Gjensidige Forsikring ASA

Investor Presentation • Jul 11, 2025

INTERIM PRESENTATION

2nd quarter 2025

Gjensidige Forsikring Group

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

• Pre-tax profit NOK 2,955m
• Insurance service result NOK 2,200m
  • 11.7% insurance revenue growth
  • Effective pricing measures
  • Benign claims development
  • Improved underlying frequency loss ratio
  • Good cost control
• Financial result NOK 1,102m, return 1.8%
• Return on equity 31.3%¹
• Solvency ratio 182%

Property, Private Norway: Continued positive effect of implemented pricing measures

Property, Private Norway

Claims frequency

Q2'25/Q2'24: -18.1 % (Q2 2024 impacted by fires)

Claims inflation (repair cost)

Q2'25/Q2'24: +4.0% Expectation for next 12-18 months: 3-5 %

Implementing targeted measures

Average premiums continue to rise significantly

Average premium in force, per unit

• End Q2'25/end Q2'24: +14.5 %
• Ongoing pricing measures moderated but still high at +14.5% from July 2025

Claims for property insurance volatile in nature

• High weather exposure, with increasing incident frequency expected - reflected in pricing strategy
• Susceptibility to stochastic factors such as fires
• Inflation shown signs of stabilisation ongoing pricing measures moderated

Gradual effect on profitability as policies are renewed and premium earned

Motor, Private Norway: Continued positive effect of implemented pricing measures

Motor, Private Norway

Claims frequency

Q2'25/Q2'24: -2.3 % (+1 % underlying, adjusted for weather)

Claims inflation (repair cost) Q2'25/Q2'24: +4.6 % Expectation for next 12-18 months: 3-6 %

Implementing targeted measures

Average premiums continue to rise significantly

Average premium in force, per unit

• End Q2'25/end Q2'24: +19.2 %
• Ongoing pricing measures moderated but still high at +16.0 % from July 2025

Claims cost increase levelling off

• Increase in claims frequency tapering off
• Claims inflation showing signs of stabilisation
• Ongoing pricing measures moderated but still beyond expected increase in claims cost

Gradual effect on profitability as policies are renewed and premium earned

Good development across all segments

Norway: Strong performance, driven by pricing measures and favourable claims development

• Maintained strong competitiveness
• Efficient operations

Denmark: Solid revenue growth and improved profitability

• Effective pricing measures and enhanced operational efficiency

Sweden: Good revenue growth and continued improvement in profitability

Maintaining high retention in Norway

Customer dividend model supports customer loyalty

More than NOK 33bn in customer dividends paid out since 2008

Moving forward with sustainability initiatives

• Sustainability fund granted funding to 30 agricultural projects in Norway supporting climate, animal welfare and general damage prevention measures
• Piloted initiatives aimed at increasing partial repair solutions in in Norway
• Improved motor damage image recognition for smarter repairs in Norway
• Launched theft prevention campaign in Denmark together with industry partner
• Updated home insurance tariffs in Sweden to better reflect climate-related risks

Ratings and recognitions:

• Retained AAA ESG rating from MSCI
• Included in CDP's SEA A List for 2024

Financial performance

Significant improvement in the insurance service and financial results

	Q2	Q2	YTD	YTD
NOKm	2025	2024	2025	2024
Private	1,195	539	1,736	1,116
Commercial	1,166	646	2,270	1,370
Sweden	103	69	147	103
Corporate Centre	(264)	157	(640)	(463)
Insurance service result	2,200	1,411	3,514	2,127
Pension	201	186	278	338
Net financial result	699	331	1,141	699
Other items	(145)	(133)	(259)	(282)
Profit before tax,
continuing operations	2,955	1,795	4,674	2,881
Profit,
discontinued operations	53	35	91	26

• Increased insurance service result across all segments (Corporate centre positively impacted by NOK 393.7m from change in risk adjustment in Q2 2024 )
• Financial result reflects running yields, lower credit spreads and positive equity and real estate markets
• Other items:
  • Improved results from mobililty services
  • Transfer of profit on natural perils insurance to natural perils pool
  • Higher amortisation and interest expenses

