Gjensidige Forsikring Asa · OSL:GJF
Gjensidige Forsikring Asa — Q3 2025 Earnings Presentation
54 slides from Gjensidige Forsikring Asa's earnings presentation, Oct 24, 2025
Slide 1: Interim Presentation 3rd quarter 2025
INTERIM PRESENTATION 3rd quarter 2025 Gjensidige Forsikring Group
Slide 2: Storm Amy in October 2025 – a tough reminder of climate changes
Quarterly update Storm Amy in October 2025 – a tough reminder of climate changes • Primary focus on customer assistance and managing high inquiry volumes • Rapid mobilisation and efficient cross-functional coordination • Industry-wide natural perils losses in Norway estimated at NOK 1.5-2.1bn (exclu
Slide 3: Higher general insurance service result, profit impacted by non-recurring expense for Pension
Quarterly update Higher general insurance service result, profit impacted by a non-recurring expense for Pension • Pre-tax profit NOK 2,067m Combined ratio % 83.9 79.7 • Insurance service result NOK 2,271m 11.8 10.8 • 11.3% insurance revenue growth (adjusted for non- recurring effect in Private Norw
Slide 4: 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 Q3’25/Q3’24: +5% (inherent volatility) Q3’25/Q3’24: +4% (+1-2% underlying, adjusted for elevated claims in July 2025) Cla
Slide 5: Sustained growth and enhanced operational efficiency
Quarterly update Sustained growth and enhanced operational efficiency Norway: Strong performance, driven by sustained Maintaining high retention in Norway revenue growth • Maintained high competitiveness • Efficient operations 90/91%1 91% • Continued focus on improving profitability Private Commerci
Slide 6: Moving forward with sustainability initiatives
Quarterly update Moving forward with sustainability initiatives • Participated in and funded research with NIVA and Akvaplan- niva on environmental risks of land-based fish farming in Norway • Added climate adaptation measures to Danish home insurance, aligned with EU taxonomy • Skadestop reduced tr
Slide 7: Financial performance
Financial performance
Slide 8: Significant improvement in the insurance service result; pension impacted by non-recurring expense
Financial Performance Significant improvement in the insurance service result; pension impacted by non-recurring expense Q3 Q3 YTD YTD • Increased insurance service result reflecting revenue NOKm 2025 2024 2025 2024 growth and improvement in the loss ratio Private 1,114 769 2,850 1,885 • Pension res
Slide 9: 13.3 per cent revenue growth; 11.3 per cent adjusted for non-recurring effect
Financial Performance 13.3 per cent revenue growth; 11.3 per cent adjusted for non- recurring effect in Private Norway (local currency) Insurance revenue development NOK m Revenue growth 431 32 11,202 872 Segment NOK Local currency Driver (21) 9,889 Private 22.1% 22.1% Mainly price 23.8% 23.8% (18.6
Slide 10: Improved loss ratio
Financial Performance Improved loss ratio Loss ratio development Key drivers % 72.1 0.6 0.0 • Effective pricing measures across all segments 68.9 (2.1) (0.3) (1.4) • Improved underlying frequency loss ratio • Lower large losses and run-off gains • Positive impact from change in risk adjustment Q3 20
Slide 11: Continued good cost control – cost ratio 10.8 per cent
Financial Performance Continued good cost control – cost ratio 10.8 per cent Operating expenses Competitive cost ratio NOK m 518 539 479 500 • Efficient operations • High revenue growth 78 72 92 102 • Continued strong cost discipline across the Group Private Commercial Sweden Corporate Q3 2024 Q3 20
Slide 12: Pension result impacted by non-recurring expense of NOK 429m
Financial Performance Pension result impacted by non-recurring expense of NOK 429m Pre-tax profit Assets under management NOK m NOK bn 96 100 286 87 88 182 201 84 124 77 105 37 (58) (362) (414) Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q3 2024 2024 2025 2025 2025 2024 2024 2025 2025 2025 Other (paid up policies, r
Slide 13: Investment return of 0.8 per cent
Financial Performance Investment return of 0.8 per cent Investment return per asset class Balanced investment portfolio1 Fixed-income: 93% Free Match Listed equities: 1% 59% 41% BNOK PE funds: 1% 65.9 Property: 4% Other (incl. hedge funds and commodities): 0.6% High credit quality1 0.6% 0.4% 1.1% 1.
