Slides
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Unlocking the next level Capital Markets Day 2026
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Programme 09:00 PRESENTATIONS Unlocking the next level Geir Holmgren, CEO Technology as a strategic enabler of operational excellence Johan Rostoft, EVP Technology and Insight Positioning for growth and enhanced efficiency René Fløystøl, EVP Private Shaping the next level Lars Gøran Bjerklund, EVP Commercial Driving the next level of claims excellence Vivi Kofoed, EVP Claims Delivering attractive returns Jostein Amdal, CFO 10:40 PRESENTATIONS 11:20 Q&A SESSION ~12:20 CONCLUDING REMARKS10:20 BREAK
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Unlocking the next level Geir Holmgren CEO
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2024 2025 Target 2026 announced Nov. 2023 Combined ratio 86.0% 83.4% <82% Cost ratio 12.3% 12.7% ~13% Solvency ratio 185% 188% 140–190% ROE after tax 22.7% 27.3% >24% Dividends (per share) Regular/Special NOK 9.00/1.00 Regular/Special1 NOK 10.00/4.50 Dividend policy Two years on – delivered and positioned for more Delivered strong and profitable growth Disciplined pricing, enhanced customer offerings, efficient operations Enhanced operational efficiency Unlocked cross-border synergies, continued cost discipline and implemented efficiency meaures Improved operational resilience Technology platform further developed, analytics capabilities expanded, and agility reinforced Strong capital discipline and shareholder return Maintained financial strength and delivered attractive returns Positioned for growth Investing to exploit new technologies and customer demands Unlocking the next level Gjensidige Forsikring Group 4 This presentation contains alternative performance measures (APMs). APMs are described at www.gjensidige.com/investor-relations/reports-and-presentations. 1) Dividend proposal for the accounting year 2025, assuming resolution at the General Meeting on 26 March 2026
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… while maintaining high and stable customer retention Delivered strong and profitable growth – effective handling of increased claims cost Accelerated claims frequency and continued rise in repair costs … … met with targeted pricing measures… Unlocking the next level 8% 15% 17% 6% 11% 14% 2023 2024 2025 Average annual price increase1 Private Norway Motor Property Gjensidige Forsikring Group 5 +45% motor +34% property 70 80 90 100 2023 2024 2025 Customer retention Private, Norway Commercial, Norway 1) Premium in force
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Delivered enhanced operational excellence Unlocking the next level Leveraged scale and technology NOK 1.1bn in claims cost savings 2025 vs 2023 Accelerated digitalisation and enhanced data analytics +31% distribution efficiency in Private 2025 vs 2023 Maintained strong customer loyalty 91%/85% customer retention Norway/Denmark Q4 2025 Gjensidige Forsikring Group 6
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Market size 2025: NOK 105bn1 CAGR 2023–2025: 12% 38% 34% 15% 12% Motor Property Life and health Other Norway 24% 35% 26% 15% Motor Property Life and health Other Market size 2024: DKK 76bn2 CAGR 2022–2024: 6% Denmark Market size 2025: SEK 106bn3 CAGR 2023–2025: 6% 34% 42% 14% 10% Motor Property Life and health Other Sweden Unlocking the next level Gjensidige Forsikring Group 7 Megatrends shaping the industry Nordic GI is a structurally attractive market 1) Portfolio premium as of Q3 2025. Source: Finance Norway 2) Gross earned premium as of Q4 2024. Source: F&P Denmark 3) Portfolio premium as of Q3 2025. Source: Svensk Försäkring • High degree of digitalisation • Integrated value chains • Direct customer dialogue • Strong, trusted brands • High customer loyalty • Superior cost positions Aging population and shrinking workforce Technology and AI Climate change Geopolitics and macroeconomic uncertainty
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Leading position in Norway Focused challenger in Sweden A strong customer- oriented alternative to local market leaders in Denmark #1 #8#4 Gjensidige has a future-ready Nordic platform Building on key strengths Pursuing growth opportunities: General insurance across the Nordics and pension in Norway Unlocking the next level Gjensidige Forsikring Group 8 • Broad presence in the Nordics and across segments • Integrated customer journeys across pension, life, health and general insurance • Very strong brand and loyal customers • High-quality data and data-driven core processes • Advanced AI in pricing, risk, claims handling and distribution • Climate-robust risk models and strong focus on damage prevention • Solid capital position
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Our mission: Safeguard life, health and assets Resilience • Empowering customers to navigate life’s uncertainties • Robust operations • Disciplined pricing & underwriting • Strong solvency Enabled by scale, data & technology, people, culture & competence, strong partnerships and disciplined capital allocation Unlocking the next level Key priorities Customer empathy • Relevant at every touchpoint • Human when it matters, fast when it counts • Prevent, not just repair • Loyalty that lasts • Trusted #1 brand Profitable growth • Scale as a competitive advantage • Selective growth • Strong distribution powering scale • Broadening needs: home, life, health, pension • Capital efficiency
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Contributing to a resilient society, customer loyalty and long-term value creation SBTi climate emissions targets Climate adaption targets Social responsibilty Unlocking the next level Gjensidige Forsikring Group 10 80% insurance revenue from sustainable products by 20304 1) Base year 2019 2) Listed equities, corporate bonds and qualifying investments in private equity, measured by the companies' emissions in scope 1, 2 and 3 3) Base year 2022 4) Sustainable products defined by the EU Taxonomy as eligible Claims processes • 55% reduction in CO2 intensity by 20301 Investments • 55% of investments2 SBTi-approved by 2030 • 2.7 kg CO2e per m2 for property investments by 20303 Damage prevention services aimed at reducing disability
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Raising the bar further Unlocking the next level Gjensidige Forsikring Group 11 Financial targets 2025 • Combined ratio <84% • Cost ratio <14% • Return on equity >22% • Solvency ratio 140–190% Financial targets 2026 (announced Nov. 2023) • Combined ratio <82% • Cost ratio ~13% • Return on equity >24% • Solvency ratio 140–190% • Insurance service result >NOK 7.5bn (>DKK 750m in Denmark) Financial targets Annual, 2027 and 2028 • Combined ratio <81% • Cost ratio ~12% • Return on equity >28% • Solvency ratio 140–190% • Insurance service result >NOK 10bn in 2028
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Strongly positioned for future profitable growth Mobility Maintain and further build on a strong position • Extensive network of partners • Flyt (toll) enhances lead generation and expands customer touchpoints • REDGO (road side assistance) provides strong on-the-ground presence and integrated, cost efficient claims handling Property Broaden offering to strengthen loyalty and cross sales • Expand high-value offerings across the housing journey in Private • Developing concepts for commercial customers based on needs Life, health and pension Strengthen position in a growing market • Leverage strong position and distribution platform to grow market share • Pension is a key lever to broaden and strengthen the customer offering • Develop attractive partner network Unlocking the next level Gjensidige Forsikring Group 12 Increase distribution capacity across product verticals through enhanced distribution efficiency Monika, du ser det sikkert men dette er en litt kjedelig layout – kan du fikse?
