Gjensidige Forsikring Asa · OSL:GJF
Gjensidige Forsikring Asa — Q4 2025 Earnings Presentation
55 slides from Gjensidige Forsikring Asa's earnings presentation, Jan 29, 2026
Slide 1: Interim Presentation 4th quarter 2025
INTERIM PRESENTATION 4th quarter 2025 Gjensidige Forsikring Group
Slide 2: Higher profit in the fourth quarter of 2025
Quarterly update Higher profit in the fourth quarter of 2025 Adjusted for NOK 502m related to reduction of book value of the core IT system and workforce in Denmark2 • Insurance service result NOK 1,297m; Combined ratio NOK 1,798m adjusted % 83.3 88.3 83.8 12.2 15.9 11.4 • NOK 502m in expenses relat
Slide 3: Strong delivery on all financial targets in 2025
Quarterly update Strong delivery on all financial targets in 2025 • Pre-tax profit NOK 8,495m Metric Delivered Target • Insurance service result NOK 7,081m 2025 2025 • 11.5% growth in insurance revenue Combined ratio 83.4% <84% • Efficient and robust operations • Continued good cost control Cost rat
Slide 4: Dividend proposal: Regular NOK 10.00 per share and special NOK 4.50 per share
Quarterly update Dividend proposal: Regular NOK 10.00 per share and special NOK 4.50 per share Strong track record of generating attractive Dividend policy slightly revised to clarify practice: shareholder returns from ‘nominal high and stable’ to ‘growing regular dividends’ 96% 72% 75% 54% 90% 106%
Slide 5: New Core IT system: Operational benefits in Denmark; extended use of existing systems
Quarterly update New Core IT system: Operational benefits in Denmark; extended use of existing systems in Norway and Sweden • Book value reduced by NOK 423m in Q4 2025 • Longer operational lifespan of the existing core system in Norway and potentially also in Sweden • Derecognition of book value rel
Slide 6: Property and motor, Private Norway: Continued implementation of pricing measures
Quarterly update Property and motor, Private Norway: Continued implementation of pricing measures Property, Private Norway Motor, Private Norway Claims frequency Claims frequency Q4’25/Q4’24: +26.9% (mainly storm "Amy" in October) Q4’25/Q4’24: 0% (+1-2% underlying, adjusted for increased claims due
Slide 7: Sustained growth and enhanced operational efficiency
Quarterly update Sustained growth and enhanced operational efficiency Norway: Sustained revenue growth and efficient Maintaining high retention in Norway operations • Maintained high competitiveness • Strong performance in Private 90/91%1 91% • Solid January renewals for Commercial; results Private
Slide 8: Sustainability initiatives and recognitions in 2025
Quarterly update Sustainability initiatives and recognitions in 2025 Selection of key initiatives Recognitions ✓ Climate goals 2030 approved by SBTi ✓ Expanded Hus Smart insurance (includes sensors for water leakage, alarm and fire detection) to vacation ✓ Recognition of climate adaptation measures
Slide 9: Financial performance
Financial performance
Slide 10: Increased profit driven by pension and financial result; higher adjusted insurance service result
Financial Performance Increased profit driven by pension and financial result; higher adjusted insurance service result Q4 Q4 YTD YTD • Insurance service result NOK 1,798m adjusted for NOKm 2025 2024 2025 2024 expenses related to reduction in book value of core IT system and workforce in Denmark Pri
Slide 11: 10.6 per cent revenue growth driven by pricing measures and higher volumes
Financial Performance 10.6 per cent revenue growth driven by pricing measures and higher volumes Insurance revenue development NOK m Revenue growth 411 84 11,081 676 Segment NOK Local currency Driver 10,019 (109) Private 17.2% 17.2% Mainly price - Norway 18.2% 18.2% Mainly price - Denmark 12.5% 12.9
Slide 12: Higher loss ratio mainly due to large losses
Financial Performance Higher loss ratio mainly due to large losses Loss ratio development Key drivers % 71.1 3.5 0.4 72.4 • Large losses impacted by storm Amy (1.9) (0.1) (0.6) • Higher run-off gains • Effective pricing measures across all segments • Improved underlying frequency loss ratio Q4 2024
