Gjensidige Forsikring Asa · OSL:GJF
Gjensidige Forsikring Asa — Q2 2025 Earnings Presentation
52 slides from Gjensidige Forsikring Asa's earnings presentation, Jul 11, 2025
Slide 1: Interim Presentation 2nd quarter 2025
INTERIM PRESENTATION 2nd quarter 2025 Gjensidige Forsikring Group
Slide 2: Improved profit in the quarter, driven by the insurance service and financial results
Quarterly update Improved profit in the quarter, driven by the insurance service and financial results • Pre-tax profit NOK 2,955m Combined ratio % • Insurance service result NOK 2,200m 85.0 79.0 12.5 • 11.7% insurance revenue growth 12.0 • Effective pricing measures 72.5 67.1 • Benign claims develo
Slide 3: Property, Private Norway: Continued positive effect of implemented pricing measures
Quarterly update Property, Private Norway: Continued positive effect of implemented pricing measures Property, Private Norway Claims for property insurance volatile in nature • High weather exposure, with increasing incident frequency Claims frequency expected - reflected in pricing strategy Q2’25/Q
Slide 4: Motor, Private Norway: Continued positive effect of implemented pricing measures
Quarterly update Motor, Private Norway: Continued positive effect of implemented pricing measures Motor, Private Norway Claims cost increase levelling off Claims frequency • Increase in claims frequency tapering off Q2’25/Q2’24: -2.3 % (+1 % underlying, adjusted for weather) • Claims inflation showi
Slide 5: Good development across all segments
Quarterly update Good development across all segments Norway: Strong performance, driven by pricing Maintaining high retention in Norway measures and favourable claims development • Maintained strong competitiveness • Efficient operations 90/92%1 92% Private Commercial Norway Norway Denmark: Solid r
Slide 6: Customer dividend model supports customer loyalty
Quarterly update Customer dividend model supports customer loyalty More than NOK 33bn in customer dividends paid out since 2008 NOK bn 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2018 2008 2010 2011 2012 2013 2014 2015 2016 2017 2019 2020 2021 2022 2023 2024 2025 Gjensidige Forsikring Group 6
Slide 7: Moving forward with sustainability initiatives
Quarterly update Moving forward with sustainability initiatives • Sustainability fund granted funding to 30 agricultural projects in Norway supporting climate, animal welfare and general damage prevention measures • Piloted initiatives aimed at increasing partial repair solutions in in Norway • Impr
Slide 8: Financial performance
Financial performance
Slide 9: Significant improvement in the insurance service and financial results
Financial Performance Significant improvement in the insurance service and financial results Q2 Q2 YTD YTD • Increased insurance service result across all segments NOKm 2025 2024 2025 2024 (Corporate centre positively impacted by NOK 393.7m from change in risk adjustment in Private 1,195 539 1,736 1
Slide 10: 11.7 per cent revenue growth, 11.1 per cent in local currency
Financial Performance 11.7 per cent revenue growth, 11.1 per cent in local currency Insurance revenue development NOK m Revenue growth 494 67 10,493 555 9,392 (13) Local Segment NOK currency Driver Private 14.9% 14.7% Mainly price - Norway 15.3% 15.3% Mainly price - Denmark 13.2% 12.1% Volume and pr
Slide 11: Improved loss ratio
Financial Performance Improved loss ratio Loss ratio development Key drivers % • Effective pricing measures across all segments 4.4 0.4 72.5 0.2 • Benign claims development (0.1) 67.1 (10.4) • Improved underlying frequency loss ratio, also when adjusting for adverse development in claims in 2024 • Q
Slide 12: Continued good cost control - cost ratio 12.0 per cent
Financial Performance Continued good cost control - cost ratio 12.0 per cent Operating expenses Competitive cost ratio NOK m 515 541 461 508 • Efficient operations • High revenue growth 72 86 127 121 • Strong cost discipline across the Group Private Commercial Sweden Corporate Q2 2024 Q2 2025 Centre
Slide 13: Higher result for Pension
Financial Performance Higher result for Pension Pre-tax profit Assets under management NOK m NOK bn 96 386 87 88 79 84 286 186 182 201 124 105 77 37 (58) Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2024 2024 2024 2025 2025 2024 2024 2024 2025 2025 Other (paid up policies, risk products and company portfolio) Pre-
Slide 14: Investment return of 1.8 per cent
Financial Performance Investment return of 1.8 per cent Investment return per asset class Balanced investment portfolio1 Fixed-income: 94% Free Match Listed equities: 1% 37% 63% Property: 1% BNOK 63.5 PE funds: 4% High credit quality1 1.7% 1.5% 9.0% 0.3% 7.8% 1.9% 0.7% Investment grade: 84% Match Ne
Slide 15: Moving ahead on operational targets
