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INTERIM PRESENTATION Gjensidige Forsikring Group 3rd quarter 2026
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Q3 2026: Strong performance and continued delivery of customer and shareholder value Quarterly update Gjensidige Forsikring Group 2 Norwegian Farmers’ Union 70 - year partnership renewed Krokstadelva fire Supporting customers when it matters most Home seller’s insurance NOK 1 billion in premiums within four years New tied - agent agreement Strengthening Danish distribution NOK 11.4bn insurance revenue NOK 3 .0bn insurance service result 34.2% return on equity 90% customer retention in Norway
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Gjensidige maintains a strong reputation in Norway # 12 among 101 major Norwegian companies across 11 industries 65% have a positive overall impression Unchanged from 2025 Highest - ranked among banks and insurance companies Quarterly update Source: Ipsos Profile Survey 2026 Gjensidige Forsikring Group 3 Position maintained
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Q3 2026: Higher profit after tax driven by a higher insurance service result • Significant increase in general insurance ISR • Revenue growth of 3.7% in local currency • 5.3% adjusted for non - recurring effect in Q3 2025 • UFLR improved by 5.7 pp • Continued strong cost efficiency • Cost ratio of 10.7% excluding restructuring costs • Strong capital position Quarterly update Gjensidige Forsikring Group 4 Highlights of the quarter 1,564 2,077 Q3 2025 Q3 2026 Profit after tax NOKm This presentation contains alternative performance measures (APMs). APMs are described at www.gjensidige.com/investor - relations/reports - and - presentations . 1) Annualised, YTD. 190% Solvency ratio 34.2% Return on equity 1
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Quarterly update 1 1) Underlying frequency loss ratio. 2) Currency effects and restructuring costs included in Other. Gjensidige Forsikring Group 5 Q3 2026 financial highlights 534 (193) Q3'25 Q3'26 Financial result NOKm • P ositive returns from short - duration fixed income instruments ; n egative returns from bonds and equities • Net returns: Match 0.0%, Free 0.0% • Higher profit before tax adjusted for CSM • Lower unit - linked and net finance income • Higher ISR adjusted for CSM • Termination expense in Q3’25 (362) 98 Q3'25 Q3'26 Pension Pre tax profit adj. for CSM change, NOKm 2,271 95 627 152 (5) 3 (140) 3,004 Insurance service result NOKm • ISR improvement driven by lower loss ratios in both Private and Commercial • Revenue growth and higher underlying profitability • Lower large losses, also below estimates • UFLR improved by 5.7pp • Cost ratio of 10.7% excluding NOK 90.0 million in restructuring costs Loss ratio Cost ratio UFLR 65.7% 60.1% 68.9% 62.0% 10.8% 11.5% Combined ratio 79.7% 73.6% Q3’25 Q3’26 1
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Insurance revenue increased by 3.7 per cent in local currency, or 5.3 per cent when adjusted for last year’s non - recurring effect • Pricing measures continued to support growth • Higher volumes in Private Norway and Sweden • Lower volumes in Commercial, reflecting consistent prioritisation of profitability Quarterly update Gjensidige Forsikring Group 6 Segment Local currency Private 4.4% Norway 4.8% Denmark 2.0% Commercial 2.3% Norway 2.6% Denmark 1.7% Sweden 11.3% Group 3.7% 8,853 9,889 11,202 150 18 11,367 (5) 3 Q3'23 Q3'24 Q3'25 Private Comm - ercial Sweden Corp Centre Q3'26 Insurance revenue (NOKm) 1 1) Excluding Baltics. 1 1
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Moving ahead on operational targets Distribution efficiency Digital distribution index Straight - through processing Customer retention 10% 19% 10% FY 2024 FY 2025 Q3 2026 Group Quarterly update Gjensidige Forsikring Group 7 90 87 Q1 2024 Q3 2024 Q1 2025 Q3 2025 Q1 2026 Q3 2026 Norway Denmark Target in 2028: Norway >90% Denmark >86% Target in 2028: Private >+20% Commercial >+12% 40% 42% 35% 45% 55% Q4 2025 Q1 2026 Q2 2026 Q3 2026 Norway Target in 2028: Norway 55% Target in 2028: Group +5 - 10% annually Annual increase 110.7 103.0 Q3 2026 Private Commercial Index 100, Q4 2025
