordic strategy

Our corporate strategy, described in a separate chapter of the annual report, follows from our mission to 'safeguard life, health and assets'. We have been doing that for more than 200 years, based on our vision to 'know the customer best and care the most'. Our overarching ambition is to be a leading general insurance company in the Nordic region. We will achieve this through continued growth driven by a strong focus on customer orientation and by leading and constantly finding new ways to make people feel secure. The strategy is based on three distinct pillars: We shall have a strong customer orientation throughout the customer journey. We shall be the best at general insurance. We shall be an attractive alliance partner for players that can help us reach even more customers.

In 2024, we agreed to sell our business in the Baltics to ERGO International. The transaction will free up resources that will enable us to focus even more on our home market, which is the Nordic region. At the same time, we are confident that the general insurance business in the Baltics has gained a good owner with the ability and willingness to continue investing in the Baltic market.

Size provides opportunities for economies of scale, not least in terms of technology, infrastructure and expertise. We will therefore seek further growth in the Nordic insurance market, based on our cost-effective and integrated business model.

Good profitability despite increasing claims costs

We experienced good profitability in 2024, with a return on equity of 22.7 per cent. We delivered on all our financial targets, with the exception of the combined ratio, which was affected by high motor claims costs, as a result of an increase in claims frequency, higher repair costs and an increase in the number of expensive claims.

The increase in claims frequency is due, among other things, to newer cars being longer, wider and heavier than older models and having greater engine power. This contributes to both more frequent and more expensive claims. Another factor is the fact that the design of modern cars means they are significantly more expensive to repair, due to the amount of electronics and expensive components. Inflation, due in part to a weaker Norwegian krone, has also contributed to an increase in repair costs.

We are committed to reducing the frequency of claims by informing customers both in our own channels and through the media, and by adjusting the terms of insurance contracts. Higher claims payments must nonetheless be addressed by price increases. The price changes must be as specific as possible in order to target customers with a high risk of claims and to prevent unwanted loss of customers. This work continued unabated throughout 2024. The growth in premiums picked up sharply as a result of the price changes, and we expect the price adjustments to gradually increase profitability.

The claims costs for property insurance are, by nature, more volatile and depend, among other things, on random variation in weather and temperature. However, the long-term trend is an increase in water-related claims as a result of flooding and torrential rain. Price adjustments have therefore been required in this area too, at the same time as we are committed to making society more resilient to the impact of climate change. We renewed our reinsurance programmes and obtained the capacity we require with no change in retention levels.

We monitor the trend in claims development and inflation closely. We are confident in Gjensidige's ability to deliver solid earnings and dividend growth over time. All the financial targets for 2025 and 2026 are maintained.

Sound dividend payment

We delivered another sound dividend to our owners in 2024, in line with our dividend policy. This also benefited our customers, thanks to Gjensidigestiftelsen's customer dividend scheme. The Board proposes a dividend of NOK 10.00 for the 2024 financial year, consisting of a regular dividend of NOK 9.00 per share and a special dividend of NOK 1.00 per share, which will be paid in 2025.

We would like to thank all employees for their efforts in a year marked by many claims and significant changes in the organisation. The ability to embrace change to be able to offer customers peace of mind in changing times has secured our growth for more than 200 years. At the end of 2024, we can safely say that 'Time passes, Gjensidige endures'.

GISELE MARCHAND Chair

GEIR HOLMGREN CEO

Good corporate governance

We are dependent on the trust of our surroundings to carry out our social mission. A comprehensive understanding of risk, with clear roles and responsibilities, is essential in our corporate governance.

The governance structure is described in more detail in our statement on corporate governance at gjensidige.com, in Note 3 to the accounts and in the Pillar 3 report. Our statement on equality is available on our website.

The sustainability report describes the roles and responsibilities for each significant sustainability topic, which governing documents are relevant and who is responsible for compliance.

Our Code of Conduct shall ensure that all employees act in a way that maintains trust in the Company. All Gjensidige's activities must stand up to public scrutiny.

The remuneration of executive personnel is linked to value creation over time, reflects responsibilities and expertise and is based on measurable

outcomes. This is described in more detail in our remuneration report, which is available at gjensidige.com.

Our statement on corporate governance is based on the Norwegian Code of Practice for Corporate Governance, adopted by the Norwegian Corporate Governance Board (NUES). It is published as a separate document at gjensidige.com.

Gjensidige's governance structure

The General Meeting is the Company's supreme governing body. It has an independent nomination committee that nominates members to the Board.

The Board has overall responsibility for ensuring that the Group is managed responsibly, including responsibility for strategy, finances, the environment, social conditions and compliance with laws and regulations. This includes ensuring that the work on risk management and internal control is organised, documented and reported on in an expedient manner.

The Board

Gjensidige's Board has ten members, of whom seven are elected by the shareholders and three are elected by and from among the company's employees.

The shareholder-elected board members are elected for one year at a time by the General Meeting, on the recommendation of the Nomination Committee.

The composition of the Board is in accordance with the requirements set out in the Articles of Association with regard to competence, gender, age and geographical affiliation.

The employee representatives are elected for two years at a time.

The members of the Board have expertise in finance, insurance, law, technology, digital business, innovation, international business, the public sector and management. They have held senior positions in companies operating in all the countries in which Gjensidige operates. They also have varied expertise in sustainability, and most have completed Gjensidige's sustainability seminar.

The board members' background and skills are described in more detail at gjensidige.com. Their ownership of shares in Gjensidige is set out in Note 20.

THE BOARD

Gisele Marchand Chair

Ellen Kristin Enger Board member

Eivind Elnan Board member

Vibeke Krag Board member

Sebastian Buur Gabe Kristiansen Board member

Tor Magne Lønnum Board member

Hilde Merete Nafstad Board member

Ruben Pettersen Board member

Gyrid Skalleberg Ingerø Board member

Gunnar Robert Sellæg Board member

SENIOR GROUP MANAGEMENT

The senior group management consists of nine members from varied professional backgrounds with extensive work experience in both Gjensidige and other companies in and outside the insurance industry. With the exception of the CEO, the members of the senior group management represent either a business area or a staff entity.

The members' background and expertise are described in more detail at gjensidige.com.

Their ownership of shares in Gjensidige is specified in Note 20.

Geir Holmgren

CEO

Jostein Almdal

CFO

Catharina Hellerud Chief Risk Officer

Lars G. Bjerklund EVP Commercial

Vivi Kofoed EVP Claims

René Fløystøl EVP Private

Sverre Johan Rostoft EVP Technology and Insight

Berit Nilsen EVP Analysis, Product and Price

Siri Langangen EVP People & Communication

THIS IS GJENSIDIGE

Gjensidige Annual Report 17

{The company}

THIS IS US

We offer most types of insurance people need to feel safe when they are at home, at work, in their car, travelling or other places. We insure almost all types of businesses and tailor solutions to their needs.

Customer satisfaction - our customer promise

Customer orientation is essential to Gjensidige and permeates the entire organisation. We shall deliver the best customer experience and solutions for a safer tomorrow. Real customer orientation requires an established culture in which advisory services, sales, claims handling, products, services and systems development form integral elements. It takes time to develop a culture like this, and it is difficult to copy it.

Our work on customer satisfaction

We are concerned with understanding developments in society and being relevant in our customers' lives. Possible consequences of climate and environmental challenges, demographic changes and changed health needs are examples of areas we explore.

Good customer experiences over time have created strong trust in Gjensidige as a brand. Our ambition is to create the best customer experiences in our industry. We call this the Gjensidige Experience, which reflects our vision and our strong customer orientation culture. We always work to deliver the best solutions and experiences in all points of contact with customers. Customers shall feel that we know them, care about them, make things easy for them and help them.

We have very satisfied customers and high customer loyalty, especially in Norway, where we have

the strongest reputation in the financial sector and one of the strongest regardless of sector.

Satisfaction with the Company and our customer advisers is measured on a continuous basis, and improvement measures are initiated based on feedback from customers. We have defined clear goals for customer satisfaction.

The level of goal attainment influences the payment of bonuses to executive personnel and collective bonuses to all employees.

Going forward, we will work on measures to further strengthen customer satisfaction and loyalty and to attract new customers. User-friendly solutions have become an increasingly important precondition for delivering good customer experiences. Both private and commercial customers increasingly prefer to buy insurance and report claims online.

We continuously develop all points of contact between us and our customers so that all enquiries and claims, whether great or small, are dealt with in a simple, problem-free way.

Analyses of customer data and alliances with other players will be crucial to be able to develop market-leading solutions for a simpler, safer future.

Through new technology and new partnerships, we will develop increasingly better solutions that more actively prevent damage situations. We see this as attractive, strong value propositions. Damage prevention benefits the economy and the climate and promotes good health. Losses will continue to occur, however, and when they do, we will do what we have always done: not only compensate customers' financial losses, but do so in a sustainable way that causes customers the least possible inconvenience.

Customer dividend – a unique advantage for our Norwegian general insurance customers

Every year since Gjensidige was listed on Oslo Børs, general insurance customers in Norway have received a customer dividend. Over the years, they have received around NOK 30 billion, corresponding to between 11 and 16 per cent of their annual insurance premium. The background for the customer dividend model is that Gjensidige was established as a company owned by customers. Today, the customers' interests are safeguarded by Gjensidigestiftelsen, the largest shareholder in Gjensidige.

Mission, vision and values

OUR MISSION

We safeguard life, health and assets.

OUR VISION

We shall know the customer best and care the most.

OUR POSITION

Gjensidige is the insurance company that leads the way and finds new ways to create a sense of security.

OUR CORE VALUES

CREATING A SENSE OF SECURITY

Security is achieved by leaving room for error, showing trust, openness, and listening to, seeing and supporting each other. Security creates the space to challenge and takes us further. A secure setting gives us courage.

APPLYING NEW THINKING

New thinking is about being inquisitive and being willing to do things better, be they big or small. Share your own thoughts and ideas and actively engage in those of others. New ideas lead to learning, create dynamics, challenge us and take us one step further.

GOING FOR IT

Dare to go for it. Demonstrate determination and finish in style. Go for it! That's how we face the future head-on.

Targets for value creation

The Board has adopted financial targets and sustainability goals to help ensure we meet our obligations to our stakeholders. They will also help us to achieve our mission, vision and desired position.

FINANCIAL TARGETS

	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: > NOK 7.5 billion Denmark: > DKK 750 million

OPERATIONAL TARGETS

The management has adopted operational targets to ensure that we achieve our financial targets.

		2026
Customer satisfaction (CSI) (Group1)		> 78
Customer retention	Norway Outside Norway	> 90% > 85%
Digital distribution index (Group1)		+ 5–10% annual
Sales efficiency (Private)		+ 25%
Digital claims reporting (Group1)		> 85%
Automated claims processing (Norway)		> 70%

1 Excluding the Baltics.

Sustainability targets

A safer society

80 per cent of premium income sustainable by 2026 for products covered by the EU taxonomy for general insurance.

Motivated employees: >8 on a scale from 1 to 10 in our employee survey, and in the top 25 per cent among companies in the European financial industry that use a corresponding survey (Peakon).

Sustainable claims handling

35 per cent reduction in GHG emissions from claims by 2025, and 55 per cent by 2030, compared with 2019.

All suppliers must sign the Supplier Code of Conduct.

Responsible investments

Net zero GHG emissions in the investment portfolios by 2050.

All external managers must sign the UN PRI.

Operational targets towards 2026

Customer orientation Efficient, sustainable processes

CUSTOMER SATISFACTION (CSI): Target, Group1: above 78

The customer satisfaction index measures how well we succeed in being a customer-friendly and customer-oriented company. A CSI score above 78 is an ambitious target that can be achieved through, among other things, excellent customer service and good products and services.

CUSTOMER RETENTION:

Target, Norway: above 90 per cent Target outside Norway: above 85 per cent

Customer retention is a measure of how well we succeed in customer orientation, and can be improved by achieving a high CSI score, a wider product range, strong brand etc. Customer retention contributes to good customer profitability and efficient distribution of insurance products.

DIGITAL DISTRIBUTION INDEX:

Target, Group1: 5–10 per cent annual growth

We shall meet customers in the channels they prefer. Customer contact through digital channels makes up an increasing share of distribution and customer service and is expected to increase going forward. The digital distribution index shows the development in digital sales, digital customer service in Norway, and the proportion of digital customers. It measures how well we succeed in getting customers to use digital services.

SALES EFFICIENCY

Target, Group1: 25 per cent increase

Digital sales solutions and data-driven support tools for our advisers make it easier for customers to buy insurance products that meet their needs. This reduces the costs associated with sales compared with the revenue generated by the sale. This also supports the goal of high customer satisfaction.

DIGITAL CLAIMS REPORTING AND AUTOMATED CLAIMS PROCESSING:

Target, Group1: above 85 per cent (digital claims)

Target, Norway: above 70 per cent (automated claims processing)

Contribute to good customer experiences and thereby a high CSI score and customer retention rate, and cost efficiency. Require standardisation, digital claims forms and algorithms in our core system.

Sustainability targets are described in the Sustainability Report.

1 Excluding the Baltics

H2 TOC SUBHEADING DIVIDEND NOK 5.0 BILLION

SIDEOVERSKRIFT

The Board proposes a total dividend of NOK 10.00 per share, consisting of a dividend of NOK 9.00 per share based on the profit for the year and distribution of excess capital of NOK 1.00 per share, which amounts to NOK 5 billion in total.

Gjensidige's business model

Gjensidige creates value by carrying risk for customers and compensating losses that arise. One of our core competencies is thus assessing risk. Throughout our history, it has been natural for us to focus on preventing damage, and we advise customers and society at large on how to avoid or limit losses.

The illustration shows the core processes in our business.

Our business is conducted within the framework of our strategy, our ethical principles and strict compliance with laws and regulations in the countries in which we operate. We mainly perform all core processes ourselves. Sustainability is integrated into the strategy and our core processes. Our business model can be described through the following five core processes, in line with the UN Principles for Sustainable Insurance (UN PSI):

RISK ASSESSMENT AND MANAGEMENT

We need to understand the risk we take on and set the right price to cover future compensation for losses that may and will occur. We must also have sufficient capital to meet our obligations. Risk assessment is therefore a core competence in general insurance. We use this expertise to advise customers and society at large on damage prevention.

PRODUCTS AND SERVICES

We develop and offer insurance that covers customers' need for peace of mind, and develop related services for, among other things, damage prevention and claims processing. We generally distinguish between property and liability insurance, often called general insurance, and accident and health insurance. Property insurance compensates the financial loss the customer suffers if an insured object is damaged or lost. Compensation involves either repairing or replacing the damaged object with a similar object, or by the customer receiving a payment. Liability insurance compensates third parties for damage caused by the customer. The largest product groups in the property and liability category are motor vehicle and property insurance. Accident and health insurance compensates the customer's or next of kin's financial loss in the event of

accidents, illness or death. Examples of such insurance include life insurance, disability insurance and medical treatment insurance.

DISTRIBUTION AND SALES

Our customer service centres account for most of our distribution, but we also sell insurance through partners, agents and brokers. All our sales representatives and advisers are well trained and certified in accordance with industry standards. We have an established culture of deep customer orientation and seek to foster long-term customer relationships.

CLAIMS HANDLING

Our customers shall receive the correct claims settlement as soon as possible after a loss has occurred. We increasingly use automated

processes to achieve quick and precise settlements, while our experienced and competent claims handlers process complex cases. We keep accounts of GHG emissions from claims handling and work systematically on circular solutions to reduce emissions.

RESPONSIBLE INVESTMENTS

We manage substantial capital assets to ensure that we are able to meet our obligations to customers and other stakeholders at all times. The capital is managed with low risk exposure and with as high a return as the risk profile allows. We comply with internationally recognised principles for responsible investments, and have adopted a target of net zero emissions for the portfolios by 2050.

Factor inputs

Our factor inputs are mainly skilled labour, technology, data and capital. Throughout our more than 200 years of history, we have built in-depth expertise in all our core processes, and we have developed one of Norway's best known brands regardless of industry. Outside Norway, the brand name is in a challenger position.

Creating value

We create peace of mind for customers, and through knowledge sharing, we contribute to security for society as a whole. We offer competencebased jobs that make high demands of, and create good opportunities for, skills development for our employees and room for a good work-life balance. We help finance society through direct and indirect taxes, and we aim to deliver a competitive return to our owners.

Gjensidige's strategy

Gjensidige's corporate strategy follows from our mission to 'safeguard life, health and assets'. We have been doing that for more than 200 years, based on our vision to 'know the customer best and care the most'.

Our overarching ambition is to be a leading general insurance company in the Nordic region. We will achieve this through continued profitable growth driven by three strategic focus areas: • Strong customer orientation

throughout the value chain
Being the best at general insurance Being an attractive alliance
partner in larger ecosystems

IMPORTANT TRENDS

Regulatory changes, digitalisation and technological development, structural macroeconomic changes, climate and environmental change and demographic changes create challenges and opportunities for the insurance industry that we must understand and have strategic preparedness strategies for.

MACROECONOMICS

International conflicts, climate change and increased tendencies towards protectionism appear to lead to structural changes in international trade patterns. This can lead to reduced economic growth and a more volatile inflation and interest rate situation. This also affects framework conditions for profitability and customers' willingness and ability to pay. Security, predictability and accessibility, which are at the core of our value proposition, will become even more relevant in such a landscape.

DEMOGRAPHIC CHANGES

The growing elderly population challenges the Scandinavian welfare model. An increasing proportion of the population is ageing and in need of care, while the proportion of people of working age, who have to finance the welfare state, is decreasing. People's health needs are also becoming more complex due to an ageing population and medical advances. In light of these trends, it will also be a key task for society to counter social exclusion and poor mental health in the population.

Another demographic change we are monitoring is the fact that younger generations may have lower customer loyalty than older people.

DIGITAISATION AND TECHNO-LOGICAL DEVELOPMENT

Technology development and continued digitalisation of society will change market structures, both in terms of how insurance is distributed and the competitive situation in general. Developments in AI technology and advanced analytics create new opportunities for greater efficiency and strengthened value propositions. The ability to collect, analyse and use new and existing data will be important to ensuring a competitive advantage. Customers expect available data (for which consent is given) to be used to advise and adapt solutions that are tailored to the customer and their needs.

CLIMATE AND NATURE RELATED RISK

More frequent weather-related events, greater attention to the consequences of climate change and loss of nature give rise to a need for more sustainable insurance solutions. Climate change adaptation and damage prevention are important responsibilities and areas where society has expectations of and sets requirements for the insurance industry.

REGULATORY REQUIREMENTS

Legal requirements and regulations will affect the industry going forward, especially when it comes to IT security, artificial intelligence, data protection and sustainability (climate, environment, labour rights, health, diversity etc.). Future regulatory requirements may entail increased costs and complexity, but also represent strategic opportunities.

The Nordic region as an attractive home market #1

We have defined the Nordic region as our geographical home market. We continue to see attractive long-term growth opportunities in this market, where we will continue to seek growth in general insurance, our core area of activity.

The Nordic general insurance markets are among the most well-developed, profitable and digitally advanced in Europe. The high level of prosperity in the Nordic region means that people have substantial assets to insure. The overall general insurance market in the Nordic region accounts for approximately NOK 350 billion in premium volume.

In all the Nordic countries, customer loyalty to general insurance companies with established brands and strong partnership structures is high. A high degree of direct distribution and efficient operations in integrated value chains results in a lower cost ratio than in most other European countries. The Nordic market is also characterised by high digital maturity. Compared with the global insurance market, Nordic insurance companies are leaders in terms of digitalisation and automation of customer journeys. Therefore, further progress depends on fresh thinking and innovation, and we are continuously working on the digitalisation agenda to meet customers' needs for seamless customer journeys. This makes customer orientation and trust particularly important.

The Nordic insurance market has undergone consolidation in recent years, where the biggest companies have strengthened their local and Nordic position. In each of the Nordic countries, the five biggest providers have between 60 and 85 per cent of the market. Consolidation is driven by a desire for economies of scale. Size is becoming increasingly important in order to succeed in the insurance industry. Among the drivers of this development are increased regulatory complexity, an increasing need to be able to invest in technology and strategic objectives and the need to attract and retain the best qualified candidates, as well as increased diversification and positioning to be the preferred alliance partner. We expect the industry's increasing focus on efficiency and profitability to continue going forward, where the ability to capitalise on size and good operations, underpinned by scale, is a competitive advantage. The pressure on efficiency and cost discipline will be further strengthened to create profit growth for the leading companies.

Most of the large providers in the Nordic region are companies with general insurance as their core activity, and they are largely based on integrated value chains. We have seen the same development among large providers in the rest of Europe, who have taken clear steps to streamline their general insurance portfolios in their home markets. The smaller companies in the industry include banks and life insurance companies whose business activities also include general insurance.

For private customers, the biggest products are motor insurance, property insurance and risk-based accident and health insurance. The Scandinavian welfare model entails universal access to public health services and a broad range of social security schemes. Private accident and health insurance therefore serves as a supplement to these schemes. Travel, leisure craft and valuables also represent a significant volume of insurance.

The map shows Gjensidige's position in the various markets, by the market share of companies included in official statistics. We do not have insurance operations in Finland, but we have roadside assistance business through REDGO.

Annual growth in total market (local currency)

Norway Denmark Sweden

Property and motor insurance are the biggest products in the commercial market as well, in addition to occupational injury and employee group life insurance. Commercial customers also request a number of insurance policies tailored to their activities.

Our Nordic position

We are convinced that a foothold across markets is an advantage, and that this provides opportunities for growth and economies of scale. This can become particularly important in mobility, where market breadth can be important for entering into strategic alliances. Economies of scale also provide opportunities to create efficient processes, more cost-effectively meet regulatory requirements and, not least, to attract, develop and retain talent.

Gjensidige holds a strong position in the Norwegian market, with a brand that enjoys a unique position. The Norwegian position is strengthened through the customer dividend model, which increases attractiveness and customer loyalty. In the Danish market, we are a well-established player, with a market position that allows for profitable growth. Our market share in Sweden is smaller, and we are a challenger to the big, established players.

We have established group functions that provide services across countries, thereby achieving economies of scale. In addition, in 2023, we organised the segments Private and Commercial across Norway and Denmark. Sharing of best practices between the businesses in the different countries also generates synergies. We have started implementing a new, joint core IT system in Denmark that will generate further synergies. By coordinating the individual business entities, we create operational and financial synergies and thus increase the value of each entity, as well as the company as a whole.

Gjensidige's business model is characterised by an integrated value chain and direct customer relationships. We are among the best in the world on pricing, direct sales and claims settlement, with the potential for increasing scale by sharing best practices outside Norway. We also have extensive distribution and brand collaboration, especially through organisational agreements, car dealers and banks.

Our strategic priorities

Gjensidige's strategy has been and will continue to be to maintain and strengthen our close relationship with customers through strong customer orientation and direct customer dialogue. At the same time, we are continuously working to test, learn and develop new products, solutions and business models tailored to customers' need for security, simplicity and sustainable solutions.

To succeed in our ambition to be a leader in the Nordic region and create value in the long term, we believe that scale, size and Nordic presence will become even more important in the years ahead. At the same time, we must maintain and further develop our unique position and relationship with our customers.

The ambition is made clear by the three strategic focus areas that describe what we want to achieve in the upcoming strategy period, and define Gjensidige's competitive advantage.

CUSTOMER ORIENTATION THROUGHOUT THE CUSTOMER JOURNEY

The core of Gjensidige's more than 200-year long success story is that we have always been there for and played an important role in our customers' lives. Predictability and security are the most important things we can offer our customers in a time marked by insecurity. We are there for customers here and now, but we always have an eye for the future.

Combined market share for top 5 companies

We safeguard the customer perspective through customer orientation, and take a holistic approach to the customers' dialogue with Gjensidige. We will be the company that customers find easiest to use throughout the customer journey. This means that, in all parts of the customer journey, we must look for and identify opportunities to simplify customers' experience of the customer relationship. We must be one step ahead and know our customers and understand their needs, and use our insights to develop new products and services that give them peace of mind. By thinking holistically and sustainably, we help customers prevent losses from occurring, create incentives for them to make sustainable choices and help resolve their challenges.

Through digitalisation, we strengthen self-service solutions and ensure a good balance between in-person and digital interaction. We must be the best the second a loss arises, and have solutions, processes and structures that, compared with our competitors, make us the faster and easier option to turn to for help.

BEST AT GENERAL INSURANCE

If Gjensidige is to succeed in being a leader in the Nordic region, we must be the best at our core business, i.e. general insurance. A strong focus on our core business is important to set a common direction and strengthen synergies across the Group. Realising the full potential between Norway and Denmark by building and utilising best practices between countries and segments is a high priority. We must continue to invest in and develop our core business with a view to developing better value propositions for our customers, as well as increased efficiency and good profitability. Efficiency will be achieved through both small and big measures, such as automated and

analytically driven processes. Profitability will be achieved through efficient processes and by making proactive efforts to understand and correctly price the risks we will help customers insure and prevent. Customer orientation, efficient operations and analytics-driven business processes must be supported by a modern, secure and cost-effective technology platform.

We are known for having market-leading capabilities in brands, pricing, omnichannel distribution and claims settlement. That has given us a sound competitive advantage in Norway, and over time, best practices will be shared with the different segments and countries. We will continue to make active efforts to predict and understand changes in the market, to be able to further develop our value chain.

ATTRACTIVE ALLIANCE PARTNER IN LARGER ECOSYSTEMS

Gjensidige shall be a preferred partner to ensure that we are well positioned for trends and developments in the insurance industry. A good reputation, sound profitability and a willingness to develop will enable us to attract the best alliance and cooperation partners. Within our existing operating model and our core business, we shall be the easiest company for partners to work with.

We are forward-looking and we understand and rig the organisation for new business and distribution models. It will be possible to develop new business models and ecosystems in the areas of motor, property and health, and changes may occur in value chains. Being an attractive alliance partner is therefore about ensuring that Gjensidige is well positioned for such a development.

Brand built on trust

Gjensidige is a customer-oriented company, founded on honest communication, trust and a sense of community with customers. We create profitable growth through internal and external cooperation, to the benefit of customers, the environment and the future. Customers want secure, simple everyday lives, which we help provide through user-friendly, efficient solutions adapted to their needs. Based on our strong brand, visible market communication and sound expertise, we make active efforts to ensure a more secure and sustainable future. Trust in the Gjensidige brand is strong and difficult to copy. Our brand will be further developed in all countries we operate in, and we will defend our pole position in Norway.

Technology as a mainstay

Technology plays a particularly important role in Gjensidige's ambition to become a leader in the Nordic region and succeed in the three focus areas. We aim to be an industry leader in technology, and to lead the field in data and analytics. This means strengthening our ability to secure and optimise our existing technology platform and invest in new technology and expertise. This is essential to be able to unlock the potential that lies in access to data and technology, such as artificial intelligence. Using artificial intelligence heralds substantial rationalisation potential, for example in terms of data sources, data processing, regulatory requirements and infrastructure.

Motivated employees

In a market characterised by an ever-increasing pace, competition and uncertainty, it is crucial

that the organisation stands together and pulls in the same direction, to achieve our ambition of being a leader in the Nordic region. We shall be 'one Gjensidige', and we value our community and values across countries and gain insight and experience where appropriate. We trust each other, share knowledge and work together towards a common goal.

As an organisation, we must be able to meet changing needs and requirements, deal with challenges effectively, at the same time as we make courageous choices and get things done. We are also open to new ideas and solutions and adapt to new ways of working.

We are ambitious and always focus on people. This is reflected in who we are, where we come from and in our ambition to become a leader in the Nordic region. Attracting and retaining a diverse and competent workforce is essential to be able to mirror customers and provide the best customer experiences. Gjensidige offers a secure workplace, good development and learning opportunities and room to be who you are.

Sustainability

Throughout our history, we have demonstrated social responsibility. This responsibility comes from our role as one of the Nordic region's largest insurance companies, where we have helped our customers by providing advice on damage

prevention and been there when the damage was done. Among other things, this means requiring sustainable deliveries from our suppliers in their claims process. Sustainability is an integrated part our business model.

Going forward, Gjensidige will attend to this social responsibility by contributing to a sustainable society, in relation to both our insurance and investment activities. The following factors are particularly important in our sustainability work: GHG emissions and climate change adaptation of our products, circular economy, and how we can ensure that we develop expertise on risks related to the green transition so that we can help mitigate risk.

We define sustainability in line with the UN Sustainable Development Goals. This means that Gjensidige's activities will ensure a balance between climate and the environment, social conditions, good corporate governance and finances. Gjensidige's sustainability work focuses on four areas: a safer society, sustainable claims handling and responsible investments, and order in our own house. Ambitions and action plans will underpin our transition plan towards 2050.

Our sustainability work is described in more detail in the sustainability report.

Structural growth

Gjensidige shall take a proactive and disciplined approach to structural growth opportunities through acquisitions, mergers and strategic alliances.

At the overarching level, the Group's growth matrix remains in place: increased scale in general insurance in the Nordic region and a broad range of services in the financial sector in Norway. We will prioritise structural growth in Nordic general insurance to achieve our Nordic ambition. At the same time, we will develop strategic alliances with providers who can give us further insight into security-related needs, changes in customer behaviour and new technological opportunities.

Capital strategy

Our capital strategy will underpin our attractive dividend policy and contribute to ensuring high and stable nominal dividends on a regular basis. Gjensidige's capitalisation must be adapted at all times to the Group's strategic goals and appetite for risk. We will maintain financial flexibility while exercising strict capital discipline that supports the return on equity target and dividend policy.

All subsidiaries will be capitalised in line with the respective statutory requirements, while capital in excess of the requirements will, as far as possible, be retained in the parent company Gjensidige Forsikring ASA. The Group will make use of all forms of capital in Tier 1 and Tier 2, including subordinated debt, in a responsible and value-optimising manner and within the limits set by authorities and rating agencies.

Opportunities and threats

Opportunities and threats are described in the sustainability report for all material sustainability topics.

New and emerging risks

The risk situation is complex and constantly changing. New and emerging risks typically develop over time, often as a result of changes in climate, the political or social situation, or technological development.

The main purpose of the analysis is to identify and monitor such potential risks, and the consequences these may have for the Company. This will allow necessary measures and adaptations to be implemented at an early stage. Examples of emerging risks that may affect us are climate change, cyber threats, increased use of digital currency and nanotechnology.

We have established a comprehensive approach to emerging risks as part of our risk management framework.

We identify and analyse a broad range of new and emerging risks and consider their potential impact on the Company. Risks we consider material and/ or about which we have limited knowledge are given priority and analysed in more detail.

EMERGING RISKS WE HAVE ANALYSED:

TECHNOLOGY

Cyber threats
Nanotechnology
Autonomous vehicles
Digital currency
Quantum computing
Loss of critical infrastructure

THE ENVIRONMENT

Plastics and microplastics
Physical risk (climate)
Gene technology
Resource scarcity
Biodiversity

SOCIAL/CUSTOMER BEHAVIOUR

Transition risk (climate)
Sharing economy
Mental health
Socioeconomic inequality

FINANCIAL/POLITICAL/REGULATORY

Disruption in the supply chain
Class action
Rising debt levels
Geopolitical conflict

Our insurance segments

Gjensidige Forsikring ASA is the parent company of the Gjensidige Group, and its head office is in Oslo, Norway. The Company has general insurance opera tions in Norway, Denmark and Sweden, in addition to pension operations in Norway.

The general insurance operations include both non-life insurance and accident and health insu rance. The Norwegian general insurance opera tions also include life insurance, which is pure risk insurance with a duration of up to one year, largely group life insurance.

Operations outside Norway primarily take place through branches.

The business is organised into four operational

segments: General Insurance Private (Norway and Denmark)
General Insurance Commercial (Norway and Denmark)
General Insurance Sweden Pension

Our general insurance business in the Baltics is also included here, which has been agreed sold to ERGO International and is reported as discon tinued operations.

General Insurance Private Norway

Offers a wide range of general insurance products and services to private individuals in Norway, and handles sales and customer service.

¹ Defined as an alternative performance measure (APM). APMs are described in a separate document published at gjensidige.com/reporting

General Insurance Private Denmark

Offers a wide range of general insurance products and services to private individuals in Denmark, and handles sales and customer service.

² Market share statistics are published with one year delay in Denmark.

General Insurance Commercial Norway

Offers a wide range of general insurance products to commercial and agricultural customers, and the public sector in Norway, in addition to pensions in the Norwegian market. The segment handles sales and customer service.

¹ Defined as an alternative performance measure (APM). APMs are described in a separate document published at gjensidige.com/reporting

General Insurance Commercial Denmark

Offers a wide range of general insurance products to commercial and agricultural customers, and the public sector in Denmark. The segment handles sales and customer service.

¹ Defined as an alternative performance measure (APM). APMs are described in a separate document published at gjensidige.com/reporting ² Market share statistics are published with one year delay in Denmark.

General Insurance Sweden

Offers insurance to the private and commercial markets. The segment's insurance revenue is distributed almost 50/50 between the private and the commercial market.

¹ Defined as an alternative performance measure (APM). APMs are described in a separate document published at gjensidige.com/reporting

Pension

Offers defined contribution occupational pension schemes for businesses, in addition to individual pension savings agreements and disability pension. Pension is a priority area that helps to ensure that Gjensidige is a complete supplier of insurance and pension products to private and commercial customers in Norway. The business contributes to stronger customer relations and loyalty among our general insurance customers.

Other operations

Other operations include REDGO, which engages in roadside assistance activities in Norway, Sweden, Finland and the Baltics, and Flyt, a road toll collection company in Norway. These businesses are organised under the subsidiary Gjensidige Mobility Group.

Number of missions REDGO: 370,000

Number of road toll tags from FLYT:

1.1 million

Responsible investments

We manage approximately NOK 150 billion in investments on behalf of ourselves and our customers. Customers and other stakeholders increasingly expect the companies we invest in to take the climate and environment and social responsibility into account, and to exercise good corporate governance. The same applies to society's expectations of large companies contributing capital to succeed in the transition to a green economy.

Our investment horizon indicates that an understanding of the relationship between sustainable development, risk and return is an important precondition for succeeding. We believe that companies that incorporate sustainability into their practices have better prospects of profitability than others because they have a better understanding of risk management and market developments.

Our asset management is based on the 10 UN Global Compact principles, which promote human and labour rights, the environment and anti-corruption work. The work is enshrined in our Policy for Responsible Investments
We have signed the UN Principles for Responsible Investment (UN PRI), affirming our commitment to act in the best interest of our stakeholders in a long-term perspective.
We support the Paris Agreement. Based on reports from the IPCC, we consider it necessary for achieving the goals of the

agreement to adopt a strategy for net zero emissions from the investment portfolios by 2050. Through our commitment to the SBTi, we have undertaken to base our strategy on the best available science. We have submitted our climate targets for validation by the SBTi in the autumn of 2024. • We have signed the Carbon Disclosure Project (CDP) as an Investor Signatory to support companies' disclosure of environmental impact and strategies and measures for reducing GHG emissions. • We are a member of the Norwegian Forum for Responsible and Sustainable Investments (NORSIF), and support the work on developing and promoting sustainable investments as a dedicated field in Norway, and share experience and knowledge across the Norwegian financial community.

The Group's Chief Investment Officer (CIO) is responsible for ensuring compliance with the Policy for Responsible Investments. Analyses from external sources such as Sustainalytics, the Council on Ethics etc. form the basis for considering dialogue with companies and potential exclusions from Gjensidige's investment universe. In cases where a company engages in serious or systematic violations of Gjensidige's ethical guidelines and fails to demonstrate sufficient willingness to change, we consider what opportunities we have to influence the company to change its conduct nonetheless and, ultimately, to exclude it. The Chief Investment Officer decides in each

case whether the violation is severe enough for existing investments to be terminated.

We only enter into agreements with external managers who have appropriate guidelines and a history of responsible investments. This is a very important issue in the appointment of new external managers.

A significant part of our investments are carried out in collaboration with our external managers. This may give us greater influence over underlying companies than we can achieve directly. The dialogue makes the managers aware of our view, and in some cases they receive new information about their investments that they can use in their assessments of the investments and in dialogue with the companies on behalf of all the investors in the fund. Further details about the exclusion process and criteria are available in the Policy for Responsible Investments, which is available at www.gjensidige.com.

The Policy for Responsible Investments instructs those responsible for asset management to analyse ESG-related issues, including climate risk, in connection with all decisions. We have based our policies and procedures on UN PRI recommendations and have used recognised scientific methods in the follow-up of our strategy for net zero emissions, as recommended by the SBTi. Read more about how we work on climate risk in the Sustainability Report chapter 'Climate change'.

We have described our procedures for influence and exclusion related to social conditions in the chapter 'Workers in the value chain'. The same

procedure also applies to follow-up of corporate governance matters, such as uncovering breaches of our anti-corruption requirements.

How we work to influence the companies in which we invest

In our efforts to influence the companies we have invested in, 10 companies were excluded from Gjensidige's investment portfolio in 2024, compared with 12 companies in 2023. 7 previously excluded companies were removed from the exclusion list in 2024, compared with six in 2023. The companies that were removed from the list have either changed their conduct or sold companies following pressure from investors, authorities and other stakeholders. In addition, 5 companies were removed as they are covered by the exclusion of other companies on the list. At year-end 2024, 165 companies had been excluded, compared with 167 at the start of the year.

In 2024, we reached out to 7 external investment managers regarding 36 companies in their portfolios that were either excluded or under observation. Similarly, in 2023, we reached out to 8 external managers regarding 44 companies. These interactions have often heightened the external managers' awareness of various issues, subsequently influencing their discussions with the companies.

EXCLUSIONS BY CAUSE1	UNIT	2022	2023	2024
• Labour conditions	Number	5	5	5
• Corruption	Number	8	8	9
• Human rights	Number	83	88	89
• The environment	Number	29	29	30
• Controversial weapons	Number	47	44	37
Companies excluded from the investment portfolio	Number	161	167	165

1 Companies may be excluded for more than one reason.

OTHER KEY FIGURES	UNIT	2022	2023	2024
External managers that have signed UN PRI	Per cent	99	99	99
External managers used with companies on Gjensidige's exclusion list	Number/ Per cent followed up	7/100%	8/100%	7/100%
Share of women investing in saving products (GPF)	Per cent	47	47	47

For more information about how we follow up and influence employees in the value chain, see the chapter "Workers in the value chain". Read about how we work to prevent corruption in the chapter "Business conduct".

CLIMATE RISK

Our financed GHG emissions are presented in the chapter "Climate change". Financial climate risk relates to how climate change can impact

the value of financial assets. We implemented GHG-reporting for the general insurance investment portfolio in 2021, and for pension profiles, individual funds and the group policy and company portfolio in 2022, which is the base year for our investments. The mutual funds and pension profiles we offer our customers are subject to sustainability labelling. Documentation of sustainability risk and carbon risk is available on our website.

Investments in Gjensidige's general insurance operations

The purpose of the investment portfolio is primarily to cover our actuarial liabilities, help the Group achieve its ROE target and support to the Group's target of net zero emissions by 2050. We take limited risk in our asset management. The general insurance investment portfolio includes all investment funds within the Group, except for those in the pension segment. A large part of the asset management is outsourced to external managers, while the Group's investment function concentrates on asset allocation, risk management and the selection of managers.

THE PORTFOLIOS ARE DIVIDED INTO:

A match portfolio that is intended to correspond to the Group's technical provisions. It is invested in fixed-income instruments whose duration is adapted to match the technical provisions.
A free portfolio that consists of various assets. The allocation of assets in this portfolio must be seen in connection with the Group's capitalisation and risk capacity, and the Group's risk appetite at all times.

Exposure to oil and gas-related activities has significantly decreased over time, accounting for approximately 12 per cent at year-end. In the power supply sector, Gjensidige is largely invested in bonds in Norwegian hydropower plants. We consider the transition risk associated with these investments to be considerably lower than in other parts of the power supply sector. These considerations are confirmed by

the results of the previous scenario analyses, which show that the value of Norwegian hydropower producers will increase in scenarios with higher transition risk.

See an overview of emissions in the investment portfolio in the chapter "Climate change".

INVESTMENT PORTFOLIO AT 31 DECEMBER 2024

NOK billion 62.4

Match portfolio Free portfolio

Fixed-income Listed equities Private equity Property Other

Investments in Gjensidige Pensjonsforsikring (GPF)

GPF manages assets on behalf of its customers. Its main products are group occupational pensions, which are defined contribution schemes with pertaining risk coverage, management of pension capital certificates and paid-up policies, individual unit-linked pension and individual disability pension. Total assets under management at 31 December 2024 amounted to NOK 87.1 billion, compared with NOK 69.3 billion at the end of 2023.

THE PORTFOLIOS ARE DIVIDED INTO:

The group policy portfolio, which is intended to cover actuarial liabilities where GPF carries the financial risk.
The unit-linked portfolio, where customers carry the financial risk.
The corporate portfolio, consisting of the company's equity and subordinated loans.

The purpose of the asset management is to achieve a competitive return for the pension profiles included in the unit-linked portfolio, and to meet obligations to customers in the group policy portfolio.

GPF only uses externally managed funds in the allocation in the unit-linked portfolio, but makes all decisions concerning strategy, asset classes,

portfolio construction, manager selection and risk management itself. The products GPF offers should primarily be suitable for pension saving, and otherwise be tailored to customers' needs and preferences in terms of content, quality, risk, expected return, price and sustainability. GPF shall support the Group's sustainability goals and comply with the group policies for responsible investments and sustainability.

GPF's investment department collaborates with the Group's investment centre.

The selection of investment managers for the customer portfolios is based on a comprehensive selection process carried out by the investment centre on assignment for and in cooperation with GPF. All external investment managers are required to have a clear policy for responsible investment integrated in their processes. All the funds included in the customer portfolios and the group policy and corporate portfolios are screened against Gjensidige's exclusion list every quarter. The follow-up of investment managers follows internal Gjensidige guidelines. Any breaches of the exclusion list by investment managers who are only used in GPF's customer portfolios and not Gjensidige's own portfolios will be followed up by GPF.

GPF's property exposure is managed through Malling og Co Eiendomsfond AS. The fund has a sustainability strategy that involves reducing the carbon footprint and consumption of energy and water, increasing the level of waste sorting and achieving BREEAM In-Use certification for all active properties.

In 2022, GPF launched new pension profiles with sustainable investments as a purpose. The profiles shall finance companies that contributes to the achievement of environmental goals or social goals, as well as not doing any significant harm to these goals. The companies must also follow good corporate governance. The profiles are composed of funds that report in accordance with Article 9 in the EU regulations (SFDR). GPF has chosen to make the sustainability profiles available to the employees of all commercial customers, without extra charge, so as to facilitate the movement of capital in a more sustainable direction. As a result, the profiles have attracted a relatively large amount of capital in a short period of time. At the end of 2024, assets under management in this profile amounted to NOK 1.6 billion, which corresponds to 2.5 per cent of total assets in our defined contribution profiles. In comparison NOK 868 million was invested by the end of 2023.

See an overview of emissions in the investment portfolio in the chapter "Climate change".

