Gjensidige (GJF) investor relations material

Strategic direction and market positioning

• Pension business is positioned as a key driver of growth, value creation, and diversification, with a focus on SMEs and leveraging cross-selling opportunities.

• Integrated model and strong brand support efficiency, scale, and customer value, with 17% CAGR in occupational pension members and 18% CAGR in assets under management from 2021 to Q2 2026.

• Market share in occupational pensions stands at 10.5% of AUM and 15.1% of members, with a leading position in customer satisfaction and returns.

• Clear ambition to sustain #1 position among small businesses in Norway and drive profitable growth in Denmark's SME market by 2028.

• Strategic investments in digitalisation, automation, and AI aim to unlock further scale benefits and efficiency.

Financial guidance and performance

• Targeting over NOK 400m pre-tax profit including CSM change in 2028, driven by fee-based earnings from unit-linked business and growing AUM.

• Group financial targets for 2026–2028 include combined ratio below 82% (2026) and 81% (2027/28), cost ratio around 13% (2026) and 12% (2027/28), and return on equity above 24% (2026) and 28% (2027/28).

• Solvency ratio is guided at 140–190% through 2028, with ISR targets above NOK 7.5bn (Group) and NOK 10bn (2028).

• Fee-based earnings are sensitive to equity markets, while insurance risk results are expected to improve as repricing measures take full effect.

• Capital-light business model and group diversification support efficient growth and recurring income.

Business developments and operational initiatives

• Pension enhances SME relevance, deepens customer relationships, and improves portfolio quality, with SME customers with pension products showing 7 p.p. lower claims ratio and 14% longer duration.

• Cross-selling potential is being unlocked, with the share of commercial customers with pension schemes rising from 23% in 2021 to 27% in 2025.

• Investments in scalability include modernising IT platforms, professionalising governance, and reducing cost-to-serve by 11% in the last 12 months.

• Ongoing evaluation of long-term technology platforms aims to increase agility, speed of product development, and AI-enabled capabilities.

• Prudent asset-liability management and focus on fixed income instruments support stable returns and dividend capacity.