Gjensidige Forsikring ASA

Gjensidige has agreed to acquire PenSam Forsikring A/S in Denmark

Gjensidige Forsikring has agreed to acquire PenSam Forsikring (PF), a P&C

insurance provider in Denmark. The acquisition is subject to regulatory

approvals in Denmark and Norway and is expected to be completed during the

fourth quarter of 2023. The acquisition will strengthen Gjensidige's ability to

generate profitable growth in Denmark. The parties have agreed not to disclose

the purchase price.

PF's customer portfolio and insurance products make a good strategic fit for

Gjensidige. PF offers P&C insurance products to 485,000 members of PenSam

Pension in Denmark. Gjensidige has entered into a partnership agreement with

PenSam Pension and PenSam Bank with respect to distribution of P&C insurance in

Denmark.

PF's reported gross earned premiums of DKK 118 million and a combined ratio of

110 per cent, reflecting a high cost base. Gjensidige sees significant potential

to improve cost efficiency for the portfolio.

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

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.

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