Gjensidige Forsikring : APMs Gjensidige Forsikring GRoup Q1 2023

Definitions

Alternative performance measures (APM)

Gjensidige Forsikring provides alternative performance measures (APMs) in the financial reports, in addition to the financial figures prepared in accordance with the International Financial Reporting Standards (IFRS). The measures are not defined in IFRS and are not necessarily directly comparable to other companies' performance measures. The APMs are not intended to be a substitute for, or superior to, any IFRS measures of performance, but have been included to provide insight into Gjensidige's performance and represent important measures for how management governs the Group and its business activities.

Key figures that are regulated by IFRS or other legislation, as well as non-financial information, are not regarded as APMs. Gjensidige's APMs are presented in the quarterly report and presentation. All APMs are presented with comparable figures for earlier periods. The APMs have generally been used consistently over time. The implementation of IFRS 17 as of 1.1.2023 resulted in some changes in APMs.

Specification of financial figures is not considered to be APMs, but is used to provide the reader with an additional specification to better understand the financial figures. The same applies to numbers necessary to reconcile totals.

Gjensidige Forsikring Group

Return on equity, annualised (ROE)

This measure provides relevant information for assessment of performance by combining measures on profitability and capital efficiency. ROE is one of the key financial targets for the Group.

Calculated as: profit or loss adjusted for non-controlling interests and Tier 1 dividend, divided by average shareholders' equity less Tier 1 capital and non-controlling interests.

Return on tangible equity, annualised (ROTE)

This measure provides relevant information for assessment of performance by combining measures on profitability and capital efficiency, and gives a better comparison against businesses that have grown organically, versus through mergers and acquisitions.

Calculated as: profit or loss adjusted for non-controlling interests and Tier 1 dividend, divided by average shareholders' tangible equity less Tier 1 capital and non-controlling interests. Tangible equity consists of shareholders' equity less goodwill and other intangible assets.

Financial result investment portfolio

This measure provides relevant information for assessment of performance on total financial assets in the investment portfolio. The figure is expressed in NOK.

Calculated as: net income from investments adjusted for financial income in Pension, interest expense on subordinated debt Gjensidige Forsikring ASA, interest expense on the lease liability and realised gains on subsidiaries.

Return on the investment portfolio

This measure provides relevant information for assessment of performance on total financial assets in the investment portfolio. The figure is expressed as a percentage.

Calculated as: financial result from the investment portfolio, divided by average financial assets and properties.

General Insurance

Gross written premiums

This measure provides relevant information on expected future premiums for the Group's general insurance business, as it comprises total revenue generated through sale of insurance products, regardless of when the income is earned.

Profit performance Group

Large losses, net of reinsurance

This measure is used to provide information on claims which occur more randomly than frequency claims and thus increases understanding of underlying performance. Large losses are defined as claims in excess of NOK 10.0 milion.

Run-off gains and losses, net of reinsurance

This measure is used to show release of excess/insufficient reserves and therefore increase understanding of underlying performance. Run-off gains and losses are defined as changes in reserve estimates from earlier periods.

Calculated as: the total of changes in insurance claims expense and amounts recovered from reinsurance.

Change in risk adjustment, net of reinsurance

This measure is used to show the change in provisions for risk adjustment and therefore increases understanding of underlying performance. Risk adjustment is a liability included in the liability for incurred claims, reflecting the compensation required for bearing the uncertainty about the amount and timing of the cash flows that arise from non-financial risk when the insurance contracts are fulfilled.

Calculated as: the total of risk adjustment on insurance claims expenses and amounts recovered from reinsurance.

Discounting effect

The effect of discounting claims provisions.

Insurance revenue changes in general insurance, local currency

This measure is relevant for understanding the development in insurance revenue excluding currency effects.

Calculated as: the difference in insurance revenue in period A minus insurance revenue in period B, divided by insurance revenue in period B when insurance revenue in period B is calculated with the same exchange rate as period A.

Loss ratio, gross

This measure is used for measuring the share of insurance claims expenses relative to insurance revenue for the general insurance business and is a key financial target for the Group.

Calculated as: insurance claims expenses , divided by insurance revenue.

Net reinsurance ratio

This measure is used for measuring the share of the net expense from reinsurance contracts held relative to insurance revenue for the general insurance business and is a key financial target for the Group.

Calculated as: reinsurance premiums plus amounts recovered from reinsurance, divided by insurance revenue.

Loss ratio, net of reinsurance

This measure is used for measuring the share of insurance claims expenses plus net expenses from reinsurance contracts held, relative to insurance revenue for the general insurance business and is a key financial target for the Group.

Calculated as: loss ratio, gross + net reinsurance ratio.

Cost ratio

This measure is used for measuring the share of insurance operating expenses relative to insurance revenue for the general insurance business and is a key financial target for the Group.

Calculated as: operating expenses, divided by insurance revenue .

Combined ratio

This measure is used for measuring insurance service result profitability for the general insurance business and is a key financial target for the Group. A combined ratio of below 100 per cent means that the insurance service result is positive, whereas a ratio of above 100 per cent indicates a negative insurance service result.

