Gjensidige (GJF) Investor presentation summary

Business performance and financial highlights

• Achieved over 1000% total shareholder return since 2010 IPO, with insurance revenue of NOK 44.5bn and a solvency ratio of 189% as of Q2 2026.

• Maintains high customer retention and market leadership in Norway, with growing dividends and a pay-out ratio above 80%.

• Q2 2026 profit after tax reached NOK 2,245m, with a return on equity of 33.3% and a cost ratio of 11.7%.

• Combined ratio improved to 79.1% in 2026, reflecting strong underwriting and cost discipline.

• Regular and special dividends have increased steadily, supporting attractive shareholder returns.

Strategic positioning and growth

• Operates a broad Nordic platform with integrated offerings across pension, life, health, and general insurance.

• Holds leading market shares in Norway and strong positions in Denmark and Sweden, focusing on profitable growth and resilience.

• Pursues growth in general insurance across the Nordics and pension in Norway, leveraging advanced data and AI capabilities.

• Strategic pillars include customer empathy, profitable growth, resilience, and capital discipline.

Capital, solvency, and risk management

• Solvency ratio target is 140-190%, with a Q2 2026 solvency ratio of 189% and strong capital buffers.

• Conservative investment strategy with a focus on capital preservation and high credit quality.

• Reinsurance protection from over 50 A- or better rated reinsurers, and robust risk management frameworks.

• Tier 2 capital bond issue supports regulatory capital requirements and future growth.