Gjensidige Forsikring ASA

Gjensidige Forsikring ASA - Provisions in the third quarter of 2018

Gjensidige Forsikring ASA will record provisions of approximately NOK 160

million in the third quarter of 2018 related to ongoing restructuring measures,

and expected claims for damaged agricultural crops in Norway.

As a result of continuing focus on improved distribution efficiency, Gjensidige

will close eight branch offices in Norway, involving staff reduction and

termination of property lease contracts. In addition, the Group has reduced the

staff in Sweden and Denmark. Gjensidige will record a restructuring provision of

approximately NOK 80 million in the third quarter of 2018. The provision will be

recognised in the Corporate Center.

The hot and dry weather this summer has resulted in significant damages on

agricultural crops in Norway. Damages on crops in Norway related to drought are

to a large extent covered by the Norwegian Government. However, Gjensidige

covers parts of the damages, beyond compensation from the Government. Due to the

particular process where Government compensation is a prerequisite for

forwarding claims to Gjensidige, and the fact that the deadline for applications

to the Government is 31 October, there is limited visibility on the outcome for

Gjensidige at this point of time. Based on current best estimate, Gjensidige

will record claims provisions of NOK 80 million, related to crop damages, in the

third quarter of 2018. The provision will be recognised in the Commercial

segment.

Contact persons, Gjensidige Forsikring ASA:

Head of Investor Relations: Mitra Hagen Negård, tel.: +47 957 93 631

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

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