11.7 per cent revenue growth, 11.1 per cent in local currency

Insurance revenue development
-------------------------------	--	--	--

	Revenue growth
Segment	NOK	Local currency	Driver
Private	14.9%	14.7%	Mainly price
- Norway	15.3%	15.3%	Mainly price
- Denmark	13.2%	12.1%	Volume and price
Commercial	9.6%	9.2%	Mainly Price
- Norway	9.5%	9.5%	Price
- Denmark	9.9%	8.8%	Price and volume
Sweden	14.1%	7.7%	Price and volume

Improved loss ratio

Loss ratio development

Key drivers

• Effective pricing measures across all segments
• Benign claims development
• Improved underlying frequency loss ratio, also when adjusting for adverse development in claims in 2024
• Q2 2024 positively impacted by change in risk adjustment
• Lower run-offs and discounting effect

Continued good cost control - cost ratio 12.0 per cent

Competitive cost ratio

• Efficient operations
• High revenue growth
• Strong cost discipline across the Group

Cost ratios %

Higher result for Pension

Pre-tax profit Pre-tax profit adjusted for change in CSM

Pre-tax profit Assets under management

Investment return of 1.8 per cent

Unrated: 7%

Moving ahead on operational targets

Metric	Status Q2 2025	Target 2026
Customer satisfaction (Group1)	77	> 78
Customer retention (Norway/Outside Norway1)	91%	> 90%
	84%	> 85%
Digital distribution index (Group1)	+11%	> +5-10% annually
Distribution efficiency (Private)	+18%	+25%
Digital claims reporting (Group1)	78%	> 85%
Automated claims processing (Norway)	65%	> 70%

High customer retention in Norway, improvement in Private Denmark

Strong capital position

Eligible own funds

• Contribution from operating SII earnings and result in free portfolio
• Deduction of formulaic dividend
• Acquisition of Buysure and Swedish agent Varsamma reduced solvency ratio by 5%
• Contribution from T2 loan issued in Oct. 2024: ~ NOK 510m. Expect full effect of Tier 2 loans over time.

Capital requirement

• Increased due to growth, higher technical provisions and changes in currency rates
• Higher exposure to property in free portfolio

1) Operating SII earnings comprise SII underwriting result and SII financial result of the match portfolio after tax. 2) 80% payout ratio according to dividend policy for the accounting year 2025. Gjensidige Forsikring Group ¹⁶

Concluding remarks

• Strong growth momentum sustained
• Higher results across all geographies
• Focus on ongoing measures and good cost control
• Solid capital position
• Good trajectory to deliver on financial targets

Ambitious annual financial targets

Metric	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 - Denmark		>NOK 7.5bn >DKK 750m

Appendix

Roadshows, conferences and analyst meetings post Q2 2025 results

Date	Event	Location	Participants	Arranged by
Mid-August	1-1 investor meetings	Oslo	CFO Jostein Amdal Head of IR Mitra H. Negård	Gjensidige
27 August	Analyst Day	Oslo	Group Management Investor Relations	Gjensidige
1 September	Group meeting with investors	Oslo	CEO Geir Holmgren Head of IR Mitra H. Negård	DNB
3 September	Group meeting with investors	Oslo	CEO Geir Holmgren Head of IR Mitra H. Negård	ABGSC
4 September	Nordic conference	Stockholm	CFO Jostein Amdal Head of IR Mitra H. Negård	UBS
5 September	Nordic insurance trip	Oslo	CEO Geir Holmgren EVP Commecial Lars Gøran Bjerklund Head of IR Mitra H. Negård	Nordea
11 September	1-1 investor meetings	USA & Canada (virtual)	CEO Geir Holmgren Head of IR Mitra H. Negård	TBD
9 September	Norwegian insurance seminar	Oslo	CFO Jostein Amdal Head of IR Mitra H. Negård	SEB
17 September	Financials CEO conference	London	CFO Jostein Amdal EVP Private Renè Fløystøl Head of IR Mitra H. Negård	BofA