Financial Performance Moving ahead on operational targets Status Target High customer retention in Norway, improvement Metric in Private Denmark Q2 2025 2026 % Customer satisfaction 77 > 78 (Group1) 100 92% Customer retention 91% > 90% (Norway/Outside Norway1) 84% > 85% 90 90% Digital distribution i
Slide 16: Strong capital position
Financial Performance Strong capital position 1% Eligible own funds 10% Solvency 188% • Contribution from operating SII 182% ratio (15%) (2.3%) earnings and result in free portfolio • Deduction of formulaic dividend • Acquisition of Buysure and Swedish 2.1 0.3 agent Varsamma reduced solvency Eligibl
Slide 17: Concluding remarks
Summary Concluding remarks Ambitious annual financial targets • Strong growth momentum sustained Metric 2025 2026 • Higher results across all geographies Combined ratio <84% <82% • Focus on ongoing measures and good cost control Cost ratio <14% ~13% • Solid capital position Return on equity >22% >24
Slide 18: Appendix
Appendix
Slide 19: Roadshows, conferences and analyst meetings post Q2 2025 results
Appendix Roadshows, conferences and analyst meetings post Q2 2025 results Date Event Location Participants Arranged by CFO Jostein Amdal Mid-August 1-1 investor meetings Oslo Gjensidige Head of IR Mitra H. Negård Group Management 27 August Analyst Day Oslo Gjensidige Investor Relations CEO Geir Holm
Slide 20: Weather and adverse development of claims, Group excluding the Baltics
Appendix Weather and adverse development of claims, Group excluding the Baltics Group excluding the Baltics NOKm Q4 2024 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD 2025 YTD 2024 FY 2024 Reported Insurance revenue 10,019 9,889 10,493 9,392 9,994 9,060 20,487 18,452 38,359 Loss ratio 71.1% 72.1% 67.1
Slide 21: Weather and adverse development of claims, Private and Commercial
Appendix Weather and adverse development of claims, Private and Commercial Private Commercial NOKm Q4 2024 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Q4 2024 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Reported Insurance revenue 3,933 3,943 4,278 3,723 3,998 3,
Slide 22: Weather and adverse development of claims, Private Norway and Private Denmark
Appendix Weather and adverse development of claims, Private Norway and Private Denmark Private Norway Private Denmark NOKm Q4 2024 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Q4 2024 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Reported Insurance revenue 3,222 3,
Slide 23: Weather and adverse development of claims, Commercial Norway and Commercial Denmark
Appendix Weather and adverse development of claims, Commercial Norway and Commercial Denmark Commercial Norway Commercial Denmark NOKm Q4 2024 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Q4 2024 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Reported Insurance reve
Slide 24: Weather and adverse development of claims, Sweden and Corporate Centre
Appendix Weather and adverse development of claims, Sweden and Corporate Centre Sweden Corporate Centre NOKm Q4 2024 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Q4 2024 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Reported Insurance revenue 503 525 541 474 500 49
Slide 25: General insurance Norway – cost ratio and loss ratio
Appendix General insurance Norway – cost ratio and loss ratio Private Norway Commercial Norway Combined ratio Combined ratio 87.6% 86.5% 80.4% 80.3% 73.7% 7.6% 75.9% 8.1% 75.8% 11.4% 66.2% 11.7% 11.1% 7.7% 8.0% 10.6% 80.0% 78.4% 69.0% 68.6% 68.2% 67.8% 62.6% 55.5% Q2 2024 Q2 2025 YTD 2024 YTD 2025 Q
Slide 26: General insurance Denmark – cost ratio and loss ratio
Appendix General insurance Denmark – cost ratio and loss ratio Private Denmark Commercial Denmark Combined ratio Combined ratio 109.0% 104.7% 99.5% 103.7% 24.8% 87.1% 86.3% 86.6% 87.2% 23.7% 22.5% 22.0% 11.7% 11.5% 11.7% 11.4% 84.2% 77.5% 81.0% 81.2% 75.3% 74.6% 75.2% 75.7% Q2 2024 Q2 2025 YTD 2024
Slide 27: General insurance Sweden – cost ratio and loss ratio
Appendix General insurance Sweden – cost ratio and loss ratio Sweden Combined ratio 85.4% 89.3% 85.9% 80.9% 14.8% 15.2% 15.6% 15.9% 70.3% 74.6% 70.3% 65.1% Q2 2024 Q2 2025 YTD 2024 YTD 2025 Loss ratio Cost ratio Gjensidige Forsikring Group 27
Slide 28: Large losses
Appendix Large losses Large losses (before discounting)1 Large losses per segment (before discounting) NOK m NOK m 565 455 332 512 499 474 114 88 56 23 10 0 Q2 2024 Q2 2025 Private Commercial Sweden Corp. Centre Expected Reported, before discounting Q2 2024 Q2 2025 CC = Corporate Centre. Large losse
Slide 29: Large losses