Calculated as: the total of loss ratio, net of reinsurance and cost ratio.

Underlying frequency loss ratio, net of reinsurance

This measure is used for measuring the share of frequency claims incurred relative to insurance revenue for the general insurance business, providing a useful basis for assessing underlying performance, excluding large losses, run-off gains and losses and risk adjustment.

Calculated as: insurance claims expenses + reinsurance premiums + amounts recovered from reinsurance + large losses, net of reinsurance - run-off gains and losses, net of reinsurance + risk adjustment, net of reinsurance, divided by insurance revenue.

Effective tax rate

The effective tax rate is the average tax rate, which may be different from the nominal tax rate, mainly due to realised and unrealised gains and losses on equity investments in the EEA which are not tax payable/tax deductible. This measure is relevant for understanding the Group's tax exposure.

Calculated as: tax expense divided by profit/(loss) before tax expense.

General Insurance - the segments

Insurance revenue in local currency

This measure provides information about the underlying development in insurance revenue, and is of relevance in periods when exchange rates fluctuate from one period to another.

Pension

Assets under management

This measure provides relevant information on the size of the operating business in the Pension segment. This is the total market value of assets in the pension fund.

Return on equity, annualised (ROE) (IFRS 4)

This measure provides relevant information for assessment of performance by combining measures on profitability and capital efficiency.

Calulated as: segment result/profit/(loss) after tax expense divided by average shareholders' equity.

