Gjensidige (GJF) Investor Update summary

Dividend proposal

• Special dividend proposal of NOK 5.00 per share withdrawn; regular dividend of NOK 7.25 per share maintained for the 26 March 2020 AGM.

• Board will seek authorisation to distribute an additional dividend later in 2020, in line with previous practice.

• Dividend change is a precautionary response to uncertainty around economic developments; dividend policy and financial targets remain unchanged.

Capital position

• Solvency margin adjusted for the amended dividend proposal: 231% at 31 Dec 2019 and an estimated 211% at 19 Mar 2020; 188% at 19 Mar under the original proposal.

• Capital position described as solid to meet future uncertainties.

Operations and market impact

• Covid-19 impacts on employees and business had been limited; customer service remained good, critical functions operated well, and total impact on claims was limited.

• Investment portfolios were negatively affected by significant market movements.