Norwegian insurance market and. Gjensidige s ambitions. December 1, 2008

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1 Norwegian insurance market and Gjensidige s ambitions

2 Disclaimer The information contained herein has been prepared by and is the sole responsibility of Gjensidige Forsikring BA ( 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 shareholders, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. 2

3 Agenda I. Overview II. Financial Performance III. Norwegian Insurance Market IV. Gjensidige s ambitions 3

4 Gjensidige Insurance Group Overview Leading Market Position in Norway Market Shares 1) Total Market 30.1% (#1) Private 2) 29.3% (#1) Of which Agriculture 73.5% (#1) Commercial 3) 32.1% (#2) Customers Total number of customers 1,025, ,000 in the private segment 99,000 in the commercial segment FY2006 (GPW) YTD Q (GPW) Nordic/Baltic Operations Diversification into Nordic/Baltic Region Nordic/Baltic 2.6% Norway 97.4% Nordic/Baltic 18.1% Norway 81.9% RESO Europa (Baltics, Jun-2008) Fair and KommuneForsikring (Denmark, Mar-2006, Jan-2007) Parekss (Baltics, Sep-2006) Tennant (Norway and Sweden, Aug-2007) Headcount 30-Sep-2008 Initiatives New Business Areas in Norway New Businesses 732 General Insurance Nordic/Baltic 860 General Insurance Norway 2,085 GPS - Pension and Savings Gjensidige Bank - Online retail bank Hjelp24 NIMI - Market leading health care services provider Total: 3,677 1) The Norwegian Financial Services Association ( FNH ), general insurance per 30-Sep Segments are based on company definitions, but drawn directly from FNH report. Gjensidige market shares include Tennant 2) Products sold to private and agricultural customers. Product groups include: motor, property, personal accident, agriculture and other (travel insurance, leisure boats and animals) 3) Products sold to SME and corporate customers. Product groups include: motor, property, personal accident, liability and marine 4

5 Leading General Insurer in Norway Market Share Private Of which: Agriculture Market Share Commercial 29.3% 27.7% 73.5% 32.6% 32.1% 17.7% 17.8% 12.4% 16.1% 2.1% 4.4% Gjensidige If Vesta Sparebank1 Gjensidige If Vesta If Gjensidige Vesta Sparebank1 Norwegian Market Share Development since Q Gjensidige If Sparebank1 Vesta Source: 5 FNH, general insurance. The definition of Private and Commercial is adjusted to reflect Gjensidige s business model

6 Financial Performance

7 Key Financials Group Figures MNOK Q Q M M Gross written premium 3,446 2,870 13,953 12,385 15,727 Claims ratio gen. ins. 76.0% 72.5% 77.2% 79.6% 78.6% Cost ratio gen. ins. 15.4% 15.9% 16.7% 17.3% 17.5% UW result gen. ins Net financial income ,307 2,820 Profit before tax 1, ,375 3,020 Profit after tax ,313 1,890 2,479 7

8 Key Figures (MNOK) Earned premiums general insurance, net of reinsurance 11,546 11,005 Underwriting result general insurance 693 4,022 3, Q Q M M 2007 Q Q M M 2007 Net financial income Profit before tax 2, , Q Q M M 2007 Q Q M M

9 Combined Ratio Development General Insurance 105.6% 93.7% 23.4% 18.4% 97.2% 17.7% 88.4% 15.9% 93.7% 18.1% 97.9% 18.2% 92.9% 16.6% 91.5% 15.4% 70.3% 87.2% 79.5% 79.6% 72.5% 76.0% 76.2% 76.0% Q Q Q Q Q Q Q Q Loss Ratio Cost Ratio 9

10 Capital Allocation by Segment NOK bn 7.8 1) General Insurance Norway General Insurance Other Nordic General Insurance Baltic GPS Bank Health Excess Intangible assets 30/09/2008 Equity Source: Unaudited financial statements and company data 1) Total intangible assets as at 30/09/2008 (NOK 2.6 bn) less intangibles allocated to General Insurance Norway (NOK 0.5 bn) 10

11 Norwegian Insurance Market

12 Norwegian Insurance Market Players and products Market Players, Premiums as at 30 September 2008 Products, Premiums as at 30 September 2008 MNOK % Gjensidige ,1 % 40 If Skadeforsikring TrygVesta ,1 % 17,8 % 35 SpareBank1 Skadeforsikr ,8 % 30 Terra Skadeforsikring AIG Europe Codan ,7 % 2,6 % 1,6 % % KLP Skadeforsikring Jernbanepersonal Forsikr. Storebrand Skade ,4 % 1,1 % 0,8 % Bluewater Insurance ,7 % 5 Vital NEMI Frende Skadeforsikring Telenor Forsikring Ace European Group ,5 % 0,5 % 0,2 % 0,1 % 0,0 % 100,0 % 0 Motor Fire Workers Comp. Travel Safety Liability Accident Leisure boat Transport Fish farming Other 12 Source: FNH, general insurance

13 Attractive Market Fundamentals Combined Market Share of Top-4 Players Combined Ratio Norwegian Insurance Market 6,1% 93,9% 94,0% 6,0% 13,2% 86,8% Q Top 4 Source: FNH, general insurance Other Characteristics of the Norwegian Market Consolidated market but with new players entering Value focused and ROE focused mutuals Automatic renewal and indexing Integrated value-chain business model Strong national brands and lack of international capital Streamlined processes and high efficiency, low expense ratios 99,2% 99,8% 101,6% 105,5% 108,7% 119,0% 115,4% Source: FNH, general insurance 112,8% Benefits 102,0% 98,7% 90,2% High discipline and rational pricing structure Improved management information systems Increased focus on returns/profitability 91,3% ,9% 93,4% 13

