INTERIM REPORT
2nd quarter 2026{Gjensidige=Pensjonsforsikring}
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
ContentsHighlights ......................................................................................................... 3
Financial Statement........................................................................................ 6
Notes................................................................................................................. 12
Accounting policies.......................................................................... 13
Financial assets and liabilities ........................................................ 14
Related parties.................................................................................. 19
Contingent liabilities........................................................................ 19
Key figures and alternative performance measures.................................. 20
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
Highlights Second quarter and first half-year report 2026In the following, the figures in brackets indicate the amount or percentage for the corresponding period in the previous year.
Second quarter | Year-to-date | ||
NOK 94.0 million (87.7) |
NOK 184.7 million (154.3) |
16.2 per cent (20.5) | |
NOK 223.3 million (194.7) |
NOK 435.3 million (377.5) |
NOK 4,367.8 million (3,903.1) | |
NOK155.8 million (131.5) |
NOK 301.3 million (267.3) |
142.3 per cent (140.2) | |
30.2 per cent (32.5) |
30.8 per cent (29.2) |
NOK 112,230.2 million (95,554.2) |
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
Profit performanceNOK millions | Q2 2026 | Q2 2025 | YTD 2026 | YTD 2025 | FY 2025 |
Administration fees | 70.2 | 63.9 | 138.6 | 123.3 | 256.3 |
Insurance income | 44.0 | 38.2 | 86.6 | 73.5 | 254.6 |
Management income etc. | 109.2 | 92.6 | 210.1 | 180.7 | 390.0 |
Total operating income | 223.3 | 194.7 | 435.3 | 377.5 | 900.9 |
Operating expenses | -155.8 | -131.5 | -301.3 | -267.3 | -1,013.7 |
Net operating income | 67.5 | 63.2 | 134.0 | 110.2 | -112.8 |
Net financial income | 26.5 | 24.6 | 50.8 | 44.1 | 103.8 |
Profit or loss before tax expense | 94.0 | 87.7 | 184.7 | 154.3 | -9.0 |
Operating margin¹ | 30.2% | 32.5% | 30.8% | 29.2% | -12.5% |
¹margin = net operating income/total income
Asset allocation - Group policy portfolio
At the end of the period (same period as last year)
Bonds and other securities with fixed income at amortised cost 87.9% (81.8%)Fixed income - short duration 7.2% (6.0%) Property exposure 4.0% (2.9%)
Equity funds 0.6% (0.4%)
Other financial investements 0.3% (8.9%)
Development during the quarter
The profit before tax expense was NOK 94.0 million (87.7).
Administration fees increased by 9.9 per cent, caused by an increase in occupational pension members and pension certificates and a price increase in 2025. Insurance income was NOK
44.0 million (38.2). Higher business volumes and price increases explain the improvement. Management income increased by 17.9 per cent, due to growth in assets under management.
Operating expenses increased by 24.3 per cent, reflecting a higher headcount and increased IT-costs following the growth in business volume.
Net financial income, including returns on both the group policy portfolio and the corporate portfolio, was NOK 26.5 million (24.6). Return on money market fund was marginally down, but the net financial income increased due to higher capital in the group policy and corporate portfolio.
Year-to-date development
The profit before tax expense was NOK
184.7 million (154.3).
Administration fees increased by 12.5 per cent, reflecting an increase in occupational pension members and pension certificates and a price increase in 2025. Insurance revenue increased by 17.7 per cent. Higher business volumes and price increases
explain the improvement. Management income increased by 16.3 per cent, due to growth in assets under management.
Operating expenses increased by 12.7 per cent, reflecting a higher headcount and increased IT-costs following the growth in business volume.
Net financial income, including returns on both the group policy portfolio and the corporate portfolio, was NOK 50.8 million (44.1) explained by return on fixed income, real estate and return on money market fund. The year-to-date increase is primarily attributable to higher capital in both the group policy and corporate portfolio.