Slide 13: Cost ratio 15.9%; 11.4% adjusted for expenses related to core IT system and workforce
Financial Performance Cost ratio 15.9%; 11.4% adjusted for expenses related to core IT system and workforce reduction in Denmark Operating expenses Competitive cost ratio NOK m 602 528 556 476 511 • Cost ratio improved 0.8pp when adjusting for expenses related to reduction of book value of core IT 7
Slide 14: Pension positively impacted by net finance and reinsurance contracts
Financial Performance Pension positively impacted by net finance and reinsurance contracts Higher net finance income and positive impact Growth in AUM and occupational pension members from reinsurance contracts NOK Pre-tax profit NOK Assets under management m bn 96 100 105 87 88 286 201 187 124 77 1
Slide 15: Net investment result of NOK 370 million
Financial Performance Net investment result of NOK 370 million Positive return from most asset classes Balanced portfolio and high credit quality1 • Returns reflecting running yields, lower credit spreads and Fixed-income: 92% positive equity markets Listed equities: 1% • Yield/duration Free Match 4
Slide 16: Moving ahead on operational targets
Financial Performance Moving ahead on operational targets Status Target Continued high customer retention Metric Q4 2025 2026 % Customer satisfaction (Group1) 77 > 78 100 91% Customer retention 91% > 90% (Norway/Outside Norway1) 84% > 85% 90 90% Digital distribution index > +5-10% +19% 85% (Group1)
Slide 17: Strong capital position
Financial Performance Strong capital position Solvency ratio + 5pp impact in Q1 2026 from completion of sale of operations in the Baltics 17% Eligible own funds Solvency (2%) Contribution from operating SII earnings and 191% 3% 188% ratio 2% result in free portfolio (24%) Positive seasonal contribut
Slide 18: Concluding remarks
Summary Concluding remarks Ambitious annual financial targets • Strong delivery in 2025 Metric 2026 • Continued focus on ongoing measures and good cost Combined ratio <82% control • Solid capital position Cost ratio ~13% • Good trajectory to deliver on 2026 financial targets Return on equity >24% So
Slide 19: Capital Markets Day February 2026
Reminder Capital Markets Day 26 February 2026
Slide 20: Appendix
Appendix
Slide 21: Roadshows, conferences and analyst meetings post Q4 2025 results
Appendix Roadshows, conferences and analyst meetings post Q4 2025 results Date Event Location Participants Arranged by CEO Geir Holmgren 29 January Roadshow Oslo CFO Jostein Amdal Pareto Securities Head of IR Mitra H. Negård Group Management 26 February Capital Markets Day Oslo Gjensidige Investor R
Slide 22: Weather and adverse development of claims
Appendix Weather and adverse development of claims Group excluding the Baltics Q4 2025 Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 FY 2025 FY 2024 Reported Insurance revenue, MNOK 11,081 10,019 11,202 9,889 10,493 9,392 9,994 9,060 42,770 38,359 Loss ratio 72.4% 71.1% 68.9% 72.1% 67.1% 7
Slide 23: Weather and adverse development of claims
Appendix Weather and adverse development of claims Private Commercial Q4 2025 Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 FY 2025 FY 2024 Q4 2025 Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 FY 2025 FY 2024 Reported Insurance revenue, MNOK 4,608 3,933 4,815 3,943 4,278 3,723 3
Slide 24: Weather and adverse development of claims
Appendix Weather and adverse development of claims Private Norway Private Denmark Q4 2025 Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 FY 2025 FY 2024 Q4 2025 Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 FY 2025 FY 2024 Reported Insurance revenue, MNOK 3,809 3,222 4,024 3,251 3
Slide 25: Weather and adverse development of claims
Appendix Weather and adverse development of claims Commercial Norway Commercial Denmark Q4 2025 Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 FY 2025 FY 2024 Q4 2025 Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 FY 2025 FY 2024 Reported Insurance revenue, MNOK 3,939 3,654 3,904 3
