PRESSMEDDELANDE - 22-05-2014 VARDIA – Q1 – All-time-high sales and strong growth in gross written premiums Vardia Insurance Group ASA experienced a first quarter with all-time-high sales and a strong growth in gross written premiums. Average new sales in the quarter was NOK 83.4 million per month. The gross written premiums of NOK 280.8 million is more than doubled compared to the same quarter last year. Earned premium for own account was NOK 45.9 million. The company’s considerable growth phase affects the cost ratio, and as expected, the Group reports a net loss of NOK 9.9 million for the first quarter of 2014. President & CEO in Vardia Insurance Group ASA, Ivar S. Williksen, says: "The new sales this quarter is very strong. Our portfolio is maturing and the renewals secures us a solid growth in the gross written premiums. Our focus for 2014 will be continued growth in the most profitable segments. Opportunities for growth in the Nordic market is still very good and our ambitions over the next years continues unchanged” The loss ratio in the first quarter (83.9%), is lower than first quarter 2013, and is on schedule for the Group. “The Company is still in an early stage, making significant investments in the organization in order to facilitate further growth. As the premium income grows and the investments decline, the cost ratio will fall to normal levels”, says Ivar S. Williksen. Enclosed is the interim report and investor presentation for the first quarter of 2014. Vardia will present the Q1 results at 08:00 CET at Vika Konferansesenter in Oslo and at 15:00 CET in Stockholm. More information: Ivar S. Williksen, President & CEO in Vardia Insurance Group ASA Phone: +47 91 35 47 99 [email protected] Aleksander H. Nordahl, Communications Director in Vardia Insurance Group ASA Phone: +47 91 33 81 86 [email protected] About Vardia Insurance Group ASA: Vardia Insurance Group ASA is an insurance company focusing on property and casualty insurance for the retail and SME segments in Norway, Sweden and Denmark. The Company is headquartered in Oslo, Norway, with a number of sales and distribution centers spread across Scandinavia. The Company distributes its products primarily through its proactive sales centers, in addition to insurance agents, brokers and price aggregators. The Company currently has 400 employees serving over 100,000 customers and anticipates significant growth. .