The recognised return on the paid-up policy portfolio was 2.1 per cent (2.2). The average annual interest guarantee was 3.3 per cent.
Assets under management increased by 8.6 per cent from year-end 2025, driven by received insurance premium and return on the portfolio. Total pension assets under management amounted to NOK 112,230.2 million (95,554.2), including the group policy portfolio of NOK 12,314.5 million (11,504.1).
ROE after tax was 16.2 per cent (20.5). The SCR margin was 142.3 per cent (140.2) .
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
Oslo, 10 July 2026
The Board of Gjensidige Pensjonsforsikring AS
Geir Holmgren | Anita Gundersen | Øivind Gjerstad Skallerud |
Chair | Board member | Board member |
Siri Riis Borhaug Lisa S. Legallais
Board member CEO
FINANCIAL STATEMENT
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
Income statementNOK millions Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025
Technical account Gross written premiums | 2,309.7 | 2,056.9 | 4,608.1 | 4,159.6 | 8,507.7 |
Ceded reinsurance premiums | 2.5 | -11.4 | -11.4 | ||
Transfer of premium reserves and pension capital from other insurance companies | 3,023.7 | 3,454.2 | 6,429.7 | 7,603.1 | 12,814.3 |
Total premiums for own account | 5,333.4 | 5,513.7 | 11,037.8 | 11,751.3 | 21,310.7 |
Income from investments in subsidiaries and associates | 11.4 | 8.5 | 13.0 | 22.4 | 29.4 |
Interest income and dividends etc. from financial assets | 98.8 | 78.7 | 191.7 | 155.0 | 388.5 |
Unrealized gains and losses on investments | 29.1 | 15.7 | 55.2 | 25.6 | -24.1 |
Realized gains and losses on investments | -4.3 | -1.6 | -20.7 | -5.1 | 11.8 |
Total net income from investments in the group policy portfolio | 135.0 | 101.3 | 239.2 | 198.0 | 405.5 |
Income from investments in subsidiaries and associates | 71.7 | 50.5 | 74.1 | 139.7 | 271.1 |
Interest income and dividends etc. from financial assets | 37.6 | 39.4 | 39.4 | ||
Unrealized gains and losses on investments | 6,812.6 | 4,074.6 | 3,675.9 | 698.3 | 4,611.5 |
Realized gains and losses on investments | 908.0 | 620.1 | 1,799.1 | 1,317.0 | 3,222.6 |
Total net income from investments in the investment portfolio | 7,792.3 | 4,745.3 | 5,586.7 | 2,194.4 | 8,144.5 |
Other insurance-related income | 109.2 | 92.6 | 210.1 | 180.7 | 390.0 |
Gross claims paid | -433.4 | -365.6 | -895.4 | -757.6 | -1,559.9 |
Paid claims, reinsurers' share | 3.7 | 47.7 | |||
Transfer of premium reserve and statutory reserves to other insurance companies | -3,566.8 | -2,578.8 | -6,696.8 | -5,415.2 | -12,183.5 |
Total claims | -4,000.2 | -2,944.3 | -7,592.1 | -6,169.1 | -13,695.7 |
Change in gross premium reserve etc. | -172.4 | -163.1 | -508.3 | -592.2 | -661.7 |
Change in reinsurance share of the premium reserves etc. | -3.8 | 45.5 | -3.8 | ||
Change in buffer fund | -0.8 | -2.1 | -38.1 | -7.4 | -83.5 |
Change in the pension surplus fund | -2.2 | 109.5 | 33.6 | -63.8 | |
Total changes in reserves for the group policy portfolio | -173.3 | -171.2 | -436.9 | -520.5 | -812.9 |
Change in pension capital etc. | -10,324.0 | -7,632.9 | -10,569.7 | -8,336.7 | -18,239.3 |
Change in reinsurance share of the pension capital etc. | -1.9 | -1.9 | |||
Change in deposit fund | 1,409.2 | 552.0 | 2,043.8 | 1,176.6 | 3,549.4 |
