Delivered on all financial targets for 2025

29 Jan 2026 07:00 CET

This release contains inside information related to Gjensidige Forsikring ASA
pursuant to the EUMarket Abuse Regulation and is subject to the disclosure
requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Gjensidige generated a profit after tax of NOK 1,310 million in the fourth
quarter and NOK 6,417 million for the full year, supported by strong revenue
growth and solid contributions from the investment portfolios. The combined
ratio improved significantly for the year as a whole. Reduction of the book
value of the core IT system for the general insurance business, and workforce
reductions in Denmark, both recognised in the fourth quarter, reduced the profit
by NOK 502 million. The capital position remains strong and the Board proposes a
dividend of NOK 14.50 per share, comprising a regular dividend of NOK 10.00 and
a special dividend of NOK 4.50.

-We made good progress in 2025 thanks to our engaged and competent employees and
solid operations, and I expect this development to continue going forward, says
CEO Geir Holmgren.

-We will continue our efforts to retain our leading and unique position in the
Norwegian market, while strengthening profitability and growth both in and
outside Norway, says Holmgren.

Highlights fourth quarter 2025 (fourth quarter 2024)

· Insurance service result general insurance: NOK 1,296.7 million (1,669.9)
· Financial result investment portfolio: NOK 482.3 million (207.8)
· Profit or loss before tax expense: NOK 1,753.8 million (1,605.3)
· Insurance revenue from general insurance: NOK 11,080.5 million (10,019.0)
· Insurance revenue changes in general insurance, local currency: 10.4 % (11.2
%)
· Loss ratio, net of reinsurance: 72.4 % (71.1 %)
· Cost ratio: 15.9 % (12.2 %)
· Combined ratio: 88.3 % (83.3 %)
· Underlying frequency loss ratio, net of reinsurance: 67.9 % (68.6 %)
· Earnings per share from continuing and discontinued operations: NOK 2.58
(2.38)
· Proposed dividend per share: NOK 14.50

Gjensidige Forsikring Group recorded a profit before tax expense of NOK 1,753.8
million (1,605.3) for the quarter. The profit includes an expense of NOK 422.7
million related to reduction of the book value of the core IT system currently
under implementation in Denmark. The result also includes restructuring expenses
related to the workforce reductions in Denmark, amounting to NOK 79.1 million.
The profit after tax expense from continuing operations was NOK 1,309.8 million
(1,203.1).

General insurance
Insurance revenue from general insurance increased by 10.6 per cent to NOK
11,080.5 million (10,019.0) in the quarter, or by 10.4 per cent measured in
local currency. This was mainly driven by pricing measures across the private
and commercial portfolios in all geographies, in addition to higher volumes in
Private, Commercial in Denmark and in Sweden.

The insurance service result was NOK 1,296.7 million (1,669.9). Excluding the
expenses related to the core IT system and workforce reduction in Denmark, the
insurance service result increased by 7.7 per cent, reflecting growth in
insurance revenue and higher run-off gains.

The combined ratio was 88.3 (83.3), or 83.8 when excluding the expenses
mentioned above. The loss ratio increased by 1.3 percentage points, reflecting
higher large losses which included NOK 349.0 million in claims related to the
storm Amy, net of reinsurance and including reinstatement premium. Higher run
-off gains contributed positively. The underlying frequency loss ratio improved
by 0.7 percentage points, reflecting improvements in all segments and
geographies except Commercial in Norway. The cost ratio increased by 3.7
percentage points. Excluding the expenses mentioned above, the cost ratio
improved by 0.8 percentage points, reflecting revenue growth, targeted
efficiency measures and strict cost discipline.

Pension
The pension segment recorded a profit before tax expense of NOK 186.9 million
(minus 58.3), mainly driven by a higher net finance income.

Financial result
The financial result for the investment portfolio was NOK 482.3 million (207.8).
Net of insurance finance, the net financial result for the investment portfolio
was NOK 370.3 million (138.3).

Other items
Other items amounted to minus NOK 100.1 million (minus 144.7), with the
improvement mainly reflecting losses on natural perils insurance and higher
results from mobility services.

Discontinued operations
The profit from discontinued operations was NOK 7.1 million (24.0), reflecting a
decrease in the insurance service result and net financial income.

Highlights year as a whole 2025 (2024)

· Insurance service result general insurance: NOK 7,081.4 million (5,386.6)

· Financial result investment portfolio: NOK 2,630.9 million (2,458.3)
· Profit or loss before tax expense: NOK 8,495.3 million (6,823.4)
· Insurance revenue from general insurance: NOK 42,769.5 million (38,359.4)
· Insurance revenue changes in general insurance, local currency: 11.1 % (10.4
%)
· Loss ratio, net of reinsurance: 70.8 % (73.7 %)
· Cost ratio: 12.7 % (12.3 %)
· Combined ratio: 83.4 % (86.0 %)
· Underlying frequency loss ratio, net of reinsurance: 66.5 % (70.6 %)
· Earnings per share from continuing and discontinued operations: NOK 12.83
(10.01)
· Proposed dividend per share: NOK 14.50

This release contains alternative performance measures (APMs). APMs are
described at www.gjensidige.com/reporting
This release is issued by Christian Haraldsen, media relations officer at
Gjensidige Forsikring ASA.
Date and time of publication: 07:00 CET, 29 January 2026

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

Gjensidige is a leading Nordic insurance group listed on the Oslo Stock
Exchange. We have about 4,700 employees and offer insurance products in Norway,
Denmark and Sweden. In Norway, we also offerpension and savings. The Group's
operating income was NOK 43 billion in 2025, while total assets were NOK 192
billion.

More information:
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664388_Interim_report_Q4_2025.pdf
664388_Interim_presentation_Q4_2025.pdf