Gjensidige Insurance Group Company Presentation

May 2013

200 years of proactive transformation

Developed into a Acquisition of Citibank financial group offering Transforms into a stand- Launches Norwegian consumer Samtrygd a full range of general, alone general insurer Gjensidige Bank finance portfolio established as a life and pensions

joint reinsurance insurance products as Initiates geographic growth company for the well as banking and and renewed product Initiates process to Acquisition of LF’s mutual fire insurers financial services expansion in Norway list on Oslo Børs Baltic operations

1816-1920s 1970s 1999 2006 2008 2010

1922 1980s and 1990s 2005 2007 2009

Gjensidige mutual fire Samtrygd merges with Transforms from a Geographic expansion Acquisition of Conversion into a public insurers established Norsk Bilforsikring and mutual federation continues, acquisition of RESO Europa limited liability company throughout the country Gjensidige (NBG) to into an integrated Tennant (Sweden), Parekss and NIMI (ASA) create the largest auto mutual group (the Baltics), Fair (Denmark) insurer in the market and KommuneForsikring Acquisition of Nykredit’s (Denmark) general insurance Life and general operations insurance businesses Re-entered the pension and are put under joint savings markets management under the Gjensidige brand

2 Our business

Gjensidige Forsikring ASA

Norway Nordic Baltics

General insurance General insurance General insurance Earned premiums: NOK 14.3bn Earned premiums: NOK 2.9bn Earned premiums: NOK 437m Combined ratio: 82.8% Combined ratio: 82.1% Combined ratio: 95.7% Employees: 2,077 Employees: 476 Employees: 435

Pension and Savings AUM: NOK 20.5bn Employees: 56

Retail Bank Gross lending: NOK 17.3bn Employees: 124

1) FY 2012 figures after new segmentation 3 Market leader in Norway, Nordic and Baltic growth opportunities

Norway Sweden

1 %

Gjensidige Gjensidige 19 % 19 % 25% 25% If If Lansförsäkringar 10% Tryg 16 % Folksam 25% Sparebank1 30 % 15% Other 15 % Trygg Hansa Other

Denmark Baltics

6 % Gjensidige Gjensidige 8% Topdanmark If 25% 29 % 17 % Tryg 14% Ergo Alm.Brand 13% BTA 20 % Codan 22% Seesam 6 % 13 % If 10 % 13% Codan Other Other 6%

4 Source: Norway: Finance Norway, 4. quarter 2012. Sweden: Svensk Försäkring, 4. quarter 2012, Denmark: Forsikring & Pension, 1. quarter 2012. Baltics Insurance Supervisory Authorities of Latvia and Lithuania, Estonia Statistics, competitor reports, and manual corrections 4. quarter 2012 Outperforming European peers

Total return since IPO +94.6% 200

180

160

140 +24.0 120

100

80

60 des 10 mar 11 jun 11 sep 11 des 11 mar 12 jun 12 sep 12 des 12 mar 13

Gjensidige Forsikring ASA EuroStoxx Insurance

Source: Bloomberg per 29 April 2013 5 Key differentiators

• Strong macro environment • Consolidated market • Pricing discipline • Efficient distribution

• No direct DB exposure • Conservative investment portfolio • Strong capitalization

6 Unique strengths

Strong brand Loyal costumers

Unique customer dividend model Automation and self-service

Dividends

Customer dividends

7 From mutual to listed – focusing on core business

Underwriting discipline Sound RoE - attractive dividend

CR % RoE % Equity (pre-tax) (NOKbn) 120 30 26

24 110

15 22

100 20

0 18 90 2010 2011 2012

Equity RoE (pre-tax) Target RoE (pre-tax)

80

2010 2011 2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2000 Dividend 2.350 2.275 3.425

Q1 2013 Q1 (NOKm)

Kolonne2 Kolonne3

Target CR corridor 90-93 Payout ratio 80% 83% 80%

8 A good start to the year

NOKm Q1 2013 Q1 2012 2012 2011 Private 219 235 1.439 979 Commercial 153 238 1.013 553 Nordic 65 101 520 142 Baltics 2 (4) 19 3 Corporate Centre (95) (63) (383) (256) Underwriting result 343 506 2.608 1 421

Pension and Savings / Retail Bank 58 29 131 82

Financial result 173 909 3.005 2 331 Amortisation and impairment losses (31) (32) (127) (181) of excess value