Total changes in reserves for investment portfolio | -8,914.8 | -7,080.8 | -8,525.9 | -7,161.9 | -14,691.8 |
Profit on investment result | -37.3 | -26.0 | -53.3 | -50.2 | -10.6 |
Risk result allocated to insurance contracts | -9.2 | -24.1 | -6.2 | -23.9 | -91.6 |
Total funds allocated to the insurance contracts | -46.6 | -50.1 | -59.4 | -74.1 | -102.2 |
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
Management expenses | -5.3 | -4.4 | -10.4 | -8.8 | -18.7 |
Sales expenses | -14.5 | -14.0 | -29.4 | -28.3 | -54.5 |
Insurance-related administration expenses | -136.0 | -113.1 | -261.6 | -230.2 | -940.5 |
Total insurance-related operating expenses | -155.8 | -131.5 | -301.3 | -267.3 | -1,013.7 |
Profit or loss of technical account | 79.3 | 74.8 | 158.2 | 131.4 | -65.6 |
Non-technical account Interest income and dividends etc. from financial assets | -2.8 | 0.7 | -2.4 | 1.5 | 65.4 |
Unrealized gains and losses on investments | 7.9 | 2.5 | 15.7 | 13.0 | -45.8 |
Realized gains and losses on investments | 14.1 | 14.3 | 22.1 | 17.8 | 55.6 |
Total net income from investments in the company portfolio | 19.2 | 17.6 | 35.4 | 32.3 | 75.2 |
Other expenses | -4.5 | -4.7 | -8.9 | -9.4 | -18.7 |
Profit or loss on non-technical account | 14.7 | 12.9 | 26.6 | 22.9 | 56.6 |
Profit or loss before tax expense | 94.0 | 87.7 | 184.7 | 154.3 | -9.0 |
Tax expense | -23.5 | -21.9 | -46.2 | -38.6 | 6.7 |
Profit or loss before other comprehensive income | 70.5 | 65.8 | 138.5 | 115.7 | -2.3 |
Items that are not reclassified to profit or loss Remeasurement of the net defined benefit liability/asset | -11.6 | ||||
Tax on items that are not reclassified to profit or loss | 2.9 | ||||
Total comprehensive income | 70.5 | 65.8 | 138.5 | 115.7 | -11.0 |
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
Statement of financial positionNOK millions 30.6.2026 30.6.2025 31.12.2025
NOK millions 30.6.2026 30.6.2025 31.12.2025
Assets Intangible assets | 12.0 | 41.1 | 10.1 |
Right-of-use property | 83.2 | 23.6 | 0.2 |
Bonds and other securities with fixed income at amortized cost | 127.5 | 139.6 | 127.4 |
Shares and similar interests at fair value | 16.8 | 12.5 | 20.5 |
Bonds and other securities with fixed income at fair value | 1,826.4 | 1,709.7 | 1,509.4 |
Total financial assets | 2,053.9 | 1,885.5 | 1,657.6 |
Receivables related to direct operations and reinsurance | 114.1 | 126.2 | 136.0 |
Other receivables | 402.8 | 268.1 | 574.9 |
Total receivables | 516.9 | 394.4 | 710.9 |
Cash and cash equivalents | -280.3 | -33.6 | -221.1 |
Deferred tax assets | 16.0 | 1.9 | 16.0 |
Pension assets | 0.7 | 0.8 | 0.7 |
Total other assets | -263.6 | -31.0 | -204.4 |
Prepaid expenses and earned, not received income | 4.7 | 3.4 | 0.6 |
Total assets in the company portfolio | 2,323.9 | 2,293.4 | 2,174.8 |
Shares and units in subsidiaries and associates | 496.6 | 328.7 | 329.5 |
Bonds and other securities with fixed income at amortized cost | 10,942.2 | 9,414.9 | 10,200.5 |
Shares and similar interests at fair value | 75.6 | 47.2 | 52.8 |
Bonds and other securities with fixed income at fair value | 891.7 | 687.7 | 1,295.6 |
Receivables in the group policy portfolio | |||
Cash and cash equivalents | 37.7 | 4.4 | 4.0 |
Total investments in the group policy portfolio | 12,443.7 | 10,482.9 | 11,882.4 |
