Gjensidige Insurance Group Q and preliminary 2008

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1 Gjensidige Insurance Group Q and preliminary 2008

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 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 EC 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. This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order ) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as relevant persons ). Any investment activity to which this communication may relate is only available to, and any invitation, offer or agreement to engage in such investment activity will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. This document may not be taken, transmitted or distributed, directly or indirectly, in or into the United States, Canada, Japan or Australia. These materials are not an offer for sale of any securities of the Company in the United States. Securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of The Company does not intend to register any portion of any offering in the United States or to conduct a public offering of any securities in the United States. By attending this presentation and/or accepting a copy of this document, you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer including, without limitation, the obligation to keep this document and its contents confidential. 2

3 Agenda I. Highlights II. Financial Performance III. Performance by Business Area IV. Investment Performance 3

4 Q4 highlights Positive premiums development in general insurance operations. Growth in premiums earned, net of reinsurance, of MNOK 92 compared to Q4 2007, corresponding to a 2.4 per cent growth Continued good profitability in general insurance operations. The underwriting result amounted to MNOK 167 (MNOK 220). The reduction is mainly due to an increase in larger claims in the Commercial Norway operations. Combined ratio was 95.7 (94.1) Operating expenses increased with MNOK 18. Cost ratio in General Insurance of 18.0 (18.1) Net financial loss of MNOK 737 (gain on MNOK 513), including the following effects on the investment in Storebrand: Further impairment over profit and loss of MNOK 736 Negative goodwill of MNOK 79 (as per reclassification from available for sale to investment in associates) Positive result Q of MNOK 183 (24.33 per cent, including tax and amortization of excess value) Loss before tax of MNOK 653 (profit before tax of MNOK 645) The combination of good underwriting profitability and financial strength and flexibility gives Gjensidige many options for further growth and development 4

5 Outlook The target for the combined ratio for the general insurance business is being lowered from the current level of 97 to from 2011 Claims expenses are to be reduced by between MNOK 400 and 500 (adjusted for inflation) starting in 2011 Operating expenses are to be reduced by NOK 300 to 400 million (adjusted for inflation) from the same period An effort has been initiated to specify further measures relating to the above Insurance operations have posted good results throughout 2008, and satisfactory profitability in insurance is also expected for 2009 The turbulence in the financial markets is expected to continue to affect Gjensidige s results in 2009 The Group s capital situation and financial strength is strong 5

6 Financial Performance

7 Key Financials Group Figures MNOK Q Q Gross written premium 3,476 3,342 17,429 15,727 Claims ratio gen. ins. 77.7% 76.0% 77.4% 78.6% Cost ratio gen. ins. 18.0% 18.1% 17.0% 17.5% UW result gen. ins Net financial income/(loss) (737) 513 (220) 2,820 Profit/(loss) before tax (653) ,020 Profit after tax (827) ,479 7

8 Key Figures (MNOK) Earned premiums general insurance, net of reinsurance 15,482 14,848 Underwriting result general insurance ,936 3, Net financial income/(loss) Profit/(loss) before tax 2,820 3, (220) (737) (653) 8

9 Combined Ratio Development General Insurance 95.7% 94.1% 94.4% 96.1% 18.0% 18.1% 17.0% 17.5% 77.7% 76.0% 77.4% 78.6% Loss Ratio Cost Ratio 9

10 Large losses in Q4 General Insurance Norway Estimated cumulative probability, % Effect on gross loss ratio for Norwegian portfolio of losses over 5 MNOK Actual: 8.4% Expected: 6.2% 0 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% Effect on gross loss ratio Estimated effect of large losses over expected for the quarter: 2.2% (-2.5%) 10

11 Large losses in 2008 General Insurance Norway Estimated cumulative probability, % Effect on gross loss ratio for Norwegian portfolio of losses over 5 MNOK Actual: 8.3% Expected: 6.1% 0 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% Effect on gross loss ratio Estimated effect of large losses over expected for 2008: 2.2% (1.1%) 11

12 Quarterly Underwriting Results General Insurance (MNOK) (201) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q Underwriting result general insurance, quarterly 12

13 Run-off General insurance (MNOK) (92) Run-off gain in Q of MNOK 166 Run-off gain due to: Continued positive claims development within parts of the personal lines in Norway Accident- and health insurance Group life insurance Positive effect on previous claims years in KommuneForsikring Liability insurance Child insurance 13

