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Delivering superior customer experiences and stable returns October 2025
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Gjensidige is a highly profitable and leading general insurer in the Nordic markets Leading position Strong performance Efficient operation Delivering superior customer experiences and stable returns This presentation contains alternative performance measures (APMs). APMs are described on www.gjensidige.com/investor-relations/reports-and-presentations 1) R12 mths. Excl. the Baltics. 2) Based on regular dividend. Avg. since 2010. Gjensidige Forsikring Group 2 Insurance revenue1 NOK 42bn Norway ~70% | ~30% outside Norway ROE 20% (avg. since IPO) TSR >1000% (since IPO) Dividend pay-out ratio ~80% Unique customer dividend ~13%2 Superior customer experiences Profitability before growth Analytical approach from A to Z Targeting cost ratio ~13% Strong brand #1 in Norway Growth ambitions ~2 million customers Retail SME Very high loyalty
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Delivering superior customer experiences and stable returns Gjensidige Forsikring Group 3 Our vision We shall know the customer best and care the most Our mission We safeguard life, health and assets Our position Gjensidige is the insurance company that leads the way and finds new ways to create a sense of security We put the customer at the heart of everything we do
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95% 92% 85% 89% 86% 84%83% 85%85%84% 81%80%81% 83% 88%86% 82% 70% 80% 90% 100% 0 5 10 15 20 25 30 35 40 45 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 2023 2024 R12m Q325 Earned premiums/Insurance revenue Combined ratio Combined ratio target …driven by solid growth, underwriting and cost discipline Strong performance 12% 18% 15% 18%17% 21%21% 17% 23% 19% 31% 19% 15% 18% 23% 30% 0% 10% 20% 30% 40% 0 20 40 60 80 100 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 2023 2024 YTD 2025 Equity base Cumulative dividend payments Annualised ROE Delivering superior customer experiences and stable returns 1) IFRS® Accounting Standards as adopted by the EU. 2) Excluding the Baltics. Gjensidige Forsikring Group 4 Strong value creation since IPO… IFRS 9 & 17NOK bnNOK bn IFRS1 9 & 17 2 2
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Unique customer dividend model in Norway Dividend structure Customer awareness Contributes to their loyalty Non-customer awareness High awareness1 1 2 3 5 7 9 11 13 15 17 19 22 24 26 29 31 34 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Accumulated customer dividend Delivering superior customer experiences and stable returns 1) Survey conducted in Q2 2025. Gjensidige Forsikring Group 5 NOK bn 62.2% 37.8% Other shareholders Dividend Dividend Customer dividend Gjensidige’s general insurance customers in Norway
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95.3% 91.9% 85.3% 89.2% 86.0% 83.7% 83.4% 85.4% 85.0% 83.6% 81.3% 80.4% 81.4% 82.8% 87.6% 86.0% 82.1% 70% 75% 80% 85% 90% 95% 100% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2022 2023 2024 R12 Q325 Combined ratio, reported Combined ratio, target 1 Proven ability to secure profitability over time Combined ratio Delivering superior customer experiences and stable returns 1) Excluding the Baltics. Gjensidige Forsikring Group 6 IFRS 9 & 17 1
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Strong ambitions for the benefit of all stakeholders Delivering superior customer experiences and stable returns Gjensidige Forsikring Group 7 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 Annual financial targets Environmental • 80% insurance revenue from sustainable products by 2026 • 55% reduction in GHG-intensity from claims handling by 2030 • Net zero emissions in investment portfolio by 2050 Social • Empowered employees: >8 in engagement and perceived diversity score • All suppliers signed Suppliers Code of Conduct Governance • 50/50 gender balance in the Board • 40/60 gender balance in top management • All external managers signed UN PRI Sustainability targets
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Metric Status Q3 2025 Target 2026 Customer satisfaction (Group1) 77 > 78 Customer retention (Norway/Outside Norway1) 91% > 90% 84% > 85% Digital distribution index (Group1) +12% > +5-10% annually Distribution efficiency (Private) +24% +25% Digital claims reporting (Group1) 79% > 85% Automated claims processing (Norway) 66% > 70% Operational KPIs to support delivery on financial targets Delivering superior customer experiences and stable returns 1) Excl. the Baltics. Customer satisfaction survey is carried out annually, in Q4. Gjensidige Forsikring Group 8
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Gjensidige is committed to contributing to a resilient society Delivering superior customer experiences and stable returns Gjensidige Forsikring Group 9 Focus Achieve ambitious net zero 2050 climate goals for own operations, claims processes and investments, and support circular economy by focusing on reducing material consumption and waste in our claims processes. Contribute to a more resilient and safer society by helping customers and society at large to avoid damages by having the most empowered and motivated employees and thereby ensure we attract, develop and retain competence. High ethical standards and the respect of human and labour rights is at the core of operations. Educate all our employees to ensure lowest possible risk related to anti-bribery, AML, compliance to GDPR and information security. Key achievements • First P&C company in Europe to report CO2e in claims processes (2019). • First P&C company in Europe to launch an EU Taxonomy aligned product in 2022 and integrated climate adaption measures in products. • Climate goals aligned to net zero emissions by 2025, and 2030 targets approved by SBTi. • Strong employee score regarding self- determination • Several initiatives supporting mental health for employees and customers. • Established several damage prevention initiatives and integrated in tariffs to incentivise customers. • 95% of suppliers signed Supplier Code-of-Conduct and comply with Gjensidige’ s ESG requirements, including human and labour rights. • 99% of external asset managers signed UN PRI • 97% ESG-screening of investment portfolios • 43% women among all managers and 51% women among all employees • Achieved AAA rating from MSCI in 2023 and low risk score (17.2) from Sustainalytics in 2024 Environmental Social Governance
