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.

Gjensidige generated a profit after tax of NOK 1,310 million in the fourth quarter and NOK 6,417 million for the full year, supported by strong revenue growth and solid contributions from the investment portfolios. The combined ratio improved significantly for the year as a whole. Reduction of the book value of the core IT system for the general insurance business, and workforce reductions in Denmark, both recognised in the fourth quarter, reduced the profit by NOK 502 million. The capital position remains strong and the Board proposes a dividend of NOK 14.50 per share, comprising a regular dividend of NOK 10.00 and a special dividend of NOK 4.50.

-We made good progress in 2025 thanks to our engaged and competent employees and solid operations, and I expect this development to continue going forward, says CEO Geir Holmgren.

-We will continue our efforts to retain our leading and unique position in the Norwegian market, while strengthening profitability and growth both in and outside Norway, says Holmgren.

Highlights fourth quarter 2025 (fourth quarter 2024)

• Insurance service result general insurance: NOK 1,296.7 million (1,669.9)
• Financial result investment portfolio: NOK 482.3 million (207.8)
• Profit or loss before tax expense: NOK 1,753.8 million (1,605.3)
• Insurance revenue from general insurance: NOK 11,080.5 million (10,019.0)
• Insurance revenue changes in general insurance, local currency: 10.4 % (11.2 %)
• Loss ratio, net of reinsurance: 72.4 % (71.1 %)
• Cost ratio: 15.9 % (12.2 %)
• Combined ratio: 88.3 % (83.3 %)
• Underlying frequency loss ratio, net of reinsurance: 67.9 % (68.6 %)
• Earnings per share from continuing and discontinued operations: NOK 2.58 (2.38)
• Proposed dividend per share: NOK 14.50

Gjensidige Forsikring Group recorded a profit before tax expense of NOK 1,753.8 million (1,605.3) for the quarter. The profit includes an expense of NOK 422.7 million related to reduction of the book value of the core IT system currently under implementation in Denmark. The result also includes restructuring expenses related to the workforce reductions in Denmark, amounting to NOK 79.1 million. The profit after tax expense from continuing operations was NOK 1,309.8 million (1,203.1).

General insurance
Insurance revenue from general insurance increased by 10.6 per cent to NOK 11,080.5 million (10,019.0) in the quarter, or by 10.4 per cent measured in local currency. This was mainly driven by pricing measures across the private and commercial portfolios in all geographies, in addition to higher volumes in Private, Commercial in Denmark and in Sweden.

The insurance service result was NOK 1,296.7 million (1,669.9). Excluding the expenses related to the core IT system and workforce reduction in Denmark, the insurance service result increased by 7.7 per cent, reflecting growth in insurance revenue and higher run-off gains.

The combined ratio was 88.3 (83.3), or 83.8 when excluding the expenses mentioned above. The loss ratio increased by 1.3 percentage points, reflecting higher large losses which included NOK 349.0 million in claims related to the storm Amy, net of reinsurance and including reinstatement premium. Higher run-off gains contributed positively. The underlying frequency loss ratio improved by 0.7 percentage points, reflecting improvements in all segments and geographies except Commercial in Norway. The cost ratio increased by 3.7 percentage points. Excluding the expenses mentioned above, the cost ratio improved by 0.8 percentage points, reflecting revenue growth, targeted efficiency measures and strict cost discipline.

Pension
The pension segment recorded a profit before tax expense of NOK 186.9 million (minus 58.3), mainly driven by a higher net finance income.

Financial result
The financial result for the investment portfolio was NOK 482.3 million (207.8). Net of insurance finance, the net financial result for the investment portfolio was NOK 370.3 million (138.3).

Other items
Other items amounted to minus NOK 100.1 million (minus 144.7), with the improvement mainly reflecting losses on natural perils insurance and higher results from mobility services.

Discontinued operations
The profit from discontinued operations was NOK 7.1 million (24.0), reflecting a decrease in the insurance service result and net financial income.

Highlights year as a whole 2025 (2024)

• Insurance service result general insurance: NOK 7,081.4 million (5,386.6)

• Financial result investment portfolio: NOK 2,630.9 million (2,458.3)
• Profit or loss before tax expense: NOK 8,495.3 million (6,823.4)
• Insurance revenue from general insurance: NOK 42,769.5 million (38,359.4)
• Insurance revenue changes in general insurance, local currency: 11.1 % (10.4 %)
• Loss ratio, net of reinsurance: 70.8 % (73.7 %)
• Cost ratio: 12.7 % (12.3 %)
• Combined ratio: 83.4 % (86.0 %)
• Underlying frequency loss ratio, net of reinsurance: 66.5 % (70.6 %)
• Earnings per share from continuing and discontinued operations: NOK 12.83 (10.01)
• Proposed dividend per share: NOK 14.50

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, 29 January 2026

Contact persons, Gjensidige Forsikring ASA:
Head of Communication, Øystein Thoresen. Tel: 47 952 33 382
Head of Investor Relations Mitra Hagen Negård. Tel:  47 957 93 631

Gjensidige is a leading Nordic insurance group listed on the Oslo Stock Exchange. We have about 4,700 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.