Slides
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Pension as a strategic driver of growth and value Sell - side Analyst Meeting in Oslo, 25 August 2026
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Programme ~15:45 Presentations and Q&A session Presenters: • Geir Holmgren, CEO • Lars G. Bjerklund, EVP Commercial • Lisa S. Legallais, EVP Pension/CEO Gjensidige Pensjonsforsikring • Jostein Amdal, CFO ~ 18:00 Aperitif and dinner ~20:30 Programme ends 2
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Introduction Geir Holmgren, CEO Analyst Day 2026
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• Major residential fire in southeastern Norway • >100 homes lost and several hundred people affected • Immediate mobilisation to support customers • Gjensidige covered by reinsurance programme • Maximum retention MNOK 100 + r einstatement premiums Gjensidige Forsikring Group 4 Introduction Krokstadelva: Delivering support when it matters the most - a clear reminder of the societal role of insurance
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Our mission: Safeguard life, health and assets Introdu ction Today’s topic: Pension - a contributor to Gjensidige’s mission and a driver of long - term value creation Profitable growth Resilience Customer empathy Capital discipline Strategic pillars
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Relevance Employees are key assets Life, health and pension important part of employee compensation Strong growth drivers for life, health and pension solutions Introduction Aging population Rising demand for health services Megatrends shaping the industry Rising demand for life, health and pension solutions 1) Calculations based on Statistics Norway. # of businesses. Increasing share of service and knowledge - based businesses 1 54% 2025 Growth dynamics • Contributions in occupational pension exceed benefit payments in an immature defined contribution market • Growing individual pension savings • Positive fund flows and market returns support asset growth Gjensidige Forsikring Group 6 46% 2008 +8 p.p.
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Gjensidige Forsikring Group 7 Gjensidige Pensjonsforsikring: An integrated pension business with a strong position to capture growth Integrated in Gjensidige Gjensidige Pensjonsforsikring Consistent growth and scale Established in 2006 4th largest Norwegian occupational pension provider Serving both commercial and private customers in Norway Defined contribution pensions, unit - linked savings and disability products Strong customer trust supported by the Gjensidige brand One strong brand Supported by high customer trust and a leading market position Shared customer base and distribution through Commercial’s channels Integrated model Driving efficiency, scale benefits and customer value 53 56 71 89 105 113 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q2 2026 Unit linked Other (paid up policies, risk products and company portfolio) 165 243 304 317 335 335 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 Q2 2026 Number of occupational pension members (thousand) Assets under management (NOKbn) 18% CAGR 17% CAGR Introduction
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Pension supports Gjensidige’s growth, diversification and efficiency Stronger SME value proposition Complete product lines, integrated customer experience and higher customer lifetime value Accident and health as share of Ins. revenue, Commercial Norway 1 23% Solid cross - selling potential 27% Commercial customers with pension schemes in Gjensidige Pensjonsforsikring 1 • Leveraging established distribution platform Low - cost customer acquisition • Capital - light value creation Fee - based earnings, limited capital requirements • Structural growth exposure Long - term growth in pension and retirement savings • Diversified earnings profile Revenue streams with lower claims volatility Established expertise in life and health insurance More customer interactions Better insight Higher retention Higher lifetime value Additional strategic benefits Gjensidige Forsikring Group 8 Introduction 1) H1 2026.