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Gjensidige Forsikring Group 13 Ready to unlock the next level
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Technology as a strategic enabler of operational excellence Johan Rostoft EVP, Technology and Insight
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Technology as a strategic enabler of operational excellence Powering distribution efficiency and execution speed with real-time data and modern engineering practices Enhancing pricing and underwriting precision by advancing unified data and analytics capabilities Enabling new growth opportunities with shared digital capabilities accelerating expansion across markets and product areas Maintaining cost leadership through simplifying the technology foundation and increasing automation Gjensidige Forsikring Group 15
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Structurally lean and proven technology foundation today – the basis for future value enablement Technology as a strategic enabler of operational excellence 1) 12.9 per cent average last three years, 12.2 per cent excluding write -down of core IT systems 2) Top 5 private P&C insurers in Norway, AppStore score comparison for general insurance app (or no dedicated app) 3) Monthly run-rate before and after use of Gjensidige CRM system 4) Increase during the last 3 years Gjensidige Forsikring Group 16 Low-cost by design – structurally lean platforms Shared infrastructure across group, disciplined portfolio management ~12% Cost ratio1 Leading automation driven by digitalisation 67% claims automation, top rated app with >100% usage growth over last three years, in-house technical excellence Highest ranked insurance app2 Analytics and AI factory in place Repeatable engine for better conversion, hundreds of ML/AI models supporting pricing, risk selection, fraud and claims 10x conversion on Flyt3 Governed agility and prioritisation Nordic, agile organisation, integrated with the business. Common prioritisation and capital allocation process 2x deploy frequency4
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Three technology priorities allow us to deliver on business requirements towards 2028 Technology as a strategic enabler of operational excellence Gjensidige Forsikring Group 17 Technology requirements towards 2028 Technology priorities & ambitions Simplifying the IT foundation Amplifying data advantage Accelerating automation & AI Powering distribution efficiency Enhancing pricing and UW precision Enabling new growth opportunities Maintaining structural cost leadership Simplifying the IT foundation Amplifying data advantage Accelerating automation & AI
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Simplifying the IT foundation Reducing complexity and strengthening flexibility to maintain structural cost leadership
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Consolidating core systems to unlock further efficiency and customer experience Technology as a strategic enabler of operational excellence | Simplifying IT foundation Core system consolidation • Three core systems migrated in the last 2 years in Denmark • New IDIT core system is live – controlled, phased rollout • On track to consolidate to one core in Denmark • Integrated BuySure systems in Norway in <6 months • Streamlining our migration platform and using AI to reduce time and cost per migration by up to 50% 7 4 1 2023 2024 2025 2026 One Core in Denmark Gjensidige Forsikring Group 19
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Extending life of existing core system in Norway by continuously improving and simplifying Technology as a strategic enabler of operational excellence | Simplifying IT foundation Technological advancements in place • Technical life of high-performance system in Norway extended by simplification and modularisation • In-house technical excellence providing optionality in improvement efforts • Moving away from methodology of large, expensive core replacement programmes Core simplification programmes Gjensidige Forsikring Group 20 Originally expected timeline current core IT system in Norway New expected timeline current core IT system in Norway 2030
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Amplifying data advantage Delivering real-time, high-quality data to improve pricing accuracy, underwriting precision and personalisation
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Partner-ready at scale Seamlessly connect to new partners Driving increased distribution efficiency: Data enabling personalisation, faster execution and higher efficiency Technology as a strategic enabler of operational excellence | Amplifying data advantage • Gjensidige’s data platform – unified Group data platform • Real-time streaming allowing for immediate market response • Self-service data products reducing dependency on central teams • Voice and image data integration enabling richer use cases • Automated governance and built-in guardrails ensure resilience Finalising Group data foundation upgrade Scale and value capture • Self-serve APIs and integrations enabling business units to respond faster • Further automation supporting faster execution and higher efficiency Reduced costs +30% projected reduction in data platform infrastructure costs Hyper personalisation More accurate pricing and tailored offerings Fast time to market Self-serve, build, launch Gjensidige Forsikring Group 22
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Accelerating automation & AI Enabling operational efficiency and faster execution through broader digital coverage, platforms, and scaling agent-driven automation
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Gjensidige is well positioned to unlock further efficiency and growth with automation and AI Technology as a strategic enabler of operational excellence | Accelerating automation & AI 1) Number of machine learning (ML) models in production affecting lead generation, risk selection and pricing 2) Increase in fraud detection, 2023–2026 3) Growth in daily active users of Microsoft Copilot, Aug –Dec 2025 Gjensidige Forsikring Group 24 Market leading CX platform Effective adoption of new technology Mature process optimalisation and automation Advanced models and agents Automation & AI platforms Digital coverage Value Time 3x Fraud detection2 200+ ML models1 70% Increased adoption3 Accelerating operational excellence by scaling established capabilities Proven AI impact with strong runway for further value creation
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From digital leadership to an AI-driven operating model that strengthens core business processes Technology as a strategic enabler of operational excellence | Accelerating automation & AI Gjensidige Forsikring Group 25 2,000+ pricing models 2X deploy frequency 5-10X data capture Increased pricing precision and underwriting Strengthened customer experience Enhanced operations and internal efficiency Higher development velocity (build and ship code) 1–3 yearsToday 2X automation
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2023–2025 2026–2028 Beyond 2028 Strengthening value creation and technology readiness through lean core systems, unified data platforms and scaled AI capabilities Enhancing foundation Building lean, resilient technology through simplified core systems, shared platforms and consistent engineering practices. Technology as strategic enabler of operational excellence Gjensidige Forsikring Group 26 Scaling automation, data and AI Leveraging fully scaled AI, unified platforms and real-time data to deliver adaptive, efficient and resilient operations across the value chain. Transformed operating model Operating at full scale with AI-driven processes, adaptive platforms and real-time data across the value chain.