CUSTOMER PORTFOLIO AT 31 DECEMBER 2024

Unit linked portfolio Group policy portfolio

Our commitment to owners and creditors

We will make sure that financial market participants have an adequate basis for assessing the Group's value through simultaneous access to the same correct, clear and relevant information at all times. The information must be consistent and well-balanced. As a rule, we do not disclose specific guidance for future financial performance.

Each quarter, we meet with investors and analysts to discuss our results and business operations. A member of Gjensidige's Investor Relations team usually attends these meetings, possibly together with the CEO and/or the CFO, or another relevant executive.

Return on the Gjensidige share

The Gjensidige share yielded a total return for the shareholders of 13.1 per cent in 2024. Oslo Børs (the OSEBX index) recorded a total return of 9.1 per cent during the same period. Since the company was listed on the stock exchange in December 2010, the Gjensidige share has yielded a total return of 735 per cent.

The average daily trading volume on Oslo Børs was around 298,000 shares in 2024. In addition, a substantial number of shares are traded in other marketplaces. The Gjensidige share was included on the OBX index again on 23 September 2024 as the trading volume during the period March– September 2024 put it among the top 25 shares on Oslo Børs.

TOTAL RETURN AND TRADED VOLUME IN 2024

Traded Volume Gjensidige Oslo Stock Exchange (OSEBX)

FINANCIAL CALENDAR 2025

20 March 2025 General Meeting

29 April 2025 Publication of Q1 results

15 July 2025 Publication of Q2 results

22 October 2025 Publication of Q3 results

Dividend and dividend policy

We pursue a shareholder-friendly capital and dividend policy, and the Gjensidige share is and should be a dividend-paying share.

It is our goal is to distribute high and stable nominal dividends to shareholders, and maintain a payout ratio of at least 80 per cent of profit after tax over time.

When determining the size of the dividend, we will give consideration to expected future capital needs. Over time, we will also distribute excess capital.

The Board has proposed a dividend for 2024 of NOK 5 billion, corresponding to NOK 10.00 per share, of which NOK 4.5 billion (NOK 9.00 per share) is based on the result for 2024 (regular dividend) and NOK 500 million (NOK 1.00 per share) based on distribution of excess capital (special dividend). The regular dividend corresponds to a payout ratio of 88 per cent of the Group's profit after tax. The proposed dividend is subject to approval by the Financial Supervisory Authority of Norway since the amount exceeds 100 per cent of the profit for the year in Gjensidige ASA.

The dividend for the 2024 financial year will be adopted by the General Meeting on 20 March 2025. The adopted dividend will be distributed to those registered as shareholders on the date of the annual general meeting. The Gjensidige share will be traded ex dividend on 21 March 2025, the settlement date will be 24 March 2025 and the payout date will be 28 March 2025.

Gjensidigestiftelsen's share of the dividend based on the result for 2024 (regular dividend) amounts to NOK 2.8 billion. Pursuant to the foundation's statutes, the dividend from the profit for the year will be passed on to Gjensidige's general insurance customers in Norway. The customer dividend will be adopted by the foundation's General Meeting in the second quarter of 2025.

Ownership

At year-end 2024, Gjensidige had approximately 38,000 shareholders. Gjensidigestiftelsen aims for a leading shareholding in Gjensidige over time and wishes to contribute to ensuring predictable and stable ownership. According to the ownership policy, the goal is an ownership fraction that exceeds 60/40 over time, but Gjensidigestiftelsen has expressed willingness to consider a reduced ownership interest in the event of acquisitions or capital increases that are in accordance with Gjensidige's overall strategy.

HIGH AND STABLE DIVIDEND OVER TIME

DIVIDEND PER SHARE	BASED ON THE RESULT FOR THE YEAR	DISTRIBUTION OF EXCESS CAPITAL
20241	9.00	1.00
2023	8.75
2022	8.25
2021	7.70
2020	7.40	6.40

¹ Proposed dividend for 2024 will be adopted by the Annual General Meeting on 20 March 2025.

SUSTAINA-BILITY REPORT

Gjensidige Annual Report 46

About the sustainability report

Material sustainability topics

The topics highlighted are considered material for Gjensidige, based on the double materiality assessment.

CROSS-CUTTING STANDARDS	TOPICAL STANDARDS
GENERAL INFORMATION	ENVIRONMENTAL INFORMATION	SOCIAL INFORMATION	GOVERNANCE INFORMATION
ESRS 1 General Requirements	ESRS E1 Climate change	ESRS S1 Own workforce	ESRS G1 Business conduct
ESRS 2 General Disclosures	ESRS E2 Pollution	ESRS S2 Workers in the value chain
	ESRS E3 Water and marine resources	ESRS S3 Affected communities
	ESRS E4 Biodiversity and ecosystems	ESRS S4 Consumers and end-users
	ESRS E5 Resource use and circular economy

GENERAL DISCLOSURES

Throughout 2024 the board has been presented quarterly sustainability reports with a focus on stats for goal attainment, effects and new measures. The board has broad sustainability experience, and has completed courses and certifications. We have prepared a double materiality assessment that has been discussed by the sub committees of the board throughout the year.

50/50

gender balance in the board

3/10

board members representing employees

Measures today Effects in the future

Basis for preparation of the sustainability report

The scope of consolidation for the sustainability report is in accordance with Gjensidige Forsikring Group's consolidated accounts. For our Baltic subsidiary ADB Gjensidige, we have assumed that we have operational control, which means that it is included in the sustainability report even though it is presented in the financial statements as a discontinued operation.

In addition to our own business, the sustainability report also includes upstream and downstream activities. We have conducted a value chain assessment that describes our own activities as well as upstream and downstream activities. This is described in more detail in the section 'Strategy, business model and value chain'.

In our assessments of upstream and downstream activities, we have, as far as possible, used the same goals, metrics and methods as in our operational and financial follow-up. Every year, we evaluate whether we can improve our processes to collect relevant data in the value chain and improve our reporting. In 2024, we have shared our experience with the Science Based Targets initiative (SBTi), Finance Norway and other insurance companies in both the Nordic region and Europe. For climate assessments, we have used DEFRA conversion codes to convert our material consumption into greenhouse gas emissions.

In our work, it is particularly demanding to estimate GHG emissions towards the year 2050. Furthermore, we see that the expectation of a Green Underwriting Ratio (GUR), by specifying climate elements in the pricing without a definition of what climate is, can give rise to a risk that such ratios will not be comparable. See our assessments in the chapters "Climate change" and "Article 8 EU taxonomy". There are no material changes to the assumptions for the preparation of this year's sustainability report compared with last year, except that we have used SBTi's Near Term target and included Scope 3 emissions in our estimates for financed emissions through our investments.

Our definition of short (<1 year), medium (1-5 years) and long term (>5 years) is in line with the requirements of the ESRS, except for climate risk. We have continued our long-standing work on climate risk and have chosen to use the same timeline as before. For climate risk assessments, short term means 0–3 years, medium term 3–10 years and long term more than 10 years. Identified climate risks and opportunities are assessed at least once a year and are included in our ORSA process. The assessments are based on when they are expected to materialise (short, medium or long term) and based on both a qualitative and (when possible) quantitative impact assessment.

The role of administrative, management and supervisory bodies

The Risk Committee, the Audit Committee and the Organisation and Remuneration Committee consist of members of the Board.

The Chair of the Board has broad expertise of sustainable development from several sectors, and has completed several courses and certifications in sustainability. Several members of the board have completed Gjensidige's sustainability course in 2022 and 2023. Many of the board members have also completed other courses and have experience of sustainability work through directorships in other companies. We believe that the board has sufficient sustainability competencies.

COMPOSITION OF THE BOARD	UNIT	2024	2023
Board members	Number	10	10
Executive board members	Number	3	3
Non-executive board members	Number	7	7
Employee representatives on the Board	Number	3	3
Nationalities represented on the Board	Number	2	2
Gender distribution on the Board (men/women)	Per cent	50/50	60/40
Independent1 board members, non-executive	Per cent	100	100

1 The definition of independent board members is in line with the ESRS standard. Independence means that they have no direct or indirect links to the company that may affect their ability to make objective decisions.

THE NOMINATION COMMITTEE

Responsible for ensuring that the board has the necessary expertise and experience

THE BOARD

Adopts sustainability goals and strategy (management responsibility), and follows up the status of measures and their effect (supervisory responsibility), and is responsible for everything that is dealt with in the subcommittees.

THE RISK COMMITTEE

Reviews proposals for sustainability targets, discusses identified influences, risks and opportunities, and ensures that risk appetite includes sustainability topics and risk exposure.

THE AUDIT COMMITTEE

Reviews quarterly sustainability report, internal control over non-financial reporting, sets materiality threshold and reviews the double materiality analysis. The committee determines the process for processing the annual report, including the sustainability report, and pre-processes the report for decision by the board.

THE ORGANISATION AND RE-MUNERATION COMMITTEE

Prepares the scorecard for the CEO, where the operationalization of several sustainability topics occurs and is measured. The Committee shall provide advice on matters relating to remuneration, and annually discuss with the CEO principles and specific frameworks for determining the remuneration of other senior executives.

CEO

Responsible for delivering on the goals set by the board, and setting sustainability goals downwards in the organization through the scorecards of the executive vice presidents

EVPS AND MANAGING DIRECTORS OF SUBSIDIARIES

Executive vice presidents and executives of subsidiaries implements sub-goals and action plans to deliver on the sustainability goals.

SUSTAINABILITY COUNCIL

Interdisciplinary team tasked with following up measures and their effect throughout the Group to ensure goal attainment. Provides input to the corporate management and the Board by uncovering dilemmas, or the risk of failure to achieve goals.

The figure shows the role of administrative, management and supervisory bodies and a selection of the most relevant methods for addressing sustainability topics.

Addressing sustainability issues

All impacts, risks and opportunities are included in the Group's risk management system and are followed up as part of established reporting to the senior group management and the Board. Risk controllers have been established for all segments and staff areas, who are responsible for updating the status of identified risks. This is reported to the Group Risk Management and Control, which monitors the overall risk situation, including material sustainability risks.

The Head of Sustainability is responsible for reporting the status of goal attainment to the senior group management and the Board.

The sustainability topics have been discussed and considered by the Board. The Board has received a quarterly report on sustainability that summarises the status and attainment of the following topics:

Damage prevention and incorporating climate change adaptation into products
Status of GHG emissions and work on the circular economy
Employee matters, including development in engagement, expertise, turnover and sickness absence
Follow-up of ethics, corruption and bribery, anti-money laundering, information security, artificial intelligence and data protection • Reviewed and processed the double materiality assessment, as well as identified
impacts, risks and opportunities • Adopted sustainability topics in the Group's risk appetite • Considered sustainability topics
- in the corporate strategy

Sustainability-related performance in incentive schemes

The remuneration report was approved at the annual general meeting on 20 March 2024, and is available at gjensidige.com.

The remuneration system shall be linked to attainment of the Group's strategic and financial goals and core values, and both quantitative and qualitative objectives shall be taken into consideration. The measurement criteria shall promote the desired corporate culture and longterm value creation. The system shall contribute to promoting and providing incentives for good risk management and sustainable value creation and prevent excessive risk-taking and conflicts of interest.

The performance criteria for variable remuneration of the CEO and senior group management are divided into three performance criteria with associated KPIs.

The most significant sustainability topics such as climate change, resource use and circular economy are included in Part C, including the status of the Board's climate targets for own operations, claims handling and investments. The sustainability topics under social conditions are included in parts A and B, Good business practice is included in part B.

The Board assesses target attainment for Performance Agreement Parts A, B and C for the year, and goal attainment is used as the basis for the allocation of variable remuneration to the management.

DESCRIPTION OF PERFORMANCE CRITERIA	DESCRIPTION OF KPI	RELATIVE WEIGHTING OF PERFORMANCE CRITERIA
Performance Agreement Part A: Core business	Customer relations Financial operationalisation Strategic projects	50%
Performance Agreement Part B: Employees, managers and organisation	Employee satisfaction Management and organisation Culture Skills	20%
Performance Agreement Part C: Future value creation and sustainability	M&A activities Structured growth Sustainability achievement	30%

Due diligence declaration

Gjensidige is committed to respecting internationally recognised human and labour rights in our own operations and in our value chains. We have signed internationally recognised guidelines to underline our commitment.

We ensure that both our own employees and Workers in the value chain are ensured these rights and comply with our requirements, and we have implemented processes to identify, prevent, mitigate and address our environmental, social and governance (ESG) impacts. In our efforts to limit potential negative impacts of our activities, we have established zero tolerance of corruption, including bribery, facilitation payments and gifts that may influence decisions.

We have a particular focus on preventing corruption, bribery, money laundering, data protection breaches and anti-competitive practices. Our operations shall be based on high ethical standards, and our corporate governance shall be in accordance with best practice. All employees must comply with Our Code of Conduct, and notification channels have been established for reporting and following up incidents. ESG risk (sustainability risk) is integrated into Gjensidige's risk management framework.

We have several policies that provide guidelines for safeguarding human and labour rights and ethical guidelines that set the framework for our work on due diligence.

CORE ELEMENTS OF DUE DILIGENCE	DESCRIPTION IN SUSTAINABILITY REPORT
a) Integration of due diligence into corporate governance, strategy and business model	The trust of our stakeholders is crucial for Gjensidige's business model and strategy. Follow-up procedures have been established to ensure that labour and human rights are respected for our own employees and for workers in the value chain. We have implemented processes to identify, prevent, mitigate and address our ESG impacts. Our second line of defence, represented by Compliance, carries out risk-based control measures to ensure that we, as far as possible, limit the potential for negative impacts as a result of our business. We have established zero tolerance of corruption, including bribery, facilitation payments and gifts that may influence decisions in our own operations and in the value chain.
b) Collaborate with relevant stakeholders in all parts of the due diligence process	We clarify requirements and expectations in dialogue with our stakeholders. Gjensidige's framework will ensure the necessary investigations and control of our suppliers and the companies we invest in in order to safeguard human and labour rights in our own operations and in our value chain. External parties and workers in our value chain can notify us of censurable conditions directly. This is described in more detail in the chapters 'Own workforce', 'Workers in the value chain' and 'Responsible investments'
c) Identify and assess the outcome of the assessment	Gjensidige carries out due diligence to analyse the risk of violations of fundamental human rights and decent working conditions for workers in the supply chains and with other business partners. Priority will be given to the work based on risk and materiality. We investigate suppliers in more detail if we believe they represent a risk of breach of such rights and obligations. The risk assessment process is described in the chapters 'Own workforce' and 'Workers in the value chain', as well as in the statement on due diligence available on our website.
d) Measures to mitigate potential negative impacts	Measures to mitigate potential negative impacts are described in the sustainability report: • Dialogue with our biggest suppliers, customers and the companies we have invested in is described in the chapter 'Workers in the value chain' • The dialogue with our own employees is described in 'Own workforce'
e) Follow up the effect of measures and communicate the result of our efforts	Gjensidige has a handful of suppliers outside our area of operation. Measures taken to follow up these suppliers include further investigations in line with our due diligence procedures. In addition to this, due diligence is carried out on selected suppliers, cf. also the Norwegian Transparency Act. We also monitor that all the companies we invest in comply with our requirements. Follow-up takes place quarterly, through direct dialogue or through our asset managers. In the event of a violation, we engage in dialogue. If we are unable to exert influence, exclusion is one of the measures that will be considered. The results of our due diligence are described for each material sustainability topic in 'Own workforce', 'Workers in the value chain, 'Consumers and end-users'. Our procedures for excluding investments are described in the chapter 'Responsible investments'. We have also published a statement on due diligence that is available on our website.

Risk management and internal control in sustainability reporting

To ensure completeness, validity and correctness in both quarterly and annual reporting on sustainability topics, internal control procedures have been established similar to those for financial reporting.

We have prepared instructions for those reporting on the status of sustainability topics with a description of what is to be reported and what procedures to follow, including that completed control measures are to be documented and be verifiable. Those responsible for reporting must sign to declare that they have received and understood the instructions.

Both overall analytical control and spot checks have been established to help ensure that any errors are detected and corrected. The risk of error in sustainability reporting has been included in Group Risk's (second line) follow-up of operational risks and incorporated into our group-wide risk management process. Environmental and climate change affects risk assessments and the pricing of insurance, and the effects of extreme weather and changes in risk exposure are assessed on a continuous basis, based on experience, expert assessments and future projections. In our investment activities, a separate risk management process has been established to safeguard the target of net zero emissions by 2050.

Sustainability risks, including climate risk, are partly identified in the respective risk management processes, where we take a bottom-up approach. We also carry out an annual top-down risk assessment. Identified risks are analysed and evaluated qualitatively. If the qualitative analysis shows that the risk may be significant, further analyses are initiated. Where possible, they will be quantitative, such as a scenario analysis of the investment portfolio or an analysis of claims inflation based on an increase in claims. A description of the individual sustainability risks and measures is provided for each material sustainability topic in the sustainability report.

Each quarter, the draft sustainability report is reviewed by the Sustainability Council to ensure correct reporting to the management and the Board.

The sustainability report, with both qualitative and quantitative information such as KPIs that show the status of goal attainment, is reviewed quarterly, and the internal control for sustainability reporting is reviewed at least once a year by the Audit Committee.

Strategy, business model and value chain

Social responsibility has been a key focus area throughout Gjensidige's history, as a natural consequence of our role as a leading insurance company. Giving customers financial security and helping them avoid damage have gone hand in hand.

Mission, vision and position are our long-term ambitions that set the direction for what we want to achieve in the long term. Customer orientation throughout the customer journey, best in general insurance and attractive alliance partner are our strategic focus areas that create clarity and focus on what we must succeed with. Technology, efficient core processes and expertise and culture are skills Gjensidige needs in order to deliver on the above.

CUSTOMER ORIENTATION THROUGHOUT THE CUSTOMER JOURNEY

Customer orientation throughout the customer journey is about safeguarding the customer perspective and thinking holistically about all aspects of customers' dialogue with Gjensidige. This means that we must be one step ahead, and that we must know our customer and understand their needs. Damage prevention is a key part of our customer

orientation, and we are keen to share our knowledge and insights to enable our customers to implement measures that reduce the risk of damage. We are also concerned with facilitating climate change adaptation, both through incentives in our products and by contributing to research projects and sharing data with the public. An overview of products, markets and customer groups, and the number of employees, can be found in the chapters 'Gjensidige's strategy' and 'Our insurance segments'.

Read more in the chapter 'Consumers and end users' (S4)

BEST AT GENERAL INSURANCE

We will ensure good, efficient processes from price and product development to sales, service and claims handling. We work with local suppliers to compensate losses in the best interests of customers, the environment and the local community. Going forward, we will attend to this social responsibility by contributing to a sustainable society, through both our insurance and

investment activities.

Technology

Technology plays a particularly important role in our ambition to become leading in the Nordic region and in order to succeed with our three focus areas, by ensuring a robust platform for efficient operation and secure development.

Read more in the chapter 'Business conduct' (G1)

Expertise and culture

Attracting and retaining a diverse and competent workforce is essential to being relevant and providing the best customer experiences.

Read more in the chapter 'Own workforce' (S1)

Sectoral exposure

	INSURANCE REVENUE COMMERCIAL (NACE)1	SECTORAL EXPOSURE
A	Agriculture, forestry and fishing	14.4%
L	Property activities	12.5%
F	Construction	10.1%
G	Wholesale and retail trade; repair of motor vehicles and motorcycles	7.7%
C	Manufacturing	7.0%
O	Public administration and defence; compulsory social security	6.2%
H	Transportation and storage	5.2%
S	Other service activities	4.8%
N	Administrative and support service activities	4.6%
M	Professional, scientific and technical activities	4.4%
-1	Unknown	4.0%
B	Mining and quarrying	3.1%
D	Electricity, gas, steam and air conditioning supply	2.8%
K	Financial and insurance activities	2.8%
J	Information and communication	2.4%
R	Arts, entertainment and recreation	2.0%
T	Activities of household as employers; undifferentiated goods- and services-producing activities of households for own account	1.8%
Q	Human health and social work activities	1.5%
E	Water supply; sewerage, waste management and remediation activities	1.1%
I	Accommodation and food service activities	1.0%
P	Education	0.6%
U	Activities of extraterritorial organisations and bodies	0.0%
	TOTAL	100%

¹ Insurance revenue from commercial customers in Norway and Denmark as of 31 December 2024.

TOTAL	100.0%
Not classified	15.0%
trans national
- of which govt./ govt. guaranteed/	13.4%
Public administration	24.1%
Real estate administration	12.1%
Financial services	47.8%
Transport, shipping og offshore	1.2%
Service activities	3.3%
Construction	0.1%
Electricity production and supply	7.0%
Manufacturing	2.5%
Oil & gas	0.4%
Agriculture, forestry and fishing	0.1%
INVESTMENT PORTFOLIO GJENSIDIGE FORSIKRING (NACE)	EXPOSURE

TOTAL	100.0%
Not classiifed	1%
Property	3%
Utilities	3%
Materials	4%
Energy	5%
Consumer products	7%
Communication	7%
Cyclical consumer products	7%
Health	8%
Manufacturing	13%
Technology	14%
Financial services	28%
GJENSIDIGE PENSJONSFORSIKRING (GICS)	EXPOSURE

EXPOSURE
2.8%
0.0%
0.1%
0.5%
95.6%
1.0%
100.0%

Business model and value chain

Sustainability is an integrated part our business model. We define sustainability in line with the UN Sustainable Development Goals. This means that our activities will ensure a balance between climate and the environment, social factors, good corporate governance and finances.

Insurance is an important part of a welfare socie ty, and the foundation for a healthy financial sys tem. Therefore, we are affected by the fact that insurance is strictly regulated, with requirements for capital adequacy and safeguarding customer needs. Gjensidige's business model follows the UN Principles for Sustainable Insurance (UN PSI).

Gjensidige can have a positive impact on society and create value by understanding society's and customers' need for security and predictability. Through ongoing dialogue with our key stakehol ders, we make sure that we understand their needs in the short, medium and long term. That way, we are able to adapt and develop our services.

OUR OWN ACTIVITIES

Risk management and underwriting

We contribute to increased financial security by conducting risk assessments and thereby achieving a correct price basis for our insurance policies. Our long history and large customer base have given us extensive experience to build on to calculate risk and prices. We have also conduc ted climate-related scenario analyses that allow us to calculate prices based on forward-looking scenarios, and not just historical statistics. Risk

assessments are based on large quantities of data, highly competent staff and system values.

We can also influence commercial customers' attitude to certain risks through our insurance specialists conducting inspections and advising on risk mitigation.

Gjensidige has a customer-specific risk assess ment. This enables us to give customers advice on risk mitigation and help to prevent losses from occurring. By their nature, losses have a negative impact on the environment, since resources are needed to repair or replace the damage. We the refore keep a strong focus on damage prevention and thereby help prevent insurance events and reduce the impact on the environment.

Product and service development

We impact society and customers by offering a wide range of insurance products to both private individuals and companies. This gives customers comprehensive protection against financial losses in connection with different claims events. It is very important to us that customers find the policies easy to understand, that they provide effective protection against relevant losses and that their coverage and price are adapted to customers' risk profile.

As far as possible, we shall also contribute to re duced use of resources. We are introducing more and more automation and standardisation in this work, enabling us to update prices more quickly and assess risk better than before.

OUR UPSTREAM ACTIVITIES

Claims handling

We impact customers' finances by providing them with the right amount of compensation as quickly as possible. We help and guide customers once a claims event has occurred, and endeavour to make it easy to report claims both digitally and manually. We work continuously to improve the claims handling to safeguard customers' need for information, help and compensation in the best way possible.

Claims handling is an important part of our work to reduce our environmental impact. Where possible, we work to promote reuse of materials and contribute to the circular economy. We measure GHG emissions from our suppliers' use of materials and labour in connection with repairs. We have defined targets for reducing GHG emissions from claims handling and will work with our suppliers to further reduce waste and material consumption.

We promote reduction of waste and material consumption through our group-wide procurement policy. We require sustainable deliveries from our suppliers and partners, and this is followed up in dialogue between our employees and suppliers. All our suppliers must sign a self-declaration on corporate social responsibility. By doing so, they undertake to comply with our requirements relating to the environment, CSR and management and control. We have an ongoing dialogue with our suppliers to encourage them to choose repair methods that have a smaller environmental impact, and at the same time ensure that their employees enjoy good working conditions.

OUR DOWNSTREAM ACTIVITIES

Distribution and sales

In dialogue with customers, who are served through a combination of phone contact, digital channels and face-to-face meetings, we can influence which products they should have in order to be properly insured. In our meetings with our customers, we also contribute to measures

that reduce the risk of damage. All our customer advisers must be certified and undergo basic training and updating through the Gjensidige Customer and Brand School. Digital solutions play an increasingly important role in distribution, but many customers still prefer a combination of

digital self-service, phone contact and face-to-face meetings. We work continuously on developing our distribution solutions to enable us to meet customers the way they prefer.

RESPONSIBLE INVESTMENTS

We manage significant capital due to customers paying insurance premiums in advance our pension company in Norway. The capital is managed to ensure that we can always meet our obligations to customers and achieve our ROE target. Allocation decisions are made based on market outlook and return characteristics. All investments are evaluated for material sustainability risk and group targets such as achieving net zero emissions by 2050, and to ensure that asset management providers respect our principles and have effective processes for assessing sustainability. Gjensidige's asset management aligns with the ten UN Global Compact principles, and the UN Principles for Responsible Investment. Active dialogue with asset managers and exclusions are measures to promote adherence with our policy for responsible investments, ensuring that companies not demonstrating responsible business conduct do not receive funding from us.

RESPONSIBLE INVESTMENTS PROCESS:

DOUBLE MATERIALITY ASSESSMENT

Stakeholder dialogue

Gjensidige has operations in seven different countries, is one of the biggest companies on Oslo Børs and has many important stakeholders. By stakeholder is meant anyone who influences or is influenced by the Company. Stakeholder dialogue is important when conducting a double materiality analysis as it provides valuable insight into what topics they perceive as material to us. An overall overview of the stakeholders' interests has been presented to the Risk Committee, the Audit Committee and the Board. All the topics that have been raised have been considered in the double materiality assessment, and the results have been presented to the Board. The key issues that have emerged from the analysis have been taken into account in the corporate strategy.

Material impacts, risks and oppor tunities, and their interaction with our strategy and business model

Material impacts, risks, and opportunities are described alongside topic-specific information. Their interaction with our strategy and business model is described in the section 'Strategy, busi ness model and value chain'.

Description of the process to identify and assess material impacts, risks and opportunities

Gjensidige has conducted a double materiality as sessment to identify actual and potential negative and positive impacts on the climate, nature and social factors, as well as financial risks and oppor tunities. The double materiality assessment is a process that determines the topics we report on and work on in a structured manner. The assess ment is not limited to Gjensidige's own activities, but includes key activities in our business model, which means that we must also include our value chain (upstream and downstream activities).

As regards financial impact, we have used the same materiality threshold as for financial repor ting, which was adopted by the Audit Committee in spring 2024.

DOUBLE MATERIALITY ASSESSMENT

Process and method

The process of conducting a double materiality analysis began in spring 2024. The Sustainability Department has been responsible for the process, with good help and expertise from Group Risk and Group Accounts.

STEP 1: MAP GJENSIDIGE'S BUSINESS ACTIVITIES, VALUE CHAIN AND STAKEHOLDERS

In order to identify and map stakeholders, we have asked ourselves the following questions:

Which groups in society are impacted by Gjensidige's business activities?
Which players in society can impact Gjensidige?

We have considered the impact of those related to Gjensidige's own operations, the upstream and downstream value chain (including those affected through our products and services, and through business relationships). See an overview of Gjensidige's value chain in the section 'Strategy, business model and value chain'. Business relationships are included in Gjensidige's value chain (own operations, upstream and downstream activities) and are not limited to direct contractual relationships.

We have used the following methods to gain insight into what sustainability topics consider important:

• Interviews: Interviews with employees as a separate stakeholder, as well as

representatives of our stakeholder groups. • External sources: Customer surveys, global megatrends, market reports, ESG ratings and

websites that outline material sustainability topics for the insurance industry (SASB).
Internal sources: Gjensidige's corporate strategy, last year's double materiality analysis, input from due diligence, sustainability risks and emerging risks.

We also engage in a systematic, organised dialogue with our key stakeholders throughout the year. Stakeholder views have been incorporated into the double materiality analysis.

All the topics from the stakeholders are grouped and categorised and linked directly to the ESRS standards. In addition, artificial intelligence and information security are defined as company-specific sub-topics. In the table below, we have summarised how this work is organised and systematised throughout the year.

OUR KEY STAKEHOLDERS	WHY THEY ARE IMPORTANT TO US	STAKEHOLDER DIALOGUE THROUGHOUT THE YEAR	OUR FOLLOW-UP THROUGHOUT THE YEAR
Employees	In order to achieve our ambitions, we need to attract, retain and develop motivated and engaged employees with the right expertise.	• Employee survey and follow-up of managers who report challenges • HSE survey • Development discussions • Working Environment Committee • Employee representatives on the Board • Remuneration Committee • Diversity and Inclusion Committee • Interview with employees • Day-to-day dialogue	• HSE survey (annual) • Performance appraisal/development discussions • Management support from HR • Courses and skills upgrading • Remuneration Committee • Diversity and Inclusion Committee • Working Environment Committee (AMU) • Representation on the Board
Customers	We communicate with our customers on a daily basis and are dependent on being relevant in their lives so that they want to buy our products and services and allow us to manage their pensions. Customer dialogue about our products and services is important to be able to achieve our ambition to become the most customer-oriented general insurance company in the Nordic region.	• Customer communication and customer meetings • Conferences and seminars • Customer surveys (private and commercial) • Webinars • Public market surveys • Customer tests in the event of significant changes or launching of new products and services	• CSI survey (customer satisfaction survey) • Customer surveys • Customer meetings • Customer tests
Suppliers	Good cooperation with our suppliers is decisive if we are to achieve our goals of satisfied customers, reduced material consumption and reduced GHG emissions.	• Collaboration meetings and regular supplier follow-up	• Collaboration meetings monthly/quarterly/semi-annually • Supplier surveys • Follow-up via EcoVadis
Owners and creditors	Both owners and creditors have furnished capital for the business and have rights that affect the management of the company.	• Results disclosures • General meeting • Dialogue and meetings with investors and analysts • Attending investor conferences • Analyst Day • Capital Markets Day • Webinars • Dialogue with ESG rating agencies	• Quarterly reports and annual report • Stock exchange announcements and press releases • General meeting • Analyst Day • Capital Markets Day • Webinars
Society at large	Insurance is an important social benefit and a material factor in ensuring financial stability and security. A licence is required to sell insurance, and a number of regulatory requirements must be complied with.	• Media dialogue • Dialogue with educational institutions • Dialogue with Finance Norway and other special interest organisations • Interaction with SKIFT – Business Climate Leaders and other commercial players • Dialogue with the Financial Supervisory Authority and other supervisory authorities • Conferences and seminars • Social media • Newsletters	• High media profile • Monitoring and providing input on reputation ratings and brand surveys • Part of Finance Norway's expert groups. • Analyse marketing campaigns, reports as a basis for improvements
Nature	Nature is a 'silent stakeholder' that cannot directly represent its own interests. However, we are completely dependent on nature in order to lead good lives. Therefore, we see nature as an important stakeholder.	• Follow-up of suppliers on choice of method for repairs • Follow-up and exclusion of asset managers who violate our guidelines • WWF Biodiversity Risk Filter • GEOAsset • ENCORE – system for visualising and assessing natural exposure and impact from business activities.	• Keep climate and nature accounts • Set requirements for suppliers and external asset managers • Analyses to understand our exposure and impact

STEP 2: IDENTIFY, ANALYSE AND ASSESS IMPACTS, RISKS AND OPPORTUNITIES

Based on the value chain and the mapped busi ness activities, impacts, risks and opportunities are identified within all ESRS topics and down to the lowest level in the ESRS hierarchy ('sub-subtopic' level). The assessment of impacts, risks and opportunities builds on information from other detailed analyses, where relevant. Examples of bases for analyses and assessments of impacts,

risks and opportunities: Due diligence (Transparency Act) Operational risk assessment, including annual scenario analysis of operational risk
Gjensidige's climate risk register and climate scenario analyses conducted for general insurance and the investment area
Mapping of the investment portfolio's impacts and dependencies on nature through ENCORE (GF ASA)
Company/industry-specific topics over and above ESRS (SASB Industry agnostic/specific)
Competitor analysis

To assess material and financial impacts, and the dependencies between these dimensions, we have used one set of assessment criteria for impacts and one for risks and opportunities. Financial consequences of e.g. weather-related events have always been an important element in pricing models and in our asset management. We have conducted analyses of climate and nature-related risks to understand both risks and opportunities that impact material areas of the Group. Gjensidige is directly exposed in both the insurance portfolio and the investment portfo lio, as well as in our claims handling value chain. Employees and customer satisfaction have been central to the Group's strategy, and the Group has set ambitious goals and conducted close

follow-up to ensure goal attainment. Furthermo re, compliance with stringent requirements for ethical conduct, data protection and information security are central to established follow-up and reporting. The assessment criteria are based on the methodology in ESRS 1, 3. Double materiality as the basis for sustainability disclosures and are described in more detail below. Financial risks and opportunities, as well as our assessment of dependencies, are described for each material sustainability topic in this report.

Impact materiality assessment criteria

To assess whether a sustainability topic is material from an impact perspective, we have considered whether Gjensidige's impact is actual or potential, negative or positive, on people or the environment in the short, medium and long term. Furthermore, for each identified impact, we have assessed the scale, scope, reversibility and likelihood, in the short, medium and long term. See Table 1 and Table 2.

The ESRSs do not specify how the assessment is to be carried out in practice. We have chosen a methodology where we multiply the factors (see Table 3). The chosen assessment method also means that negative impacts on nature are con sidered more material than positive impacts. Ne gative impacts on nature can have consequential effects on human rights, and Gjensidige therefore does not consider it necessary to further adapt the assessment method.

An impact with an overall score of 9 or higher is considered material (see Table 4) The reason for this limit is that, if two of the factors (scale, scope, reversibility) are assessed as 3 or higher, and the third factor is 2 or higher, then the impact will be considered material if the likelihood is 50 per cent or higher. If this is the case, the impact is either material or critical.

Table 1. Assessment scale for impact materiality on people and environment

POINTS	SCALE HOW SEVERE IS THE IMPACT?	SCOPE HOW WIDESPREAD IS THE IMPACT?	IRREMEDIABILITY CAN IT BE REMEDIATED OR DOES IT HAVE IRREVERSIBLE IMPACTS?	LIKELIHOOD HOW LIKELY IS THE IMPACT TO OCCUR?
5	Absolute/very high	Global /total	Irreversible	Very likely
4	High	Widespread (value chain)	Extremely difficult to reverse, or long term	Likely
3	Medium	Medium (Gjensidige)	Difficult to reverse, or medium term	Possible
2	Low	Concentrated (Gjensidige)	With effort (time and cost)	Unlikely
1	Minimal/very low	Restricted	Relatively easy to reverse/short term	Highly unlikely
0	None	None	Very easy to reverse

Table 2.

Assessment scale time perspective

TIME PERSPECTIVE

Short term	<1 year	First material consequences / effects expected within 1 year
Medium term	1-5 years	First material consequences / effects expected within 2–5 years
Long term	>5 years	First material consequences / effects expected after more than 5 years

EXPLANATION OF LIKELIHOOD

Very likely: Could reasonably be expected – more than 90% likelihood

Likely: Could be expected – 60–90% likelihood

Possible: As likely as unlikely – 40–60% likelihood

Unlikely:

Little reason to expect

– 10–40% likelihood

Highly unlikely:

Very little reason to expect – less than 10% likelihood

Table 3.

Calculation rules – impact materiality

CALCULATION RULES (ASSESSMENT METHOD)

Potential negative impact	Scale x Scope x Irremediability x Likelihood
Actual negative impact	Scale x Scope x Irremediability
Potential positive impact	Scale x Scope x Likelihood
Actual positive impact	Scale x Scope

Table 4.

Materiality level. An impact that is significant or critical is considered material

MATERIALITY LEVEL
Critical	>13
Significant	9 to <13
Important	6 to <9
Informative	3 to <6
Minimal	0 to <3

RISK AND OPPORTUNITY ASSESSMENT CRITERIA (FINANCIAL MATERIALITY)

We have assessed financial impact based on how material the topic is from a financial or reputational perspective. A risk or opportunity with an overall score of 9 or higher is considered material. The reason for this limit is that risks and opportunities that have a significant or critical consequence should come up as material if the likelihood of them occurring is 50 per cent or higher.

Risks and opportunities are prioritised according to the same assessment criteria as other risks. Operational risks are assessed on the basis of the operational risk assessment matrix with the scale for likelihood and impact. The assessment addresses the impact categories financial, regulatory, reputational and life and health.

Table 5.

Assessment scale – financial materiality (for assessing risks and opportunities)

CONSEQUENCE	SCORE	TOTAL MATERIALITY THRESHOLDS FOR FINANCIAL REPORTING NOK 400 MILL.	LIKELIHOOD
Very high	>23	• Topics that affect more than 50% of revenue or claims payments • Topics that affect more than 15% of the investment portfolio • Potential annual increase in claims payments of more than 10% • Potential annual reduction in revenue of more than 10% • Very high negative or positive reputational impact • Very high negative or positive impact on employees or HSE	Very likely
High	18-23	• Topics that affect areas that make up 35–50% of revenue or claims payments • Topics that affect 10–15% of the investment portfolio • Potential annual increase in claims payments of 6–10% • High negative or positive reputational impact • High negative or positive impact on employees or HSE	Likely
Medium	12-17	• Topics that affect areas that make up 20–35% of revenue or claims payments • Topics that affect 5–10% of the investment portfolio • Potential annual increase in claims payments of between 3 and 6% • Medium negative or positive reputational impact • Medium negative or positive impact on employees or HSE	Possible
Low	6-11	• Topics that affect areas that make up 5–20% of revenue or claims payments • Topics that affect 3–5% of the investment portfolio • Potential annual increase in claims payments of between 0.5 and 3% • Low negative or positive reputational impact • Low negative or positive impact on employees or HSE	Unlikely
Very low	0-5	• Topics that affect areas that make up less than 5% of revenue or claims payments • Topics that affect less than 3% of the investment portfolio • Potential annual increase in claims payments of less than 0.5% • Very low negative or positive reputational impact • Very low negative or positive impact on employees or HSE	Highly unlikely

Table 6. Calculation rules – financial materiality

Financial impact		Financial consequence x likelihood
Table 7. Assessment scale time perspective

TIME PERSPECTIVE
Short term	<1 year	First material consequences / effects expected within 1 year

Table 8.

Materiality level: a risk or an opportunity that is significant or critical is considered material.

Long term >5 years First material consequences / effects expected

after more than 5 years

MATERIALITY LEVEL

Critical	>13
Significant	9 til <13
Important	6 til <9
Informative	3 til <6
Minimal	0 til <3

STEP 3: COMPILE MATERIAL TOPICS

In this step, a compilation of impacts, risks and opportunities is made for each ESRS topic and down to the lowest level in the ESRS hierarchy ('sub-sub-topic'). For each topic, the impact, risk or opportunity with the highest materiality level is highlighted. All topics for which the materiality level of an impact, risk or opportunity is significant or critical are considered material topics. The material topics (at overall ESRS level) are compiled in a materiality matrix.

STEP 4: CHECK COMPLETENESS OF MATERIAL TOPICS (STAKEHOLDER ANALYSIS AND EXTERNAL SOURCES)

The completeness of material topics are checked against topics that have been highlighted as important by stakeholders or through other external sources. If the selection of material topics is not considered complete, relevant new topics are added and any new impacts, risks and opportunities identified, analysed and assessed.

STEP 5: INTEGRATE THE RESULTS INTO REPORTING, STRATEGY AND RELEVANT RISK MANAGEMENT PROCESSES

The results of the double materiality assessment are reviewed and aligned with the senior group management and the Group's Audit Committee/ Risk Committee. Significant impacts, risks and opportunities (in the short, medium and long term) should be taken into account in the strategy process and further addressed in the relevant risk management process as operational risk, financial risk, insurance risk or strategic/business risk.

Changes from previous reporting period

A double materiality assessment was carried out in 2023, which was presented in the 2023 annual report. We then started with the topics our stakeholders proposed as important to them, and made a link to see whether the topics matched the topics in the ESRS. The material topics are assessed based on how we can impact – and how we are financially impacted by – climate, nature and social factors. The result of the materiality assessment was 15 material topics.

In this year's process, we have based our assessment on the topic specific standards and considered whether there are topics based on the stakeholder dialogue that are not covered by these topics. This has meant that we have approached the topics in the standard and reduced the number of sub-topics we highlight. Thus the number of material sustainability topics were reduced from 15 in 2023 to 6 in 2024. At the same time we have more sub-topics per category this year than the last year. We have also put in place clearer threshold values for assessing financial impact and set a clear materiality threshold. By focusing on the overall reporting requirements (ESRSs), we believe we are better able to focus on where we can make a difference. By taking a structured approach to work on the sustainability topics our stakeholders are interested in, we also gain important insight for our strategy work and, furthermore, for our prioritisation of material actions.

This year's double materiality analysis is based on an assessment of 106 impacts, 107 risks and 15 opportunities. The topics that have not been considered material for Gjensidige are put on a list that we monitor throughout the year. This is to ensure that, each year, we consider whether there are any risks, opportunities or impacts that are not material in the short term, but which may become so in the medium or long term, as we gain more knowledge and insight throughout the year.

OUR DOUBLE MATERIALITY ASSESSMENT FOR 2024

Disclosure requirements in ESRS standards covered by our sustainability report

The decision on which disclosure requirements to publish is based on EFRAG IG 3 List of ESRS data points. We have linked the results of our double materiality assessment to the disclosure requirements of the standard. In this way, we have arrived at what material information should be disclosed with regard to the impacts, risks and opportunities that are considered material. See the tables below for an overview of the disclosure requirements that have been met and data points that originate from other EU legislation.

THE FOLLOWING TOPICS WERE ASSESSED AS NOT MATERIAL:

E2 Pollution	As a financial institution, Gjensidige causes little or no pollution. Indirect influence occurs through the companies we insure or invest in.
E3 Water and marine resources	As a financial institution, Gjensidige has little or no influence on water and marine resources. Gjensidige insures the fish farming industry. Insurance for this industry makes up 3 per cent of total insurance income, and is not considered significant. Indirect influence occurs through the companies we insure or invest in.
E4 Biodiversity and ecosystems	As a financial institution, Gjensidige has little or no effect on biodiversity and ecosystems. Indirect influence occurs through the companies we insure or invest in.
S3 Affected commu nities	As a financial institution, Gjensidige has little influence on society's econo mic, social, civil and political rights or special rights for indigenous people. Our impact must be seen in the context of our significant impact on S1 Own workforce, S2 Workers in the value chain and S4 Consumers and end users.

