building on 200 years’ experience: creating value in a

Helge Leiro Baastad, CEO

Building on 200 years’ experience:

Creating Value in a Changing General Insurance Industry

Gjensidige Foundation, 9 May 2016

Disclaimer

2

This presentation and the information contained herein have been prepared by and is the sole responsibility of Gjensidige Forsikring ASA (the "Company”). Such information is being provided to you solely

for your information and may not be reproduced, retransmitted, further distributed to any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a

violation of applicable securities laws. The information and opinions presented herein are based on general information gathered at the time of writing and are therefore subject to change without notice. The

Company assumes no obligations to update or correct any of the information set out herein.

These materials may contain statements about future events and expectations that are forward-looking statements. Any statement in these materials that is not a statement of historical fact including,

without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations is a forward-looking statement that involves known and

unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements of the Company to be materially different from any future results, performance or

achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business

strategies and the environment in which the Company will operate in the future. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results,

changes in assumptions or changes in factors affecting these statements.

This presentation does not constitute or form part of, and is not prepared or made in connection with, an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities

and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on

its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. The contents of this presentation have not been independently verified. While

the Company relies on information obtained from sources believed to be reliable, it does not guarantee its accuracy or completeness. Accordingly, no representation or warranty, express or implied, is made

or given by or on behalf of the Company or any of its owners, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in

this presentation. None of the Company, its affiliates or any of their respective advisors or representatives or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss

howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. The Company's securities have not been and will not be registered under the US

Securities Act of 1933, as amended (the "US Securities Act”), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US

Securities Act.

This presentation should not form the basis of any investment decision. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent

investigation and appraisal of the business and financial condition of such company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering of securities, if

any, should be made solely on the basis of information contained in any offering documents published in relation to such an offering. For further information about the Company, reference is made public

disclosures made by the Company, such as filings made with the Oslo Stock Exchange, periodic reports and other materials available on the Company's web pages.

3

Agenda

• Building on 200 years’ experience

• The European insurance market

• Trends

• Strategic priorities

Deep roots in the Norwegian society have shaped our culture and provided solid ground at every crossroads

5

1922

A national

reinsurance

company:

«Samtrygd»

1816-1920

Mutual fire

insurance

companies

1970s

Gjensidige

becomes the

company name

after several

mergers

2005

International

expansion:

• Denmark

• Sweden

• Baltics

2010

Public

listing,

Oslo Stock

Exchange

International expansion based on domestic leadership – utilising best practice across the Group

6

Initiates geographic

growth by acquiring

Fair Forsikring in

Denmark

Acquisition of

• Tennant (Sweden),

• Parekss (the Baltics)

• KommuneForsikring

(Denmark)

Acquisition of

RESO Europa

Acquisition of

• Försäkrings-

produktion AB

• Amb&Rosen/

Villaägerna

Acquisition of

• Citibank Norwegian

consumer finance

portfolio

• LF’s Baltic operations

Acquisition of

• Mondux Gruppen

• PZU Lietuva

2015

2005

2006

Acquisition

of Gouda

and Solid

Acquisition of

Nykredit’s general

insurance operations

2008

2009

2010

2013

2014

Acquisition of

Vardia Sweden

2016

Our business today

7

3 900 employees

Norway

General insurance Earned premiums: NOK 15.2 bn

Retail Bank Gross lending: NOK 36.7 bn

Pension and Savings AUM: NOK 35.6 bn

Nordic


Baltics


2015 numbers

Attractive value proposition for our owners

• Proven track-record

• Strong position in attractive market place

• Scalable hard-to-copy business model

• Good financial flexibility

• Attractive dividend policy

3

Strong value creation since IPO…

…driven by solid growth, underwriting and

cost discipline

75%

80%

85%

90%

95%

100%

14

16

18

20

22

2010 2011 2012 2013 2014 2015

NOK bn

Earned premiums Combined Ratio (RHS)

10%

20%

30%

0

10

20

30

40

2010 2011 2012 2013 2014 2015

NOK bn

Equity base Cumulative dividend payments Pre-tax ROE (RHS)

Becoming the most

customer-oriented

general insurer in the

Nordic region

Customer orientation

• Attracting customers and building loyalty through

superior customer experiences

Efficient operations

• Maintaining underwriting, cost and capital discipline

Analytically-driven business processes

• Improving operations through skills, insight and

technology

Return on equity >15%

Combined ratio 86-89%*

Cost ratio ~15%

Dividends Nominal high and stable (>70%)

Delivering superior customer experiences and stable shareholder returns continues to be key priority

8

Targets Critical success factors

*Combined ratio target on an undiscounted basis, assuming ~ 4 pp run-off gains next 2.5-4.5 years and

normalised large losses impact. Beyond the next 2.5-4.5 years, the target is 90-93 given 0 pp run-off.