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ESG targets Status Q3 2026 Target in 2030 SBTi climate emissions targets Claims processes • Reduction in CO 2 intensity 1 51% 55% Investments • CO 2 e per m2 for property investments 2 32% 55% Climate adaption targets • Share of revenue from sustainable products 3 59% 80% Social responsibility • Suppliers’ average score on labour rights 67 80 • Engagement score, Gjensidige employees 8.5 >8 Continued progress on sustainability initiatives during the quarter Quarterly update 1) Base year 2019. 2) Listed equities, corporate bonds and qualifying investments in private equity, measured by the companies' emissions in sco pe 1, 2 and 3. 3) Products aligned with the criteria for sustainable non - life insurance, as defined by the EU Taxonomy regulation (climate chan ge adaptation). Gjensidige Forsikring Group 8 Selection of key initiatives in the quarter • A utomatic water shut - off valves piloted as an extension of our sensor - based “Hus Smart” offering • MSCI AAA ESG rating retained • Gjensidige Pensjonsforsikring named Nordic Allocator of the Year 2026 at the Titan Investors Conference in Stockholm Ratings Rating agencies Score AAA 18.3 low risk (low 0 - 19.9) B (CDP score) A - (SER)
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Strong underlying development, driven by a significant increase in the general insurance service result Quarterly update Gjensidige Forsikring Group 9 2,067 2,781 733 411 (465) 35 Q3 2025 ISR Pension Net financial result Other Q3 2026 Pre - tax profit NOKm • Significant ISR increase driven by lower loss ratios in Private and Commercial • Underlying Pension improvement, driven by higher ISR adjusted for CSM, partly offset by lower net finance income • Lower net financial result mainly due to h igher interest rates and credit spread s • Other items reflected lower expenses and amortisation of intangible assets and higher mobility services results, partly offset by higher natural perils transfers and interest expenses 1) Insurance service result 2) Financial result from investment portfolios, net of insurance finance (unwinding and changes in financial assumptions), ge ner al insurance. 2 1
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Denmark 15 87 45 1 8 26 (9) Insurance service result NOKm Private: High profitability in Norway, continued progress in Denmark Quarterly update Gjensidige Forsikring Group 10 Norway 61.5% 56.6% 63.9% 57.3% 9.6% 9.1% Combined ratio 56 1,068 229 62 (1) 5 1,419 Insurance service result NOKm • Effective pricing measures and some volume growth • UFLR improved by 4.9pp, mainly driven by pricing measures in motor • High cost efficiency, supported by revenue growth • Motor/Property expected claims inflation next 12 - 18 months: 3 – 6%/4 – 6% Q3’25 Q3’26 Loss ratio Cost ratio UFLR 3 1) UFLR + cost ratio. 2) Currency effects included in other. 3) Underlying frequency loss ratio. • Effective pricing measures • UFLR improved by 1.0pp, driven motor, A&H and travel • Higher cost efficiency, supported by efficiency measures and strict cost discipline Q3’2 5 Q3’26 71.1% 70.1% 74.9% 70.1% 19.3% 18.3% Combined ratio Loss ratio Cost ratio UFLR 3 73.5 % 66.4% 94 . 3 % 88 .4%
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Commercial: Strong profitability in Norway and Denmark Quarterly update Gjensidige Forsikring Group 11 Norway Denmark 64.4% 54.9% 64.6% 56.9% 7.7% 7.8% Combined ratio 29 1,083 378 26 (74) (28) 1,414 Insurance service result NOKm • Revenue growth driven by price increases • UFLR improved by 9.6pp, driven by effective pricing measures, better risk selection, and fewer mid - sized claims • Continued high cost efficiency Q3’25 Q3’26 Loss ratio Cost ratio UFLR 3 276 5 134 72 19 (6) 501 Insurance service result NOKm • Revenue growth driven by price increases • UFLR improved by 7.2pp, driven by effective pricing measures across most main products, and fewer mid - sized claims • Cost ratio improvement, continued focus on enhancing cost efficiency 72.6% 65.5% 74.9% 61.9% 10.6% 10.1% Combined ratio Loss ratio Cost ratio UFLR 3 72.3% 64 .7% 85.4% 72 .0% Q3’2 5 Q3’26 1) UFLR + cost ratio. 2) Currency effects included in other. 3) Underlying frequency loss ratio.
