Gjensidige Forsikring Asa · OSL:GJF
Gjensidige Forsikring Asa — Q2 2026 Earnings Presentation
49 slides from Gjensidige Forsikring Asa's earnings presentation, Jul 13, 2026
Slide 1: Interim Presentation 2nd quarter 2026
INTERIM PRESENTATION 2nd quarter 2026 Gjensidige Forsikring Group
Slide 2: Q2 2026: Continued focus on delivering customer and shareholder value
Quarterly update Q2 2026: Continued focus on delivering customer and shareholder value NOK 11.3bn insurance revenue NOK 2.4bn New executive Pension #1 insurance service result Lisa S. Legallais, CEO of Gjensidige in Corporate Pension Barometer survey Pensjonsforsikring, appointed to Group Management
Slide 3: Growing through strategic partnerships
Quarterly update Growing through strategic partnerships Tesla Privatmegleren Tekna New partnership in New partnership in home -seller insurance Renewal of existing Norway in Norway, effective from 2027 partnership Estimated market reach 2 Best -selling car brand in Access to engineers and Norway 45%
Slide 4: Q2 2026: Higher profit after tax adjusted for impact from Danish court ruling
Quarterly update Q2 2026: Higher profit after tax adjusted for impact from Danish court ruling on workers’ compensation Profit after tax NOKm Highlights of the quarter 2,245 2,122 • Significant increase in general insurance service result, adjusted for net negative impact of NOK 419m related to Dani
Slide 5: Q2 2026 financial highlights
Quarterly update Q2 2026 financial highlights Insurance service result Combined ratio Financial result Pension NOKm NOKm Pre tax profit adj. for CSM 427 27 1,102 change, NOKm 247 (117) 26 79.0% 78.9% 2,375 285 2,200 (419) (17) 12.0% 11.7% 786 245 67.1% 67.2% 62.5% 58.5% Run -off Other Workers' Growt
Slide 6: Continued strong growth in insurance revenue
Quarterly update Continued strong growth – insurance revenue increased by 9.3 per cent in local currency • Effective pricing measures across segments and Insurance revenue (NOKm) geographies 200 19 11,258 559 • Higher volumes in Private Norway and Sweden 10,493 (12) • Lower volumes in Commercial mai
Slide 7: Continued portfolio improvement in Commercial Norway
Quarterly update Continued portfolio improvement in Commercial Norway, driven by advanced analytics, pricing discipline and strong execution Churned customers less profitable than Improved profitability across both portfolios retained customers Loss ratio difference between churned and retained UFLR
Slide 8: 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% 40% 41% 35% Q1 2024 Q4 2024 Q3 2025 Q2 2026 Q4 2025 Q1 2026 Q2 2026 Norway Denmark Norway Target in 2028: Target in 2
Slide 9: Solid progress on sustainability initiatives during the quarter
Quarterly update Solid progress on sustainability initiatives during the quarter Status Target in Selection of key initiatives in the quarter ESG targets Q2 2026 2030 • Updated climate risk models together with the Norwegian Computing Centre. Data shared in report SBTi climate emissions targets from
Slide 10: Continued strong underlying development
Quarterly update Continued strong underlying development Pre -tax profit • Significant ISR increase due to revenue growth and NOKm margin improvement 594 • Negative impact from Danish court ruling, recognised in Corporate Centre: DKK 490 million 8 run-off loss, less of DKK 200 million reserve 2,955
Slide 11: 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 188 58 75 99 .5% 90.0% 1,359 66.2 % 66 .8% 1 74 1 192 (74) (1) (3) (2) 22.0% 20.1% 10.6% 10.6% (7) 77.5% 55.5
Slide 12: Commercial: High profitability in Norway, improvement in Denmark
Quarterly update Commercial: High profitability in Norway, improvement in Denmark Norway Denmark Insurance service result Combined ratio Insurance service result Combined ratio NOKm NOKm 202 45 12 1,414 21 337 86.3% 75.9% 59 0 81.1% 154 65 .1% (6) 11.7% 7.7% 10 11.7% 88 8.1% 253 913 74.6% 68.2% 69.3
Slide 13: Sweden: Solid revenue growth, UFLR reflects normal volatility
Quarterly update 3 Sweden: Solid revenue growth, UFLR reflects normal volatility Sweden Insurance service result Combined ratio NOKm 6 0 91 .6% 103 80.9% (2) 14.8% 15.9% 65.1% 76.8% (48) 47 (12) 72.4% 73.7% Q2’25 Q2’26 UFLR 3 Cost ratio Loss ratio • Revenue growth driven by price increases and highe
Slide 14: Pension result reflects good results from unit-linked and higher net finance
