Gjensidige Forsikring Asa · OSL:GJF
Gjensidige Forsikring Asa — Gjensidige Forskr — Q3 2026 Earnings Presentation
48 slides from Gjensidige Forsikring Asa's earnings presentation, Oct 23, 2026
Slide 1: Interim Presentation 3rd quarter 2026
INTERIM PRESENTATION 3rd quarter 2026 Gjensidige Forsikring Group
Slide 2: Q3 2026: Strong performance and continued delivery of customer and shareholder value
Quarterly update Q3 2026: Strong performance and continued delivery of customer and shareholder value NOK 11.4bn insurance revenue NOK 3.0bn Home seller’s insurance NOK 1 billion in premiums Norwegian Farmers’ Union 70 -year partnership insurance service result within four years renewed 34.2% return
Slide 3: Gjensidige maintains a strong reputation in Norway
Quarterly update Gjensidige maintains a strong reputation in Norway # 12 Position maintained among 101 major Norwegian companies across 11 industries 65% have a positive overall impression Unchanged from 2025 Highest -ranked among banks and insurance companies Source: Ipsos Profile Survey 2026 Gjens
Slide 4: Q3 2026: Higher profit after tax driven by a higher insurance service result
Quarterly update Q3 2026: Higher profit after tax driven by a higher insurance service result Profit after tax NOKm Highlights of the quarter 2,077 • Significant increase in general insurance ISR 1,564 • Revenue growth of 3.7% in local currency • 5.3% adjusted for non -recurring effect in Q3 2025 •
Slide 5: Q3 2026 financial highlights
Quarterly update Q3 2026 financial highlights Insurance service result Combined ratio Financial result Pension NOKm NOKm Pre tax profit adj. for CSM 627 152 3 3,004 534 change, NOKm (5) (140) 79.7% 73.6% 98 2,271 95 10.8% 11.5% 68.9% 62.0% 65.7% 60.1% (193) (362) Q3’25 Q3’26 Q3'25 Q3'26 Q3'25 Q3'26
Slide 6: Insurance revenue increased by 3.7 per cent in local currency
Quarterly update 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 Insurance revenue (NOKm) 11,202 150 18 3 11,367 • Higher volumes in Private Norway and Sweden (5) • Lower
Slide 7: Moving ahead on operational targets
Quarterly update Moving ahead on operational targets Customer retention Target in 2028: Straight -through processing Target in 2028: Norway >90% Norway 55% Denmark >86% 55% 90 87 45% 42% 40% 35% Q1 2024 Q3 2024 Q1 2025 Q3 2025 Q1 2026 Q3 2026 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Norway Denmark Norway Tar
Slide 8: Continued progress on sustainability initiatives during the quarter
Quarterly update Continued progress on sustainability initiatives during the quarter Status Target in Selection of key initiatives in the quarter ESG targets Q3 2026 2030 • Automatic water shut -off valves piloted as an SBTi climate emissions targets extension of our sensor -based “Hus Smart” offeri
Slide 9: Strong underlying development, driven by significant increase in general insurance service result
Quarterly update Strong underlying development, driven by a significant increase in the general insurance service result Pre -tax profit • Significant ISR increase driven by lower loss ratios in NOKm Private and Commercial 411 • Underlying Pension improvement, driven by higher 733 35 2,781 ISR adjus
Slide 10: Private: High profitability in Norway, continued progress in Denmark
Quarterly update Private: High profitability in Norway, continued progress in Denmark Norway Denmark Insurance service result Combined ratio Insurance service result Combined ratio NOKm NOKm 62 5 1,419 73.5 % 94 .3% 88 .4% 229 66.4% (1) 9.6% 26 19.3% 56 87 18.3% 1,068 9.1% 8 (9) 63.9% 15 74.9% 70.1%
Slide 11: Commercial: Strong profitability in Norway and Denmark
Quarterly update Commercial: Strong profitability in Norway and Denmark Norway Denmark Insurance service result Combined ratio Insurance service result Combined ratio NOKm NOKm 378 26 72 85.4% 1,414 72.3% 501 10.6% 72 .0% (74) (28) 7.7% 64 .7% 134 19 (6) 1,083 29 7.8% 10.1% 74.9% 64.6% 276 5 61.9% 5
