Gjensidige Insurance Group
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1 Gjensidige Insurance Group Helge Leiro Baastad, CEO 10 January 2012
2 Agenda I. Unique history II. Performance record III. Outlook 2
3 200 years of proactive transformation and reinvention s / 1990s Established mutual fire insurers throughout the country Created joint reinsurance company Developed into a financial group offering insurance, pensions, banking and financial services Transformed from mutual federation into integrated mutual group Transformed into a standalone general insurer Initiated geographic growth Expanded into Sweden, Denmark and Baltics through acquisitions Re-entered the pension and savings markets Launced Gjensidige Bank Converted into a public limited company (ASA) Listed on Oslo Børs (Oslo Stock Exchange) 3
4 Cost ratio Employees Significant turnaround from mutual to public company Relentless focus on efficiency improvements 1) 35 3, ,500 2, , , Employees Cost ratio From regional to multichannel distribution Branch offices in Norway down from ~180 in 1999 to 51 in 20 Streamlined processes Internet penetration Stringent capital management Equity grown by more than five times NOKm 16,000 14,000 12,000 10,000 8,000 6, Gross premiums written 4 1) Figures from Norwegian general insurance business.
5 Successful listing and positive share price development Oslo Stock Exchange 10 largest shareholders 1) Geographical distribution of free shares 2) No Shareholder Stake (%) 1 Gjensidigestiftelsen % 6 % 2 Skagenfondene % 53 % 3 Folketrygdfondet Lansdowne Partners % Norway UK USA Europe excl. UK Other 5 DWS Investments Thornburg Investment Mgmt Greenlight Capital Total return since IPO 3) + 25% 8 BlackRock People s Bank of China % 10 Odin Fund Management 0.9 Total 10 largest des 10 feb apr jun aug okt des Gjensidige Forsikring MSCI Europe Index 5 1) Shareholder list based on analysis performed by RD:IR of the register of shareholders in the Norwegian Central Securities Depository (VPS) as per 30 Sept This analysis provides a survey of the shareholders who are behind the nominee accounts. There is no guarantee that the list is complete. 2) Free shares means total shares excluding shares owned by Gjensidigestiftelsen. 3) Source: Bloomberg, 10 Dec 2010 until 2 January 2012
6 Leading domestic position, international growth opportunities Other 21.6 % Gjensidige 26.5 % Other 19.9 % Gjensidige 1.3 % If 18.7 % Sparebank % Norway Folksam 15.5 % Sweden Tryg 16.5 % If 25.1 % Trygg Hansa 15.8 % Länsförsäkringar 28.8 % Other 32.5 % Gjensidige 5.8 % Topdanmark 17.9 % Other 22.4 % Gjensidige 6.9 % If 15.0 % Codan 13.2 % Denmark Alm.Brand 10.0 % Tryg 20.6 % Codan 20.8 % Seesam 7.0 % Baltic Ergo 13.5 % BTA 14.6 % 6 Sources: Finance Norway, general insurance, 30 September 20. The Swedish Insurance Federation, general insurance statistics, 30 September 20. The Danish Insurance Association, general insurance statistics 3 rd quarter Baltic: Insurance Supervisory Authorities of Latvia and Lithuania, Estonia Statistics, competitor reports, and manual corrections on FY2010 statistics.
7 Agenda I. Unique history II. Performance record III. Outlook 7
8 Solid underwriting performance Earned premiums General insurance (NOKm) Combined ratio 1) General insurance (%) 20,000 16, % +12.6% +4.3% +1.2% +9.0% +4.3% , ,000 4, M M M M 20 Cost ratio General insurance (%) M M ) Undiscounted
9 Sound investment returns from conservative asset allocation ROI: 9.2% 6.3% (0.6%) 5.5% 5.2% 3.1% Carrying amount (NOKbn): Fixed income instruments Real estate Hedge funds and other Equities Associated companies 9
10 Strong capital position Capital position as at 30 September 20 (NOKbn) ECR operatonal segments Asset risk (non-life companies) 1) Additional binding capital req. Excess EC over binding req. Bridging ECA and IFRS Equity capital IFRS Equity Capital 10 1) Asset risk reflects two components. Firstly the market and credit risk for the asset exposures not assumed to be financing the general insurance liabilites. Secondly, any risk due to the actual asset portfolio backing the liabilities deviating from the replicating portfolio. Any diversification between asset risk and insurance risk is therefore implicitly allocated within asset risk.
11 Pre-tax RoE (%) Equity (NOKbn) Sound RoE supporting attractive dividend payout Equity and return on equity Dividend payout (NOKm/ %) 30 % % 25 % 20 % 15 % 10 % 5 % % 1, % 1,650 2,350 0 % M 20 Equity RoE (pre-tax) 1) ) Annualized
12 Agenda I. Unique history II. Performance record III. Outlook 12
13 Ambitious financial targets for long-term value creation Combined ratio % as from 20 Cost ratio 15 % by 2015 Pre-tax RoE >15 % Capitalisation Maintain S&P A-rating Attractive dividend policy % payout ratio 13
14 Support products Growth strategy Norway Nordic Baltic Disciplined geographic expansion in general insurance through M&A General insurance Geographical expansion scale Core business Support group RoE target within 3 years Meet combined ratio target within 2-3 years Pension and savings Support products to secure customer loyalty in Norway Online retail banking Meet RoE target in 2 years 14
15 The financial turmoil has limited impact on Gjensidige Total return development since IPO Differentiation from banks % - 9% - 15% - 23% - 38% No need for funding Limited counter party risk Limited exposure to PIIGS Stable demand for insurance products 50 des 10 jan feb mar apr mai jun jul aug sep okt nov des Gjensidige Forsikring ASA EuroStoxx Insurance EuroStoxx Banks 1) Nordic Non-life Nordic Banks 2) 15 Source: Bloomberg as of 3 January Note: Share prices rebased to 100%. 1) Unweighted average performance of Sampo, Tryg, Topdanmark and Alm. Brand. 2) Unweighted average performance of Nordea, Handelsbanken, Swedbank, DnB NOR, SEB, Danske, Pohjola, Jyske Bank and Sydbank.
16 Dividends Dividends Unique policyholder relationship key strength in competitive market Policyholders Structure Maintains benefits of former mutual structure Foundation Shareholders Public shareholders Alignment of interests between the Foundation and public shareholders Gjensidige Foundation distributes dividend to Norwegian policyholders 2010 customer dividend corresponded to 12% of premiums paid Gjensidige Forsikring ASA Increases customer loyalty, decreases churn rates and reduces costs 16
17 Tariff development supports CR target and sustained competitiveness Tariff program Three years after start-up: Indication of important positive effects Example: Private cars Development in loss ratio %-points Major shifts in micro-segment pricing Ensuring profitability in previously bad segments Improving competitiveness in good segments New tariffs: Better risk selection Segmentation by factors currently not used by competitors Oct Sep 20 Future developments Other important product areas in Norway Continuous improvements Implementation in Denmark and Sweden 17
18 Investor Value Proposition Potential for enhanced returns Leading GI group in unique, stable, profitable Nordic market Strong capital position Unique policyholder relationship with winning retention programme Outstanding performance track record Sustainable profitability high, stable dividend 18
19 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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