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Sweden: Normalised frequency of mid - sized claims Quarterly update Gjensidige Forsikring Group 12 Sweden 68.0% 76.2% 66.0% 76.6% 12.9% 15.4% Combined ratio 117 11 (62) 0 (9) (11) 46 Insurance service result NOKm • Revenue growth driven by price increases and higher volumes • UFLR weakened by 8.2pp, mainly reflecting lower property profitability • Both loss and cost ratios impacted negatively by temporary technology costs Q3’25 Q3’26 Loss ratio Cost ratio UFLR 3 78.9% 92 .0% 1) UFLR + cost ratio. 2) Currency effects included in other. 3) Underlying frequency loss ratio.
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Pension: Improved underlying result driven by higher ISR adjusted for CSM 55 69 87 105 100 114 YE 2022 YE 2023 YE 2024 YE 2025 Q3 2025 Q3 2026 Assets under management (NOKbn) Unit linked Other (paid up policies, risk products and company portfolio) Quarterly update Gjensidige Forsikring Group 13 243 304 317 335 335 341 YE 2022 YE 2023 YE 2024 YE 2025 Q3 2025 Q3 2026 Number of occupational pension members (Thousand) 1) L ast year's non - recurring termination expense of the core IT system (362) 43 98 435 (7) (90) 80 Q3 2025 Non - recurring effect Unit linked Net finance ISR Change in CSM Q3 2026 Pre - tax profit adjusted for change in CSM NOKm 1
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Net investment result negative NOK 25 million • Positive return from short duration fixed income instruments and negative return from bonds and equities • Yield/duration: Match 4.6%/2.9 yrs; Free 4.6%/1.6 yrs Higher interest rates and credit spreads Balanced portfolio and high credit quality 1 Quarterly update 1) As at 30.09.2026. Gjensidige Forsikring Group 14 (0.4%) (0.0%) 0.2% (1.5%) (4.0%) 0.1% (0.0%) Match Net, Match Fixed income, Free Listed equities PE funds Property Total, Free Investment return per asset class Fixed income in investment portfolios Investment grade: 84% Investment grade (internal rating): 10% Non-investment grade: 0.1% Unrated: 6% Investment portfolios Match 60%, Free 40% Fixed income: 94% Listed equities: 1% PE funds: 1% Property: 4% Other: 0.5% NOKbn 68.3 NOKbn 64.0
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Strong capital position Eligible own funds • Positive contribution from operating SII earnings • Deduction of formulaic dividend • Issuance of Tier 2 loan NOK 1,000 million Capital requirement • Stable development; increase driven by growth offset by changes in currency rates Quarterly update 1) Operating SII earnings comprise SII underwriting result and SII financial result of the match portfolio after tax. 2) 80% payout ratio according to dividend policy for the accounting year 2026. Gjensidige Forsikring Group 15 189% 15% 0% 190% (0%) (13%) 0% 24.1 1.9 0.0 (1.7) 0.0 0.0 24.3 12.8 0.0 0.0 0.0 0.0 0.0 12.8 Solvency ratio Solvency capital requirement NOK bn Eligible own funds NOK bn 30.06.2026 Regulatory/ model changes Operating SII earnings 1 Free portfolio Dividend 2 Capital mgmt./ mgmt. actions 30.09.2026