Slide 12: Sweden: Normalised frequency of mid-sized claims
Quarterly update Sweden: Normalised frequency of mid -sized claims Sweden Insurance service result Combined ratio NOKm 92 .0% 11 78.9% 117 15.4% 12.9% 66.0% 76.6% 0 (62) 46 (9) (11) 68.0% 76.2% Q3’25 Q3’26 UFLR 3 Cost ratio Loss ratio • Revenue growth driven by price increases and higher volumes • U
Slide 13: Pension: Improved underlying result driven by higher ISR adjusted for CSM
Quarterly update Pension: Improved underlying result driven by higher ISR adjusted for CSM Pre -tax profit adjusted for change in CSM Assets under management (NOKbn) NOKm 105 114 100 43 98 87 435 69 80 55 (7) (90) YE 2022 YE 2023 YE 2024 YE 2025 Q3 2025 Q3 2026 Unit linked Other (paid up policies, r
Slide 14: Net investment result negative NOK 25 million
Quarterly update Net investment result negative NOK 25 million Higher interest rates and credit spreads Balanced portfolio and high credit quality 1 • Positive return from short duration fixed income instruments and negative return from bonds and equities Investment portfolios Fixed income • Yield/d
Slide 15: Strong capital position
Quarterly update Strong capital position Eligible own funds 15% Solvency 0% 0% 190% 189% (0%) • Positive contribution from operating SII ratio (13%) earnings • Deduction of formulaic dividend 1.9 0.0 • Issuance of Tier 2 loan NOK 1,000 million Eligible 24.1 0.0 0.0 24.3 own funds (1.7) Capital requi
Slide 16: Concluding remarks
Quarterly update Concluding remarks Gjensidige’s strategic pillars Annual financial targets • Strong delivery in Q3 2026 Metric 2026 2027 & 2028 • Closely monitoring inflation Combined ratio <82% <81% Customer empathy and supply chains • Good underlying cost Cost ratio ~13% ~12% efficiency Return on
Slide 17: Appendix
Appendix
Slide 18: Roadshows, conferences and analyst meetings post Q3 2026 results
Appendix Roadshows, conferences and analyst meetings post Q3 2026 results Date Event Location Participants Arranged by CEO Geir Holmgren 23 October Roadshow Oslo CFO Jostein Amdal Pareto Securities Head of IR Berit Nilsen CFO Jostein Amdal 28 October Roadshow London DNB Carnegie Head of IR Berit Nil
Slide 19: General insurance Norway
Appendix General insurance Norway Private Norway Commercial Norway Combined ratio Combined ratio 73.5% 73.6% 74.6% 70.1% 72.3% 66.4% 68.9% 9.6% 10.5% 64.7% 7.9% 10.1% 7.7% 9.1% 8.0% 7.8% 63.9% 63.1% 59.9% 64.6% 66.7% 60.9% 57.3% 56.9% Q3 2025 Q3 2026 YTD 2025 YTD 2026 Q3 2025 Q3 2026 YTD 2025 YTD 20
Slide 20: General insurance Denmark
Appendix General insurance Denmark Private Denmark Commercial Denmark Combined ratio Combined ratio 100.4% 94.3% 86.6% 88.4% 89.6% 85.4% 21.4% 78.8% 19.3% 19.1% 10.6% 72.0% 11.2% 18.3% 11.2% 10.1% 74.9% 79.0% 74.9% 75.4% 70.1% 70.4% 61.9% 67.6% Q3 2025 Q3 2026 YTD 2025 YTD 2026 Q3 2025 Q3 2026 YTD 2
Slide 21: General insurance Sweden
Appendix General insurance Sweden Sweden Combined ratio 92.0% 90.8% 83.4% 78.9% 15.4% 15.2% 14.6% 12.9% 76.6% 75.6% 66.0% 68.8% Q3 2025 Q3 2026 YTD 2025 YTD 2026 Loss ratio Cost ratio Gjensidige Forsikring Group 21
Slide 22: Large losses
Appendix Large losses Large losses (before discounting) 1 Large losses per segment (before discounting) NOKm NOKm 175 580 499 132 412 124 102 91 262 29 10 10 Q3 2025 Q3 2026 Private Commercial Sweden CC Expected Reported, before discounting Q3 2025 Q3 2026 CC = Corporate Centre. Large losses: Losses
Slide 23: Large losses
Appendix Large losses FY 2026 estimate ~ NOK 2.3bn 1 , before discounting NOKm NOKm 1000 270 800 216 600 132 400 91 83 200 29 12 10 0 Private Commercial Sweden CC Q324 Q318 Q119 Q319 Q120 Q320 Q121 Q321 Q122 Q322 Q123 Q323 Q124 Q125 Q325 Q126 Q326 Expected Reported, before discounting Expected Q3 20
Slide 24: Run-off
Appendix Run -off NOK m 131 129 13 22 11 (14) (79) (97) Private Commercial Sweden Corporate Centre Q3 2025 Q3 2026 Gjensidige Forsikring Group 24