Weather and adverse development of claims, Group excluding the Baltics

	Group excluding the Baltics
NOKm	Q4 2024	Q3 2024	Q2 2025	Q2 2024	Q1 2025	Q1 2024	YTD 2025	YTD 2024	FY 2024
Reported
Insurance revenue	10,019	9,889	10,493	9,392	9,994	9,060	20,487	18,452	38,359
Loss ratio	71.1%	72.1%	67.1%	72.5%	74.9%	79.4%	70.9%	75.9%	73.7%
Underlying frequency loss ratio	68.6%	67.1%	62.5%	72.5%	69.9%	74.6%	66.1%	73.5%	70.6%
Weather-related claims
Large losses net of reinsurance	0	0	0	0	0	331	0	331	331
Frequency losses	0	0	0	0	0	246	0	246	246
Weather-related claims, total	0	0	0	0	0	577	0	577	577
Weather effect large losses	0.0%	0.0%	0.0%	0.0%	0.0%	3.7%	0.0%	1.8%	0.9%
Weather effect frequency losses	0.0%	0.0%	0.0%	0.0%	0.0%	2.7%	0.0%	1.3%	0.6%
Loss ratio adjusted for weather	71.1%	72.1%	67.1%	72.5%	74.9%	73.0%	70.9%	72.7%	72.2%
Underlying frequency loss ratio adj. for weather	68.6%	67.1%	62.5%	72.5%	69.9%	71.9%	66.1%	72.2%	69.9%
Adverse development of claims occurred in Q1 2024, recognised in Q2 2024	0	0	0	(238)	0	238	0	0	0
Adverse development of claims, pct.	0.0%	0.0%		(2.5%)	0.0%	2.6%	0.0%	0.0%	0.0%
Loss ratio adj. for weather and adverse development of claims	71.1%	72.1%	67.1%	69.9%	74.9%	75.6%	70.9%	72.7%	72.2%
Underlying frequency loss ratio adj. for weather and adverse development of claims	68.6%	67.1%	62.5%	69.9%	69.9%	74.5%	66.1%	72.2%	69.9%

Weather and adverse development of claims, Private and Commercial

	Private									Commercial
NOKm	Q4 2024	Q3 2024	Q2 2025	Q2 2024	Q1 2025	Q1 2024YTD2025YTD2024			FY2024	Q4 2024	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024
Reported
Insurance revenue	3,933	3,943	4,278	3,723	3,998	3,581	8,275	7,304	15,179	5,440	5,369	5,634	5,140	5,477	5,039	11,111	10,180	20,988
Loss ratio	64.1%	67.4%	59.4%	71.7%	72.8%	70.0%	65.9%	70.8%	68.2%	72.6%	71.0%	70.3%	78.5%	70.5%	76.2%	70.4%	77.3%	74.5%
Underlying frequency loss ratio	66.5%	65.5%	60.3%	72.8%	70.4%	73.5%	65.2%	73.1%	69.4%	69.2%	68.1%	62.3%	71.3%	68.8%	74.1%	65.5%	72.7%	70.6%
Weather-related claims
Large losses net of reinsurance	0	0	0	0	0	34	0	34	34	0	0	0	0	0	76	0	76	76
Frequency losses	0	0	0	0	0	143	0	143	143	0	0	0	0	0	91	0	91	91
Weather-related claims, total	0	0	0	0	0	177	0	177	177	0	0	0	0	0	167	0	167	167
Weather effect large losses	0.0%	0.0%	0.0%	0.0%	0.0%	1.0%	0.0%	0.5%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%	1.5%	0.0%	0.7%	0.4%
Weather effect frequency losses	0.0%	0.0%	0.0%	0.0%	0.0%	4.0%	0.0%	2.0%	0.9%	0.0%	0.0%	0.0%	0.0%	0.0%	1.8%	0.0%	0.9%	0.4%
Loss ratio adjusted for weather	64.1%	67.4%	59.4%	71.7%	72.8%	65.0%	65.9%	68.4%	67.0%	72.6%	71.0%	70.3%	78.5%	70.5%	72.9%	70.4%	75.7%	73.7%
Underlying frequency loss ratio adjusted for weather	66.5%	65.5%	60.3%	72.8%	70.4%	69.5%	65.2%	71.2%	68.5%	69.2%	68.1%	62.3%	71.3%	68.8%	72.3%	65.5%	71.8%	70.2%
Adverse development of claims
occurred in Q1 2024, recognised in Q2 2024	0	0	0	(66)	0	66	0	0	0	0	0	0	(106)	0	106	0	0	0
Adverse development of claims, pct.	0.0%	0.0%	0.0%	(1.8%)	0.0%	1.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	(2.1%)	0.0%	2.1%	0.0%	0.0%	0.0%
Loss ratio adj. for weather and adverse development of claims	64.1%	67.4%	59.4%	69.9%	72.8%	66.8%	65.9%	68.4%	67.0%	72.6%	71.0%	70.3%	76.4%	70.5%	75.0%	70.4%	75.7%	73.7%
Underlying frequency loss ratio adj. for weather and adverse development of claims	66.5%	65.5%	60.3%	71.0%	70.4%	71.4%	65.2%	71.2%	68.5%	69.2%	68.1%	62.3%	69.2%	68.8%	74.4%	65.5%	71.8%	70.2%