Reinsurers' share of insurance-related liabilities in the group policy portfolio | 1,080.3 | ||
Shares and units in subsidiaries and associates | 3,106.3 | 3,493.3 | 3,148.1 |
Shares and similar interests at fair value | 80,996.8 | 67,234.9 | 73,982.0 |
Bonds and other securities with fixed income at fair value | 15,505.7 | 13,069.1 | 14,284.8 |
Receivables in investment option portfolio | -38.8 | -37.9 | -109.9 |
Cash and cash equivalents | 345.7 | 290.7 | 275.5 |
Total investments in the investment option portfolio | 99,915.7 | 84,050.1 | 91,580.5 |
Total assets in the customer portfolio | 112,359.4 | 95,613.3 | 103,462.8 |
Total assets | 114,683.3 | 97,906.7 | 105,637.6 |
Equity and liabilities Share capital | 40.3 | 40.0 | 40.3 |
Share premium | 648.7 | 499.0 | 648.7 |
Other paid-in capital | 87.6 | 85.4 | 86.1 |
Total paid-in equity | 776.6 | 624.4 | 775.1 |
Risk equalization fund | 164.3 | 69.8 | 164.3 |
Other earned equity | 842.7 | 925.3 | 704.1 |
Total retained equity | 1,007.0 | 995.2 | 868.5 |
Total equity | 1,783.6 | 1,619.6 | 1,643.6 |
Subordinated debt | 300.7 | 300.7 | 300.7 |
Premium reserves etc. | 11,818.0 | 11,102.5 | 11,281.5 |
Buffer fund | 494.8 | 396.8 | 398.8 |
Pension surplus fund | 1.6 | 4.8 | 111.1 |
Total insurance obligations in life insurance - the group policy portfolio | 12,314.5 | 11,504.1 | 11,791.4 |
Pension capital etc. | 99,794.5 | 83,926.0 | 91,474.4 |
Pension surplus fund | 121.2 | 124.1 | 106.1 |
Total insurance obligations in life insurance - the investment option portfolio | 99,915.7 | 84,050.1 | 91,580.5 |
Pension liabilities | 14.8 | 7.1 | 14.8 |
Period tax liabilities | 46.2 | 110.5 4.4 | |
Other provisions for liabilities | 10.6 | 59.3 | 26.5 |
Total provisions for liabilities | 71.6 | 176.9 | 45.7 |
Liabilities related to direct insurance | 140.7 | 134.5 | 171.3 |
Liabilities related to reinsurance | 0.4 | ||
Other liabilities | 113.6 | 88.2 | 62.0 |
Total liabilities | 254.4 | 223.1 | 233.3 |
Accrued expenses and deferred income | 42.9 | 32.1 | 42.4 |
Total equity and liabilities | 114,683.3 | 97,906.7 | 105,637.6 |
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
Statement of changes in equity | ||||||
Other paid in | Remeasurement of the net defined benefit | Risk equalization | Other earned | |||
NOK millions | Share capital | capital | liability / asset | fund | equity | Total equity |
Equity as at 1.1.2025 | 39.0 | 85.0 | -14.4 | 69.8 | 824.0 | 1,003.4 |
1.1-31.12.2025 | ||||||
Comprehensive income | ||||||
Profit or loss before comprehensive income | -2.3 | -2.3 | ||||
Total components of other comprehensive income | -8.7 | -8.7 | ||||
Total comprehensive income | -8.7 | -2.3 | -11.0 | |||
Share capital | 1.3 | 1.3 | ||||
Share premium | 648.7 | 648.7 | ||||
Risk equalization fund | 94.5 | -94.5 | ||||
Transactions with owners of the company | ||||||
Equity-settled share-based payment transactions | 1.2 | 1.2 | ||||
Equity as at 31.12.2025 | 40.3 | 734.8 | -23.1 | 164.3 | 727.2 | 1,643.6 |
1.1-30.6.2026 Comprehensive income Profit or loss before comprehensive income | 138.5 | 138.5 | ||||
Total components of other comprehensive income | ||||||
Total comprehensive income | 138.5 | 138.5 | ||||
Transactions with owners of the company Equity-settled share-based payment transactions | 1.5 | 1.5 | ||||