ESRS 2 GENERAL DISCLOSURES		PAGE
BP-1	General basis for preparation of sustainability statements	p. 50
BP-2	Disclosures in relation to specific circumstances	p. 50
GOV-1	The role of the administrative, management and supervisory bodies	p. 51
GOV-2	Information provided to and sustainability matters addres sed by the undertaking's administrative, management and supervisory bodies	p. 51
GOV-3	Integration of sustainability-related performance in incentive schemes	p. 52
GOV-4	Statement on due diligence	p. 53
GOV-5	Risk management and internal controls over sustainability reporting	p. 54
SBM-1	Strategy, business model and value chain	p. 54-58; p. 33-401
SBM-2	Interests and views of stakeholders	p. 60
SBM-3	Material impacts, risks and opportunities and their interacti on with strategy and business model	p. 60
IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	p. 60-67
IRO-2	Disclosure requirements in ESRS covered by the underta king's sustainability statement	p. 68-71

¹ Some disclosure requirements under SBM-1 are incorporated by reference in the section "The company".

ESRS E1 CLIMATE CHANGE		PAGE		ESRS E5 RESOURCE USE AND CIRCULAR ECONOMY	PAGE
ESRS 2 GOV-3	Integration of sustainability-related performance in incentive schemes	p. 52	ESRS 2 IRO-1	Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities	p. 60-67
E1-1	Transition plan for climate change mitigation	p. 90-94	E5-1	Policies related to resource use and circular economy	p. 112
ESRS 2 SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	p. 60; s. 95	E5-2	Actions and resources related to resource use and circular econ omy	p. 113-114
ESRS 2 IRO-1	Description of the processes to identify and assess material im pacts, risks and opportunities	p. 60-67	E5-3	Targets related to resource use and circular economy	p. 115
E1-2	Policies related to climate change mitigation and adaptation	p. 99-100	E5-4	Resource inflows	p. 116
E1-3	Actions and resources in relation to climate change policies	p. 101-102	E5-6	Anticipated financial impacts from resource use and circular econ omy-related impacts, risks and opportunities	We have chosen the opportunity to phase in
E1-4	Targets related to climate change mitigation and adaptation	p. 103-104			the disclosure requirement.
E1-5	Energy consumption and mix	p. 104
E1-6	Gross Scopes 1, 2 and 3 GHG emissions and Total GHG emissions	p. 105
E1-7	GHG removals and GHG mitigation projects financed through carbon credits	p. 109
E1-9	Anticipated financial effects of material physical and transition risks and potential climate-related opportunities	We have chosen the opportunity to phase in the disclosure requirement.

ESRS S1 OWN WORKFORCE PAGE			ESRS S2 WORKERS IN THE VALUE CHAIN PAGE
ESRS 2 SBM-2	Interests and views of stakeholders	p. 60	ESRS 2 SBM-2	Interests and views of stakeholders	p. 60
ESRS 2 SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	p. 60; p. 118	ESRS 2 SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	p. 60; p.118
S1-1	Policies related to own workforce	p. 119	S2-1	Policies related to Workers in the value chain	p. 131-132
S1-2	Processes for engaging with own workers and workers' representatives about impacts	p. 120	S2-2	Processes for engaging with Workers in the value chain about impacts	p. 133
S1-3	Processes to remediate negative impacts and channels for own workers to raise concerns	p. 121	S2-3	Processes to remediate negative impacts and channels for Workers in the value chain to raise concerns	p. 134
S1-4	Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions	p. 122-123	S2-4	Taking action on material impacts on Workers in the value chain, and approaches to managing material risks and pur suing material opportunities related to Workers in the value chain, and effectiveness of those actions	p. 135-136
S1-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	p. 124	S2-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	p. 137
S1-6	Characteristics of the undertaking's employees	p. 125
S1-7	Characteristics of non-employee workers in the undertaking's own workforce	p. 125
S1-9	Diversity metrics	p. 125
S1-13	Training and skills development metrics	p. 127
S1-14	Health and safety metrics	p. 127
S1-15	Work-life balance metrics	p. 128
S1-16	Compensation metrics (pay gap and total compensation)	p. 128

ESRS S4 CONSUMERS AND END-USERS PAGE				ESRS G1 BUSINESS CONDUCT	PAGE
ESRS 2 SBM-2	Interests and views of stakeholders	p. 60	ESRS 2 GOV-1	The role of the administrative, management and supervisory bodies	p. 51
ESRS 2 SBM-3	Material impacts, risks and opportunities and their interaction with strategy and business model	p. 60; p. 139	ESRS 2 IRO-1	Description of the processes to identify and assess material impacts, risks and opportunities	p. 60-67
S4-1	Policies related to consumers and end-users	p. 140	G1-1	Corporate culture and business conduct policies	p. 148-149
S4-2	Processes for engaging with consumers and end-users about impacts	p. 141	G1-3	Prevention and detection of corruption or bribery	p. 151-152
S4-3	Processes to remediate negative impacts and channels for Workers in the value chain to raise concerns	p. 142
S4-4	Taking action on material impacts on consumers and end-users, and approaches to managing material risks and pursuing material opportunities related to consumers and end-users, and effectiveness of those actions	p. 143-144
S4-5	Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities	p. 145

List of datapoints in general and topical standards originating from other EU legislation

The table below shows the datapoints in ESRS 2 and the topical ESRS standard that originate from other EU legislation.

DISCLOSURE REQUIREMENTS	DATA POINT	DESCRIPTION	SFDR	PILLAR 3	BENCHMARK REGULATION	EU CLIMATE LAW
ESRS 2 GOV-1	21 d)	Board's gender diversity paragraph	p. 51		p. 51
ESRS 2 GOV-1	21 e)	Percentage of board members who are independent	p. 51		p. 51
ESRS 2 GOV-4	30	Statement on due diligence	p. 53
ESRS 2 SBM-1	40 d) i)	Involvement in activities related to fossil fuel activities	p. 55	p. 55	p. 55
ESRS 2 SBM-1	40 d) ii)	Involvement in activities related to chemical production	p. 55		p. 55
ESRS 2 SBM-1	40 d) iii)	Involvement in activities related to controversial weapons	Not material		Not material
ESRS 2 SBM-1	40 d) iv)	Involvement in activities related to cultivation and production of tobacco			p. 55
ESRS E1-1	14	Transition plan to reach climate neutrality by 2050				p. 90-94
ESRS E1-1	16 g)	Undertakings excluded from Paris-aligned Benchmarks		p. 90	p. 90
ESRS E1-4	34	GHG emission reduction targets	p. 103	p. 103	p. 103
ESRS E1-5	37	Energy consumption and mix paragraph	p. 104
ESRS E1-5	38	Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)	p. 104
ESRS E1-5	40-43	Energy intensity associated with activities in high climate impact sectors	Not material
ESRS E1-6	44	Gross Scope 1, 2, 3 and Total GHG emissions	p. 105	p. 105	p. 105
ESRS E1-6	53-55	Gross GHG emissions intensity	p. 106	p. 106	p. 106
ESRS E1-7	56	GHG removals and carbon credits				p. 109
ESRS E1-9	66	Exposure of the benchmark portfolio to climate-related physical risks			Material (phase-in)
ESRS E1-9	66 a)	Disaggregation of monetary amounts by acute and chronic physical risk		Material (phase-in)
ESRS E1-9	66 c)	Location of significant assets at material physical risk		Material (phase-in)
ESRS E1-9	67 c)	Breakdown of the carrying value of its real estate assets by energy-efficiency classes		Material (phase-in)

DISCLOSURE REQUIREMENT	DATA POINT	DESCRIPTION	SFDR	BENCHMARK REGULATION
ESRS E1-9	69	Degree of exposure of the portfolio to climate- related opportunities		Material (phase-in)
ESRS E2-4	28	Amount of each pollutant listed in Annex II of the EPRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil	Not material
ESRS E3-1	9	Water and marine resources	Not material
ESRS E3-1	13	Dedicated policy	Not material
ESRS E3-1	14	Sustainable oceans and seas	Not material
ESRS E3-4	28 c)	Total water recycled and reused	Not material
ESRS E3-4	29	Total water consumption in m3 per net revenue on own operations	Not material
ESRS 2 SBM 3 E4	16 a) i)	Activities negatively affecting biodiversity sensitive areas	Not material
ESRS 2 SBM 3 E4	16 b)	Material negative impacts with regards to land degradation, desertification or soil sealing	Not material
ESRS 2 SBM 3 E4	16 c)	Operations that affect threatened species	Not material
ESRS E4-2	24 b)	Sustainable land/agriculture practices or policies	Not material
ESRS E4-2	24 c)	Sustainable oceans/seas practices or policies	Not material
ESRS E4-2	24 d)	Policies to address deforestation	Not material
ESRS E5-5	37 d)	Non-recycled waste paragraph	Not material
ESRS E5-5	39	Hazardous waste and radioactive waste paragraph	Not material
ESRS 2 SBM 3 S1	14 f)	Risk of incidents of forced labour	Not material
ESRS 2 SBM-3 S1	14 g)	Risk of incidents of child labour	Not material
ESRS S1-1	20	Human rights policy commitments	p. 119
ESRS S1-1	21	Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8		p. 119
ESRS S1-1	22	Processes and measures for preventing trafficking in human beings	Not material
ESRS S1-1	23	Workplace accident prevention policy or management system	p. 119

DISCLOSURE REQUIREMENT	DATA POINT	DESCRIPTION	SFDR	BENCHMARK REGULATION
ESRS S1-3	32 c)	Grievance/complaints handling mechanisms	p. 121
ESRS S1-14	88 b) and c)	Number of fatalities and number and rate of work-related accidents	p. 127	p. 127
ESRS S1-14	88 e)	Number of days lost to injuries, accidents, fatalities or illness	p. 127
ESRS S1-16	97 a)	Unadjusted gender pay gap	p. 128	p. 128
ESRS S1-16	97 b)	Excessive CEO pay ratio	p. 128
ESRS S1-17	103 a)	Incidents of discrimination paragraph	Not material
ESRS S1-17	104 a)	Non-respect of UNGPs on Business and Human Rights and OECD Guidelines	Not material	Not material
ESRS 2 SBM-3 S2	11 b)	Significant risk of child labour or forced labour in the value chain	Not material
ESRS S2-1	17	Human rights policy commitments	p. 119
ESRS S2-1	18	Policies related to value chain workers	p. 131
ESRS S2-1	19	Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines	Not material	Not material
ESRS S2-1	19	Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8	p. 119; p. 131	p. 119; p. 131
ESRS S2-4	36	Human rights issues and incidents connected to its upstream and downstream value chai	Not material
ESRS S3-1	16	Human rights policy commitments	p. 119
ESRS S3-1	17	Non-respect of UNGPs on Business and Human Rights, ILO principles or and OECD guidelines	Not material	Not material
ESRS S3-4	36	Human rights issues and incidents	Not material
ESRS S4-1	16	Policies related to consumers and end-users	p. 140
ESRS S4-1	17	Non-respect of UNGPs on Business and Human Rights and OECD guidelines	Not material	Not material
ESRS S4-4	35	Human rights issues and incidents	Not material
ESRS G1-1	10 b)	United Nations Convention against Corruption	p. 148
ESRS G1-1	10 d)	Protection of whistle-blowers	p. 150
ESRS G1-4	24 a)	Fines for violation of anti-corruption and anti-bribery laws	p. 155	p. 155
ESRS G1-4	24 b)	Standards of anti-corruption and anti-bribery	p. 151

ARTICLE 8 THE EU TAXONOMY

The EU Taxonomy for Sustainable Economic Activity is a classification system for assessing sustainability in finance and economics.

EU taxonomy

Our follow-up of the eu taxonomy

EUs The Sustainable Finance Act implements the EU Taxonomy Regulation (Regulation (EU) 2020/852) in Norwegian law. The Act, which entered into force on 1 January 2023, sets out requirements for taxonomy reporting as of the 2023 financial year. This is the third year Gjensidige reports on its taxonomy work. As a general insurance company, we are obliged to report the proportion of our insurance revenues that are qualified and aligned with the taxonomy's criteria for sustainable non-life insurance, i.e. the taxonomy fraction for non-life insurance (Green Underwriting Ratio, abbreviated GUR). In addition, we are obliged to report the proportion of our investments that are qualified and aligned with the Taxonomy's criteria for sustainable economic activities (Green Investment Ratio, abbreviated GIR).

Basis for preparation of taxonomy report general insurance

Gjensidige uses the applicable legislation and guidance relating to the EU taxonomy as the basis for its year-end closing of the accounts for 2024. As a result, from 2024, we have changed our approach with regard to our formal taxonomy reporting, in line with a common understanding in the Norwegian non-life insurance industry. We have used the European Commission's supplementary notice with explanations and supplementary interpretations of the taxonomy criteria for non-life insurance (third Commission Notice), including the European Commission's FAQs and Commission notices. We have, to the best of our judgement, assessed and concluded on our interpretation of the regulations. The Taxonomy Regulation is still in an early phase of implementation, and supplementary interpretations and explanations of the legislation are still being published by the European Commission. Against this background, we have always been transparent in our assessments.

Our reporting of the EU's taxonomy fraction for non-life insurance (GUR) for 2024 has been prepared in line with the updated recommendation from the EU that only the climate element of the insurance revenues should be included in the count («aligned»), reduced by the insurance revenues from companies that are assessed to have a significant negative impact (Do No Significant Harm, DNSH). The denominator includes total insurance revenues. This recommendation comes on the basis of the European Commission's supplementary notice with explanations and supplementary interpretations of the taxonomy criteria for non-life insurance (third Commission Notice).

We have established a methodology for taxonomy adaptation of our products that is based on the five criteria for non-life insurance in the EU taxonomy. It is by documenting that we meet these criteria that we can say that the products are aligned. In our updated approach for GUR reporting, we have estimated the climate element of insurance revenues by using the long-term climate damage share for the taxonomy-aligned real estate products. Where we cover the climate element but do not have sufficient data to perform similar analysis, we have chosen not to include the amount in the GUR. We have made a similar assessment of the climate element in insurance revenues to extract DNSH from the numerator. DNSH is insurance income from companies that are engaged in the extraction, storage or transport of fossil energy. The climate estimate in numerator (both "aligned" and DNSH) is subject to uncertainty and can be changed in the event of a change in methodology.

Climate-related insurance revenues that satisfy the taxonomy requirements – insurance revenues from companies that are assessed to have a material negative impact

Total insurance revenues non-life insurance

MNOK 1,667 - MNOK 19 = 4% MNOK 38,359

Voluntary reporting operational climate adaptation fraction

Since 2021, we have had an operational target adopted by the Board that 80 per cent of the insurance revenues that can qualify under the EU Taxonomy shall be adjusted by the end of 2026.

Through our operational target, we will show a more comprehensive picture of our insurance coverage, because climate risk has a broad scope, and we largely have products that include a wide range of climate-relevant risks. We largely sell standard products with a wide range of coverage and/or "all risk". This means that customers do not have to actively choose coverage themselves, which may be more common in markets other than the Nordic region. Therefore, we have chosen to include the entire insurance revenue from the products that are aligned. In the denominator, we have the total insurance revenues that can qualify according to the EU taxonomy ("eligible"). Our operational fraction shows a comprehensive picture of the proportion of insurance revenues that have included incentives for our customers, so that they will be motivated to implement climate adaptation measures. Therefore, "eligible" is higher in the operational fraction than in the table below where we have presented "eligible" as 0.

We will continue our climate adaptation work to be able to offer relevant climate adaptation measures through our insurance products, and thus contribute to a more climate-resilient society. On this basis, we therefore operate with two KPIs linked to the EU's taxonomy criteria for sustainable non-life insurance: The official GUR, which is the fraction described above, in addition to our operational fraction that we describe here.

At the end of the reporting year 2024, we have adapted seven insurance products to meet the EU Taxonomy's technical criteria for non-life insurance. This means, among other things, that these products ensure that customers are insured against relevant climate-related damages, and that they are encouraged to climate-adapt their assets to reduce the risk of damage. At the same time, we are working through the adapted products to find more robust ways to rebuild, so that recurrent damage will be avoided. We also share relevant data with authorities, so that we contribute to climate adaptation at the societal level, as well as better damage prevention.

Insurance revenues from climate-adapted products – DNSH

Total insurance revenues that can be adjusted according to the EU taxonomy (eligible)

MNOK 13,257 - MNOK 75 MNOK 25,007

= 53%

TAXONOMY REPORT

Gjensidige's third report according to the Commission Delegated Regulation (EU) 2021/2178 (supplementing the EU taxonomy regulation), ANNEX X Template for KPIs of insurance and reinsurance undertakings.

Template: The underwriting KPI for non-life insurance and reinsurance undertakings.

	SUBSTANTIAL CONTRIBUTION TO CLIMATE CHANGE ADAPTATION			DNSH (DO NO SIGNIFICANT HARM)
Economic activities (1)	Ab so lut e p ye re m ar ium t (3 s, )	pr em ium Pr s, op ye or ar tio t n o (4 ) f	pr em ium Pr s, ye op ar or t- tio 1 ( n o 5) f	Cl m im iti at ga e c tio ha n ng (6 e )	W at re er so an ur d m ce s ar ine (7 )	Ci rc ula r e co no my (8 )	Po llu tio n (9 )	ec Bio os div ys te er sit ms y a (1 nd 0)	sa fe gu Mi ar ds nim (1 um 1)
	CURRENCY: MNOK	%	%	Y/N	Y/N	Y/N	Y/N	Y/N	Y/N
A.1. Non-life insurance and reinsurance underwriting Taxonomy-aligned activities (environmentally sustainable)	1,667	4	4	Y					Y
A.1.1. Of which reinsured	1,667	4	4	Y					Y
A.1.2. Of which stemming from reinsurance activity
A.1.2.1 Of which reinsured (retrocession)
A.2. Non-life insurance and reinsurance underwriting Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)	0	0	0
B. Non-life insurance and reinsurance underwriting Taxonomy-non-eligible activities	36,692	96	96
Total (A.1 + A.2 + B)	38,359	100	100

Insurance revenues in column (3) must be reported as insurance revenues or any turnover related to non-life insurance or reinsurance activities.

The information in column (4) must be reported from the year 2024 onwards.

Non-life insurance and reinsurance can only meet the requirements of Regulation (EU) 2020/852 if the activity enables adaptation to climate change.

For 2024, Gjensidige reports the EU's taxonomy fraction for non-life insurance (GUR) in line with the updated recommendation from the EU as described in the introduction. We have recalculated the 2023 figures according to a new calculation method. Furthermore, we have set eligible to 0 in A2 in the table, based on the fact that we have not identified the climate element in the insurance revenues for these products. For 2023, we reported 24 per cent adapted, 60 per cent qualified but not adapted, and 15 per cent not including insurance revenue. On the basis of the changed calculation method, the corresponding figures have been converted to 4 per cent, 0 per cent and 96 per cent respectively.

Our work with climate change adaptation in insurance

In our work to adapt insurance policies to the taxonomy's technical criteria, we have first identified which products are covered*. We have reviewed the products according to the EU taxonomy criteria on which we have developed our climate adaptation methodology, and have documented that we meet the requirements for 7 products. These are assessed as "aligned", and are included with the climate element from insurance income in GUR, reduced by the insurance income from activities related to the extraction and transport of fossil energy (DNSH). To estimate SH, we have used the NACE codes industrial, transport and storage, as well as mining related to the adapted products.

*) Chapter 10.1 of Annex 2 to the Regulation lists the product categories to be included. There are five criteria that must be met, in addition to the fact that all insurance income related to the extraction and transport of fossil energy must be withdrawn (DNSH).

WE USE FORWARD-LOOKING CLIMATE RISK MODELLING AS THE BASIS FOR PRICING

In partnership with the Norwegian Computing Centre, we have conducted analyses that combine claims data with weather data and climate projections to arrive at a better basis for correct pricing. In 2021, we financed scientific work conducted by the Centre relating to precipitation which was based on these analyses. This resulted in an article that was published in the Journal of the Royal Statistical Society in spring 2023. We

aim to further develop the use of such scenarios and analyses to achieve the best possible basis for pricing. In 2022, the Norwegian Computing Centre conducted a corresponding analysis of the situation in Denmark, which included both precipitation and storms. In 2023, we also prepared an analysis of which Norwegian municipalities are most likely to be affected by climate change. These are important insights that we will rely on in our work on climate change adaptation going forward.

OUR INSURANCE PRODUCTS INCLUDE INCEN-TIVES FOR DAMAGE PREVENTION MEASURES

For insurance policies relating to commercial property, housing cooperatives and jointly owned property, we offer a discount of up to 10 per cent to customers who certify their properties in accordance with BREEAM-NOR (new buildings) or BREEAM-NOR In Use (existing buildings), where points are awarded for climate change adaptation.

For private property and home contents insurance, the possibility of a discount has been introduced if the property satisfies certain requirements for climate risk adaptation. In addition, we are committed to disseminating knowledge about climate risk adaptation and informing customers about how they can make sustainable choices.

For private motor insurance, we have launched free puncture coverage that provides an exemption from loss of bonus in the event of damage. Tyres must meet Gjensidige's requirements for

condition and tread depth, and the tyre checks must be carried out by a professional. This measure rewards tyres in good condition, as this reduces the risk of accidents. We believe that climate change will lead to more unstable weather conditions that will increase the risk of accidents, and that this thus constitutes an important adaptation measure to facilitate the use of better tyres. It is our ambition to offer more damage reduction products and services going forward. In particular, we will work on measures that reduce climate-related damage, as the taxonomy requires.

WE DEVELOP INNOVATIVE INSURANCE POLICIES THAT MEET CLIMATE CHANGE ADAPTATION REQUIREMENTS

Our taxonomy-aligned insurance products provide coverage for relevant climate-related risks. Examples include damage caused by flooding, storms or surface water after torrential rain. The terms and conditions for the taxonomy-aligned products do not contain significant exceptions for climate-related damage. In addition to covering physical climate-related damage to the object insured, the terms also cover risk transfer solutions in connection with damage, for example coverage of rent loss as a result of damage.

WE HAVE SYSTEMS FOR SHARING DATA AND KNOW-HOW WITH THE PUBLIC AUTHORITIES

We share claims data and knowledge about the consequences of climate change with the Norwegian authorities in cooperation with

Finance Norway. We also share claims data with the Danish and Swedish authorities on request, especially relating to property. We will accommodate any requests for additional sharing of claims data, in line with the taxonomy's specifications. This includes data on climate-related damage to commercial property, as part of our taxonomy alignment of this policy.

WE HAVE A LONG-STANDING TRADITION OF HAVING THE HIGHEST STANDARDS FOR CLAIMS SETTLEMENTS

We handle most claims ourselves, and pride ourselves on providing swift assistance. Approximately 80 per cent of claims are reported online. We have an emergency response system that ensures that customers receive the help they need in a disaster situation. We support reuse and the circular economy, which is one of the environmental objectives of the EU taxonomy.

DO NO SIGNIFICANT HARM (DNSH)

Compliance with the above-mentioned criteria for sustainable non-life insurance enables us to make a substantial contribution to climate change adaptation under the EU taxonomy. In addition, products that satisfy the taxonomy criteria must also comply with the Do No Significant Harm criterion (DNSH). DNSH comprises economic activities that do not comply with the taxonomy's requirement for sustainable economic activity. For non-life insurance, this is related to environmental objective 1 – reduce and prevent

GHG emissions, and includes the insurance of production, storage, transport and further processing of fossil fuels. We have used NACE codes from the Norwegian Register of Business Enterprises as the basis for identifying relevant activities in our portfolio.

Insurance revenues that can be linked to DNSH after this review must be deducted from the activities that are covered by the taxonomy criterion. Insurance revenue from such insurance is therefore considered non-sustainable.

Minimum social requirements

An activity must also meet certain minimum social and governance requirements in order to comply with the taxonomy criteria. Gjensidige is bound by the minimum requirements defined in international and national law to safeguard the protection of human and labour rights. In addition, we require our suppliers and partners to, as a minimum, comply with the 10 UN Global Compact principles, including human and labour rights. This is enshrined in our governing documents and is followed up by the responsible departments in the company. A more detailed description can be found in the chapter 'Workers in the value chain' (S2).

In line with the Norwegian Transparency Act, we report annually on this through our statement on due diligence. Our taxonomy-aligned insurance policies are therefore also included in our investigations of relevant suppliers and partners to ensure compliance with the minimum social requirements. Our requirements are embodied in our governing and policy documents for sustainability, procurement, and underwriting which specify guidelines for assessing risk and making any requirements of our customers. The

governing documents and our policies set out principles and requirements for how we should address social factors, including the human and labour rights of workers in our value chain, and corporate governance in all our activities. The policy refers to the 10 UN Global Compact principles, the UN Convention on Human Rights, the ILO's fundamental standards for human and labour rights, the UN Guiding Principles for Business and Human Rights and the OECD Guidelines for Responsible Business, the UN Principles for Sustainable Insurance (UN PSI), and the UN Principles for Responsible Investment (UN PRI). These guidelines provide an important framework for identifying and mitigating incidents and measures.

Our governing documents and policies include:

Corruption and bribery: Gjensidige shall work to combat corruption in all forms, including extortion and bribery.

Taxation: Our requirements of our suppliers and customers do not specify tax practices, but implicitly require them to follow good business ethics and comply with laws and regulations, which includes tax compliance.

Fair competition: Our requirements emphasise the importance of independence and impartiality in procurement processes, which promote fair competition. It is also a requirement for all procurements to be based on objective and non-discriminatory criteria.

No breaches have been identified in accordance with this in relation to our taxonomy-adapted products.

Taxonomy disclosures – investments

Taxonomy-eligible assets are linked to economic activities covered by the taxonomy's environmental objectives, that have the potential to be defined as taxonomy-aligned economic activities. Taxonomy-aligned assets are linked to economic activities that meet the taxonomy's environmental objectives. Financial institutions' mandatory taxonomy disclosures shall only be based on information disclosed by undertakings/issuers. We have used disclosed data available at the time of reporting, which we obtained from Bloomberg for this purpose. For financial counterparties, the figures do not indicate a weighted average between different KPIs (GAR/GIR/GUR) in enterprises that have operations where several activities are covered. For these, the main enterprise's KPI has been used as the best estimate. Given the number of counterparties/exposures, third-party data sharing is strictly necessary, rather than obtaining the information directly from the companies we have invested in. For non-financial undertakings, we have used turnover-based key figures for economic activities (unless otherwise specified). Total assets include the Group's total assets under management, including customer assets in defined contribution pension products, but not assets that are considered portfolio management services for other financial institutions. Exposure to public entities (sovereign states, central banks, supranational entities, municipalities and county authorities) is excluded from both the numerator

and the denominator in the calculations. Other than that, the Group's total investments are included in the denominator.

In order to assess whether companies fall under the scope of the Non-Financial Reporting Directive (NFRD) (Articles 19a and 29a of Directive 2013/34/ EU), we have relied on an assessment, prepared by Bloomberg, of which companies are reportable in the EU/EEA based on size, listing and number of employees. In order to identify public entities and distinguish between financial and non-financial entities, we have relied on a combination of CIC, NACE and other sectoral information at entity level. No concrete action has been taken to assess the Do No Significant Harm (DNSH) principles over and above what is taken into account in the companies' own reporting. For a small proportion of the taxonomy-aligned assets, we do not have sufficient information to specify which of the environmental objectives the investment meets.

The reporting basis is expected to improve significantly over time. No new comparative figures have been prepared for last year as a result of changed and expanded data from Bloomberg. We consider our exposure to nuclear power and power production from natural gas to be very limited, but still report on Annex XII of the EU's Disclosures Delegated Act.

Mandatory report investments PROPORTION OF TOTAL ASSETS % EXPOSURE IN NOK MILL. The weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding, or are associated with Taxonomy-eligble economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings: Turnover: 13.8% The weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding, or are associated with Taxonomyeligble economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings: Turnover: 16,859.1 CAPEX: 12.2% CAPEX: 14,911.3 The weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding, or are associated with Taxonomy-aligned economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings: The percentage of assets covered by the KPI relative to total investments of insurance or reinsurance undertakings (total AuM). Excluding investments in sovereign entities. Turnover: 100.0% The weighted average value of all the investments of insurance or reinsurance undertakings that are directed at funding, or are associated with Taxonomyaligned economic activities relative to the value of total assets covered by the KPI, with following weights for investments in undertakings: The monetary value of assets covered by the KPI. Excluding investments in sovereign entities. Turnover: 3,616.6 CAPEX: 3.1% CAPEX: 3,794.3 Coverage: 89.6% Coverage: 122,285.3 Additional, complementary disclosures: breakdown of denominator of the KPI The percentage of derivatives relative to total assets covered by the KPI -0.1% The money value of derivatives -127.4

The proportion of exposures to financial and non financial undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:	Non-financial undertakings:	8.3%	Value of exposures to financial and non financial	Non-financial undertakings:	10,201.9
	Financial undertakings:	6.9%	undertakings not subject to Articles 19a and 29a of Directive 2013/34/EU:	Financial undertakings:	8,454.7

	PROPORTION OF TOTAL ASSETS %			EXPOSURE IN NOK MILL.
The proportion of exposures to financial and non financial undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:	Non-financial undertakings:	31.5%	Value of exposures to financial and non financial	Non-financial undertakings:	38,485.4
	Financial undertakings:	10.1%	undertakings from non-EU countries not subject to Articles 19a and 29a of Directive 2013/34/EU:	Financial undertakings:	12,306.7
The proportion of exposures to financial and non financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:	Non-financial undertakings:	15.6%	Value of exposures to financial and non financial	Non-financial undertakings:	19,103.9
	Financial undertakings:	23.9%	undertakings subject to Articles 19a and 29a of Directive 2013/34/EU:	Financial undertakings:	29,229.7
The proportion of exposures to other counterparties over total assets covered by the KPI:		3.8%	Value of exposures to other counterparties:		4,630.5
The proportion of the insurance or reinsurance undertaking's investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned economic activities:		1.8%	Value of insurance or reinsurance undertaking's investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned economic activities:		2,253.0
The value of all the investments that are funding economic activities that are not Taxonomy eligible relative to the value of total assets covered by the KPI:		86.2%	Value of all the investments that are funding economic activities that are not Taxonomy eligible:		105,426.1
The value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy-aligned relative to the value of total assets covered by the KPI:		10.8%	Value of all the investments that are funding Taxonomy-eligible economic activities, but not Taxonomy-aligned:		13,242.6

PROPORTION OF TOTAL ASSETS % EXPOSURE IN NOK MILL.

Additional, complementary disclosures: breakdown of numerator of the KPI

The proportion of exposures to financial and non financial undertakings subject to Articles 19a and 29a of Directive 2013/34/EU over total assets covered by the KPI:	Non-financial undertaking:			Non-financial undertaking:
	Turnover:	1.9%		Turnover:	2,372.7
	CAPEX:	2.4%	Value of Taxonomy-aligned exposures to financial and non-financial undertakings subject to Articles 19a and	CAPEX:	2,902.1
	Financial undertakings:		29a of Directive 2013/34/EU:	Financial undertakings:
	Turnover:	1.0%		Turnover:	1,243.8
	CAPEX:	0.7%		CAPEX::	892.2
The proportion of the insurance or reinsurance undertaking's investments other than investments held in respect of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned:	Turnover:	1.8%	Value of insurance or reinsurance undertaking's investments other than investments held in respect	Turnover:	2,253.0
	CAPEX:	1.7%	of life insurance contracts where the investment risk is borne by the policy holders, that are directed at funding, or are associated with, Taxonomy-aligned:	CAPEX:	2,059.4
The proportion of Taxonomy-aligned exposures to other counterparties in over total assets covered by the KPI:	Turnover:	0.0%	Value of Taxonomy-aligned exposures to other counterparties over total assets covered by the KPI:	Turnover:	0.0

CAPEX: 0.0% CAPEX: 0.0

Breakdown of the numerator of the KPI per environmental objective

Taxonomy-aligned activities – provided 'do-not-significant-harm'(DNSH) and social safeguards positive assessment:

		TOTAL	TRANSITIONAL ACTIVITIES	ENABLING ACTIVITIES
(1) Climate change mitigation	Turnover:	0.9%	0.4%	0.6%
	CAPEX:	1.2%	0.4%	0.8%
(2) Climate change adaptation	Turnover:	0.0%	NA	0.0%
	CAPEX:	0.0%	NA	0.0%
(3) The sustainable use and protection of water and marine resources	Turnover:	0.0%	NA	0.0%
	CAPEX:	0.0%	NA	0.0%
(4) The transition to a circular economy	Turnover:	0.0%	NA	0.0%
	CAPEX:	0.0%	NA	0.0%
(5) Pollution prevention and control	Turnover:	0.0%	NA	0.0%
	CAPEX:	0.0%	NA	0.0%
(6) The protection and restoration of biodiversity and ecosystems	Turnover:	0.0%	NA	0.0%
	CAPEX:	0.0%	NA	0.0%

TEMPLATE 1 NUCLEAR ENERGY AND FOSSIL GAS RELATED ACTIVITIES

NUCLEAR ENERGY RELATED ACTIVITIES
1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.	YES/NO	YES
2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.	YES/NO	YES
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.	YES/NO	YES
FOSSIL GAS RELATED ACTIVITIES
4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.	YES/NO	YES
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.	YES/NO	YES
6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.	YES/NO	YES

TEMPLATE 2 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (DENOMINATOR)

ECONOMIC ACTIVITIES		AMOUNT AND PROPORTION (THE INFORMATION IS TO BE PRESENTED IN MONETARY AMOUNTS AND AS PERCENTAGES)
		(Climate change mitigation + Climate change adaptation)		Climate change mitigation		Climate change adaptation
		Amount	%	Amount	%	Amount	%
1. Amount and proportion of taxonomyaligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	Turnover:	0.0	0.0%	0.0	0.0%	0.0	0.0%
	CAPEX:	0.0	0.0%	0.0	0.0%
2. Amount and proportion of taxonomyaligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	Turnover:	1.1	0.0%	1.1	0.0%	0.0	0.0%
	CAPEX:	2.7	0.0%	2.7	0.0%
3. Amount and proportion of taxonomyaligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	Turnover:	8.2	0.0%	8.2	0.0%	0.0	0.0%
	CAPEX:	4.4	0.0%	4.4	0.0%
4. Amount and proportion of taxonomyaligned economic activity referred to in Section 4.29 of	Turnover:	0.0	0.0%	0.0	0.0%	0.0	0.0%
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	CAPEX:	0.4	0.0%	0.0	0.0%
5. Amount and proportion of taxonomyaligned economic activity referred to in Section 4.30 of	Turnover:	0.1	0.0%	0.1	0.0%	0.0	0.0%
Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	CAPEX:	0.7	0.0%	0.7	0.0%
6. Amount and proportion of taxonomyaligned economic activity referred to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	Turnover:	0.1	0.0%	0.1	0.0%	0.0	0.0%
	CAPEX:	0.0	0.0%	0.0	0.0%
7. Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	Turnover:	3,606.9	2.9%
	CAPEX:	3,786.1	3.1%
	Turnover:	122,285.3	100.0%
8. Total applicable KPI	CAPEX:	122,285.3	100.0%

TEMPLATE 3 TAXONOMY-ALIGNED ECONOMIC ACTIVITIES (NUMERATOR)

ECONOMIC ACTIVITIES
		(Climate change mitigation + Climate change adaptation)		Climate change mitigation		Climate change adaptation
		Amount	%	Amount	%	Amount	%
1. Amount and proportion of taxonomyaligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	Turnover:	0.0	0.0%	0.0	0.0%
	CAPEX:	0.0	0.0%	0.0	0.0%	0.0	0.0%
2. Amount and proportion of taxonomyaligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	Turnover:	1.1	0.0%	1.1	0.0%
	CAPEX:	2.7	0.1%	2.7	0.1%	0.0	0.0%
3. Amount and proportion of taxonomyaligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	Turnover:	8.2	0.2 %	8.2	0.2%
	CAPEX:	4.4	0.1%	4.4	0.1%	0.0	0.0%
4. Amount and proportion of taxonomyaligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	Turnover:	0.0	0.0 %	0.0	0.0%
	CAPEX:	0.4	0.0 %	0.4	0.0%	0.0	0.0%
5. Amount and proportion of taxonomyaligned economic activity referred to in Section 4.30 of	Turnover:	0.1	0.0 %	0.1	0.0%
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	CAPEX:	0.7	0.0 %	0.7	0.0%	0.0	0.0%
6. Amount and proportion of taxonomyaligned economic activity referred to in Section 4.31 of	Turnover:	0.1	0.0%	0.1	0.0%
Annexes I and II to Delegated Regulation 2021/2139 in the numerator of the applicable KPI	CAPEX:	0.0	0.0%	0.0	0.0%	0.0	0.0%
7. Amount and proportion of other taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the numerator of the applicable KPI	Turnover:	3,606.9	99.7%
	CAPEX:	3,786.1	99.8%
	Turnover:	3,616.6	100.0%
8. Total amount and proportion of taxonomy-aligned economic activities in the numerator of the applicable KPI		3,794.3 F7 and F8	100.0%

TEMPLATE 4 TAXONOMY-ELIGIBLE BUT NOT TAXONOMY-ALIGNED ECONOMIC ACTIVITIES

ECONOMIC ACTIVITIES	PROPORTION (THE INFORMATION IS TO BE PRESENTED IN MONETARY AMOUNTS AND AS PERCENTAGES)
			(Climate change mitigation + Climate change adaptation)		Climate change mitigation		Climate change adaptation
		Amount	%	Amount	%	Amount	%
1. Amount and proportion of taxonomyeligible but not taxonomy-aligned economic activity referred to in Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	Turnover:	0.0	0.0%	0.0	0.0%
	CAPEX:	0.0	0.0%	0.0	0.0%	0.0	0.0%
2. Amount and proportion of taxonomyeligible but not taxonomy-aligned economic activity referred to in Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	Turnover:	0.1	0.0%	0.1	0.0%
	CAPEX:	0.0	0.0%	0.0	0.0%	0.0	0.0%
3. Amount and proportion of taxonomyeligible but not taxonomy-aligned economic activity referred to in Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	Turnover:	0.4	0.0%	0.4	0.0%
	CAPEX:	0.5	0.0%	0.5	0.0%	0.0	0.0%
4. Amount and proportion of taxonomyeligible but not taxonomy-aligned economic activity referred to in Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	Turnover:	38.7	0.3%	38.7	0.3%
	CAPEX:	10.7	0.1%	10.7	0.1%	0.0	0.0%
5. Amount and proportion of taxonomyeligible but not taxonomy-aligned economic activity referred	Turnover:	5.5	0.0%	5.5	0.0%
to in Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	CAPEX:	1.2	0.0%	1.2	0.0%	0.0	0.0%
6. Amount and proportion of taxonomyeligible but not taxonomy-aligned economic activity referred	Turnover:	0.2	0.0%	0.2	0.0%
to in Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	CAPEX:	0.2	0.0%	0.2	0.0%	0.0	0.0%
7. Amount and proportion of other taxonomy-eligible but not taxonomy-aligned economic activities not referred to in rows 1 to 6 above in the denominator of the applicable KPI	Turnover:	10,631.6	80.3%	10 123.8	76.4%	507.8	3.8%
	CAPEX:	9,844.8	88.6%	9 157.9	82.4%	686.9	6.2%
8. Total amount and proportion of taxonomy eligible but not taxonomyaligned economic activities in	Turnover:	13,242.6	100.0%
the denominator of the applicable KPI	CAPEX:	11,117.0	100.0%

TEMPLATE 5 TAXONOMY NON-ELIGIBLE ECONOMIC ACTIVITIES

ECONOMIC ACTIVITIES		Amount	%
1. Amount and proportion of economic activity referred to in row 1 of Template 1 that is taxonomy	Turnover:	0.3	0.0%
non-eligible in accordance with Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	CAPEX:	0.6	0.0%
2. Amount and proportion of economic activity referred to in row 2 of Template 1 that is taxonomy	Turnover:	2.3	0.0%
non-eligible in accordance with Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	CAPEX:	0.3	0.0%
3. Amount and proportion of economic activity referred to in row 3 of Template 1 that is taxonomy	Turnover:	4.0	0.0%
non-eligible in accordance with Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	CAPEX:	7.9	0.0%
4. Amount and proportion of economic activity referred to in row 4 of Template 1 that is taxonomy	Turnover:	0.2	0.0%
non-eligible in accordance with Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	CAPEX:	0.2	0.0%
5. Amount and proportion of economic activity referred to in row 5 of Template 1 that is taxonomy	Turnover:	0.1	0.0%
non-eligible in accordance with Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	CAPEX:	0.2	0.0%
6. Amount and proportion of economic activity referred to in row 6 of Template 1 that is taxonomy	Turnover:	0.0	0.0%
non-eligible in accordance with Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 in the denominator of the applicable KPI	CAPEX:	0.6	0.0%
7. Amount and proportion of other taxonomy-non-eligible economic activities not referred to in rows	Turnover:	105,419.3	100.0%
1 to 6 above in the denominator of the applicable KPI	CAPEX:	107,364.1	100.0%
8. Total amount and proportion of taxonomy-non-eligible economic activities in the denominator of	Turnover:	105,426.1	100.0%
the applicable KPI	CAPEX:	107,374.0	100.0%

CHANGE

The most important role of general insurance is to help relieve financial risk. Climate change contributes to increased climate and nature-related risks that are significant to our stakeholders and their need for insurance. Climate change will affect society and the economy in many areas in all the countries we operate in, but to different degrees for the individual types of insurance and risk.

Gjensidige is concerned with understanding the consequences of climate change for our customers and society, in order to contribute to important climate adaptation measures, as well as being able to price risks correctly. Although the carbon footprint of our own operations is limited, we have a significant impact through our insurance operations and our investments. In the insurance business, we can influence GHG emissions through the businesses we insure, and influence and help our customers adapt to changing weather (physical climate risk). We can also contribute knowledge about climate adaptation measures to limit damage. When damage occurs, we can influence the choice of repair methods and contribute to reduced resource consumption and promote the circular economy. We can also influence the transition to a zero-emission society through our investments.

75%

reduction in GHG emissions from scope 1, 2 and 3 (category 6) own operations from 2019

reduction in GHG intensity from claims handling from 2019

7.3

in emission intensity (WACI) for the Group's investment portfolios

Transition plan for climate change mitigation

At Gjensidige, we have committed to reaching net-zero emissions by 2050 for our own operations, our claims handling and our investment portfolios. By net-zero emissions we aim at reducing all GHG emissions towards zero and compensate emissions not possible to eliminate with known technologies with measures for carbon removal and storage. Our transition plan is a continuation of the climate targets adopted by the Board that were launched in 2021 and reviewed and confirmed in 2024. Gjensidige's transition plan is divided into three main focus areas, with emission reductions that support limiting global warming to 1.5°C in line with the Paris Agreement. We have established methods to ensure a science-based approach to the targets, and the status of measures and effects is followed up quarterly. Financial impacts of climate change are also taken into account in the solvency assessment process (ORSA) and in scenario testing.

The Group's strategy is focused on the core business, where customer orientation and best at general insurance are our two main pillars. In autumn 2024, we submitted the targets for validation according to the SBTi's near-term framework for financial institutions. The activities for our own operations, claims handling and investments will be aligned with the target of net zero emissions by 2050. For own operations and claims handling, our reference year is 2019, while for the investment portfolios, our reference year is 2022.