Reconciliations

Alternative performance measures (APM)
QTD	QTD	YTD	YTD	Full Year
NOK millions	31/3/2023	31/3/2022	31/3/2023	31/3/2022	31/12/2022
Gjensidige Forsikring Group
Equity per share
Total equity attributable to owners of the company	21,543.2	21,312.8	23,958.8
Issued shares, at the end of the period	500	500	500
Equity per share	43.1	42.6	47.9
Return on equity, annualised and return on tangible equity, annualised
Profit or loss	1,147.0	954.6	3,437.8
Non-controlling interests	-0.6	0.0	0.0
Tier 1 dividend	16.5	9.6	48.3
Profit or loss for calculating the return on equity	1,131.0	945.0	3,389.6
Average shareholders' equity (less Tier 1 capital and non-controlling interests)	22,546.9	22,789.7	21,963.4
Average shareholders' equity (less Tier 1 capital, non-controlling interests and intangible assets)	14,722.5	16,785.0	15,057.4
Return on equity, annualised	20.1 %	16.6 %	15.4 %
Return on tangible equity, annualised	30.7 %	22.5 %	22.5 %
Financial result from the investment portfolio and Return on the investment portfolio
Net income from investments	826.7	-694.1	826.7	-694.1	-2,286.3
Financial income in Pension	-84.4	316.6	-84.4	316.6	449.6
Interest expense on subordinated debt Gjensidige Forsikring ASA	27.6	13.8	27.6	13.8	74.2
Interest expense on the lease liability	8.5	8.1	8.5	8.1	30.0
Realised gain or loss on joint venture	16.0	-772.7	16.0	-772.7	-783.8
Financial result investment portfolio	794.3	-1,128.4	794.3	-1,128.4	-2,516.2
Average financial assets and properties	59,837.5	61,312.0	59,837.5	61,312.0	58,235.5
Return on investment portfolio	1.3 %	-1.8 %	1.3 %	-1.8 %	-4.3 %
Profit performance Group and the General Insurance segments
Insurance service result Group
Insurance revenue	8,649.9	7,841.6	8,649.9	7,841.6	32,638.8
Insurance claims expense	- 6,297.5	- 5,800.6	- 6,297.5	- 5,800.6	- 22,323.8
Operating expenses	- 1,172.8	- 1,065.9	- 1,172.8	- 1,065.9	- 4,373.1
Reinsurance premiums	- 174.6	- 154.4	- 174.6	- 154.4	- 673.0
Amounts recovered from reinsurance	85.2	99.5	85.2	99.5	308.0
Insurance service result Group	1,090.2	920.4	1,090.2	920.4	5,576.9
Insurance service result Pension
Insurance revenue	118.2	108.5	118.2	108.5	421.1
Insurance claims expense	- 122.8	- 69.6	- 122.8	- 69.6	- 330.3
Operating expenses	- 30.5	- 26.5	- 30.5	- 26.5	- 113.2
Reinsurance premiums	- 0.0	2.5	- 0.0	2.5	- 1.9
Amounts recovered from reinsurance	10.7	1.7	10.7	1.7	65.1
Insurance service result Pension	- 24.5	16.6	- 24.5	16.6	40.7
Insurance service result General Insurance
Insurance revenue	8,531.7	7,733.1	8,531.7	7,733.1	32,217.7
Insurance claims expense	- 6,174.7	- 5,731.0	- 6,174.7	- 5,731.0	- 21,993.4
Operating expenses	- 1,142.3	- 1,039.4	- 1,142.3	- 1,039.4	- 4,259.9
Reinsurance premiums	- 174.5	- 156.8	- 174.5	- 156.8	- 671.1
Amounts recovered from reinsurance	74.5	97.8	74.5	97.8	242.8
Insurance service result General Insurance	1,114.8	903.7	1,114.8	903.7	5,536.2
Effective tax rate
Profit or loss before tax expense	1,491.5	1,037.3	1,491.5	1,037.3	4,317.5
Tax expense	- 344.5	- 82.7	- 344.5	- 82.7	- 879.7
Effective tax rate	23.1 %	8.0 %	23.1 %	8.0 %	20.4 %
Loss ratio gross Private
Insurance claims expenses	-1,794.2	-1,674.6	-1,794.2	-1,674.6	-6,514.1
Insurance revenue	2,699.7	2,567.3	2,699.7	2,567.3	10,800.4
Loss ratio gross Private	66.5 %	65.2 %	66.5 %	65.2 %	60.3 %
Loss ratio gross Commercial
Insurance claims expenses	-2,393.9	-2,164.2	-2,393.9	-2,164.2	-7,917.3
Insurance revenue	3,044.6	2,779.4	3,044.6	2,779.4	11,512.9
Loss ratio gross Commercial	78.6 %	77.9 %	78.6 %	77.9 %	68.8 %
Loss ratio gross Denmark
Insurance claims expenses	-1,385.2	-1,285.2	-1,385.2	-1,285.2	-4,959.0
Insurance revenue	1,906.1	1,606.1	1,906.1	1,606.1	6,631.9
Loss ratio gross Denmark	72.7 %	80.0 %	72.7 %	80.0 %	74.8 %
Loss ratio gross Sweden
Insurance claims expenses	-334.5	-300.7	-334.5	-300.7	-1,374.7
Insurance revenue	458.2	404.5	458.2	404.5	1,699.5
Loss ratio gross Sweden	73.0 %	74.3 %	73.0 %	74.3 %	80.9 %
Loss ratio gross Baltics
Insurance claims expenses	-262.5	-260.0	-262.5	-260.0	-1,017.9
Insurance revenue	364.7	311.2	364.7	311.2	1,296.5
Loss ratio gross Baltics	72.0 %	83.5 %	72.0 %	83.5 %	78.5 %
Loss ratio gross General Insurance