Profit/(loss) before tax expenses 541 1.427 5.634 3 647

9 Combined ratio General Insurance

Combined ratio (%)- split loss ratio and cost ratio

95.3 92.3 91.9 88.4 85.3 16.5 15.7 16.4 15.7 15.5

76.6 75.5 78.9 72.6 69.9

Q1 2013 Q1 2012 2012 2011 2010

10 Sound investment returns from conservative asset allocation

ROI: 5.2% 4.4% 5.4% 1.6% 0.3%

Associated companies Other Property portfolio Equity portfolio Fixed income instruments Match portfolio

2010 2011 2012 Q1 2012 Q1 2013 Carrying 52,347 54,487 56,296 56,149 57,869 Amount:

11 Group capital position per 31.03.2013

Available capital from different NOKbn 3.4 perspectives 3.4 • Legal 15.8 3.4 11.5 5.1 • Rating-based 18.9 8.0 • Internal risk-based 22.3 IFRS equity 26.0 13.8 10.8 7.8 * YTD result not included

Legal Internal risk- Rating-based S&P model NOKbn perspective based perspective Excess capital A-rating* 5.1 perspective Total available capital (TAC) 18.9

Total capital charge for asset risk 6.1 Capital charge Excess capital Total capital charge for insurance risk 8.8 Excess capital most binding capital requirement Total gain diversification -1.0 Dividend 2012 Total capital requirement A-rating 13.8

NOKbn * Before buffer 12 Ambitious targets

Combined ratio 90-93 %

Cost ratio 15 % by 2015

Pre-tax RoE >15 %

Maintain S&P Positioning strategy: Capitalisation A-rating Become the most customer-oriented player Attractive dividend 50-80 % payout in the Nordic policy ratio general insurance industry.

13 4 keys to success

14 1. Customer orientation – 24/7

• Analytical CRM • Simplification of products and services • Standardisation of work processes • Self-service solutions • Multichannel distribution – customer chooses how and when

15 2. Efficient distribution

Cost ratio % * Employees* 40 3000

25 2000

10 1000 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Employees Cost ratio

* Norwegian general insurance 16 3. Optimal risk pricing based on data, methodology and experience

First proof of better risk selection * Further potential

Loss ratio Premiums** Status Segment (NOKbn) tariffs

Private 7.5 Implemented 3%-points reduction

Commercial 6.8 In progress

To be Nordic /Baltics 3.9 implemented

2008 2011

* Private motor Norway ** Earned premiums 2012 17 4. Profitable growth based on proven model

Disciplined geographic Norway Nordic Baltic expansion in general insurance through M&A

Core business: General insurance • Support group RoE target within 3 years • Meet CR target within 2-3 Pension and Savings years

Retail Bank

Pension and Savings and Retail Bank to secure customer loyalty in Norway

• Support RoE target

18 Key take-aways

• Robust and proven business model • Stable cash generation • Attractive dividend policy • Financial flexibility • Platform for profitable growth

19 Appendix

20 Group management

Helge Leiro Baastad Catharina Hellerud Cecilie Ditlev-Simonsen Executive vice president, Brand management and Group CEO Group CFO communication ● Appointed CEO of the Group in 2003 ● Appointed CFO of the Group in ● Appointed Executive vice president, Brand December 2011 management and communication in 2011 ● Joined Gjensidige in 1998, member of Group management since 2001 ● Joined Gjensidige in 2007 ● 2008-2011: JKL Group AS ● 1987–1998: Jordan AS ● 2007-2011: Executive positions in ● 2002-2007: Norsk Hydro ASA Gjensidige ● 1984–1987: Denofa and Lilleborg Fabrikker ● 2000-2002: Korn Ferry Int’l/ Futurestep ● 1999-2004: Oslo stock exchange ● 1991-1999: Ernst & Young

Hege Yli Melhus Sigurd Austin Kim Rud Petersen Executive vice president, Executive vice president, Private Norway Executive vice president, Commercial Norway International general insurance ● Appointed Executive vice president, Private ● Appointed Executive vice president, ● Appointed Executive vice president, Norway, in 2011 Commercial Norway, in 2011 International general insurance, in 2010 ● 2009-2010: Agito Nordic AS ● Joined Gjensidige in 2003 ● 2006-2009: KommuneForsikring A/S ● 2002-2009: Hafslund ASA ● 2003-2010: Various executive positions in ● 1999-2006: AON Denmark A/S Gjensidige ● 2001-2002: Kistefos Venture Capital AS ● 1989-1999: Codan A/S