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Concluding remarks Quarterly update Gjensidige Forsikring Group 16 Gjensidige’s strategic pillars Annual financial targets • Strong delivery in Q3 2026 • Closely monitoring inflation and supply chains • Good underlying cost efficiency • Solid capital position • Continued good trajectory to deliver on 2026 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) Profitable growth Resilience Customer empathy Capital discipline
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Appendix
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Date Event Location Participants Arranged by 23 October Roadshow Oslo CEO Geir Holmgren CFO Jostein Amdal Head of IR Berit Nilsen Pareto Securities 28 October Roadshow London CFO Jostein Amdal Head of IR Berit Nilsen DNB Carnegie 5 November Roadshow Paris CEO Geir Holmgren IRO Jonas Sortland Fougner Danske Bank 11 November UBS European Conference London CEO Geir Holmgren Head of IR Berit Nilsen UBS 13 November Group meeting with investors Oslo CEO Geir Holmgren Head of IR Berit Nilsen Danske Bank 27 November Group meeting with investors Oslo CEO Geir Holmgren Head of IR Berit Nilsen SEB Roadshows, conferences and analyst meetings post Q3 2026 results Appendix
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General insurance Norway Appendix Gjensidige Forsikring Group 19 Private Norway Commercial Norway 63.9% 57.3% 63.1% 59.9% 9.6% 9.1% 10.5% 10.1% 73.5% 66.4% 73.6% 70.1% Q3 2025 Q3 2026 YTD 2025 YTD 2026 Combined ratio Loss ratio Cost ratio 64.6% 56.9% 66.7% 60.9% 7.7% 7.8% 7.9% 8.0% 72.3% 64.7% 74.6% 68.9% Q3 2025 Q3 2026 YTD 2025 YTD 2026 Combined ratio Loss ratio Cost ratio
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General insurance Denmark Appendix Gjensidige Forsikring Group 20 Private Denmark Commercial Denmark 74.9% 70.1% 79.0% 70.4% 19.3% 18.3% 21.4% 19.1% 94.3% 88.4% 100.4% 89.6% Q3 2025 Q3 2026 YTD 2025 YTD 2026 Combined ratio Loss ratio Cost ratio 74.9% 61.9% 75.4% 67.6% 10.6% 10.1% 11.2% 11.2% 85.4% 72.0% 86.6% 78.8% Q3 2025 Q3 2026 YTD 2025 YTD 2026 Combined ratio Loss ratio Cost ratio
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General insurance Sweden Appendix Gjensidige Forsikring Group 21 Sweden 66.0% 76.6% 68.8% 75.6% 12.9% 15.4% 14.6% 15.2% 78.9% 92.0% 83.4% 90.8% Q3 2025 Q3 2026 YTD 2025 YTD 2026 Combined ratio Loss ratio Cost ratio
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Large losses Appendix Gjensidige Forsikring Group 22 Large losses (before discounting) 1 Large losses per segment (before discounting) 499 580 412 262 Q3 2025 Q3 2026 Expected Reported, before discounting 102 175 10 124 29 132 10 91 Private Commercial Sweden CC Q3 2025 Q3 2026 NOKm NOKm CC = Corporate Centre. Large losses: Losses > NOK 10m. Weather related large losses are included. Large losses in excess of NOK 30m are charged to the Corporate Centre while up to NOK 30m per claim is charged to the segment in which the large loss occurred. The Swedish segment has a retention level of NOK 10 million. 1) Excluding the Baltics.
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Large losses Appendix Gjensidige Forsikring Group 23 FY 2026 estimate ~ NOK 2.3bn 1 , before discounting 83 270 12 216 29 132 10 91 Private Commercial Sweden CC Expected Q3 2026 0 200 400 600 800 1000 Q318 Q119 Q319 Q120 Q320 Q121 Q321 Q122 Q322 Q123 Q323 Q124 Q324 Q125 Q325 Q126 Q326 Expected Reported, before discounting NOKm NOKm 1) Excluding the Baltics from Q3 2024.