Insurance claims expenses	-6,174.7	-5,731.0	-6,174.7	-5,731.0	-21,993.4
Insurance revenue	8,531.7	7,733.1	8,531.7	7,733.1	32,217.7
Loss ratio gross General Insurance	72.4 %	74.1 %	72.4 %	74.1 %	68.3 %
Net reinsurance ratio Private
Reinsurance premiums	-15.9	-17.3	-15.9	-17.3	-71.3
Amounts recovered from reinsurance	0.3	16.1	0.3	16.1	30.7
Insurance revenue	2,699.7	2,567.3	2,699.7	2,567.3	10,800.4
Net reinsurance ratio Private	0.6 %	0.0 %	0.6 %	0.0 %	0.4 %
Net reinsurance ratio Commercial
Reinsurance premiums	-77.7	-75.8	-77.7	-75.8	-346.4
Amounts recovered from reinsurance	67.9	128.3	67.9	128.3	293.9
Insurance revenue	3,044.6	2,779.4	3,044.6	2,779.4	11,512.9
Net reinsurance ratio Commercial	0.3 %	-1.9 %	0.3 %	-1.9 %	0.5 %
Net reinsurance ratio Denmark
Reinsurance premiums	-54.0	-47.4	-54.0	-47.4	-184.3
Amounts recovered from reinsurance	17.6	108.7	17.6	108.7	159.8
Insurance revenue	1,906.1	1,606.1	1,906.1	1,606.1	6,631.9
Net reinsurance ratio Denmark	1.9 %	-3.8 %	1.9 %	-3.8 %	0.4 %
Net reinsurance ratio Sweden
Reinsurance premiums	-4.9	-4.3	-4.9	-4.3	-16.1
Amounts recovered from reinsurance	5.0	12.3	5.0	12.3	114.2
Insurance revenue	458.2	404.5	458.2	404.5	1,699.5
Net reinsurance ratio Sweden	-0.0 %	-2.0 %	-0.0 %	-2.0 %	-5.8 %
Net reinsurance ratio Baltics
Reinsurance premiums	-11.9	-8.9	-11.9	-8.9	-45.2
Amounts recovered from reinsurance	7.5	1.8	7.5	1.8	49.3
Insurance revenue	364.7	311.2	364.7	311.2	1,296.5
Net reinsurance ratio Baltics	1.2 %	2.3 %	1.2 %	2.3 %	-0.3 %
Net reinsurance ratio General Insurance
Reinsurance premiums	-174.5	-156.8	-174.5	-156.8	-671.1
Amounts recovered from reinsurance	74.5	97.8	74.5	97.8	242.8
Insurance revenue	8,531.7	7,733.1	8,531.7	7,733.1	32,217.7
Net reinsurance ratio General Insurance	1.2 %	0.8 %	1.2 %	0.8 %	1.3 %
Loss ratio net of reinsurance Private
Loss ratio gross	66.5 %	65.2 %	66.5 %	65.2 %	60.3 %
Net reinsurance ratio	0.6 %	0.0 %	0.6 %	0.0 %	0.4 %
Loss ratio net of reinsurance Private	67.0 %	65.3 %	67.0 %	65.3 %	60.7 %
Loss ratio net of reinsurance Commercial
Loss ratio gross	78.6 %	77.9 %	78.6 %	77.9 %	68.8 %
Net reinsurance ratio	0.3 %	-1.9 %	0.3 %	-1.9 %	0.5 %
Loss ratio net of reinsurance Commercial	78.9 %	76.0 %	78.9 %	76.0 %	69.2 %
Loss ratio net of reinsurance Denmark
Loss ratio gross	72.7 %	80.0 %	72.7 %	80.0 %	74.8 %
Net reinsurance ratio	1.9 %	-3.8 %	1.9 %	-3.8 %	0.4 %
Loss ratio net of reinsurance Denmark	74.6 %	76.2 %	74.6 %	76.2 %	75.1 %
Loss ratio net of reinsurance Sweden
Loss ratio gross	73.0 %	74.3 %	73.0 %	74.3 %	80.9 %
Net reinsurance ratio	-0.0 %	-2.0 %	-0.0 %	-2.0 %	-5.8 %
Loss ratio net of reinsurance Sweden	73.0 %	72.4 %	73.0 %	72.4 %	75.1 %
Loss ratio net of reinsurance Baltics
Loss ratio gross	72.0 %	83.5 %	72.0 %	83.5 %	78.5 %
Net reinsurance ratio	1.2 %	2.3 %	1.2 %	2.3 %	-0.3 %
Loss ratio net of reinsurance Baltics	73.2 %	85.8 %	73.2 %	85.8 %	78.2 %
Loss ratio net of reinsurance General Insurance
Loss ratio gross	72.4 %	74.1 %	72.4 %	74.1 %	68.3 %
Net reinsurance ratio	1.2 %	0.8 %	1.2 %	0.8 %	1.3 %
Loss ratio net of reinsurance General Insurance	73.5 %	74.9 %	73.5 %	74.9 %	69.6 %
Cost ratio Private
Operating expenses	- 355.9	- 316.0	- 355.9	- 316.0	- 1,349.7
Insurance revenue	2,699.7	2,567.3	2,699.7	2,567.3	10,800.4
Cost ratio Private	13.2 %	12.3 %	13.2 %	12.3 %	12.5 %
Cost ratio Commercial
Operating expenses	- 248.0	- 229.3	- 248.0	- 229.3	- 944.7
Insurance revenue	3,044.6	2,779.4	3,044.6	2,779.4	11,512.9
Cost ratio Commercial	8.1 %	8.2 %	8.1 %	8.2 %	8.2 %
Cost ratio Denmark
Operating expenses	- 255.2	- 221.1	- 255.2	- 221.1	- 932.3
Insurance revenue	1,906.1	1,606.1	1,906.1	1,606.1	6,631.9
Cost ratio Denmark	13.4 %	13.8 %	13.4 %	13.8 %	14.1 %
Cost ratio Sweden
Operating expenses	- 69.8	- 66.3	- 69.8	- 66.3	- 260.9
Insurance revenue	458.2	404.5	458.2	404.5	1,699.5
Cost ratio Sweden	15.2 %	16.4 %	15.2 %	16.4 %	15.4 %
Cost ratio Baltics
Operating expenses	- 105.4	- 87.8	- 105.4	- 87.8	- 358.4
Insurance revenue	364.7	311.2	364.7	311.2	1,296.5
Cost ratio Baltics	28.9 %	28.2 %	28.9 %	28.2 %	27.6 %
Cost ratio General Insurance
Operating expenses	- 1,142.3	- 1,039.4	- 1,142.3	- 1,039.4	- 4,259.9
Insurance revenue	8,531.7	7,733.1	8,531.7	7,733.1	32,217.7
Cost ratio General Insurance	13.4 %	13.4 %	13.4 %	13.4 %	13.2 %