Quarterly update Pension result reflects good results from unit -linked and higher net finance, offset by lower ISR and change in CSM Assets under management (NOKbn) Pre -tax profit adjusted for change in CSM NOKm 105 113 87 96 69 21 55 285 2 (16) 245 YE 2022 YE 2023 YE 2024 YE 2025 Q2 2025 Q2 2026
Slide 15: Net investment result
Quarterly update Net investment result of NOK 374 million Positive return from most asset classes Balanced portfolio and high credit quality 1 • High running yield and lower credit spreads contributed positively, while higher interest rates in the US as well as real estate revaluations contributed n
Slide 16: Strong capital position
Quarterly update Strong capital position 10% 1% Eligible own funds Solvency 195% 0% 189% • Contribution from operating SII earnings ratio (13%) and result in free portfolio (4%) • Deduction of formulaic dividend 2.1 0.1 • Redemption of Tier 1 loan NOK 713m Eligible 24.1 0.0 24.1 own funds (1.7) (0.5
Slide 17: Concluding remarks
Quarterly update Concluding remarks Gjensidige’s strategic pillars Annual financial targets • Strong delivery in Q2 2026 Metric 2026 2027 & 2028 • Closely monitoring inflation Combined ratio <82% <81% Customer empathy and supply chains • Good cost control Cost ratio ~13% ~12% • Solid capital positio
Slide 18: Appendix
Appendix
Slide 19: Roadshows, conferences and analyst meetings post Q2 2026 results
Appendix Roadshows, conferences and analyst meetings post Q2 2026 results Date Event Location Participants Arranged by CEO Geir Holmgren Mid-August 1-1 investor meetings Oslo Gjensidige Investor Relations Group management 25 August Analyst Day Oslo Gjensidige Investor Relations CEO Geir Holmgren 26
Slide 20: General insurance Norway
Appendix General insurance Norway Private Norway Commercial Norway Combined ratio Combined ratio 73.7% 72.0% 75.9% 75.8% 66.2% 66.8% 71.0% 11.1% 10.7% 7.7% 65.1% 8.0% 10.6% 8.1% 10.6% 8.1% 62.6% 61.4% 68.2% 67.8% 62.8% 55.5% 56.2% 57.0% Q2 2025 Q2 2026 YTD 2025 YTD 2026 Q2 2025 Q2 2026 YTD 2025 YTD
Slide 21: General insurance Denmark
Appendix General insurance Denmark Private Denmark Commercial Denmark Combined ratio Combined ratio 99.5% 103.7% 90.0% 90.1% 86.3% 87.2% 22.5% 81.1% 82.2% 22.0% 11.5% 19.5% 11.7% 20.1% 11.7% 11.7% 77.5% 81.2% 74.6% 75.7% 70.4% 69.8% 70.6% 69.3% Q2 2025 Q2 2026 YTD 2025 YTD 2026 Q2 2025 Q2 2026 YTD 2
Slide 22: General insurance Sweden
Appendix General insurance Sweden Sweden Combined ratio 91.6% 90.2% 85.9% 80.9% 14.8% 15.1% 15.6% 15.9% 76.8% 70.3% 75.1% 65.1% Q2 2025 Q2 2026 YTD 2025 YTD 2026 Loss ratio Cost ratio Gjensidige Forsikring Group 22
Slide 23: Large losses
Appendix Large losses Large losses (before discounting) 1 Large losses per segment (before discounting) NOKm NOKm 715 455 565 580 363 499 253 100 88 23 0 0 Q2 2025 Q2 2026 Private Commercial Sweden CC Expected Reported, before discounting Q2 2025 Q2 2026 CC = Corporate Centre. Large losses: Losses >
Slide 24: Large losses
Appendix Large losses FY 2026 estimate ~ NOK 2.3bn 1 , before discounting NOKm NOKm 1000 363 800 270 253 600 216 400 83 100 200 12 0 0 Private Commercial Sweden CC Q218 Q418 Q219 Q419 Q220 Q420 Q221 Q421 Q222 Q422 Q223 Q423 Q224 Q424 Q225 Q425 Q226 Expected Reported, before discounting Expected Q2 2
Slide 25: Run-off
Appendix Run -off NOK m 100 53 46 33 34 (17) (26) (427) Private Commercial Sweden Corporate Centre Q2 2025 Q2 2026 Gjensidige Forsikring Group 25
Slide 26: 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 27: Quarterly insurance service results
Appendix Quarterly insurance service results - seasonality in Nordic general insurance NOKm 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 2024 2025 2026 Excluding the Baltics from Q3 2024. Gjensidige Forsikring Group 27
Slide 28: Gross written premiums
Appendix Gross written premiums 5.6% 3.3% 13. 4% NOKm 4,534 4,787 3,579 3,698 583 661 Private Commercial Sweden Q2 2025 Q2 2026 Gjensidige Forsikring Group 28
Slide 29: 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 30: 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 31: 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 32: 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 33: Asset allocation
Appendix Asset allocation – as at 30.6.2026 Match portfolio Free portfolio • NOK 41.4bn • NOK 24.8bn • Average duration: 2.9 years • Average duration fixed -income instruments: 1.6 years • Average yield: 4.0% • Average yield: 4.2% Fixed -income – short duration: 40% Global investment grade bonds: 37
Slide 34: 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 19.0 46.0 6.5 32.4 (investment grade). AA 4.2 10.1 6.3 31.5 A 8.5 20.7 2.