Our transition plan is based on our business model as a general insurance company in the Nordic region, as well as life insurance in Norway and roadside assistance activities carried out by the subsidiary Gjensidige Mobility Group under the brand name REDGO. Climate change will affect the risk of damage to life, health and assets as a result of changes in the weather, land and sea temperatures, as well as emerging health risks. The impact of climate change is also one of the main trends included in the Group's strategy. The main principle behind general insurance is that 'sudden and unforeseen' damage is insurable. Therefore, it is important that we contribute our knowledge and insight to prevent damage, while at the same time promoting reduced GHG emissions in our own operations, influencing customers and suppliers and the companies we invest in.

We have conducted scenario analyses to understand climate change – and its impacts – in the short, medium and long term. In our work on the transition plan, we have looked at what actions we can take to contribute to reduced emissions, as well as climate change adaptation measures.

Our strategy for delivering on our climate targets will initially include our own operations (Scope 1 and 2) and our investment portfolios (Scope 3). In addition, we have also chosen a voluntary target to incorporate climate change adaptation into our products and emission targets for claims handling. In our efforts to follow up on this commitment, we must both reinforce already initiated measures and develop new solutions.

We have not set targets for insured emissions, but our ambition is to do so by 2025. No formally

approved SBTi method for calculating such emissions is yet available. We monitor this development and have contributed our experiences through a pilot in 2024. Our target of incorporating climate change adaptation into insurance products, as adopted by the Board, is particularly important from a social perspective by ensuring financial security and that assets will be insurable in the future. Read more about this in the section 'Goals relating to climate change mitigation and adaptation'.

TRANSITION PLAN ADOPTED BY THE BOARD AND SENIOR GROUP MANAGEMENT

The transition plan is an integral part of Gjensidige's corporate governance and defines clear responsibilities and roles for the Board, senior group management and employees. The Board has adopted the Group's overall strategy and sustainability goals on which the transition plan is based. The Board and senior group management will be involved in the development, revision and updating of goals along the way and in the actual implementation. They will monitor progress on the transition plan through established quarterly reporting to ensure that measures are integrated into the company's activities. The status of the climate transition has been discussed by the Board in 2024.

DEPENDENCIES AND UNCERTAINTY FACTORS

Reducing all relevant GHG emissions to net zero will be demanding, and we are prepared to face challenges and dilemmas in the process. This applies to how we balance considerations for re-

turns from our investments while stimulating low and zero-emission solutions, and how we prevent and remedy claims with the smallest possible footprint on climate and nature. We recognise that the SBTi framework and other relevant frameworks will undergo further development and make new requirements and challenges of us, while also offering many opportunities. This will entail seeing climate and nature-related risks more in context, and increasing the need for insight and effective trade-offs.

The way forward is based on the assumptions we are able to make today. The figures are associated with considerable uncertainty, but they indicate which main measures will help us achieve our goals. In our own operations, we can promote increased electrification of the car fleet, but when the technology will be robust enough for our rescue vehicles is uncertain. We purchase Guarantees of origin to ensure the use of renewable energy in our operations. In claims handling, our method is based on frequency claims, which means that developments in both the number of claims and the repair methods used affect the GHG emissions for claims. Our investment portfolio will be aimed at companies that have adopted climate goals that underpin our ambition of net zero emissions by 2050.

Specification of the measures we have implemented, and new planned measures, must be seen in the context of what is described in the sections 'Measures related to climate change' and 'Targets related to climate change mitigation'.

REDUCED EMISSIONS OWN OPERATIONS

Decarbonisation measures, own operations

Emissions from Scope 1 and Scope 2 should be reduced by 90 per cent by the end of the year 2030. We monitor this in our climate accounts, which we disclose every quarter. We are committed to purchasing guarantees of origin, and the residual emissions will be carbon offset. We follow up on this quarterly and report the status to the Board every quarter as part of our sustainability reporting.

MEASURES WE HAVE TAKEN AND THE EFFECT IT HAS GENERATED:

We have changed our rules for company cars, which means that GHG emissions cannot exceed 130 grams/km and all new company cars in Norway must be electric. This has helped reduce emissions by 6 per cent from 2019. The figures include an increase as a result of newly purchased tow trucks in GMG/REDGO. Without them, emissions would have been halved.
We purchase Guarantees of origin to ensure the use of renewable electricity. This has helped reduce GHG emissions by 4,261

tonnes and 91 per cent from 2019. • We have minimised the need for travel by enabling employees to work from home and by deploying our excellent videoconferencing facilities in all locations. This has helped reduce GHG emissions by 1,030 and 55 per cent.

WE WILL ACHIEVE THE TARGET OF NET ZERO EMISSIONS IN 2050 IN OUR OWN OPERATIONS BY:

Requiring all our company cars and REDGO's own/leased recovery vehicles, as far as technologically possible, to be electric.
Continuing efforts to reduce our energy consumption, considering further energy efficiency measures in our offices and ensuring that electricity bought is renewable through the use of certificates of origin.
We are committed to purchasing guarantees of origin to ensure that our electricity consumption is renewable.
Offsetting all residual emissions by purchasing carbon credits, preferably in combination with carbon removal and social factors.

Scope 1 Scope 2 Scope 3

DECARBONISATION LEVERS OWN OPERATIONS

GHG emissions Scope 1: Transition to new technology and electric cars Scope 2: Energy efficiency measures Scope 2: Purchase of guarantees of origin for renewable energy Carbon credits

Decarbonisation measures, claims handling

Emissions from claims handling shall be reduced by 55 per cent annually by year end 2030, measured in carbon intensity. We monitor this quarterly as part of our sustainability reporting to the board. Our model for estimating GHG emissions associated with Motor and Property frequency claims is presented in the chapter 'Resource use and circular economy'. The model provides a best estimate of GHG emissions in claims handling, by starting from materials and waste, which are then converted into greenhouse gas emissions. This is our method, which is comparable over time, but cannot be easily compared with others until we have a common general insurance methodology.

MEASURES WE HAVE TAKEN AND THE EFFECT IT HAS GENERATED:

We have reduced our greenhouse gas emissions by 861 tonnes since 2019, and reduced the intensity by 41 per cent, which is 11 per cent better than the target for 2024. The figures do not include the Baltics.
Despite the fact that we have improved our communication with customers, providing concrete damage prevention advice and increasing prices, the number of frequency claims has increased since 2019. The estimated effect is approximately 25 per cent more frequency damage for motor vehicles, which has a negative impact on our climate accounts in absolute figures. • We set requirements for and worked with our suppliers to increase the proportion of equivalent car parts and identify new repair methods. This has contributed to an increase in the repair rate for bodywork. The effect is estimated to have reduced greenhouse gas emissions by approximately 900 tonnes of CO2 equivalents. • The effect of improved fossil emissions in applied conversion factors constitutes a reduction in greenhouse gas emissions of approximately

5,000 tonnes CO2 equivalents.

REDUCED EMISSIONS CLAIMS HANDLING

WE WILL ACHIEVE THE TARGET OF NET ZERO EMISSIONS BY 2050 IN CLAIMS HANDLING BY:

Implementing more damage prevention measures where it has the greatest effect and contribute to reducing the number of frequency claims. This includes considering the possibility of giving customers new incentives to implement efficient measures. The effect is estimated to reducing GHG emissions by 6,000-10,000 tonnes.
Working with suppliers to increase repair rates and adopt new technology for new repair methods will be very important. We also believe that we will be able to see changes in customer behaviour, as well as an important reputational effect as a result of influencing less consumption in society. The effect is estimated to reduce GHG emissions by approximately 8,000 - 10,000 tonnes. • We believe that it is reasonable to expect both stricter regulations and changes in customer preferences towards 2050

related to increased use of equivalent

car parts, and increased reuse of building materials. We believe that increased focus on the importance of preserving nature and the link to the consumer society will also help us achieve our climate goals. The effect is estimated to be a reduction in GHG emissions of approximately 4,000 – 8,000 tonnes.

The conversion factors we use in our climate accounts tell us how much fossil energy is used to produce different materials used in repairs. Simulations we have performed demonstrate that developments in society and stricter regulations, with increased use of renewable energy in the production of materials, are crucial to achieve our goals. This results in improved conversion factors that will entail lower GHG emissions. We assume that this will provide us with further GHG reductions in the future as well. The effect is estimated to reduce GHG emissions by approximately 10,000 – 15,000 tonnes.

DECARBONISATION LEVERS CLAIMS HANDLING

GHG emissions Reuse of spare parts Damage prevention Increased body repair rate Development in conversion factors

Decarbonisation measures, investment portfolios

We shall align our investment portfolios with the target of global net zero emissions by 2050. This means that all companies in the investment portfolio are expected to set emission reduction targets. The portfolio's alignment is measured by forward-looking factors and is weighted based on each company's alignment according to the company's contribution to the portfolio's financed emissions. In 2021, we adopted an internal framework for monitoring the portfolio's alignment over time. The framework is based on methods developed by SBTi and aims for 100 per cent of the portfolio's financed emissions to be covered by credible emission reduction plans or have achieved sufficient emission reductions by 2030. It would not be appropriate to have a fully linear reduction in emissions over time. Therefore, we have adopted a corridor that allows for necessary but limited deviations from a hypothetical linear emission pathway.

We committed to SBTi in 2022 and have submitted a short-term target for validation in 2024. The submitted target follows SBTi's Near Term Framework (version 2.0) and includes an emissions-weighted Portfolio Coverage target for equity and fixed-income investments where we include Scope 1, Scope 2 and Scope 3 emissions.

Real estate investments are covered by an emission intensity target based on the Sectoral Decarbonization Approach. For some time going forward, we will have both an internal framework for net zero emissions and an SBTi target. They are both based on the same methods, but the internal framework provides somewhat more flexibility. We expect the internal framework to serve as a leading indicator of the forthcoming SBTi target.

MEASURES WE HAVE TAKEN AND THE EFFECT IT HAS GENERATED:

• In 2024, we have taken part in two pilot projects under the auspices of SBTi. The first

project concerned updating of the Near Term Framework from version 1.1 to 2.0 and took place in January. The second took place in August–October and concerned the version 0.1 draft of the Net Zero framework. In both projects, we gave SBTi feedback on issues related to changes and practical feasibility. For Gjensidige, this reduces the risk of future SBTi frameworks not taking into account the individual features of our business model. • In November, we submitted an investment target for approval by SBTi. The target follows the same methods that we have based our internal framework on. In the long term, this will increase the comparability between Gjensidige's targets and those of other financial institutions

WE WILL ACHIEVE THE TARGET OF NET ZERO EMISSIONS IN THE INVESTMENT PORTFOLIOS THROUGH:

• Portfolio allocation to ensure we are on track with our methodology for investments in companies that have adopted science-based targets • Engaging in dialogue with managers and companies. • Conducting contribution and scenario analyses in the event of significant changes in allocations.

Operational costs and capital costs associated with the transition plan

We work to analyse the consequences of physical climate risk and transition risk in all parts of our business to help ensure that we adapt products, price risks correctly, settle claims in a good way for the customer and the climate, and also in the ORSA process to meet capital adequacy requirements. We have signed several initiatives and pay for licences to access the necessary data to be able to estimate GHG emissions in our own operations, claims handling, insured emissions and the investment portfolio. The purchase of carbon credits to achieve net zero emissions in own operations will also be an operational cost. Our estimate of operating expenses includes these items in the amount of approximately NOK 10 million.

Gjensidige is a skills-based company that does not produce physical products. We have very little

Alignment rate

operating equipment to be phased out, except for roadside assistance activities in REDGO. The current market for electric roadside assistance vehicles is not mature. We monitor technological developments and adapt as far as possible by using available smaller electric vehicles that can help customers at the scene of the accident. The largest share of roadside assistance activities takes place in the franchise business. We do not have estimates of the cost of capital associated with the transition to zero-emission roadside assistance vehicles.

EVOLVEMENT OF PORTFOLIO COMPANIES WITH SBTI-TARGETS TOWARDS 2030

Material impacts, risks and opportunities

The double materiality analysis has enabled us to identify impacts, risks and opportunities relating to climate change mitigation and adaptation. The link between the material topics and our strategy and business model is described collectively in the chapter 'General disclosures in the section 'Material impacts, risks and opportunities, and their interaction with strategy and business model'.

Impacts

Gjensidige has an actual negative impact on the climate and the environment by contributing to both direct and indirect GHG emissions from our activities.

We can contribute to reduced emissions in our own operations by using company cars with low GHG emissions, implementing energy saving measures, purchasing renewable energy for the operation of our premises and influencing the travel activities of our employees. We can also influence which companies we want to invest in and what assets we insure.

We can also make arrangements to enable our customers to invest their pension funds sustainably.

Furthermore, we can promote a safer society through damage prevention and influence how we repair damage in a more climate and environmentally friendly way through, among other things, material selection and by facilitating increased repair and less use of new materials. By working with Norwegian and international

stakeholders, we can help standardise methods, create better comparability and greater transparency about which measures have an effect.

We have a responsibility to understand climate risk, ensure that the risk is reflected in product prices, influence authorities to prevent damage and ensure that objects become insurable in the future. By incorporating climate change adaptation into our products and services, we have an actual positive impact and can reduce the extent of climate-related claims. We can do this by providing concrete damage prevention advice and facilitate adaptation measures that will make our customers and society more resilient to the consequences of climate change. We can also influence the authorities by sharing data and knowledge to improve community planning and to prevent particularly vulnerable areas from being developed.

Risks

Climate change has different financial consequences depending on the time horizon. In the short term, climate change will lead to increased physical climate risk through the frequency of extreme weather events such as flooding and torrential rain. In the medium term, we see a risk of not being able to help customers quickly enough as a result of capacity challenges at our suppliers in connection with extreme weather events. In the long term, we see an increasing transition risk of secondary effects of physical climate risk leading to increased volatility in frequency claims for both property and health insurance. This could

result in increased volatility for our financial results.

The biggest financial climate risk for our investment portfolios is assumed to arise in the transition to a low-emission society where climate regulation, more stringent emission requirements, a different cost situation and changes in market preferences can affect the value of our investments. This is considered a climate-related transition risk.

Gjensidige relies on correct pricing of risk to ensure the profitability of products. A change in the intensity and frequency of weather events that differs from historical statistics makes pricing difficult and creates a risk of mispricing. This climate-related risk is considered to be linked to both physical risk and transition risk.

To succeed with climate change adaptation, we rely on good communication with our customers. It is important that the distribution chain has knowledge about effective climate change adaptation measures to be able to give customers the right advice. There is a risk of us not providing the right advice, which may affect our claims frequency.

Opportunities

Gjensidige sees an opportunity to help limit emissions by including specific damage prevention measures in the pricing of risk, as well as other incentive schemes for customers who implement such measures. This can lead to increased customer satisfaction, reduced claims payments and reduced GHG emissions.

We also see an opportunity to attract and retain customers and thereby secure insurance revenue by having a clear science-based strategy for GHG emission cuts throughout the value chain.

A clear climate strategy for our investments can contribute to reduced transition risk in our financial investments, thereby reducing financial risk. Analytics and insight can give rise to investment opportunities in emerging industries and the possibility of actively contributing to the transition through dialogue with managers and companies in the portfolio.

We can offer pension profiles that enable our customers to save pensions in funds with a sustainable investment purpose. This can contribute to increased customer satisfaction that allows us to retain customers and income from pension insurance.

Gjensidige can contribute to the transition to a low-emission society by building expertise in new technology and new risk transfer solutions to help us understand climate risk and contribute to ensuring that companies that develop sustainable solutions have access to insurance. This also includes the opportunity to offer new insurance products and coverages. This opportunity may also become a risk if we fail to fully understand the risks associated with new solutions.

CLIMATE RISK MATRIX - NET ZERO 2050 NGFS NET ZERO 2050

ANALYSIS OF CLIMATE SCENARIOS

Gjensidige uses qualitative and quantitative scenario analyses to assess the resilience of our business model and strategy under different climate change scenarios. The scenarios developed by the IPCC and the Network of Central Banks and Supervisors for Greening the Financial System (NGFS) are used as a collective basis for assessing risk in insurance and investment portfolios. The scenario analyses mainly rely on two climate scenarios: 'Failed transition' and 'Net zero 2050'.

The 'Failed transition' scenario is based on the NGFS Current Policies Scenario and the IPCC's SSP5-8.5. The scenario assumes that no new climate policy is implemented. Short-term political priorities mean that national climate goals are not achieved and that new emission reduction measures are not implemented. Emissions grow until 2080, which leads to global warming of around 3°C and severe physical risk. This includes irreversible changes such as rising sea levels. This scenario leads to high physical climate risk and is used to analyse physical climate risk in the insurance portfolio.

The 'Net zero 2050' scenario is based on the NGFS Net Zero scenario. This scenario assumes that ambitious climate policies will be introduced immediately. The costs associated with the transition will be significant. The use of oil for transport is rapidly phased out, while the decline in the fossil share of energy supply and industry is more variable. The scenario assumes modest use of carbon capture and storage. Carbon emissions in this scenario reach net zero around 2050, resulting in an approximately 50% likelihood of global warming below 1.5°C by the end of the century (with no or limited excess of 1.5°C in previous years). The scenario involves high

transition risk and is used to analyse transition risk in the investment portfolios.

Climate and nature-related risks and opportunities are considered on the basis of the three categories physical, transition and liability risks, and affect all types of risk at Gjensidige. Gjensidige assesses climate risk in the short (0–3 years), medium (3–10 years) and long term (more than 10 years). When identifying Gjensidige's climate risks, we have considered chronic and acute climate risks in the categories weather-related, wind-related, water-related and fixed mass-related (e.g. landslides). For transition risk, risks in the categories regulatory, technology, market and reputation are assessed. Identified climate risks and opportunities are documented in Gjensidige's register of climate risk and are assessed at least once a year based on when they are expected to materialise and on a qualitative (and, when possible, quantitative) impact assessment.

The risk matrix shows the greatest climate risks Gjensidige is facing under the 'Net zero 2050' scenario. The X-axis shows the time horizon, while the Y-axis shows impact. Acute climate risk is represented by the dark blue points in the matrix, while chronic physical risk is represented by light blue points. Transition risks are represented by orange dots in the matrix, while liability risks are brown dots.

For the transition risks that affect the investment portfolio (M6, M3 and M5) as well as physical risk that affects the insurance portfolio (I2), quantitative scenario analyses have also been carried out. These are discussed in more detail in the sections 'Climate risk in the insurance operations' and 'Climate risks in the investment activities'.

– NORWEGIAN COMPUTING CENTRE

The Norwegian Computing Centre has looked specifically at projections of water damage due to external factors. Natural damage, as defined in the Natural Damage Act, is not included because the pricing and distribution of such claims are subject to special regulation.

Loss projections based on climate model data up until 2100 show that total claims payments will increase in most of the country. Some counties will see a gradual increase throughout the period, while others will have a relatively flat or negative development up until 2050, followed by an increase.
For Norway seen as a whole, the claims development is expected to be fairly stable up until 2050, before it is expected to increase by 40 per cent towards 2100.
In the former counties of Hedmark, Buskerud, Vestfold, Telemark and Vest-Agder, an increase in total claims payments of approximately 50 per cent is expected towards the end of the century.
For the former counties of Østfold, Akershus and Sogn and Fjordane, the projections show an increase of 70 per cent during the same period.
A corresponding mapping is now being conducted in Denmark.
Insights from the project will be used in research and knowledge development. Among other things, a scientific article has been written that will be published in the Journal of the Royal Statistical Society in 2023. The models used in the project are also considered relevant for other European countries.

SCENARIO UP UNTIL 2100 CLIMATE RISK IN THE INSURANCE OPERATIONS

The physical climate risk for assets that are recognised in the balance sheet as company cars and office premises is considered low. Our analyses of the investment portfolio also show low chronic and acute risk in the short, medium and long term.

Physical climate risk is considered most important for our insurance portfolio. Climate and weather-related claims currently make up a limited part of our total claims if we look at natural disasters (Norway) per year compared with total claims payments. See table below.

The Norwegian Computing Centre has conducted several scenario analyses on assignment for and in cooperation with Gjensidige, concerning how water damage will impact the claims frequency under RCP4.5 and RCP8.5. The results show low risk in the short term and somewhat higher risk in the long term (under RCP4.5 and RCP8.5). Although certain effects are identified for certain types of claims in the short term, the changes are expected to take place gradually and with the greatest effect from 2050.

Generally, our markets are among the geographical areas considered least likely to be affected by climate change. Increased knowledge will probably enable the population, the business sector and the authorities to make adaptations to avoid or mitigate risk. We have also established climate adaptation incentives in a large proportion of our products. This is described in the chapter "Article 8 EU Taxonomy".

PHYSICAL NATURAL DISASTERS (FINANCIAL CONSEQUENCES OF WEATHER EVENTS)	UNIT	2024	2023
Natural disaster claims in acc. with market share from the Norwegian Natural Perils Pool	NOK mill.	382	1197
• Storms	NOK mill.	273	158
• Storm surges	NOK mill.	9	2
• Floods	NOK mill.	92	616
• Landslides/avalanches	NOK mill.	9	421
• Earthquakes	NOK mill.	0	0

CLIMATE RISKS IN THE INVESTMENT ACTIVITIES

The transitional risk for our on-balance-sheet assets in our own operations is considered limi ted, as we are already well under way with the introduction of electric company cars and the purchase of electricity from renewable energy sources.

In the insurance portfolio, political risk is consi dered to have the greatest impact in the short term. In the medium term, our assessment is that it there is increased political risk for the agricultu ral segment as a result of possible changes in re gulations. In the medium term, increased market risk is associated with increased costs for claims payments due to increased raw material prices, which must be priced into insurance policies.

Transition risk is expected to be most significant in the investment portfolio, but our exposure to the industries that are expected to be hit the hardest is currently limited. Since 2022, we have conducted several analyses of our invest ment portfolio to gain a better understanding of climate risk.

The analyses are primarily concerned with transition risk. The purpose of scenario analyses is to improve our understanding of the climate risk associated with exposure to sectors and technologies affected by climate change and climate action. In the period 2020–2022, we have used the PACTA tool from the 2°C Investing Initiative for the investment portfolios for both the insurance business and the pension busi ness. We have previously conducted a scenario analysis and a stress test of the portfolio, using climate change scenarios based on the Network for Greening of the Financial System (NGFS).

The results indicate that the transition risk is

limited but negative for the portfolio seen as a whole. The risk is limited because the portfolio is largely exposed to safe bonds in sectors that are not directly affected by climate action, for exam ple the financial sector. The analyses also sug gest that the risk is unevenly distributed across sectors. Some sectors are likely to be severely affected by transition risk, and we will focus on a selection of these sectors in our management of transition risk.

The physical risk associated with Gjensidige's investments mainly concerns property. Our exposure to property was significantly reduced when we sold Oslo Areal in 2022, but we still have a significant exposure to property through property investments in Malling & Co Eiendoms fond as well as other securities. This exposure is considered well diversified and does not entail any significant concentrated risk over and above systematic risk.

Considerable uncertainty is attached to these assessments. Going forward, the assessment of financial risk will be improved through better GHG emission data and further use of scenario analyses. Continuous efforts are made to further develop methods and strategies for assessing and reducing the financial climate risk in the portfolio.

ROBUSTNESS ASSESSMENT

Every year, we carry out two stress scenarios to test solvency with regard to climate risk over the coming planning period, which is the next five years. This is done as part of the Own Risk and Solvency Assessment (ORSA).

One stress scenario examines the effect of increased claims payments for products exposed to climate change (physical risk) under the 'Failed transition' scenario. This year's assessment shows a negative impact on the solvency margin compa red with the base case. The effects materialise from 2025, but price measures reverse the trend, and the solvency margin rises again in the period 2026–2028. The solvency margin according to our approved internal model is within the target zone throughout the period covered by the plan.

The second stress scenario examines how a sudden transition to a green economy will affect Gjensidige's financial strength. The stress scena rio is designed in line with the net zero emissions in 2050 target under the scenario 'Net zero 2050'. This year's assessment shows that availa ble capital is lower than in the base case, but this has little impact on capital requirements. Also for this scenario, the solvency margin according to our approved internal model is within the target zone throughout the period covered by the plan.

To manage climate risk in the insurance and investment portfolio, we have implemented a number of measures relating to climate change adaptation, GHG emission reduction, climate risk pricing and circular solutions. These are generally not very capital-intensive measures. In addition, the insurance products that are most exposed to physical climate risk are based on one-year contracts priced from a risk perspective. This pro vides flexibility also in the medium and long term.

The analysis shows that Gjensidige has sufficient capital and capabilities to manage climate-rela ted risks. Overall, Gjensidige's business model and strategy are considered resilient under diffe rent climate change scenarios.

Policies related to climate change mitigation and adaptation

Gjensidige has adopted several policies in connection with climate change mitigation and adaptation that apply to its own operations and the value chains for customers, suppliers and investments.

Insurance risk policy

Gjensidige has a separate policy for insurance risk that applies to Gjensidige Forsikring ASA and its subsidiaries. The policy was adopted by the Board, and the CEO has overall responsibility for following up the policy in the organisation. The Executive Vice President of Analysis, Product and Price is responsible for ensuring that the policy is in line with the Group's risk appetite, and for monitoring the profitability management of all products.

The purpose of the policy is to describe the most important requirements that, taken together, are intended to ensure good management of insurance risk for the Group. Among other things, it describes how Gjensidige can insure all legal and insurance risks in the insurance classes that the Group's companies are licensed for, within the framework of the risk appetite adopted by the Board and other limits in this policy. Gas, oil and coal extraction (brown energy) are excluded from the risk appetite. Extraction refers to the production of brown energy, including refining and producing secondary fossil energy products (coverage areas such as property, interruption losses and liability). Associated activities that are not excluded include accident and health coverage, administrative buildings and vehicles, as well as activities further out in the value chain such as transport, storage, sales/retail and the underlying supplier industry.

Responsible investment policy

Gjensidige has a dedicated responsible investment policy that applies to Gjensidige Forsikring ASA and its subsidiaries, which has been adopted by the CEO. The Chief Financial Officer has overall responsibility, while the Chief Investment Officer has management responsibility in the organisation.

The policy aims to ensure that our investments seek the highest possible long-term return, while respecting ethical and environmental principles in the best interests of our stakeholders and our reputation. This includes the Group's goal net zero emissions in the investment portfolios by 2050, in line with SBTi's framework for financial institutions.

Special attention was devoted to GHG emissions when drawing up our responsible investment policy. Companies whose activities and strategies do not comply with the Paris Agreement must be considered excluded unless other influence efforts succeed. No investments shall be made in companies on our watchlist, and the effect of influence efforts shall be continuously assessed.

Procurement policy

Gjensidige has a dedicated procurement policy that applies to Gjensidige Forsikring ASA and its subsidiaries. The policy has been adopted by the CEO and is managed by the Chief Procurement Officer.

The purpose of the policy is to set requirements and to define roles and responsibilities in the procurement process in Gjensidige. We ask all our suppliers to sign the Supplier Code of Conduct. It obliges our suppliers to comply with the UN Global Compact principles as a minimum, including:

Principle 7: Businesses should support a precautionary approach to environmental challenges, and
Principle 8: Undertake initiatives to promote greater environmental responsibility, and
Principle 9: Encourage the development and diffusion of environmentally friendly technologies.

Sustainability policy

Gjensidige has a dedicated sustainability policy that applies across Gjensidige Forsik ring ASA and its subsidiaries, which has been adopted by the CEO. The Head of Sustainabi lity has overall responsibility for following up the policy in the organisation.

The purpose of the policy is to establish principles for how to incorporate climate and environmental considerations in all activities in our own operations and in the value chain.

The policy dictates that Gjensidige shall have as little negative impact on the natural environment as possible. Our operations shall be based on the UN Global Compact's pre cautionary principle for environmental pro tection, apply environmental management systems and be environmentally certified as an Eco-Lighthouse (ISO 14001). We shall, as far as possible, use renewable energy in our operations and purchase certificates of origin to ensure that the Group's energy sources are renewable.

Furthermore, it states that Gjensidige's strategic goal is to reduce GHG emissions throughout our value chain in accordance with the Paris Agreement, and that it has adopted a science-based target to limit global warming to 1.5 degrees. We shall also identify and apply measures that minimise negative climate and environmental impacts, while at the same time helping to strengthen environmental measures in our business where relevant.

We shall contribute to climate change adap tation and align our products with the EU taxonomy for non-life insurance and contri bute to reducing nature-related risk and limi ting the consumption of natural resources.

Policy for Own Risk and Solvency Assessment (ORSA)

Gjensidige has a dedicated ORSA policy that applies to Gjensidige Forsikring ASA and its subsidiaries, which has been adopted by the CEO. The Chief Risk Officer has overall responsibility, while the Head of Capital Management has management responsibility in the organisation.

The purpose of the policy is to define the overall objectives, roles and content of the Own Risk and Solvency Assessment (ORSA) process.

The ORSA process involves assessing and reporting the risk profile, monitoring key risk indicators against approved risk tolerance limits, assessing all risks in Gjensidige's risk universe, including market risk, insurance risk, operational risk and strategic risk. Sustainabi lity risks and emerging risks are considered an integral part of these risks. Furthermore, the risk management system, internal control, capital needs and surplus capital shall be assessed. This includes capital estimates, stress tests, sensitivity analyses and a capital contingency plan.

The policy also describes that, when asses sing climate exposure, at least two scenarios must be used to identify significant climate risks: one scenario with temperature increase above 2°C and one scenario with temperatu re increase below 2°C. We also conduct re verse stress tests and other relevant analyses once a year.

Measures related to climate change

Limiting GHG emissions in own operations

MEASURES IMPLEMENTED IN 2024

The Eco-Lighthouse certification for the head office and one of Gjensidige Mobility Group's offices (GMG) was renewed. This includes setting environmental requirements of our suppliers, having measures to reduce energy and water consumption, and reducing emissions associated with our own activities. In addition, we work to minimise waste, ensure that we sort our waste and reduce travel activities that generate GHG emissions.

PLANNED NEW MEASURES

Going forward, we will work to ensure that all our company cars and REDGO's roadside assistance vehicles are electric.

We will implement further energy efficiency measures in our offices and ensure that the electricity we buy is renewable through the use of Guarantees of origin. We will offset the purchase of non-renewable district heating with carbon credits.

We will consider the need to change our travel policy to reduce the number of flights and encourage employees to only travel by air if necessary.

In order to ensure as little environmental impact as possible, all our 11 Norwegian offices (with more than 30 employees) are certified Eco-Lighthouses. Eco-Lighthouse is a national environmental certification scheme run by the Eco-Lighthouse Foundation. In addition, our Danish head office will continue to hold a silver certificate in accordance with the DGNB awarded by the Green Building Council Denmark.

Limiting GHG emissions in claims handling

MEASURES IMPLEMENTED IN 2024

We have established a pilot project where selected customers can confirm that they would like equivalent parts to be used in vehicle repairs as far as possible.

We have established a partnership with technology company Fell Tech, which has developed a system for monitoring water leaks, with a view to reducing water damage. So far, we have reached out to approximately 7,000 customers.

We have launched a pilot project with Pro Inspection in Denmark that involves using drones in thermographic scanning of solar panels to reduce the risk of fire.

We have put in place a new weather forecasting system in Sweden based on SMHI's weather forecast for extreme weather events such as storms, torrential rain, snow etc., which is an important part of our damage prevention measures in Sweden.

We have launched a pilot project in Denmark for safe charging of lithium batteries, to make customers, especially in the public sector, aware of fire risk and personal risk. Such batteries are used for example in electric bicycles, e-scooters, power tools and assisted living for the elderly. Several

municipalities have accepted our recommendations, and the project is now being scaled up to include housing cooperatives.

We have partnered with CarBucks in Denmark to encourage minor damage such as scratches, dents and cracks to be repaired in two hours instead of replacing it with new parts.

PLANNED NEW MEASURES

We will implement several damage prevention measures with an analytical approach to reduce the number of frequency claims. This will include considering the possibility of giving customers incentives to implement such measures.

We will work with suppliers to increase repair rates and adopt new technology for new repair methods.

We will promote increased reuse/recycling in connection with damage repairs. This is a key measure to reduce material consumption relating to our main products motor and property. We work with suppliers to increase the recycling rate.

Improve communication with customers so that they understand that reuse and recycling will not compromise the quality or safety of repairs.

Limiting GHG emissions in investment portfolios

MEASURES IMPLEMENTED IN 2024

We have taken part in two pilot projects under the auspices of SBTi. One project concerned updating the Near-Term framework and another concerned the draft net-zero emissions framework. The SBTi near-term framework for financial institutions aims to support their efforts to address climate change by providing resources for science-based target setting. The framework includes target-setting methods, criteria, target-setting tools and an explanatory document.

We have submitted a Near Term target to the SBTi. The target follows version 2.0 of the SBTi framework, which was published after the project we participated in. The target is awaiting SBTi approval.

We have established pension profiles with the purpose of sustainable investments. The profiles are intended to finance companies that contribute to the achievement of environmental or social goals, and which at the same time do not significantly harm these goals. In addition, companies in which investments are made are required to follow good governance practices. The profiles consist of funds that report in accordance with Article 9 of the European Union (SFDR). This means that the companies comply with the strictest reporting requirements for sustainability and all direct investments in the funds must be in sustainable companies. The profiles were established in the autumn of 2022 and as of 31.12.2024, the capital in these profiles amounted to NOK 1.6 billion, which corresponds to around 2.5% of the capital we have in deposit profiles. We have made the profiles automatically available to all employees of all our corporate clients, at no extra cost, to give everyone the opportunity to choose a sustainable investment option.

PLANNED NEW MEASURES GOING FORWARD

Going forward, we will implement several measures to achieve the target of net zero emissions in our investment portfolios. As described in the section 'Transition plan for climate change mitigation', we will work on portfolio allocation, dialogue with managers and companies and carry out contribution and scenario analyses in the event of significant changes in allocation.

Limiting GHG emissions in the insurance portfolio

Indirect emissions from the insurance portfolio concern our share of facilitated emissions from our insurance customers through the offering of insurance. Insured emissions will be included in our Scope 3. No methodology has been defined for estimating insured emissions in the SBTi. In 2023, we have changed our underwriting policy so that, going forward, we will not insure coal, oil or gas extraction. Extraction refers to the production of fossil energy, including refining and producing secondary fossil energy products. Associated activities that are not excluded are accident and health coverage, administrative buildings and vehicles, as well as activities further out in the value chain such as transport, storage, sales/retail and the underlying supplier industry.

MEASURES IMPLEMENTED IN 2024

In anticipation of the SBTi establishing a framework for insured emissions, we have conducted an initial emission analysis based on guidance from the Partnership for Carbon Accounting Financials (PCAF). The guidelines have been prepared by the financial industry, is recommended by Finance Norway and is widely used in the industry. The analysis of emissions from the insurance portfolio consists of two parts:

Commercial Scope 1, 2 and 3 emissions from commercial customers.
Private Scope 1 and 2 emissions from private motor insurance.

The SBTi also issued a draft framework for investments and insurance (Financial Institutions Net-Zero Standard, FINZ) that was distributed for consultation in summer 2024. As the only Nordic insurance company, we agreed to take part in a pilot project under the auspices of the SBTi to test the framework in practice and set science-based climate targets for 2030, 2040 and 2050. This further developed the analysis we had carried out of emissions in the portfolio based on PCAF. Among other things, it proposes a new segmentation of the portfolio that distinguishes between large and small commercial customers, where we as an insurance company have a high or low degree of impact, and on sectors with high or low GHG emissions.

Our reason for participating in the pilot project was to share our insights and experiences in order to influence and thereby contribute to a good common international framework. We received good feedback on our input and assessments. The final version of the FINZ framework will be launched in the first half of 2025.

PLANNED NEW MEASURES GOING FORWARD

We will monitor the development of the framework for setting targets for insured emissions and complete our mapping work to also enable the Board to adopt insured emissions targets.

The work on science-based climate targets also provides opportunities. We will ensure dialogue and cooperation with major customers, and the industry, to help establish best practices. Several of our biggest customers have committed to science-based climate targets, which provides a

good starting point.

We will also take this opportunity to build expertise in new areas, including new technologies, which is crucial for the green transition. Our role is to understand risk and price it correctly.

Climate change adaptation measures in our products

MEASURES IMPLEMENTED IN 2024

In 2024, we have aligned the insurance terms for seven insurance products, which means that we have included incentives that will contribute to climate change adaptation under the EU taxonomy.

We have entered into an agreement with Mitigrate, a company specialising in climate change adaptation measures for properties by using sophisticated technology to simulate which measures have the greatest effect. Their tools help to find tailor-made solutions for individual customers. We will offer this tool to our customers, and our ambition is to reduce the risk of damage and ensure properties continue to be insurable in the future. We expect a damage prevention effect from our customers using Mitigrate's solutions, in addition to the fact that homes that are repaired after damage will have a reduced risk of new similar damage. The effect is included as an element in our damage prevention in simulation of effects and reduced greenhouse gas emissions up to 2050.

We are building on our collaboration with the Norwegian Computing Centre, and have performed a new analysis to look at the consequences of torrential rain. This is important insight for our efforts to help customers with the greatest exposure, but it is also important to ensure we price risk correctly.

We have contributed expertise and claims statistics to several research projects.

Gjensidige hosted two debates for the first time at the Climate Festival in Denmark: one on the topic of green brewing ('Grønt bryggeri – hvem er med?') and one about weather-related damage ('Vejret raser – hvem betaler?'). The purpose of the debates was to show that Gjensidige will contribute to finding solutions to the challenges created by climate change and the challenges that currently stand in the way of the green transition.

PLANNED NEW MEASURES GOING FORWARD

Going forward, we will continue to align our insurance products with the EU taxonomy criteria in order to contribute to increased climate robustness for our customers and the society.

We will continue to share our knowledge and data with the authorities and in the research projects we follow closely to improve community planning and prevent development in areas vulnerable to weather-related events.

We will continue collaborating with industry organisations on climate change adaptation measures that are of high value to society.

Monitor new technologies and adopt solutions that will be relevant to climate adapt our products.

Targets related to adaptation of products in order to account for climate change

The operational target adopted by the Board in 2021 is for 80 per cent of our insurance revenue to be aligned with the non-life insurance criteria in the EU taxonomy by 2026. For operational purposes, we have included all insurance revenue from insurance products that meet the EU taxonomy's five criteria for sustainable non-life insurance in the numerator. We have also considered whether the products cause significant harm to other environmental goals or social minimum requirements. The denominator shows total insurance revenue for all insurance products eligible for alignment with the taxonomy requirements (eligible). This is described in more detail in the chapter "Article 8 EU Taxonomy".

	Milestones and target yearsr
GHG EMISSION REDUCTION TARGETS	Base year 2019	2030	2035	2040	2045	2050
GHG emissions (market-based)	46,645	28,625	20,366	14,257	9,586	4,536
Scope 1 GHG emissions (tCO2e)	463	238	131	66	33	16
Scope 2 GHG emissions, location-based (tCO2e)	752
Scope 2 GHG emissions, market-based (tCO2e)	4,660	365	313	269	231	198
Scope 3 GHG emissions Claims handling (tCO2e)	41,522	28,022	19,922	13,922	9,322	4,322

GHG EMISSION REDUCTION TARGETS	Milestones and target years
BY DECARBONISATION LEVERS	Base year 2019	2030	2035	2040	2045	2050
GHG emissions (market-based)	46,645	28,625	20,366	14,257	9,586	4,536
GHG emission reduction target, percentage – Scope 1 and scope 2		90%	90%	90%	90%	90%
Scope 1 GHG emissions (tCO2e)	463	238	131	66	33	16
Action 1: Transition to new technology and electric cars		225	107	65	33	17
Scope 2 GHG emissions, market-based (tCO2e)	4 660	365	313	269	231	198
Action 1: Energy efficiency in our rented premises district heating		277	274	240	211	185
Action 2: Buy guarantees of origin for renewable energy		3,415	3,251	3,101	2,969	2,847
Scope 3 GHG emissions Claims handling (tCO2e)1	41,522	28,022	19,922	13,922	9,322	4,322
GHG emission reduction target, percentage – Scope 3		55%	69%	78%	85%	89%
Action 1: Reuse of spare parts		3,000	800	800	400	400
Action 2: Damage prevention		4,500	1,300	1,200	1,200	600
Action 3: Increased body repair rate		1,000	2,000	2,000	2,000	3,000
Action 4: Development in conversion factors		5,000	4,000	2,000	1,000	1,000

¹ Scope 3 Claims handling consists of parts of Category 1 Purchased Goods and Services and Category 5 Waste Generated in Operations. We have not set targets for other administrative purchases.

GHG EMISSION REDUCTION TARGETS BY DECARBONISATION LEVERS – INTENSITY VALUE1	Milestones and target years
	Base year 2019	2030	2035	2040	2045	2050
Intensity value scope 3 – Claims handling (excl. The Baltics)1	1.7	0.8	0.5	0.4	0.3	0.2

¹ We have only set intensity targets for damage treatment (scope 3, parts of category 1 and parts of category 5).

Targets related to climate change mitigation

The Board has adopted emission targets that support the Paris Agreement's 1.5°C target and the target of net zero emissions by 2050.

The targets can be summarized as follows:

Own operations (scope 1 and scope 2): Emissions from own operations will be reduced by 90 per cent by 2030, with 2019 as the base year. Residual emissions must be carbon offset.
Claims handling (scope 3, categories 1 and 5): Emissions from claims handling are to be reduced by 55 per cent by 2050, measured in intensity, with 2019 as the base year.
Investment portfolios: (scope 3, category 15): We will adapt our investment portfolios to global net zero emissions by 2050.

In our work on the transition plan, we have reconciled the assessments with the financial targets set in the ORSA process, as well as the basis for

the pledges made at the Capital Markets Day in 2023. Good cooperation has been established between capital management, the sustainability department and the second line represented by Risk Management to ensure that the same assumptions are applied across the Group.

Energy consumption and energy mix

We make systematic efforts to limit our consumption of energy, both district heating where relevant and the purchase of electricity. All our premises are rented, and when considering new premises, we give priority to climate and environmental considerations. Our head office at Schweigaardsgate 21 is certified to BREEAM NOR Excellent standard. Through our Eco-Lighthouse obligation, we conduct monthly energy reviews together with our landlord for the purpose of identifying energy leaks and, if necessary, implementing mitigating measures such as upgrading to LED lighting, adjusting the indoor temperature, upgrading ventilation systems and making more efficient use of space.

ENERGY CONSUMPTION AND ENERGY MIX (MWH)	2023	2024
Total energy consumption	9,380,083	10,275,293
Total energy consumption from fossil sources	1,893,217	2,439,362
Total energy consumption from nuclear sources	0	0
Total energy consumption from renewable sources	7,486,866	7,835,931
• Fuel consumption from renewable sources	0	0
• Consumption of purchased or acquired electricity, heat, steam and cooling from renewable sources	7,486,866	7,835,931
• Consumption of self-generated non-fuel renewable energy	0	0

Gross Scope 1, 2 and 3 GHG emissions and total GHG emissions

The calculation of GHG emissions is based on available conversion codes obtained from DEFRA (2024), while for electricity, we use NVE. Outside Norway, location-based electricity factors are sourced from the IEA and market-based electricity factors from AIB.