Combined ratio Private
Loss ratio net of reinsurance	67.0 %	65.3 %	67.0 %	65.3 %	60.7 %
Cost ratio	13.2 %	12.3 %	13.2 %	12.3 %	12.5 %
Combined ratio Private	80.2 %	77.6 %	80.2 %	77.6 %	73.2 %
Combined ratio Commercial
Loss ratio net of reinsurance	78.9 %	76.0 %	78.9 %	76.0 %	69.2 %
Cost ratio	8.1 %	8.2 %	8.1 %	8.2 %	8.2 %
Combined ratio Commercial	87.1 %	84.2 %	87.1 %	84.2 %	77.4 %
Combined ratio Denmark
Loss ratio net of reinsurance	74.6 %	76.2 %	74.6 %	76.2 %	75.1 %
Cost ratio	13.4 %	13.8 %	13.4 %	13.8 %	14.1 %
Combined ratio Denmark	88.0 %	90.0 %	88.0 %	90.0 %	89.2 %
Combined ratio Sweden
Loss ratio net of reinsurance	73.0 %	72.4 %	73.0 %	72.4 %	75.1 %
Cost ratio	15.2 %	16.4 %	15.2 %	16.4 %	15.4 %
Combined ratio Sweden	88.2 %	88.8 %	88.2 %	88.8 %	90.5 %
Combined ratio Baltics
Loss ratio net of reinsurance	73.2 %	85.8 %	73.2 %	85.8 %	78.2 %
Cost ratio	28.9 %	28.2 %	28.9 %	28.2 %	27.6 %
Combined ratio Baltics	102.1 %	114.0 %	102.1 %	114.0 %	105.8 %
Combined ratio General Insurance
Loss ratio net of reinsurance	73.5 %	74.9 %	73.5 %	74.9 %	69.6 %
Cost ratio	13.4 %	13.4 %	13.4 %	13.4 %	13.2 %
Combined ratio General Insurance	86.9 %	88.3 %	86.9 %	88.3 %	82.8 %
Underlying frequency loss ratio net of reinsurance Private
Insurance claims expense	- 1,794.2	- 1,674.6	- 1,794.2	- 1,674.6	- 6,514.1
Net expense from reinsurance	- 15.5	- 1.2	- 15.5	- 1.2	- 40.6
Large losses, net	18.2	31.0	18.2	31.0	77.0
Run-off gains/losses, net	51.5	- 52.9	51.5	- 52.9	- 22.6
Risk adjustment, net of reinsurance	- 28.8	8.6	- 28.8	8.6	10.7
Insurance revenue	2,699.7	2,567.3	2,699.7	2,567.3	10,800.4
Underlying frequency loss ratio net of reinsurance Private	67.2 %	62.3 %	67.2 %	62.3 %	59.9 %
Underlying frequency loss ratio net of reinsurance Commercial
Insurance claims expense	- 2,393.9	- 2,164.2	- 2,393.9	- 2,164.2	- 7,917.3
Net expense from reinsurance	- 9.8	52.5	- 9.8	52.5	- 52.5
Large losses, net	169.8	206.4	169.8	206.4	623.5
Run-off gains/losses, net	- 40.5	55.7	- 40.5	55.7	262.1
Risk adjustment, net of reinsurance	12.9	0.1	12.9	0.1	- 22.1
Insurance revenue	3,044.6	2,779.4	3,044.6	2,779.4	11,512.9
Underlying frequency loss ratio net of reinsurance Commercial	72.5 %	70.6 %	72.5 %	70.6 %	65.9 %
Underlying frequency loss ratio net of reinsurance Denmark
Insurance claims expense	- 1,385.2	- 1,285.2	- 1,385.2	- 1,285.2	- 4,959.0
Net expense from reinsurance	- 36.4	61.3	- 36.4	61.3	- 24.5
Large losses, net	16.5	43.9	16.5	43.9	115.7
Run-off gains/losses, net	43.1	- 29.5	43.1	- 29.5	- 39.3
Risk adjustment, net of reinsurance	0.8	15.2	0.8	15.2	18.5
Insurance revenue	1,906.1	1,606.1	1,906.1	1,606.1	6,631.9
Underlying frequency loss ratio net of reinsurance Denmark	76.0 %	72.6 %	76.0 %	72.6 %	73.1 %
Underlying frequency loss ratio net of reinsurance Sweden
Insurance claims expense	- 334.5	- 300.7	- 334.5	- 300.7	- 1,374.7
Net expense from reinsurance	0.1	8.0	0.1	8.0	98.1
Large losses, net	- 0	11.1	- 0	11.1	41.5
Run-off gains/losses, net	29.8	- 2.5	29.8	- 2.5	24.6
Risk adjustment, net of reinsurance	8.0	19.5	8.0	19.5	34.6
Insurance revenue	458.2	404.5	458.2	404.5	1,699.5
Underlying frequency loss ratio net of reinsurance Sweden	81.2 %	73.8 %	81.2 %	73.8 %	76.2 %
Underlying frequency loss ratio net of reinsurance Baltics
Insurance claims expense	- 262.5	- 260.0	- 262.5	- 260.0	- 1,017.9
Net expense from reinsurance	- 4.3	- 7.2	- 4.3	- 7.2	4.0
Large losses, net	- 0	- 0	- 0	- 0	- 0
Run-off gains/losses, net	17.1	8.3	17.1	8.3	23.6
Risk adjustment, net of reinsurance	3.1	1.0	3.1	1.0	2.8
Insurance revenue	364.7	311.2	364.7	311.2	1,296.5
Underlying frequency loss ratio net of reinsurance Baltics	78.7 %	88.8 %	78.7 %	88.8 %	80.2 %
Underlying frequency loss ratio net of reinsurance General Insurance
Insurance claims expense	- 6,174.7	- 5,731.0	- 6,174.7	- 5,731.0	- 21,993.4
Net expense from reinsurance	- 100.0	- 59.0	- 100.0	- 59.0	- 428.3
Large losses, net	213.2	474.9	213.2	474.9	1,225.3
Run-off gains/losses, net	67.7	- 14.6	67.7	- 14.6	256.4
Risk adjustment, net of reinsurance	32.8	48.1	32.8	48.1	44.0
Insurance revenue	8,531.7	7,733.1	8,531.7	7,733.1	32,217.7
Underlying frequency loss ratio net of reinsurance General Insurance	72.2 %	69.2 %	72.2 %	69.2 %	66.7 %

