Gjensidige Forsikring ASA

Strong Q3 profitability and insurance performance (main driver = claims/underwriting, not just volume) - Profit after tax: NOK 2.077bn in Q3 (significant YoY increase). - General Insurance: insurance service result NOK 3.04bn with combined ratio 73.6%. - Underlying improvement vs last year: driven by disciplined pricing, better risk selection, lower large losses, and continued cost discipline. - Claims environment: the favorable claims conditions from H1 continued into Q3.

Growth: revenue up, but investors should note currency and “non-recurring” comparables - Insurance revenue growth: +3.7% in local currency (or +5.3% excluding a non-recurring Private Norway home seller insurance effect from last year). - Written premium / GWP comments in Q&A: sequential slowdown in NOK is largely FX-driven. - Group level: -1% in Norwegian kroner; +0.9% currency-adjusted. - Key swing: Sweden shows +4.4% in local currency vs -3.2% in SEK-to-NOK translation. - Large message for investors: “underlying” growth remains healthier than the headline NOK numbers due to currency and last year’s comparables.

Costs/capex and restructuring: automation/AI push, but Sweden weaker (bad point) - Cost ratio: 10.7% excluding technology restructuring costs (reflects sustained cost discipline). - Technology restructuring continues to strengthen capabilities for AI/automation/data-driven solutions and efficiency. - Sweden (General Insurance) weaker: insurance service result down NOK 72m YoY due to normalization in midsized claims and temporary digital claims technology costs (cost ratio +2.5pp).