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Technology as a strategic enabler of operational excellence Powering distribution efficiency and execution speed with real-time data and modern engineering practices Enhancing pricing and underwriting precision by advancing unified data and analytics capabilities Enabling new growth opportunities with shared digital capabilities accelerating expansion across markets and product areas Maintaining cost leadership through simplifying the technology foundation and increasing automation Gjensidige Forsikring Group 27
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Positioning for growth and enhanced efficiency Visuell guide lines: Ikke avrundende hjørner Begrens ikoner Kicker kommer Kopier inn i malen René Fløystøl EVP, Private
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Positioning for growth and enhanced efficiency Capturing growth opportunities Leveraging leading position and strong momentum to drive further profitable growth Building deeper customer relationships Securing retention and attracting new customers Enhancing operations Improving efficiency, quality and distribution power Gjensidige Forsikring Group 29
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Norway Positioning for growth and enhanced efficiency Solid growth and improved profitability in Norway and Denmark 2,500 3,888 Insurance revenue, NOKm Insurance service result, NOKm 11,445 14,637 2023 2025 4.7pp CR improvement +56% ISR +28% Revenue Denmark -3 74 Insurance revenue, DKKm Insurance service result, DKKm 1,494 1,949 2023 2025 2023 2025 100.1% 96.2% Loss ratio Cost ratio 3.9pp CR improvement +77m ISR +30% Revenue 2023 2025 78.1% 73.4% Loss ratio Cost ratio 66.1% 61.6% 65.7% 62.9% 12.4% 10.5% UFLR1 1) Underlying frequency loss ratio 73.5% 74.0% 75.7% 75.3% 24.4% 20.9% UFLR1 Gjensidige Forsikring Group 30
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90/84% 2026 target (Norway/Denmark) 90 89 90 90 90 90 90 90 82 83 82 81 79 82 84 85 2018 2019 2020 2021 2022 2023 2024 2025 Private Norway Private Denmark Positioning for growth and enhanced efficiency Strong delivery on operational KPIs Customer satisfactionCustomer retentionDistribution efficiency 2% 8% 11% 13% 16% 18% 24% 31% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 +25% 2026 target 78/76 2026 target (Norway/Denmark) 78 79 77 77 74 73 73 69 2022 2023 2024 2025 Private Norway Private Denmark Gjensidige Forsikring Group 31
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Capturing growth opportunities Leveraging leading position and strong momentum to drive further profitable growth
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Focus on driving growth in key product verticals and realising cross- selling opportunities Positioning for growth and enhanced efficiency | Capturing growth opportunities 1) FY 2025 Gjensidige Forsikring Group 33 Cross-selling between product areas amplifies growth Growth ambition Maintain and further build on a strong position Build on existing products and services and capture additional potential across insurance, tolling and roadside assistance to drive loyalty and growth Mobility 44% 30% Norway Denmark Share of revenue1 Broaden the offering in the housing journey Maintain strong loyalty and drive growth by expanding high-value offerings across the housing journey Property 30% 47% Strengthen position in a growing market Expand position in a growing market with products and services that meet future customer needs Life and Health 15% 14%
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New ecosystems emerging AI-driven agents transforming the customer journey Demand for personalised and seamless digital experiences Positioning for growth and enhanced efficiency | Capturing growth opportunities Gjensidige Forsikring Group OEM and tech innovation are creating new opportunities for partnerships and differentiated customer value AI-driven agents and automated solutions are creating new ways to interact with customers Demand for personalised, seamless and digital interactions opens new opportunities to deepen engagement and build durable loyalty Gjensidige is well-positioned to capture growth opportunities 34 Building on a strong foundation to unlock growth opportunities through: Deeper customer relationships Enhancing operations
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Building deeper customer relationships Securing retention and attracting new customers
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Use Transaction Customer journey Ensuring broad, relevant presence throughout the customer journey… …drives customer loyalty, differentiation and profitable growth Driving profitable growth by strengthening customer relationships Gjensidige Forsikring Group 36 Gjensidige/partner presence Expanding offerings with value-adding services that also increase customer touchpoints Strengthening position in high-engagement moments Presence at relevant customer journey moments, driving growth through new leads Strengthened value proposition, solving customer’s problems end-to-end Efficient customer acquisition, enabled by scale, a trusted brand, strong in-house distribution, and a well-established partner network Positioning for growth and enhanced efficiency | Building deeper customer relationships
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Bilista REDGO Mobility: Leveraging capabilities to be the partner of choice Well-established position across the mobility journey Gjensidige Forsikring Group 37 Insurance claim Insure FinanceBuy Toll Roadside assistance Repair car Deliver Park Fuel/ charge Tyre changeServiceEU control Appraise Sell Use Transaction Gjensidige/partner presence A strong position in mobility provides the foundation to capture emerging trends 1 2 Bilista1 REDGO Roadside assistance, driving higher customer satisfaction, lower claims cost and stronger partner value. Effect on claims cost per case (dependent on type of claim, YE 2025)~40% 2 Bilista App for toll-tag customers, providing services such as repair booking and toll-fee overview. Bilista app users (YE 2025) ~370K 1 Positioning for growth and enhanced efficiency | Building deeper customer relationships
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Property: Home insurance customers are a high-value core segment with significant further potential Norway Denmark Average # of insurance policies compared to other insurance holders ~3x ~2x Average insurance revenue compared to other insurance holders ~2.5x ~3x Average tenure (# of years) compared to other insurance holders ~+40 % ~+50% ~+40% ~+50% Attractive features of home insurance customers in Gjensidige: More products, higher revenue, longer tenure Gjensidige Forsikring Group 38 Positioning for growth and enhanced efficiency | Building deeper customer relationships
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Gjensidige Forsikring Group 39 Smart insurance Insure property Damage prevention Alarm Documentation Damage repair Maintenance Plan renovation Apply for approvalMitigate risk Carry out renovation Finance renovation Improve energy efficiency Condition report Insure sale Maximise value Insure purchase Assume ownership Home onboarding Strong position in the change-of-ownership market1 2 ‘Hei, huset’ 3 2 Smart insurance Insurance with smart sensor alarms to reduce claims and enhance loyalty Share of property sales with physically installed smart products (YE 2025) Strong change-of-ownership position Easy access to relevant insurance when buying /selling, giving customers peace of mind Market share across Norway and Denmark (YE 2025) 1 3 ‘Hei, huset’ Practical advice, proactive alerts and all home information in one place Expected increase in loyalty (beyond 2028) ~35% ~15% Gjensidige/partner presence Building a strong presence across the property journey ~5% Use Transaction Positioning for growth and enhanced efficiency | Building deeper customer relationships Property: Delivering value by helping customers protect and manage their homes beyond traditional insurance
