Gjensidige Forsikring ASA

Earnings Release • Apr 28, 2023

A solid first quarter result

A solid first quarter result

This release contains inside information related to Gjensidige Forsikring ASA

pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act.

Continued strong growth due to effective pricing measures, combined with good

risk selection and stringent cost control, resulted in a good insurance service

result for the quarter despite the difficult weather conditions in Norway. The

return on the investment portfolio reflects improved market conditions. The

outlook for Gjensidige's insurance service results remains good.

Gjensidige Forsikring Group recorded a profit before tax of NOK 1,491.5 million

(1,037.3) for the quarter. The profit after tax was NOK 1,147.0 million (954.6)

and the corresponding earnings per share were NOK 2.26 (1.89). The profit in the

first quarter 2022 included a gain of NOK 0.8 billion on the sale of Oslo Areal.

The profit from general insurance operations measured by the insurance service

result was NOK 1,114.8 million (903.7), corresponding to a combined ratio of

86.9 (88.3).

- We are very pleased with the solid results this quarter, despite the

challenges posed by the difficult weather conditions. The outlook for our

business is good and I am confident that we are on the best possible trajectory

to continue our strong performance and deliver strong insurance results, says

CEO Geir Holmgren.

- Today, we are also announcing that we are transforming our organisational

structure to further enhance operational excellence and strengthen our position

to become a leading general insurance company in the Nordics and Baltics,

Holmgren says.

Insurance revenue from general insurance increased by 10.3 per cent to NOK

8,531.7 million (7,733.1) in the quarter, or by 7.4 per cent measured in local

currency. This was due to solid renewals, effective and differentiated pricing

measures and volume growth. The insurance service result increased by 23.3 per

cent, due to higher insurance revenue, lower large losses, a positive

discounting effect and higher run-off gains. The underlying frequency loss ratio

increased by 3.1 percentage points, with the main driver being difficult weather

conditions in Norway which impacted motor claims. The cost ratio was unchanged.

The Pension segment generated a loss for the period, driven by both a negative

insurance service result and net financial income. The negative insurance

service result must be seen in relation to the increase in the Contractual

Service Margin which represents expected profit to be released in the future,

upon expiry of the insurance contracts.

The financial result for the quarter was NOK 794.1 million (minus 1,128.4),

which corresponds to a return on total assets of 1.3 per cent (minus 1.8). The

result for the quarter was positively impacted by the rise in global equity

markets, depreciation of the Norwegian krone and lower credit spreads and

interest rates, especially outside Norway. A high running yield contributed to

good returns.

Highlights first quarter 2023 (first quarter 2022)

· Profit or loss before tax: NOK 1,491.5 million (1,037.3)

· Earnings per share: NOK 2.26 (1.89)

· Insurance revenue: NOK 8,531.7 million (7,733.1)

· Insurance service result: NOK 1,114.8 million (903.7)

· Combined ratio: 86.9 % (88.3 %)

· Cost ratio: 13.4 % (13.4 %)

· Financial result: NOK 794.1 million (minus 1,128.4)

This release contains alternative performance measures (APMs). APMs are

described at

www.gjensidige.no/reporting (https://eur02.safelinks.protection.outlook.com/?url=

http%3A%2F%2Fwww.gjensidige.no%2Freporting&data=04%7C01%7C%7C6f121ea6906e4de9c1a2

08d9991da38d%7C80184e22072c440ea8a922f52b82646d%7C0%7C0%7C637709174886993144%7CUn

known%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6M

n0%3D%7C1000&sdata=olrVzdkz1RuEnDJKcnZetjS0SXMcHDTktI6Bqwqoahg%3D&reserved=0) in

a document named APMs Gjensidige Forsikring Group Q12023.

This release is issued by Jon Aniksdal, Communication Manager at Gjensidige

Forsikring ASA.

Date and time of publication: 07:00 CET 28.04.2023

Contact persons,Gjensidige Forsikring ASA:

Head ofCommunication, Øystein Thoresen. Tel: 47 952 33 382

Head of Investor Relations Mitra Hagen Negård.Tel: 47 957 93 631

Gjensidige is a leading Nordic insurance group listed on the Oslo Stock

Exchange. We have about 4,200 employees and offer insurance products in Norway,

Denmark, Sweden and the Baltic states. In Norway, we also offerpension and

savings. The Group's operating income was NOK 34 billion in 2022, while total

assets were NOK 135 billion.