Equity as at 30.6.2026 | 40.3 | 736.3 | -23.1 | 164.3 | 865.8 | 1,783.6 |
1.1-30.6.2025 | ||||||
Comprehensive income Profit or loss before comprehensive income | 115.7 | 115.7 | ||||
Total comprehensive income | 115.7 | 115.7 | ||||
Share capital | 1.0 | 1.0 | ||||
Share premium | 499.0 | 499.0 | ||||
Transactions with owners of the company Equity-settled share-based payment transactions | 0.5 | 0.5 | ||||
Equity as at 30.6.2025 | 40.0 | 584.4 | -14.4 | 69.8 | 939.7 | 1,619.6 |
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
Statement of cash flowsNOK millions YTD 2026 YTD 2025 FY 2025
Cash flow from operating activities Net premiums paid including receipts of premium reserves | 10,958.2 | 11,754.9 | 21,413.1 |
Net paid claims | -895.4 | -753.9 | -1,512.2 |
Payments from premium reserve transfers | -6,696.8 | -5,415.2 | -12,183.5 |
Payments from financial assets | -2,073.1 | -3,269.8 | -4,828.3 |
Operating expenses paid, including commissions | -250.5 -4.4 1,038.0 | -271.2 | -1,114.6 |
Taxes paid | -70.5 | ||
Net cash flow from operating activities | 2,044.8 | 1,704.0 | |
Cash flow from financing activities Net received payment of Group transactions | -980.0 | -1,916.0 | -1,766.0 |
Net receipts/payments on subordinated debt | -8.9 | -9.5 | -18.7 |
Repayment of lease liabilities | -2.9 | -2.5 | -5.2 |
Payment of interest related to lease liabilities | -1.5 | -0.4 | -0.7 |
Net cash flow from financing activities | -993.3 | -1,928.4 | -1,790.7 |
Net cash flow for the period | 44.7 | 116.3 | -86.7 |
Cash and deposits with credit institutions at the start of the period | 58.4 | 145.1 | 145.1 |
Net cash flow | 44.7 | 116.3 | -86.7 |
Cash and deposits with credit institutions at the end of the period | 103.1 | 261.5 | 58.4 |
NOTES
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
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Accounting policies
The financial statements as of the second quarter of 2026, concluded on
30 June 2026, comprise Gjensidige Pensjonsforsikring AS (GPF) and associated companies. Except of the changes described below, the accounting policies applied in the interim report is the same as those used in the annual report for 2025.
The financial statements as of the second quarter of 2026 have been prepared in accordance with the Norwegian Accounting Act and Norwegian Financial Reporting Regulations for Insurance Companies (FOR 2015-12-12-1824). The interim report does not include all the information required in a complete annual report and should be read in conjunction with the annual report for 2025.
The preparation of interim accounts involves the application of assessments, estimates and assumptions that affect the use of accounting policies and the amounts recognized for assets and liabilities,
revenues and expenses. The actual results may deviate from these estimates. The most material assessments involved in applying the accounting policies and the most important sources of uncertainty in the estimates are the same in connection with preparing the interim report as in the annual report for 2025.
Other
All amounts are shown in NOK millions unless otherwise indicated. Due to the rounding-off to differences, figures and percentages may not add up to the exact total figures.
A complete or limited audit of the interim report has not been carried out.