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A closer look at Pension in Gjensidige Gjensidige Forsikring Group 9 Pension; a key Commercial differentiator Lars G. Bjerklund, EVP Commercial Gjensidige pensjonsforsikring : Positioned for profitable growth Lisa S. Legallais, EVP Pension/CEO Gjensidige Pensjonsforsikring Value creation under IFRS 17 Jostein Amdal, CFO Introduction
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Pension; a key Commercial differentiator Analyst Day 2026 Lars Gøran Bjerklund, EVP Commercial
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• Strengthens SME relevance • Deepens customer relationships • Improves the quality of Gjensidige’s customer portfolio • A scalable path to profitable growth Gjensidige Forsikring Group 11 Pension ; a key Commercial differentiator
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Pension has an important role in Commercial’s ambitions in Norway 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 rates 2 in Norway/Denmark >90 / 87% Ambition YE 2028 Distribution efficiency 1 in Norway and Denmark >+12% Ambition YE 2028 vs YE 2025 Number of A&H policies 3 in Norway and Denmark >+5% Ambition YE 2028 vs YE 2025 Announced at CMD in Feb. 2026 Gjensidige Forsikring Group 12 Pension; a key Commercial differentiator
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Pension enhances relevance in the SME market and positions Gjensidige as a full - service SME partner 1) SME defined as companies with 1 - 99 employees. Claims ratio last 60 months compared with customers without pension products. N orwegian market only. +14% longer duration of SME customers with pensions 1 - 7 p.p. claims ratio of SME customers with pension 1 Enhancing customer relevance Increasing loyalty Close link to life and health insurance Gjensidige Forsikring Group 13 Pension; a key Commercial differentiator
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Increased profitability through unlocking cross - selling potential 1) Number of insured affiliations/coverages under group personal insurance schemes as of 31.12.2025. Sports insurance covera ges excluded. Growing share of Commercial insurance customers with pension Share of Commercial’s Norwegian insurance customers with pension schemes in Gjensidige Pensjonsforsikring 23% 27% 2021 2025 Rule - based prioritisation model to target the right customers Leveraging data to increase relevance Further cross - selling potential Develop new solutions to broaden offering >2.7m employee coverages through group personal insurance schemes 1 Gjensidige Forsikring Group 14 Pension; a key Commercial differentiator
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Leverages existing distribution Leverages existing customer base Clear synergies support scalable and efficient growth Gjensidige Forsikring Group 15 • ~75% own distribution 1 • Focusing on cross - sales ensures efficient distribution • Building on joint capabilities and platforms • Leveraging digital solutions • #1 position in the Norwegian market • High customer satisfaction and retention rate at 91% in Norway 2 • Utilising existing customer data to ensure relevance and timing 1) Share of insurance revenue for Commercial in Norway through Gjensidige’s own distribution platform . 2) Q2 2026. Gjensidige Forsikring Group 15 Pension; a key Commercial differentiator Low Incremental costs to sell pension
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Pension; a key Commercial differentiator • Strengthens SME relevance • Deepens customer relationships • Improves the quality of Gjensidige’s customer portfolio • A scalable path to profitable growth Gjensidige Forsikring Group 16
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Gjensidige Pensjonsforsikring: Positioned for profitable growth Lisa Stéphanie Legallais, CEO Gjensidige Pensjonsforsikring Analyst Day 2026
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Positioned for profitable growth • Operating in an attractive market supported by strong long - term growth drivers • Well positioned to capture further market growth • Capital - efficient business with a lean operating model • Clear strategic focus on SMEs and customer relationships • Investing in scalability for further growth Gjensidige Forsikring Group 18
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Gjensidige Pensjonsforsikring : The preferred pension provider for Gjensidige Forsikring's customers in Norway 2006 ESTABLISHED 140 FTEs (2025) PRODUCTS AND SERVICES Unit - linked Defined contribution Unit linked Private Disability pension Management of pension capital certificates and paid - up policies AT A GLANCE MEMBERS 335,000 Occupational pension members (Q2 2026) CORE CUSTOMER SEGMENT SME Small and medium sized enterprises ASSETS UNDER MANAGEMENT NOK 113bn (Q2 2026) MISSION We make pension safe and simple MARKET SHARES 10.5% of AUM 15.1% of # occupational pension members 12.3% of defined contribution from employers AMBITION The preferred pension provider for Gjensidige Forsikring's customers
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Operating in the fastest growing market in the Nordic finance sector, with an attractive growth outlook Gjensidige Forsikring Group 20 0 400 800 2015 2020 Q2 2026 0 1,000 2,000 2015 2020 Q2 2026 Defined contribution AUM ( NOKbn ) 20% CAGR YE 2015 – Q2 2026 Mandatory pension has fuelled high growth # employees (1000s) • Contributions and capital returns exceeding payouts • Employment growth • Possible increase in mandatory contribution rates driven by demographic trends and pressure on public finances Future growth drivers 1,200 NOKbn in 2030 Growth drivers the past 25 years • Defined contribution introduced in 2001 • Occupational pension made mandatory for private sector in 2006 • Expanded employee eligibility from 2022 • Capital market performance 2,300 # employees in 2030 High historic and expected growth in AUM Gjensidige Pensjonsforsikring: Positioned for profitable growth 6% CAGR YE 2015 – Q2 2026 Increasing self - selection of pension provider ~700 ~2,200
