Gjensidige Forsikring (GJF) investor relations material

Executive summary

• Q1 2026 pre-close call reviewed public information, with no new business updates disclosed.

• Q1 2026 earnings release scheduled for 29 April 2026, with consensus published April 24, estimate submissions due April 16, and a silent period starting 1 April.

• Sale of Baltic operations completed, yielding EUR 99 million and boosting solvency ratio by about five percentage points in Q1 2026.

• Proposed 2025 dividend of NOK 7.25 billion (NOK 14.50 per share) to be paid on 10 April, pending AGM approval.

Trading performance and revenue trends

• Q1 and Q4 typically see higher claims ratios due to seasonality; Q1 2026 has been cold and dry in Norway and Denmark, with heavy snowfall in Sweden and Denmark, impacting claims.

• No significant natural perils events in Scandinavia so far this quarter.

• DKK 80 million provision reversal in Q1 2026 after Danish Supreme Court ruling, increasing insurance revenue by DKK 70 million and other items by DKK 10 million.

Profitability and margins

• Large losses estimated at NOK 580 million per quarter for 2026 (NOK 2.3 billion for FY2026), but this is an average and not a specific quarterly guide; recognized at discounted values under IFRS 17.

• Ongoing expectation of run-off gains and losses due to inability to retain excess reserves under IFRS 17; reserves set according to best estimates.