Gjensidige generated a profit after tax of NOK 1,548.5 million in the first quarter, reflecting a significant increase in the general insurance service result. The strong growth in insurance revenue continued in the quarter, and the combined ratio improved significantly, reflecting both disciplined pricing measures and high cost efficiency. Favourable driving conditions in Norway also contributed positively. The result from Pension was negatively impacted by a recalculation of reserves in the IFRS 17 accounts, with no impact on the solvency position. Net income from the unit linked business increased. The financial result for the investment portfolio also contributed to delivery of an annualised return on equity of 27.7 per cent. The capital position remains strong.

"Customer retention remains high, and the continued loyalty we experience demonstrates the value and significance of our services. More than 40,000 customers received travel assistance this quarter, including many affected by the conflict in the Middle East," says CEO Geir Holmgren.

Also during the quarter, Gjensidige launched "Hytte Smart" ("Smart Cabin"). The product is a cabin insurance policy with an integrated alarm service, providing cabin owners with full visibility and alerts for critical incidents. The solution enables early detection and mitigation, preventing damage from becoming extensive and costly.  

"Like Gjensidige's other Smart insurance products, Hytte Smart is connected to a 24/7 staffed alarm centre with emergency response. The services form part of Gjensidige's targeted focus on technology and damage prevention, contributing to improved customer satisfaction and loyalty. Hytte Smart represents a natural extension of Gjensidige's Smart Insurance offering, as presented at the Capital Markets Day in February 2026," says Holmgren.

Highlights first quarter 2026 (first quarter 2025):

• Insurance revenue from general insurance: NOK 11,004.1 million (9,993.9)
• Insurance service result general insurance: NOK 2,288.1 million (1,313.6)
• Financial result investment portfolios: NOK 225.8 million (512.6)
• Profit before tax expense: NOK 2,054.8 million (1,718.7)
• Loss ratio, net of reinsurance: 67.5% (74.9%)
• Cost ratio: 11.7% (12.0%)
• Combined ratio: 79.2% (86.9%)
• Underlying frequency loss ratio, net of reinsurance: 67.0% (69.9%)
• Earnings per share from continuing operations: NOK 3.01 (2.53)
• Solvency ratio: 195% (188% Q4 2025)

Insurance revenue from general insurance increased by 10.1 per cent to NOK 11,004 million (9,993.9) in the quarter, or by 10.6 per cent measured in local currency. The revenue growth was mainly driven by pricing measures across the Private and Commercial portfolios in all geographies, in addition to higher volumes in Private and for most main products in Sweden.

The profit from general insurance operations measured by the insurance service result was NOK 2,288.1 million (1,313.6), reflecting higher insurance revenue and improved loss and cost ratios.

The combined ratio was 79.2 per cent (86.9 per cent). The loss ratio decreased by 7.4 percentage points, driven by lower large losses and an improved underlying frequency loss ratio. Lower run-off gains contributed negatively. The underlying frequency loss ratio improved by 3.0 percentage points, reflecting improvements in the Private segment and in the Commercial segment in Denmark. The cost ratio improved by 0.3 percentage points, reflecting revenue growth in all segments and strict cost discipline.

Pension
The profit before tax adjusted for the contractual service margin (CSM) was minus NOK 298.2 million (profit of NOK 105.3 ), reflecting a lower net finance income and a decrease in the insurance service result adjusted for CSM. The insurance service result adjusted for the CSM was negatively impacted by a strengthening of reserves, reflecting revised liability assumptions relating to prior periods recalculation of reserves in the IFRS 17 accounts. The result under IFRS 4 remained unaffected by this. The recalculation of reserves impacted the insurance service result by NOK160.1 million, and the CSM by NOK 95.1 million. Adjusted for these factors, the profit before tax adjusted for CSM was minus NOK 43.0 million.

Financial result
The financial result for the investment portfolios was NOK 225.8 million (512.6). Net of insurance finance, the net financial result for the investment portfolio was NOK 197.8 million (441.3).

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 Marie Brudevold, Media Relations Officer at Gjensidige Forsikring ASA. Date and time of publication: 07:00 CET, 29 April 2026.

Contact persons, Gjensidige Forsikring ASA:

Head of Investor Relations, Mitra Hagen Negård. Tel: +47 957 93 631
Media Relations Officer, Bjarne Aani Rysstad. Tel: +47 918 19 434

Gjensidige is a leading Nordic insurance group listed on the Oslo Stock Exchange. We have about 4,150 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.