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Property: Strong change-of-ownership position in Norway and Denmark provides access to a sizeable, increasingly attractive market 1) YE 2025. Source: Home seller insurance and home buyer insurance – Forbrukerforbundet 100,000 Norway Denmark # annual property sales1 (second hand market) 85,000 # annual property sales1 (second hand market) Transactions with home seller Insurance1 80% Transactions with change-of-ownership insurance1 90% Transactions with home buyer insurance1 60% • Sizeable home seller insurance market ~NOK 2.5bn in 2025, expected ~NOK 3bn over time • Sold exclusively through real estate agents with designated insurance providers • Sizeable change-of-ownership insurance market ~DKK 1.0bn in 2025, expected to be stable over time • Sold through real estate agents directly to buyers, with multiple insurance providers. Buyers choose independently from real estate agent Gjensidige Forsikring Group 40 Positioning for growth and enhanced efficiency | Building deeper customer relationships
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• A new and unique AI-assistant • Attracting new customers and increases engagement • Reduces damage through timely, targeted alerts and recommended actions Property: Hei, huset! Home ownership made easier Positioning for growth and enhanced efficiency | Building deeper customer relationships Gjensidige Forsikring Group 41
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Enhancing operations Improving efficiency, quality and distribution power
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Delivering efficiency and quality by continuously optimising the existing model and leveraging advanced technology Gjensidige Forsikring Group 44 1. Continuous improvement of existing operating model • Continue strengthening operating model based on analytical approach and data driven insights 2. Unlocking new potential with advanced technology • Deliver next-generation customer service to drive efficiency and quality • Use hyperpersonalisation to enable personalised content across all touch points Improved distribution efficiency Top-line growth from improved customer experience and value- adding offerings Short-term focus on optimising existing model and sharing best practices from Norway Focus on developing and scaling AI solutions – to be rolled out in Denmark at later stage Same strategy, different starting points Positioning for growth and enhanced efficiency | Enhancing operations
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Customer service calls Human chat E-mails answered Remaining interactions handled faster with improved quality Handled by bots Avoided re-routing 10% 40% 50% ~50% automation potential using AI to deliver next-generation customer service – unlocking efficiency gains and top line growth Automation potential of routine inquiries and avoided re-routing Fully automated1 (Ambition YE 2028)~50% Increased sales on inbound traffic (Ambition YE 2028 vs. 2025) +10% ~15% Increased first- contact resolution2 (Ambition YE 2028) 1) Long term ambition for inbound service requests both countries 2) Inbound YE 2025 vs 2028 100% human interactions Gjensidige Forsikring Group 45 Positioning for growth and enhanced efficiency | Enhancing operations
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Real-time activity signals are detected – preference, channel and profile data utilised to identify customer needs Advanced data orchestration Potential prospects contacted (YE 2028 vs. YE 2025) +40% Personalised and context-aware communication increases customer engagement and hit-rate Increased satisfaction and hit rate Hit-rate1 on personalised offer (YE 2028 vs. YE 2025) +50% Personalised and relevant content automatically delivered in preferred channels at the right time Personalised content delivered Personalised sales campaigns (YE 2028 vs. YE 2025) From 2% to 100% Hyperpersonalisation enables even more relevant and proactive customer interaction Using advanced data analytics, AI, and real-time insights to tailor communication with customer across all touchpoints, increasing customer satisfaction and securing profitable growth 1) Amount of customer that respond to or buy personalised offers Gjensidige Forsikring Group 46 Positioning for growth and enhanced efficiency | Enhancing operations
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Ambitions towards 2028 Gjensidige Forsikring Group 47 Capturing growth opportunities Building deeper customer relationships Enhancing operations Positioning for growth and enhanced efficiency Customer retention rate in Norway/Denmark >90/86% Ambition YE 2028 Customer satisfaction in Norway/Denmark 78/70 Ambition YE 2028 Distribution efficiency >+20% Ambition YE 2028 vs 2025
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2023–2025 2026–2028 Beyond 2028 Efficient and robust core Creating a strong, efficient and scalable foundation. Strengthening customer relationships and scale new technology Driving growth through more relevant, frequent customer interactions and improved efficiency from new technology. Accelerating future growth Building on stronger relationships and a highly efficient organisation to capture growth at greater scale. Establishing a strong foundation for growth beyond 2028 Positioning for growth and enhanced efficiency Gjensidige Forsikring Group 48
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Positioning for growth and enhanced efficiency Capturing growth opportunities Leveraging leading position and strong momentum to drive further profitable growth Building deeper customer relationships Securing retention and attracting new customers Enhancing operations Improving efficiency, quality and distribution power Gjensidige Forsikring Group 49
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Shaping the next level Lars G. Bjerklund EVP, Commercial
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Shaping the next level Sustaining profitable #1 position and strengthening reach among small businesses in Norway Driving profitable growth in Denmark’s SME segment Capturing growth opportunities within life, health and pension Gjensidige Forsikring Group 51
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Norway Solid contribution to the results from the Commercial segment 1) Underlying frequency loss ratio 2,488 3,795 Insurance revenue, NOKm Insurance service result, NOKm 12,695 15,302 2023 2025 67.8% 64.3% 72.4% 67.3% 8.0% 7.9% 2023 2025 80.4% 75.2% Loss ratio Cost ratio 5.2pp CR improvement +53% ISR +21% Revenue Denmark 687 662 Insurance revenue, DKKm Insurance service result, DKKm 3,896 4,749 2023 2025 73.2% 71.7% 71.6% 75.0% 10.7% 11.1% 2023 2025 82.3% 86.0% Loss ratio Cost ratio 3.7pp CR deterioration -4% ISR +22% Revenue UFLR1 UFLR1 Shaping the next level Gjensidige Forsikring Group 52
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On track to deliver on operational targets while having traded Denmark retention for improved portfolio quality Shaping the next level Net increase of customers in Denmark3 Increase in annual inflow of new, small companies2 Customer retention rate in Norway/Denmark1 8% 8% 9% 10% 6% 5% 5% 7% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1) Customer retention for Commercial and Agricultural customers. Norway 91%, and Denmark 88% per 30.09.2023 2) Gross inflow of new, small, Commercial customers, 0-50 employees, across Norway and Denmark. 2026 vs R12m Q323 3) Commercial and Agricultural customers in Denmark, excluding Sønderjysk portfolio. YE2026 vs 30.09.2023 91 91 91 88 86 86 2023 2024 2025 Commercial Norway Commercial Denmark 6.1% 11.6% Q32023 2024 2025 Gjensidige Forsikring Group 53 90/89% 2026 target 10% 2026 target 10% 2026 target
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Shaping the next level – securing a healthy and well-diversified portfolio Shaping the next level How to deliver Analytically empowered C O R E Customer experiences Operational Excellence Responsibility Employees Ambitions Sustain profitable #1 position and strengthen reach among smaller businesses in Norway Drive profitable growth in Denmark’s SME segment Capture growth opportunities within life, health and pension
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Moving forward Sustain profitable #1 position and strengthen reach among small1 businesses in Norway Market structure Combination of strong own distribution and broker relations2 Well-diversified portfolio3 Shaping the next level 1) Enterprise market split 2023, Statistisk sentralbyrå. Small businesses with 0 -49 employees. 2) Gjensidige distribution, premium-based split , 2025 3) Split based on insurance revenue 2025 Gjensidige Forsikring Group 55 75% 25% Own distribution Brokered 19% 35% 7% 6% 3% 7% Motor Property A&H Liability Marine Natural Perils Other 24% Gjensidige fundamentals The Norwegian market has 99% small businesses, 0-49 employees1 99% Strategic levers Retaining customers Enhancing portfolio quality Increasing distribution power
