Gjensidige Group Company Presentation

February 2014

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 finance portfolio established as a life and

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

2 Norwegian market leader, Nordic and Baltic growth opportunities

Norway Sweden

1.2% Gjensidige Gjensidige 18.7% 18.3% 25.2% 25.4% If If Lansförsäkringar Tryg 16.1% 10.1% Folksam 24.5% Sparebank1 29.8% 14.8% Trygg Hansa Other 15.9% Other

Denmark Baltics

5.6% Gjensidige Gjensidige 8.2% Topdanmark If 29.2% 17.4% Tryg 23.7% 13.9% Ergo Alm.Brand BTA 19.6% 12.5% Codan 22.9% Seesam 6.1% If 12.6% 12.5% Codan 9.5% Other Other 6.3%

Sources: Finance Norway, 3rd quarter 2013. Svensk Försäkring, 3rd quarter 2013, Forsikring & Pension, 4th quarter 2012. Baltics Insurance 3 Supervisory Authorities of Latvia and Lithuania, Estonia Statistics, competitor reports, and manual calculations, 3rd quarter 2013. Our business

Gjensidige Forsikring ASA*

Norway Nordic Baltics

General insurance General insurance General insurance Earned premiums: NOK 14.8bn Earned premiums: NOK 3.3bn Earned premiums: NOK 511m Combined ratio: 84.5% Combined ratio: 89.7% Combined ratio: 93.0% Employees: 1,987 Employees: 799 Employees: 400

Pension and Savings AUM: NOK 25.9bn Employees: 61

Retail Bank Gross lending: NOK 24.2bn Employees: 130

4 * 2013 figures Outperforming European peers

Total return since IPO 300

+144% 250

200 +55%

150

100

50

0 des. 10 apr. 11 aug. 11 des. 11 apr. 12 aug. 12 des. 12 apr. 13 aug. 13 des. 13

Gjensidige Forsikring ASA EuroStoxx Insurance

Source: Bloomberg per close 28 January 2014 5 Key differentiators

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

• No direct defined benefit exposure • Conservative investment portfolio • Strong capitalization

6 Unique strengths

Strong brand Loyal costumers

Unique customer dividend model Advanced technology

Gjensidige Gjensidige  Foundation 

Shareholder Customer dividends 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

20 100 0 18 2010 2011 2012 2013 Equity 90 RoE (pre-tax, annualised) Pre-tax RoE target

2010 2011 2012 2013* 80 Ordinary

dividend 2,350 2,275 3,425 3,400

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2000 (NOKm) Payout Target CR corridor 90-93 80% 83% 80% 79% ratio

* Proposed payout ratio related to the profit for the accounting year 2013. The basis for calculation is adjusted for a impairment of NOK 611m 8 in Q1. Distribution of NOK 3bn, related to release of excess capital, has been proposed earlier. This is not included when calculating the payout ratio.

Solid premium growth and good result in 2013

NOKm 2013 2012 2011 2010*

Private 1 305 1 439 979 788 Commercial 993 1 013 553 246 Nordic 342 520 142 (77) Baltics 36 19 3 17 Corporate Centre (657) (383) (256) (178) Underwriting result 2 020 2 608 1 421 796

Pension and Savings/ Retail Bank 241 131 82 5

Financial result 2 481 3 005 2 331 2 705 Amortisation and impairment losses of (162) (127) (181) (243) excess value

Profit/ (loss) before tax expenses 4 574 5 634 3 647 3 254

9 * Not restated Combined ratio General Insurance

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

95.3 89.2 91.9 85.3 16.5 15.3 16.4 15.5

75.5 78.9 74.0 69.9

2013 2012 2011 2010

10 Sound investment returns from conservative asset allocation

ROI: 5.2% 4.4% 5.4% 4.3%

Associated companies Other

Property portfolio Free portfolio Equity portfolio Fixed income instruments Match portfolio