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21 24 30 32 39 44 53 56 71 89 105 113 10% 11% YE 2015 YE 2017 YE 2019 YE 2021 YE 2023 YE 2025 Q2 '26 Other (paid up policies, risk products and company portfolio) Unit linked Market share 124 135 151 155 160 156 165 243 304 317 335 335 10% 15% YE 2015 YE 2017 YE 2019 YE 2021 YE 2023 YE 2025 Q2 '26 Members Market share Competitive advantages lay the foundation for future growth Gjensidige's brand, customer base and distribution. Run with the autonomy of a standalone company. Highly standardised solutions, strong digital capabilities and early adoption of automated administration Efficient asset management model and successful investment strategy Gjensidige Forsikring Group 21 A proven track record of growth over the past five years Gjensidige Pensjonsforsikring: Positioned for profitable growth 17% CAGR 18% CAGR Gjensidige Pensjonsforsikring # occupational pension members (thousand) Gjensidige Pensjonsforsikring Assets under management (NOKbn)
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29.3 % 27.9 % 18.0 % 10.5 % 9.6 % 4.7 % Storebrand DNB Nordea Gjensidige SpareBank1 Others Well positioned to capture structural growth in pensions and savings Gjensidige Forsikring Group 22 #1 EPSI: Customer satisfaction 2 4 th largest player in occupational pension (AUM) Leading positions in customer satisfaction and returns Gjensidige Pensjonsforsikring: Positioned for profitable growth 1) Source: Finance Norway, June 2026. 2) EPSI pension survey 2026. 3) Aalund Business Pension Barometer 2026, companies with 1 - 49 employees. 4 ) Norsk pensjon , 30 June 2026, return on pension profiles in the Norwegian market, 3 years rolling. #1 Pension barometer: Customer satisfaction SME 3 #1 Return to customers 4 #3/15% share of members Market shares, occupational pension Norway 1 Leading customer experience Top - ranked in EPSI’s national occupational pension survey, reflecting strong customer understanding, support and digital solutions. Strong SME relationships Top - ranked in all three categories in Aalund’s Business Pension Barometer, highlighting service, expertise and ease of administration. Differentiated investment offering Two best - performing pension profiles in Norway YTD and over three years, supported by independent asset management. Only Norwegian pension provider with SFDR Article 9 - classified pension profiles.
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A capital - efficient business positioned for recurring fee income Gjensidige Forsikring Group 23 8% 4% 80% 8% Capital light earnings driven by unit - linked member growth and AUM • Occupational pension and private pension products • Scalable and capital light products • Fee based earnings from administration fee (per employee) and management fee (percentage of AUM) Insurance risk products complement pension and general insurance offerings • Corporate disability pension, individual disability pension and child disability pension • Pricing and underwriting actions implemented to restore profitability following higher disability incidence Guaranteed exposure is limited • Paid - up policies (from closed defined contribution schemes) • Small closed book with limited earnings impact • Outsourced administration supports focus on core business 1) As of 30 June 2026. Assets under management (AUM) 1 113 NOK bn Unit - linked occupational pension Unit - linked private pension Risk products - guaranteed / paid - up policies Risk products - insurance (IBNR) Gjensidige Pensjonsforsikring: Positioned for profitable growth Majority of business in unit - linked
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Unlocking profitable growth through focus on SME and employee relationships Gjensidige Pensjonsforsikring: Positioned for profitable growth 1 B2B: Scale the SME core Primary growth engine Products: Standardised occupational contribution pension and related risk products Distribution: Through Gjensidige’s Commercial channels Rationale: Profitability, low complexity and scalable operating model 27% Share of Gjensidige’s Commercial customers with pension Small portfolio of private customers with growth potential. Rising awareness of pension and increasing long - term individual savings , support demand. Active strategy in self - selected provider market, currently growing more than the market. 95% Customer retention Gjensidige Forsikring Group 24 2 B2B2C: Employees relationships Leveraging employee relationships Product: Individual pension and risk products Distribution: Access to employees within occupational pension schemes Rationale: Cross sales and customer retention B2C