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Moving forward Short-term growth focus in mid-market Building in-house distribution for the future Strengthening portfolio diversification Drive profitable growth in Denmark’s SME1 segment Market structure Shaping the next level 1) Referring to Gjensidige’s definition of enterprise segments. SME are businesses with 0-99 employees 2) Enterprise market split 2023 – Danmarks Statistik Note: DK- statistics split mid-market and Corporate at 250 employees 3) Premium-based, 2025 4) Split based on insurance revenue 2025 Gjensidige Forsikring Group 56 The Danish market has 98% small businesses, 0–49 employees2 98% 40% 60% Own distribution Brokered Solid broker relationships3 Portfolio shaped by past acquisitions4 Gjensidige fundamentals 13% 34% 32% 6% 8% 7% Motor Property A&H Agriculture Travel Other Strategic levers
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Moving forward Extensive experience and insight in life and health Capture growth opportunities within life and health insurance, across all segments Increasing share of service and knowledge-based businesses Shaping the next level 1) Sources: Calculations based on Statistisk sentralbyrå, Føretaks statistik & Danmarks Statistik, Generel firmastatistik. # of businesses. 2) Sources: Finans Norway, Præmiestatistik & Forsikring og Pension (DK), Præmiestatistik 3) Customers with employees, having minimum one life and health product with Gjensidige Gjensidige Forsikring Group 57 Fast-growing health insurance market Market premium development 2019–20242 Share of service and knowledge- based businesses in 2025 (2008)1 54% (46%) 57% (46%) Relevance • Employees are key assets • Life, health and pension important part of employee compensation Share of life and health premium in the Commercial portfolio 27% +103% +58% +57% +37% Comm. insurance Comm. Insurance Norway Health insurance Health insurance Denmark Solid cross-selling potential ~50% Share of customers having life and health products with Gjensidige3 Market characteristics Gjensidige fundamentals Increasing cross-selling Developing products Building broader and integrated value propositions Strategic levers
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Capture growth opportunities within defined contribution pension – a strategic and important part of the offering to SMEs in Norway Capitalising on Group synergies • Strong brand position also within occupational pension • Focusing on cross-sales ensure efficient distribution • Diversification effects from non-life insurance risk leads to capital efficient growth within defined contribution occupational pension for the Group Shaping the next level 1) Gjensidige estimates, stated in 2026 kroner Gjensidige Forsikring Group 58 Assets under management 37 51 70 88 103 +29% p.a. 2021 2022 2023 2024 2025 165 243 304 317 335 +19% p.a. 2021 2022 2023 2024 2025 Number of occupational pension members • Enhancing customer relevance • Increasing loyalty • Close link to life and health insurance Gjensidige Pensjonsforsikring has delivered strong growth Pension enhances relevance in the SME market Moving forward Continued cross-selling potential Expected doubling of the defined contribution pension market1 600 1,200 2025 2030 Assets under management Solid increase in share of Commercial insurance customers with pension – more cross-selling potential to be realised 27% (23%) Commercial insurance customers with pension YE 2025 (YE 2021) NOKbn Thousands NOKbn
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C O R E Customer experiences Operational excellence Responsibility Employees Realising ambitions through operational development Analytically empowered Sustain profitable #1 position and strengthen reach among smaller businesses in Norway Drive profitable growth in Denmark’s SME segment Capture growth opportunities within life, health and pension Shaping the next level Gjensidige Forsikring Group 59
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Introducing next-level customer journeys in Norway – continuous, seamless and individualised Efficient digital solutions valued by customers Increasing customer value while reducing customer effort Shaping the next level | C O R E Gjensidige Forsikring Group 60 40% Increase in digital self-service 2023–2025 136% Increase in digital renewals 2023–2025 Leveraging data-driven intelligence in all phases of the customer journey Purchase Experience Renew Continuous, omni-channel customer journey Increasing effectiveness and availability • Introducing AI agent support • Automating customer communication Increasing relevance in content and timing • Introducing action-based triggers for customer interaction • Individualising communication Adding precision as a fundament • Elevating data collection and use through Gjensidige’s shared platform • Applying and developing predictive models Contributing to customer satisfaction and retention Contributing to customer satisfaction and retention
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Enhancing customer experiences New core system is a game-changer Enabling customer experiences Building on shared Gjensidige platforms Enhancing Danish customer experiences, contributing to brand strength and awareness over time Shaping the next level | C O R E 1) Customers with policies in IDIT get access to the self-service portal Gjensidige Forsikring Group 61 97% digital adaption among customers with access to new digital portal1 Contributing to customer satisfaction and retention Driving customer adaption • Confidence in coverage • Convenience in self-service • Support and reassurance from advisers • Value from timely, relevant updates • Enhancing data quality and insights (shared Gjensidige platform) • Elevating activity management • Streamlining processes and increasing automation • Adding product and tariff flexibility (shared Gjensidige platform) Effects to materialise towards 2028 and increase beyond Contributing to customer satisfaction and retention Effects to materialise towards 2028 and increase beyond
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Individual underwriting Executed by experienced under- writers and risk engineers supported by data and underwriting tools Technical underwriting Tariffs are the core basis for individual underwriting and risk management Pricing to perfection – transforming the individual underwriting process to leverage data and expertise Individual underwriting is applied for unique and complex risks Building a fact-based, digital engine for individual underwriting Shaping the next level | C O R E Gjensidige Forsikring Group 62 Nordic-scale data Strengthening frequency and severity insights through data across products, segments and distribution partners Advanced analytics and AI Supporting underwriting quality through steering, pricing guidance and risk selection Market-leading human expertise Leveraging human expertise when assessing complex risks and validating model output Continuous learning loop Continuously evolving, feeding underwriting engine with claims insights, exposure data, external data and trends Contributing to operational quality and distribution efficiency Effects to materialise towards 2028 and increase beyond 10% Share of policies handled individually (YE 2025) Contributing to operational quality and distribution efficiency Effects to materialise towards 2028 and increase beyond
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2023–2025 2026–2028 Beyond 2028 • Implemented machine learning customer scoring models for all segments in Norway • Strenghtened rule-based scoring model and repricing process in Denmark • Further granulating customer segments • Launching machine learning customer scoring models in Denmark • Introducing advanced customer churn prediction models • Further refining and adapting customer segments • Continued expansion of the opportunity space • Continuous model enhancement and optimisation Pricing to perfection – implementing state-of-the-art scoring models for all customers Shaping the next level | C O R E Even small prediction quality improvements have significant impact Reducing churn among the most profitable customers Sharpening pricing differentiation for accurate and relevant price actions Gjensidige Forsikring Group 63 2026–2028