Slide 26: Weather and adverse development of claims
Appendix Weather and adverse development of claims Sweden Corporate Centre Q4 2025 Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 FY 2025 FY 2024 Q4 2025 Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 FY 2025 FY 2024 Reported Insurance revenue, MNOK 587 503 557 525 541 474 500 494
Slide 27: General insurance Norway
Appendix General insurance Norway Private Norway Commercial Norway Combined ratio Combined ratio 82.8% 73.0% 76.2% 73.4% 78.2% 77.0% 70.1% 75.2% 8.0% 11.6% 7.5% 7.8% 10.5% 10.5% 7.9% 11.7% 70.7% 69.2% 74.8% 62.5% 64.6% 62.9% 67.3% 58.4% Q4 2024 Q4 2025 YTD 2024 YTD 2025 Q4 2024 Q4 2025 YTD 2024 YTD
Slide 28: General insurance Denmark
Appendix General insurance Denmark Private Denmark Commercial Denmark Combined ratio Combined ratio 111.0% 107.3% 96.2% 88.0% 21.4% 22.7% 84.3% 84.9% 86.0% 84.3% 20.9% 11.3% 10.6% 11.0% 11.1% 19.6% 89.7% 84.6% 75.3% 76.7% 73.7% 73.9% 75.0% 64.7% Q4 2024 Q4 2025 YTD 2024 YTD 2025 Q4 2024 Q4 2025 YTD
Slide 29: General insurance Sweden
Appendix General insurance Sweden Sweden Combined ratio 93.6% 88.9% 84.4% 83.7% 15.7% 15.0% 16.0% 15.0% 77.9% 73.9% 68.4% 68.7% Q4 2024 Q4 2025 YTD 2024 YTD 2025 Loss ratio Cost ratio Gjensidige Forsikring Group 29
Slide 30: Large losses
Appendix Large losses Large losses (before discounting)1 Large losses per segment (before discounting) NOK m NOK m 786 431 499 288 270 474 323 60 24 11 25 0 Q4 2024 Q4 2025 Private Commercial Sweden CC Expected Reported, before discounting Q4 2024 Q4 2025 CC = Corporate Centre. Large losses: Losses
Slide 31: Large losses
Appendix Large losses FY 2025 estimate ~ NOK 2bn1, before discounting NOK m NOK m 1000 431 800 600 249 270 400 180 200 62 60 8 25 0 Private Commercial Sweden CC Q417 Q218 Q418 Q219 Q419 Q220 Q420 Q221 Q421 Q222 Q422 Q223 Q423 Q224 Q424 Q225 Q425 Expected Reported, before discounting Expected Q4 2025
Slide 32: Run-off
Appendix Run-off NOK m 123 104 50 37 18 18 17 (126) Private Commercial Sweden Corporate Centre Q4 2024 Q4 2025 Gjensidige Forsikring Group 32
Slide 33: Run-off
Appendix Run-off Run-off % of insurance revenue1,2 10% 8% Motor TPL and Motor TPL (Norway) and WC 6% WC (Norway) (Norway, Denmark) 4% Group life and Motor BI (Norway) Liability and Accident (Denmark) 2% 0% WC and disease (Norway) (2%) 2000 2005 2010 2015 2020 2001 2002 2003 2004 2006 2007 2008 2009
Slide 34: Quarterly insurance service results - seasonality in Nordic general insurance
Appendix Quarterly insurance service results - seasonality in Nordic general insurance NOK m 3 000 2 000 1 000 0 Q1 Q2 Q3 Q4 2023 1,115 1,509 1,111 734 2024 704 1,434 1,590 1,670 2025 1,314 2,200 2,271 1,297 2023 2024 2025 Excluding the Baltics from Q3 2024. Gjensidige Forsikring Group 34
Slide 35: Gross written premiums
Appendix Gross written premiums 15.5% 2.5% 21.8% NOK m 4,489 4,114 4,217 3,887 481 585 Private Commercial Sweden Q4 2024 Q4 2025 Gjensidige Forsikring Group 35
Slide 36: 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 37: 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). • Gjensid
Slide 38: 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 39: 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 Bond
Slide 40: Asset allocation – as at 31.12.2025
Appendix Asset allocation – as at 31.12.2025 Match portfolio Free portfolio • NOK 40.3bn • NOK 26.7bn • Average duration: 3.1 years • Average duration fixed-income instruments: 1.3 years • Average yield: 3.6% • Average yield: 4.0% Fixed-income – short duration: 48% Fixed-income NOK: 58% Global inves
Slide 41: 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 18.4 45.8 5.4 24.5 (investment grade). AA 3.9 9.6 5.8 26.5 A 8.0 19.9 3.2
Slide 42: Capital generation year-to-date
Appendix Capital generation year-to-date 49% 3% Solvency Ratio 185% 5% 3% 188% (56%) 7.6 0.9 Eligible own funds 0.7 0.1 24.0 22.0 NOK bn (7.3) Solvency 0.8 0.3 0.0 0.0 12.8 11.9 (0.2) capital requirement NOK bn 31.12.2024 Operating Free Dividend2 Capital Regulatory/ 31.12.2025 SII earnings1 portfoli