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Run - off (14) 131 22 (79) 13 129 11 (97) Private Commercial Sweden Corporate Centre Q3 2025 Q3 2026 Appendix Gjensidige Forsikring Group 24 NOK m
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Run - off (2%) 0% 2% 4% 6% 8% 10% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Run-off (%), net Average Appendix 1) Based on earned premiums up until 2022. 2) Excluding the Baltics from Q3 2024. Gjensidige Forsikring Group 25 WC and disease (Norway ) Group life and Motor BI (Norway) Liability and Accident (Denmark) Motor TPL and WC (Norway) Motor TPL (Norway) and WC (Norway, Denmark) Run - off % of insurance revenue 1,2 W orkers ’ compensation (Denmark, court ruling)
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Quarterly insurance service results - seasonality in Nordic general insurance Appendix Gjensidige Forsikring Group 26 Q1 Q2 Q3 Q4 2024 704 1,434 1,590 1,670 2025 1,314 2,200 2,271 1,297 2026 2,288 2,375 3,004 0 1 000 2 000 3 000 4 000 2024 2025 2026 NOKm Excluding the Baltics from Q3 2024.
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Gross written premiums 4,502 3,353 327 4,555 3,228 317 Private Commercial Sweden Q3 2025 Q3 2026 Appendix Gjensidige Forsikring Group 27 1 .2% - 3.7% - 3 . 2 % NOKm
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Norwegian Natural Perils Pool in brief • Natural perils insurance is a compulsory cover linked to fire insurance in Norway. All insurance companies providing fire insurance in Norway must be members of the pool. Fire insurance coverage for buildings and contents in Norway includes coverage for certain types of natural catastrophe events ( premium 0.08 per thousand of the fire insurance premium as of 1 January 2026). • M aximum compensation per event for natural perils damages covered by this pool arrangement is NOK 16,000m. It does not cover loss of profits, motor vehicles, leisure boats, and certain other items, which are covered through ordinary insurances by the individual insurance companies. • Premiums are collected and claims are reported to the insurance companies , which handle the claims and settlement. • N ew regulation effective from January 2025 stipulates that the Natural Perils Pool shall build a national natural perils fund based on the individual insurance companies’ profits on the natural perils scheme. Prior to this new regulation, the individual companies retained their profits on the scheme as natural perils capital, part of IFRS Equity. This transfer of profit from the companies to the new fund will continue until the fund has reached a target level. For companies with accumulated natural perils capital, the companies’ share of losses on the natural perils scheme will be carried by the individual companies as before until the fund has reached the target level. Appendix Gjensidige Forsikring Group 28
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Reinsurance 2026 • Reinsurance is purchased for protection of the Gjensidige Group’s capital position and is primarily a capital management tool. • General retention level per loss/loss occurrence is NOK/DKK/SEK 100m (for the first loss the retention is NOK/SEK 200m and DKK 100m ). • Gjensidige’s total claims related to natural peril events are covered by Gjensidige’s catastrophe reinsurance programme. For weather - related events the retention level is NOK/SEK 300m and DKK 200m . • Gjensidige considers additional coverage at lower levels if this is appropriate according to internal modelling and market conditions. Appendix Gjensidige Forsikring Group 29 Gjensidige’s recognised claims cost, irrelevant of the size of the claim, is generally capped at the retention levels showed above.