Martin Danielsen Jørgen Ringdal Kaare Østgaard Executive vice president, Claims handling and IT Executive vice president, Product and price Executive vice president, Group staff and general services ● Appointed Executive vice president, Group ● Appointed Executive Vice President, Claims ● Appointed Executive vice president, Product staff and general services, in 2006 handling and IT, in 2011 and price, in 2009 ● Joined Gjensidige and member of Group ● Joined Gjensidige in 2004 ● Joined Gjensidige in 2006, member of management since 1996 ● 2004-2011: Executive positions in Group management since 2009 ● 1996-2006: Various executive positions in Gjensidige ● 1998-2002: Storebrand/If the Group ● 1990-2004: ErgoGroup ● 1993-1998: McKinsey

Mats C. Gottschalk Executive vice president, Strategy and M&A

● Appointed Executive vice president, Strategy and M&A of the Group in December 2011 21 • 2005–2011: Goldman Sachs ● 2000–2005: J.P. Morgan Ownership

10 largest shareholders* Geographical distribution of free shares**

5 % No Shareholder Stake (%) Norway 1 Gjensidigestiftelsen 62.2 USA 25 % 43 % 2 Folketrygdfondet 4.3 UK Europe excl. UK 3 DWS 2.5 13 % Other 4 Thornburg Inv. Mngt 1.6 15 %

5 Danske Capital 1,3

6 People’s Bank of China 1.1

7 Greenlight 1,1

8 UBS 1,0

9 Skagen Fondene 1,0

10 BlackRock 0.9

Total 10 largest 76.9

* Shareholder list based on analysis performed by RD:IR of the register of shareholders in the Norwegian Central Securities Depository (VPS) as per 31 March 22 2013. This analysis provides a survey of the shareholders who are behind the nominee accounts. There is no guarantee that the list is complete. **) “Free shares” means total shares excluding shares owned by Gjensidigestiftelsen. Unique policyholder relationship key strength in competitive market

Structure • Maintains benefits of former mutual structure • Alignment of interests between the Foundation and public

Dividends Dividends shareholders • Gjensidige Foundation distributes Public shareholders dividend to Norwegian policyholders

Customer dividends • 2012 customer dividend above 15% of premiums Norwegian GI paid customers • Increases customer loyalty, decreases churn rates and reduces costs

23 GI: Product groups Split earned premiums split

Private Nordic

0.4 % Motor 17.8 % 22.0 % Motor Property 30.8 % 7.0 % 8.3 % Property 37.4 % 2.7 % Accident and Health Accident and 30.5 % Other 43.1 % Health Other Agriculture Liability

Commercial Baltics

1.8 % Motor Motor Property 15.0 % 13.5 % 25.7 % 15.6 % Property Accident and Health 5.3 % 2.9 % 3.4 % Other 4.2 % Accident and Health Agriculture 28.7 % 21.5 % Other Liability 62.2% Marine/Cargo Liability

24 Pension and savings

Market shares* • 8-10 players 20

15 • Defined contribution

10 • Support commercial general 17.1 insurance customers in Norway 5 7.9 8.1 Profitable growth 0 • Portfolio Assets under Recieved assets premium management • Scalable model

Positive development • Cost efficient

Income Cost • Capital light model 60 50 • Financial target 40 30 20 • Support Group ROE-target 10 0

* Source: Finance Norway per 30 December 2012 25 Retail bank

Pre tax profit • Support private General insurance customers in Norway • Internet distribution and sale trough insurance sales offices 48 38 • Around 100.000 customers 27 28 18 20 21 10 14 14 14 5 4 • Profitable growth Q1 Q3 Q1 Q3 Q1 Q3 Q1 2010 2010 2011 2011 2012 2012 2013 • Financial targets

• Support Group ROE-target Deposits and Lending

NOKm • Core capital adequacy > Deposits Lending 12 per cent 18000 13000 18,238 8000 15,091 11,487 10,115 3000

-2000 31.03.2013 31.03.2012 31.03.2013 31.03.2012

26 Investor Relations

Janne Flessum Head of Investor Relations [email protected] Phone: +47 22 96 80 00 Mobile: +47 91 51 47 39

Linn Soltvedt Investor Relations Officer [email protected] Phone: +47 22 96 80 00 Mobile: +47 41 11 05 55

Address: Drammensveien 288, Oslo. Postboks 276, NO-1326 Lysaker, Norge. www.gjensidige.no/konsern

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Disclaimer

The information contained herein has been prepared by and is the sole responsibility of Gjensidige Forsikring ASA (“the Company”). Such information is confidential and 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. While the Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. These materials 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 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. 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, any selling equity holder, any member of the underwriting syndicate, or any of their respective affiliates, 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. 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 an offering circular or prospectus published in relation to such an offering.

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