Gjensidige Forsikring ASA

Earnings Release • Apr 29, 2025

Higher results driven by a significant improvement in the insurance service result

Higher results driven by a significant improvement in the insurance service 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.

Gjensidige generated a profit after tax of NOK 1,299 million during the first

quarter, reflecting continued strong revenue growth and an improved combined

ratio. The results from the investment portfolios contributed to an annualised

return on equity of 22.2 per cent. The Group continues to implement targeted

pricing measures to further improve profitability. Gjensidige's capital position

is strong.

Highlights first quarter 2025 (first quarter 2024)

· Profit or loss before tax expense: NOK 1,718.7 million (1,085.8)

· Earnings per share: NOK 2.60 (1.59)

· Insurance revenue: NOK 9,993.9 million (9,060.1)

· Insurance service result: NOK 1,313.6 million (715.2)

· Combined ratio: 86.9 % (92.1 %)

· Cost ratio: 12.0 % (12.7 %)

· Financial result: NOK 512.6 million (437.5)

Gjensidige Forsikring Group recorded a profit before tax expense of NOK 1,718.7

million (1,085.8) for the quarter.

The profit after tax expense from continuing operations was NOK 1,298.6 million

(830.4) and the corresponding earnings per share were NOK 2.53 (1.61).

The profit from general insurance operations measured by the insurance service

result was NOK 1,313.6 million (715.2), corresponding to a combined ratio of

86.9 (92.1).

-I am pleased that we have delivered a strong combination of revenue growth and

improved profitability, which together have resulted in a return on equity of

22.2 percent, says CEO Geir Holmgren.

-We are in a period of significant uncertainty both politically and

economically, and our job, which is to provide security to our customers, is

more important than ever, says Holmgren.

General insurance

Insurance revenue in the Private segment increased by 11.3 per cent measured in

local currency. The insurance service result decreased by 6.3 per cent,

reflecting a higher loss ratio.

Insurance revenue in the Commercial segment increased by 8.0 per cent measured

in local currency. The insurance service result increased by 52.5 per cent,

reflecting higher insurance revenue and an improved loss ratio.

Insurance revenue in the Swedish segment decreased by 1.3 per cent measured in

local currency. The insurance service result increased by 28.2 per cent, driven

by an improved loss ratio.

The insurance service result from general insurance operations was NOK1,313.6

million (715.2) reflecting higher insurance revenue and an improved loss ratio.

The loss ratio decreased by 4.5 percentage points, reflecting a 4.7 percentage

points improvement in the underlying frequency loss ratio, higher run-off gains

and a positive impact from the change in risk adjustment. Higher large losses

contributed negatively. Adjusted for weather-related claims, the provisions made

in the first quarter of 2024 and the adverse development of claims that occurred

in the first quarter of 2024 but were recognised in the second quarter, the loss

ratio was broadly stable, while the underlying frequency loss ratio improved by

3.7 percentage points. The improvement was driven by Commercial and Private in

Norway and Sweden.

The cost ratio improved by 0.8 percentage points, reflecting the increase in

insurance.

Pension

The pension segment recorded a profit before tax expense of NOK 77.4 million

(151.7), mainly driven by a negative development in the insurance service

result.

Financial result

The financial result for the quarter was NOK 512.6 million (437.5),

corresponding to a return on total assets of 0.8 per cent (0.7). The result for

the quarter was positively impacted by high running yields, stable credit

spreads and positive returns from real estate.

Other items

Other items amounted to minus NOK 113.6 million (minus 149.0), with the

improvement mainly reflecting a higher result for mobility services.

The profit from discontinued operations was NOK 38.4 million (minus 9.3) mainly

driven by an increased insurance service result. The insurance service result

from discontinued operations was NOK 27.6 million (minus 11.0), reflecting

higher insurance revenue and lower loss and cost ratios.

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

described at www.gjensidige.com/reporting

This release is issued by Christian Haraldsen, media relations officer at

Gjensidige Forsikring ASA.

Date and time of publication: 07:00 CET, 29 April 2025

Contact persons, Gjensidige Forsikring ASA:

Head of Communication, 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 4,600 employees and offer insurance products in Norway,

Denmark and Sweden. In Norway, we also offer pension and savings. The Group's

operating income was NOK 39 billion in 2024, while total assets were NOK 172

billion.