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Investment strategy supporting high and stable nominal dividends • Duration and currency matching versus technical provisions • Credit element for increased returns Match portfolio Key characteristics • Focused on absolute returns • Dynamic risk management • Active management fixed income and equities • Normal risk premiums basis for asset allocation and use of capital Free portfolio Appendix Gjensidige Forsikring Group 30 • Moderate risk appetite • Fixed - income: • Currency hedging vs NOK ~ 100% • Limit +/ - 10% per currency • Equity and PE funds: • Currency hedging 0 - 100% • Fair value recognition • Stable performance
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Asset class Investments, key elements Benchmark Match portfolio Fixed - income NOK Corporate and government bonds NBP Norwegian RM1 - RM3 Duration 3Y Index - NORM123D3 (Alternatively: a Norwegian IG fund with 3Y duration) Fixed - income DKK Covered Bonds and government bonds Nykredit Constant Maturity Index Bullet Covered Bonds 5Y - NYKRCMB5 Index Fixed - income SEK Covered bonds, corporate and government bonds NASDAQ OMRX Mortgage Bond 3 - 5Y Index - OMRXMT35 Index Free portfolio Fixed - income – short duration Norwegian money market NBP Norwegian Government Duration 0.25 Index - NOGOVD3M ( Alternatively: I36032NO Index Bloomberg Barclays Norway T - Bills) Global investment grade bonds IG bonds in i nternationally diversified funds externally managed Bloomberg Global Agg Corp - Hedged to NOK - H09805NO Index Global high yield bonds Including HY, Convertible bonds and Emerging Market Debt externally managed Bloomberg Global HY - Hedged to NOK - H00039NO Index Other bonds Government bonds, Fixed Income derivatives and cash NBP Norwegian Government Duration 0.25 Index - NOGOVD3M ( Alternatively: I36032NO Index Bloomberg Barclays Norway T - Bills) Listed equities Mainly i nternationally and domestic diversified funds externally managed MSCI World – Local Currency - NDDLWI Index Private equity funds Generalists (Norwegian and Nordic) MSCI World – Local Currency - NDDLWI Index ( One quarter lag in valuation and lower expected volatility than listed equities) Property Real estate in Oslo, Norway Expect approximately 5 per cent annual yield Other Including finance related expenses, hedge funds and commodities N/A Investment portfolio Appendix
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• NOK 27.6bn • Average duration fixed - income instruments: 1.6 years • Average yield: 4.6% • NOK 40.7bn • Average duration: 2.9 years • Average yield: 4.6% Asset allocation – as at 30.9.2026 Free portfolio Appendix 32 Match portfolio Fixed-income NOK: 60% Fixed-income DKK: 34% Fixed-income SEK: 7% Fixed - income – short duration: 49% Global investment grade bonds: 32% Global high yield bonds: 1% Other bonds: 3% Listed equities: 2% Private Equity funds: 2% Property: 10% Other: 1% Gjensidige Forsikring Group
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Credit and counterparty risk • The portfolio consists mainly of securities in rated companies with high creditworthiness (investment grade). • Issuers with no official rating are mainly Norwegian savings banks, municipalities, credit institutions and power producers and distributors . Appendix Gjensidige Forsikring Group 33 Total fixed income portfolio Split – Rating Match portfolio Free portfolio NOK bn % NOK bn % AAA 18.1 44.4 7.2 30.8 AA 4.2 10.3 6.9 29.7 A 8.6 21.2 3.6 15.4 BBB 3.9 9.6 1.2 5.2 BB 0.0 0.0 0.1 0.2 B 0.0 0.0 0.0 0.0 CCC or lower 0.0 0.0 0.0 0.0 Internal rating 3.4 8.4 3.0 13.0 Unrated 2.4 5.9 1.3 5.7 Fixed income portfolio 40.7 100.0 23.3 100.0 Split – Counterparty Match portfolio Free portfolio NOK bn % NOK bn % Public sector 9.9 24.4 7.9 33.7 Bank/financial institutions 21.2 52.1 12.8 54.8 Corporates 9.6 23.5 2.7 11.5 Total 40.7 100.0 23.3 100.0
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188% 38% 2% 0% 190% (37%) (1%) Capital generation year - to - date Appendix 1) Operating SII earnings comprise SII underwriting result and SII financial result of the match portfolio after tax. 2) 80% payout ratio according to dividend policy for the accounting year 2026. Gjensidige Forsikring Group 34 24.0 5.3 0.2 0.0 24.3 (4.7) (0.5) 12.8 12.8 0.2 0.0 0.0 (0.2) 0.0 Solvency ratio Solvency capital requirement NOK bn Eligible own funds NOK bn 31.12.2025 Regulatory/ model changes Operating SII earnings 1 Free portfolio Dividend 2 Capital mgmt./ mgmt. actions 30.09.2026