14 Gjensidige s ambitions

15 Group Strategy and Objectives To be a leading and profitable provider of general insurance in Norway. To generate profitable growth in our new business units in order to strengthen this position Optimise Value and Profitability of Norwegian Franchise Deliver sustainable underwriting profitability Expand our affinity and loyalty based client programmes Enhance multi channel distribution strategy Generate Profitable Growth Through Product and Geographic Diversification Broaden product offering to leverage brand and customer base Grow and diversify the Group through our Nordic/Baltic platform Maintain Cost and Capital Discipline Maximise synergies from Group integration to boost operational efficiency Operational cost and capital discipline to permit attractive dividend policy 15

16 Strategic Context for Expansion Strategy Key Competitive Themes Competitors Broadening Product Offering Geographic Diversification Larger local players view entire Nordic region as their natural market If Vesta SpareBank 1 Storebrand DnB NOR (Vital) Product Expansion Competitors leveraging distribution capabilities Establishing one-stop shops General Technological Innovation New technology provides new possibilities for sales and distribution Banking Life Increasing Customer Demands More knowledgeable and sophisticated customers Demand new products and services DnB NOR Nordea Danske Bank SpareBank 1 Storebrand DnB NOR (Vital) Storebrand Nordea Liv SpareBank 1 16

17 Expansion Strategy Increased Diversification FY 2006 (GPW) Nordic/Baltic 2.6% Geographical expansion Gjensidige Sweden Gjensidige Baltics Gjensidige in Denmark Norwegian General Insurance August 2007 acquisition of Tennant June 2008 acquisition of RESO Europa September 2006 acquisition of Parekss March 2006 acquisition of Fair January 2007 acquisition of KommuneForsikring Help24 Gjensidige Pension and Savings Gjensidige Bank Norway 79.0% Norway Norway 100.0% 97.4% YTD Q (GPW) Other 18.1% Norway 81.9% September 2004 January 2006 January 2007 Broadened product range Our expansion strategy leverages our brand and market position and seeks to export best practices and niche product expertise 17

18 Attractive Fundamentals in Nordic markets Market concentration Nordic and Baltic markets Structure of Insurance markets where Gjensidige is operating Key findings 2007 Market Share (%), Total market size M ,650 Others Gjensidige If... TryggVesta Sparebank1 Storebrand DnBNOR Codan 5,635 Others TrygVesta TopDanmark Codan ALM Brand If... Laerer. F. ALKA NyKredit Gjensidige GF Forsykring 7,037 Others LF If... Codan Folksam Zurich Dina Moderna Sveland Europeiska Swedish club 1,080 Others Codan If... ERGO BTA Gjensidige PZU SeeSam RigaRe Four Scandinavian players: -Gjensidige -If -TrygVesta -Codan Danish market least concentrated in Scandinavia Baltic markets are still very fragmented Norway Non-life Denmark Non-life Sweden Non-life Baltic P&C Top 5 Market Share: 91% 68% 75% 65% 18 Note: Danish figure are 2006 Source: Local regulators, Company data, BCG analysis

19 Denmark Expansion Strengthening Gjensidige s competitive edge through economies of scale Strategic Rationale for Gjensidige Synergies will arise from the combination of the Danish subsidiaries and further integration and cooperation with Gjensidige KommuneForsikring gives Gjensidige the unique position as the sole Scandinavian insurance company focused on insuring the Scandinavian municipal sector - being the largest employer in the region Going forward, Gjensidige intends to leverage further on KF s strong position Challenge the well established larger competitors both in the private and commercial market, based on cost efficient solutions and new concepts Market Opportunities Further expansion of municipality products into Sweden. The pricing structure in the Swedish municipal market is more favourable compared to Norway and Denmark and represents an attractive opportunity (workers compensation not included in the product offering at present) Organic growth and sector consolidation in the Danish market 19

20 Denmark Strategy Segment Private Strategy Offer direct insurance solutions to individuals and families at competitive prices Direct distribution through call centres (inbound based), and marketing (outbound based) on leads generated from the existing customer base and the Internet Commercial Offer individual service to clients in 10 target segments (e.g. Communication, Transport, Sport/Entertainment/Culture, Energy, etc.) Distribution primarily through the major brokers Municipalities Deliver specialised services within risk management and risk financing to the producing units of the municipal sector Distribution primarily through public tenders but in cooperation with brokers and the regional sales staff of Gjensidige 20

21 Denmark Average premium. claims costs and frequency Motor private - average premium Property private - average premium Q107 Q Q107 Q108 Motor private Property private 28,00 % 26,00 % 24,00 % 22,00 % 20,00 % 18,00 % 16,00 % 14,00 % 12,00 % Q107 Q ,00 % 26,00 % 24,00 % 22,00 % 20,00 % 18,00 % 16,00 % 14,00 % 12,00 % Q107 Claims frequency Q108 Average claim Claims frequency Average claim 21

22 Integration Framework The group has established an integration framework to maximise value from acquisitions Reinsurance Products/underwriting Brand strategy Finance/capital Synergies through combining reinsurance arrangements at group level Leverage Group underwriting skills to deliver more optimal pricing Leverage Group product capability and deliver revenue synergies over time Leverage Gjensidige s strong brand name and solid reputation in a Nordic/Baltic context Maintain and harmonise local brands to maximise customer affinity Optimise capital structure Enhance portfolio diversity and capital efficiency 22

23 Attractive Nordic general insurance market fundamentals Attractive actionable growth opportunities Attractive returns supported by strong capitalisation Market leader in Norway - strong brand and customer affiliation Scope for further cost and revenue efficiencies Value focused management team with outstanding track record 23

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