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Prepared for the future: Sustainability is a strategic driver of profitable growth Shaping the next level | C O R E 1) At YE 2025 2) Gjensidige is the only provider in Norway offering a pension profile invested exclusively in Article 9 -funds Gjensidige Forsikring Group 64 Back to work • Aim to reduce sickness absence and long-term disability • Integrated part of several life, health and pension products • Individual assessment and follow-up Responsible pension investments • Available to all pension clients • NOK 1.6bn1 invested exclusively in Article 9-funds • Delivering attractive returns • Promoting social progress Unique sustainable pension profile2 Launching new solution including tailored training and guidance for cancer survivors Understanding and anticipating the risks of tomorrow Helping customers avoid damage Developing concepts based on customer needs Contributing to an attractive life, health and pension offering Unique sustainable pension profile2 Launching new solution including tailored training and guidance for cancer survivors
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Empowering employees: Utilising external and proprietary data to employ features that enhance quality and efficiency Shaping the next level | C O R E Sharpening quality and relevance supporting customer retention Increasing distribution capacity through efficiency Smart-routing of calls, emails and chats Adviser assistant Automatic transcription of customer conversations Authorisation assessment tool Gjensidige Forsikring Group 65
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Ambitions and operational KPIs for 2028 Shaping the next level 1) Distribution efficiency = Insurance sales/sales cost FY2028 vs FY2025 2) Customer retention for Commercial and Agricultural customers. Norway 91.4%, and Denmark 85.3% per 31.12.2025 3) A&H policies: counting total number of A&H policies regardless of number of employees covered. Policies per YE2028/ policies per YE2025 Sustain #1 position and strengthen reach among small businesses in Norway Drive profitable growth in Denmark’s SME market Capture growth opportunities within life, health and pension Customer retention rates2 in Norway/Denmark >90/86% Ambition YE 2028 Distribution efficiency1 in Norway and Denmark >+12% Ambition YE 2028 vs YE 2025 Number of A&H policies3 in Norway and Denmark >+5% Ambition YE 2028 vs YE 2025 Gjensidige Forsikring Group 66
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2023–2025 2026–2028 Beyond 2028 Operational excellence key to realise potential and take part in the growing life, health and pension market CORE is key to future value creation Strengthened availability and quality for the customer, while optimising the portfolio, capturing Norway-Denmark synergies and preparing for the new core system in Denmark. Shaping the next level Shaping the next level • Delivering growth, creating superior customer experiences and enhancing quality through insight, data and AI-driven solutions. • Migrating to new core system is a game-changer in Denmark. • Efficiency improvements unlock additional distribution power to deliver on growth ambitions – especially the accelerated growth in life, health and pension. Accelerating future growth Growth in life, health and pension will accelerate, representing an increased share of portfolio premiums. Effects from the individual underwriting engine will scale. Having fully migrated to Idit, own distribution will be strengthened, and customer experiences will continue being enhanced. Gjensidige Forsikring Group 67
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Shaping the next level Sustaining profitable #1 position and strengthening reach among small businesses in Norway Driving profitable growth in Denmark’s SME segment Capturing growth opportunities within life, health and pension Gjensidige Forsikring Group 68
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Driving the next level of claims excellence Vivi Kofoed EVP, Claims
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Driving the next level of claims excellence Delivering faster peace of mind An empathetic claims experience, anchored in a strong customer position Advancing a scalable and resilient operation Next generation operating model for structural claims cost savings Unlocking value across the partner ecosystem Strengthening supply-chain efficiency and ensuring long-term competitiveness Gjensidige Forsikring Group 70
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Significant claims cost savings since 2023, well beyond target Driving the next level of claims excellence Claims cost savings delivered ahead of plan Announced claims cost-saving target of NOK 800m Nov. 2023 Feb. 2025 Realised NOK 812m in savings Dec. 2025 Realised NOK 1.1bn in savings Claims cost savings by category (NOKm) 800 215 512 373 Claims cost- saving target Leakage reduction Operational excellence Procurement excellence Realised savings 31.12.2025 1,100 +38% Gjensidige Forsikring Group 71
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End-to-end automated claims processing Fully automated claims process across multiple insurance products AI-enabled text analytics and Claims assistant Advanced AI and large language models to classify, route, and analyse customer interactions Scaling agentic AI for increased value creation Scaling generative and agentic AI to enhance automation, efficiency and quality outcomesa 2023–2025 2026–2028 Beyond 2028 Scaling generative and agentic AI to enhance automation, efficiency and quality outcomesAdvanced AI and large language models to classify, route, and analyse customer interactions Fully automated claims process across multiple insurance products 2018–2022 2023–2025 2026–2028 AI-enabled text analytics and Claims assistant End-to-end automated claims processing Scaling agentic AI for increased value creation Setting a new benchmark for digital leadership, with strong strategic capabilities in place Digital claims reporting Automated claims processing Driving the next level of claims excellence Gjensidige Forsikring Group 721) Digital claims reporting, straight-through processing, and automated claims processing in the new core system in Denmark Straight-through processing (STP) 2023 2024 2025 86% 76% +29% 2023 2024 2025 41% 20% +28% 2023 2024 2025 67% 24% +14% Norway Denmark1 Norway Denmark1 Norway Denmark1
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Clear ambition towards 2028 Gjensidige Forsikring Group 73 Driving the next level of claims excellence Delivering faster peace of mind Advancing a scalable and resilient operation Unlocking value across the partner ecosystem NOK 600m in additional claims cost savings by 2028 vs. 2025 as baseline
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Delivering faster peace of mind An empathetic claims experience, anchored in a strong position with customers
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Customer leadership in the moments that matter 1) Target for straight through processing (STP) in Norway, YE 2028 Gjensidige Forsikring Group 75 Driving a new approach to faster claims resolution and proactive damage mitigation Driving the next level of claims excellence | Delivering faster peace of mind NOK 110m in claims cost savings by 2028 Faster claims resolution Deploying advanced customer-facing AI agents to deliver empathetic, around-the-clock customer support and increase upfront claims resolution Advanced severity prioritisation Applying advanced predictive analytics and AI-driven assessment to accurately prioritise and route claims based on real-time severity scoring Proactive damage mitigation Accessing new data sources and new insights through AI agents, enabling early identification and mitigation of potential damage 55% STP target by end of 20281
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1) Based on internal benchmarking of product identification accuracy in 2025 Vipps You have received money from Gjensidige Supplier booking Intelligent orchestration Smart routing Identifying damage type Checking coverage Detecting fraud Calculating payout AI agent supporting customers improve accuracy in claims reporting ~530,000 digital reported claims in 2025, highlighting significant potential for faster and more frictionless settlement Without AI support With AI support 81% 95% +17% Gjensidige Forsikring Group 76 Transforming the customer journey with AI agents Driving the next level of claims excellence | Delivering faster peace of mind
