Gjensidige Q3 2026: Higher profit driven by an improved insurance service result

Gjensidige generated a profit after tax of NOK 2,076.7 million in the third
quarter. Strong operations and a favourable claims development supported
improved margins and resulted in a significant year-on-year increase in the
insurance service result from general insurance. The annualised return on equity
increased to 34.2 per cent. The capital position remains strong.

"I am pleased to report another solid quarter for Gjensidige, with continued
growth and strong operational performance. Our results are made possible by the
efforts of more than 4,000 dedicated colleagues across the Group. Every day,
they work to be there when it matters most for our customers, a commitment
reflected in high levels of customer satisfaction and retention. Earlier this
week, this was further recognised in Ipsos' annual reputation survey, where
Gjensidige ranked highest among Norwegian banks and insurance companies." says
CEO Geir Holmgren.

In July, Norway experienced one of the largest residential fire events in modern
times. More than one hundred homes were destroyed in the Drammen region, and
many families lost their homes and personal belongings.

"Events like this remind us why insurance matters. While we cannot prevent them,
we can provide predictability, financial security and practical support in
difficult situations. Our response illustrates the customer experience we aim to
provide: close personal support when customers need it, combined with fast and
convenient digital solutions when they value simplicity," says Holmgren.

Highlights third quarter 2026 (third quarter 2025):

  - Insurance revenue from general insurance: NOK 11,367.4 million (11,201.9)
  - Insurance service result general insurance: NOK 3,003.6 million (2,270.6)
  - Financial result investment portfolio: Negative NOK 192.9 million (534.0)
  - Profit before tax expense: NOK 2,780.6 million (2,067.4)
  - Loss ratio, net of reinsurance: 62.0% (68.9%)
  - Cost ratio: 11.5% (10.8%)
  - Combined ratio: 73.6% (79.7%)
  - Underlying frequency loss ratio, net of reinsurance: 60.1% (65.7%)
  - Earnings per share from continuing operations: NOK 4.08 (3.04)
  - Solvency ratio: 190% (189% Q2 2026)

Insurance revenue from general insurance increased by 1.5 per cent to NOK
11,367.4 million (11,201.9) in the quarter, or by 3.7 per cent measured in local
currency. Adjusted for the non-recurring effect related to change in revenue
recognition for home seller insurance policies in Private Norway last year, the
growth was 5.3 per cent. The increase was mainly driven by pricing measures
across the Private and Commercial portfolios in all geographies and higher
volumes for property, accident and health and travel insurance in Private
Norway.

The general insurance service result was NOK 3,003.6 million (2,270.6). The
improvement was driven by lower loss ratios in both the Private and Commercial
segments.

Pension
The pension segment recorded a profit before tax adjusted for the contractual
service margin (CSM) of NOK 98.2 million (negative 362.0). Adjusted for last
year's non-recurring termination expense, profit before tax adjusted for CSM
improved by NOK 25.4 million, reflecting a higher insurance service result
adjusted for CSM, partly offset by lower net finance income.

Financial result
The financial result for the investment portfolios was negative NOK 192.9
million (534.0). Net of insurance finance (unwinding and changes in financial
assumptions), the net financial result for the investment portfolio was negative
NOK 24.6 million (440.8). Higher interest rates during the period as well as
higher credit spreads contributed negatively to the result.

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, 23 October
2026.

Contact persons, Gjensidige Forsikring ASA:

Head of Investor Relations, Berit Nilsen. Tel: +47 976 60 704
Head of Communications, Christian Steffensen. Tel: +47 408 82 373

Gjensidige is a leading Nordic insurance group listed on the Oslo Stock
Exchange. We have about 4,180 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.
offer pension and savings. The Group's\
operating income was NOK 43 billion in 2025\, while total assets were NOK 192\
billion.\