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Strong governance to oversee risk and opportunities Delivering superior customer experiences and stable returns Gjensidige Forsikring Group 10 Board Adopts sustainability goals and strategy and follows up the status of measures and effect CEO Responsible for delivering on goals set by the Board, and integrating goals throughout the organisation EVPs and managing directors of subsidiaries Implement sub-goals and action plans to deliver on sustainability goals Sustainability council Interdisciplinary team following up measures and effect across the Group
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Ratings and commitments Delivering superior customer experiences and stable returns Gjensidige Forsikring Group 11 Rating agencies Signatory/supporting About the rating Score ESG ratings aim to measure a company's management of financially relevant ESG risks and opportunities. AAA ESG rating assessing financially material Environmental, Social and Governance (ESG) data. 17.2 low risk (low 0-19.9) Rates companies on their sustainability performance Prime/C A CDP score is a snapshot of a company’s environmental disclosure and performance. B Supplier Engagement Rating (SER) evaluates corporate supply chain engagement on climate issue A - Rates companies’ sustainability based on environmental impact, labor, and. human rights standards, ethics, and procurement practices. Gold (top 5%)
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0 10 20 30 40 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 Q2 2025 Superior Norwegian position, strong potential outside Norway Delivering superior customer experiences and stable returns Sources: Finance Norway, non-life insurance, 2nd quarter 2025. Insurance Sweden, 2nd quarter 2025, The Danish Insurance Association 3rd quarter 2024. If and Topdanmark are shown together. Finance Finland, 4th quarter 2024. Gjensidige Forsikring Group 12 Ambition to secure strong position in Norway If Fremtind Tryg Gjensidige Market share, top 5 Norway 84% Denmark 73% Sweden 84% Finland 93% #1 #4 #8
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Attractive Nordic general insurance marketplace Delivering superior customer experiences and stable returns Source: Published figures. Direct Line, Aviva (UK and Ireland), Generali Group, Ageas (Belgium, Europe and Group) and Zurich. Nordic players: IF, Tryg, Topdanmark, Fremtind, Frende, Gjensidige and Storebrand. Gjensidige Forsikring Group 13 • High degree of digitalisation • Integrated value chains • Direct customer dialogue • Strong local champions with strong brands • High customer loyalty Superior cost positions European GI Cost ratio Nordic GI 10% 20% 30% 40%
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Size and scale are increasingly important Meet compliance complexity Enable strategic/tech investments Attract and develop skills Increase diversification Be a preferred alliance partner Delivering superior customer experiences and stable returns Gjensidige Forsikring Group 14
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Unique strengths provide competitive advantage Brand awareness and strength Loyal customers Customer dividend model Technology platform and analytical capabilities Delivering superior customer experiences and stable returns Gjensidige Forsikring Group 15 Quality mark in a competitive and digitalised environment Low acquisition costs and high-quality portfolio Building loyalty and preference in Norway Investing in technology and competency key to analysing Big Data and applying insight
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Our core capabilities Delivering superior customer experiences and stable returns Underwriting excellence Superior claims handling State of the art distribution model
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Our ambition is to be a leading general insurance company in the Nordics • Focus on core business – general insurance • Achieve sufficient market positions in each country • Strengthen strategic capabilities Delivering superior customer experiences and stable returns Enablers: • Strong customer orientation through the whole value chain • Operational excellence • Attractive alliance partner in larger ecosystems Gjensidige Forsikring Group 17
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Seeking even deeper relevance for our customers and partners – safe, convenient and sustainable Delivering superior customer experiences and stable returns Gjensidige Forsikring Group 18 Be the preferred problem solver and partner in mobility solutions Help customers to secure safe and good lives at home Help customers to secure their pension, lives and health Improving customer experiences and loyalty Our flywheel – strengthening the core Value-adding services developed in-house or via partnerships Increased interaction frequency Deeper customer insight and enhanced customer experience Increased customer loyalty and better risk selection and - pricing Strong insurance offering
