Gjensidige (GJF) Pre-close call summary

Executive summary

• Q3 pre-close call reviewed public information, with no new business updates shared.

• Q3 results will be released on October 23rd, with consensus published on October 16th.

• Q&A session addressed clarifications on large fire event allocation and tier two capital treatment.

Trading performance and revenue trends

• Q2 and Q3 typically have lower claims ratios due to seasonality; this quarter saw normal temperatures and no major natural peril events, except for a significant residential fire in Norway.

• The fire event's impact is limited to NOK 100 million, covered by reinsurance, and will be reflected in Q3 results.

• Q3 2025 had two non-recurring effects: a NOK 429 million negative impact from IT system termination and a NOK 168 million positive impact from a change in revenue recognition.

Profitability and margins

• Expected large losses for the year are estimated at NOK 580 million per quarter, but actuals may vary due to randomness.

• Reserves continue to be set at best estimate, potentially resulting in run-off gains or losses.