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
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Financial assets and liabilities
Measurement categories
The classification of financial instruments at initial recognition depends on their contractual terms and the business model for managing the instruments.
Equity instruments do not pass the SPPI (solely payment of principal and interest) and are classified at fair value through profit or loss (FVTPL). Debt instruments are classified based on the business model and on the cash flow characteristics of the financial asset.
The financial assets in Pension's group policy portfolios are intended to correspond to the cash flows from the underwriting business, with debt instruments with a duration and currency that are tried matched the duration and currency of the cash flows for the underwriting business. The investments at amortised cost at IAS39 pass the SPPI-test and will be accounted according to amortised cost. All other financial assets are classified at fair value through profit or loss (FVTPL).
Financial liabilities are measured at amortised cost (subordinated loans).
Recognition and derecognition
Financial instruments are recognised when GPF becomes a party to the instrument's contractual terms. Initial recognition is at fair value. Except for financial assets and financial liabilities recognised at FVTPL, transaction expenses are added to this amount. For financial assets and liabilities measured at FVTPL transaction expenses are recognised in profit or loss when they incur. Normally initial recognition will be equal to the transaction price. Subsequent to initial recognition the instruments are measured as described below.
Financial assets are derecognised when the contractual rights to cash flows from the financial asset expire, or when GPF transfers the financial asset in a transaction where all or practically all the risk and rewards related to ownership of the assets are transferred.
Financial asset and liabilities at fair value through profit or loss
Financial assets and liabilities at fair value through profit or loss are measured at fair value at the reporting date. Changes in fair value are recognised in profit or loss, in the accounting line Unrealised gains and losses on investments.
The category at fair value through profit or loss comprise the classes shares and similar interests, bonds and other fixed-income securities, loans and receivables, other assets and receivables, cash and cash equivalents and other financial assets.
Financial assets at amortised cost
Financial assets are measured at amortised cost using a three-stage model for impairment described in IFRS 9 at reporting date. Credit loss allowance is calculated on change in credit risk from the financial asset's first entry into the portfolio to reporting date.
The category financial assets at amortised cost comprises the class bonds, both domestic and global.
Financial liabilities at amortised cost
Financial liabilities measured at amortised cost using the effective interest method. When the time horizon of the financial liability's due time is quite near in time the nominal interest rate is used when measuring amortised cost.
The category financial liabilities at amortised cost comprises subordinated debt.
Definition of fair value
Subsequent to initial recognition, investments at fair value through profit or loss are measured at the amount each asset/ liability can be settled at in an orderly transaction between market participants on the measurement date, based on the prevailing market conditions.
Different valuation techniques and methods are used to estimate fair value depending on the type of financial instruments and to what extent they are traded in active markets. Instruments are classified in their entirety in one of three valuation levels in a hierarchy based on the lowest level input that is significant to the fair value measurement in its entirety.
The different valuation levels and which financial assets/liabilities are included in the respective levels are accounted for below.
Quoted prices in active markets Quoted prices in active markets are regarded as the best estimate of an asset/
liability's fair value. A financial asset/liability
is considered to be valued based on quoted prices in active markets if its fair value is
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
estimated based on easily and regularly available prices and these prices represent actual and regularly occurring transactions based on the arm's length principle. Financial assets/liabilities valued based on quoted prices in active markets are classified as level one in the valuation hierarchy.
The following financial assets are classified as level one in the valuation hierarchy.
Listed shares
Norwegian government/government backed bonds and other fixed income securities.
Valuation based on observable market data
When quoted price in active markets are not available, the fair value of financial assets/ liabilities is preferably estimated based on valuation techniques that are based on observable market data.
A financial asset/liability is deemed to be valued based on observable market data if its fair value is estimated with reference to prices that are not quoted but are observable either directly (as prices) or indirectly (derived from prices). Financial assets/liabilities valued based on observable market data are classified as level two in the valuation hierarchy.
The following financial assets/liabilities are classified as level two in the valuation hierarchy.