Slide 14: Moving ahead on operational targets
Financial Performance Moving ahead on operational targets Status Target High customer retention in Norway, improvement Metric in Private Denmark Q3 2025 2026 % Customer satisfaction (Group1) 77 > 78 100 91% Customer retention 91% > 90% (Norway/Outside Norway1) 84% > 85% 90 90% Digital distribution i
Slide 15: Securing an optimal capital base - successful launch of T1 and buy-back
Financial Performance Securing an optimal capital base - successful launch of T1 and buy-back • Significantly oversubscribed Restricted Tier 1 bond issue • Amount: NOK 1,200m • Rate: 3 months NIBOR + 2.15% p.a. • Maturity: perpetuity • Buy-back in outstanding Tier 1 bond GJF04 • Amount: NOK 487m • O
Slide 16: Strong capital position
Financial Performance Strong capital position Eligible own funds 12% 2% 6% 191% Solvency 182% • Contribution from operating SII ratio (10%) earnings and result in free portfolio • Deduction of formulaic dividend • Contribution from T2 bond issued in 1.8 0.2 0.7 00 24.1 Oct. 2024: ~ NOK 520m. Expect
Slide 17: Concluding remarks
Summary Concluding remarks Ambitious annual financial targets • Strong growth momentum and improved underlying Metric 2025 2026 profitability Combined ratio <84% <82% • Continued focus on ongoing measures and good cost control Cost ratio <14% ~13% • Solid capital position Return on equity >22% >24%
Slide 18: Capital Markets Day – Save the date
Save the date! Capital Markets Day 26 February 2026 in Oslo
Slide 19: Appendix
Appendix
Slide 20: Roadshows, conferences and analyst meetings post Q3 2025 results
Appendix Roadshows, conferences and analyst meetings post Q3 2025 results Date Event Location Participants Arranged by CEO Geir Holmgren 24 October Roadshow Oslo CFO Jostein Amdal SEB Head of IR Mitra H. Negård CEO Geir Holmgren 30 October Roadshow London DNB Carnegie Head of IR Mitra H. Negård CFO
Slide 21: Weather and adverse development of claims
Appendix Weather and adverse development of claims Group excluding the Baltics Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD 2025 YTD 2024 FY 2024 Reported Insurance revenue, MNOK 10,019 11,202 9,889 10,493 9,392 9,994 9,060 31,689 28,340 38,359 Loss ratio 71.1% 68.9% 72.1% 67.1% 72.5%
Slide 22: Weather and adverse development of claims
Appendix Weather and adverse development of claims Private Commercial Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Reported Insurance revenue, MNOK 3,933 4,815 3,943 4,278 3,723 3,998 3,5
Slide 23: Weather and adverse development of claims
Appendix Weather and adverse development of claims Private Norway Private Denmark Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Reported Insurance revenue, MNOK 3,222 4,024 3,251 3,524 3,0
Slide 24: Weather and adverse development of claims
Appendix Weather and adverse development of claims Commercial Norway Commercial Denmark Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Reported Insurance revenue, MNOK 3,654 3,904 3,559 3,7
Slide 25: Weather and adverse development of claims
Appendix Weather and adverse development of claims Sweden Corporate Centre Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Q4 2024 Q3 2025 Q3 2024 Q2 2025 Q2 2024 Q1 2025 Q1 2024 YTD2025 YTD2024 FY2024 Reported Insurance revenue, MNOK 503 557 525 541 474 500 494 1,598
Slide 26: General insurance Norway
Appendix General insurance Norway Private Norway Commercial Norway Combined ratio Combined ratio 78.3% 84.5% 74.6% 80.5% 73.5% 73.6% 74.6% 8.4% 72.3% 8.2% 11.5% 11.2% 9.6% 10.5% 7.7% 7.9% 72.1% 76.2% 63.4% 63.9% 66.8% 63.1% 64.6% 66.7% Q3 2024 Q3 2025 YTD 2024 YTD 2025 Q3 2024 Q3 2025 YTD 2024 YTD 2
Slide 27: General insurance Denmark
Appendix General insurance Denmark Private Denmark Commercial Denmark Combined ratio Combined ratio 108.4% 106.0% 100.4% 94.3% 86.6% 22.2% 23.2% 85.4% 83.8% 21.4% 78.7% 19.3% 10.6% 10.9% 11.2% 10.0% 86.2% 82.8% 79.0% 75.4% 74.9% 68.7% 74.9% 72.9% Q3 2024 Q3 2025 YTD 2024 YTD 2025 Q3 2024 Q3 2025 YTD
Slide 28: General insurance Sweden
Appendix General insurance Sweden Sweden Combined ratio 83.8% 87.4% 83.4% 78.9% 14.8% 14.8% 14.6% 12.9% 69.0% 66.0% 72.6% 68.8% Q3 2024 Q3 2025 YTD 2024 YTD 2025 Loss ratio Cost ratio Gjensidige Forsikring Group 28
Slide 29: Large losses
Appendix Large losses Large losses (before discounting)1 Large losses per segment (before discounting) NOK m NOK m 570 309 499 474 412 179 175 124 102 82 0 10 Q3 2024 Q3 2025 Private Commercial Sweden CC Expected Reported, before discounting Q3 2024 Q3 2025 CC = Corporate Centre. Large losses: Losse
Slide 30: Large losses
Appendix Large losses FY 2025 estimate ~ NOK 2bn1, before discounting NOK m NOK m 800 249 600 175 180 400 124 102 200 62 8 10 0 Private Commercial Sweden CC Q124 Q317 Q118 Q318 Q119 Q319 Q120 Q320 Q121 Q321 Q122 Q322 Q123 Q323 Q324 Q125 Q325 Expected Reported, before discounting Expected Q3 2025 1)