Weather and adverse development of claims, Private Norway and Private Denmark

	Private Norway									Private Denmark
NOKm	Q4 2024	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024	Q4 2024	Q3 2024	Q2 2025	Q2 2024	Q1 2025			Q1 2024YTD2025YTD2024	FY2024
Reported
Insurance revenue	3,222	3,251	3,524	3,057	3,280	2,934	6,804	5,991	12,464	710	692	754	666	717	647	1,471	1,313	2,715
Loss ratio	58.4%	63.4%	55.5%	69.0%	70.2%	68.2%	62.6%	68.6%	64.6%	89.7%	86.2%	77.5%	84.2%	85.0%	77.8%	81.2%	81.0%	84.6%
Underlying frequency loss ratio	63.4%	63.7%	56.4%	71.2%	67.6%	72.2%	61.8%	71.7%	67.5%	80.6%	73.8%	78.2%	80.0%	83.0%	79.7%	80.5%	79.9%	78.5%
Weather-related claims
Large losses net of reinsurance	0	0	0	0	0	29	0	29	29	0	0	0	0	0	5	0	5	5
Frequency losses	0	0	0	0	0	134	0	134	134	0	0	0	0	0	9	0	9	9
Weather-related claims, total	0	0	0	0	0	163	0	163	163	0	0	0	0	0	14	0	14	14
Weather effect large losses Weather effect frequency	0.0%	0.0%	0.0%	0.0%	0.0%	1.0%	0.0%	0.5%	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.8%	0.0%	0.4%	0.2%
losses	0.0%	0.0%	0.0%	0.0%	0.0%	4.6%	0.0%	2.2%	1.1%	0.0%	0.0%	0.0%	0.0%	0.0%	1.4%	0.0%	0.7%	0.3%
Loss ratio adjusted for weather	58.4%	63.4%	55.5%	69.0%	70.2%	62.7%	62.6%	65.9%	63.3%	89.7%	86.2%	77.5%	84.2%	85.0%	75.6%	81.2%	79.9%	84.1%
Underlying frequency loss ratio adjusted for weather	63.4%	63.7%	56.4%	71.2%	67.6%	67.6%	61.8%	69.4%	66.4%	80.6%	73.8%	78.2%	80.0%	83.0%	78.3%	80.5%	79.2%	78.2%
Adverse development of claims
occurred in Q1 2024, recognised in Q2 2024	0	0		(66)	0	66		0	0	0	0	0	0	0	0	0	0	0
Adverse development of claims, pct.	0.0%	0.0%	0.0%	(2.1%)	0.0%	2.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Loss ratio adj. for weather and adverse development of claims	58.4%	63.4%	55.5%	66.8%	70.2%	64.9%	62.6%	65.9%	63.3%	89.7%	86.2%	77.5%	84.2%	85.0%	75.6%	81.2%	79.9%	84.1%
Underlying frequency loss ratio adj. for weather and adverse development of claims	63.4%	63.7%	56.4%	69.0%	67.6%	69.9%	61.8%	69.4%	66.4%	80.6%	73.8%	78.2%	80.0%	83.0%	78.3%	80.5%	79.2%	22 78.2%

Weather and adverse development of claims, Commercial Norway and Commercial Denmark