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A low - complexity operating model • Standardised, low - complexity product offering • Distribution through existing Gjensidige channels • Lean model, non - core activities outsourced • Investment strategy set in - house, execution outsourced • Shared administrative and control functions with Group Sharpening the organisation • Strengthened leadership team, pairing experience with future needs • Professionalising governance and business processes • Investing in people , technology and AI to support next phase of growth Cost - to - serve down 11% last 12 months Set to harvest efficient growth • Increased digitalisation, automation and use of AI • Improved pricing and risk selection • Greater scale benefits from Gjensidige ´ s customer base and distribution channels • Lower unit costs from scale, sourcing and purchasing power • Mo dernised IT pension platform Operational journey built on a strong foundation, targeted investments and a clear roadmap to unlock further scale benefits and higher efficiency Gjensidige Pensjonsforsikring: Positioned for profitable growth Gjensidige Forsikring Group 25 Built lean to grow efficiently, investing in scalability for further growth PAST Building a foundation PRESENT Investing and professionalising FUTURE Scaling and unlocking value
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Maintaining medium - term stability while building long - term strategic flexibility Gjensidige Forsikring Group 26 Gjensidige Pensjonsforsikring: Positioned for profitable growth September 2025 Implementation of new core - IT system CoreSuite discontinued as it did not adequately address evolving business requirements Since then Targeted enhancements and modernisation of the current core pension platform to support medium - term business and operational needs In parallel Evaluating long - term platform options to establish a modern and scalable technology foundation Long - term platform assessment • Phased, risk - based approach to manage risk and cost • Three options under assessment: 1. Modernisation of the existing core platform 2. Commercial standard product 1 3. Modular technology platform combining standard solutions, existing capabilities and internally developed modules • Increased speed of product development • Increased business agility and scalability • AI - enabled capabilities 1) Currently under development. Expected to be available to the market 2028. Approach and options Key criteria for the future platform
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Positioned for profitable growth • Operating in an attractive market supported by strong long - term growth drivers • Well positioned to capture further market growth • Capital - efficient business with a lean operating model • Clear strategic focus on SMEs and customer relationships • Investing in scalability for further growth Gjensidige Forsikring Group 27
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Value creation under IFRS 17 Jostein Amdal, CFO Analyst Day 2026
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61 164 351 101 172 257 (88) (286) 164 168 189 102 2023 2024 2025 H1'26 Pre - tax profit incl. chng . in CSM, adjusted for non - recurring items 1 Net finance Insurance risk result (ISR + chng. in CSM) Unit-linked Results driven by fees from unit - linked business, insurance risk results and net finance Value creation under IFRS 17 Gjensidige Forsikring Group 29 Unit - linked (Defined contribution pension) • Fee - based earnings driven by AUM and member growth • Expect growing results, AUM sensitive to equity markets 396 452 588 (83) 1) Adjustments: Q3 2023: Core IT system, negative impact of NOK 61.6 million, of which NOK 11.1 million attributed to ISR and NOK 50.5 millio n a ttributed to unit - linked. Q2 2024: Reduced risk adjustment, positive impact of NOK 178.2 million, of which NOK 92.8 million attributed to ISR and NOK 85.4 million attributed to CSM. Q3 2025: Core IT system, n ega tive impact of NOK 434.8 million. NOK 60.4m attributed to ISR, NOK 368.8 million attributed to unit - linked, and NOK 5.7 million attributed to CSM. Q4 2025: Discontinuation of reinsurance contracts, positive impact NOK 69.6 mi lli on. NOK 99.2 million positive impact on ISR, and NOK 29.6 million negative impact on CSM. Insurance risk result (ISR + change in CSM) • Insurance risk: disability and other life insurance products • Inherent volatility ; over time price increases will restore profitability Net finance • Return on assets, interest rate effects on insurance liabilities including changes in expected profit - sharing and unwinding • Expect to grow with assets, sensitive to interest rates NOKm Target pre - tax profit incl chng. in CSM: NOK 400m in 2028 Q1’26: NOK 255 million recalculation of reserves in the IFRS 17 accounts
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Unit - linked Fee - based earnings driven by AUM and member growth Expect growing results, sensitive to equity markets
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Unit - linked income 1 NOKm 2023 2024 2025 H1’26 Administration fee 194 219 249 135 Number of occupational pension members x fee per member Management income 254 302 352 193 AUM development, fees net of costs external assets managers Other expenses (285) (354) (412) (226) Mainly IT and personnel cost. Digitalisation and growth expected to increase operational efficiency over time Total 163 168 189 102 Expect growing results, sensitive to equity markets Unit - linked a steadily growing profit contributor Value creation under IFRS 17 1) Adjusted for non - recurring items. Gjensidige Forsikring Group 31
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Insurance risk result (ISR + chng . in CSM) Insurance risk result from disability and other life insurance products Inherent volatility; over time price increases will restore profitability
