Gjensidige (GJF) investor relations material

Executive summary

• Strong first quarter performance with NOK 11.0bn insurance revenue, NOK 2,288 million insurance service result, and 27.7% return on equity, supported by disciplined pricing and high customer retention in Norway.

• Profit after tax reached NOK 1,548 million, reflecting robust revenue growth and improved margins, despite negative pension results from IFRS 17 reserve recalculation.

• Dividend payout of NOK 7.25 billion completed in March/April; regular dividend for 2026 expected to remain unaffected by external events.

• Danish Supreme Court ruling on workers' compensation introduces significant uncertainty, with estimated additional claims cost of DKK 500–800 million; accounting effects to be recognized in Q2 2026.

Financial highlights

• Profit before tax rose to NOK 2,055 million, up 20% year-over-year, driven by higher insurance service result.

• Insurance revenue grew by 10.6% in local currency year-over-year, with strong growth in Private Norway (16.8%) and Denmark (9.3%).

• Combined ratio improved to 79.2% (from 86.9%), with cost ratio at 11.7%.

• Return on equity stood at 27.7%; solvency ratio at 195%.

• Investment portfolio delivered NOK 226 million in financial result, despite market volatility.

Outlook and guidance

• Confident in achieving 2026 financial targets, including combined ratio below 82%, cost ratio around 13%, and return on equity above 24%, despite uncertainties from the Danish court ruling.

• Pricing strategy will remain at least in line with expected claims inflation and development.

• Ongoing focus on cost efficiency, automation, and digitalization to support profitability.

• Growth expected to outpace nominal GDP in the short to medium term, driven by price increases.