Gjensidige Forsikring ASA

Earnings Release • Jul 11, 2025

Improved profit in the quarter, driven by both the insurance service and financial results

Improved profit in the quarter, driven by both the insurance service and financial results

This release contains inside information related to Gjensidige Forsikring ASA

pursuant to the EUMarket Abuse Regulation and is subject to the disclosure

requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Effective pricing measures and a favourable claims development resulted in

significant improvement in the insurance service result.  Results from the

investment portfolios and the pension business contributed to an annualised

return on equity of 31.3 per cent. Gjensidige's capital position is strong.

Highlights second quarter 2025 (second quarter 2025)

.    Profit or loss before tax expense: NOK 2,955.4 million (1,794.7)

.    Earnings per share: NOK 4.53 (2.72)

.    Insurance revenue: NOK 10,493.2 million (9,391.6)

.    Insurance service result: NOK 2,200.5 million (1,411.5)

.    Combined ratio: 79.0 % (85.0%)

.    Cost ratio: 12.0 % (12.5%)

.    Financial result: NOK 1,102.0 million (506.5)

Highlights year to date 2025 (2024)

.    Profit or loss before tax expense: NOK 4,674.1 million (2,880.6)

.    Earnings per share: NOK 7.13 (4.31)

.    Insurance revenue: NOK 20,487.1 million (18,451.7)

.    Insurance service result: NOK 3,514.1 million (2,126.6)

.    Combined ratio: 82.8 % (88.5%)

.    Cost ratio: 12.0 % (12.6%)

.    Financial result: NOK 1,614.6 million (944.0)

Gjensidige Forsikring Group recorded a profit before tax expense of NOK 2,955.4

million (1,794.7) for the quarter. The profit after tax expense from continuing

operations was NOK 2,244.9 million (1,358.9) and the corresponding earnings per

share were NOK 4.42 (2.65). The profit from general insurance operations

measured by the insurance service result was NOK 2,200.5 million (1,411.5),

corresponding to a combined ratio of 79.0 (85.0).

- I am proud of the dedication and excellent competence shown by our employees

to improve the results and maintain our competitive position, says CEO Geir

Holmgren.

-I am very happy that we share our profits with the customers, who received NOK

2.8 billion as customer dividend from Gjensidigestiftelsen in May. The dividend

equals 11 percent of the premiums customers paid last year, Holmgren says.

General insurance

Insurance revenue increased by 11.7 per cent to NOK 10,493.2 million (9,391.6)

in the quarter, or by 11.1 per cent measured in local currency. This was mainly

driven by pricing measures across the private and commercial portfolios in all

geographies, solid renewals in the commercial portfolios and higher volumes in

Denmark and Sweden.

The insurance service result was NOK 2,200.5 million (1,411.5) reflecting higher

insurance revenue and an improved loss ratio.

The loss ratio decreased by 5.4 percentage points, reflecting a 10.0 percentage

point improvement in the underlying frequency loss ratio. The insurance service

result in the second quarter last year included a positive impact of NOK 393.7

million from a change in the risk adjustment. Higher large losses and lower run

-off gains also contributed negatively to the year-on-year comparison.

Adjusted for the adverse development of claims that occurred in the first

quarter of 2024 but were recognised in the second quarter, and the change in

risk adjustment mentioned above, the loss ratio improved by 7.1 percentage

points, while the underlying frequency loss ratio improved by 7.5 percentage

points. All segments showed an improvement, with the highest contribution from

Private and Commercial in Norway.

The cost ratio improved by 0.5 percentage points, reflecting revenue growth.

Pension

The pension segment recorded a profit before tax expense of NOK 200.8 million

(185.9), mainly driven by a higher net finance income.

Financial result

The financial result for the quarter was NOK 1,102.0 million (506.5),

corresponding to a return on total assets of 1.8 per cent (0.8). The result for

the quarter reflects positive return from all asset classes, driven by running

yields, lower credit spreads and positive equity and real estate markets.

Other items

Other items amounted to minus NOK 145.3 million (minus 133.2). The decrease was

driven by profits from natural perils insurance transferred to the natural

perils pool, an increase in amortisation of intangible assets and higher

interest expenses. Improved results for the mobility services contributed

positively.

The profit from discontinued operations was NOK 53.0 million (35.0), mainly

driven by an increased insurance service result and higher net income from

investments. The insurance service result from discontinued operations was NOK

37.5 million (22.1), reflecting an improved underlying frequency loss ratio and

cost efficiency.

Year-to-date development

The Group recorded a profit before tax expense of NOK 4,674.1 million (2,880.6)

for the year to date. The profit after tax expense from continuing operations

was NOK 3,543.4 million (2,189.4) and the corresponding earnings per share

amounted to NOK 6.95 (4.26).

The profit from general insurance operations measured by the insurance service

result was NOK 3,514.1 million (2,126.6), corresponding to a combined ratio of

82.8 per cent (88.5), reflecting higher insurance revenues and an improved loss

ratio. The loss ratio improved by 5.0 percentage points, reflecting a 7.4

percentage point improvement in the underlying frequency loss ratio and higher

run-off gains. The positive impact from a change in risk adjustment in the

second quarter of 2024 and higher large losses contributed negatively to the

year-on-year comparison. Adjusted for weather-related claims in the first

quarter of 2024 and the change in risk adjustment mentioned above, the loss

ratio improved by 4.0 percentage points while the underlying frequency loss

ratio improved by 6.1 percentage points. The cost ratio improved by 0.6

percentage points reflecting revenue growth.

The pension segment recorded a result before tax NOK 278.2 million (337.5),

driven by a weaker insurance service result, somewhat offset by a higher net

finance income.

The financial result for the period was NOK 1,614.6 million (944.0), which

corresponds to a return on total assets of 2.5 per cent (1.5). The result was

positively impacted by high running yields and positive returns from credit

spreads, equities and real estate.

Other items amounted to minus 258.9 million (minus 282.2), with the improvement

primarily reflecting higher results for the mobility services. Higher interest

expenses and increased amortisation of intangible assets contributed negatively.

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, 11 July 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 approximately 4,700 full time employees and offer insurance

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

provide pension and savings solutions. In 2024, the Group's insurance revenue

was NOK 39 billion, and total assets amounted to NOK 171 billion. For more

information, visit:www.gjensidige.com