	Commercial Norway									Commercial Denmark
NOKm	Q4 2024	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024	Q4 2024	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024
Reported
Insurance revenue	3,654	3,559	3,790	3,462	3,669	3,391	7,460	6,854	14,067	1,785	1,810	1,844	1,678	1,807	1,648	3,651	3,326	6,922
Loss ratio	70.7%	72.1%	68.2%	80.0%	67.4%	76.7%	67.8%	78.4%	74.8%	76.7%	68.7%	74.6%	75.3%	76.9%	75.0%	75.7%	75.2%	73.9%
Underlying frequency loss ratio	65.4%	68.0%	58.8%	71.3%	65.5%	73.5%	62.1%	72.4%	69.5%	76.9%	68.4%	69.6%	71.3%	75.5%	75.4%	72.5%	73.3%	73.0%
Weather-related claims
Large losses net of reinsurance	0	0	0	0	0	60	0	60	60	0	0	0	0	0	15	0	15	15
Frequency losses	0	0	0	0	0	77	0	77	77	0	0	0	0	0	14	0	14	14
Weather-related claims, total	0	0	0	0	0	138	0	138	138	0	0	0	0	0	29	0	29	29
Weather effect large losses	0.0%	0.0%	0.0%	0.0%	0.0%	1.8%	0.0%	0.9%	0.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.9%	0.0%	0.5%	0.2%
Weather effect frequency losses	0.0%	0.0%	0.0%	0.0%	0.0%	2.3%	0.0%	1.1%	0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.8%	0.0%	0.4%	0.2%
Loss ratio adjusted for weather	70.7%	72.1%	68.2%	80.0%	67.4%	72.7%	67.8%	76.4%	73.8%	76.7%	68.7%	74.6%	75.3%	76.9%	73.3%	75.7%	74.3%	73.5%
Underlying frequency loss ratio adjusted for weather	65.4%	68.0%	58.8%	71.3%	65.5%	71.2%	62.1%	71.2%	68.9%	76.9%	68.4%	69.6%	71.3%	75.5%	74.6%	72.5%	72.9%	72.8%
Adverse development of claims
occurred in Q1 2024, recognised in Q2 2024	0	0		(106)	0	106	0	0	0	0	0	0	0	0	0	0	0	0
Adverse development of claims, pct.	0.0%	0.0%	0.0%	(3.1%)	0.0%	3.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Loss ratio adj. for weather and adverse development of claims	70.7%	72.1%	68.2%	76.9%	67.4%	75.8%	67.8%	76.4%	73.8%	76.7%	68.7%	74.6%	75.3%	76.9%	73.3%	75.7%	74.3%	73.5%
Underlying frequency loss ratio adj. for weather and adverse development of claims	65.4%	68.0%	58.8%	68.2%	65.5%	74.3%	62.1%	71.2%	68.9%	76.9%	68.4%	69.6%	71.3%	75.5%	74.6%	72.5%	72.9%	72.8%

Weather and adverse development of claims, Sweden and Corporate Centre

	Sweden										Corporate Centre
NOKm	Q4 2024	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024	Q4 2024	Q3 2024	Q2 2025	Q2 2024	Q1 2025		Q1 2024YTD2025YTD2024		FY2024
Reported
Insurance revenue	503	525	541	474	500	494	1,041	969	1,997	144	52	41	54	19	-54	60	0	195
Loss ratio	77.9%	69.0%	65.1%	70.3%	76.0%	78.7%	70.3%	74.6%	73.9%
Underlying frequency loss ratio	77.8%	74.0%	72.4%	74.0%	73.7%	79.8%	73.0%	76.9%	76.4%
Weather-related claims
Large losses net of reinsurance	0	0	0	0	0	0	0	0	0	0	0	0	0	0	221	0	221	221
Frequency losses	0	0	0	0	0	12	0	12	12	0	0	0	0	0	0	0	0	0
Weather-related claims, total	0	0	0	0	0	12	0	12	12	0	0	0	0	0	221	0	221	221
Weather effect large losses	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Weather effect frequency losses	0.0%	0.0%	0.0%	0.0%	0.0%	2.4%	0.0%	1.2%	0.6%
Loss ratio adjusted for weather	77.9%	69.0%	65.1%	70.3%	76.0%	76.3%	70.3%	73.3%	73.4%
Underlying frequency loss ratio adjusted for weather	77.8%	74.0%	72.4%	74.0%	73.7%	77.4%	73.0%	75.7%	75.8%
Adverse development of claims
occurred in Q1 2024, recognised in Q2 2024	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Adverse development of claims, pct.	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Loss ratio adj. for weather and adverse development of claims	77.9%	69.0%	65.1%	70.3%	76.0%	76.3%	70.3%	73.3%	73.4%
Underlying frequency loss ratio adj. for weather and adverse development of claims	77.8%	74.0%	72.4%	74.0%	73.7%	77.4%	73.0%	75.7%	75.8%