Basis for calculations

Gjensidige Forsikring Group	Gjensidige Forsikring Group	Gjensidige Forsikring Group	Gjensidige Forsikring Group	Gjensidige Forsikring Group
Actual	Actual	Actual	Actual	Actual
IFRS incl. EV	IFRS incl. EV	IFRS incl. EV	IFRS incl. EV	IFRS incl. EV
Total Data Source	Total Data Source	Total Data Source	Total Data Source	Total Data Source
Intercompany Top	Intercompany Top	Intercompany Top	Intercompany Top	Intercompany Top
Parent Currency	Parent Currency	Parent Currency	Parent Currency	Parent Currency
Entity Total	Entity Total	Entity Total	Entity Total	Entity Total
Total Product	Total Product	Total Product	Total Product	Total Product
Total Measure	Total Measure	Total Measure	Total Measure	Total Measure
QTD	QTD	YTD	YTD	YTD
2023	2022	2023	2022	2022
Mar	Mar	Mar	Mar	Dec
Total Segment	Closing Balance	Total equity attributable to owners of the company GF20850x	21,543.2	21,312.8	21,543.2	21,312.8	23,958.8
Total Segment	Closing Balance	Profit/(loss) before other comprehensive income GF91000x	1,147.0	954.6	1,147.0	954.6	3,437.8
Total Segment	Closing Balance	The non-controlling interests' share of profit/(loss) GF930000	-0.6	0.0	-0.6	0.0	0.0
Total Segment	Accrued dividend Tier 1 capital	Perpetual Tier 1 capital GF207430	16.5	9.6	16.5	9.6	48.3
Total Segment	Closing Balance	Average shareholders' equity	22,546.9	22,789.7	22,546.9	22,789.7	21,963.4
Total Segment	Closing Balance	Average shareholders' tangible equity	14,722.5	16,785.0	14,722.5	16,785.0	15,057.4
Total Segment	Closing Balance	Total investment income GF80100x	826.7	-694.1	826.7	-694.1	-2,286.3
Pension	Closing Balance	Total investment income GF80100x	84.4	-316.6	84.4	-316.6	-449.6
Total Segment	Closing Balance	Dividend from subsidiaries GF80111E	0.0	0.0	0.0	0.0	0.0
Total Segment	Closing Balance	Interest expenses on subordinated loan GF801600	-27.6	-13.8	-27.6	-13.8	-74.2
Total Segment	Closing Balance	ROU - Interest expense GF801530	-8.5	-8.1	-8.5	-8.1	-30.0
Total Segment	Closing Balance	Realised gains and losses on subsidiaries GF801160	-16.0	0.0	-16.0	0.0	0.1
Total Segment	Closing Balance	Realised gains and losses on associates and joint ventures GF801170	0.0	772.7	0.0	772.7	783.7
Finance	Closing Balance	Financial result from the investment portfolio	794.1	-1,128.4	794.1	-1,128.4	-2,516.3
Total Segment	Closing Balance	Average financial assets and properties, year-to-date	59,837.5	61,312.0	59,837.5	61,312.0	58,235.5
Total Segment	Closing Balance	Average financial assets and properties, quarter	59,837.5	61,312.0	59,837.5	61,312.0	57,046.7
Private	Closing Balance	Total insurance revenue GF30100x	2,699.7	2,567.3	2,699.7	2,567.3	10,800.4
Private	Closing Balance	Total Insurance service expenses - claims GF40100x	-1,794.2	-1,674.6	-1,794.2	-1,674.6	-6,514.1
Private	Closing Balance	Operating expenses	-355.9	-316.0	-355.9	-316.0	-1,349.7
Private	Closing Balance	Total insurance service result before reinsurance contracts held GF50500x	549.6	576.8	549.6	576.8	2,936.5
Private	Closing Balance	Reinsurance premiums	-15.9	-17.3	-15.9	-17.3	-71.3
Private	Closing Balance	Amounts recovered from reinsurance	0.3	16.1	0.3	16.1	30.7
Private	Closing Balance	Run-off gains and losses, net of reinsurance	51.5	-52.9	51.5	-52.9	-22.6
Private	Closing Balance	Large losses Net of reinsurance - KF402000	18.2	31.0	18.2	31.0	77.0
Private	Closing Balance	Net expense from reinsurance contracts held (ceded reinsurance) GF50600x	-15.5	-1.2	-15.5	-1.2	-40.6
Private	Closing Balance	Change in risk adjustment, net of reinsurance	-28.8	8.6	-28.8	8.6	10.7
Commercial	Closing Balance	Total insurance revenue GF30100x	3,044.6	2,779.4	3,044.6	2,779.4	11,512.9
Commercial	Closing Balance	Total Insurance service expenses - claims GF40100x	-2,393.9	-2,164.2	-2,393.9	-2,164.2	-7,917.3