Equity funds, bond funds, hedge funds and combination funds, in which fair value is estimated based on the fair value of the underlying investments of the funds.
Bonds, certificates, or index bonds that are unlisted, or that are listed but where transactions do not occur regularly. The unlisted instruments in this category are valued based on observable yield curves and estimated credit spreads where applicable.
Listed subordinated debt where transactions are not occurring regularly.
Valuation based on non-observable market data
When neither quoted price in active markets nor observable market data are available, the fair value of financial assets/liabilities is estimated based on valuation techniques that are based on non-observable market data.
A financial asset/liability is deemed to be valued based on non-observable market data if its fair value is estimated without being based on quoted prices in active markets or observable market data. Financial assets/ liabilities valued based on non-observable market data are classified as level three in the valuation hierarchy.
The only financial assets classified as level three in the valuation hierarchy are shares in Norsk Pensjon AS and Pensjonsregisteret AS.
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
NOK millions
Carrying amount as at 30.6.2026
Fair value as at 30.6.2026
Carrying amount as at 30.6.2025
Fair value as at 30.6.2025
Financial assets
Financial assets at fair value through profit or loss, mandatorily
Shares and similar interests
92.4
92.4
59.8
59.8
Financial assets at fair value through profit or loss, designated at initial recognition
Bonds and other fixed income securities
2,718.1
2,718.1
2,397.4
2,397.4
Shares and similar interests in life insurance with investment options
80,996.8
80,996.8
67,234.9
67,234.9
Bonds and other fixed-income securities in life insurance with investment options
15,505.7
15,505.7
13,069.1
13,069.1
Financial assets at amortized cost, designated upon initial recognition
Bonds and other fixed-income securities
11,069.6
10,583.6
9,554.5
9,165.4
Receivables related to direct operations and reinsurance
75.3
75.3
88.4
88.4
Other receivables
402.8
402.8
268.1
268.1
Cash and cash equivalents
103.1
103.1
261.5
261.5
Total financial assets
110,963.9
110,477.8
92,933.6
92,544.5
Financial liabilities
Financial liabilities at amortized cost
Subordinated debt
300.7
300.3
300.7
300.7
Other liabilities
113.6
113.6
88.2
88.2
Liabilities related to direct insurance and reinsurance
140.7
140.7
134.9
134.9
Total financial liabilities
555.1
554.7
523.8
523.8
Gain/(loss) not recognized in profit or loss
-485.6
-389.1
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
Valuation hierarchy 2026
The table shows a valuation hierarchy where financial assets/liabilities are divided into three levels based on the method of valuation.
Level 1 Level 2 Level 3
Valuation hierarchy 2025
The table shows a valuation hierarchy where financial assets/liabilities are divided into three levels based on the method of valuation.