Slide 43: 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 24.0 19.8 23.2 19.0 3.9 fu
Slide 44: Solvency II eligible own funds
Appendix Solvency II eligible own funds Bridging the gap between IFRS1 equity and Solvency II capital NOK bn 3.9 28.3 4.1 7.0 24.0 (7.3) (2.1) (1.0) (8.2) (0.1) (0.1) (0.7) IFRS Sub- Dividend Intangible Fair value Best estimate Risk margin Solvency II Solvency II Deferred tax Miscellaneous Eligible
Slide 45: Gjensidige continues to work for full approval of own partial internal model (PIM)
Appendix Gjensidige continues to work for full approval of own partial internal model (PIM) Main differences between approved and own PIM NOK bn Approved PIM Own PIM • Correlation between market risk and underwriting risk: (Group) 1 (Group) 2 Approved PIM based on standard formula. Own PIM Eligible
Slide 46: Solvency II sensitivities for the approved partial internal model
Appendix Solvency II sensitivities for the approved partial internal model 190% 197% 194% 188% 186% 189% 186% 181% 178% 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 31.12.2025. The legal perspective
Slide 47: Subordinated debt capacity – Gjensidige Forsikring Group
Appendix Subordinated debt capacity – Gjensidige Forsikring Group Principles for capacity Capacity and utilisation T1 T2 Constraint • Tier 1 remaining capacity is NOK 0.8 - 1.0bn • Utilised Tier 1 debt capacity: NOK 2.7bn Max 20% of Max 50% of SCR less Must be satisfied at SII Tier 1 capital other T
Slide 48: Annualised return on equity 27.3 per cent
Appendix Annualised return on equity 27.3 per cent Equity (NOK m) Annualised return on equity (%) 2,988 27.3 6,556 28,310 26,016 22.7 (7,250) 31.12.2024 Profit Total Dividend 31.12.2025 2024 2025 YTD 2025 components of other comprehensive income etc. Bridge shows main elements in equity development.
Slide 49: Market leader in Norway
Appendix Market leader in Norway Market share – Total market Market share – Commercial Market share – Private 26.3 % 30.9% 24.2% 23.6% 20.6 % 24.5% 18.6 % 18.3% 13.8% 12.5 % 10.1 % 10.4% 9.0% 7.7% 5.7 % 3.7 % 5.2% 2.5 % Fremtind Storebrand If Tryg Gjensidige Frende Storebrand Other Fremtind If Tryg
Slide 50: Growth opportunities outside Norway
Appendix Growth opportunities outside Norway Market shares Denmark Market shares Sweden 30.2% 26.0% 24.0% 21.0% 18.6% 16.0% 17.2% 16.1% 16.2% 7.9% 5.2% 1.7% Other Tryg Sygeforsikring If Gjensidige Alm. Brand Gjensidige Other Folksam Trygg-Hansa Länsförsäkringar If Sources: Insurance Sweden, 3rd quar
Slide 51: Gjensidige Pensjonsforsikring - Number four position in the growing Norwegian defined contribution pension market
Appendix Gjensidige Pensjonsforsikring - Number four position in the growing Norwegian defined contribution pension market Market shares – total AUM NOK 640bn • Well positioned for continued profitable organic 40% growth • Core focus on SME customers 30% • Strong profitability 20% • Multi-channel di
Slide 52: Gjensidige Pensjonsforsikring
Appendix Gjensidige Pensjonsforsikring Group policy 1 and company portfolio Number of occupational pension members In thousand Current bonds: 75.5% 335 304 317 Fixed income - short duration: 21.4% 243 BNOK Property exposure: 2.5% 165 13.1 Equity funds: 0.6% 2021 2022 2023 2024 2025 Figures as at 31.
Slide 53: Ownership
Appendix Ownership 10 largest shareholders1 Geographical distribution of shares2 No Shareholder Stake Norway: 44% US: 23% 1 Gjensidigestiftelsen 62.2% 2 Folketrygdfondet 4.9% Germany: 7% Sweden: 3% 3 BlackRock Inc 2.8% 4 Deutsche Bank 2.4% Finland: 3% RoW: 19% 5 The Vanguard Group, Inc 1.7% 6 Storeb
Slide 54: 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 55: Investor Relations
Investor Relations Mitra Hagen Negård Address Head of Investor Relations Schweigaards gate 21, Mobile: (+47) 957 93 631 P.O. Box 700 Sentrum, NO-0106 OSLO mitra-hagen.negard@gjensidige.no gjensidige.com/ir Jonas Sortland Fougner Investor Relations Officer Mobile: (+47) 948 05 851 jonas-sortland.foug
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