General insurance Norway – cost ratio and loss ratio

Combined ratio

Private Norway Commercial Norway

General insurance Denmark – cost ratio and loss ratio

Combined ratio

Private Denmark Commercial Denmark

Combined ratio

General insurance Sweden – cost ratio and loss ratio

Combined ratio

Sweden

Large losses

Large losses (before discounting)¹ Large losses per segment (before discounting)

CC = Corporate Centre. Large losses: Losses > NOK 10m. Weather related large losses are included. Large losses in excess of NOK 30m are charged to the Corporate Centre while up to NOK 30m per claim is charged to the segment in which the large loss occurred.

Large losses

FY 2025 estimate ~ NOK 2bn¹ ,before discounting

Run-off

Run-off

Appendix

Quarterly insurance service results - seasonality in Nordic general insurance

2023 2024 2025

Gross written premiums

Norwegian Natural Perils Pool in brief

• Natural perils insurance is a compulsory cover linked to fire insurance in Norway. All insurance companies providing fire insurance in Norway must be members of the pool. Fire insurance coverage for buildings and contents in Norway includes coverage for certain types of natural catastrophe events (premium 0.08 per thousand of the fire insurance premium as of 1 January 2025).
• Maximum compensation per event for natural perils damages covered by this pool arrangement is NOK 16,000m. It does not cover loss of profits, motor vehicles, leisure boats, and certain other items, which are covered through ordinary insurances by the individual insurance companies.
• Premiums are collected and claims are reported to the insurance companies, which handle the claims and settlement.
• New regulation effective from January 2025 stipulates that the Natural Perils Pool shall build a national natural perils fund based on the individual insurance companies' profits on the natural perils scheme. Prior to this new regulation, the individual companies retained their profits on the scheme as natural perils capital, part of IFRS Equity. This transfer of profit from the companies to the new fund will continue until the fund has reached a target level. For companies with accumulated natural perils capital, the companies' share of losses on the natural perils scheme will be carried by the individual companies as before until the fund has reached the target level.

Reinsurance 2025

• Reinsurance is purchased for protection of the Gjensidige Group's capital position and is primarily a capital management tool.
• General retention level per loss/loss occurrence is NOK/DKK/SEK 100m (for the first loss the retention is NOK/SEK 200m and DKK 100m).
• Gjensidige's total claims related to natural peril events are covered by Gjensidige's catastrophe reinsurance programme. For weather-related events the retention level is NOK/SEK 300m and DKK 200m.
• Gjensidige considers additional coverage at lower levels if this is appropriate according to internal modelling and market conditions.

Gjensidige's recognised claims cost, irrelevant of the size of the claim, is generally capped at the retention levels showed above.

• Duration and currency matching versus technical provisions
• Credit element for increased returns
• Some inflation hedging

Free portfolio

• Focused on absolute returns
• Dynamic risk management
• Active management fixed income and equities
• Normal risk premiums basis for asset allocation and use of capital

Match portfolio Key characteristics

• Limited risk appetite
• Fixed-income:
  • Currency hedging vs NOK ~ 100%
    • Limit +/- 10% per currency
• Equity and PE funds:
  • Currency hedging 0-100%
• Fair value recognition
• Stable performance

