GJF, GJF02: Amended Tier 1 loan terms

Gjensidige Forsikring ASA and Nordic Trustee AS, on behalf of the bondholders, have entered into an agreement to amend Gjensidige Forsikring ASA’s Tier 1 loan, the perpetual hybrid bond with ISIN NO 0010771546.

The purpose of the amendment is for the loan to continue to qualify as Tier 1 capital in the Solvency II regime, under new regulation which will come into force from 30 June 2020.

The amendment is related to write-down of the loan. The solvency capital margin (SCR) threshold for write down has been set to 100%, and the write down shall be linear such that the entire principal is written off if the SCR margin is equal to or less than 75%. The remaining terms in the loan are unchanged.


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.