Carrying Amount 2010 2011 2012 2013 (NOKm): 52,347 54,487 56,296 58,148

11 Group capital position per 31.12.2013

S&P model NOKbn 6.4 Capital > A-rating requirement (incl. 2.1 6.4 technical buffer)

6.4 9.5 2.1 0.7 Total available capital (TAC) 17.1

5.2 Total capital charge for asset risk 6.3 14.3 11.4 7.7 Total capital charge for insurance risk 9.1

Legal Internal, risk- Rating-based Total gain diversification -1.1 perspective based perspective perspective Total capital requirement A-rating 14.3 Proposed dividend Strategic buffer Technical buffer Capital > Capital requirement Technical buffer 5% 0.7 Capital requirement

NOKbn 12 Ambitious targets

Combined ratio 90-93 %

15 % Cost ratio (within 2015)

>15 % RoE (from and including 2015) Positioning strategy:

S&P Capitalisation Become the most A-rating customer-oriented player in the Nordic > 70% general insurance industry Attractive dividend (from and including policy 2014)

13 Four keys to success

14 1. Customer orientation

• 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* 3,000

30 2,000

20 1,000

10 0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Employees Cost ratio

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

Proof of better risk selection* Further potential

Loss ratio Premiums** Status Segment (NOKbn) tariffs

Private 7.8 Implemented 3%-points reduction

Commercial 7.0 In progress

To be Nordic/ Baltics 3.8 implemented

2008 2011

* Private motor Norway ** Earned premiums 2013 17 4. Profitable growth based on proven model

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

Pension and Savings

Retail Bank

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

18 New dividend policy from and including the accounting year 2014

“Gjensidige targets high and stable ordinary dividend pay-outs to its shareholders.

The Board targets a pay-out ratio for ordinary dividends over time of at least 70 per cent of profit after tax. When determining the size of the ordinary dividend, the expected future capital need will be taken into account.

Over time, Gjensidige will also pay out excess capital above the targeted capitalisation as extraordinary dividends.”

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Key take-aways

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

20 Group management

Helge Leiro Baastad Group Chief Executive Officer

● Group CEO since 2003 ● Executive positions in Gjensidige since 1998 Cecilie Ditlev-Simonsen Catharina Hellerud ● 11 years in Jordan AS Group Chief Financial Officer Executive Vice President, Brand management ● 3 years in Denofa and Lilleborg and communication ● Group CFO since 2011 Fabrikker ● EVP Brand management and ● Executive positions in Gjensidige communication since 2011 since 2007 ● 3 years in JKL Group AS ● 5 years at the Oslo Stock Sigurd Austin ● 5 years in ASA Executive Vice President, Commercial Exchange ● 2 years in Korn Ferry Int’l/ ● 8 years in Ernst & Young ● EVP Commercial since 2011 Futurestep ● Executive positions in Gjensidige since 2003 Hege Yli Melhus ● Executive positions in Norwegians Kim Rud Petersen Executive Vice President, Private armed forces Executive Vice President, International general insurance ● EVP Private since 2011 ● EVP International general insurance since 2010 ● 1 year in Agito Nordic AS ● 3 years in KommuneForsikring A/S ● 7 years in Hafslund ASA Jørgen Ringdal ● 7 years in AON Denmark A/S ● 1 year in Kistefos Venture Capital Executive Vice President, Group staff and general services AS ● 10 years in Codan A/S ● EVP Group staff and general services since 2006 ● Executive positions in Gjensidige Martin Danielsen since 1996 Kaare Østgaard Executive Vice President, Product and price ● 3 years at KPMG Executive Vice President, Claims handling and IT ● EVP Product and price since 2009 ● EVP Claims handling and IT since 2011 ● Executive positions in Gjensidige ● Executive positions in Gjensidige since 2006 since 2004 Mats C. Gottschalk ● 4 years in Storebrand/If Executive Vice President, Strategy and M&A ● 4 years in ErgoGroup ● 5 years in McKinsey ● EVP Strategy and M&A since 2011 ● 6 years in Goldman Sachs ● 5 years in J.P. Morgan