Level 1 Level 2 Level 3
NOK millions
Quoted prices
in active markets
Valuation techniques based on observable market data
Valuation techniques based on non-observable
market data Total
NOK millions
Quoted prices
in active markets
Valuation techniques based on observable market data
Valuation techniques based on non-observable
market data Total
Financial assets
Financial assets at fair value through profit or loss, designated at initial recognition
Shares and similar interests
91.5
0.9
92.4
Bonds and other-fixed income securities
2,718.1
2,718.1
Shares and similar interests in life insurance with investment options
80,996.8
80,996.8
Bonds and other-fixed income securities in life insurance with investment options
15,505.7
15,505.7
Financial assets at amortized cost, designated upon initial recognition
Bonds and other-fixed income securities
69.1
10,514.5
10,583.6
Financial liabilities
Financial liabilities at amortized cost
Subordinated debt
300.3
300.3
Financial assets
Financial assets at fair value through profit or loss, designated upon initial recognition
Shares and similar interests 58.8 0.9 59.8
Bonds and other-fixed income securities
Shares and similar interests in life insurance with investment options
Bonds and other fixed-income securities in life insurance with investment options
Financial assets at amortized cost, designated upon initial recognition
Bonds and other-fixed income securities
2,397.4 2,397.4
67,234.9 67,234.9
13,069.1
13,069.1
70.7
9,094.7
9,165.4
Financial liabilities
Financial liabilities at amortized cost
Subordinated debt 300.7 300.7
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
Reconciliation of financial assets valued based on non-observable market data (level 3) 2026
NOK millions As at 1.1.2026
Total gains or
losses recognized in
profit or loss Purchases Sales Settlements
Transfers into /
out of level 3 As at 30.6.2026
Total gains or losses included in profit or loss that are attributable to the change in unrealized gains or losses relating to financial instruments held at
the end of the period
Shares and similar interests
0.9 0.9
Total
0.9 0.9
Reconciliation of financial assets valued based on non-observable market data (level 3) 2025
NOK millions As at 1.1.2025
Total gains or
losses recognized in
profit or loss Purchases Sales Settlements
Transfers into /
out of level 3 As at 30.6.2025
Total gains or losses included in profit or loss that are attributable to the change in unrealized gains or losses relating to financial instruments held at
the end of the period
Shares and similar interests 0.9 0.9
Total 0.9 0.9
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
-
Related parties
There have not been any significant transactions with related parties other than ordinary current agreements conducted at arm's length distance.
- Contingent liabilities
There are no contingent liabilities.
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
Key figures and alternative performance measuresGjensidige pension key figures Q2 2026 Q2 2025 YTD 2026 YTD 2025 FY 2025
Assets under management pension, at the end of the period | NOK millions | 112,230.2 | 95,554.2 | 103,371.9 | ||
of which the group policy portfolio | NOK millions | 12,314.5 | 11,504.1 | 11,791.4 | ||
Operating margin¹ % | 30.2 | 32.5 | 30.8 | 29.2 -12.5 | ||
Value-adjusted return on the paid-up policy portfolio² % | 2.1 | 2.2 | 4.3 | |||
Share of shared commercial customers³ % | 64.8 | 65.3 | 65.2 | |||
Return on equity, annualized⁴ ⁸ % | 16.2 | 20.5 | -0.2 | |||
Total eligible own funds to meet the SCR⁵ | NOK millions | 4,367.8 | 3,903.1 | 3,923.0 | ||
Solvency Capital Requirement (SCR)⁶ | NOK millions | 3,070.3 | 2,784.9 | 2,834.1 | ||
Solvency ratio⁷ % | 142.3 | 140.2 138.4 | ||||
1 Operating margin = net operating income/total income
2 Value-adjusted return on the paid-up policy portfolio = total return on the portfolio
3 Shared customers = customers having both pension and general insurance products with Gjensidige
4 Return on equity, annualised = Shareholders' share of net profit for the period/average shareholders' equity for the period, annualised
5 Total eligible own funds to meet the SCR = Total eligible own funds to meet the solvency capital requirement
6 Solvency Capital Requirement (SCR) = Regulatory capital requirement
7 Solvency ratio = Total eligible own funds to meet the Solvency Capital Requirement (SCR), divided by SCR
8 Defined as alternative performance measure (APM). APMs are described on: https://www.gjensidige.com/investor-relations/reports-and-presentations under Gjensidige Forsikring Group 2025
GJENSIDIGE PENSION Q2 CONTENTS HIGHLIGHTS FINANCIAL STATEMENT NOTES GJENSIDIGE PENSION KEY FIGURES
Gjensidige is a leading Nordic insurance group listed on the Oslo Stock Exchange. We have about 4,160 full-time employees and offer insurance products in Norway, Denmark and Sweden. In Norway, we also offer pension and savings.
In 2025, the Group´s insurance revenue was NOK 43 billion, while total assets were NOK 192 billion.
Gjensidige Pensjonsforsikring AS
Schweigaardsgate 15, 0185 Oslo
P.O.box 101, Sentrum 0102 Oslo
Phone +47 91503100