Completion of sale of Gjensidige Bank to Nordea – commencement of strategic distribution partnership

Reference is made to the announcement on 2 July 2018, relating to Gjensidige Forsikring ASA's ("Gjensidige" or the "Company") sale of Gjensidige Bank ASA ("Gjensidige Bank") to Nordea, as well as the entry into a strategic mutual distribution partnership between Gjensidige and Nordea.

The transaction has been approved by the Norwegian Competition Authority and the Financial Supervisory Authority of Norway. The transaction has today, 1 March 2019, been duly completed in accordance with the terms of the agreement entered into between the parties in July 2018. Gjensidige Bank will, until further notice, continue to operate as an independent bank under its current brand name.

From today Gjensidige and Nordea have formally commenced the strategic partnership agreement with respect to mutual distribution of non-life insurance and financial products in Norway. The agreement will provide the opportunity to expand customer reach through partners which both have digitalisation and innovation high on the agenda.

Gjensidige has received proceeds of approximately NOK 5.6 billion for the sale of the bank. The Group will record a gain of approximately NOK 1.6 billion in the first quarter of 2019.

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

About Us

Gjensidige is one of the leading players in the Nordic general insurance market. The group offers general insurance products in Norway, Sweden, Denmark and the three Baltic countries. In addition the group offers online retail banking, pension and savings products and health care services in Norway. Gjensidige is one of Norway’s most well-known brands. Both the company logo and the Watchman have a high recognition factor. The roots of the general insurance operations can be traced back to the 1820s, while the Watchman has been an insurance trademark for more than 75 years. 2007 and 2008 saw the launch of the Watchman logo in the other countries where Gjensidige offers insurance products. The group’s health services has been branded Hjelp24.