Commercial	Closing Balance	Operating expenses	-248.0	-229.3	-248.0	-229.3	-944.7
Commercial	Closing Balance	Total insurance service result before reinsurance contracts held GF50500x	402.6	385.9	402.6	385.9	2,650.9
Commercial	Closing Balance	Reinsurance premiums	-77.7	-75.8	-77.7	-75.8	-346.4
Commercial	Closing Balance	Amounts recovered from reinsurance	67.9	128.3	67.9	128.3	293.9
Commercial	Closing Balance	Run-off gains and losses, net of reinsurance	-40.5	55.7	-40.5	55.7	262.1
Commercial	Closing Balance	Large losses Net of reinsurance - KF402000	169.8	206.4	169.8	206.4	623.5
Commercial	Closing Balance	Net expense from reinsurance contracts held (ceded reinsurance) GF50600x	-9.8	52.5	-9.8	52.5	-52.5
Commercial	Closing Balance	Change in risk adjustment, net of reinsurance	12.9	0.1	12.9	0.1	-22.1
Denmark	Closing Balance	Total insurance revenue GF30100x	1,906.1	1,606.1	1,906.1	1,606.1	6,631.9
Denmark	Closing Balance	Total Insurance service expenses - claims GF40100x	-1,385.2	-1,285.2	-1,385.2	-1,285.2	-4,959.0
Denmark	Closing Balance	Operating expenses	-255.2	-221.1	-255.2	-221.1	-932.3
Denmark	Closing Balance	Total insurance service result before reinsurance contracts held GF50500x	265.7	99.9	265.7	99.9	740.6
Denmark	Closing Balance	Reinsurance premiums	-54.0	-47.4	-54.0	-47.4	-184.3
Denmark	Closing Balance	Amounts recovered from reinsurance	17.6	108.7	17.6	108.7	159.8
Denmark	Closing Balance	Run-off gains and losses, net of reinsurance	43.1	-29.5	43.1	-29.5	-39.3
Denmark	Closing Balance	Large losses Net of reinsurance - KF402000	16.5	43.9	16.5	43.9	115.7
Denmark	Closing Balance	Net expense from reinsurance contracts held (ceded reinsurance) GF50600x	-36.4	61.3	-36.4	61.3	-24.5
Denmark	Closing Balance	Change in risk adjustment, net of reinsurance	0.8	15.2	0.8	15.2	18.5
Sweden	Closing Balance	Total insurance revenue GF30100x	458.2	404.5	458.2	404.5	1,699.5
Sweden	Closing Balance	Total Insurance service expenses - claims GF40100x	-334.5	-300.7	-334.5	-300.7	-1,374.7
Sweden	Closing Balance	Operating expenses	-69.8	-66.3	-69.8	-66.3	-260.9
Sweden	Closing Balance	Total insurance service result before reinsurance contracts held GF50500x	53.9	37.5	53.9	37.5	63.9
Sweden	Closing Balance	Reinsurance premiums	-4.9	-4.3	-4.9	-4.3	-16.1
Sweden	Closing Balance	Amounts recovered from reinsurance	5.0	12.3	5.0	12.3	114.2
Sweden	Closing Balance	Run-off gains and losses, net of reinsurance	29.8	-2.5	29.8	-2.5	24.6
Sweden	Closing Balance	Large losses Net of reinsurance - KF402000	0.0	11.1	0.0	11.1	41.5
Sweden	Closing Balance	Net expense from reinsurance contracts held (ceded reinsurance) GF50600x	0.1	8.0	0.1	8.0	98.1
Sweden	Closing Balance	Change in risk adjustment, net of reinsurance	8.0	19.5	8.0	19.5	34.6
Baltics	Closing Balance	Total insurance revenue GF30100x	364.7	311.2	364.7	311.2	1,296.5
Baltics	Closing Balance	Total Insurance service expenses - claims GF40100x	-262.5	-260.0	-262.5	-260.0	-1,017.9
Baltics	Closing Balance	Operating expenses	-105.4	-87.8	-105.4	-87.8	-358.4
Baltics	Closing Balance	Total insurance service result before reinsurance contracts held GF50500x	-3.2	-36.5	-3.2	-36.5	-79.8
Baltics	Closing Balance	Reinsurance premiums	-11.9	-8.9	-11.9	-8.9	-45.2
Baltics	Closing Balance	Amounts recovered from reinsurance	7.5	1.8	7.5	1.8	49.3
Baltics	Closing Balance	Run-off gains and losses, net of reinsurance	17.1	8.3	17.1	8.3	23.6
Baltics	Closing Balance	Large losses Net of reinsurance - KF402000	0.0	0.0	0.0	0.0	0.0
Baltics	Closing Balance	Net expense from reinsurance contracts held (ceded reinsurance) GF50600x	-4.3	-7.2	-4.3	-7.2	4.0
Baltics	Closing Balance	Change in risk adjustment, net of reinsurance	3.1	1.0	3.1	1.0	2.8