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Appendix

22 Ownership

10 largest shareholders* Geographical distribution of free shares**

No Shareholder Stake (%) 6% Norway 1 Gjensidigestiftelsen 62.2 20% USA 45% 2 Folketrygdfondet 4.7 UK excl. UK 3 DWS 2.8 19% Other 4 BlackRock 1.8 10%

5 UBS 1.8

6 Danske Capital 1.5

7 SAFE Inv. Company 1.1 Gjensidige Foundation ownership policy: • Long term target holding: > 60% 8 Thornburg Inv. Mngmt 1.1 • Can accept reduced ownership ratio in case of 9 Standard Life Investments 0.9 acquisitions and capital issues when in accordance with Gjensidige’s overall strategy 10 DNB Asset Management 0.9

Total 10 largest 79.0

* Shareholder list based on analysis performed by RD:IR of the register of shareholders in the Norwegian Central Securities Depository (VPS) as per 6 January 2014. 23 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 through the Gjensidige Foundation

• Gjensidige Foundation passes on dividends to policyholders in Norway • Customer dividends for 2012 above 15% of premiums paid Dividends Dividends • Increases customer loyalty, decreases churn rates and Other shareholders reduces costs Gjensidige Foundation • Alignment of interests between the Foundation and other Customer shareholders dividends • In addition, the Foundation does General Insurance charity work in Norway under customers in Norway Gjensidige’s brand

24 Split earned premiums

Private Nordic

21.4 % Motor 17.3 % 2.7 % Motor Property 29.6 % 5.3 % 10.1 % Property 36.3 % 3.4 % Accident and Health Other Accident and Health 30.9 % 43.0 % Agriculture Other Liability

Commercial Baltics

2.0 % Motor 15.0 % Motor Property 13.4 % 15.3 % 25.1 % Property Accident and Health 5.5 % 2.4 % 3.5 % Other 4.3 % Accident and Health

29.0 % 21.6 % Agriculture Other Liability Liability 63.0 % Marine/Cargo

25 Pension and Savings

Market shares (%)* • Fourth largest player with AUM NOK 12 25.8bn 10 • Defined contribution only, capital light 8 model 6 10.6 4 8.4 9.3 • Significant market potential, 2 supportive environment 0 Portfolio Assets under Recieved assets premium management • Support commercial general insurance customers in Norway Positive development • Distribution through Gjensidige’s Income Cost multichannel model and selected 80 partners 60 • Cost efficient and scalable set-up 40 20 • Support Group ROE-target 0

Q4 2011 Q4 Q22007 Q42007 Q22008 Q42008 Q22009 Q42009 Q22010 Q42010 Q22011 Q22012 Q42012 Q22013 Q42013

* Source: Finance Norway per 30 June 2013 26 Retail Bank

Pre tax profit • Support private general insurance customers in Norway • Secured and unsecured loans

• Savings products 48 50 50 38 43 • Current accounts 27 28 18 20 21 10 14 14 14 • Internet/call-centre distribution and 5 4 sale through insurance sales Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 2010 2010 2011 2011 2012 2012 2013 2013 offices • Around 45% of the customers in Deposits and Lending the Retail Bank are insurance customers NOKm Deposits Lending • Financial targets 18000

• Support Group ROE-target 13000 24,194 14,938 17,324 • Core capital adequacy > 13,5 8000 11,581 per cent 3000

-2000 31.12.2013 31.12.2012 31.12.2013 31.12.2012

27 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.

28 Investor Relations

Janne Flessum Head of Investor Relations [email protected] Mobile: +47 91 51 47 39

Linn Soltvedt Investor Relations Officer [email protected] Mobile: +47 41 11 05 55

Anette Bolstad Investor Relations Officer [email protected] Mobile: +47 41 67 77 22

Address: Schweigaards gate 21, 0191 Oslo, Norway. www.gjensidige.no/ir

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