Gjensidige Q2 2026: Higher general insurance service result

13 Jul 2026 07:00 CEST

Gjensidige generated a profit after tax of NOK 2,122.4 million in the second
quarter. Excluding the negative impact of NOK 419.3 million or DKK 290 million
related to the Danish Supreme Court ruling, the insurance service result
increased significantly year-on-year, driven by continued revenue growth,
improved margins and strong cost control. The result from Pension and the
financial result from the investment portfolio contributed to an annualised
return on equity of 33.3 per cent. The capital position remains strong.

"I am pleased with the insurance service result this quarter. We continue to
deliver revenue growth, high operational efficiency and cost discipline, while
customer retention remains high," says CEO Geir Holmgren.

During the quarter, new partnerships were established while key agreements were
renewed, broadening Gjensidige's market access and reinforcing positions in
attractive customer segments. New agreements with Tesla and Privatmegleren are
important additions to Gjensidige's partner portfolio.

"We have also entered into a new partnership with Huseierne and renewed our long
-standing partnership with Tekna. These partnerships strengthen our ability to
reach attractive customer groups, create new business opportunities, and support
profitable growth over time," says Holmgren.

Highlights second quarter 2026 (second quarter 2025):

· Insurance revenue from general insurance: NOK 11,257.8 million (10,493.2)
· Insurance service result general insurance: NOK 2,375.0 million (2,200.5)
· Financial result investment portfolio: NOK 786.4 million (1,102.0)
· Profit before tax expense: NOK 2,789.6 million (2,955.4)
· Loss ratio, net of reinsurance: 67.2% (67.1%)
· Cost ratio: 11.7% (12.0%)
· Combined ratio: 78.9% (79.0%)
· Underlying frequency loss ratio, net of reinsurance: 58.5% (62.5%)
· Earnings per share from continuing operations: NOK 4.18 (4.42)
· Solvency ratio: 189% (195% Q1 2026)

Insurance revenue from general insurance increased by 7.3 per cent to NOK
11,257.8 million (10,493.2) in the quarter, or by 9.3 per cent measured in local
currency. The growth was mainly driven by pricing measures across the Private
and Commercial portfolios in both geographies, in addition to higher volumes in
Private Norway. Price increases and volume growth in Sweden also contributed to
a higher insurance revenue for the Group.

The general insurance service result was NOK 2,375.0 million (2,200.5). Adjusted
for the impact from the Danish court ruling described above, the combined ratio
was 75.2 per cent and the insurance service result was NOK 2,794.3 million. The
improvement was driven by revenue growth and lower loss and cost ratios.

Pension
The pension segment recorded a profit before tax adjusted for the contractual
service margin (CSM) of NOK 245.4 million (285.5), reflecting a decrease in the
insurance service result adjusted for CSM, partly offset by higher net finance
income and income from the unit linked business.

Financial result
The financial result for the investment portfolios was NOK 786.4 million
(1,102.0). Net of insurance finance (unwinding and changes in financial
assumptions), the net financial result for the investment portfolio was NOK
374.1 million (699.3).

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

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, 13 July
2026.

Contact persons, Gjensidige Forsikring ASA:

Head of Investor Relations, Mitra Hagen Negård. Tel: +47 957 93 631
Media Relations Officer, Christian Haraldsen. Tel: +47 907 87 449

Gjensidige is a leading Nordic insurance group listed on the Oslo Stock
Exchange. We have about 4,160 employees and offer insurance products in Norway,
Denmark and Sweden. In Norway, we also offer pension 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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678043_Interim_report_Q2_2026.pdf
678043_Interim_presentation_Q2_2026.pdf