Investment portfolio

Asset class	Investments, key elements	Benchmark
Match portfolio
Fixed-income NOK	Corporate and government bonds	NBP Norwegian RM1-RM3 Duration 3Y Index - NORM123D3 (Alternatively: a Norwegian IG fund with 3 year duration)
Fixed-income DKK	Covered Bonds and government bonds	Nykredit Constant Maturity Index Bullet Covered Bonds 5Y - NYKRCMB5 Index
Fixed-income SEK	Covered bonds, corporate and government bonds	NASDAQ OMRX Mortgage Bond 3-5Y Index - OMRXMT35 Index
Free portfolio
Fixed-income – short duration	Norwegian money market	NBP Norwegian Government Duration 0.25 Index - NOGOVD3M (Alternatively: I36032NO Index Bloomberg Barclays Norway T-Bills)
Global investment grade bonds	IG bonds in internationally diversified funds externally managed	Bloomberg Global Agg Corp - Hedged to NOK - H09805NO Index
Global high yield bonds	Including HY, Convertible bonds and Emerging Market Debt externally managed	Bloomberg Global HY- Hedged to NOK - H00039NO Index
Other bonds	Government bonds, Fixed Income derivatives and cash	NBP Norwegian Government Duration 0.25 Index - NOGOVD3M (Alternatively: I36032NO Index Bloomberg Barclays Norway T-Bills)
Listed equities	Mainly internationally and domestic diversified funds externally managed	MSCI World – Local Currency - NDDLWI Index
Private Equity funds	Generalists (Norwegian and Nordic)/ Oil & Gas	Oslo Børs - OSEBX index
Property	Real estate in Oslo, Norway	Expect approximately 5 per cent annual yield
Other	Including finance related expenses, hedge funds and commodities	N/A

Asset allocation – as at 30.06.2025

Match portfolio

• NOK 40bn
• Average duration: 3.0 years
• Average yield: 3.6%

Fixed-income NOK: 57% Fixed-income DKK: 36% Fixed-income SEK: 7%

Free portfolio

• NOK 23.5bn
• Average duration fixed-income instruments: 1.3 years
• Average yield: 4.1%

Fixed-income – short duration: 45% Global investment grade bonds: 33% Global high yield bonds: 1% Other bonds: 3% Listed equities: 3% Private Equity funds: 4%

Property: 10%

Credit and counterparty risk

• The portfolio consists mainly of securities in rated companies with high creditworthiness (investment grade).
• Issuers with no official rating are mainly Norwegian savings banks, municipalities, corporates and municipalities.

Total fixed income portfolio

Split – Rating		Match portfolio		Free portfolio
	NOK bn	%	NOK bn	%
AAA	18.5	46.2	5.1	26.3
AA	4.0	10.1	5.8	29.5
A	8.1	20.2	3.4	17.2
BBB	3.5	8.9	1.4	7.3
BB	0.0	0.0	0.1	0.4
B	0.0	0.0	0.0	0.1
CCC or lower	0.0	0.0	0.0	0.0
Internal rating	3.0	7.4	2.8	14.2
Unrated	2.9	7.2	1.0	5.1
Fixed income portfolio	40.0	100.0	19.6	100.0

Split – Counterparty	Match portfolio		Free portfolio
	NOK bn	%	NOK bn	%
Public sector	7.5	18.9	5.8	29.4
Bank/financial
institutions	21.9	54.9	10.9	55.5
Corporates	10.5	26.3	3.0	15.1
Total	40.0	100.0	19.6	100.0

Capital generation year-to-date

1) Operating SII earnings comprise SII underwriting result and SII financial result of the match portfolio after tax. 2) 80% payout ratio according to dividend policy for the accounting year 2025. Gjensidige Forsikring Group ⁴⁰

Capital position per operational areas

NOK bn	Approved partial internal model (Group)	Approved partial internal model (general insurance)	Own partial internal model (Group)1	Own partial internal model (general insurance)1	Gjensidige Pensjonsforsikring
Eligible own funds	22.6	18.3	21.9	17.6	3.9
Capital requirement	12.4	10.9	10.7	9.1	2.8
Solvency ratio	182%	167%	204%	192%	140%

Appendix

Solvency II eligible own funds

Bridging the gap between IFRS¹ equity and Solvency II capital

Gjensidige continues to work for full approval of own partial internal model (PIM)