Slide 25: Run-off
Appendix Run -off Run -off % of insurance revenue 1,2 10% 8% Motor TPL (Norway) and WC Motor TPL and (Norway, Denmark) 6% WC (Norway) Workers ’ compensation 4% Group life and Motor BI (Norway) (Denmark, Liability and Accident (Denmark) court ruling) 2% WC and disease (Norway ) 0% (2%) 2004 2009 2000
Slide 26: Quarterly insurance service results - seasonality in Nordic general insurance
Appendix Quarterly insurance service results - seasonality in Nordic general insurance NOKm 4 000 3 000 2 000 1 000 0 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 2024 2025 2026 Excluding the Baltics from Q3 2024. Gjensidige Forsikring Group 26
Slide 27: Gross written premiums
Appendix Gross written premiums 1.2% -3.7% -3.2% NOKm 4,502 4,555 3,353 3,228 327 317 Private Commercial Sweden Q3 2025 Q3 2026 Gjensidige Forsikring Group 27
Slide 28: Norwegian Natural Perils Pool in brief
Appendix 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
Slide 29: Reinsurance 2026
Appendix 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 ). • Gjensi
Slide 30: Investment strategy supporting high and stable nominal dividends
Appendix Investment strategy supporting high and stable nominal dividends Match portfolio Key characteristics • Duration and currency matching versus technical • Moderate risk appetite provisions • Fixed -income: • Credit element for increased returns • Currency hedging vs NOK ~ 100% • Limit +/ - 10
Slide 31: Investment portfolio
Appendix Investment portfolio Asset class Investments, key elements Benchmark Match portfolio NBP Norwegian RM1 -RM3 Duration 3Y Index - NORM123D3 Fixed -income NOK Corporate and government bonds (Alternatively: a Norwegian IG fund with 3Y duration) Nykredit Constant Maturity Index Bullet Covered Bo
Slide 32: Asset allocation – as at 30.9.2026
Appendix Asset allocation – as at 30.9.2026 Match portfolio Free portfolio • NOK 40.7bn • NOK 27.6bn • Average duration: 2.9 years • Average duration fixed -income instruments: 1.6 years • Average yield: 4.6% • Average yield: 4.6% Fixed -income – short duration: 49% Global investment grade bonds: 32
Slide 33: Credit and counterparty risk
Appendix Credit and counterparty risk Total fixed income portfolio • The portfolio consists mainly of securities in Split – Rating Match portfolio Free portfolio NOK bn % NOK bn % rated companies with high creditworthiness AAA 18.1 44.4 7.2 30.8 (investment grade). AA 4.2 10.3 6.9 29.7 A 8.6 21.2 3.
Slide 34: Capital generation year-to-date
Appendix Capital generation year -to -date 38% 2% Solvency ratio 188% 0% 190% (37%) (1%) Eligible 5.3 0.2 own funds 24.0 0.0 24.3 NOK bn (4.7) (0.5) Solvency 12.8 0.2 0.0 0.0 0.0 12.8 capital (0.2) requirement NOK bn 31.12.2025 Operating Free Dividend 2 Capital mgmt./ Regulatory/ 30.09.2026 SII earn
Slide 35: Capital position per operational areas
Appendix Capital position per operational areas NOK bn Approved partial internal Approved partial internal Own partial internal Own partial internal Gjensidige model (Group) model (general model (Group) 1 model Pensjonsforsikring insurance) (general insurance) 1 Eligible own 24.3 19.6 23.6 18.8 4.4
Slide 36: Solvency II eligible own funds
Appendix Solvency II eligible own funds Bridging the gap between IFRS 1 equity and Solvency II capital NOK bn 3.9 5.1 25.1 6.0 24.3 (4.7 ) (2.0 ) (1.0 ) (7.0 ) (0.1 ) (0.1 ) (0.8 ) IFRS Sub- Dividend Intangible Fair value Best estimate Risk margin Solvency II Solvency II Deferred tax Miscellaneous E
Slide 37: Gjensidige continues to work for full approval of own partial internal model
Appendix Gjensidige continues to work for full approval of own partial internal model (PIM) NOK bn Approved PIM Own PIM Main differences between approved and own PIM (Group) 1 (Group) 2 • Correlation between market risk and underwriting risk: Eligible own funds 24.3 23.6 Approved PIM based on standa
