Gjensidige Q2 2026: Higher general insurance service result

Gjensidige generated a profit after tax of NOK 2,122.4 million in the second quarter. Excluding the negative impact of NOK 419.3 million or DKK 290 million related to the Danish Supreme Court ruling, the insurance service result increased significantly year-on-year, driven by continued revenue growth, improved margins and strong cost control. The result from Pension and the financial result from the investment portfolio contributed to an annualised return on equity of 33.3 per cent. The capital position remains strong.

“I am pleased with the insurance service result this quarter. We continue to deliver revenue growth, high operational efficiency and cost discipline, while customer retention remains high,” says CEO Geir Holmgren.

During the quarter, new partnerships were established while key agreements were renewed, broadening Gjensidige’s market access and reinforcing positions in attractive customer segments. New agreements with Tesla and Privatmegleren are important additions to Gjensidige’s partner portfolio.

“We have also entered into a new partnership with Huseierne and renewed our long-standing partnership with Tekna. These partnerships strengthen our ability to reach attractive customer groups, create new business opportunities, and support profitable growth over time,” says Holmgren.

Highlights second quarter 2026 (second quarter 2025):

• Insurance revenue from general insurance: NOK 11,257.8 million (10,493.2)
• Insurance service result general insurance: NOK 2,375.0 million (2,200.5)
• Financial result investment portfolio: NOK 786.4 million (1,102.0)
• Profit before tax expense: NOK 2,789.6 million (2,955.4)
• Loss ratio, net of reinsurance: 67.2% (67.1%)
• Cost ratio: 11.7% (12.0%)
• Combined ratio: 78.9% (79.0%)
• Underlying frequency loss ratio, net of reinsurance: 58.5% (62.5%)
• Earnings per share from continuing operations: NOK 4.18 (4.42)
• Solvency ratio: 189% (195% Q1 2026)

Insurance revenue from general insurance increased by 7.3 per cent to NOK 11,257.8 million (10,493.2) in the quarter, or by 9.3 per cent measured in local currency. The growth was mainly driven by pricing measures across the Private and Commercial portfolios in both geographies, in addition to higher volumes in Private Norway. Price increases and volume growth in Sweden also contributed to a higher insurance revenue for the Group.

The general insurance service result was NOK 2,375.0 million (2,200.5). Adjusted for the impact from the Danish court ruling described above, the combined ratio was 75.2 per cent and the insurance service result was NOK 2,794.3 million. The improvement was driven by revenue growth and lower loss and cost ratios.

Pension
The pension segment recorded a profit before tax adjusted for the contractual service margin (CSM) of NOK 245.4 million (285.5), reflecting a decrease in the insurance service result adjusted for CSM, partly offset by higher net finance income and income from the unit linked business.

Financial result
The financial result for the investment portfolios was NOK 786.4 million (1,102.0). Net of insurance finance (unwinding and changes in financial assumptions), the net financial result for the investment portfolio was NOK 374.1 million (699.3).

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, 13 July 2026.

Contact persons, Gjensidige Forsikring ASA:

Head of Investor Relations, Mitra Hagen Negård. Tel: +47 957 93 631
Media Relations Officer, Christian Haraldsen. Tel: +47 907 87 449

Gjensidige is a leading Nordic insurance group listed on the Oslo Stock Exchange. We have about 4,160 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.