We have included all companies we have operational control over as of the end of 2024. We have chosen to highlight total GHG emissions with and without ADB Gjensidige.

		RETROSPECTIVE			MILESTONES AND TARGET YEARS
GHG EMISSIONS (tCO2e)	2019	2023	2024	% CHANGE	2030	2040	2050	ANNUAL % TARGET / BASE YEAR
Total GHG emissions (location-based)	63,907	528,977	501,660	-5%
Total GHG emissions (market-based)	67,815	528,674	501,408	-5%
Scope 1 GHG emissions
Gross Scope 1 GHG emissions	463	319	434	0	238	66	16
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions	752	643	690	0
Gross market-based Scope 3 GHG emissions	4 660	340	438	29%	365	269	198
Significant Scope 3 GHG emissions
Total gross indirect (Scope 3) GHG emissions	62,692	528,015	500,536	-5%
1. Purchased goods and services (admin. purchases)	14,264	18,986	23,568	24%
1. Purchased goods and services (Claims handling)	41,066	35,297	40,205	14%	28,022	13,922	4,322	7%
2. Capital goods	975	5,211	3,326	-36%
3. Fuel and energy-related activities (not in scope 1 and 2)	94	303	351	16%
5. Waste generated in operations	456	448	345	-23%
6. Business travel	2,043	841	913	9%
7. Employee commuting	2,674	2,438	2,741	12%
14. Franchise	1,119	4,069	5,779	42%
15. Investments 1	IA1	460,423	423,308	-8%

1 Category 15 Investments base year is 2022 and applies to scope 1 and scope 2. The value in 2022 was 451,919 tonnes CO2e. Scope 3 is not included in these figures

but amounts to 2,948,282 tonnes of CO2e in 2024. For more detailed information on emission intensity and financed emissions, see table "Key figures related to responsible investments".

We will adapt our investment portfolios to global net zero emissions by 2050.

GHG INTENSITY BASED ON NET REVENUE	2023	2024	% CHANGE
Total GHG emissions (locations-based) per net revenue	15.1	12.9	-14%
Total GHG emissions (market-based) per net revenue	15.1	12.9	-14%
Intensity value Scope 1 and scope 2 - Own operations (incl. The Baltics)1	0.1	0.2	30%
Intensity value Scope 1 and scope 2 - Own operations (Excl. The Baltics)1	0.2	0.2	29%
Intensity value Scope 3 - Claims handling (incl. The Baltics)2	1.0	1.0	-2%
Intensity value Scope 3 - Claims handling (incl. The Baltics)2	1.0	1.0	1%
Intensity value Scope 3 - Investments (Gjensidige Forsikring ASA)3	5.2	4.6	-12%
Intensity value Scope 3 - Investments (Gjensidige Pensjonsforsikring AS)3	10.0	9.0	-10%

Insurance revenue, MNOK	35,031	38,883	11%
Insurance revenue from general insurance (incl. The Baltics), MNOK	36,207	40,208	11%
Insurance revenue from general insurance (excl. The Baltics), MNOK	34,568	38,359	11%

¹ Intensity value for scope 1 and scope 2 - Own operations is based on emissions in scope 1 and 2 (market-based) over the number of FTE

² Intensity value for scope 3 Claims handling is based on insurance revenues Non-life insurance incl. and excl. Baltics

³ Intensity value scope 3 Investments is based on tonnes CO2e per MNOK in sales revenues. The figures indicate weighted carbon intensity (WACI)

Justification and assumptions in the climate accounts

SCOPE 1

Based on mileage for owned and leased cars.

SCOPE 2

Based on actual energy consumption, both electricity and district heating. Certificates of origin have been purchased for the Group's electricity consumption.

SCOPE 3

1. Purchased products and services

Based on purchase of goods and services in claims handling. See explanation of method in separate fact box for a description of our model and method. In 2025, we will have climate emission figures for our administrative purchases.

2. Purchased capital goods

Based on purchased plant, property and equipment. We have not estimated emissions related to physical premises.

3. Fuel and energy-related activities

Calculated based on Scope 1 diesel and petrol consumption and Scope 2 energy consumption.

4. Transport and distribution (upstream)

We have not calculated total GHG emissions related to transport for repairs of property damage. This will be evaluated in 2025.

We have included the roadside assistance service for the Motor product through our subsidiary GMG/REDGO. It is included in own Scope 1 emissions and in Scope 3 Category 14 (Franchises).

5. Waste

Waste from own operations is included (but minimal). Waste from claims handling is considered material as we can influence and reduce waste when choosing a repair method after damage. See explanation of method in the fact box.

6. Business travel

Air travel by employees is based on the Berg Hansen portal. Mileage allowance, train, taxi, bus are not included, but is something we will consider in 2025.

7. Employee commuting

We have estimated employee's journeys to and from work. The estimate is based on the fact that 50% of all employees travel at least 20 km 4 days a week by bus and 50% of all employees drive 20 km 4 days a week. The EV share is based on publicly available statistics on EV share per country.

8. Leased premises and equipment

Energy consumption related to heating, cooling and purchased electricity related to our office premises is included in Scope 2. In the GHG protocol, it is optional to include calculated GHG emissions related to the construction and maintenance of leased premises (life cycle of buildings). We have not calculated life cycle estimates in our climate accounts.

9. Transport and distribution (downstream)

We have estimated km driven to repair property frequency claims. We will calculate this as part of Category 4. Based on preliminary estimates, we consider this immaterial. Transport related to the motor product (for GMG/REDGO) is included in Scope 1 and in Scope 3 Category 14.

10. Processing of sold products

Not applicable as our multi-channel distribution is covered through our website and offices are included in the other categories.

11. Use of sold products

Not applicable as we do not sell physical products and have included GHG emissions related to claims in categories 1 and 5.

12. End-of-life treatment of sold products

Not applicable as we do not sell physical products and therefore generate no waste. We have included waste management from claims handling as part of categories 1 and 5.

13. Leased premises and equipment

Not relevant as we do not sublet premises or equipment.

14. Franchises

Based on estimated GHG emissions for roadside assistance operations via REDGO organised through franchise operations. Included in our climate accounts since the acquisition in 2022.

15. Investments

See explanation on the next page.

Model for calculating material consumption in claims handling

In categories 1 and 5, we have estimated GHG emissions based on our model for material consumption and waste for frequency claims related to the main products Motor and Property. The models are used to convert material consumption into CO2 equivalents (CO2e) per claim. Material consumption is calculated on the basis of a representative rate of repair for vehicles and for water and fire damage to buildings. Total material consumption (per material type) is obtained by multiplying by the number of claims. CO2 equivalents are calculated using conversion factors (DEFRA) for different types of materials. The same is done for waste from damage/repairs. We have defined this as an important upstream activity, and follow the GHG Protocol's structure for reporting the purchase of goods and services, as well as waste. DEFRA conversion codes are our best estimate of GHG emissions.

Our claims handling involves complex processes and many suppliers and partners. The calculation of total material consumption does not provide an exact figure, but, based on a materiality assessment, we believe it gives the best estimate of current consumption. Cash settlements are not included in the estimates, except for written-off cars, where we have relied on TFF's national overview of car replacement. Material consumption is calculated in tonnes per material type. The material consumption models are evaluated annually to ensure they continue to provide the best estimate of material consumption in claims settlements. An evaluation was carried out in 2024, and only minor changes in material consumption were identified.

CATEGORY 15 INVESTMENTS

For 2024, we report financed emissions for 98 per cent of the investment portfolio, excluding cash, derivatives and assets where we currently do not have data or a method for measuring emissions. Scope 1, 2 and 3 emissions from underlying companies in the general insurance and pension investment portfolios are included in Gjensidige's scope 3 greenhouse gas emissions.

We report GHG emissions for both the equity and bond portfolios at company level for all investments. For some companies, the data are of good quality, with third-party verification of both emissions and financial assets. For others, we lack some necessary information and have estimated emissions based on the invested amount, revenue, company size, business sector and geographical location. Going forward, we expect an improvement in data quality to affect our reported portfolio emissions. The data quality according to PCAF's criteria on a scale of 1–5 is 2.92 v 2.86 for the general insurance portfolio in 2024. The decline in data quality is primarily due to lower exposure to asset classes such as equities, where we have had high data quality in previous years.

For scope 1 and 2, Gjensidige Forsikring's portfolio of listed equities has a weighted average carbon intensity (WACI) of 7.8 (9.4 for the comparable index) and the corporate bond portfolio a WACI of 4.5 (27.2 for the comparable index) based on reported data and S&P estimates. The average WACI across the portfolios is 4.6, indicating how many tonnes of CO2 equivalents the companies emit per million NOK in revenue.

The weighted average carbon intensity (WACI) for scope 1 and 2 in Gjensidige Pensjonsforsikring's portfolio is a total of 9.0 for 2024, based on reported data and S&P estimates. For the equity portfolio, the WACI is 8.3 (9.4 for the comparable index). The index here refers to a global stock index. For the pension profiles, however, up to 20 per cent of the equity portfolio is invested in the Norwegian stock market, which is more carbon-intensive than the global index. The WACI for the corporate bond portfolio is 11.2 (27.2 for the comparable index). The data quality measured by PCAF was 2.55 for Gjensidige Pensjonsforsikring in 2024.

This year, we have included upstream and downstream scope 3 emissions for most companies in the portfolio retroactively for previous years. Methods for calculating scope 3 emissions among the companies in the portfolio are still at an early stage, and the calculations are primarily used to understand whether the emissions primarily occur in the company's operations or value chain. On average, we estimate that approx. 20% of total emissions come from the companies' operations and energy consumption, while 80% come from the companies' value chains. In our upcoming SBTi target, we will assess the importance of each company according to the company's share of the portfolio's financed emissions in scope 1, 2 and 3.

KEY FIGURES RELATED TO RESPONSIBLE INVESTMENTS

CARBON INTENSITY1,2	UNIT	2022	2023	2024
The group's investment portfolios	WACI3	10	7.8	7.3
Gjensidige Forsikring ASA	WACI	6.7	5.2	4.6
• Equities	WACI (comp. to index)3	13.2 (7.2)	5.6 (11.2)	7.8 (9.4)
• Corporate company bonds	WACI (comp. to index)3	6.2 (26.1)	5.2 (18.2)	4.5 (27.2)
• Sovereign and municipal bonds	Intensity4	16.5	16.8	15.6
• PCAF Data quality score	Scale 1-55	3.25	2.86	2.92
Gjensidige Pensjonsforsikring AS	WACI	14	10	9
• Equities	WACI (comp. to index)	17.6 (17.2)	9.8 (11.2)	8.3 (9.4)
• Corporate company bonds	WACI (comp. to index)	10.0 (24.1)	10.3 (18.2)	11.1 (27.2)
• Property	Intensity8	2.74	2.54	2.68
• PCAF Data quality score	Scale 1-5	2.85	2.53	2.55

TOTAL FINANCED EMISSIONS6	UNIT	2022	2023	2024
The group's investment portfolios - scope 1, 2 og 3	tCO2e	4,285,085	3,122,480	3,371,699
The group's investment portfolios - scope 1 og 2	tCO2e	451,919	460,423	423,417
• Gjensidige Forsikring ASA7	tCO2e	151,084	145,563	124,633
• Gjensidige Pensjonsforsikring AS7	tCO2e	300,835	314,860	298,784
The group's investment portfolios - scope 3	tCO2e	3,833,166	2,662,057	2,948,282
• Gjensidige Forsikring ASA7	tCO2e	810,728	803,092	668,940
• Gjensidige Pensjonsforsikring AS7	tCO2e	3,022,438	1,858,965	2,279,342

¹ The figures used are as of September 30

² Scope 1 and scope 2 from all investments, excluding cash and derivatives
³ Tonnes of CO2e per MNOK in sales revenue. The figures indicate weighted carbon intensity (WACI)

4 Tonnes of CO2e (production excl. LUCF) per NOK 1 million PPPadjusted GDP 5 Scale: 1 is best, 5 is worst 6 Emissions will vary with total assets 7 Shares, bonds and property 8 KgCO2e / year / square meter

GHG removals and GHG mitigation projects financed through carbon credits

Since 2019, we have compensated for residual emissions form our own operations by supporting emission reduction projects that also take social responsibility. We acknowledge that it will be difficult to cut absolutely all emissions from our own operations in order to achieve the goal of net zero emissions by 2050. Therefore, we will continue to offset known residual emissions with carbon credits until 2050, preferably in projects that reduce emissions, remove and store carbon, as well as cover social conditions.

In 2023, we carried out a thorough review of various alternatives for GHG reduction projects and CCS projects. We have acquired external assistance to ensure documentation of the quality of the projects, as well as to reduce the risk of corruption. We also conducted an evaluation in 2024, and have concluded that, this year, we will support WADI by CIC and CEMAsys (Gold Standard VER) on the advice of our external advisor. The project will provide safe drinking water and reduce greenhouse gas emissions by replacing boiling water with a clean and sustainable disinfection method.

We would also like to contribute to financing new solutions for carbon sequestration and storage in forests and soils. We have therefore continued our agreements with Fossagrim (ISO-14064-2) and Down to Earth (Carbon Standards International, CSI). Through these projects, we contribute to removing atmospheric greenhouse gases, while at the same time contributing to the preservation of forests that would not otherwise have been preserved, and to ensuring that arable land receives more nutrients through biochar. By doing so, we also want to contribute to nature-based solutions that can be important in our efforts to mitigate nature-related risk, as well as climate risk. Carbon removal is also identified as an important solution to reach net zero emissions in line with SBTi's recommendations.

The projects are in Norway and India, respectively, so we have no share from projects in the EU. The carbon credits are purchased for actual emissions in the current year and not for future emissions.

GHG removals and GHG mitigation projects financed through carbon credits

CARBON CREDITS CANCELLED IN THE REPORTING PERIOD	2023	2024
Share from removal projects: Fossagrim and Down to Earth	111	135
Share from removal projects	9%	8%
Share from reduction projects: WADI by CIC and CEMAsys	1 189	1 630
Share from reduction projects (%)	91%	92%
Recognized quality standard 1: Gold Standard VER	1 189	1 630
Recognized quality standard 1 (%)	91%	92%
Recognized quality standard 2: ISO-14064-2	100	100
Recognized quality standard 2 (%)	8%	6%
Recognized quality standard 3: Carbon Standard International (CSI)	11	35
Recognized quality standard 3 (%)	1%	2%
Share from projects within the EU	0	0
Share from projects within the EU (%)	0%	0%
Share of carbon credits that qualify as corresponding adjustments	0	0
Share of carbon credits that qualify as corresponding adjustments (%)	0%	0%
Total (tCO2e)	1,300	1,765

Total Carbon credits planned to be cancelled in the future (tCO2e)	0	0

AND CIRCULAR ECONOMY

In our claims handling, we purchase significant quantities of goods and services to compensate losses. Therefore, by looking at our value chains, we can find solutions that contribute to less resource use. There is a close correlation between our measures to reduce GHG emissions and measures to boost the circular economy. We are also concerned with understanding the financial consequences of biodiversity loss and nature-related risk.

16,212 22,918 19%

tonnes of claims handling materials tonnes of waste from claims handling

repair share of bodywork in Norway

Material impacts, risks and opportunities

Repair and reuse of materials is one of our top priorities for the future. This will support the EU's objective of reducing nature-related risk by limiting waste and supporting a circular economy. This means that we can also reduce costs associated with claims settlements through waste disposal, and the use of reused material in repairs. Increased reuse can stimulate business development, as well as reduce GHG emissions and environmental impact in claims handling. We have therefore initiated several pilot projects to test new methods to increase the repair and reuse of parts in all the countries we operate in.

Use of resources and circular economy must be seen in the context of what we have described in the chapter 'Climate change'.

Use of resources and circular economy applies to Gjensidige's own activities, through customers and suppliers we use in claims handling, and through the companies we invest in. As a minimum, we require compliance with the 10 UN Global Compact principles. This concerns the precautionary principle for environmental challenges, taking the initiative to promote increased environmental responsibility and encourage the

development and adoption of new technology to reduce our nature footprint.

The double materiality analysis has enabled us to identify impacts, risks and opportunities for use of resources and circular economy that we will describe in more detail below.

Impacts

Gjensidige has an actual positive impact by contributing to less use of resources and more circular solutions in our upstream claims handling. We can adjust insurance terms and require that suppliers reuse materials, especially for property and motor insurance.

However, we can have an actual negative impact by designing insurance terms that encourage repairs that are not strictly necessary or that lead to the customer replacing their damaged item with a brand new one. This can increase the use of resources.

Our claims handling also has a negative impact by the generation of waste in connection with repairs for customers who report a claim.

Opportunities

Gjensidige can play an important role in promoting circular solutions and helping to increase reuse and recycling of resources through, among other things:

Building loyalty and motivating customers by offering different incentives for those who want to make more climate and environmentally friendly choices, and thereby secure insurance revenue.
Helping the suppliers we work with to reduce their material consumption and waste, thereby reducing our claims payments.
Helping to establish marketplaces for used materials that contribute to less waste and more reuse of materials, thereby reducing our claims payments.

Based on the above impacts and opportunities, we have concluded that the following sub-topics are material for Gjensidige:

• Resource inflows, including use of resources • Waste

Policies related to resource use and circular economy

Sustainability policy

Gjensidige has a separate sustainability policy that applies to Gjensidige Forsikring ASA and subsidiaries, which has been adopted by the CEO. The Executive Vice President of Analysis, Product and Price owns the policy and the Group's sustainability department monitors compliance.

The purpose of the policy is to establish principles for how we should address potential negative impacts on the natural environment in the value chain. We will contribute to reducing nature-related risk through goals and measures that limit the use of materials and reduce waste. One important measure is to encourage as much reuse as possible, and to ensure that the resources used are renewable.

The minimum requirement is compliance with the 10 UN Global Compact principles to protect the environment and we require the highest possible repair rate, reuse of equivalent parts in replacements, partial repairs in the event of damage to property, and make stringent requirements of recycling of waste. We follow up the results of these efforts in dialogue with our suppliers.

Procurement policy

Gjensidige has a separate group policy for procurement that applies to Gjensidige Forsikring ASA and its subsidiaries. The policy has been adopted by the CEO and is managed by the Group Procurement Department.

The purpose of the policy is to set requirements, and define roles and responsibilities to ensure an efficient procurement process in Gjensidige. All suppliers must sign a Supplier Code of Conduct, which is available on our website. This obliges our suppliers to comply with, as a minimum, the 10 UN Global Compact principles, of which the following principles apply to the environment:

Businesses should support a precautionary approach to environmental challenges,
Undertake initiatives to promote greater environmental responsibility, and
Encourage the development and diffusion of environmentally friendly technologies.

Measures related to resource use and circular economy

Material consumption and GHG emissions are closely linked. We have therefore prepared material accounts for our claims settlements to keep track of developments in both consumption and GHG emissions. These accounts are used to make better decisions and assess different initiatives to promote the circular economy through, for example, more repairs, reuse, reduction of waste and various measures for reducing transport costs, and more climate and environmentally friendly rebuilding after claims.

MODEL FOR MATERIAL ACCOUNTS FOR RE-SOURCE USE IN CLAIMS HANDLING

In order to calculate material consumption in complex processes that involve many suppliers and partners, we have devised models based on the most common claims. Models have been prepared for three types of claims, which will form the basis for a normalised result in the material accounts. The calculation of total material consumption does not provide an exact figure, but, based on a materiality assessment, we believe it gives the best estimate of the current use of resources. With some exceptions, cash settlements are held outside our model as we have no control over what customers choose to spend them on.

We have mapped the use of steel, aluminium, plastic, plaster and wood in connection with repairing motor vehicles and renovating buildings. By increasing the degree of repair and the use of equivalent parts, we will help to reduce waste and loss of nature. We make stringent requirements of our suppliers' waste management, measures to ensure maximum recycling of materials and measures to prevent pollution. Waste relating to claims settlements leads to relatively low emissions, but the amount of waste in itself is considerable. In the countries we operate in, arrangements are in place for responsible management and recycling in public waste management schemes that also address the waste hierarchy. Written-off cars are sold to professional actors who dismantle and resell car parts and materials such as steel and aluminium, which are then used as input in new products.

We also work with our suppliers on sharing competence and on pilot projects to find solutions together.

Material consumption, frequency motor claims

The assumptions behind this average calculation of material consumption are based on car makes and models with a high market share, and frequency claims.

The reference claim is estimated in the loss assessment system DBS, which is operated by Bilskadekontoret ('the car claims office'), part of Finance Norway Insurance Services, and shows the actual use of materials for motor vehicles. Separate assessments of frequency claims have been conducted in Denmark, Sweden and the Baltics.

The following materials are included in the climate accounts for claims:

glass
steel
aluminium
plastic
batteries
reuse of car parts based on estimate
The use of new car parts generates an equivalent amount of recyclable waste.
Scrap waste is based on recycling of materials such as glass, aluminium and steel.

Vehicle write-offs are settled in cash. To ensure we have the right theoretical basis for calculating Gjensidige's material consumption, we have assumed, based on the official registration system (TFF), that 22 per cent of written-off cars are replaced by new cars (28 per cent in 2019).

Material consumption, frequency property claims

The following assumptions were used in the calculation of average material consumption and waste generated by fire and water damage frequency claims:

Fire damage:

eplacing floors and walls
cleaning and painting surfaces
electronics
waste corresponding to consumption of new materials

Water damage:

plain kitchen cabinets fronts
parquet flooring
repair as a result of water seeping through the floor
waste corresponding to consumption of new materials

Materials included in the climate accounts for claims:

wood
plasterboard
insulation
paint
plastic
electronics

MOTOR MEASURES

In order to stimulate increased use of equivalent parts, Gjensidige takes over warranty liability for second-hand parts used in repairs. We also provide a warranty against any consequential damage that may arise due to the part in question. In addition, we furnish an eight-year repair warranty when the repair is carried out in a workshop we have an agreement with. In most cases, customers will therefore have a better warranty coverage after the repair than before.

We have also changed the settlement process to ensure that written-off cars are sold for scrap, and we thereby contribute to more used parts entering the market. We provide a repair warranty that accompanies the vehicle, not the insurance. It also makes it easier for auto repair shops to use second-hand parts in claims settlement.

We have raised the limit for when a car is written off due to the scope of damage, from 60 per cent of the car's value to 80 per cent. This is a measure that extends the service life of cars and reduces use of resources.

For motor insurance, repair and reuse of EV batteries is also an increasingly important issue, both in terms of environmental impact and costs. EV batteries are of high value and contain important

materials that we should strive to use for their original purpose as long as possible. Assuming that everything else remains stable, we assume that the carbon footprint of EV batteries will increase from about 3 per cent of our total climate accounts for cars today, to 13 per cent in 10 years. Therefore, we need more environmentally friendly battery production and increased battery life. Through our valuation service, we have seen that it is often possible to find and use equivalent batteries. Measures are therefore needed to increase knowledge about EV batteries and help make it more profitable to reuse them.

The impact of our measures is shown in the table below, in the section 'resource inflows', as well as in the chapter 'Climate change'.

PROPERTY MEASURES

As an insurance company, we can contribute to more reuse in the construction industry, both by supplying second-hand building materials from dismantling in connection with claims settlements, and by using reused materials for reconstruction where applicable. At the same time, better access to used materials is challenging, and there is a need for new solutions to make better use of resources. Since 2022, Gjensidige has therefore collaborated with the Circular Resource Centre (SRS) in Oslo together with

other companies in for example the construction industry. SRS's aim is to establish a functioning large-scale market for second-hand construction products, with the goal of establishing Europe's biggest reuse centre (ombygg.no) with a wide selection of used building materials.

For many years, we have tested different types of sensor technology to reduce the risk of accidents and damage. This applies, for example, to sensors that measure temperature in electrical cabinets and thus prevent fire. Further development and use of sensor technology is also an important contribution towards both damage prevention and obtaining more data on actual use and product properties. This, in turn, can contribute to more efficient use of resources and reduced material consumption.

The impact of our measures is shown in the table below, in the section 'resource inflows', as well as in 'Climate change E1'.

Cooperation with business and industry

Circular economy is high on the agenda in the Norwegian business sector and we are involved in working groups dedicated to the topic both through Finance Norway and the Confederation of Norwegian Enterprise (NHO).

Furthermore, we have collaborated with several businesses through Skift – Business Climate Leaders, where we have mapped barriers and drivers to encourage more circular business models, and improved framework conditions for this. Together with other Skift members, we have submitted input on framework conditions and policy instruments to the Norwegian authorities, represented by the Ministry of Trade, Industry and Fisheries.

We also work actively with start-up companies to promote open innovation and strengthen our own innovation capacity through Startuplab. In collaboration with Startuplab, we want to find companies that can help us develop circular solutions.

Targets related to resource use and circular economy

There are no statutory requirements for use of resources and circular economy for the general insurance industry. Yet we have adopted voluntary targets that must be seen in the context of the goal of reducing GHG emissions in claims handling by 35 per cent by 2025, and 55 per cent by 2030. At Capital Markets Day in November 2023, we also communicated our goal to reduce claims payments by NOK 800 million towards 2028.

This concerns reducing resource inflows. Our measures are closely linked to the waste hierarchy:

1. Prevent damage (make less waste)
1. Repair methods and technology to reduce material consumption (Waste reduction)
1. Reuse and recycle as far as possible versus buying new materials (Reuse)
1. Demolish and dismantle so materials can be recovered and reused (Reuse)

When the above points are not possible, we end up further down the waste hierarchy and have to use new materials in repairs. The materials that can no longer be reused are recycled.

REUSE OF EQUIVALENT CAR PARTS	UNIT	2019	2023	2024
Norway	Per cent	1%	2%	3%
Sweden	Per cent	13%	11%	9%
Denmark	Per cent	3%	4%	5%
Lithuania (The Baltics)	Per cent	-	41%	41%

REPAIR RATE	UNIT	2019	2023	2024
Norway	Per cent	19%	19%	19%
Sweden	Per cent	19%	19%	19%
Denmark	Per cent	-	-	23%
Lithuania (The Baltics)	Per cent	-	15%	13%

Resource inflows Waste

The development in material consumption must be seen in the context of the number of frequency claims. Total material consumption has increased from 12,685 tonnes in 2019 to 16,212 tonnes in 2024. This corresponds to an increase of 28 per cent, which amounts to 3,526 tonnes. Materials such as plasterboard, chemicals, wood and glass in particular have had the largest percentage change from 2019.

Development in waste is linked to the development in the number of cars that are completely damaged. The total waste has increased from 20,307 tonnes in 2019 to 22,918 in 2024. This corresponds to an increase of 13 per cent, which amounts to 2,611 tonnes. It is especially waste related to plaster, wood, glass and batteries that has had the largest percentage change from 2019.

Developments in waste are linked to developments in the number of total damaged cars. The total waste has increased from 20,307 tonnes in 2019 to 22,918 in 2024. This corresponds to an

increase of 13 per cent, which amounts to 2,611 tonnes. It is particularly waste related to plaster, wood, glass and batteries that has had the biggest percentage change from 2019.

MATERIAL CONSUMPTION FROM CLAIMS HANDLING	UNIT	2019	2023	2024
Total material consumption	Tonnes	12,685	14,112	16,212
Aluminium	Tonnes	1,661	1,664	2,048
Steel	Tonnes	1,970	1,576	1,798
Electronics	Tonnes	260	259	329
Plasterboard	Tonnes	251	1,002	1,194
Chemicals	Tonnes	62	105	120
Wood	Tonnes	4,728	6,073	6,827
Plastics	Tonnes	2,480	1,807	2,137
Paint	Tonnes	862	1,014	1,148
Glass	Tonnes	346	525	552
Batteries	Tonnes	66	86	60

WASTE FROM CLAIMS HANDLING		UNIT	2019	2023	2024
Waste Total	Waste handling	Tonnes	20 307	19 258	22 918
Aluminium	Recycling	Tonnes	3,183	2,910	3,591
Electronics	Recycling	Tonnes	343	223	251
Plaster	Recycling	Tonnes	844	1,236	1,452
Steel	Recycling	Tonnes	6,487	5,552	6,782
Wood	Heat recovery	Tonnes	5,244	5,973	6,835
Plastics	Recycling	Tonnes	3,473	2,484	3,006
Glass	Recycling	Tonnes	497	589	660
Batteries	Recycling	Tonnes	235	290	341

OWN WORKFORCE

Our employees are our most important resource. In order to achieve our ambitions, we need to attract, retain and develop motivated and engaged employees. We are concerned with facilitating positive, stimulating cooperation throughout the organisation. That way, we create a culture for learning and become an attractive place to work. This is essential to understanding and meeting customer needs today and in the future.

4,621

total number of full-time equivalents (FTE)

43%

proportion of women among all managers and 51% women among all

employees

in score on "Self-determination" (out of total score of 10)

8.9

Material impacts, risks and opportunities

Our workforce includes employees and non-employees, and comprises those impacted by Gjensidige. Employees are defined as those who have signed an employment contract with Gjensidige. Non-employees are, for example, hired consultants and employees who are engaged through employment agencies. We have decided to exercise the option of phasing in a disclosure requirement that applies to non-employees. With the exception of the table showing the number of non-employees, this report will focus on Gjensidige's own employees.

The double materiality analysis has enabled us to identify impacts, risks and opportunities for our own workforce, which we will describe in more detail below. The link between the material topics and our strategy and business model is described in the chapter 'General information' in the section 'Material impacts, risks and opportunities, and their interaction with our strategy and business model'.

Impacts

We have an actual positive impact on employees' work-life balance by offering flexible working arrangements, emphasising the importance of, and encouraging a good balance, and not least by caring about our staff as people and not merely employees.

Although most of Gjensidige's employees work in an office and are not exposed to HSE risks to a material extent, our business can have a negative impact on employees through psychosocial factors, premises/workplace, office work/ screen work and in connection with inspections of incident sites.

We have an actual positive impact on all employees' sense of freedom to be who they are. This means that everyone should be given the same opportunities regardless of gender, age, sexual orientation, ethnicity, religion, functional ability etc.

Risks

If we fail to prioritise employee engagement and skills development, we run the risk of not being able to attract and retain critical skills, which can lead to lost revenue, reduced efficiency and increased costs. Without diversity and skills, we risk not being able to offer customers relevant products and services, thereby losing customers.

High inflation, high interest costs and strong pressure in the labour market mean expectations of wage growth among the employees. It is important to focus on equality and fair pay in this context to ensure we retain our good reputation, employees and talents.

Not taking HSE seriously can lead to increased sickness absence, work-related injuries and accidents, and impact turnover. This can have major negative impacts for the employee in question and our reputation and increase operating expenses.

Opportunities

Gjensidige seeks to have a wide range of different backgrounds and experience among our staff, so that we reflect the diversity of society. Working on diversity in a structured manner can increase productivity, innovation, improve decision-making, increase employee satisfaction and reduce turnover.

We have a focus on increasing diversity, including the proportion of women in management and specialist positions.

Through strategic staff planning, we can work on both attracting new qualified staff and retaining and developing employees to ensure our need

for expertise in the future is covered. This may be decisive for achieving our financial goals.

We also see opportunities in being an attractive employer by working to secure a safe and inclusive workplace culture.

Based on the above impacts, risks and opportunities, we have concluded that the following sub-topics relating to our own workforce are material for Gjensidige:

Adequate wages
Work-life balance
Health and safety
Training and skills development
Diversity
- Privacy

The rest of the report is limited to discussing the above-mentioned topics, with the exception of the topic 'Privacy' which is covered in the chapter 'Business conduct'.

Policies related to own workforce

Human and labour rights are integrated into Gjensidige's management and control system and entail a commitment for the entire Group and all employees, across all units and countries we operate in. Our management and control system and policies are based on the 10 UN Global Compact Principles, which we have endorsed. We have also incorporated the UN Convention on Human Rights and the ILO's international standards on human and labour rights, the UN Guiding Principles on Business and Human Rights, as well as the OECD Guidelines on Responsible Business Conduct as guiding principles for our governing documents. Furthermore, we have signed the UN Principles for Sustainable Insurance (UN PSI), and the UN Principles for Responsible Investment (UN PRI). The aim of UN PSI and UN PRI is to ensure that sustainability, including human rights, is integrated into our day-to-day operations.

Gjensidige has policies relating to the material topics for our employees, with the exception of a specific policy for work-life balance and health and safety. We have a dedicated Personnel Handbook and HSE Handbook for these topics. REDGO has its own Personnel Handbook and HSE Handbook. These describe matters related to pay, holidays, leave and other rights, and health, safety and the environment for employees. We also have an Employer Branding concept that focuses on facilitating a good work-life balance through flexible working arrangements.

Corporate governance policy

Gjensidige has a separate corporate governance policy that applies to the entire Gjensidige Forsikring ASA organisation and subsidiaries, which has been adopted by the Board. The CEO has overall responsibility for following up the policy in the organisation.

The purpose of the policy is to ensure that employees fulfil their responsibilities and tasks. The policy has a separate section on adequate wages and training and skills development.

Gjensidige employs a learning and development model in which skills are developed by practising day-to-day tasks, based on organised tuition and training. All frontline customer service staff must be certified.

Our pay policy is to offer employees competitive, but not leading pay conditions. Wage growth is based on central negotiations and local negotiations with trade unions. We have a minimum salary level that is adjusted annually. A fixed basic salary should be the main element of the overall remuneration, which consists of insurance policies, pension and payments in kind, and possibly variable remuneration. Variable remuneration can be used to reward achievements that are agreed, or that exceed expectations, and should be based on both

qualitative and quantitative goals. Compliance with external and internal regulations, including the undertaking's Code of Conduct and values, is a prerequisite for payment. All permanent employees have the opportunity to participate in Gjensidige's share savings programme.

For members of the senior group management, a variable remuneration has been established that is performance-based without being a risk driver, in that 50 per cent is paid in the form of a share scheme over three years.

It is important for Gjensidige that there is no discrimination in salary conditions, and that there should be equal pay for equal work performed by people with equal qualifications and experience.

Inclusion, diversity and belonging policy

Gjensidige has a separate policy for inclusion, diversity and belonging that applies to Gjensidige Forsikring ASA and its subsidiaries. The Executive Vice President of People & Communication has overall responsibility for this in the organisation.

The purpose of the policy is to provide a framework for efforts to attract, identify, develop and include broad diversity among our employees. Our work on diversity should be about drawing on each other's differences. That means acknowledging our employees' knowledge, skills and strengths, regardless of potential grounds for discrimination, such as gender, pregnancy, leave of absence for childbirth or adoption, care responsibilities, ethnicity, religion, beliefs, functional impairment, sexual orientation, gender identity and gender expression, and combinations of the above. A corporate culture marked by diversity, inclusion and belonging will make Gjensidige a more attractive and responsible employer.

The policy does not include specific strategies to combat differential treatment and discrimination. We will focus on this in 2025.

Processes for engaging about impacts

Gjensidige aims for an organisational culture that creates engagement and job satisfaction, where we help employees to develop professionally and want them to achieve a sense of mastery and continuous development. We believe that good performance appraisal interviews are an important tool for systematic employee development. Managers are responsible for conducting annual performance appraisal interviews with their employees, and their purpose is to retain and develop our employees through agreeing on meaningful goals and relevant development plans. The People department has overall responsibility for ensuring that managers perform performance appraisals interviews.

In addition to the annual performance appraisal interview, managers must conduct regular follow-up meetings with their employees throughout the year. The frequency of follow-up interviews is agreed between the manager and employee as necessary.

In Gjensidige, we conduct an anonymous quarterly engagement survey (MyVoice), which forms a good basis for understanding how employees perceive their work situation. Along with the annual performance appraisal interviews and regular follow-up meetings, the engagement

survey is used as an operational management tool to gain insight into our employees' work situation and engagement, so that measures can be taken as necessary. We also conduct an annual HSE survey. The People department is responsible for following up the results of the MyVoice and HSE surveys.

Gjensidige has a structured cooperation with employee representatives, who meet regularly with the senior group management. Gjensidige recognises the International Labour Organization (ILO) and OECD conventions and supports their promotion of decent work based on social justice and internationally recognised labour rights.

All employees have full freedom of association, and trade unions are free to recruit members from among our staff. The undertaking supports freedom of association and recognises the importance of employees joining trade unions to safeguard their rights.

The cooperation between the undertaking's management and the employees' trade unions is systematic and good, and it is based on a well-established structure with regular meetings. Together, employee representatives and the Company's management shall do their best to create and maintain good cooperation in the organisation, seek to remove any friction areas and help ensure compliance with company regulations, agreements, collective agreements and pertaining legislation.

A large proportion of our employees are covered by collective agreements that are negotiated between the unions and the undertaking.

Under Norwegian law, employees of the Group are entitled to be represented on the Company's governing bodies. Employee representatives are elected by and from among the employees. The undertaking's management maintains a close dialogue with union representatives in connection with restructuring processes.

Each year, four Working Environment Committee (AMU) meetings and four Works Council (SU) meetings are held. The aim of the statutory Working Environment Committee is to improve the working environment in a workplace. The committee includes both employer and employee representatives. AMU is involved in the planning and organisation of HSE work, and helps create and further develop good cooperation in the organisation. It also works to promote employees' interests in the Company's responsibilities,

finances and operating performance. Furthermore, it shall ensure that the Company's recruitment and training policy reflects the knowledge and skills requirements that future operations are expected to entail. The Works Council also discusses material changes planned in the organisation and measures relating to employment and working conditions for large groups of employees. The employee representatives take part in appointment processes and in the annual local salary process. The undertaking regularly invites employee representatives to informal meetings, and they also have arenas for engaging with relevant members of the senior group management. Rules have been adopted for what processes and decisions union representatives shall be involved in. Union representatives are paid by the undertaking.

In accordance with the Basic Agreement between Finance Norway and the Finance Sector Union, a diversity and equality committee has been appointed with an equal number of representatives from the employee and the employer side. In recent years, the committee has paid particular attention to the work on the activity and reporting obligation. Meetings are held as necessary.

Processes to remediate negative impacts

We have the following processes in place to address negative impacts on employees, and channels where employees can notify and speak up about conditions they are concerned with:

Whistleblowing channel

In Gjensidige, the threshold for reporting matters perceived as detrimental should be low, and everyone has a duty to report criminal matters and situations where life or health is at risk. We therefore urge employees to contact their manager, the People department, the HSE manager, employee representative or safety delegate. We have an ethics mailbox in all countries for reporting censurable conditions and ethics-related matters. The People department follows up reports that come via this channel. We also have a notification channel where you can notify us of matters that threaten the safety or well-being of our employees. The ethics mailbox and notification channel are available on our intranet and at Gjensidige.no. Our internal investigation department assigns these notifications the highest priority. We have clear guidelines for handling such matters quickly and efficiently. We offer support to employees and implement the necessary measures to ensure a safe working environment.

The whistleblowing channel facilitates reporting anonymously, and for communicating with anonymous whistleblowers. This means that the whistleblowing channel is safe and effective, so that the threshold for reporting is lower. The number of reports in the whistleblowing channel increased in 2024, and we believe this was an effect of making it easier and safer to report.

HSE

In line with our action plan for health, safety and environmental work, we conduct an annual HSE survey that forms the basis for HSE risk assessments and pertaining measures. The survey also asks whether employees have experienced threats, unwanted sexual attention or bullying themselves, or whether it has happened to colleagues. In addition, independent HSE audits are conducted to verify compliance with statutory requirements and HSE procedures. We have a dedicated HSE manager who ensures the survey is distributed, and that results are followed up and measures are implemented.

REDGO has its own nonconformity and reporting system where they can register accidents and near-misses via a mobile phone app. The employee's manager and the HSE manager will be notified directly in REDGO.

We believe that the effect of our measures is a good working environment, and that this is documented by key figures in tables later in the chapter.

Engagement survey

All employees have an opportunity four times a year to state their views on what it is like to work for Gjensidige. The survey is distributed by email. All respondents are anonymous, and it is not possible to identify the sender. There is a wide range of questions in several categories, ranging from the level of freedom of opinion, support from management to development. Managers are responsible for reviewing the results with their respective departments and implementing measures, either maintaining things that work well or improving conditions that are not satisfactory. If a score is below a given level, the department is followed up by its respective HR Business Partner.

We believe that the effect of our measures is high engagement, and that this is documented by key figures in tables later in the chapter.

Measures related to impacts, risks and opportunities

Adequate wages

In all our markets, the last few years have been characterised by relatively high price growth, high interest rates and low unemployment. To ensure a reasonable wage growth that counteracts the risk of staff turnover, we employ the following measures:

Structured wage processes that ensure that Gjensidige can offer its employees a competitive salary. We have separate procedures for increasing the salaries of employees who take parental leave to ensure they do not lose out in relation to wage growth.
Employees who are required to work beyond their agreed working hours receive overtime pay. It is also possible to accumulate flexitime credit that can be taken off in lieu at a later date.
Thorough training of managers ensures well-organised processes.

Work-life balance

Our employee promise is 'Gjensidige employees have ample opportunity to develop professionally at work and personally after work'. It is a duality concept that is about seeing the whole person, focusing on opportunities both at work and outside of work. The goal is to facilitate increased engagement, motivation and job satisfaction, and to reduce staff turnover. Among other things, we know that the generation that is now entering the world of work is more concerned with mental health, a good work-life balance and flexibility.

We also have the following measures

The management handbook requires managers to take account of each employee's life phase and to adapt accordingly.
Most of our employees work regular working hours, but employees work shifts at the customer service centres and in REDGO. Here, individual adjustments are made as far as possible.
We have a summer-time scheme which means that employees in Norway who do not work shifts work slightly shorter hours in the period May to September. The average workweek is 36.75 hours.
In Gjensidige Denmark, we have parttime schemes for senior employees and parents where they can choose shorter working hours with lower wages, without losing pension earnings. Senior employees can also take extra days' holiday.
In addition to statutory/contractual holidays, all employees have some administrative days off in all countries. • To reduce travel, we offer measures such as 'blended learning'. This means that employees can develop their skills by combining physical attendance and digital teaching, enabling more people to participate regardless of, for example, their family situation. • We have prepared good templates for our managers to use in dialogue with employees in connection with pregnancy, parental leave and sickness absence. • We organise numerous social events

every year for employees after work.

Health and safety

All managers with personnel responsibility are responsible for following up the results of the HSE survey and presenting them to their departments, together with the safety representative. All managers contribute to achieving the measures in the action plan by putting bullying, harassment, unwanted sexual attention, threats and threatening behaviour on the agenda for departmental meetings where the pertaining guidelines are also reviewed. Managers are also responsible for ensuring that all employees are familiar with the undertaking's handbooks, which include ethics, company regulations and descriptions of various HR processes, including whistleblowing procedures.

