Gjensidige has agreed to acquire PenSam Forsikring A/S in Denmark

26 Jun 2023 09:19 CEST

Gjensidige Forsikring has agreed to acquire PenSam Forsikring (PF), a P&C
insurance provider in Denmark. The acquisition is subject to regulatory
approvals in Denmark and Norway and is expected to be completed during the
fourth quarter of 2023. The acquisition will strengthen Gjensidige's ability to
generate profitable growth in Denmark. The parties have agreed not to disclose
the purchase price.

PF's customer portfolio and insurance products make a good strategic fit for
Gjensidige. PF offers P&C insurance products to 485,000 members of PenSam
Pension in Denmark. Gjensidige has entered into a partnership agreement with
PenSam Pension and PenSam Bank with respect to distribution of P&C insurance in
Denmark.

PF's reported gross earned premiums of DKK 118 million and a combined ratio of
110 per cent, reflecting a high cost base. Gjensidige sees significant potential
to improve cost efficiency for the portfolio.

Contact persons, Gjensidige Forsikring ASA:
Head of Investor Relations Mitra Hagen Negård, Tel: +47 957 93 631
Head of Communication Øystein Thoresen, Tel: +47 952 33 382

Gjensidige is a leading Nordic insurance group listed on the Oslo Stock
Exchange. We have about 4,200 employees and offer insurance products in Norway,
Denmark, Sweden and the Baltic states. In Norway, we also offerpension and
savings. The Group's operating income was NOK 34 billion in 2022, while total
assets were NOK 135 billion.

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