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Continuously optimising the core insurance portfolio Delivering superior customer experiences and stable returns 19 Customer segments • Prioritise private and SME segment growth • More standardised • Less volatile Distribution channels • Prioritise direct customer dialogue channels in the omnichannel model • Lower acquisition cost • 3rd party/indirect distribution where needed and relevant Insurance products • Secure a diversified, broad and sustainable core insurance product offering • Stay relevant, broaden customer engagement and increase loyalty Underwriting discipline • Prioritise profitability before growth • Secure optimal risk selection and pricing, and allocation of capital for the highest returns Gjensidige Forsikring Group
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Fixed-income: 93% Listed equities: 1% PE funds: 1% Property: 4% Other (incl. hedge funds and commodities): 0.6% BNOK1 65.9 Match 59% Free 41% Investments supporting high and stable nominal dividends Liquid, low risk portfolio with flexibility to exploit market opportunities Investment grade: 83% Investment grade (internal rating): 11% Non-investment grade: 0.1% Unrated: 6% BNOK1 61.4 High credit quality • Conservative investment approach • Match portfolio to hedge liabilities • Free portfolio to generate excess return • High running yield supports high ROE • Aiming for net zero emissions in 2050 Delivering attractive returns 1) Figures as at 30.09.2025. Gjensidige Forsikring Group 20
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7.10 7.25 7.40 7.70 8.25 8.75 9.00 5.00 6.40 1.00 96% 72% 75% 54% 90% 106% 88% -100-90-80-70-60-50-40-30-20-100 5 10 15 2018 2019 2020 2021 2022 2023 2024 Regular dividend, NOK per share Special dividend, NOK per share Pay-out ratio (regular dividend) 12.6 11.5 Approved partial internal model (Group) Capital > Capital requirement (NOK bn) Capital requirement (NOK bn) We have an attractive dividend policy, supported by a solid capital position Dividend policyStrong track record of generating attractive shareholder returns Delivering superior customer experiences and stable returns Gjensidige Forsikring Group 21 Regular Gjensidige targets high and stable nominal dividends to its shareholders, and a pay-out ratio over time of at least 80 per cent of profit after tax. When determining the size of the dividend, the expected future capital need will be taken into account. Special Over time, Gjensidige will also pay out excess capital. S&P A-rating Solvency ratio 191%
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Our priorities towards 2026 Further strengthen our unique position in Norway Strengthen profitability and growth outside Norway Maintain capital discipline and attractive dividends Delivering superior customer experiences and stable returns Gjensidige Forsikring Group 22 • Next level customer orientation • World class pricing, distribution and claims excellence • Pension complementary to SME offering • Utilise best-practice across boarders – significant potential in Denmark • M&A, strategic partnerships and alliances • Risk appetite high in core GI • Continued underwriting discipline • Proactive but disciplined M&A Enablers Deep customer orientation Efficient processes Data-driven decision making Strong brand Sustainable solutions State-of-the-art technology Engaged and competent employees
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Attractive value proposition Attractive markets Stable growth and best-in-class margins across the cycle Strong brand High customer loyalty and reputation, supported by unique customer dividend model in Norway Operating excellence Leveraging modern technology platform, Nordic scale, analytical capabilities and strong underwriting skills across markets Sustainability Strong credentials and strategic focus on sustainability across organisation Delivery Engaged and highly competent organisation and experienced management team committed to deliver on ambitious targets Shareholder value Dividend and capital policies set to deliver attractive shareholder returns
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Disclaimer This presentation and the information contained herein have been prepared by and is the sole responsibility of Gjensidige Forsikring ASA (the "Company”). Such information is being provided to you solely for your information and may not be reproduced, retransmitted, further distributed to any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. The information and opinions presented herein are based on general information gathered at the time of writing and are therefore subject to change without notice. The Company assumes no obligations to update or correct any of the information set out herein. 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. This presentation does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. The contents of this presentation have not been independently verified. While the Company relies on information obtained from sources believed to be reliable, it does not guarantee its accuracy or completeness. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its owners, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of the Company, its affiliates or any of their respective advisors or representatives or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act”), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act. This presentation should not form the basis of any investment decision. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in any offering documents published in relation to such an offering. For further information about the Company, reference is made public disclosures made by the Company, such as filings made with the Oslo Stock Exchange, periodic reports and other materials available on the Company's web pages. 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. Gjensidige Forsikring Group 24
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Investor Relations Mitra Hagen Negård Head of Investor Relations Mobile: (+47) 957 93 631 mitra-hagen.negard@gjensidige.no Jonas Sortland Fougner Investor Relations Officer Mobile: (+47) 948 05 851 jonas-sortland.fougner@gjensidige.no Address Schweigaards gate 21, P.O. Box 700 Sentrum, NO-0106 OSLO gjensidige.com/ir