Gjensidige Forsikring ASA

M&A Activity • Mar 1, 2019

Completion of sale of Gjensidige Bank to Nordea - commencement of strategic distribution partnership

Completion of sale of Gjensidige Bank to Nordea - commencement of strategic distribution partnership

Reference is made to the announcement on 2 July 2018, relating to Gjensidige

Forsikring ASA's ("Gjensidige" or the "Company") sale of Gjensidige Bank ASA

("Gjensidige Bank") to Nordea, as well as the entry into a strategic mutual

distribution partnership between Gjensidige and Nordea.

The transaction has been approved by the Norwegian Competition Authority and the

Financial Supervisory Authority of Norway. The transaction has today, 1 March

2019, been duly completed in accordance with the terms of the agreement entered

into between the parties in July 2018. Gjensidige Bank will, until further

notice, continue to operate as an independent bank under its current brand name.

From today Gjensidige and Nordea have formally commenced the strategic

partnership agreement with respect to mutual distribution of non-life insurance

and financial products in Norway. The agreement will provide the opportunity to

expand customer reach through partners which both have digitalisation and

innovation high on the agenda.

Gjensidige has received proceeds of approximately NOK 5.6 billion for the sale

of the bank. The Group will record a gain of approximately NOK 1.6 billion in

the first quarter of 2019.

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