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Insurance risk result: U nderlying growth, with 2025 impacted by increase in disability Value creation under IFRS 17 ISR + change in CSM 1 NOKm 2023 2024 2025 H1’26 New contracts 104 216 262 134 Profitable contracts: added to CSM (no immediate profit) Onerous contracts: loss recognised in ISR immediately RA release (19) (25) 68 40 Released in line with CSM release RA is interest rate sensitive Experience adjustment and changes in estimates 87 66 (418) (460) Deviation between actual and expected outcomes this period and updated estimates for future periods, as well as acquisition costs. 2025 - 2026: elevated disability and reserve strengthening; pricing measures with full effect still ahead Total 172 257 (88) (286) Inherent volatility; over time price increases will restore profitability 1) Adjusted for non - recurring items. Gjensidige Forsikring Group 33
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CSM as future profit stock Value creation under IFRS 17 Gjensidige Forsikring Group 34 1,749 1,712 196 (46) (145) 32 Contractual service margin H1’26 ( recognised as a liability on the balance sheet ) New contracts • Profitable new contracts recognised as CSM o Although CSM recognised as a liability, it can economically be viewed as deferred profit CSM release • CSM released to earnings through ISR over time as benefits are paid (~5% p.a.) Change in estimates existing business • Deviations between actual and expected outcomes for claims impact CSM Interest accretion • Allocated interest on CSM financed by actual investment income (based on 1 - year EIOPA rate)
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Net finance Return on assets, interest rate effects on insurance liabilities and unwinding Expect to grow with assets, sensitive to interest rates
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Risk products: Return above guaranteed rates wholly or partly benefiting Gjensidige Company portfolio: Returns accrue to Gjensidige’s equity Paid - up policies: Gjensidige retains a small share of returns above guarantees Value creation under IFRS 17 Gjensidige Forsikring Group 36 Current bonds Fixed income - short duration Property exposure Equity funds NOK 8.5bn Prudent asset – liability matching Investments supporting dividend capacity Figures as of 30 June 2026. Current bonds Fixed income - short duration Property exposure Equity funds NOK 4bn Current bonds Fixed income - short duration Property exposure Equity funds NOK 2bn Portfolios related to risk products mainly comprising fixed income instruments; focus on reducing ALM risk • Child pension, disability insurance and occupational pension • Profit sharing and guarantee vary by product • Profit - sharing above guarantee (avg. 3.3%, 80% of excess returns allocated to customers) • Incl. in net finance income ( chng . in fin. assump .)
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Development in net finance over time depends on interest rate levels and movements 1) Changes in expected future profit sharing due to interest rate changes is included here. • At low interest rates, the discounting effect is dominating, income from investments is a good match. • At high interest rates, discounting and profit sharing move in opposite direction, and the hedge from the asset side works le ss well . Value creation under IFRS 17 Gjensidige Forsikring Group 37 Net finance NOKm 2023 2024 2025 H1’26 Income from investments 307 270 642 224 Return on the three portfolios in previous page, mainly fixed income instruments, marked to market (IFRS 9 ) Unwinding (314) (385) (434) (237) Increase in NPV of liabilities moving one period closer to payment, calculated at the 1 - year EIOPA rate at the beginning of the period Change in financial assumptions 1 68 278 142 114 Change in NPV of liabilities from changes in EIOPA interest rate curve during the period, including changes in expected profit sharing Total 61 164 351 101 Expect to grow with assets, sensitive to interest rates
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Diversification within the Group leads to capital efficient growth within pension Group diversification effects (YE 2025) 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 i n SCR 2020 – 2025 Own funds generation 2020 – 2025 1 1,262 331 Group diversi - fication effects SCR post Group diversification effects NOKm SCR Gjensidige Pensjons - forsikring stand alone 2,834 1,572 (1,262) Value creation under IFRS 17 Gjensidige Forsikring Group 38
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Pension is a strategic driver of profitable growth and long - term value creation for Gjensidige Pension : • Scalable growth platform • Strengthens SME offering and cross - selling potential • Growing AUM and membership support recurring fee - based earnings • Capital - light business with earnings diversification benefits • Repricing measures implemented to restore risk profitability • Well positioned to deliver >NOK 400m pre - tax profit including change in CSM in 2028 Group, key messages Q2 2026: • Strong delivery, g ood cost control, solid capital position • Good trajectory to deliver on 2026 financial targets Group, annual financial targets Metric 2026 2027 & 2028 Combined ratio <82% <81% Cost ratio ~13% ~12% Return on equity >24% >28% Solvency ratio 140 – 190% 140 – 190% ISR - Group - Denmark >NOK 7.5bn >DKK 750m >NOK 10bn (2028) Value creation under IFRS 17 Gjensidige Forsikring Group 39 Key takeaways
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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