Total Segment	Closing Balance	Total insurance revenue GF30100x	8,649.9	7,841.6	8,649.9	7,841.6	32,638.8
Total Segment	Closing Balance	Total Insurance service expenses - claims GF40100x	-6,297.5	-5,800.6	-6,297.5	-5,800.6	-22,323.8
Total Segment	Closing Balance	Operating expenses	-1,172.8	-1,065.9	-1,172.8	-1,065.9	-4,373.1
Total Segment	Closing Balance	Total insurance service result before reinsurance contracts held GF50500x	1,179.6	975.2	1,179.6	975.2	5,942.0
Total Segment	Closing Balance	Reinsurance premiums	-174.6	-154.4	-174.6	-154.4	-673.0
Total Segment	Closing Balance	Amounts recovered from reinsurance	85.2	99.5	85.2	99.5	308.0
Total Segment	Closing Balance	Run-off gains and losses, net of reinsurance	67.7	-14.6	67.7	-14.6	256.4
Total Segment	Closing Balance	Large losses Net of reinsurance - KF402000	213.2	474.9	213.2	474.9	1,225.3
Total Segment	Closing Balance	Net expense from reinsurance contracts held (ceded reinsurance) GF50600x	-89.4	-54.8	-89.4	-54.8	-365.1
Total Segment	Closing Balance	Change in risk adjustment, net of reinsurance	32.8	48.1	32.8	48.1	46.0
Pension	Closing Balance	Total insurance revenue GF30100x	118.2	108.5	118.2	108.5	421.1
Pension	Closing Balance	Total Insurance service expenses - claims GF40100x	-122.8	-69.6	-122.8	-69.6	-330.3
Pension	Closing Balance	Operating expenses	-30.5	-26.5	-30.5	-26.5	-113.2
Pension	Closing Balance	Total insurance service result before reinsurance contracts held GF50500x	-35.2	12.5	-35.2	12.5	-22.5
Pension	Closing Balance	Reinsurance premiums	-0.0	2.5	-0.0	2.5	-1.9
Pension	Closing Balance	Amounts recovered from reinsurance	10.7	1.7	10.7	1.7	65.1
Pension	Closing Balance	Run-off gains and losses, net of reinsurance	0.0	0.0	0.0	0.0	0.0
Pension	Closing Balance	Large losses Net of reinsurance - KF402000	0.0	0.0	0.0	0.0	0.0
Pension	Closing Balance	Net expense from reinsurance contracts held (ceded reinsurance) GF50600x	10.6	4.2	10.6	4.2	63.2
Pension	Closing Balance	Change in risk adjustment, net of reinsurance	0.0	0.0	0.0	0.0	1.9
General insurance (Ex. reass fra GPF)	Closing Balance	Total insurance revenue GF30100x	8,531.7	7,733.1	8,531.7	7,733.1	32,217.7
General insurance (Ex. reass fra GPF)	Closing Balance	Total Insurance service expenses - claims GF40100x	-6,174.7	-5,731.0	-6,174.7	-5,731.0	-21,993.4
General insurance (Ex. reass fra GPF)	Closing Balance	Operating expenses	-1,142.3	-1,039.4	-1,142.3	-1,039.4	-4,259.9
General insurance (Ex. reass fra GPF)	Closing Balance	Total insurance service result before reinsurance contracts held GF50500x	1,214.8	962.8	1,214.8	962.8	5,964.4
General insurance (Ex. reass fra GPF)	Closing Balance	Reinsurance premiums	-174.5	-156.8	-174.5	-156.8	-671.1
General insurance (Ex. reass fra GPF)	Closing Balance	Amounts recovered from reinsurance	74.5	97.8	74.5	97.8	242.8
General insurance (Ex. reass fra GPF)	Closing Balance	Run-off gains and losses, net of reinsurance	67.7	-14.6	67.7	-14.6	256.4
General insurance (Ex. reass fra GPF)	Closing Balance	Large losses Net of reinsurance - KF402000	213.2	474.9	213.2	474.9	1,225.3
General insurance (Ex. reass fra GPF)	Closing Balance	Net expense from reinsurance contracts held (ceded reinsurance) GF50600x	-100.0	-59.0	-100.0	-59.0	-428.3
General insurance (Ex. reass fra GPF)	Closing Balance	Change in risk adjustment, net of reinsurance	32.8	48.1	32.8	48.1	44.0
Total Segment	Closing Balance	Profit/(loss) before tax expense GF90000x	1,491.5	1,037.3	1,491.5	1,037.3	4,317.5
Total Segment	Closing Balance	Tax expense GF911110	-344.5	-82.7	-344.5	-82.7	-882.5
Total Segment	Closing Balance	Tax adjustments previous years GF911120	0.0	0.0	0.0	0.0	2.8

_x000D_&1#&"Calibri"&10&K000000 Classified: General Business