Slide 35: Capital generation year-to-date
Appendix Capital generation year -to -date Solvency 23% 2% ratio 188% 0% 189% (24%) (1%) Eligible 3.4 0.3 own funds 24.0 0.0 24.1 NOK bn (3.1) (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/ 30.06.2026 SII earn
Slide 36: 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 24.1 19.4 23.4 18.6 4.4
Slide 37: 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 4.8 23.3 6.5 24.1 (3.1 ) (2.2 ) (0.8 ) (7.3 ) (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 38: 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 24.1 23.4 Approved PIM based on standa
Slide 39: Solvency II sensitivities for the approved partial internal model
Appendix Solvency II sensitivities for the approved partial internal model 190% 190% 198% 194% 189% 187% 187% 183% 179% 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 30.06.2026. The legal perspective
Slide 40: Subordinated debt capacity
Appendix Subordinated debt capacity – Gjensidige Forsikring Group Principles for capacity Capacity and utilisation T1 T2 Constraint • Tier 1 remaining capacity is NOK 1.9bn • 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 T2 capi
Slide 41: Annualised return on equity
Appendix Annualised return on equity 33.3 per cent Equity (NOK m) Annualised return on equity (%) 3,848 28,310 (1,595) 33.3 27.3 23,313 (7,250) 31.12.2025 Profit Total Dividend 30.06.2026 2025 YTD 2026 YTD 2026 components of other comprehensive income etc. Bridge shows main elements in equity develo
Slide 42: Market leader in Norway
Appendix Market leader in Norway Market share – Total market Market share – Commercial Market share – Private 26.2 % 31.0% 23.6% 23.5% 20.5 % 24.7% 18.3 % 18.2% 13.5% 12.2 % 10.0 % 9.8% 8.9% 8.1% 6.1 % 3.8 % 5.6% 2.8 % If If If Tryg Tryg Tryg Frende Other KLP Fremtind Fremtind Fremtind Protector Gje
Slide 43: Growth opportunities outside Norway
Appendix Growth opportunities outside Norway Market share – Denmark Market share – Sweden 30.4% 28.1% 23.3% 20.5% 19.0% 16.9% 16.0% 16.0% 15.1% 7.9% 5.1% 1.6% If If Tryg Other Other Alm. Brand Folksam Gjensidige Gjensidige Trygg-Hansa Sygeforsikring Länsförsäkringar Sources: Insurance Sweden, 1 st q
Slide 44: 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 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 Customer retention Commercial Denmark, Customer retention Commercial Denmark, prev
Slide 45: Gjensidige Pensjonsforsikring
Appendix Gjensidige Pensjonsforsikring - Number four position in the growing Norwegian defined contribution pension market Market shares – total AUM NOK 704bn • Well positioned for continued profitable organic 40% growth • Core focus on SME customers 30% • Strong profitability 20% • Multi -channel d
Slide 46: Gjensidige Pensjonsforsikring
Appendix Gjensidige Pensjonsforsikring Group policy 1 and company portfolio Number of occupational pension members In thousand Current bonds: 76.2% 335 335 304 317 Fixed income - short duration: 19.5% 243 BNOK Property exposure: 3.6% 13.9 Equity funds: 0.7% YE 2022 YE 2023 YE 2024 YE 2025 Q2 2026 Fi
Slide 47: Ownership
Appendix Ownership 10 largest shareholders 1 Geographical distribution of shares 2 No Shareholder Stake Norway: 46% US: 24% 1 Gjensidigestiftelsen 62.2% 2 Folketrygdfondet 4.1% Germany: 7% Sweden: 6% 3 BlackRock Inc 2.7% 4 Deutsche Bank 2.3% Finland: 3% RoW: 14% 5 The Vanguard Group, Inc 1.7% 6 DNB
Slide 48: 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 49: 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.f
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