We employ the following measures:

Annual HSE audits are conducted to verify compliance with statutory requirements and HSE procedures.
We work on ergonomic facilitation, follow-up of sickness absence, and the offer of psychological assistance to ensure the well-being and health of employees.
We mark World Mental Health Day every year with, among other things, internal communication on the topic and various webinars.
We offer annual flu vaccines to employees and have active company sports clubs that organise activities and events, and several of our offices have good training facilities.

The psychosocial factors associated with restructuring processes pose the greatest HSE risk in

Gjensidige. Such processes must be commercially sound, meet human needs and be conducted within the legal framework set by law and agreements. The Company shall attend to those affected in the best possible way. This concerns everything from decisions, information, finding alternative positions in the Company, to offering assistance from external advisers and finding new jobs for those who are made redundant. The People department involves and interacts with employee representatives throughout the process. A thorough and professional process may limit the negative impacts of such changes.

Training and skills development

Gjensidige is a skill-based enterprise that depends on the right skills at the right time. The battle to retain and attract critical skills is fierce in several of our work areas. We have implemented a number of measures to attract new qualified staff, both through digital channels and activities aimed at relevant educational institutions.

We focus on building a strong learning culture through opportunities for internal employee mobility. Offering and facilitating internal mobility aims to provide experience across work areas and the development of skills that are difficult to recruit.
We encourage our employees to apply for positions advertised in the Group.
We organise in-house and external courses. Gjensidige has established the Gjensidige Academy with the goal of developing a unique management and skills culture that will give the Group a competitive advantage. We have a strategic partnership

Norwegian School of Economics (NHH). • We have established various programmes aimed at making employees aware of potential career paths, while at the same time meeting the Company's need for critical, and necessary skills. This is mainly relevant in the insurance profession and technology, where we conduct training programmes with external training and work placements. • We have an internal mentoring programme that helps build skills, leadership and the desired culture through the use of role models. The participants are selected talents aiming for a career among the organisation's discipline or managerial staff, and the mentors are experienced managers or experts. The programmes will contribute to the exchange of experience, sharing of best practices and networking across divisions and countries.

with BI Norwegian Business School and the

We offer training relating to different roles and job categories with certification schemes.
We are present at over 30 different events during the year.
We have an internship scheme where students gain relevant work experience by working for us part time, in 20 per cent of a full-time position for a whole academic year. In 2024, we had 15 interns in different departments in the Group.
We organised the Gjensidige Day, where 60 students were given an opportunity to learn more about us.
The second group of graduates in IT and

analytics started in 2024, a total of 7 people spread across different business areas. The aim of the programme is to attract and develop attractive and necessary expertise. The programme runs for one year and helps promote Gjensidige as an attractive employer, while at the same time contributing to innovation and networking across the organisation. • In Denmark, we employed more than 130 student assistants working between 50 and 100 hours a month during the year. In 2024, we organised a joint event for the whole student group, with the goal of enabling them to build networks and learn about potential career opportunities after graduation. These schemes give students useful work experience at the same time as they act as Gjensidige ambassadors in their places of study. Some of the candidates are also offered a permanent job.

Diversity

Work on attracting, identifying, developing and including a broad diversity of employees will be given high priority. We employ the following measures:

• We endorse the "Women in Finance Charter". Equal opportunities for everyone is important. Through the "Women in Finance Charter", we have undertaken to set internal targets for our management and specialistlevel gender balance. Goal attainment is linked to managers' variable remuneration. • We have signed the 'Diversity Charter Denmark' and support their vision to increase diversity in the Danish business sector.

We are a partner in the ODA network, which works to increase the proportion of women and diversity in technology.
We participate in an LGBT+ network.
We have established a collaboration with the leading expert group in the Nordic region Seema to gain a better understanding of diversity management as a competitive advantage.
We have held webinars focusing on diversity for our employees.

Gjensidige has zero tolerance of all forms of discrimination. We map and follow up inequalities, and also follow this up specifically in recruitment and in wage processes.

We employ the following measures:

When hiring, we conduct a thorough review of the necessary skills (both professional and personal) needed to fill the position, and consider how we can attract the right applicants with a focus on diversity and team composition. • When recruiting, we have replaced ordinary application letters with job-specific screening questions, and introduced skills-based second-round interviews as a rule. We see this as an important contribution to giving all applicants equal opportunities to present their own skills and motivation for the position.
To prevent lack of language skills standing in the way of hiring qualified candidates, we offer Norwegian language lessons. • We have prepared a checklist for use

at various events with the goal of making everyone feel included.

• We have drawn up a training module on prejudice and stereotypes. In connection with Ramadan, general information was posted in internal communication channels where we reminded managers of the importance of listening to employees' potential needs for facilitation. We have also published a multi-religious holiday calendar, a glossary of LGBT terms ('Skeiv fra A-Å') and suggestions for relevant podcasts.

We believe that systematic work on diversity can generate opportunities. A sense of inclusion and belonging can have a direct positive impact on employee engagement. We employ the following measures:

We measure the gender balance in management teams, employee surveys and reputation and customer surveys as management tools to map and work systematically on diversity.
We will work systematically on increasing the proportion of women in managerial and specialist positions and to a greater extent highlight the wide range of different professional backgrounds in Gjensidige to ensure that we mirror society in this respect.

Targets related to impacts, risks and opportunities

The set targets apply to the following units in the Group: Gjensidige Forsikring ASA, Gjensidige Business Services AB, Gjensidige Pensjonsforsikring AS and Gjensidige Mobility Group AS.

Adequate wages

Goal: The minimum wage must follow the collective agreements in the industry.

Progress: No salaries is below the agreed minimum wage in the collective bargaining agreements for 2024.

Work-life balance

Goal: All employees must have a good balance between work and spare time. We are following up on this through scoring in the employee survey under the category "Self-determination".

Progress: The score was 8.9 in December 2024, an increase of 0.1 points from the same period last year.

Health and safety

Goal: We shall not have a sick leave above 3 per cent.

Progress: We have at the end of in the year sickness absence for Norway, Sweden and Denmark of 4.8 per cent, an increase of 0.6 percentage points from the same period last year.

Training and skills development

Goal: 100 per cent implementation of compulsory courses related to IT security and money laundering, and the like.

Progress: Of compulsory courses which is distributed to employees in 2024, 88 per cent have passed. We are continuously working on increasing the implementation rate to reach the goal.

Diversity

Goal: Gender balance with a minimum 40 percent of both sexes for all managerial and specialist positions, in Norway, Sweden and Denmark.

Progress: We have at the end of the year a proportion of women among managers of 42.6 per cent, which is an increase of 0.4 percentage points from the same period last year. For specialist positions, the proportion of women is 35.3 per cent, which is an increase of 1.5 percentage points from the same period last year.

Key figures related to own workforce

THE UNDERTAKING'S EMPLOYEES

We have a relatively even gender balance in Gjensidige. Gjensidige has employees in several countries, with the bulk of employees in Norway and Denmark.

During the year, 469 employees have left Gjensidige, which represents 10.3 per cent of the workforce.

EMPLOYEES BY GENDER	2024	2023
Men	2,368	2,305
Women	2,470	2,404
Total number	4,838	4,709

EMPLOYEES BY COUNTRY	2024	2023
Norway	2,518	2,439
Denmark	1,204	1,120
Sweden	323	354
Baltics	723	725
Finland	70	71
Total number	4,838	4,709

	2024			2023
EMPLOYEES BY CONTRACT TYPE (FTE)	WOMEN	MEN	TOTAL	WOMEN	MEN	TOTAL
Permanent employees	2,260	2,238	4,497	2,221	2,191	4,411
Temporary employees	44	18	62	31	19	50
Employees without guaranteed working hours	36	25	62	42	35	76
Total number	2,340	2,281	4,621	2,293	2,244	4,537

THE UNDERTAKING'S EMPLOYEES

The number of employees is based on employees registered in the individual undertakings' HR systems at the end of the year. The number includes permanent and temporary employees.

Turnover is calculated based on the number of permanent employees who have left during the year, regardless of cause, in relation to the average number of permanent employees throughout the year.

FTE

The number of full-time equivalents is calculated by summing up the number of working hours for full-time and part-time employees, and dividing by the standard number of working hours for an entire position. At Gjensidige, standard working hours are 36.75 hours per week (40 hours winter/35 hours summer). The number includes permanent and temporary employees, as well as employees without guaranteed working hours.

The number of FTEs corresponds to the number of FTEs in Note 7 in the annual accounts.

NON-EMPLOYEES

The majority of non-employees are in Gjensidige Forsikring ASA, Norway and Denmark. These include consultants who are hired in connection with tasks of a temporary nature, often in connection with technology and IT, as well as various projects of limited duration.

NON-EMPLOYEES IN OWN WORKFORCE	2024	2023
Self-employed people	460	527
Employment activities	280	282
Total number	740	809

DIVERSITY

The figures are not directly comparable with the above-mentioned goal of a minimum of 40 per cent of both genders in all management positions. The Group's target includes management positions at all levels, while this key figure is limited to gender distribution in senior management.

EMPLOYEES AT TOP MANAGEMENT LEVEL BY GENDER	2024	2023
Women	58	63
Percentage of women	36%	38%
Men	102	104
Percentage of men	64%	62%
Total number	160	167

EMPLOYEES BY AGE GROUP	2024	2023
Under 30	841	803
Percentage under 30	17%	17%
Between 30 and 50	2,517	2,457
Percentage between 30 and 50	52%	52%
Over 50	1,480	1,449
Percentage over 50	31%	31%

NON-EMPLOYEES

The number of employees who are not employed is based on registered temporary workers at the end of the year.

DIVERSITY

For Gjensidige Forsikring ASA, senior management is defined as the CEO, group management and managers who report directly to the group management. For subsidiaries, senior management is defined as the enterprise's general manager and managers who report directly to the general manager.

TRAINING AND SKILLS DEVELOPMENT

	2024			2023
TRAINING AND SKILLS DEVELOPMENT METRICS	WOMEN	MEN	TOTAL	WOMEN	TOTAL	ALLE
Percentage of employees participating in regular performance and career development evaluations	85%	87%	86%	96%	96%	96%
Average hours of training per employee	15	10	13	9	8	8

HEALTH AND SAFETY

HEALTH AND SAFETY METRICS	2024	2023
Percentage of own workforce covered by the undertaking's occupational health and safety management system on the basis of statutory require ments and/or recognised standards or guidelines	100%	100%
Number of work-related accidents	21	19
Accident rate	0,4%	0,4%
Number of cases of work-related ill-health	0	2
Number of days lost due to work-related injuries and deaths due to work-related accidents, work-related ill health and deaths due to ill health	116	6

The number of days lost has increased by 110 days in 2024. The increase is mainly due to work-related accidents such as falls and lifting injuries. Accidents are taken very seriously and are followed up as part of our HSE work. Measures are being taken to prevent similar accidents

from happening in the future and the relevant employees are followed up. There have been no deaths as a result of work-related injuries or ill health, neither for the company's own workforce nor for other employees working in Gjensidige's locations.

WORK-LIFE BALANCE

PERCENTAGE OF EMPLOYEES WHO TOOK FAMILY-RELATED LEAVE	2024	2023
Women	10%	10%
Men	7%	7%
Total number	9%	8%

REMUNERATION (PAY GAP AND TOTAL REMUNERATION)

GENDER PAY GAP AND REMUNERATION RATIO	2024	2023
The gender pay gap in per cent	-15.4%	-17.1%
The annual total remuneration ratio of the highest paid individual to the median annual total remuneration for all employees	10.1	8.5

The pay gap between women and men shows a positive development since last year and is on a par with the pay gap in the financial industry in general. The main reason for the pay gap is partly due to the fact that there are still more men than women in senior management, which contributes to pulling up the average salary of men.

The work to ensure equal pay for equal work is important to us. We have mapped why there are differences in pay in certain groups, and the differences are mainly related to differences in experience, education and how difficult it is to recruit for the positions. We will continue to analyse this material to ensure that we do not have discriminatory elements in our remuneration policy. See the gender equality report for more information if desired.

WORK-LIFE BALANCE

All Gjensidige employees are entitled to family-related leave in accordance with national law and/or collective agreements. Such leave includes maternity leave, paternity leave, parental leave and care leave.

REMUNERATION (PAY GAP AND TOTAL REMUNERATION)

The annual total remuneration ratio for the highest paid person in relation to the median value of annual total remuneration for all employees is calculated by dividing the salary of the highest paid person in the entire Group by a weighted average of the median salary minus the highest salary, for all employees in the entire Group.

WORKERS IN THE VALUE CHAIN

In our markets, human and labour rights requirements are firmly enshrined in laws and regulations. It is crucial that Gjensidige and other companies follow up and comply with these requirements. We can influence our customers, suppliers and the companies we invest in, to provide good and safe working conditions for workers in the value chain. We are committed to taking social responsibility and respecting internationally recognised human and labour rights in all our operations, and ensuring that the entire value chain (suppliers, partners and investment objects) fulfils these rights and complies with our requirements.

suppliers followed up on sustainability through EcoVadis

98%

of our external managers have signed the UN PRI

companies are excluded from our investment portfolios as a result of violations of labour and human rights

Material impacts, risks and opportunities

Gjensidige has a material impact on workers in the value chain. This applies to the staff of the suppliers from which we purchase goods and services (both claims-related and administrative purchases), workers who perform outsourced services on behalf of Gjensidige, workers in the companies we invest in, and in our partners' organisations.

The double materiality analysis has enabled us to identify impacts, risks and opportunities and we will describe these in more detail below. The link between the material topics and our strategy and business model is described collectively in the chapter 'General information' in the section 'Material impacts, risks and opportunities, and their interaction with strategy and business model'.

Impacts

Gjensidige's insurance business procures goods and services for several billion Norwegian kroner annually. The volume gives us the opportunity and responsibility to ensure that those we buy goods and services from have good, safe working conditions.

Gjensidige has a large network of suppliers and external tariff consultants with whom we have framework agreements and can, through these, contribute to good working conditions.

We have a positive impact on the training and skills of workers in the value chain through good interaction and skills development.

We can contribute to the skills development of our suppliers by organising theme days, meetings and webinars, on topics such as customers, processes, quality, claims incurred and sustainability.

Gjensidige may have a potential negative impact in that we procure goods and services from suppliers who do not offer their employees satisfactory working conditions. We purchase large volumes each year from industries that may be exposed to this (staffing and cleaning, building and construction, automotive and repair shop industry). In particular, the following conditions apply:

We may procure goods and services from suppliers who do not offer their employees safe working conditions such as employment contracts and permanent employment.
Working hours shall be regulated by contract, but we may risk purchasing services from suppliers who exploit employees and do not comply with regulated working hours.

We have the ability to exert a great deal of influence on suppliers and can negotiate good deals. This can result in lower margins for suppliers, which can lead to lower wages for their employees and social dumping. In addition, we may purchase services from suppliers who do not comply with equal pay provisions and where gender discrimination exists.

We may purchase services from suppliers who do

not comply with requirements for dialogue between the social partners. This may be especially true in high-risk countries (India and Israel) where the degree of respect for labour rights is low.

The right to organise should be governed by contract, but we may purchase services from suppliers who do not comply with employees' right to organise and the right to negotiate wages.

Suppliers may feel pressured to deliver on requirements that may result in them not prioritising compliance with working hours and rest period provisions. This may lead to workers in the value chain working beyond the terms of their employment contract, which can increase sickness absence and dissatisfaction.

Our pricing and delivery requirements may result in lower margins for suppliers, making them take shortcuts that could be at the expense of HSE conditions.

Risiks

Suppliers or business partners of Gjensidige may be linked to cases where employees are discriminated against based on gender and/or that women and men are paid differently for equal work. This can lead to reputation and customer loss.

Gjensidige has suppliers in countries where there have been violent attacks on protesting workers. However, these suppliers operate in industries

where the risk of violence is considered low. No actual events or violations have been identified in Gjensidige's value chain.

Based on the above impacts and risks, we have concluded that the following sub-topics related to workers in the value chain are material for Gjensidige:

Safe hiring
Working hours
Adequate wages
Dialogue between the social partners
Freedom of association, including working environment committee
Collective bargaining
Work-life balance
Health and safety
Equality between women and men, and equal pay for work of equivalent value
Training and skills development
Measures to combat violence and harassment in the workplace
Privacy

Further reporting will be limited to discussing the above-mentioned topics. The topic 'Privacy' will be covered in the chapter 'Business conduct'.

Policies related to workers in the value chain

As described in the section 'Own workforce', Gjensidige has signed a number of internationally recognised guidelines on human and labour rights. This also applies to workers in the value chain.

Gjensidige has several policies that provide guidelines for safeguarding the rights of workers in our value chain.

Sustainability policy

The Sustainability policy applies to Gjensidige Forsikring ASA and its subsidiaries and has been adopted by the CEO. The Executive Vice President of Analysis, Product and Price owns the policy and the Group's sustainability department monitors compliance.

The policy sets out principles and guidelines for how we should address social factors, including the human and labour rights of workers in our value chain, and corporate governance in all our activities.

The policy refers to the 10 UN Global Compact principles, the UN Convention on Human Rights, the ILO's basic standards for human and labour rights, the UN Guiding Principles for Business and Human Rights and the OECD Guidelines for Responsible Business, the UN Principles for Sustainable Insurance (UN PSI),

and the UN Principles for Responsible Investment (UN PRI). Compliance with the above ensures that human and labour rights are respected throughout the Group and in our value chain. The policy provides an important framework for identifying and mitigating incidents and actions against the impacts and risks we have described initially in this chapter.

Code of Conduct policy

Gjensidige's Code of Conduct applies to Gjensidige Forsikring ASA and its subsidiaries and has been adopted by the CEO. The Executive Vice President of People & Communication owns the policy, and the Executive Vice President of Employee Responsibility is responsible for following up compliance.

The Code of Conduct is in place to ensure a good corporate culture, correct behaviour and a positive reputation. We depend on the trust of our customers and shareholders, the authorities and society at large. In order to gain this trust, we must make sure that everything we do is characterised by professionalism, expertise and high ethical standards. The Code's rules also oblige all employees to contribute to safeguarding human and labour rights throughout our value chain.

Procurement policy

Gjensidige has a separate procurement policy that applies to Gjensidige Forsikring ASA and subsidiaries. The policy has been adopted by the CEO and the Chief Procurement Officer is responsible for following up compliance.

The purpose of the policy is to set requirements, as well as define the roles and responsibilities in the procurement process in Gjensidige. Compliance with these requirements helps ensure that Gjensidige is a professional, independent actor in the supplier markets, and that Gjensidige carries out appropriate assessments of risks related to compliance with human rights as described in the UN Global Compact principles and labour rights (ILO) in accordance with the Transparency Act.

We require all suppliers to sign the Supplier Code of Conduct, which is available on our website. It obliges our suppliers to comply with the 10 UN Global Compact principles as a minimum.

Through the Supplier Code of Conduct, suppliers confirm that they will:

Ensure that guidelines relating to internationally recognised principles for human and labour rights are complied with and that they make the same requirements of their sub-suppliers of goods and services • Ensure that products delivered to Gjensidige are of high environmental quality, that the precautionary principle is complied with and that environmental technology has been implemented as far as possible • Comply with ethical requirements,
including for anti-corruption

Companies that provide services in connection with claims payments for damaged buildings in Norway must be certified in Startbank. Startbank is a register of suppliers that is used by purchasers in the fields of building, construction, public administration, insurance and real estate. Here, the supplier must describe and document how they work on, among other things, HSE, pay and working conditions and the type of insurance schemes they have for their employees. For other procurement categories, our internal procurement organisation performs similar controls. This ensures that qualified suppliers are law-abiding and that competition takes place on equal terms.

Policy for Responsible Investments

Gjensidige has a separate policy for responsible investments that applies to Gjensidige Forsikring ASA and its subsidiaries. The policy has been adopted by the CEO based on principles established by the Board.

The purpose of the policy is to ensure that our investments address the goal of achieving the highest possible long-term return, while respecting ethical and environmental principles in the best interests of our stakeholders. Our asset management is based on the 10 UN Global Compact Principles, the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights. This is to ensure that minimum requirements for human and labour rights are met. If we uncover material violations of these principles that are not handled in a trustworthy manner, the company will be excluded from Gjensidige's investments.

The Policy for Responsible Investments instructs those responsible for asset management to analyse sustainability-related issues, including human and employee rights, in connection with all decisions. We have based our work on the UN PRI recommendations for the development of our policies and procedures on responsible investments in general.

Processes for engaging about impacts

Gjensidige has a framework to ensure the necess ary investigations and control of our suppliers and the companies we invest in to safeguard workers' rights in the value chain. This includes procedures for handling notifications from workers in the va lue chain who can notify us directly of censurable conditions in their workplace.

If anyone suspects or experiences human and labour rights violations, they can report it through our external notification channel (portal.mittvarsel.no), which is open to all external stakeholders, inclu ding workers in our value chain. All notifications are reviewed in complete confidentiality for the whistleblower. We implement measures as soon as possible where it is considered necessary.

We visit suppliers and hold meetings with local unions, authorities and organisations to establish cooperation on various measures, to bring about improvements in the working conditions in suppli er organisations. For claims-related procurement, regular contact and follow-up meetings are held with suppliers where the workers' situation is a key topic.

For our investments and asset management, we seek to contribute widely to the safeguarding of human rights through responsible investments, as a follow-up to our commitment to the UN PRI and the UN Global Compact principles. We monitor that all the companies we invest in comply with our requirements. This is followed up quarterly either through direct dialogue or through our managers. In the event of a violation, we engage in dialogue. If we are unable to exert influence to bring about change, exclusion is one of the measures that will be considered.

Processes to remediate negative impacts

Whistleblowing channel

As described above, Gjensidige's external notification channel is open to all external stakeholders, including workers in our value chain. This enables workers in the value chain to anonymously report censurable conditions at Gjensidige or report an operational incident. All reports received are reviewed in complete confidentiality and measures implemented as soon as possible where they are considered necessary. Our investigation department receives the notifications and initiates follow-up – in some cases through other affected departments. Gjensidige's notification channel is known in our value chain and we use notifications and tips to review and improve measures targeting our value chain and our suppliers. We also describe our notification channel when entering into agreements with suppliers, and in our follow-up contact with suppliers, to ensure their workers are familiar with it.

Follow-up of suppliers through portals

We follow up our most important suppliers' compliance with their supplier code-of-conduct through the recognised EcoVadis portal. EcoVadis has a system where companies enter information about their management systems, with follow-up of their value chains and staff. Companies receive an assessment on this basis with an associated score and concrete suggestions for improvements. In Gjensidige, the Corporate Procurement Department is responsible for checking companies in our value chain through EcoVadis, communicating our expectation that they enter information in the portal, and monitoring our suppliers' compliance through their reporting to the portal.

We influence suppliers to as a minimum have a score that indicates they have good management systems in place for monitoring human and labour rights in their value chains.

We enter into dialogue with suppliers who need to remedy shortcomings. This includes safeguarding labour rights and working conditions, including workers' participation and influence on their own work situation. Failure to comply with our requirements is considered breach of contract.

Follow-up of suppliers and managers through dialogue and quality control

A large proportion of our claims-related purchases are regulated through framework agreements, which enables us to carry out systematic quality control and contribute to supplier development. Our framework agreements contain requirements for self-review and documentation, and follow-up of social and environmental responsibility, including labour rights and compliance with statutory rights and obligations. We conduct due diligence, and investigate suppliers in more detail if we consider them to represent a risk of breach of such rights and obligations. By being proactive, we can encourage and contribute to more responsible business conduct.

We also monitor that all the companies we invest in comply with our requirements. This is followed up quarterly either through direct dialogue or through our managers. In the event of a violation, we engage in dialogue. If we are unable to exert influence, exclusion is one of the measures that will be considered.

We follow up the selected suppliers at regular intervals and carry out further analyses of selected areas. We make continuous efforts to improve our systems and procedures for monitoring suppliers' commitment to human and labour rights. We also seek cooperation with other companies to help strengthen our shared responsibility for labour and human rights, and to identify increasingly effective measures and tools to detect and remedy violations.

Going forward, we will further develop supplier control procedures with indicators for labour and human rights.

Measures related to impacts, risks and opportunities

Administrative procurement

Administrative procurement includes rental of offices, outsourcing of services, office equipment, travel services and other goods and services our employees need to carry out their work. The suppliers used are both local and international. The scope of these procurements is substantial, and they are therefore an important follow-up area for Gjensidige.

Important measures related to the follow-up of our administrative procurements include regular status meetings with our suppliers. Important topics include follow-up of sickness absence and of our duty to provide information about and ensure that pay and working conditions are satisfactory – including the right to join a union and measures for dialogue between employees and employers, as well as measures that ensure equality and prevent violence and harassment. We ensure that suppliers have the required approvals and certifications. Further investigations are being carried out for our two biggest suppliers of staffing and cleaning services in line with our due diligence assessment procedures.

Claims-related purchases

Claims-related purchases are purchases from workshops/auto repair shops, craftsmen and others who carry out repairs or in other ways provide services to our customers in connection with claims settlements. In most cases, these types of suppliers have a national and local affiliation in the countries we operate in. This is a natural

consequence of repairs having to be carried out where the damage occurs. We thereby contribute to considerable regional and local value creation in all the countries we operate in.

For claims-related purchases, framework agreements are an important approach, enabling us to carry out systematic quality control and contribute to supplier development. Our framework agreements contain requirements for self-review and documentation, and follow-up of social and environmental responsibility, including labour rights and compliance with statutory rights and obligations. Follow-up and control enable us to identify unfortunate incidents and practices.

In the same way as for our administrative procurement, important measures related to follow-up are addressed through regular status meetings with our suppliers. Important topics include follow-up of sickness absence and of our duty to provide information about and ensure that pay and working conditions are satisfactory – including the right to join a union and measures for dialogue between employees and employers, as well as measures that ensure equality and prevent violence and harassment. We ensure that suppliers have the required approvals and certifications.

Suppliers outside our area of operation

Gjensidige has a handful of suppliers outside our area of operation. Measures taken to monitor these suppliers are further investigations in line

with our due diligence procedures. Furthermore, regular assessments are carried out for country and corporate risk, as well as supplier control of selected suppliers. This includes, among other things, a number of administrative procurement agreements that we follow specifically, including by investigating working conditions for the supplier's employees.

Due diligence in relation to our procurements and suppliers

Gjensidige carries out due diligence to analyse the risk of violations of fundamental human rights and decent working conditions for workers in the supply chains and with other business partners. Priority will be given to work based on risk and materiality, based on the following criteria:

Volume: Suppliers with a high purchasing volume.
Country: Suppliers in high-risk countries with regard to human and labour rights violations.
External rating score (for example Sustainalytics, EcoVadis, exclusion list).
Companies with known events relating to violations of human rights and decent working conditions.

Suppliers that are covered by one or more of the criteria are assessed in more detail to clarify the risk. An individual assessment shall be carried out in relation to suppliers deemed to represent a high risk as a result of at least one of these criteria. Investigations shall be carried out to assess the risk of potential and actual negative impacts

on human rights and working conditions. If such impacts are discovered, mitigating measures are implemented to reduce the negative impact.

Other risks of violations of human rights and decent working conditions may also occur, and shall be included in the assessment when relevant. Further investigations will mainly consist of obtaining information and documentation from external sources and from the supplier. Relevant checks and investigations may include searches in open sources (supplier's website, publications, own statements), completed EcoVadis forms, information from supplier follow-up and control, and answers to distributed questionnaires on self-evaluation. Based on the results of further investigations, the risks associated with the specific supplier must be assessed and, if necessary, further measures must be taken.

Our investments

Analyses from external sources such as Sustainalytics form the basis for considering dialogue with companies and potential exclusion from Gjensidige's investment universe. In cases where a company engages in serious or systematic violations of Gjensidige's ethical guidelines, and does not demonstrate sufficient willingness to change, we consider what opportunities we have to influence the company to change its conduct. In cases where we believe such opportunities exist, the company will be placed on a watchlist while we try to encourage improvement. In cases where such opportunities for influence are not deemed to exist, for example as a result of limited ownership, or where we do not receive a satisfactory response to our dialogue, the company will be placed on the list of excluded companies.

Gjensidige's asset management team is respon sible for compiling information about companies that violate Gjensidige's policies and guidelines. The Chief Investment Officer and the Chief Risk Officer adopt changes to the exclusion list based on the recommendation of these employees.

When a company is excluded, the shares in that company are immediately sold from our internal ly managed portfolios. If an excluded company is part of an externally managed portfolio, we will enter into dialogue with the manager about exclusion and/or follow-up of the company. Ma nagers who are unable to provide a satisfactory explanation within a reasonable time or who fail to demonstrate willingness to satisfy Gjensidi ge's guidelines will not be given new investment mandates. The Chief Investment Officer decides in each case whether the violation is severe enough for existing investments to be termina ted. We only enter into agreements with external asset managers who have appropriate guidelines and a history of responsible investments. This is a very important criterion in the selection of new external asset managers.

Gjensidige considers good relations with external asset managers to be very important, as this can give us greater influence on underlying compa nies than we can achieve directly. The dialogue makes the managers aware of our view, and in some cases they receive new information about their investments that they can use in their assessments of the investments and in dialogue with the companies on behalf of all the investors in the fund.

Targets related to impacts, risks and opportunities

The main goal for our suppliers and investments is that they sign and comply with the UN Global Compact principles. For our suppliers, the goal is that all suppliers have signed this. In 2024, the status was that 95 per cent of suppliers had signed. The goal is also to monitor our suppliers more specifically on sustainability, including human and labour rights. In 2024, the status was that we had followed up 79 of our largest suppliers. Suppliers are followed up through the EcoVadis platform. Suppliers receive feedback on areas for improvement in dialogue with our procurement managers or directly from the EcoVadis platform.

For our investments, the goal is for 100 per cent of external asset managers to sign compliance with the UN PRI by 2025. In 2024 98 per cent had done so. Possible violations related to workers in the value chain are assessed and followed up on a continuous basis, as are the risks we have described in the introduction to this chapter.

In the event of a possible violation, dialogue is organised, and if this dialogue does not succeed, exclusion will be considered. In 2024, 5 of a total of 165 exclusions were associated with violation of labour rights, while 89 exclusions concerned human rights.

We continuously follow up our value chain and our relations to workers in the value chain, based on the goals we have set. Through our continuous focus on legislative developments and the further development of tools for monitoring the value chain, we will also adjust our goals and follow-up. This includes setting goals that can strengthen measures targeting workers in our value chain. Due diligence of selected suppliers will also be performed in line with the Norwegian Transparency Act. Due diligence of suppliers and business partners is performed at an overriding level. Suppliers are selected for a more thorough assessment on that basis. Additional information is obtained about the suppliers as part of this work.

CONSUMERS AND END-USERS

As an insurance company, our most important social responsibility is to provide relevant products and damage prevention services that ensure customers' financial security. We play an important role in ensuring that our customers and their assets are insurable today and in the future. Therefore, we must also understand how their needs evolve in line with changing developments in society, such as the population's age composition, urbanisation, technological development and climate change. As one of the largest general insurance companies in the Nordic region, we are also obliged to exercise social responsibility. This applies to sharing claims data to contribute to a more climate-resilient society, and to supporting preventive mental and physical health efforts.

No. 1

Norway's best customer service in the Insurance category (KSIndeks)

customer retention in Norway. 87% customer retention outside Norway

91%

million page views on damage prevention advice (Godtforberedt.no)

Material impacts, risks and opportunities

By consumers and end-users we mean anyone who has purchased or may purchase an insurance product from Gjensidige. Our customers are private individuals, businesses (including the self-employed, housing cooperatives and jointly owned property, associations and clubs) and agriculture.

Impacts

We have an actual positive impact by giving customers access to products and services, and ensuring that they have the right insurance coverage. This work takes the form of product and service development, sales, customer service and claims settlement. By following up customer feedback in customer satisfaction surveys and contact point measurements in a structured manner, we can adjust and adapt our information to meet customers' needs and expectations.

A demographic change is under way that means that the proportion of older people in the population is increasing. Mental illness among young people is a major problem for society. We have an actual positive impact by providing accident and health insurance and services to help customers to both prevent and treat mental health challenges and physical injuries.

Gjensidige offers medical treatment insurance that gives customers rapid access to treatment through the private health system. This is a supplement to the public health system, which provides the vast majority of hospital treatment in the countries we operate in. This can potentially have a negative impact by contributing to overtreatment and inequalities in society.

Gjensidige offers insurance and pension saving schemes to everyone, without any form of discrimination beyond risk-based price differentiation and risk-based refusals, where relevant and legal.

Risks

The number of people receiving disability benefit is increasing, even among young people. This has a high social cost, and for an insurance company, this trend will increase the risk of higher claims payments.

Opportunities

Our insight and knowledge will enable us to offer relevant products, provide information about damage prevention and create loyalty, and thereby secure our insurance revenue. Changing needs due to the population's age composition, urbanisation, technological development and the green transition give rise to new insurance needs and opportunities that may generate new revenue. Technological developments also give us new tools to avoid and limit claims costs. We make information about our products available both digitally and through our frontline customer staff. Attractive retirement profiles may also enable us to offer a broader value proposition to customers, thereby building loyalty.

For Gjensidige and society in general, it is an aim for as many people as possible to have access to the security that insurance and pension schemes provide. This is an important task to help ensure that socially vulnerable groups also have access to insurance and pension savings. We see an opportunity to think bigger about how we can help ensure that insurance and pensions are offered to all social groups, without any form of discrimination

We see an opportunity to adapt customer communication so that we reach groups who lack knowledge about insurance. By developing communication strategies that reach more customer groups, we can expand our customer base and ensure that more people have access to our insurance products and services.

Based on the above impacts, risks and opportunities, we have concluded that the following sub-topics relating to customers and end-users are material for Gjensidige:

Access to products and services
Access to (quality) information
Health and safety
Equal treatment
Privacy

Further reporting will be limited to the topics mentioned above, and the topic 'Privacy' will be covered in the chapter 'Business conduct'.

Policies related to consumers and end-users

As described in the section 'Own workforce', Gjensidige has signed a number of internationally recognised guidelines on human and labour rights. For example, the Sustainability Policy and minimum compliance with the UN Global Principles also apply to our consumers and end-users

Insurance risk policy

Gjensidige has a separate policy for insurance risk that includes product development. It applies to the entire Gjensidige Forsikring ASA organisation and subsidiaries, and has been adopted by the Board. The Chief Compliance Officer has overall responsibility for following up the policy in the Group.

The policy aims to enable Gjensidige, at all times, to offer insurance products that are in accordance with the product and price strategy and pertaining processes, while also ensuring that we have the right portfolio composition and good control of exposure, and that we comply with applicable laws and financial guidelines in the respective countries.

Policy for complaints handling in the companies and the customer ombudsman

Gjensidige has a separate policy for complaints handling that applies to the entire Gjensidige Forsikring ASA organisation and subsidiaries, which has been adopted by the CEO. The Chief Compliance Officer has overall responsibility for following up the policy in the organisation together with the head of the customer ombudsman. The policy is publicly available on our website. If necessary, customers are sent information about how to file a complaint.

The purpose of the complaints handling policy is to ensure a fair, consistent and customer-oriented handling of complaints. This applies to formal complaints from customers or others expressing dissatisfaction with the company's services, products or case processing.

The customer ombudsman, which is an independent function, and the personnel responsible for complaints in the companies have clear roles and responsibilities to ensure that complaints are handled correctly and that we learn and improve from experience. The complaints process should be simple, free of charge and fast, with individual and correct communication. Complaints are registered to enable statistics and analysis, and are regularly reported to management and the Financial Supervisory Authority. Annual checks are performed to ensure compliance with the policy.

Processes for engaging about impacts

We are concerned with understanding develop ments in society and being able to offer relevant products and services.

Good customer experiences over time have created strong trust in Gjensidige in Norway. Our ambition is to create the best customer experi ences in our industry. We call this the Gjensidige Experience, which reflects our vision and our strong customer orientation culture. We always work to deliver the best solutions and experi ences in all points of contact with customers. Customers shall feel that we know them, care about them, make things easy for them and help them. This has also been the guiding principle for customer dialogue in the past year.

Customer satisfaction is measured on a continuo us basis, and improvement measures are initiated based on feedback from customers. Customer satisfaction surveys are sent to the customer af ter they have been in dialogue with our customer center or that a claim has been processed. We have defined clear goals for customer satisfacti on. The level of goal attainment influences the payment of bonuses to executive personnel and collective bonuses to all employees.

Going forward, we will work on new measures to further strengthen customer satisfaction and loy alty and to attract new customers. User-friendly solutions have become an increasingly important precondition for delivering good customer expe riences. Both private and commercial customers increasingly prefer to buy insurance and report claims online. We have an ad-hoc dialogue with selected customers to get feedback on the user interface in the development of new websites, products and services.

We continuously develop all points of contact between us and our customers so that all enqu iries and claims, whether great or small, are dealt with in a simple, problem-free way. Analyses of customer data and alliances with other players will be crucial to be able to develop market-lea ding solutions for a simpler, safer future.

Through new technology and new partnerships, we will develop increasingly better solutions that more actively prevent damage situations. We see this as attractive, strong value propositions. Damage prevention benefits the economy and the climate and promotes good health. When damage occurs, we will not only compensate customers' financial losses, but do so in a sustainable way that causes customers the least possible inconvenience.

Processes to remediate negative impacts

Whistleblowing channel

Gjensidige shall have a low threshold for repor ting unfortunate matters. We therefore have an external notification channel on our website whe re customers can report censurable conditions in our organisation. Such matters include violation of laws and regulations, violation of our Code of Conduct or violation of other codes of conduct generally recognised in society. A notification must contain specific information that enables us to pursue the case. All enquiries are handled by an independent department in the Group. The information is treated confidentially, and the whistleblower can choose to be anonymous.

Complaints Handling

In order to improve and ensure we have the most satisfied customers, we need their feedback when their experience with us has not been as they expected. The first step is to give us direct feed back by calling us or logging into Gjensidige.no.

We have established a complaints system comprising three levels for customers who have a complaint. The customer can choose the level, but we recommend the following steps:

Level 1: The customer's case officer, who can rectify misunderstandings and/or correct errors. Level 2: The customer ombudsman, our internal complaints board. The customer ombudsman service is staffed by highly experienced claims handlers who can take a fresh look at the case. Consideration by the customer ombudsman is free of charge.

Level 3: Complaint to the Norwegian Financial Services Complaints Board. The Norwegian Financial Services Complaints Board (Finansklagenemnda) is a joint complaints board for the whole insurance industry that comprises representatives of the consumer authorities, the financial industry and independent experts. The composition ensures that the independent representatives decide the outcome of cases in which the consumer authorities and the financial industry disagree. • Complaints concerning natural damage claims In the event of a complaint concerning refusal/rejection of or a reduced claims settlement, the customer can complain to the Natural Damage Claim Appeals Board. • Complaints to the European Commission's complaints portal Customers who are consumers domiciled in another EU country
can complain to the European Commission's online dispute resolution (ODR) portal.

Measures related to impacts, risks and opportunities

Access to (quality) information

BEFORE DAMAGE AFTER DAMAGE

The most sustainable damage is the damage that does not occur. That is why we aim to help and guide customers in damage prevention measures. We conduct a thorough assessment of possible risk mitigation measures when entering into new customer agreements. This should provide customers with the right insurance, and the adjustments made may result in a lower price for insurance. This also contributes to a low-risk portfolio. Our Risk Management report gives commercial customers feedback based on their challenges and improvement potential. The risk management score shall be high and contribute to a sustainable customer portfolio.

Over time, we have built knowledge about which measures have the greatest damage prevention

effect, and which we should reward with discounts or other customer benefits. In 2024, we have sent out information to customers who have a specific risk of damage in order to both raise their awareness and give them the opportunity to take preventive measures. We publish a large number of articles on damage prevention on our web portal and in newsletters to customers.

We published 239 news articles, which were very popular with readers, and in 2024 we reached around 4 million page views. We also contribute to many articles in the media.

Efficient claims handling that is increasingly digitised and automated enables us to deliver fast and good claims settlements, and free up resources to work on complex cases.

Going forward, we will deliver more personalised experiences and offer solutions for reporting damage based on the customer's needs, rather than the type of damage.

We will lead and support our customers more proactively through the claims handling process, creating a seamless customer experience, regardless of all the different parties involved in a claim.

We want to make it easy for our customers to get help and information when they need it.

Our long experience of facilitating and using data and technology to increase efficiency and automation gives us a good starting point for using AI to improve the customer experience. For example, we will automate tailored advice and information specific to the situation to make the process easier and less stressful for customers, and help them avoid further damage in the future.

We also closely monitor customer feedback and adjust our information to meet their needs and expectations. Our goal is to exceed expectations and give customers a positive experience every time they contact us.

The figure illustrates how we work to ensure that our customers have access to products and services.

Access to products and services

We work to make product descriptions and insurance documents easy to understand. Clear communication enables customers to be well informed about what they are buying, and contributes to good management of expectations with regard to what damage they will be compensated for and what they have to do themselves to avoid damage.

We offer purchase solutions through both digital and staffed channels. The product range mainly consists of basic insurance, with the possibility of upgrading to extended insurance for those who find they need it. Both the development and sale of products must be based on the customers' needs. Customers should be confident that they get the right information whether they use staffed or self-service channels.

Gjensidige's goal is that all customers should be properly insured. We help to close insurance gaps through good product breadth and varying degrees of coverage. We also do what we can to ensure customers are not over-insured by overlapping coverage. To help customers navigate their insurance coverage, Gjensidige has developed an 'insurance count' tool in Denmark. By uploading their insurance documents, customers can have their insurance coverage analysed and get an indication of whether they are over- or under-insured. Gjensidige then provides guidance based on the outcome of the analysis and helps ensure customers are properly insured.

In Denmark, we have an online insurance check that customers can use to check whether their insurance coverage with Gjensidige is suited to their current life situation. This service enables us to guide customers and provide recommendations on how to optimise their policies.

Health and safety

We help our customers to prevent mental illness through a range of digital services. This may, for example, be self-help programmes and appointments with a psychologist for children and parents, where they can get advice, guidance and help. These services are available to more than 450,000 customers and they are increasingly being used by customers who seek help. This year, we have notched up over 2,000 consultations/ completed self-help programmes. Those who give

feedback report a positive effect, but they make up a small sample.

We offer a 'Back to work' service for commercial customers. The service is designed to help employees return to work more quickly from sickness absence. Customers are currently showing limited interest in this service, and we are implementing multiple measures to increase its use.

We are a member of the foundation Samarbeid for Sikkerhet i bygg og anlegg (SfS BA). Together with the building and construction industry, we will endeavour to resolve issues relating to accidents, the working environment, health, occupational illness and corporate governance. This will positively impact our reputation and branding by influencing industry standards.

Equal treatment

Our pricing policy should not unduly discriminate between customers. By continuously developing our models and processes, we work to identify and reduce biases in pricing, which is an important factor in building long-term trust and loyalty among our customers.

Together with the trade organisation Finance Norway, we are working to develop solutions that are suitable for groups with special challenges. Initially, the work is aimed at property insurance, but accident and health insurance are also on the agenda.

Key figures related to consumers and end-users

To ensure the achievement of the goals set by the board, the management has adopted operational goals for customer orientation, as presented in the table. We have not consulted the customers (consumers and end users) in connection with setting targets.