10

Agenda



• Trends


Gjensidige’s position seen in a European perspective

Market cap, NOK bln

11

30

31

47

48

52

54

57

58

63

64

66

67

71

73

192

208

223

274

Grupo Catalana Occidente

Hiscox

Tryg

Helvetia

Baloise

UnipolSai

RSA

Direct Line Insurance

Mapfre

Admiral

PZU

Gjensidige

Talanx

Ageas

Generali

Aviva

Sampo

Zurich

AXA

Allianz

Source: Bloomberg, 19. april 2016

641

5041

Attractive market characteristics in the Nordic market provide barriers to entry

12

10

20

30

40

*Source: Published figures 31.12.2014 European players: Direct Line, Country entities Generali

(France, Italy, Germany), Aviva GI, RSA UK, Ageas. Nordic players: If, Tryg, Sparebank1,TopDanmark, RSA Scandinavia

Market characteristics

Cost ratio

(%)

Nordic general insurance

European general insurance

Company

• Relatively strong macro

• Consolidated market place

• Strong local brands

• Rational listed players

• Integrated value chains

• Cost efficient distribution

• High internet penetration

• Automatic renewals

Cost efficient market place*

Integrated value chains

Customer

13

Agenda



• Trends


Technology, demography and customer behaviour drive change and influence Gjensidige’s priorities

Shift in product mix towards more accident and health insurance is expected

15

-

0,5

1,0

1,5

2,0

2,5

-

5,0

10,0

15,0

20,0

25,0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Motor insurance (LHS) Health insurance (RHS)

Source: Finance Norway, market statistics premium volume Norway

Successful launch of innovative A&H product Market premium volume, Norway (NOKbn)

• First-of-its kind in Norway

• Bundling product and value-adding

services through new eco system

• Initial sales exceeding expectations -

~ 50 per cent sold online

200 years’ of partnership experience gives us an advantage when entering emerging ecosystems

Broad spectrum of potential partnerships to ensure relevance in our customers’ lives

16

Alarm providers

Utilities

Software companies

Integrators

Organizations

Medical centers

Fitness centers

Software companies

Integrators

Sports clubs

Car manufacturers

Car importers

Software companies

Integrators

Organizations

Aggregators

Banks

Airlines

Organizations

Groceries

Technology taken for granted – scale increasingly important

17

18

Agenda



• Trends


Well positioned for further growth

Ambition to secure continued strong position in Norway

19

Consolidated market shares for the 5 largest players in each market. Position in each country based on

Q42015 Norway, Q12015 Denmark, Q42014 Finland, Q42015 Sweden and Baltics. Source: Finance Norway. 28 companies in “Other” category Q415.

If

Gjensidige

Tryg

Sparebank1

Other

%

#1

#8 #4

#5

Market Top 5

Norway 71%

Denmark 57%

Sweden 80%

Finland 93%

Baltic states 76%

Growth ambition within Nordic and Baltic markets

0

10

20

30

40

1999 2001 2003 2005 2007 2009 2011 2013 2015

Five strategic priorities towards 2018

9

Increase brand knowledge, sales, loyalty and/ or reduce claims

Meet changes in customer behaviour and improve internal efficiency

Customer to experience simplicity across distribution channels

Utilise large amounts of data and perform more advanced analyses

Develop employees to best meet tomorrow’s customer needs

Seamless multi-

channel distribution

Value-adding

services

Further

digitalisation

Business intelligence

and analytics

Organisational

capabilities

Continuously seeking new ways to help prevent accidents and damages

21

Delivering the Gjensidige experience

22

Weather alerts reduce damages

and ensure customer satisfaction

Great tool! Helped us

prepare and prevent

damages to farm road

during flood.

Customer

The Gjensidige experience – our framework for customer orientation

Our promises The customer experience

23

• We keep our promises

• We always deliver quality

• We make the complicated simple

• We ensure that the customer is satisfied

• Knows me

• Cares about me

• Makes things easy for me

• Helps me

People and company culture make up our DNA

24

200 years of successful evolution – ready for the next 200

26

Janne Flessum

Head of IR

[email protected]

Mobile: +47 91 51 47 39

Anette Bolstad

Investor relations officer

[email protected]

Mobile: +47 41 67 77 22

Katharina H. Hesbø

Investor relations officer

[email protected]

Mobile: +47 99 36 28 04

Address: Schweigaards gate 21, PO Box 700 Sentrum, 0106 Oslo, Norway

www.gjensidige.no/ir

Investor relations

building on 200 years’ experience: creating value in a

Documents