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Capital position per operational areas NOK bn Approved partial internal model (Group) Approved partial internal model (general insurance) Own partial internal model (Group) 1 Own partial internal model (general insurance) 1 Gjensidige Pensjonsforsikring Eligible own funds 24.3 19.6 23.6 18.8 4.4 Capital requirement 12.8 11.0 10.9 8.9 3.2 Solvency ratio 190% 179% 217% 211% 138% Appendix Figures as at 30.09.2026. The legal perspective is the regulatory approved version of the partial internal model. 1) Own partial internal model is not validated. Gjensidige Forsikring Group 35
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Solvency II eligible own funds Bridging the gap between IFRS 1 equity and Solvency II capital Appendix Figures as at 30.09.2026. GPF = Gjensidige Pensjonsforsikring AS. Miscellaneous: Main effects are related to the guarantee scheme provision, reinsurance provisions and other assets and liabil iti es to GPF. 1) IFRS® Accounting Standards as adopted by the EU. Gjensidige Forsikring Group 36 3.9 ( 4.7 ) ( 7.0 ) ( 0.1 ) ( 0.1 ) ( 0.8 ) 6.0 5.1 ( 2.0 ) ( 1.0 ) IFRS equity capital Sub- ordinated debt Dividend Intangible assets Fair value adjustment, assets Best estimate adjustment and discounting effect of claims provisions (which are not already disc.) Risk margin Solvency II calculation of premium provisions Solvency II calculation of technical provisions for life insurance (GPF) Deferred tax Miscellaneous Eligible own funds (approved partial internal model) NOK bn 25.1 24.3
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Gjensidige continues to work for full approval of own partial internal model (PIM) NOK bn Approved PIM (Group) 1 Own PIM (Group) 2 Eligible own funds 24.3 23.6 Capital charge for non - life and health UW risk 11.4 9.3 Capital charge for life UW risk 3.0 3.0 Capital charge for market risk 5.7 5.5 Capital charge for counterparty risk 0.5 0.5 Diversification (5.4) (5.6) Basic solvency capital requirement 15.1 12.6 Operational risk 1.5 1.5 Adjustments (loss - absorbing capacity of deferred tax) (3.8) (3.2) Solvency capital requirement (SCR) 12.8 10.9 Surplus 11.5 12.7 Solvency ratio 190% 217% Appendix Figures as at 30.09.2026. 1) Most of non - life and health underwriting risk and market risk related to the non - life and health insurance business is internally modelled . The standard formula is used for other risks. 2) Own partial internal model is not validated. Gjensidige Forsikring Group 37 • Correlation between market risk and underwriting risk: Approved PIM based on standard formula. Own PIM takes account of dependencies between underwriting risk and market risk through common exposure to interest rates, inflation rates and currency rates. • Prudential margin: Approved PIM includes general prudential margins for both market risk and underwriting risk. • Capital requirement for some lines of business within underwriting risk. Main differences between approved and own PIM
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Solvency II sensitivities for the approved partial internal model Appendix Figures as at 30.09.2026. The legal perspective is the regulatory approved version of the partial internal model. UFR - sensitivit y is very limited. Gjensidige Forsikring Group 38 190% 189% 193% 199% 195% 192% 188% 181% 185% Solvency II ratio Equity (-20%/20%) Interest rate (-100 bps/+100 bps) Spread (-100 bps/+100 bps) Inflation (-100 bps/+100 bps) 100%
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Subordinated debt capacity – Gjensidige Forsikring Group T1 T2 SII Max 20% of Tier 1 capital Max 50% of SCR less other T2 capital items Appendix Figures as at 30.09.2026. Capacity based on approved model. Gjensidige Forsikring Group 39 Principles for capacity • Tier 1 remaining capacity is NOK 2.0bn • Utilised Tier 1 debt capacity: NOK 2.0bn • There is no Tier 2 remaining capacity • Utilised sub debt: NOK 5.2bn (NOK 4.0bn after 7 October) • Utilised natural perils fund: NOK 2.3bn • Risk equalisation fund life insurance NOK 0.2bn Capacity and utilisation