Ratings from 2024 show that we have very satisfied customers in Norway

NORWEGIAN CUSTOMER BAROMETER SURVEY

BI Norwegian Business School measures annual customer satisfaction and loyalty among Norwegian customers in the Norwegian Customer Barometer Survey research project. For the fifth year in a row, the 2024 survey shows that Gjensidige has Norway's most satisfied insurance customers.

NORWEGIAN CUSTOMER SERVICE INDEX (KSINDEKS)

Norway's largest customer service survey measures existing customers' experience of the service provided by a company's customer service centre. In 2024, we received the award for Norway's best customer service in the Insurance category.

IPSOS REPUTATION SURVEY

IPSOS conducts annual profile surveys mapping the population's attitudes to large Norwegian companies. The 2024 survey shows that for the 22nd year in a row, Gjensidige has the best reputation in the financial industry.

NORWEGIAN SUSTAINABILITY BAROMETER:

The Norwegian Sustainability Barometer research project run by BI Norwegian Business School is an annual survey of how sustainable Norwegian companies are perceived to be, seen from the customer's perspective. In 2024, the survey shows that Gjensidige is perceived as the most sustainable company in the insurance industry.

CUSTOMER ORIENTATION	UNIT	2024	2023	GOAL (WITHIN 2026)
Customer satisfaction (CSI)	Score (0-100)	77	78	> 78
Customer retention in Norway	Per cent	91	90	> 90%
Customer retention outside Norway	Per cent	85	79	> 85%
Digital distribution index	Per cent	+10	+4	+ 5–10% (annually)
Digital claims reporting	Per cent	75	74	> 85%
Automated claims processing, Norway	Per cent	62	59	> 70%

We have no specific goals when it comes to customer complaints, but follow up on all complaints. The customer ombudsman has an increase in the number of complaints of 27 percent from 2023. The increase is partly due to an increase in the number of claims that affects the number of complaints. The number of complaints varies from year to year, and for us, every complaint is an opportunity to learn, to improve our customer service.

CUSTOMER COMPLAINTS	UNIT	2024	2023
Customer complaints	Number	1,615	1,263
• Customer complaints upheld by the customer ombudsman	Per cent	45	29
• complaints upheld (in favor of customer) by the Financial Services complaints Board	Per cent	18	26

BUSINESS CONDUCT

We are dependent on the trust of our surroundings to carry out our social mission. A comprehensive risk understanding, with clear policies and guidelines, is essential to create trust.

4,256

95%

employees have completed courses in ethics and anti-corruption

suppliers have signed a self-declaration for corporate social responsibility (UN Global Compact)

fines received for the Group

Material impacts, risks and opportunities

Through the double materiality analysis, we have identified impacts and an opportunity that we will describe in more detail below. The link between the material topics and our strategy and business model is described collectively in the chapter 'General information' in the section 'Material impacts, risks and opportunities, and their interaction with strategy and business model'.

Impacts

We have an actual positive impact on the corporate culture by encouraging our employees to exercise good judgement, complete training and comply with ethical requirements.

We handle large amounts of personal data about our employees and customers, which may have a potential negative impact if we do not exercise caution.

We have an actual positive impact on strengthening national and international information security, through membership and information sharing in Nordic Financial CERT.

By using artificial intelligence (AI), we could potentially have a negative impact on consumers and end-users through, for example, unintentional discrimination against customer groups or violation of data protection rules.

Opportunities

Preventing corruption can reduce our claims payments and enable us to offer insurance at a more competitive price.

Based on the above impacts and opportunities, we have concluded that the following sub-topics related to business conduct are material for Gjensidige:

Corporate culture
Corruption and bribery
Privacy
Information security
Artificial intelligence

We have identified two company-specific sub-topics, 'information security' and 'artificial intelligence'. However, we have also chosen to describe the topic 'data protection' in this chapter, which deals with data protection for our customers, employees and suppliers, as we believe it is closely linked to our efforts to ensure good business conduct. We have identified several risks related to business conduct, but none were considered material as we are subject to strict regulations and have established frameworks in line with these.

Business conduct policies and corporate culture

Code of Conduct

Gjensidige has a separate code of conduct that applies to Gjensidige Forsikring ASA and its subsidiaries, which has been adopted by the CEO. The Executive Vice President of People & Communication owns the policy and the Executive Vice President of Employee Responsibility has management responsibility.

The Code of Conduct forms the basis for a good corporate culture, correct behaviour and a good reputation. These are basic prerequisites for Gjensidige's operations. We depend on the trust of our customers and shareholders, the authorities and society at large. In order to gain this trust, we must make sure that everything we do is characterised by professionalism, expertise and high ethical standards. This applies to both the Group's corporate culture, business operations and our employees' conduct. All employees must act with due care, honesty and objectivity, and must refrain from doing anything that could undermine people's trust in the Group. Managers have a particular responsibility and must be good role models.

Our suppliers are covered by the Supplier Code of Conduct.

Instructions for gifts and hospitality activities

Gjensidige has separate instructions for handling gifts and hospitality activities based on its policy for handling irregularities and malpractices, including corruption. The instructions apply to Gjensidige Forsikring ASA and its subsidiaries, and have been adopted by the CEO. The Executive Vice President of People & Communication owns the instructions and the Executive Vice President of Employee Responsibility has management responsibility.

Gjensidige is concerned with establishing and maintaining good relations, but this must never be at the expense of our credibility as a market player, neither as a customer nor as a supplier, or when it comes to Gjensidige's corporate social responsibility.

Employees may not accept gifts worth more than NOK 600. Regardless of the gift's value, it must not be accepted if it means that the employee's impartiality or independence can be placed in doubt. All gifts and hospitality activities must be registered in the Group's gift and hospitality register.

The anti-corruption handbook

Gjensidige has drawn up a separate anti-corruption handbook based on its policy for handling irregularities and malpractices, including corruption. The handbook focuses on awareness-raising and preventive activities. It defines what corruption is, with pertaining examples, as well as setting out situations in which employees should be extra vigilant. It places great emphasis on encouraging everyone to make good choices, and refers to our Code of Conduct, which is available on our website. It has defined guidelines for employees, managers and partners and urges employees to report all suspicions of anything resembling corruption.

Policy for handling irregularities and malpractices, including corruption

Gjensidige has a separate policy for handling irregularities, malpractices and corruption that applies to Gjensidige Forsikring ASA and its subsidiaries, which has been adopted by the CEO. The Chief Risk Officer owns the policy and the head of SIU has management responsibility.

The purpose of the policy is to describe the procedures for and who is responsible for following up and dealing with irregularities and malpractices, including corruption, and to ensure that such matters are investigated in an ethical, objective, uniform and satisfactory manner in accordance with the law and internal guidelines. There is an increased risk of corruption and bribery in areas that involve contact with customers, suppliers and partners.

Policy for the processing of personal data

Gjensidige has a separate policy for processing personal data that applies to the entire Gjensidige Forsikring ASA organisation and its subsidiaries, which has been adopted by the CEO. The Chief Compliance Officer owns the policy and the Data Protection Officer in Norway has management responsibility.

The purpose of the policy is to set out detailed requirements for the processing of personal data, and to ensure compliance with the applicable data protection rules. Personal data shall only be processed if there is a legal basis for such processing. The most common grounds for processing is the need to fulfil an agreement with the customer or an employment contract with the employee. In order to process sensitive personal data, special grounds are required in addition to grounds for processing.

Operational risk policy

Gjensidige has a separate policy for managing operational risk where information security is defined as an operational risk. The policy applies to the entire Gjensidige Forsikring ASA organisation and subsidiaries and has been adopted by the Board. The CEO owns the policy and has management responsibility.

Operational risk management is part of the company's overall risk management and forms an integral part of the Group's corporate governance to help ensure that it achieves its goals. The purpose of the policy is to establish requirements and principles for the management of operational risk, including for areas that represent a higher operational risk, such as information security.

Information security and resilience policy

Gjensidige has an information security and resilience policy that has been adopted by the Board. The CEO is responsible for information security in Gjensidige. Group Security is a second-line function led by the Chief Security Officer, who supports and assists the CEO in the exercise of this responsibility. The function is independent of day-to-day security operations in Gjensidige.

The purpose of the policy is to define information security and principles for resilience as part of Gjensidige's framework for risk management of information and communication technology (ICT). The goal is to protect Gjensidige's information assets and ensure that the risk management related to information security is of a high standard and in accordance with the applicable regulations.

Artificial Intelligence policy

Gjensidige has a separate policy for artificial intelligence that applies to the entire Gjensidige Forsikring ASA organisation and subsidiaries, which has been adopted by the CEO. The Executive Vice President of Analysis, Product and Price owns the policy and the AI Risk Officer has management responsibility.

The purpose of the policy is to set out the overall requirements and principles for work on artificial intelligence. The policy aims to ensure that Gjensidige uses artificial intelligence in a trust-based and ethical manner, and that we comply with the applicable internal and external requirements. The policy is based on the principles of proportionality, fairness and non-discrimination, transparency and explainability, human oversight, data governance and documentation, robustness and performance.

Measures related to impacts, risks and opportunities

Corporate culture

Gjensidige's corporate culture is founded on 200 years of experience. Everyone in the Company is familiar with our vision, mission and the Gjensidige experience. New employees receive a good introduction to what we stand for and what we should be concerned with in the customer dialogue through courses provided in the Gjensidige Academy.

Gjensidige has also introduced some core values that will help us create a common identity. We shall create a sense of security, apply new thinking and go for it. These are guiding principles for conduct and the cornerstone of our corporate culture. The core values are followed up through the quarterly engagement survey and through internal campaigns. We also promote our values by inviting employees to webinars focusing on topics such as diversity, inclusion and belonging.

Gjensidige is committed to maintaining a safe and respectful working environment for all employees. We strongly oppose all form of threats, harassment and violence, be it within the organisation or in relation to customers, suppliers or other third parties. Any incidents that threaten the safety or well-being of our employees will be assigned the highest priority. The Company has implemented clear guidelines for handling such incidents and ensures they are handled quickly and efficiently. We offer support to employees and implement the necessary measures to ensure a safe working environment for all our employees.

ETHICAL AND CUSTOMER-FRIENDLY BUSINESS OPERATIONS

We are subject to laws and regulations on consumer protection. We are concerned with safeguarding consumer interests through good information and advice to customers, the expertise of our employees and good product development. We will have a corporate culture where each individual employee exercises good judgement. Our value creation shall take place in accordance with our Code of Conduct, which is described in a number of policy documents adopted by the Board.

Our internal regulations include a prohibition against conflicts of interest that can prevent impartial conduct in relation to customers, suppliers, shareholders or other business connections.

The risk of criminal offences and violations of our Code of Conduct is monitored as part of our internal control system. The Board has chief responsibility for risk management and internal control, and the CEO is responsible for the implementation. Our most important risk areas and internal control are reviewed annually by the Board. Risk management and internal control are described in more detail in Note 3.

TRAINING IN AND FOLLOW-UP OF COMPLIANCE WITH ETHICAL REQUIREMENTS

• We ensure that our employees receive good training and comply with our Code of Conduct. • In the performance appraisal interview,

all employees must state whether they have experienced ethical dilemmas and confirm to their line manager that they are familiar with the Code of Conduct.

All new employees and new managers must complete a course in ethics, anti-money laundering, anti-corruption, data protection, information security, introduction to 'AI governance and ethics' and sustainability.
Employees regularly undergo refresher courses in the outlined areas.
The status of ethics is included in the six-monthly senior management follow-up, 'People Review'.
We are affiliated to Finance Norway's authorisation scheme (FinAut), which requires our sellers/advisers to complete e-learning courses in ethics and good conduct, knowledge tests, ethics tests and practical tests. In the practical test, the candidate must show that they master sales, advisory services and good conduct in practice.

Notification channel for censurable conditions (whistleblowing)

Gjensidige shall have a low threshold for reporting unfortunate matters. We have notification channels in all the countries we operate in for reporting irregularities, malpractices, corruption, money laundering etc., where both our own employees and external actors can report concerns. Reports can be made anonymously. Everyone has a duty to report criminal matters, or situations where life or health is at risk. Information about how to proceed can be found on a dedicated intranet page and our website gjensidige.no.

Reports received through our notification channel will be dealt with by the Internal Investigation Unit and considered pursuant to clear procedures. If the investigation uncovers censurable conditions, the People department will take over the case and consider whether to impose sanctions. The CEO will decide whether to report employees to the police. Relevant matters are reported to the Group's risk committee and the Board. Whistleblowers are protected by law and the Company's internal regulations, and employees who report such matters shall not be subjected to reprisals.

Ethics mailbox

Employees can at any time contact and notify their manager, People partner, EVP People & Communication, HSE manager, employee representative or safety delegate. We also have an internal ethics mailbox, which is an informal channel for employees to ask questions or discuss issues with someone, or report censurable conditions in the workplace. The mailbox is managed by the People department. If someone wishes to be anonymous, however, they must use the notification channel.

Prevention and detection of corruption and bribery

The risk of corruption will largely be related to our sale of insurance and investment advice to the private and public sector, the conclusion of agreements and the procurement of goods and services. Our definition of corruption follows from the Norwegian Penal Code.

Our internal regulations state that we have zero tolerance for corruption and anything resembling corruption. Gjensidige does not allow bribes or facilitation payments to be offered or received. The rules apply to managers and employees at all levels of the Company, also in countries

where Norwegian law does not apply. Special rules have been stipulated for employees with responsibility for relations with customers and suppliers. Gjensidige actively combats corruption and has a dedicated anti-corruption programme.

Our anti-corruption programme consists of three main elements

The programme gives a detailed description of what is meant by corruption, examples of acceptable and unacceptable behaviour, and assignments intended to contribute to reflection on difficult situations.

All managers are responsible for establishing procedures and processes in their area of responsibility in order to prevent and uncover irregularities and fraudulent acts, including corruption. The Internal Investigation Unit is tasked with uncovering corruption, and is responsible for investigating concrete cases where improper conduct is suspected. The unit shall also contribute to establishing

and developing procedures and processes that can prevent and uncover such matters. The programme is revised on an annual basis. Quarterly reports on irregularities and malpractices are submitted to the Board.

The rules are available at gjensidige.com, on the intranet and in e-learning courses. This includes Gjensidige's anti-corruption manual, which is publicly available. Managers must help ensure employees are aware of the rules. The purpose is to prevent and help to put a stop to activities that may entail a breach of the regulations, at an early stage.

• All employees

PREVENTIVE ACTIVITIES

Definition of corruption
Ethical rules
The Gjensidige Academy
Authorisations
Risk mapping
Training
Training in dilemmas
Anti corruption-folder

CONTROLS AND DETECTION

Indicators
Reporting
Internal notification channel
External notification channel
Audits
Internal investigation unit

• Compliance

FOLLOW-UP AND SANCTIONS

Policy and instructions for handling of irregularities and
corruption • Dynamic program
Annual evaluation
HR and CEO decides

ANTI-CORRUPTION AND BRIBERY TRAINING TABLE	AT-RISK FUNCTIONS	MANAGERS	ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES	OTHER OWN WORKERS
Training coverage
Total	1,863	304	11	2,431
Total receiving training	1,628	303	10	2,238
Delivery method and duration
Computer-based training (hours per employee)	1	1	1	1
Frequency
How often training is required	Annual	Annual	Annual	Annual
Topics covered
Definition of ethics and morals	X	X	X	X
Anti-corruption and different types of corruption	X	X	X	X
Internal regulations	X	X	X	X
Principal and disciplinary training	X	X	X	X
Routines in case of suspicion/detection	X	X	X	X

Combating money laundering and terrorist financing

We are obliged to take a risk-based approach to combating money laundering and terrorist financing in relation to our customers, based on the customer relationship, type of products and transactions involved. In practice, this means that we carry out a risk assessment in connection with the sale of insurance to new and existing custo mers, and before making claims payments. The risk assessment is comprehensive and is based on characteristics of the customer, the customer relationship, the product, the transaction and other matters of relevance.

Employees who have contact with customers undergo thorough training in the regulations relating to anti-money laundering and procedures for their application. This applies in all parts of the Group.

All customers are checked regularly against san ction lists and lists of politically exposed persons (PEP). Customers are placed in risk categories and subject to customer due diligence measures based on the level of risk they represent. We have clear guidelines for when such measures shall be initiated, and how to handle a situation when it arises. If due diligence fails to clarify the situa tion, we will carry out further investigations in order to determine whether the transaction can be carried out. The investigations are carried out by our Internal Investigation Unit, which compri ses employees who have previously worked in the police and have expertise in and experience of investigations. In cases where we suspect money laundering or terrorist financing, and enhanced due diligence has failed to clarify the suspicion, we will report the matter as a suspicious transa ction to the Norwegian National Authority for Investigation and Prosecution of Economic and

Environmental Crime (Økokrim). If the suspicion cannot be verified, we will not enter into the insu rance contract or settle the claim, to the extent that such sanctions are permitted by law.

A solid defence against money laundering is not only necessary because it is regulated by law. In the insurance business, money laundering often goes hand in hand with insurance fraud. At Gjensidige, we consider the fight against money laundering as a natural part of good risk selection, based on the 'know your customer' (KYC) princi ple. The anti-money laundering policy has been adopted by the Board, and a risk assessment focusing on money laundering and terrorist fi nancing is presented to the Board and the senior group management once a year. The importance of combating money laundering is clearly commu nicated at all levels of the Group.

Privacy

Our employees are bound by a statutory duty of secrecy about all matters relating to our custo mers. Privacy training is mandatory for all employ ees and is also part of the introductory program me for new employees. Access to personal data shall only be granted to employees who need it in the course of their work. We must not obtain other personal data than we need for the specific purposes for which they are processed. Personal data shall only be used and stored for as long as this is necessary for the purposes, and must then be erased, unless special requirements for storage are authorised by law.

The respective EVPs have overriding responsi bility for personal data processing and internal control relating thereto. Other managers are responsible for ensuring that employees who have access to personal data have the competen ce and qualifications needed to comply with the applicable regulations and our internal guidelines for data protection.

We have several data protection officers whose main task is to inform and advise the management on our obligations under data protection legislation, and to advise employees who process personal data. The officers monitor compliance with external and internal regulations and liaise with the Norwegian Data Protection Authority. They also engage with customers and employees who have questions about personal data processing.

Customers and others Gjensidige processes personal data about can request access to the information we have stored about them at any time. They can demand that we correct any incorrect information. We may reject requests for access in special cases following a concrete assessment, for example in connection with the investigation of insurance fraud. Our privacy statement is available at gjensidige.no. It describes how we handle personal data.

Information security

A large element of our business operations concerns the processing and management of information. Good information security is therefore essential to maintaining customers' trust and our reputation and competitiveness.

We have established an information security management system pursuant to the principles outlined in ISO/IEC27001/2, which regulates requirements of information security at Gjensidige. The security requirements are published in both

Norwegian and English on the Group's intranet pages, and are accessible to all employees. Group Security coordinates work on our security culture and crisis preparedness work. The department is organised under Group Risk Management and Control.

IT Security is organised as a separate unit under Technology & Insight, with executive responsibility for all technical security measures, access management and security monitoring of systems and infrastructure.

We have modern security solutions that support remote work for all employees. The infrastructure only permits employees to log on from units owned or controlled by Gjensidige, and all activity on our infrastructure is monitored by external and internal security centres.

All Gjensidige's service providers must meet our security requirements. All documents from suppliers are checked and we perform more extensive control, including inspections of business-critical suppliers.

Gjensidige is an active member of the Information Security Forum (ISF) and Nordic Financial CERT. This helps us gain updated expertise and capacity to continuously monitor cyber risk in general, and in relation to the financial industry in particular.

Artificial intelligence

Gjensidige uses AI to streamline operations and is working to develop AI systems to improve solutions for the customer and improve the customer experience.

HOW DO WE ENSURE FAIR USE OF AI?

Gjensidige has a working group to ensure that the Company complies with relevant regulations and supervisory expectations and that the Group has good risk management in the development and use of AI. An AI Risk Officer has also been hired in connection with the project.

We have prepared a mandatory training course on AI for all employees in Gjensidige. This course provides an introduction to the AI Act, EIOPA's principles for the management and control of AI, Gjensidige's guidelines for the use of generative AI and specific tools such as Microsoft Copilot (for web). It also provides role-adapted training for employees. Gjensidige's use of AI and management and control of AI was the subject of a dedicated board seminar.

We have a process and system support for registering AI systems, models, application cases and impact assessments. All development and use of AI is organised in risk categories in accordance with the AI Act, and its impact assessed in accordance with EIOPA's principles for management and control of AI. Risk mitigation measures are implemented if the analyses identify material potential impacts or risks for those affected by the AI system.

The Board receives a report at least once a year on the Group's AI systems and models that are classified as high-risk and/or that may have major impacts.

We participate in the AI Pact in preparation for the implementation of the new European legislation, the European AI Act, which aims to ensure fair and transparent use of AI. As part of the AI Pact, we will support and exchange knowledge with other organisations on the best way of ensuring compliance. We will have the opportunity here to collaborate with other leading organisations and share knowledge that will help shape the AI landscape of the future. As part of our participation in the AI Pact, we have signed pledges that include:

Establishing a management strategy to promote AI in our organisation and ensure that we comply with the AI Act.
Identifying AI systems that have been developed or used in areas that are considered high risk under the AI Act.
Increasing awareness and expertise about artificial intelligence among employees and our partners, and conducting thorough assessments of which people and groups may be affected by AI systems.

Gjensidige has been involved in preparing the Nordic Ethical AI Guidebook. The Nordic Ethical AI Guidebook is primarily aimed at Nordic businesses and will provide guidance and inspiration for the individual organisation's implementation of ethical and responsible AI.

Key figures related to business conduct

CONDITIONS THAT ARE FOLLOWED UP REGULARLY	UNIT	2024	2023
Ethics and anti-corruption
Incidents in the whistleblowing channel (whistleblowing)	Number	192	79
Cases of harassment and discrimination	Number	15	4
Cases reported to internal investigation	Number	62	43
Suppliers signed sustainability self-declaration (UN Global Compact)	Per cent	95	95
Fines	NOK thousands	0	0
External fraud
Total fraud checks	Number	14,238	9,750
Fraud investigation cases completed, Norway	Number	1,505	1,336
Anti-money laundering
Customer due diligence (reinforced controls)	Number	270	182
Cases reported to Økokrim	Number	34	30
Information security and privacy
Internal audits	Number	5	4
External audits	Number	0	5
GDPR incidents reported to the authorities	Number	69	61

Independent sustainability auditor's limited assurance report

To the General Meeting of Gjensidige Forsikring ASA

Independent sustainability auditor's limited assurance report

LIMITED ASSURANCE CONCLUSION

We have conducted a limited assurance engagement on the consolidated sustainability statement of Gjensidige Forsikring ASA (the "Company"), included in part 3 of the Board of Directors' report, including disclosures incorporated by reference listed in the Index on page 68 (the "Sustainability Statement"), as of 31 December 2024 and for the year then ended.

Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Norwegian Accounting Act section 2-3, including:

• compliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the Company to identify the information reported in the Sustainability Statement (the "Process") is in accordance with the description set out in accordance with the description provided in the subsection on double

materiality analysis, in the section for general information, on pages 59-67 and

• compliance of the disclosures in subsection article 8 EUs taxonomy of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the "Taxonomy Regulation").

Basis for conclusion

We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of historical financial information ("ISAE 3000 (Revised)"), issued by the International Auditing and Assurance Standards Board.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Sustainability auditor's responsibilities section of our report.

Our independence and quality management

We have complied with the independence and other ethical requirements as required by relevant

laws and regulations in Norway and the International Code of Ethics for Professional Accountants (including International Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.

The firm applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Other matter

The comparative information included in the Sustainability Statement was not subject to an assurance engagement. Our conclusion is not modified in respect of this matter.

Responsibilities for the Sustainability Statement

The Board of Directors and the Managing Director (management) are responsible for designing and

implementing a process to identify the information reported in the Sustainability Statement in accordance with the ESRS and for disclosing the process in the subsection on double materiality analysis, in the section for general information, on pages 59-67, in the sustainability report. This responsibility includes:

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understanding the context in which the Company's activities and business relationships take place and developing an understanding of its affected stakeholders;
the identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Company's financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long-term;

• the assessment of the materiality of the

Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte NSE LLP do not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms. Deloitte Norway conducts business through two legally separate and independent limited liability companies; Deloitte AS, providing audit, consulting, financial advisory and risk management services, and Deloitte Advokatfirma AS, providing tax and legal services. © Deloitte AS

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identified impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate thresholds; and

• making assumptions that are reasonable in the circumstances. .

Management is further responsible for the preparation of the Sustainability Statement, in accordance with the Norwegian Accounting Act section 2-3, including:

compliance with the ESRS;
preparing the disclosures in subsection article 8 EUs taxonomy of the Sustainability Statement, in compliance with the Taxonomy Regulation;
designing, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; and
the selection and application of appropriate sustainability reporting methods and making assumptions and estimates that

are reasonable in the circumstances.

Inherent limitations in preparing the Sustainability Statement

In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the company. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected.

Sustainability auditor's responsibilities

Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.

As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgement and maintain professional scepticism throughout the engagement.

Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:

Obtaining an understanding of the Process, but not for the purpose of providing a conclusion on the effectiveness of the Process, including the outcome of the Process;
Considering whether the information identified addresses the applicable disclosure requirements of the ESRS; and
Designing and performing procedures to evaluate whether the Process is consistent with the Company's description of its Process set out in the subsection on double materiality analysis, in the section for general information, on pages 59-67.

Our other responsibilities in respect of the Sustainability Statement include:

Identifying where material misstatements are likely to arise, whether due to fraud or error; and
Designing and performing procedures responsive to where material misstatements

are likely to arise in the Sustainability Statement. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Summary of the work performed

A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed.

The nature, timing and extent of procedures selected depend on professional judgement, including the identification of disclosures where material misstatements are likely to arise in the Sustainability Statement, whether due to fraud or error.

In conducting our limited assurance engagement, with respect to the Process, we:

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Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited ("DTTL"), its global network of member firms, and their related entities (collectively, the "Deloitte organization"). DTTL (also referred to as "Deloitte Global") and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.no to learn more.

Obtained an understanding of the Process by: • performing inquiries to understand the sources of the information used by management (e.g., stakeholder engagement, business plans and strategy
- reviewing the Company's internal documentation of its Process; and

documents); and

• Evaluated whether the evidence obtained from our procedures with respect to the Process implemented by the Company was consistent with the description of the Process set out in the subsection on double materiality analysis, in the section for general information, on pages 59-67.

In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:

Obtained an understanding of the Company's reporting processes relevant to the preparation of its Sustainability Statement by
- obtaining an understanding of the Company's control environment, processes, control activities and information system relevant to the preparation of the Sustainability

Statement, but not for the purpose of providing a conclusion on the effectiveness of the Company's internal control, and

obtaining an understanding of the Company's risk assessment process.
Evaluated whether the information identified by the Process is included in the Sustainability Statement;
Evaluated whether the structure and the presentation of the Sustainability Statement is in accordance with the ESRS;
Performed inquires of relevant personnel and analytical procedures on selected information in the Sustainability Statement;
Performed substantive assurance procedures on selected information in the Sustainability Statement;
Where applicable, compared disclosures in the Sustainability Statement with the corresponding disclosures in the financial statements and other sections of the Board of Directors' report;
Evaluated the methods, assumptions and data for developing selected estimates and selected forward-looking information;
Obtained an understanding of the Company's process to identify taxonomyeligible and taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability Statement;
Evaluated whether information about the identified taxonomy-eligible and taxonomyaligned economic activities is included in the Sustainability Statement, and
Performed inquiries of relevant personnel, analytical procedures and substantive procedures on selected taxonomy disclosures included in the Sustainability Statement.

Oslo, 14. February 2025 Deloitte AS

EIVIND SKAUG State authorised auditor - Sustainability auditor

Note: This translation from Norwegian has been prepared for information purposes only

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FINANCIAL RESULT

Gjensidige Annual Report 159

{Review of the financial result}

Financial result

Gjensidige generated a profit after tax of NOK 5,181 million in 2024. Along with the results from the investment portfolios and Pension, this contributed to a return on equity of 22.7 per cent. Gjensidige delivered on all annual financial targets except the combined ratio. The Group will continue to implement targeted measures to improve profitability and deliver on the financial targets for 2025 and 2026. The Group's capital position is strong. The Board proposes a total dividend of NOK 10.00 per share, consisting of a regular dividend of NOK 9.00 per share and a special dividend of NOK 1.00 per share.

STATEMENT ON THE ANNUAL ACCOUNTS

Gjensidige reports consolidated financial information pursuant to the International Financial Reporting Standards (IFRS). In accordance with the requirements of Norwegian accounting legislation, the Board confirms that the requirements for the going concern assumption have been met and that the annual accounts have been prepared on this basis.

The preparation of the accounts and application of the chosen accounting principles involve using assessments and estimates, and necessitate the application of assumptions that affect the carrying amount of assets and liabilities, income and expenses. The estimates and the pertaining assumptions are based on experience and other factors. The uncertainty associated with this means that the actual figures may deviate from the estimates. Insurance liabilities in particular are associated with this type of uncertainty.

The Group recorded a profit before tax expense of NOK 6,823.4 million (5,504.3) for the year. The profit from general insurance operations measured by the insurance service result was NOK 5,386.6 million (4,460.6), corresponding to a combined ratio of 86.0 per cent (87.1).

The profit after tax expense from continuing

operations was NOK 5,180.7 million (4,085.8).

Earnings per share amounted to NOK 10.10 (8.02).

The insurance service result from general insurance operations increased by 20.8 per cent, reflecting higher insurance revenue, and a lower cost ratio.

The loss ratio increased by 0.3 percentage points, mainly driven by a higher underlying frequency loss ratio and lower run-off gains. The change in risk adjustment and the discounting effect contributed positively. The underlying frequency loss ratio increased by 1.0 percentage point. Adjusted for weather-related claims of NOK 577.1 million in 2024 and 748.1 million in 2023, the loss ratio and the underlying frequency loss ratio increased by 1.0 percentage point. The deterioration was primarily driven by Private and Commercial in Norway, reflecting higher claims cost for motor insurance.

The insurance service result for the period also reflects a positive impact from the change in risk adjustment recognised in the second quarter of NOK 393.7 million.

The cost ratio improved by 1.4 percentage points, primarily reflecting one-off expenses recognised in the third quarter of 2023. Higher insurance

The pension segment recorded a profit before tax expense of NOK 403.0 million (106.1), driven by an improved insurance service result, an increase in net finance income and income from the unit-linked business.

revenue also contributed positively.

The financial result for the period was NOK 2,458.3 million (2,527,1), which corresponds to a return on total assets of 3.9 per cent (4.2). A high running yield and lower credit spreads, as well as rising equity markets generated positive returns.

Other items amounted to minus NOK 544.0 million (minus 542.2), reflecting a higher result for mobility services, higher interest expenses on subordinated loans and increased amortisation of intangible assets.

ADB Gjensidige was reported as discontinued operations from July 2024. The profit from discontinued operations was minus NOK 41.6 million (44.7), with the decrease mainly reflecting a write-down of goodwill. The write-down of goodwill of NOK 123 million is related to the agreement on the sale of ADB Gjensidige. In the third quarter, the write-down was classified under Other items. The insurance service result from discontinued operations was NOK 53.1 million (8.2), reflecting higher insurance revenue, an

improved loss ratio and a lower cost ratio.

Expenses for research and development have not been charged to income in Gjensidige's consolidated accounts in 2024 or 2023. Nor have such expenses been capitalised during these two financial years.

Important events in 2024

Gjensidige's storm model approved by the Financial Supervisory Authority

The storm model is part of Gjensidige's internal model and takes into account which storms Gjensidige is exposed to, including wind direction, wind speeds and exposure. The approved storm model is more accurate, and the approval resulted in a reduction of NOK 1.3 billion in the Group's capital requirements in the approved partial internal model.

BALANCE SHEET AND CAPITAL OPTIMISATION

Gjensidige works continuously with balance sheet and capital optimisation to ensure the achievement of the Group's financial targets combined with an efficient capital structure and sufficient financial flexibility.

160

In April 2024, a dividend of NOK 4,375 million was paid, corresponding to NOK 8.75 per share related to the annual profit for 2023. Based on the annual results for 2024, the Board has proposed a dividend of NOK 5.0 billion (NOK 10.00 per share), of which NOK 4.5 billion (NOK 9.00 per share) based on the result for 2024 (regular dividend) and NOK 500 million (NOK 1.00 per share) as a distribution of excess capital (special dividend). The regular dividend corresponds to a payout ratio of 88 per cent of the Group's profit after tax. The proposed dividend is subject to approval by the Financial Supervisory Authority of Norway since the amount exceeds 100 per cent of the profit for the year in Gjensidige ASA.

Gjensidige issued one Tier 1 loan in 2024 (in March) of NOK 800 million. In addition, two new Tier 2 loans were issued during the year of NOK 800 million (February) and NOK 900 million (October), respectively. The Tier 1 loan has a BBB rating and the Tier 2 loans have a BBB+ rating from Standard & Poor's. Buybacks were also carried out (in February) and redemption (in August) of the remainder of a Tier 2 loan with outstanding amounts totalling NOK 504 million. At the end of 2024, the remaining capacity to issue Tier 1 loans was NOK 1.2 to 1.5 billion, and there was no remaining capacity for Tier 2 loans. Gjensidige has no ambition to fully utilise its capacity for Tier 1 loans, but balance sheet and capital optimisation measures are being assessed on an ongoing basis.

STRONG REPUTATION, HIGH CUSTOMER SATISFACTION AND LOYALTY

Gjensidige has a strong reputation and brand in Norway. For the 33rd year in a row, Ipsos has conducted a profile survey, which maps the population's attitudes towards large Norwegian companies. Gjensidige has once again been named as having the best reputation in the financial industry, a position we have held for 22 years, and is in 14th place overall among large Norwegian companies. In addition, Gjensidige has received valuable and motivating recognition that confirms that our work is recognised by the outside world. The Norwegian Customer Barometer showed that Gjensidige's customers are the most satisfied insurance customers, and Gjensidige has achieved a top ranking in BI's sustainability barometer in the insurance industry. Gjensidige also received the award for Norway's best customer service in the insurance category in Norway's largest customer service survey conducted by the Norwegian Customer Service Index.

Measurements of customer satisfaction showed that Gjensidige's customers continued to be very satisfied throughout 2024. Customer satisfaction is high and was 77 at the end of the year on a scale from 1 to 100. One explanation for the good results is that we have been very available and delivered good service throughout the year. At Gjensidige in Norway, customer loyalty is high, which confirms high satisfaction with our services. Around 93 per cent of the premium in Private comes from private customers who are members of an organisation or loyalty programme. These customers are characterized by even stronger loyalty than average. The most loyal insurance customers are those with the most products.

FURTHER IMPLEMENTATION OF A NEW CORE IT SYSTEM

Gjensidige is developing a new core IT system – IDIT – for non-life insurance. With IDIT, we get a platform that in the long term will give us flexibility when developing new products and services to provide better customer experiences. The new core system will strengthen our profitability and competitiveness. The investment in the new core system is expected to be handled within the current cost ratio target.

The system was introduced for private products in Denmark in 2023. Implementation for business products will take place gradually from 2025. Implementation in Sweden and Norway will be considered at a later date.

UNIQUE CUSTOMER DIVIDEND MODEL IN NORWAY

The arrangement for the payment of customer dividends from Gjensidige's largest owner, Gjensidigestiftelsen, is unique. Every year since the listing of Gjensidige, Gjensidigestiftelsen has paid customer dividends to non-life insurance customers in Norway based on the insurance premiums paid. During the period, customers have received an annual amount equivalent to 11–16 percent of the premium. We measure our customers' knowledge of customer benefits on an ongoing basis. In the fourth quarter of 2024, 86 per cent of customers were aware of the customer dividend model, and 55 per cent stated that the model helps them to continue their customer relationship to a greater extent. Awareness of the customer dividend scheme among potential customers was 45 per cent.

GOOD COLLABORATION WITH PARTNERS

Gjensidige has many years of experience with partner agreements.

Distribution in collaboration with partners is an important part of our business model in all geographical areas and segments of the Group's business.

As a general rule, the partner agreements are structured so that the customer dialogue is managed by Gjensidige directly. Gjensidige works closely and well with its strategic partners, and good management of partner agreements will continue to be a key factor in the future. Gjensidige has agreements with several fire insurance funds, banks, real estate agents, leasing companies, organisations and associations both in and outside Norway. During the year, Gjensidige renewed several agreements, including with the Norwegian Trekking Association, and entered into a partnership agreement with FOMO in Denmark. The agreements contribute to strengthening Gjensidige's position as a leading Nordic insurance company.

DIVESTMENT OF GJENSIDIGE'S OPERATIONS IN THE BALTICS

Gjensidige Forsikring entered into an agreement to sell its subsidiary ADB Gjensidige to ERGO International AG on 25 July 2024. The sale was the result of a review of the Group's strategy, and supports the ambition to create a leading Nordic non-life insurer and improve profitability and growth in the Nordic region.

The price has been agreed at 80 million euros. The agreement is subject to, among other things, regulatory approval and is expected to be completed at the latest in the beginning of 2026. The transaction resulted in an accounting loss of NOK 123 million in the third quarter of 2024. It is expected that the Group's solvency ratio will have a positive effect of approximately 4 percentage points upon completion of the sale.

EQUITY AND CAPITAL POSITION

The Group's equity amounted to NOK 26,015.8 million (24,235.0) at the end of the year. Return on equity was 22.7 per cent (18.2) for the year. The solvency margins at the end of the year were: • Approved partial internal model: 185 percent • Own partial internal model: 208 percent

The Group has a robust solvency position, and Gjensidige has an A rating from Standard & Poor's.

OFF-BALANCE SHEET LIABILITIES

As part of the ongoing financial management, an agreement has been entered into for the investment of up to NOK 2,260.4 million (1,316.1) in loan funds with secured loans and various private equity and real estate fund investments, in addition to the amounts recognised in the balance sheet.

PROFIT PERFORMANCE GROUP	2024	2023
NOK millions
Insurance service result Private	2,770.3	2,495.3
Insurance service result Commercial	3,461.8	3,543.5
Insurance service result Sweden	221.0	130.2
Insurance service result Corporate Centre	-1,066.6	-1,708.4
Insurance service result general insurance	5,386.6	4,460.6
Profit or loss before tax expense Pension	403.0	106.1
Financial result investment portfolio	2,458.3	2,527.1
Unwinding general insurance	-1,087.8	-1,012.1
Change in financial assumptions general insurance	207.3	-35.3
Other items1	-544.0	-542.2
Profit or loss before tax expense	6,823.4	5,504.3

1 Other items are explained in note 8 Specification of other items.

² Large losses in excess of NOK 30.0 million are charged to the Corporate Centre, while claims of less than NOK 30.0 million are charged to the segment in which the large losses occur. The Swedish segment has a retention level of NOK 10 million. Large losses allocated to the Corporate Centre amounted to NOK 659.3 (915.2). Accounting items related to reinsurance are also included.

³ Defined as an alternative performance measure (APM). APMs are described in a separate document published on gjensidige.com/reporting. ⁴ Large losses = loss events in excess of NOK 10.0 million.

⁵ Underlying frequency loss ratio, net of reinsurance = (insurance claims expenses + reinsurance premiums + amounts recovered from reinsurance + large losses, net of reinsurance - run-off gains/losses, net of reinsurance - risk adjustment, net of reinsurance)/insurance revenue.

⁶ Solvency ratio = Total eligible own funds to meet the Solvency Capital Requirement (SCR), divided by SCR.

ALTERNATIVE PERFORMANCE MEASURES	2024	2023
NOK millions
Large losses, net of reinsurance2, 3, 4	1,810.9	1,790.3
Run-off gains and losses, net of reinsurance3	305.6	433.7
Change in risk adjustment, net of reinsurance3	326.9	38.4
Discounting effect3	1,055.6	992.4
Insurance revenue from general insurance	38,359.4	34,568.1
Insurance revenue changes in general insurance, local currency	10.4%	8.5%

Loss ratio, gross3	74.6%	74.3%
Net reinsurance ratio3	-0.9%	-0.9%
Loss ratio, net of reinsurance3	73.7%	73.4%
Cost ratio3	12.3%	13.7%
Combined ratio3	86.0%	87.1%
Underlying frequency loss ratio, net of reinsurance3, 5	70.6%	69.6%
Solvency ratio6	184.9%	165.5%

CASH FLOW

Gjensidige is primarily an insurance company in which investments are part of the operational cash flow and therefore largely affected by strategic decisions. The Company's ability to self-finance investments is good.

The net cash flow from operational activities mainly consists of payments in the form of premiums and income from mobility services, net payments made/received in connection with buying and selling securities, plus payments in the form of claims settlement costs, administration expenses and tax. The net cash flow from operational activities was NOK 4,231.7 million (4,860.2) in 2024. The positive cash flow in 2024 can be explained by incoming premiums exceeding the Group's payments.

The net cash flow from investment activities mainly consists of payments made/received in connection with the acquisition of subsidiaries and associated companies, owner-occupied property, plant and equipment. The net cash flow from investment activities in 2024 was minus

NOK 447.6 million (minus 1,028.9). The negative cash flow is primarily due to the purchase and development of software in addition to capital increases in the Group's affiliates.

The net cash flow from financing activities mainly consists of payments made/received in connection with external debt financing and the payment of dividend to shareholders. The net cash flow from financing activities in 2024 was minus NOK 2,990.0 million (minus 4,080.1 million). The negative cash flow is due to the payment of dividend and net payments on the issuance/redemption of perpetual Tier 1 capital.

STRONG GROWTH IN INSURANCE INCOME. COMBINED RATIO NEGATIVELY IMPACTED BY HIGH CLAIMS COSTS FOR MOTOR INSURANCE IN NORWAY

Insurance revenues from general insurance increased by 11.0 percent in 2024. The combined ratio improved by 1.1 percentage points from 2023 to 86.0 percent, driven by strong operations and good progress in measures to further streamline sales and claims processes. High claims costs for

motor insurance in Norway affected profitability and prevented Gjensidige from achieving the combined ratio target of <84 per cent.

The cost ratio for the year was 12.3 per cent.

The solvency ratio at year-end 2024 was 185 per cent, adjusted for the proposed dividend of NOK 5,000.0 million for the 2024 financial year, and reflects Gjensidige's solid capital position.

The financial result and the result from pension activities contributed to a return on equity of 22.7 per cent.

OPERATIONAL TARGETS

The operational targets are important to support the delivery of strategic priorities and Gjensidige's financial targets. The targets for the Group and outside Norway exclude the Baltics. The customer satisfaction score is slightly down, reflecting a lower score mainly in Private Norway. Gjensidige will continue to identify measures and take steps to maintain a strong customer offering and high customer satisfaction.

Retention in Norway remained high and stable. Retention outside Norway declined slightly, driven by Commercial in Denmark. Private in Denmark and Sweden showed an improved retention.

