Gjensidige Forsikring ASA: Contemplating Restricted Tier 1 bond issue and Subordinated Tier 2 bond issue

Gjensidige Forsikring ASA (“Gjensidige” or “the Company”), rated A by S&P, has mandated DNB Markets and Pareto Securities AS as Joint Lead Managers to arrange a series of virtual investor meetings on Monday 22 and Tuesday 23 March 2021.

Issuance of a perpetual Restricted Tier 1 bond issue with a target of 5 years to first call date and a 30-year Subordinated Tier 2 bond issue with a target of 5.5 years to first call date may follow, subject to market conditions. The bond issues are expected to be denominated in NOK and/or SEK with a total issue size of up to the equivalent of NOK 1.2 billion each, and are expected to be rated BBB and BBB+, respectively, by S&P.

The contemplated bond issues will be Solvency II compliant, they are authorized by the Company’s General Meeting and approved by the Norwegian Financial Supervisory Authority.

Subject to a successful issuance of a new perpetual Restricted Tier 1 bond issue, the Company has the intention to call the existing outstanding Perpetual Restricted Tier 1 bond GJF02 (ISIN NO0010771546) at the first ordinary call date.

For further information, please contact:

Mitra Hagen Negård, Head of Investor Relations, tel.  +47 957 93 631.

This information is subject to disclosure under the Norwegian Securities Act section §5-12.

Gjensidige is a leading Nordic insurance group listed on the Oslo Stock Exchange. We have about 3,700 employees and offer insurance products in Norway, Denmark, Sweden and the Baltic states. In Norway, we also offer pension and savings. The Group's operating income was NOK 28 billion in 2020, while total assets were NOK 118 billion.