14 Premiums General Insurance (MNOK) Growth in gross premiums written General Insurance Q Q (38) (57) (13)* 3,092 3,108 Q Private Commercial Other Nordic Baltic Q Growth in gross premium written of 0.5 per cent quarter on quarter Slight decrease within Private and Commercial influenced by low growth and strong competition in the market Increased organic growth in the Other Nordic segment in the quarter Continued growth within the Baltic segment. RESO included from June 1, 2008 * Q Group adjustments/internal reinsurance 14

15 Premiums General Insurance (MNOK) Growth in gross premiums written General Insurance (78)* ,866 15, Private Commercial Other Nordic Baltic 2008 Growth in gross premiums written of 4.2 per cent Implemented price increases yields growth within the Private segment Almost flat development in the Commercial segment Growth in Other Nordic due to transfer of municipal portfolio and full year effect of Tennant (consolidated as from August 2007) Continued strong growth in the Baltic segment including RESO from June 1, 2008 * 2008 Group adjustments/internal reinsurance 15

16 Cost Development General Insurance (MNOK) Cost Development General Insurance Q Q (25) Q Private Commercial Other Nordic Baltic Q Cost increase of 1.9 per cent (in a year with significant salary increases) Increased costs in Private and Commercial include extra ordinary write-offs in Q4, i.e ICT Decrease in Other Nordic due to efficiency programs in Denmark Increased costs in Baltic due to acquisition of RESO and general inflation 16

17 Cost Development General Insurance (MNOK) Cost Development General Insurance (19) (9) (3) 70 2,599 2, Private Commercial Other Nordic Baltic 2008 Cost increase of 1.5 per cent (decrease when adjusted for full year Tennant and acquisition of RESO) Continued reduction within Private and Commercial Reduction in Other Nordic taken into account the consolidation of Tennant full year 2008 (costs in 2008 of MNOK 103 compared to MNOK 41.5 in the period August to December 2007) Increased costs in Baltic due to acquisition of RESO and general inflation 17

18 Cost Development going forward General Insurance Norway Employees general insurance Norway 2,272 2,242 2,033 2,060 1,990 Baseline YE 2005 YE2006 YE2007 YE employees transferred from GPS June 1, 2008 Branch offices general insurance Norway Baseline YE April 2007 YE2007 YE2008

19 General Insurance Private Norway

20 Highlights General Insurance Private Norway Highlights fourth quarter Product Lines December 31, per cent decline in earned premiums, net of reinsurance, in Q For the year as a whole earned premiums, net of reinsurance, increased with 2.3 per cent Strong improvement in underwriting result. MNOK 198 in the quarter against MNOK 93 in Q Cost ratio of 18.2 in Q against 17.3 Q For the year as a whole the cost ratio improved from 18,7 in 2007 to 18,0 in 2008 Combined ratio of 89.9 in Q (95.1 in Q4 2007) Other 8.1% (8.0%) Agriculture 12.1% (12.0%) Accident and health 16.2% (16.0%) (December 31, 2007) Property 20.2% (20.0%) Motor 43.3% (44.0%) 20

21 Key Figures General Insurance Private Norway Gross Premiums Written (MNOK) Combined Ratio (%) 8,011 7, ,743 1,781 Net Loss Ratio (%) Cost Ratio (%)

22 General Insurance Commercial Norway

23 Highlights General Insurance Commercial Norway Highlights fourth quarter Product Lines December 31, 2008 Earned premiums, net of reinsurance, increased by 20.1 per cent in Q compared to Q The Norwegian municipal portfolio (the annual premium for 2007) was transferred to Other Nordic in Q For the year as a whole earned premiums, net of reinsurance decreased by 3.2 per cent Underwriting result influenced by major claims in the quarter. Negative underwriting result of MNOK 61 in Q against positive underwriting result of MNOK 137 in Q Positive development in cost ratio. Cost ratio of 14.0 in Q against 16.3 in Q Combined ratio of in Q (86.1 in Q4 2007) Motor 19.3% (19.0%) (December 31, 2007) Ansvar; 5,5 % Liability 5.5% Marine (6.0%) 8.3% (9.0%) Property 26.6% (27.0%) Accident and health 39.1% (39.0%) Other 1.2% (0%) 23

24 Key Figures General Insurance Commercial Norway Gross Premiums Written (MNOK) Combined Ratio (%) 5,120 5, Net Loss Ratio (%) Cost Ratio (%)