Slide 31: Run-off
Appendix Run-off NOK m 131 66 13 21 22 10 (14) (79) Private Commercial Sweden Corporate Centre Q3 2024 Q3 2025 Gjensidige Forsikring Group 31
Slide 32: 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% WC and disease (Norway) 0% (2%) 2019 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Slide 33: 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 2023 2024 2025 Excluding the Baltics from Q3 2024. Gjensidige Forsikring Group 33
Slide 34: Gross written premiums
Appendix Gross written premiums +17.6% +4.9% -3.1% NOK m 4,502 3,828 3,197 3,353 337 327 Private Commercial Sweden Q3 2024 Q3 2025 Gjensidige Forsikring Group 34
Slide 35: 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 36: 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 37: 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 38: 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 39: Asset allocation – as at 30.09.2025
Appendix Asset allocation – as at 30.09.2025 Match portfolio Free portfolio • NOK 39.1bn • NOK 26.8bn • Average duration: 2.9 years • Average duration fixed-income instruments: 1.3 years • Average yield: 3.6% • Average yield: 3.9% Fixed-income NOK: 57% Fixed-income DKK: 36% Fixed-income – short dura
Slide 40: 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 46.9 5.9 26.6 (investment grade). AA 3.8 9.8 6.9 30.9 A 7.5 19.3 3.2
Slide 41: Capital generation year-to-date
Appendix Capital generation year-to-date 31% 5% Solvency Ratio 3% 0% 191% 185% (33%) 5.1 0.8 Eligible 0.4 0 24.1 own funds 22.0 NOK bn (4.2) Solvency 0.6 0.1 .000 00 0.0 12.6 11.9 capital requirement NOK bn 31.12.2024 Operating Free Dividend2 Capital Regulatory/ 30.09.2025 SII earnings1 portfolio mg
Slide 42: 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 19.8 23.4 19.1 3.9 fu
Slide 43: Solvency II eligible own funds
Appendix Solvency II eligible own funds Bridging the gap between IFRS1 equity and Solvency II capital NOK bn 35 3.7 30 26.9 25 (4.2) 1.0 24.1 5.4 (1.8) 20 1.0 (4.6) (8.5) (0.1) 15 10 IFRS Sub- Dividend Intangible Best estimate Risk margin Solvency II Solvency II Deferred tax Miscellaneous Eligible o
Slide 44: 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) 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 45: Solvency II sensitivities for the approved partial internal model
Appendix Solvency II sensitivities for the approved partial internal model 193% 193% 201% 196% 191% 189% 187% 186% 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 30.09.2025. The legal perspective
Slide 46: 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 47: Annualised return on equity 29.6 per cent
Appendix Annualised return on equity 29.6 per cent Equity (NOK m) Annualised return on equity (%) 5,239 639 29.6 26,016 26,894 (5,000) 22.7 31.12.2024 Profit Total Dividend 30.09.2025 2024 YTD 2025 YTD 2025 components of other comprehensive income etc. Bridge shows main elements in equity developmen
Slide 48: Market leader in Norway
Appendix Market leader in Norway Market share – Total market Market share – Commercial Market share – Private 26.3 % 31.1% 24.3% 23.4% 20.6 % 24.3% 18.6 % 18.3% 13.9% 12.5 % 10.3 % 10.3% 9.0% 7.6% 5.6 % 3.7 % 5.2% 2.5 % Storebrand If Fremtind Tryg Gjensidige Storebrand KLP Other If Fremtind Tryg Gje
Slide 49: Growth opportunities outside Norway
Appendix Growth opportunities outside Norway Market shares Denmark Market shares Sweden 30.0% 26.5% 23.9% 20.7% 18.8% 17.3% 16.2% 16.1% 15.9% 7.8% 5.1% 1.7% Other Tryg Sygeforsikring Gjensidige If Alm. Brand Länsförsäkringar Other Folksam Trygg-Hansa Gjensidige If Sources: Insurance Sweden, 2nd quar
Slide 50: 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 609bn • Well positioned for continued profitable organic 40% growth • Core focus on SME customers 30% • Strong profitability 20% • Multi-channel di
Slide 51: Gjensidige Pensjonsforsikring
Appendix Gjensidige Pensjonsforsikring Group policy 1 and company portfolio Number of occupational pension members In thousand Current bonds: 76.1% 335 304 317 Fixed income - short duration: 20.4% 243 BNOK Property exposure: 2.8% 165 12.0 Equity funds: 0.7% 2021 2022 2023 2024 Q3 2025 Figures as at
Slide 52: Ownership
Appendix Ownership 10 largest shareholders1 Geographical distribution of shares2 No Shareholder Stake Norway: 36% 1 Gjensidigestiftelsen 62.2 % North America: 24% 2 Folketrygdfondet 4.9 % UK: 11% 3 BlackRock Inc 3.3 % Asia: 2% 4 Deutsche Bank 2.6 % Europe excl. UK and Norway: 25% 5 The Vanguard Grou
Slide 53: 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 54: 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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