NOK bn	Approved PIM (Group) 1	Own PIM (Group) 2
Eligible own funds	22.6	21.9
Capital charge for non-life and health UW risk	11.8	10.0
Capital charge for life UW risk	2.6	2.6
Capital charge for market risk	4.7	4.5
Capital charge for counterparty risk	0.5	0.5
Diversification	(4.9)	(5.2)
Basic solvency capital requirement	14.8	12.5
Operational risk	1.4	1.4
Adjustments (loss-absorbing capacity of deferred tax)	(3.8)	(3.2)
Solvency capital requirement (SCR)	12.4	10.7
Surplus	10.1	11.2
Solvency ratio	182%	204%

Main differences between approved and own PIM

• Correlation between market risk and underwriting risk: Approved PIM based on standard formula. Own PIM takes account of dependencies between underwriting risk and market risk through common exposure to interest rates, inflation rates and currency rates.
• Prudential margin: Approved PIM includes general prudential margins for both market risk and underwriting risk.
• Capital requirement for some lines of business within underwriting risk

Figures as at 30.06.2025.

¹⁾ Most of non-life and health iunderwriting risk and market risk related to the non-life and health insurance business is internally modelled. The standard formula is used for other risks. 2) Own partial internal model is not validated.

Appendix

Solvency II sensitivities for the approved partial internal model

Subordinated debt capacity – Gjensidige Forsikring Group

Principles for capacity

	T1	T2	Constraint
SII	Max 20% of Tier 1 capital	Max 50% of SCR less other T2 capital items	Must be satisfied at group and solo level

Capacity and utilisation

• Tier 1 remaining capacity is NOK 1.3 1.6bn
  • Utilised Tier 1 debt capacity: NOK 2.0bn
• There is no Tier 2 remaining capacity
  • Utilised sub debt: NOK 4.1bn
  • Utilised natural perils fund: NOK 2.4bn
  • Risk equalisation fund life insurance NOK 0.1bn

Annualised return on equity 31.3 per cent

Equity (NOK m) Annualised return on equity (%)

Market leader in Norway

10.5% 9.1% 4.8% Tryg Fremtind Protector Market share – Commercial 24.4% 23.5% 18.3% 14.0% 7.4% Fremtind Gjensidige If Tryg Market share – Private

Storebrand

Growth opportunities outside Norway

32.1%

Market shares Denmark

Market shares Sweden

Appendix

Gjensidige Pensjonsforsikring - Number four position in the growing Norwegian defined contribution pension market

• Well positioned for continued profitable organic growth
• Core focus on SME customers
• Strong profitability
• Multi-channel distribution

Market shares – total AUM NOK 569bn

Gjensidige Pensjonsforsikring

Group policy ¹ and company portfolio Number of occupational pension members

Current bonds: 76.7%

Fixed income - short duration: 20.1% Property exposure: 2.8%

Equity funds: 0.5%

In thousand

Disclaimer

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These materials may contain statements about future events and expectations that are forward-looking statements. Any statement in these materials that is not a statement of historical fact including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

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Gjensidige Forsikring provides alternative performance measures (APMs) in the financial reports, in addition to the financial figures prepared in accordance with the International Financial Reporting Standards (IFRS). The measures are not defined in IFRS (International Financial Report Standards) and are not necessarily directly comparable to other companies' performance measures. The APMs are not intended to be a substitute for, or superior to, any IFRS measures of performance, but have been included to provide insight into Gjensidige's performance and represent important measures for how management governs the Group and its business activities. Key figures that are regulated by IFRS or other legislation, as well as non-financial information, are not regarded as APMs. Gjensidige's APMs are presented in the quarterly report and presentation. All APMs are presented with comparable figures for earlier periods. The APMs have generally been used consistently over time. Definitions and calculations can be found at www.gjensidige.com/investor-relations/reports-and-presentations.

Investor Relations

Mitra Hagen Negård Head of Investor Relations Mobile: (+47) 957 93 631 mitra-hagen.negard@gjensidige.no Address

Schweigaards gate 21, P.O. Box 700 Sentrum, NO-0106 OSLO gjensidige.com/ir