Slide 38: Solvency II sensitivities for the approved partial internal model
Appendix Solvency II sensitivities for the approved partial internal model 192% 193% 199% 195% 190% 189% 188% 185% 181% 100% Solvency II ratio Equity Interest rate Spread Inflation (-20%/20%) (-100 bps/+100 bps) (-100 bps/+100 bps) (-100 bps/+100 bps) Figures as at 30.09.2026. The legal perspective
Slide 39: Subordinated debt capacity – Gjensidige Forsikring Group
Appendix Subordinated debt capacity – Gjensidige Forsikring Group Principles for capacity Capacity and utilisation T1 T2 • Tier 1 remaining capacity is NOK 2.0bn • Utilised Tier 1 debt capacity: NOK 2.0bn Max 20% of Max 50% of SCR less SII Tier 1 capital other T2 capital items • There is no Tier 2 r
Slide 40: Annualised return on equity 34.2 per cent
Appendix Annualised return on equity 34.2 per cent Equity (NOK m) Annualised return on equity (%) 5,925 34.2 (1,920) 27.3 28,310 25,065 (7,250) 31.12.2025 Profit Total Dividend 30.09.2026 2025 YTD 2026 YTD 2026 components of other comprehensive income etc. Bridge shows main elements in equity develo
Slide 41: Market leader in Norway
Appendix Market leader in Norway Market share – Total market Market share – Commercial Market share – Private 26.1 % 30.7% 23.5% 23.4% 20.4 % 24.4% 18.2 % 18.2% 13.4% 12.1 % 10.4 % 9.6% 8.3% 8.8% 6.2 % 3.9 % 5.6% 2.8 % If If If Tryg Tryg Tryg Frende Other KLP Fremtind Fremtind Fremtind Protector Gje
Slide 42: Growth opportunities outside Norway
Appendix Growth opportunities outside Norway Market share – Denmark Market share – Sweden 30.4% 28.0% 23.4% 20.6% 18.9% 16.8% 16.3% 16.0% 14.9% 8.0% 5.1% 1.7% If If Tryg Other Other Alm. Brand Folksam Gjensidige Gjensidige LB Forsikring Trygg-Hansa Länsförsäkringar Sources: Insurance Sweden, 2 nd qu
Slide 43: New reporting method for customer retention in Commercial DK
Quarterly update New reporting method for customer retention in Commercial DK, historical overview of both methods % 100 90 88% 85% 80 70 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2026 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Customer retention Commercial Denmark, Customer retention Commercial Denma
Slide 44: Gjensidige Pensjonsforsikring - Number four position in Norwegian defined contribution pension market
Appendix Gjensidige Pensjonsforsikring - Number four position in the growing Norwegian defined contribution pension market Market shares – total AUM NOK 723bn • Well positioned for continued profitable organic 40% growth • Core focus on SME customers 30% • Strong profitability 20% • Multi -channel d
Slide 45: Gjensidige Pensjonsforsikring
Appendix Gjensidige Pensjonsforsikring Group policy 1 and company portfolio Number of occupational pension members In thousand Current bonds: 76.6% 335 341 304 317 Fixed income - short duration: 19.3% 243 BNOK Property exposure: 3.4% 13.9 Equity funds: 0.6% YE 2022 YE 2023 YE 2024 YE 2025 Q3 2026 Fi
Slide 46: Ownership
Appendix Ownership 10 largest shareholders 1 Geographical distribution of shares 2 No Shareholder Stake Norway: 45% US: 24% 1 Gjensidigestiftelsen 62.2% 2 Folketrygdfondet 4.2% Germany: 7% Sweden: 6% 3 BlackRock Inc 2.8% 4 DWS Investments 2.3% Finland: 3% RoW: 15% 5 The Vanguard Group, Inc 1.8% 6 St
Slide 47: Disclaimer
Disclaimer This presentation and the information contained herein have been prepared by and is the sole responsibility of Gjensidige Forsikring ASA (the "Company”) . Such information is being provided to you solely for your information and may not be reproduced, retransmitted, further distributed to
Slide 48: Investor Relations
Investor Relations Berit Nilsen Address Head of Investor Relations Schweigaards gate 21, Mobile: (+47) 976 60 704 P.O. Box 700 Sentrum, NO -0106 OSLO berit.nilsen@gjensidige.no gjensidige.com/ir Jonas Sortland Fougner Investor Relations Officer Mobile: (+47) 948 05 851 jonas -sortland.fougner@gjensi