Appendix Large losses FY 2025 estimate ~ NOK 2bn1, before discounting NOK m NOK m 800 455 600 249 400 180 200 88 62 23 8 0 0 Q419 Private Commercial Sweden Corp. Centre Q217 Q417 Q218 Q418 Q219 Q220 Q420 Q221 Q421 Q222 Q422 Q223 Q423 Q224 Q424 Q225 Expected Reported, before discounting Expected Q2 2
Slide 30: Run-off
Appendix Run-off NOK m 85 53 33 34 30 22 (32) (26) Private Commercial Sweden Corp.Centre Q2 2024 Q2 2025 Gjensidige Forsikring Group 30
Slide 31: 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 32: 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 2023 2024 2025 1) Excluding the Baltics from Q3 2024 Gjensidige Forsikring Group 32
Slide 33: Gross written premiums
Appendix Gross written premiums +18.5% +8.9% +18.5% NOK m 4,534 3,827 3,579 3,287 492 583 Private Commercial Sweden Q2 2024 Q2 2025 Gjensidige Forsikring Group 33
Slide 34: 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 35: Reinsurance 2025
Appendix Reinsurance 2025 • 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 36: 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 • Limited risk appetite provisions • Fixed-income: • Credit element for increased returns • Currency hedging vs NOK ~ 100% • Some inflation
Slide 37: 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 3 year duration) Nykredit Constant Maturity Index Bullet Covered
Slide 38: Asset allocation – as at 30.06.2025
Appendix Asset allocation – as at 30.06.2025 Match portfolio Free portfolio • NOK 40bn • NOK 23.5bn • Average duration: 3.0 years • Average duration fixed-income instruments: 1.3 years • Average yield: 3.6% • Average yield: 4.1% Fixed-income – short duration: 45% Fixed-income NOK: 57% Global investm
Slide 39: 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 18.5 46.2 5.1 26.3 (investment grade). AA 4.0 10.1 5.8 29.5 A 8.1 20.2 3.
Slide 40: Capital generation year-to-date
Appendix Capital generation year-to-date 19% 3% Solvency Ratio 185% 0% 182% (23%) (2%) 3.2 0.6 Eligible 22.0 0 22.6 own funds (2.9) (0.3) NOK bn Solvency 0.4 0.1 .000 00 0.0 12.4 11.9 capital requirement NOK bn 31.12.2024 Operating Free Dividend2 Capital Regulatory/ 30.06.2025 SII earnings1 portfoli
Slide 41: 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 22.6 18.3 21.9 17.6 3.9 fu
Slide 42: Solvency II eligible own funds
Appendix Solvency II eligible own funds Bridging the gap between IFRS1 equity and Solvency II capital NOK bn 30 3.7 28 4.1 26 24.7 24 (2.9) 22.6 22 5.6 (1.8) (0.9) 20 18 16 (8.9) (1.0) 14 (0.1) 12 10 IFRS Sub- Dividend Intangible assets Best estimate Risk margin Solvency II Solvency II Deferred tax
Slide 43: 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 44: Solvency II sensitivities for the approved partial internal model
Appendix Solvency II sensitivities for the approved partial internal model 183% 184% 191% 188% 182% 180% 178% 175% 172% 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 30.06.2025. The legal perspective
Slide 45: 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 1.3 - 1.6bn • Utilised Tier 1 debt capacity: NOK 2.0bn Max 20% of Max 50% of SCR less Must be satisfied at SII Tier 1 capital other T
Slide 46: Annualised return on equity 31.3 per cent
Appendix Annualised return on equity 31.3 per cent Equity (NOK m) Annualised return on equity (%) 31.3 3,635 75 26,016 24,726 22.7 (5,000) 31/12/2024 Profit Total Dividend 30/06/2025 2024 YTD 2025 YTD 2025 components of other comprehensive income etc. Bridge shows main elements in equity development
Slide 47: Market leader in Norway
Appendix Market leader in Norway Market share – Total market Market share – Commercial Market share – Private 26.5 % 31.6% 24.4% 23.5% 20.4 % 23.8% 18.7 % 18.3% 14.0% 12.7 % 10.1 % 10.5% 9.1% 7.4% 5.4 % 4.8% 3.7 % 2.6 % Fremtind Storebrand If Tryg Gjensidige Frende Storebrand Other Fremtind If Tryg
Slide 48: Growth opportunities outside Norway
Appendix Growth opportunities outside Norway Market shares Denmark Market shares Sweden 32.1% 30.0% 23.8% 17.6% 18.0% 15.8% 15.2% 16.4% 16.3% 7.7% 5.4% 1.7% Other Tryg Topdanmark Gjensidige If Alm. Brand Länsförsäkringar Other Folksam Trygg-Hansa Gjensidige If Sources: Insurance Sweden, 1st quarter
Slide 49: 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 569bn • Well positioned for continued profitable organic 40% growth • Core focus on SME customers 30% • Strong profitability 20% • Multi-channel di
Slide 50: Gjensidige Pensjonsforsikring
Appendix Gjensidige Pensjonsforsikring Group policy 1 and company portfolio Number of occupational pension members In thousand 317 329 Current bonds: 76.7% 304 Fixed income - short 243 duration: 20.1% BNOK Property exposure: 2.8% 165 12.0 Equity funds: 0.5% 2021 2022 2023 2024 Q2 2025 Figures as at
Slide 51: 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 52: 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
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