Gjensidige (GJF) investor relations material

Executive summary

• Insurance revenue reached NOK 11.3bn in Q2 2026, up 9.3% year-over-year, with strong growth in Private Norway and Sweden segments.

• Profit after tax was NOK 2,245m, up from NOK 2,122m in Q2 2025, with return on equity at 33.3%.

• Strategic partnerships established with Tesla, Privatmegleren, Huseierne, and renewal with Tekna, broadening market access.

• Customer retention in Norway remained high at 90%, with a NOK 3.1bn customer dividend paid.

• Pension business achieved top ranking in the 2026 Corporate Pension Barometer in Norway.

Financial highlights

• Combined ratio was 78.9%, or 75.2% adjusted for the Danish court ruling; cost ratio at 11.7%.

• Return on equity reached 33.3% annualised.

• Solvency ratio robust at 189%.

• Net investment result was NOK 374m, with positive returns from most asset classes.

• General insurance financial result was NOK 786 million; pension pre-tax profit (adjusted) was NOK 245 million.

Outlook and guidance

• Well positioned for further growth, supported by strengthened distribution, high market growth, and new partnerships.

• Confident in reaching 2026 financial targets: combined ratio below 82%, cost ratio around 13%, return on equity above 24%, and solvency ratio between 140-190%.

• Continued focus on cost efficiency, profitability, and pricing actions aligned with claims cost trends.