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Advancing a scalable and resilient operation Next generation operating model for structural claims cost savings
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Building a scalable, resilient claims operation ready for climate-related volatility Gjensidige Forsikring Group 78 Driving the next level of claims excellence | Advancing a scalable and resilient operation Advancing claims forecasting Anticipating shifts in claims volume and complexity by applying advanced forecasting to dynamically allocate expertise and maintaining strong cost discipline Establishing AI workspace for claims handlers Transforming claims operation through new infrastructure with build in advanced calculations and AI support – improving both productivity and outcome quality Scaling leakage and cost control Applying advanced and proven AI models across systems to detect irregularities, optimise recourse and strengthen liability assessment, lowering average claim cost Powering a new operating model for structural claims cost savings NOK 230m in claims cost savings by 2028
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Gjensidige Forsikring Group 79 Damage assessments per day (week 1) Ambition to absorb future volatility without a proportional increase in headcount Scaling expert capacity through a shared AI workspace, absorbing volatility and volume growth Fast bounce-back after weather events Setting a new record in faster bounce-back, during the storm Amy. Testing operating models, enabling claims experts to support each other across product lines and expertise. 100 250 450 Normal Hans ’23 Amy ’25 +80% Hans ’23 Amy ’25 35% 64% +83% Claims settled (after 3 months) Driving the next level of claims excellence | Advancing a scalable and resilient operation • Better use of expert capacity • Greater ability to handle volume peaks • More consistent decision quality • Lower cost per claim 70% of all claims experts delivering claims handling across product areas by end of 2028 +3pp Increase in customer satisfaction: “Amy” vs. “Hans”
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Gjensidige Forsikring Group 80 Utilising AI and advanced analytics to detect and reduce leakage Unlocking additional savings potential across product lines in Norway… …and in Denmark Driving the next level of claims excellence | Advancing a scalable and resilient operation • Preventing and mitigating fraud • Improving recourse • Strengthening liability assessment2022 2023 2024 2025 2028 +217% +58% Realised fraud savings 2025 2028 +60% Fraud savings potential Fraud savings potential Realised fraud savings ~15% claims cost saving from leakage reduction by end of 2028 Delivered significant fraud savings – expanding proven models across product lines to unlock further value
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Unlocking value across the partner ecosystem Strengthening supply-chain efficiency and ensuring long-term competitiveness
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Enhancing the position in the supply network to deliver greater efficiency and cost control across the value chain Gjensidige Forsikring Group 82 Next generation partner platform Uniting fragmented networks into an intelligent and automated partner ecosystem with seamless integrations, reducing friction and improving data transparency Data driven volume steering Strengthening procurement excellence and steering volume to the right partners based on cost, performance and sustainability Embedding AI for enhanced cost control Leveraging AI to strengthen claims cost control through improved damage assessment, outcome prediction and optimisation of repair, pricing and partner selection Strengthening cost control, enhancing quality and efficiency across the partner ecosystem Driving the next level of claims excellence | Unlocking value across the partner ecosystem NOK 260m in claims cost savings by 2028
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Gjensidige Forsikring Group 83 Further potential by scaling proven steering models Significant claims cost savings driven by improved steering1 for health insurance in Denmark… … and for motor wind shield in Norway2 1) An increase in volume steering means that a percentage of cases is transferred from a lower ranked supplier to a higher ra nked supplier based on cost, performance and sustainability 2) Expected inflation is based on a 4% yearly increase (50 consumer price index/50 wage index), based om SSB statistics for 2 026 Driving the next level of claims excellence | Unlocking value across the partner ecosystem 2025 2028 +76% Motor Property Other Multiple lines of business 2024 2025 2028 46% Volume steering Procurement excellence 3X total claim cost savings 2024 2025 2028 -13.2% Paid repair cost Inflation Delivered significant savings through advanced steering, now expanding proven model for additional impact
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78% AI success rate with repair estimate1 35% Identified with smart repair potential1 Unlocking repair cost savings through early identification of smart repair opportunities A claims service that scales across products domains Driving the next level of claims excellence | Unlocking value across the partner ecosystem AI-powered image recognition in motor claims registration flow Traditional repair cost: Dismantle and paint whole door NOK 15,500 - Cost with smart repair: Paintless dent repair NOK 4,000 = Difference in repair cost NOK 11,500 Example: Deep door scratches identified by AI and repaired correctly MOTOR: AI photo analysis routes claims to the optimal repair path HOUSING: Automated identification of minor damage enables faster repair decisions HEALTH: Smart referral matching improves recovery and reduces delays Gjensidige Forsikring Group 84 Transforming motor claims with AI-driven image recognition for faster settlements and smarter repairs 1) Figures reflect measurements taken at the end of 2025
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NOK 600m in additional claims cost savings by 2028 based on 2025 baseline Delivering faster peace of mind NOK 110m Advancing a scalable and resilient operation NOK 230m Unlocking value across the partner ecosystem NOK 260m Clear ambition towards 2028 Driving the next level of claims excellence
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2023–2025 2026–2028 Beyond 2028 Driving claims efficiency Building a highly efficient and automated claims operation, enabled by digital leadership and strong data foundations. Strengthening the competitive advantage Developing and scaling advanced data models and claims services – embedding structural cost efficiency. Shaping and adapting to new ecosystems Leveraging advanced data and claims capabilities to adapt to evolving ecosystems, influence value chain dynamics, and sustaining structural advantage in a rapidly changing market. Beyond 2028 – enabling future competitiveness in the evolving claims landscape Driving the next level of claims excellence Gjensidige Forsikring Group 86
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Driving the next level of claims excellence Delivering faster peace of mind An empathetic claims experience, anchored in a strong customer position Advancing a scalable and resilient operation Next generation operating model for structural claims cost savings Unlocking value across the partner ecosystem Strengthening supply-chain efficiency and ensuring long-term competitiveness Gjensidige Forsikring Group 87
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Delivering attractive returns Jostein Amdal CFO
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Growing insurance service result 7.1 0 1 2 3 4 5 6 7 8 Insurance service result NOKbn IFRS1 9 & 17 NOK bn Combined ratio brought further down We have continued to deliver strong results… Delivering attractive returns 1) IFRS® Accounting Standards as adopted by the EU Gjensidige Forsikring Group 89 83.4% 75% 80% 85% 90% Combined ratio Target IFRS1 9 & 17 Strong return on equity 27.3% 0% 10% 20% 30% ROE Target
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Solid capitalisation Growing regular dividends, supplemented by specials …and paid out attractive dividends, while maintaining a strong capital base Delivering attractive returns 1) Proposed dividend, subject to approval at the General Meeting on 26 March 2026 Gjensidige Forsikring Group 90 7.10 7.25 7.40 7.70 8.25 8.75 9.00 10.00 5.00 6.40 1.00 4.50 2018 2019 2020 2021 2022 2023 2024 2025 Regular Special NOK per share 188% 100% 125% 150% 175% 200% 2018 2019 2020 2021 2022 2023 2024 2025 Solvency Ratio Target 1