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Annualised return on equity 34.2 per cent Appendix Bridge shows main elements in equity development. Gjensidige Forsikring Group 40 Equity (NOK m) Annualised return on equity (%) 27.3 34.2 2025 YTD 2026 28,310 25,065 5,925 (1,920) (7,250) 31.12.2025 Profit YTD 2026 Total components of other comprehensive income etc. Dividend 30.09.2026
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Market leader in Norway 26.1 % 20.4 % 18.2 % 12.1 % 6.2 % 3.9 % 2.8 % 10.4 % Gjensidige If Fremtind Tryg Storebrand Frende KLP Other Market share – Total market 30.7% 24.4% 9.6% 8.8% 5.6% Gjensidige If Tryg Fremtind Protector Market share – Commercial 23.5% 23.4% 18.2% 13.4% 8.3% Gjensidige Fremtind If Tryg Storebrand Market share – Private Appendix Source: Finance Norway, non - life insurance, 2 nd quarter 2026. Gjensidige Forsikring Group 41
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Growth opportunities outside Norway 23.4% 20.6% 14.9% 8.0% 5.1% 28.0% Tryg If Alm. Brand Gjensidige LB Forsikring Other Appendix Sources: Insurance Sweden, 2 nd quarter 2026, The Danish Insurance Association 2 nd quarter 2025. If and Topdanmark are shown together. Gjensidige Forsikring Group 42 Market share – Denmark Market share – Sweden 30.4% 16.8% 16.3% 16.0% 1.7% 18.9% Länsförsäkringar If Trygg-Hansa Folksam Gjensidige Other
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New reporting method for customer retention in Commercial DK, historical overview of both methods Quarterly update Gjensidige Forsikring Group 43 70 80 90 100 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Customer retention Commercial Denmark, previous reporting method Customer retention Commercial Denmark, new reporting method % 88% 85%
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Gjensidige Pensjonsforsikring - Number four position in the growing Norwegian defined contribution pension market • Well positioned for continued profitable organic growth • Core focus on SME customers • Strong profitability • Multi - channel distribution Appendix Source: Finance Norway September 2026. Gjensidige Forsikring Group 44 Market shares – total AUM NOK 723bn 0% 10% 20% 30% 40% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Storebrand DNB Nordea Gjensidige Sparebank 1 Others
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Current bonds: 76.6% Fixed income - short duration: 19.3% Property exposure: 3.4% Equity funds: 0.6% Gjensidige Pensjonsforsikring Appendix Figures as at 30.09.2026 1) Paid - up policy and risk products Gjensidige Forsikring Group 45 Group policy 1 and company portfolio Number of occupational pension members 243 304 317 335 341 YE 2022 YE 2023 YE 2024 YE 2025 Q3 2026 In thousand BNOK 13.9
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Ownership No Shareholder Stake 1 Gjensidigestiftelsen 62.2% 2 Folketrygdfondet 4.2% 3 BlackRock Inc 2.8% 4 DWS Investments 2.3% 5 The Vanguard Group, Inc 1.8% 6 Storebrand Investments 1.5% 7 DNB Asset Mgt 1.4% 8 Handelsbanken Fonder 1.1% 9 Nordea Investment Mgt 1.1% 10 KLP Kapitalforvaltning 1.0% Total 10 largest 79.5% 10 largest shareholders 1 Norway: 45% US: 24% Germany: 7% Sweden: 6% Finland: 3% RoW: 15% Geographical distribution of shares 2 • Long term target holding: >60% • Can accept reduced ownership ratio in case of acquisitions and capital issues when in accordance with Gjensidige’s overall strategy Gjensidigestiftelsen ownership policy Appendix 1) Shareholder list based on analysis performed by Modular Finance of the register of shareholders in the Norwegian Central S ecu rities Depository (VPS) as per 30 September 2026. This analysis provides a survey of the shareholders who are behind the nominee accounts. There is no guarantee that the list is complete. 2) Distribution of shares excluding shares held by the Gjensidige Foundation ( Gjensidigestiftelsen ). Gjensidige Forsikring Group 46
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Disclaimer Gjensidige Forsikring Group 47 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 Berit Nilsen Head of Investor Relations Mobile: (+47) 976 60 704 berit.nilsen@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