The improvement in the digital distribution index reflects an increase in all components of the index, with digital sales showing the highest improvement. Distribution efficiency is progressing well. The increase in 2024 is a result of improvement initiatives in Norway and Denmark, including the transfer of best practice between the countries. Improved digital customer solutions and enhanced implementation of the new core IT system in Denmark as well as organisational adaptions are among the key drivers for the improvement.

Digital claims increased, driven by Norway and Sweden.

Automated claims also increased.

FINANCIAL TARGETS	DELIVERED 2024	TARGET 2024
Combined ratio 1	86.0%	<84%
Cost ratio 1	12.3%	<14%
Solvency ratio 2	185%	140-190%
ROE after tax 1	22.7%	>22%
Dividends (per share)	NOK 9.00 Regular	Dividend policy
	NOK 1.00 Special

1Defined as an alternative performance measure (APM). APMs are described in a separate document published on gjensidige.com/reporting. 2Solvency ratio = Total eligible own funds to meet the Solvency Capital Requirement (SCR), divided by SCR. Based on the approved partial internal model.

3 Excluding the Baltics

OPERATIONAL TARGETS		STATUS 2024	TARGET 2026
Customer satisfaction (CSI) (Group1)		77	> 78
Customer retention	Norway	91%	> 90%
	Outside Norway	84%	> 85%
Digital distribution index (Group1)		+10%	+ 5–10% annual
Sales efficiency (Private)		+13%	+ 25%
Digital claims reporting (Group1)		75%	> 85%
Automated claims processing (Norway)		62%	> 70%

GENERAL INSURANCE PRIVATE

The insurance service result increased by 11.0 per cent, mainly driven by higher insurance revenue. The result in Norway increased by 18.8 per cent. The result in Denmark was minus NOK 198.8 million (minus NOK 4.3 million). Difficult weather conditions in the first quarter last year impacted the results negatively in Norway and Denmark with an estimated impact on claims amounting to NOK 177.3 million (60.0), of which NOK 163.1 million (60.0) in Norway and NOK 14.2 million (0) in Denmark.

Insurance revenue increased by 10.5 per cent. In Norway, insurance revenue increased by 8.9 per cent, mainly driven by price increases in all main product lines. Volumes increased for property and travel insurance, while the number of cars decreased slightly as a result of targeted pricing measures. The customer retention rate remained high. Insurance revenue in Denmark increased by 16.5 percent in local currency, due to price increases for all the main products and volume growth for payment protection, accident and health, property and motor insurance. PenSam Forsikring contributed 7.4 percentage points to the growth in Denmark. The customer retention rate improved.

The loss ratio increased by 0.8 percentage points, reflecting a higher underlying frequency loss ratio and higher large losses. Higher run-off gains,

a higher discounting effect and changes in risk adjustment contributed positively. The underlying frequency loss ratio increased by 2.1 percentage points. Adjusted for weather-related claims in 2024 and 2023, the loss ratio increased by 1.1 percentage points and the underlying frequency loss ratio increased by 2.4 percentage points.

In Norway, the underlying frequency loss ratio increased by 1.3 percentage points. Adjusted for weather-related frequency claims in both 2024 and 2023, the underlying frequency loss ratio increased by 1.7 percentage points, mainly driven by motor insurance and reflecting both a higher frequency and higher severity. Profitability for accident and health insurance and travel insurance was also lower compared with last year. Profitability for property improved. In Denmark, the underlying frequency loss ratio increased by 5.0 percentage points. Adjusted for weather-related claims in 2024 and 2023, the underlying frequency loss ratio increased by 4.7 percentage points, primarily driven by motor and accident and health insurance. Motor insurance showed higher severity. Profitability for property insurance improved. Profitability for travel insurance was unchanged compared with 2023.

The cost ratio improved by 0.8 percentage points, due to efficiency measures in Norway and costs recognised in the third quarter last year following renewal of a distribution agreement in Denmark.

GENERAL INSURANCE PRIVATE	2024	2023
NOK millions
Insurance revenue	15,179.0	13,736.2
Incurred claims and changes in past and future service	-10,612.2	-9,716.8
Other incurred insurance service expenses	-2,059.5	-1,980.5
Insurance service result before reinsurance contracts held	2,507.3	2,038.9
Reinsurance premiums	-183.2	-141.5
Amounts recovered from reinsurance	446.2	598
Insurance service result	2,770.3	2,495.3

Large losses, net of reinsurance1	188.7	91.4
Run-off gains and losses, net of reinsurance1	364.9	73.6
Change in risk adjustment, net of reinsurance1	13.4	10.1
Discounting effect1	301.1	265.9

Loss ratio, gross1	69.9%	70.7%
Net reinsurance ratio1	-1.7%	-3.3%
Loss ratio, net of reinsurance1	68.2%	67.4%
Cost ratio1	13.6%	14.4%
Combined ratio1	81.7%	81.8%
Underlying frequency loss ratio, net of reinsurance1	69.4%	67.4%

¹ Defined as an alternative performance measure (APM). APMs are described in a separate document published at gjensidige.com/reporting

GENERAL INSURANCE PRIVATE NORWAY	2024	2023
NOK millions
Insurance revenue	12,464.4	11,445.4
Incurred claims and changes in past and future service	-8,349.8	-8,008.2
Other incurred insurance service expenses	-1,442.8	-1,420.7
Insurance service result before reinsurance contracts held	2,671.7	2,016.5
Reinsurance premiums	-122.0	-91.0
Amounts recovered from reinsurance	419.4	574.2
Insurance service result	2,969.2	2,499.6

Large losses, net of reinsurance1	181.4	74.5
Run-off gains and losses, net of reinsurance1	515.8	113.2
Change in risk adjustment, net of reinsurance1	21.1	5.8
Discounting effect1	261.5	225.2

Loss ratio, gross1	67.0%	70.0%
Net reinsurance ratio1	-2.4%	-4.2%
Loss ratio, net of reinsurance1	64.6%	65.7%
Cost ratio1	11,6%	12.4%
Combined ratio1	76.2%	78.2%
Underlying frequency loss ratio, net of reinsurance1	67.5%	66.1%
Customer retention rate2	90.0%	89.9%

GENERAL INSURANCE PRIVATE NORWAY	2024	2023	GENERAL INSURANCE PRIVATE DENMARK	2024	2023
NOK millions			NOK millions
Insurance revenue	12,464.4	11,445.4	Insurance revenue	2,714.6	2,290.8
Incurred claims and changes in past and future service	-8,349.8	-8,008.2	Incurred claims and changes in past and future service	-2,262.3	-1,708.6
Other incurred insurance service expenses	-1,442.8	-1,420.7	Other incurred insurance service expenses	-616.7	-559.8
Insurance service result before reinsurance contracts held	2,671.7	2,016.5	Insurance service result before reinsurance contracts held	-164.4	22.4

Reinsurance premiums	-122.0	-91.0	Reinsurance premiums	-61.2	-50.5
Amounts recovered from reinsurance	419.4	574.2	Amounts recovered from reinsurance	26.8	23.8
Insurance service result	2,969.2	2,499.6	Insurance service result	-198.8	-4.3

Large losses, net of reinsurance1	181.4	74.5	Large losses, net of reinsurance1	7.2	16.8
Run-off gains and losses, net of reinsurance1	515.8	113.2	ARun-off gains and losses, net of reinsurance1	-150.9	-39.6
Change in risk adjustment, net of reinsurance1	21.1	5.8	Change in risk adjustment, net of reinsurance1	-7.7	4.3
Discounting effect1	261.5	225.2	Discounting effect1	39.6	40.7
			Insurance revenue in local currency (DKK)1	1,740.4	1,494.0
Loss ratio, gross1	67.0%	70.0%
Net reinsurance ratio1	-2.4%	-4.2%	Loss ratio, gross1	83.3%	74.6%
Loss ratio, net of reinsurance1	64.6%	65.7%	Net reinsurance ratio1	1.3%	1.2%
Cost ratio1	11,6%	12.4%	Loss ratio, net of reinsurance1	84.6%	75.7%
Combined ratio1	76.2%	78.2%	Cost ratio1	22.7%	24.4%
Underlying frequency loss ratio, net of reinsurance1	67.5%	66.1%	Combined ratio1	107.3%	100.2%
Customer retention rate2	90.0%	89.9%	Underlying frequency loss ratio, net of reinsurance1	78.5%	73.5%
1 Defined as an alternative performance measure (APM). APMs are		2 The proportion of Gjensidige's customers at the end of the year who	Customer retention rate2	83.7%	81.7%

described in a separate document published at gjensidige.com/reporting

2 The proportion of Gjensidige's customers at the end of the year who were also customers at the end of the previous year.

GENERAL INSURANCE COMMERCIAL

The insurance service result decreased by 2.3 per cent, driven by a higher loss ratio. The result in Norway decreased by 2.9 per cent, while the result in Denmark decreased by 2.6 per cent in local currency. Difficult weather conditions in the first quarter impacted the results negatively, with an impact on claims estimated at NOK 166.6 million (20.0), of which NOK 137.6 million (20.0) in Norway and NOK 29.1 million (0) in Denmark.

Insurance revenue increased by 12.4 per cent. In Norway insurance revenue increased by 10.8 per cent, primarily driven by price increases for all products, solid renewals and some volume growth for motor products. The customer retention rate remained high. Insurance revenue in Denmark increased by 13.9 per cent in local currency, driven by price increases for all main products and higher volumes for property, accident and health, liability and travel insurance. The portfolio from Sønderjysk Forsikring contributed 2.8 percentage points to the growth. The customer retention rate was lower due to pricing measures.

The loss ratio increased by 2.3 percentage points, driven by a higher underlying frequency loss ratio, higher large losses and lower run-off gains. The underlying frequency loss ratio increased by 1.1 percentage points. Adjusted for weather-related

claims in 2024 and 2023, the loss ratio increased by 2.0 percentage points and the underlying frequency loss ratio increased by 0.9 percentage points.

In Norway, the underlying frequency loss ratio increased by 1.6 percentage points. Adjusted for weather-related claims in 2024 and 2023, the underlying frequency loss ratio increased by 1.5 percentage points, driven by motor and liability insurance. The decline in profitability for motor insurance was driven by a higher claims frequency and higher severity. Property and accident and health showed improved profitability, reflecting pricing measures.

The underlying frequency loss ratio in Denmark improved by 0.2 percentage points. Adjusted for weather-related claims in 2024 and 2023, the underlying frequency loss ratio improved by 0.4 percentage points, driven by improved profitability for accident and health. Motor insurance showed lower profitability due to higher claims frequency and severity. Travel insurance showed slightly lower profitability. Profitability for property insurance was stable.

The cost ratio increased by 0.2 percentage points.

GENERAL INSURANCE COMMERCIAL	2024	2023
NOK millions
Insurance revenue	20,988.3	18,667.5
Incurred claims and changes in past and future service	-16,502.0	-14,057.7
Other incurred insurance service expenses	-1,893.4	-1,653.1
Insurance service result before reinsurance contracts held	2,593.0	2,956.8
Reinsurance premiums	-769.0	-594.6
Amounts recovered from reinsurance	1,637.8	1,181.3
Insurance service result	3,461.8	3,543.5
Large losses, net of reinsurance1	922.9	753.8
Run-off gains and losses, net of reinsurance1	170.3	324.5
Change in risk adjustment, net of reinsurance1	-61.0	-61.0
Discounting effect1	687.9	647.7
Loss ratio, gross1	78.6%	75.3%
Net reinsurance ratio1	-4.1%	-3.1%
Loss ratio, net of reinsurance1	74.5%	72.2%
Cost ratio1	9.0%	8.9%
Combined ratio1	83.5%	81.0%
Underlying frequency loss ratio, net of reinsurance1	70.6%	69.5%

¹ Defined as an alternative performance measure (APM). APMs are described in a separate document published at gjensidige.com/reporting

GENERAL INSURANCE COMMERCIAL NORWAY	2024	2023	GENERAL INSURANCE COMMERCIAL DENMARK	2024	2023
NOK millions			NOK millions
Insurance revenue	14,066.7	12,695.1	Insurance revenue	6,921.6	5,972.5
Incurred claims and changes in past and future service	-11,556.4	-9,926.4	Incurred claims and changes in past and future service	-4,945.5	-4,131.3
Other incurred insurance service expenses	-1,132.1	-1,012.5	Other incurred insurance service expenses	-761.2	-640.6
Insurance service result before reinsurance contracts held	1,378.2	1,756.1	Insurance service result before reinsurance contracts held	1,214.8	1,200.6
Reinsurance premiums	-545.4	-411.9	Reinsurance premiums	-223.6	-182.7
Amounts recovered from reinsurance	1,582.5	1,143.8	Amounts recovered from reinsurance	55.3	37.5
Insurance service result	2,415.3	2,488.0	Insurance service result	1,046.5	1,055.4
Large losses, net of reinsurance1	787.5	727.1	Large losses, net of reinsurance1	135.5	26.7
Run-off gains and losses, net of reinsurance1	67.9	182.7	Run-off gains and losses, net of reinsurance1	102.4	141.7
Change in risk adjustment, net of reinsurance1	-30.3	-38.9	Change in risk adjustment, net of reinsurance1	-30.7	-22.1
Discounting effect	429.1	376.8	Discounting effect	258.8	270.8
Loss ratio, gross1	82.2%	78.2%	Insurance revenue in local currency (DKK)1	4,437.3	3,896.1
Net reinsurance ratio1	-7.4%	-5.8%	Loss ratio, gross1	71.5%	69.2%
Loss ratio, net of reinsurance1	74.8%	72.4%	Net reinsurance ratio1	2.4%	2.4%
Cost ratio1	8.0%	8.0%	Loss ratio, net of reinsurance1	73.9%	71.6%
Combined ratio1	82.8%	80.4%	Cost ratio1	11.0%	10.7%
Underlying frequency loss ratio, net of reinsurance1	69.5%	67.8%	Combined ratio1	84.9%	82.3%
Customer retention rate2	91.4%	91.0%	Underlying frequency loss ratio, net of reinsurance1	73.0%	73.2%

Customer retention rate2 86.0% 87.7% ¹ Defined as an alternative performance measure (APM). APMs are described in a separate document published at gjensidige.com/reporting

2 The proportion of Gjensidige's customers at the end of the year who were also customers at the end of the previous year.

GENERAL INSURANCE SWEDEN

The insurance service result increased by 69.7 per cent, driven by an improved loss ratio, lower operating expenses and higher insurance revenue. Difficult weather conditions in the first quarter impacted the results negatively, with an impact on motor claims estimated at NOK 11.9 million (0).

Insurance revenue increased by 6.1 per cent, or 3.7 per cent measured in local currency, reflecting price and volume increases in both the commercial and private portfolios. Commercial property and health insurance, private property and payment protection insurance, and commercial motor were the main drivers behind the growth. Insurance revenue for private motor insurance declined due to pricing measures.

The customer retention rate was stable.

The loss ratio improved by 2.8 percentage points, driven by an improved underlying frequency loss ratio and the change in risk adjustment. Lower run-off gains, a lower discounting effect and higher large losses contributed negatively. The underlying frequency loss ratio improved by 5.3 percentage points. Adjusted for weather-related motor claims in the first quarter of 2024, the underlying frequency loss ratio improved by 5.9 percentage points, mainly driven by motor and property insurance in both portfolios, and private health insurance. The improvement reflects an improved risk selection and pricing measures. Private payment protection insurance and commercial health showed lower profitability.

The cost ratio improved by 1.4 percentage point mainly driven by increased insurance revenue and cost-efficiency measures.

GENERAL INSURANCE SWEDEN	2024	2023
NOK millions
Insurance revenue	1,996.7	1,882.3
Incurred claims and changes in past and future service	-1,504.2	-1,536.5
Other incurred insurance service expenses	-299.2	-308.2
Insurance service result before reinsurance contracts held	193.3	37.6
Reinsurance premiums Amounts recovered from reinsurance	-26.4 54.1	-19.7 112.4

Insurance service result	221.0	130.2
Large losses, net of reinsurance 1	40.0	29.9
Run-off gains and losses, net of reinsurance 1	77.5	116.4
Change in risk adjustment, net of reinsurance1	11.3	7.6
Discounting effect1	66.6	78.8
Insurance revenue in local currency1	1,962.1	1,891.7
Loss ratio, gross1	75.3%	81.6%
Net reinsurance ratio1	-1.4%	-4.9%
Loss ratio, net of reinsurance1	73.9%	76.7%
Cost ratio1	15.0%	16.4%
Combined ratio1	88.9%	93.1%
Underlying frequency loss ratio, net of reinsurance1	76.4%	81.7%
Customer retention rate2	79.3%	79.0%

¹ Defined as an alternative performance measure (APM). APMs are described in a separate document published at gjensidige.com/reporting

² The proportion of Gjensidige's customers at the end of the year who were also customers at the end of the previous year.

PENSION

The profit before tax expense was NOK 403.0 million (106.1), driven by an improved insurance service result, increase in net finance income and in income from the unit linked business. The profit before tax expense adjusted for the change in the Contractual Service Margin (CSM), was NOK 812.8 million (370.5).

The insurance service result was NOK 71.7 million (minus 67.6), reflecting adjustments to best estimate of future liabilities and profit sharing in the first quarter, reduction of the risk adjustment made in the second quarter, and a higher claims frequency for child pension insurance in the third quarter. The strengthening of provisions for child pension and reinsurance in the fourth quarter of 2023 also contributed to the improvement. The insurance result, excluding these effects was minus NOK 48.7 million (minus 6.1), with the decline reflecting losses on onerous contracts being recognised immediately whereas profitable contracts are recognised through the CSM over time. Insurance revenue increased by 13.2 per cent mainly due to higher business volumes. Insurance claims expenses decreased by 15.1 per cent due to the reduction of the risk adjustment in the second quarter mentioned above. Insurance operating expenses decreased by 4.4 per cent, mainly reflecting the write-down of the new core IT-system in the third quarter 2023.

Net finance income was NOK 163.7 million (60.7) reflecting higher interest rates during the year.

Administration fees increased by 12.8 per cent due to growth in the number of occupational pension members of 12,817 to a total of 317 000. Management income increased by 19.1 per cent, driven by growth in assets under management of NOK 17.8 billion to NOK 87.1 billion. Other expenses increased by 5.6 per cent reflecting a higher headcount and higher business volumes following the growth in occupational pension members.

¹ Recognised return on the paid-up policy portfolio (IFRS 4) = realised return on the portfolio according to IFRS 4

² Value-adjusted return on the paid-up policy portfolio (IFRS 4) = total return on the portfolio according to IFRS 4

³ Defined as an alternative performance measure (APM). APMs are described in a separate document published at gjensidige.com/reporting

⁴ Solvency ratio = Total eligible own funds to meet the Solvency Capital Requirement (SCR), divided by SCR

PENSION	2024	2023
NOK millions
Insurance revenue	523.4	462.5
Incurred claims and changes in past and future service	-366.3	-431.2
Other incurred insurance service expenses	-124	-129.7
Insurance service result before reinsurance contracts held	33.1	-98.4
Amounts recovered from reinsurance	38.6	30.8
Insurance service result	71.7	-67.6
Net investment income	270.3	306.7
Unwinding	-384.5	-313.8
Change in financial assumptions	277.9	67.7
Net finance income or expense	163.7	60.7
Administration fees	219.2	194.3
Management income	302.2	253.7
Other expenses	-353.7	-335.1
Net income from unit link business	167.7	113
Profit or loss before tax expense	403.0	106.1
Profit or loss before tax expense adjusted for change in CSM, net of	812.8	370.5
reinsurance
Occupational pension members	317,105	304,288
Total assets under management	87,116	69,348
- of which the unit link portfolio	76,608	59,770
Value-adjusted return on the paid-up policy portfolio (IFRS 4)2	4.0%	1.2%
Return on equity (IFRS 4)3	21.3%	1.8%
Solvency ratio4	142.2%	129.7%

MANAGEMENT OF THE INVESTMENT PORTFOLIO

The Group's investment portfolio includes all financial investments in the Group, except for the pension segment. The investment portfolio is split into two parts: a match portfolio and a free portfolio, and all investments are measured at fair value. The match portfolio is intended to match the Group's technical provisions as measured in accordance with the solvency regulations. It is invested in fixed-income instruments that match the duration and currency of the technical provi sions. The purpose of the free portfolio is to con tribute to the Group's results. The investments are made in various asset classes, reflecting the Group's capitalisation, risk capacity and risk appetite. The results from derivatives for tactical and risk management purposes are assigned to the respective asset classes. Currency exposure relating to fixed-income investments is generally hedged 100 per cent, within a permitted range of +/- 10 per cent per currency. Currency risk relating to equities can be hedged between 0 and 100 per cent

MATCH PORTFOLIO

The match portfolio amounted to NOK 39.2 billion (36.4). The portfolio generated a return of 4.0 per cent (4.5). Securities without an official credit rating amounted to NOK 7.3 billion (6.1). Of these securities 6.0 per cent (9.4) were issued by Norwegian savings banks, while the remainder were mostly issued by property companies, cor porates and municipalities. Bonds with a coupon linked to the development of the Norwegian and Danish consumer price indices accounted for 2.2 per cent (2.4) of the match portfolio

FREE PORTFOLIO

The free portfolio amounted to NOK 23.2 billi on (24.3). The return was 3.8 per cent (3.8).

Fixed-income instruments

The fixed-income instruments in the free port folio amounted to NOK 19.6 billion (20.6), of which fixed-income short duration investments accounted for NOK 10.0 billion (8.2). The rest of the portfolio was invested in Norwegian and international bonds (investment grade and high yield). At the end of the period, the average dura tion and yield in the portfolio were approximately 1.4 years (1.7) and 4.6 per cent (4.5) respecti vely. Securities without an official credit rating amounted to NOK 5.7 billion (4.3). Of these 6.6 per cent (12.9) were issued by Norwegian savings banks, while the remainder were primarily issued by corporates and municipalities.

Equity

The total equity holding at the end of the year was NOK 1.9 billion (2.6), of which NOK 1.0 billi on (1.5) consisted of listed equities and NOK 1.0 billion (1.1) of private equity (PE) funds.

Property

During the fourth quarter, the Group invested NOK 1.1 billion in commercial property. The exposure consists of two properties in Oslo.

Corporates Banks/ financial institutions Government/ Public sector

REVIEW OF THE FINANCIAL RESULT

INVESTMENT PORTFOLIO	RESULT
NOK millions	2024	2023
Match portfolio	1,534.8	1,619.8
Unwinding general insurance	-1,087.8	-1,012.1
Change in financial assumptions general insurance	207.3	-35.3
Net financial result match portfolio	654.4	572.4
Free portfolio	923.4	907.3
Net financial result investment portfolio	1,577.8	1,479.8

	RESULT		CLOSING BALANCE
NOK millions	2024	2023	2024	2023
Match portfolio
Fixed-income NOK	1,049.0	1,023.4	23,351.6	20,734.6
Fixed-income DKK	394.8	459.5	13,196.7	11,546.7
Fixed-income SEK	91	136.8	2 620.1	4,115.9
Match portfolio	1,534.8	1,619.8	39,168.4	36,397.1
Free portfolio
Fixed income - short duration	386.9	309.6	9,987.6	8,196.4
Global investment grade bonds	433.5	307.9	8,664.7	10,623.9
Global high yield bonds	49.9	98.7	428.8	639.5
Other bonds	88.1	156.4	508.3	1,155.5
Listed equities1	147.2	156	975.7	1,492.4
PE funds	15.5	41.9	966.9	1,118.0
Property	11.1		1,125.5
Other2	-208.8	-163.2	533.7	1,105.4
Free portfolio	923.4	907.3	23,191.3	24,331.1
Financial result investment portfolio3	2 458.3	2 527.1	62 359.7	60 728.2

¹ Investments mainly in internationally diversified funds that are externally managed. The equity risk exposure is reduced by NOK 106.6 million due to derivatives.

2 The item mainly comprises hedge funds, commodities and finance-related expense.

3 Defined as an alternative performance measure (APM). APMs are described in a separate document published at gjensidige.com/reporting

YIELD AND DURATION

	Yield (%) 31.12.2024	Duration in years 31.12.2024
Match portfolio
Fixed-income NOK	4.9	2.2
Fixed-income DKK	2.3	4.2
Fixed-income SEK	3.3	3.4
Match portfolio	3.9	2.9
Free portfolio	4.6	1.4
Insurance liabilities general insurance		3.5

RETURN PER ASSET CLASS

Per cent	2024	2023
Match portfolio
Fixed-income NOK	4.7	5.1
Fixed-income DKK	3.2	4
Fixed-income SEK	2.6	3.5
Match portfolio	4.0	4.5
Free portfolio
Fixed income - short duration	4	3.5
Global investment grade bonds	4.4	3.4
Global high yield bonds	7.1	11
Other bonds	9.2	10.5
Listed equities1	12.4	9.3
PE funds	1.5	3.5
Property	1.0
Other2	-36.7	-16.2
Free portfolio	3.8	3.8
RETURN ON INVESTMENT PORTFOLIO3	3.9	4.2

¹ Investments mainly in internationally diversified funds that are externally managed. The equity risk exposure is reduced by NOK 106.6 million due to derivatives.

2 The item mainly comprises hedge funds, commodities and finance-related expenses.
3 Defined as an alternative performance measure (APM). APMs are described in a separate document published at gjensidige.com/reporting

EVENTS AFTER THE END OF THE REPORTING PERIOD

No significant events have occurred after the end of the reporting period.

BOARD LIABILITY INSURANCE

Gjensidige Forsikring ASA has taken out board liability insurance for the Group and subsidiaries. The insurance covers the Board's and the CEO's legal personal liability for pure property damage caused by the performance of their duties.

CHANGES IN FRAMEWORK CONDITIONS/ REGULATIONS – SOLVENCY POSITION

In 2018, Gjensidige was granted approval by the Financial Supervisory Authority to use a partial internal model to calculate regulatory capital requirements. The model that was approved was more conservative than the model Gjensidige originally applied for.

Gjensidige believes that the partial internal model, without the conditions imposed by the Financial Supervisory Authority, provides a better representation of risk and we are working for ap proval of Gjensidige's own version of the partial internal model.

In November 2024, storm risk modelling was approved by the Financial Supervisory Authority, which resulted in a significant reduction in the ca pital requirement. Work is continuing to approve a separate modelled correlation between market and insurance risk, as well as lower capital requi rements for both market risk and insurance risk.

ALLOCATION OF THE PROFIT BEFORE OTHER INCOME AND EXPENSES

The Group's profit amounted to NOK 5,180.7 million (4, 130.4). The Board has adopted a divi dend policy that forms the basis for the dividend proposal submitted to the General Meeting. The Board proposes a dividend of NOK 5,000 million for the 2024 financial year. This corresponds to

NOK 10.00 per share, of which NOK 9.00 per share is based on profit or loss for 2024 and NOK 1.00 per share is based on distribution of excess capital. The regular dividend corresponds to a distribution ratio of 88 per cent of the Group's profit after tax. The proposed dividend is subject to approval by the Financial Supervisory Autho rity of Norway since the amount exceeds 100 per cent of the profit for the year in Gjensidige ASA.

Gjensidige's capitalisation is adapted at all times to the Group's adopted strategic goals and appe tite for risk. The Group shall maintain its financial freedom of action in parallel with strong capital discipline that supports the Group's targeted return on equity.

It is proposed that the parent company's profit before other components of income and expense of NOK 4,728.4 million be allocated as follows:

NOK MILLIONS

Dividend proposed	5,000.0
Transferred to/(from) undistributable reserves	123.3
Transferred to/(from) other retained earnings	-394.8
ALLOCATED	4,728.4

Other comprehensive income and expense as presented in the income statement are not included in the allocation of profit.

Outlook

Financial targets

	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 > NOK 7.5 billion Denmark >DKK 750 million

These are financial targets and should not be regarded as guidance for any specific quarter or year. Unexpected circumstances relating to the weather, the proportion of large losses and runoff gains or losses could contribute to a combined ratio that is above or below the annual target rate.

Gjensidige will help customers to secure safe and good lives at home, to secure their pension, lives and health and be the preferred partner for mobility solutions. Being available for our customers whenever and wherever they expect and making sure we are relevant in every touchpoint with relevant products and services, will improve customer experiences, strengthen loyalty, and increase core insurance sales and profitability even further. The Group will seek to continue to have an optimal product mix with the focus on growing in private and SME, and to distribute through an omni-channel model with a preference for direct customer dialogue. Profitability will be prioritised over growth.

Gjensidige's ambition is to be a leading general insurance company in the Nordics. The Group's priority is to further strengthen its unique position in Norway and strengthen its profitability and growth outside Norway. Furthermore, the Group will focus on ensuring continued capital discipline, including delivering attractive returns to shareholders. Sustainable choices and solutions are fundamental prerequisites for long term value creation. The top three priorities are contributing to a safer society, sustainable claims handling and responsible investments.

Gjensidige has a strong focus on the Group's core business, general insurance, to create a common direction, facilitate synergies, release scale benefits, and realise synergies, particularly across Norway and Denmark.

The Group will continue to pursue profitable growth, building on its strong position in Norway, while at the same time strengthening its presence outside Norway, with particular focus on profitable growth in Denmark. The Group will also seek collaborative and strategic partnerships across our geographies. Organic growth is expected to be in line with nominal GDP growth in Gjensidige's market areas in the Nordic countries over time.

Continued investments in technology and data are key to reducing costs and achieving enhanced functionality and flexibility. This is necessary to enable more flexible partner integration and product modularity. The launch of next-generation tariffs, CRM and investments in a new core system and IT infrastructure are important to succeed in becoming an analytics-driven company. This will result in better customer experiences and more efficient operations and create sufficient capacity for innovation. Gjensidige has launched its new core IT system in Private Denmark and will gradually implement it in other parts of the Danish operations and other geographies. The investment is expected to be handled within the current cost ratio target.

In the next few years, it is expected that Gjensidige's business model and the type of market participants will broadly remain the same.

The global economic prospects are uncertain. The Nordic economies have a strong starting point from which to weather the current volatilities. Despite the high level of uncertainty, Gjensidige does not expect to see any significant impact on demand for insurance products or the Group's ability to deliver on its obligations to customers.

The Group has high capital buffers in relation to internal risk models, statutory solvency requirements and its target rating. The Board considers the Group's capital situation and financial position to be strong.

Staying ahead of the development in claims cost is key to maintaining good profitability and is given high priority in Gjensidige. Gjensidige vigilantly monitors developments in the relevant markets and has put through planned price increases and increased deductibles. The Group will continue to strengthen measures as deemed necessary to mitigate the increase in claims. The combined ratio for the Group and the underlying frequency loss ratio for Private and Commercial will improve over time due to significant ongoing measures and disciplined prioritisation of profits over volume. Quarterly comparisons may be impacted by volatility in the claims frequency and severity. The focus on operational efficiency remains high, including measures to cut claims costs by realising scale advantages and improving processes through sharing best practices across borders.

The Board is confident in Gjensidige's ability to deliver solid earnings and dividend growth over time. The financial targets for 2025 and 2026 are maintained.

Oslo, 14. February 2025 The Board of Gjensidige Forsikring ASA

Geir Holmgren CEO

Gisele Marchand Chair

Ellen Kristin Enger Board member

Eivind Elnan Board member

Vibeke Krag Board member

Hilde Merete Nafstad Board member

Board member

Gyrid Skalleberg Ingerø Tor Magne Lønnum Board member

Gunnar Robert Sellæg

Sebastian Buur Gabe Kristiansen Board member

Ruben Pettersen Board member

FINANCIAL STATEMENT

Gjensidige Annual Report 177

{Review of financial result}

With notes

Gjensidige Forsikring Group GJENSIDIGE FORSIKRING GROUP

Gjensidige Annual Report 178

GJENSIDIGE FORSIKRING ASA

Gjensidige Forsikring ASA

Gjensidige Annual Report 179

Statement from the Board and the CEO

The Board of Directors and the CEO have today considered and approved the annual report for Gjensidige Forsikring ASA, the Group and parent company, for the calendar year 2024 and as of 31 December 2024.

The annual report complies with all requirements for annual accounts, the Directors' report, statement on corporate governance and sustainability.

The consolidated financial statements have been prepared in accordance with the EU-approved IFRS standards and pertaining interpretation statements applicable as of 31 December 2024, disclosure requirements that follow from

the Norwegian Accounting Act, as well as the additional disclosure requirements that follow from the Regulations relating to annual accounts for general insurance companies (Regulations No 1775 of 18 December 2015) issued pursuant to the Accounting Act.

To the best of our knowledge:

the annual accounts for 2024 for the Group and the parent company have been prepared in accordance with applicable accounting standards
the information in the accounts provides

a true and fair picture of the Group's and the parent company's assets, liabilities, financial position and

overall performance as of 31 December 2024
the annual report satisfies the requirements for the content of the Directors' report, which provides a true and fair overview of the development, results and position of the parent company and the group, together with a description of the most important risk and uncertainty

factors that the parent company and the group is considered to be facing

• The annual report and the content of the Directors' report have been prepared in accordance with standards for sustainability reporting established pursuant to section 2-6 of the Accounting Act, and in accordance with rules laid down pursuant to Article 8(4) of the Taxonomy Regulation.

Oslo, 14. February 2025 The board of Gjensidige Forsikring ASA

Geir Holmgren CEO

Gisele Marchand Chair

Hilde Merete Nafstad Board member

Ellen Kristin Enger Board member

Ruben Pettersen Board member

Eivind Elnan Board member

Gunnar Robert Sellæg Board member

Vibeke Krag Board member

Sebastian Buur Gabe Kristiansen Board member

Gyrid Skalleberg Ingerø

Board member

Gjensidige Annual Report 180

Tor Magne Lønnum Board member

Auditor's report

Report on the Audit of the Financial Statements

OPINION

We have audited the financial statements of Gjensidige Forsikring ASA, which comprise:

The financial statements of the parent company Gjensidige Forsikring ASA (the Company), which comprise the financial position as at 31 December 2024, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information.
The consolidated financial statements of Gjensidige Forsikring ASA and its subsidiaries (the Group), which comprise the financial position as at 31 December 2024, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information.

In our opinion

the financial statements comply with applicable statutory requirements,
the financial statements give a true and fair view of the financial position of the Company as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU, and
the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU.

Our opinion is consistent with our additional report to the Audit Committee.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided.

Deloitte AS Dronning Eufemias gate 14 Postboks 221 NO-0103 Oslo Norway

+47 23 27 90 00 www.deloitte.no

We have been the auditor of Gjensidige Forsikring ASA for 8 years from the election by the general meeting of the shareholders on 6. April 2017 for the accounting year 2017.

KEY AUDIT MATTER

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of 2024. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Registrert i Foretaksregisteret Medlemmer av Den norske Revisorforening Organisasjonsnummer: 980 211 282

Measurement of liabilities for incurred claims IT systems: Controls relevant for

financial reporting and data quality

DESCRIPTION OF THE KEY AUDIT MATTER	HOW THE MATTER WAS ADDRESSED IN THE AUDIT	DESCRIPTION OF THE KEY AUDIT MATTER	HOW THE MATTER WAS ADDRESSED IN THE AUDIT

Measurement of the Groups liabilities for incurred claims is based on different methods, models and estimates with associated assumptions related to future developments, to which there is uncertainty.

Note 1 and 5 describe the accounting principles used and the specified insurance obligations, note 2 describes the use of estimates and note 3 describes risk and capital management, including insurance risk.

For the measurement of liabilities for incurred claims, the used models and estimates with associated assumptions will be important. The most significant estimates relate to:

Estimates for future claims payments, which among other things depend on historical claim payment patterns.
Risk adjustment included in liabilities for incurred claims.

Management judgements relating to the choice of methods, models and estimates with associated assumptions when measuring liabilities for incurred claims is important for the annual report, and is therefore a key audit matter of our audit.

Gjensidige has established various control activities related to the measurement of liabilities for incurred claims. For liabilities for incurred liabilities, we assess and test the design of control activities related to data source, methods, models and determination of certain assumptions. For a selection of these control activities, we test whether they have worked during the period.

Gjensidige has established an actuarial function. The actuarial function performs various controls of the calculated provisions. We obtain the actuarial function's annual report and assess the results of the controls and the actuarial function's assessments as they appear in the annual report.

We use our own actuaries in the work to challenge and evaluate data source, choice of method, models, use of assumptions and estimates in the measurement of liabilities for incurred claims, as well as assessment of the year's provisions. For selected branches, we estimate provisions based on data received from the company.

We assess whether the disclosure information related to liabilities for incurred claims is adequate.

Gjensidige has an extensive IT environment with

a variety of different IT systems that support financial reporting. IT systems include both in-house developed and standardized systems with different degrees of adaptations and changes. A significant part of the IT operations and infrastructure is outsourced to service providers. The IT systems are essential to recording and reporting of transactions and to provide data for significant estimates and calculations as well to as obtain relevant additional information. Refer to note 3 for further information on operational risk in Gjensidige.

Good governance and control of IT systems in Gjensidige and service providers are essential for ensuring accurate, complete and reliable financial reporting and is thus identified as a key audit matter.

Gjensidige has established an overall governance model and control activities related to its IT systems. We have obtained an understanding of the overall governance model for IT systems that are relevant for financial reporting.

We have assessed the design of control activities related to IT operations that are relevant for financial reporting, change management and access controls. For a sample of these controls, we tested if they operated effectively in the reporting period.

We assessed the third party confirmation (ISAE 3402) from several of Gjensidige's service providers to assess whether the service provider had adequate internal controls in areas that are important for Gjensidige's financial reporting.

We used our own IT specialists to understand the overall governance model for IT systems and in the assessment and testing of control activities related to IT.

Registrert i Foretaksregisteret Medlemmer av Den norske Revisorforening Organisasjonsnummer: 980 211 282

OTHER INFORMATION

The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors' report and the other information accompanying the financial statements. The other information comprises information in the annual report, but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors' report nor the other information accompanying the financial statements.

In connection with our audit of the financial statements, our responsibility is to read the Board of Directors' report and the other information accompanying the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors' report and the other information accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors' report and the other information accompanying the financial statements otherwise appear to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors' report or the other information accompanying the financial statements. We have nothing to report in this regard.

Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors' report

is consistent with the financial statements and
contains the information required by applicable statutory requirements.

Our opinion on the Board of Directors' report applies correspondingly to the statement on Corporate Governance.

Our opinion on whether the Board of Director's report contains the information required by applicable statutory requirements, does not cover the Sustainability Statement, on which a separate assurance report will be issued.

RESPONSIBILITIES OF MANAGEMENT FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's and the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or the Group or to cease operations, or has no realistic alternative but to do so.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's and the Group's internal control.
evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
conclude on the appropriateness of management's use of the going concern

basis of accounting, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern.

evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view.
obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Registrert i Foretaksregisteret Medlemmer av Den norske Revisorforening Organisasjonsnummer: 980 211 282

We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULAROTY REQUIREMENTS

Report on Compliance with Requirement on European Single Electronic Format (ESEF)

Opinion

As part of the audit of the financial statements of Gjensidige Forsikring ASA, we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name gjensidigeforsikring-2024-12-31-0-no, have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the

Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements.

In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF regulation.

Management's Responsibility

Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the financial statements included in the annual report have been prepared in compliance with ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements (ISAE) 3000 – "Assurance engagements other than audits or reviews of historical financial information". The standard requires us to plan and perform procedures to obtain reasonable assurance about whether the financial statements included in the annual report have been prepared in compliance with the ESEF Regulation.

As part of our work, we have performed procedures to obtain an understanding of the Company's processes for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess management's use of judgement. Our procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Oslo, 14. februar 2025 Deloitte AS

EIVIND SKAUG

State Authorised Public Accountant

Note: This translation from Norwegian has been prepared for information purposes only

Registrert i Foretaksregisteret Medlemmer av Den norske Revisorforening Organisasjonsnummer: 980 211 282

Gjensidige Annual Report 185

AI Terminal

Gjensidige Forsikring ASA

3606_10-k_2025-02-14_29e84aa4-7dfa-4b9a-8c01-5e34fb43df12.pdf

ANNUAL REPORT 2024

ABOUT THIS REPORT

TABLE OF CONTENTS

PART 1-4 ANNUAL REPORT: FINANCIAL STATEMENTS:

Part 1 INTRODUCTION

Part 2 THE COMPANY

Part 3 SUSTAINABILITY REPORT

Part 4 REVIEW OF FINANCIAL RESULT

Part 5 FINANCIAL STATEMENT

TIME PASSES – GJENSIDIGE ENDURES

THE PAST YEAR

NEW PRODUCTS GENERATE INCREASED VALUE

BEST CUSTOMER SERVICE

MTIDEN GÅR, GJENSIDIGE BESTÅR

OLD SLOGAN GETS NEW LEASE OF LIFE

CUSTOMER DIVIDEND

AI ANALYST

THE PAST YEAR

RECOGNITION FOR SUSTAINABILITY EFFORTS

SALE OF BUSINESS IN THE BALTICS

ATTRACTIVE EMPLOYER

PENSAM FORSIKRING MERGED INTO GJENSIDIGE

NEW HEAD OF GJENSIDIGE PENSJONSFORSIKRING

RETURN ON EQUITY 22.7%

KEY FIGURES AND ALTERNATIVE PERFORMANCE MEASURES

INSURANCE REVENUE, GENERAL INSURANCE NOK bln

COMBINED RATIO, GENERAL INSURANCE1

RETURN ON EQUITY1

SOLVENCY RATIO2

MARKET VALUE ON OSLO STOCK EXCHANGE AT 31 DEC. NOK bln

Gjensidige Annual Report 8

INTRODUCTION

TOTAL RETURN1

H2 TOC SUBHEADING INSURANCE SERVICE RESULT

Letter from the chair and CEO

We create safety in difficult times

People in focus

The world impacts us, and we impact the world

Our Nordic strategy

Good profitability despite increasing claims costs

Sound dividend payment

Good corporate governance

Gjensidige's governance structure

The Board

THE BOARD

SENIOR GROUP MANAGEMENT

THIS IS GJENSIDIGE

THIS IS US

Customer satisfaction - our customer promise

Our work on customer satisfaction

Customer dividend – a unique advantage for our Norwegian general insurance customers

Mission, vision and values

OUR MISSION

OUR VISION

OUR POSITION

CREATING A SENSE OF SECURITY

APPLYING NEW THINKING

GOING FOR IT

Targets for value creation

FINANCIAL TARGETS

OPERATIONAL TARGETS

Sustainability targets

A safer society

Sustainable claims handling

Responsible investments

Operational targets towards 2026

Customer orientation Efficient, sustainable processes

CUSTOMER SATISFACTION (CSI): Target, Group1: above 78

CUSTOMER RETENTION:

DIGITAL DISTRIBUTION INDEX:

SALES EFFICIENCY

DIGITAL CLAIMS REPORTING AND AUTOMATED CLAIMS PROCESSING:

H2 TOC SUBHEADING DIVIDEND NOK 5.0 BILLION

Gjensidige's business model

RISK ASSESSMENT AND MANAGEMENT

PRODUCTS AND SERVICES

DISTRIBUTION AND SALES