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FY 2025 Claims programme Operational improvement Growth & margin Maintaining competitiveness FY 2028 Unlocking the next level Delivering attractive returns Gjensidige Forsikring Group 91 NOK 7.5bn1 NOK >10bnInsurance service result, general insurance 1) Excluding the expenses related to the reduction in book value of the core IT system in Q4 2025 Claims programme • Faster claim resolution • New operating model • Supply chain efficiency 1 Operational improvement • Distribution efficiency • Next generation customer service • Cost discipline in support functions • Improved or continued high retention rates 2 Growth & margin • Disciplined approach to price increases • Broaden housing offering • Strengthen position in a growing life and health market • Drive profitable growth within the SME segment in Denmark 3 Maintaining competitiveness • Improved customer satisfaction • Investments in technology and business transformation 4
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Strong progress towards 2026 KPI targets Delivering attractive returns 1) Excluding the Baltics. Customer satisfaction survey is carried out annually, in Q4 Gjensidige Forsikring Group 92 1) 1 1) >+5- 1) Metric Status Q4 2025 Target 2026 Customer satisfaction (Group1) 77 >78 Customer retention Norway Customer retention outside Norway1 91% 84% >90% >85% Digital distribution index (Group1) +19% +5-10% annually Distribution efficiency (Private) +31% +25% Digital claims reporting (Group1) 79% >85% Automated claims processing (Norway) 67% >70%
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Catalysts for delivering on the next-level targets Delivering attractive returns 1) Measured annually 2) Savings measured vs. FY2025 Gjensidige Forsikring Group 93 Metric Target 2028 Customer satisfaction (Group)1 >78 Customer retention Norway Customer retention Denmark >90% >86% Digital distribution index (Group) +5–10% annually Distribution efficiency (Private) Distribution efficiency (Commercial) >+20% >+12% Claims savings programme2 NOK 600m Straight-through processing (Norway) 55% satisfaction (Group)1 >+5- 2 -through processing (Norway)
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Segment contribution to target delivery Delivering attractive returns Gjensidige Forsikring Group 94 • Strong brand name and high and stable customer loyalty • Customer dividend model (GI) integrated in value proposition • High cost efficiency • Improving underlying profitability and capital efficient growth within pension, complementing Commercial GI offering Private Norway 81% Combined ratio Commercial Norway Combined ratio 81% Pension >NOK 400m in 2028 Pre-tax profit including change in CSM Private Denmark Combined ratio 81% Commercial Denmark Combined ratio 81% • Strong customer-oriented alternative to local market leaders • Pursuing growth opportunities, both in retail and SME segments • Continued improvements in operational efficiency and quality on back of new core system Sweden Combined ratio 81% • Focused challenger • Pursuing growth through partnerships and 3rd party distribution • Strong local organisation Profitable growth and efficient operation Raising prices at least in line with claims | Strengthening distribution and pricing efficiency | Delivering on claims programme | Focus on cost efficiency
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Shareholder returns Dividend policy: Gjensidige targets growing regular 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 Over time, Gjensidige will also pay out excess capital Capital management strategy Delivering attractive returns Gjensidige Forsikring Group 95 Capital level and structure • Ensuring a strong solvency position while maintaining high capital discipline • Continued improvements in approved internal model • Limiting downside risk and capital requirement with reinsurance • Subordinated debt utilised to optimise capital structure Investments Optimise asset allocation by balancing investment returns with solvency capital requirement
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0 1 2 3 4 5 6 Senior bank Norwegian covered bond, 5yr Investments supporting high and stable nominal dividends High running yield supports ROE Liquid portfolio with flexibility to exploit opportunities1 Delivering attractive returns 1) As at 31 December 2025 Gjensidige Forsikring Group 96 Free portfolio Moderate investment risk, excess return with controlled downside risk Fixed-income NOK: 58% Fixed-income DKK: 35% Fixed-income SEK: 7% Fixed-income – short duration: 48% Global investment grade bonds: 29% Global high yield bonds: 1% Other bonds: 3% Listed equities : 3% Private Equity funds: 3% Property: 9% Other: 3% % 2019 20262020 2021 2022 2023 2024 2025 40.3 NOKbn 26.7 NOKbn Avg. duration/yield: 1.3 yrs/4.0% Avg. duration/yield: 3.1 yrs/3.6% Match portfolio Low risk, match liabilities
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Strong capital generation – remaining focused on capital discipline Delivering attractive returns 1) Operating SII earnings comprise SII underwriting result and SII financial result of the match portfolio after tax 2) Dividend based on 2023-2024, and proposal for the accounting year 2025, assuming resolution at the General Meeting on 26 Marc h 2026 Gjensidige Forsikring Group 97 SII operating earnings and free-portfolio returns provide financial capacity for organic growth, bolt-on acquisitions and a sustained dividend stream.8.7 12.9 2.5 (16.6) 1.9 1.9 11.2 31.12.2022 Regulatory/ model changes Operating SII earnings1 Free portfolio Dividend2 Capital mgmt./ mgmt. actions 31.12.2025 Surplus capital (own funds less solvency capital requirement) Approved PIM NOKm
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Diversification within the Group leads to capital efficient growth within pension Group diversification effects (YE 2025) Delivering attractive returns Gjensidige Forsikring Group 98 2,834 3,923 Gjensidige Pensjonsforsikring stand alone 1,572 3,547 Contribution to Group SCR and own funds 1,975 SCR Own funds SCR and own funds (YE 2025) NOKm 1,089 1) Adjusted for dividends, subordinated loans and capital contributions Development last five years 1,411 518 1,742 1,780 Gjensidige Pensjonsforsikring stand alone Contribution to Group SCR and own funds NOKm Increase in SCR 2020–2025 Own funds generation 2020–20251 1,262331 Group diversi- fication effects SCR post Group diversification effects NOKm SCR Gjensidige Pensjons- forsikring stand alone 2,834 1,572 -1,262
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Continuing to seek full approval of own Partial Internal Model Delivering attractive returns Gjensidige Forsikring Group 99 NOK 1.9bn difference in capital requirement between approved and own Partial Internal Model Windstorm model Windstorm model approved December 2024 Prudential margin Reduced margin for market risk 2020 Prudential margin for underwriting risk, application planned for 2026 Recalibration some lines of business Commercial Property Denmark 2021 Planned applications for more lines of business in 2026 Private Property Norway 2023 Health Private Norway 2023 Other illness, commercial 2025 Correlation between market risk and UW risk Application sent 2025 Approved changes Remaining elements for full approval of own PIM Mye større font på forklaring i fotnote – flytte opp
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Ambitious Group targets in focus Combined ratio 2026: <82% 2027, 2028: <81% Cost ratio 2026: ~13% 2027, 2028: ~12% Insurance service result 2026: >NOK 7.5bn (>DKK 750m Denmark) 2028: >NOK 10bn ROE 2026: >24% 2027, 2028: >28% Solvency ratio 140–190% Promising results outlook and robust capital position Stable Nordic insurance markets Solid brand and market position Efficient operations Dedicated and competent employees Remaining focused on delivering attractive returns Delivering attractive returns Solid base to deliver on dividend policy
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Unlocking the next level
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Disclaimer Gjensidige Forsikring Group 102 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.
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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