Fourth quarter 2007: Solid premium growth

• Profit before tax in fourth quarter: NOK 645 million
• Preliminary profit before tax for the year: NOK 3,020 million
• Combined ratio for general insurance operations for the quarter: 94.1 (93.7 in 2006)
• Planned stock exchange listing of Gjensidige's Equity Capital Certificate in 2008

Gjensidige Insurance Group reported a profit before tax of NOK 645 million for the fourth quarter. The group reported a profit of NOK 1,999 million for the same quarter in 2006, which included a gain of NOK 1,285 million related to the sale of shares in DnB NOR. Preliminary figures for the year show a profit before tax of NOK 3,020 million, compared with NOK 4,231 million in 2006. Excluding the gain on the sale of shares in DnB NOR, the preliminary profit for the year shows an improvement of around NOK 74 million.

The underwriting result for general insurance increased by 17.5 per cent, from NOK 187 million in the fourth quarter 2006 to NOK 220 million in the fourth quarter 2007. Premium income, net of reinsurance, increased by 16 percent during the quarter, compared with the corresponding quarter in 2006. The increase for the full year was 13 per cent. The growth is attributed to the integration of acquired businesses in 2006 and 2007. After a higher than normal number of large and medium-large claims early in the year, insurance-related profitability has been satisfactory in the fourth quarter. The costs in the parent company have been reduced significantly compared with the previous year according to plan. The financial return in the fourth quarter was satisfactory in spite of the turbulent markets.

"In a market with sharpened competition for customers, Gjensidige is experiencing good profitability and competitiveness, where expansion of our range of products through our ventures in banking and pension and savings will represent important advantages," says CEO Helge Leiro Baastad.

Gjensidige towards the stock exchange.
Gjensidige is planning to list the company on the stock exchange, with a brand new and unique type of security, Gjensidige's Equity Certificate. The timing of the stock exchange listing will be dependent on the future market conditions, but the company is aiming at a listing on the Oslo Stock Exchange in 2008.

• Contact: Deputy CEO Tor Magne Lønnum. Phone: 97164830
• Chief Information Officer Øystein Thoresen. Phone: 95233382

Gjensidige reports its consolidated accounts in accordance with the International Financial Reporting Standards (IFRS) from 1 January 2007. The results, balance sheet, key figures and comparison figures are based on IFRS. Reference is made to a separate Transition Document that is available at www.gjensidige.no for a more detailed description of the effects of the implementation of IFRS.

Key figures

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