25 General Insurance Other Nordic

26 Highlights General Insurance Other Nordic Highlights fourth quarter Product Lines December 31, 2008 Earned premiums, net of reinsurance, of MNOK 548 in Q4 2008, compared to MNOK 704 in Q The Q figures includes the 2007 annual premium of the Norwegian municipal portfolio. For the year as a whole earned premiums, net of reinsurance, increased by 18.5 per cent Underwriting result of MNOK 36 in Q against negative underwriting result of MNOK 12 in Q Cost ratio of 19.9 (20.0 in Q4 2007) Combined ratio in Q of 97.5 (101.7 in Q4 2007) (December 31, 2007) Other Liability 1.9% 10.3% (7.0%) (4.0%) Accident and health 31.1% Property (32.0%) 30.7% (25.0%) Motor 26.0% (32.0%) 26

27 Key Figures General Insurance Other Nordic Gross Premiums Written (MNOK) Combined Ratio (%) 2,156 1, Net Loss Ratio (%) Cost Ratio (%)

28 General Insurance Baltics

29 Highlights General Insurance Baltics Highlights fourth quarter Product Lines December 31, 2008 Continued strong premium growth in the Baltic markets per cent growth in earned premiums, net of reinsurance, in Q compared to Q Underwriting result of MNOK 16 in Q against MNOK 3 in Q Cost ratio of 32.6 in Q against 33.9 in Q Liability 2.4% (2.0%) Accident and health 3.7% (4.0%) Property 9.6% (11.0%) (December 31, 2007) Other 7.8% (3.0%) Combined ratio in Q of 91.6 against 98.2 in Q RESO consolidated as of June 1, 2008 Motor 76.5% (80.0%) 29

30 Key Figures General Insurance Baltics Gross Premiums Written (MNOK) Combined Ratio (%) Net Loss Ratio (%) Cost Ratio (%)

31 Pension and savings

32 Highlights Pension and savings Highlights fourth quarter Total AUM growth in Q of MNOK 340, to MNOK 2,847 as of 31 December, 2008 Assets Under Management (MNOK) December 31, 2008 (December 31, 2007) Total asset margin of 0.7 per cent in Q A reduction from 0.8 per cent in Q due to altered product combination and reduced insurance profitability Net increase of 6,266 new customers in Q per cent of the customers at the end of the quarter were also insurance customers Pension 2,041 (597) Savings 806 (613) 32

33 Key Figures Pension and savings Assets Under Management (MNOK) Total Asset Margin (%) 1 2, Addition in the period , Q Q YE 2008 YE 2007 Customer Development (1) Net premiums earned less claims plus other income divided by average AUM 41,027 Addition in the period 22,325 6,266 6,716 Q Q YE 2008 YE

34 Online retail banking

35 Highlights Online retail banking Highlights fourth quarter Loan book growth of MNOK 431 in Q4 2008, to a total of MNOK 6,711 Loans and Deposits (MNOK) December 31, 2008 (December 31, 2007) Deposits increased with MNOK 954 in Q4 2008m to a total of MNOK 6,131 Deposits-to-loan ratio of 91.4 per cent as at December 31, ,754 persons registered as potential customers in Q per cent shared customers with General Insurance Norway at the end of Q Lending 6,711 (3,381) Deposits 6,131 (1,701) 35

36 Key Figures Online retail banking Loans (MNOK) Deposits (MNOK) 6,711 6,131 Addition in the period 3,381 Addition in the period 431 1, ,701 Q Q YE 2008 YE 2007 Addition in the period Deposit Ratio (%) Q Q YE 2008 YE 2007 Customer Development 44, Addition in the period 22, ,754 6,248 Q Q YE 2008 YE 2007 Q Q YE 2008 YE

37 Health care services

38 Highlights Health care services Highlights fourth quarter Strong increase in operating income of 24.8 per cent in Q4 2008, to MNOK 143, including acquired businesses Revenue Split Health care services December 31, 2008 (December 31, 2007) Revenues in the health segment are characterised by seasonal fluctuations. Activities are substantially lower in July August and December than at other times of the year Operating costs increased to MNOK 132 in Q (MNOK 102 in Q4 2007) EBITA-margin of 7.8 per cent in Q4 2008, against 11.5 per cent in Q Personal security alarm services 18.8 % (20.0%) Private hospital and specialist services 23.0 % (22.0%) Corporate health care services 58.3% (58.0%) 38

39 Key Figures Health care services Revenues (MNOK) Costs (MNOK) EBITA Margin (%) EBITA (MNOK)

40 Investment Performance

41 Investment Performance Highlights fourth quarter Asset Allocation December 31, 2008 Negative return on the investment portfolio in Q of 1.6 per cent (positive return of 1.3 per cent). Negative return on the investment portfolio as of 31 December 2008 of 0.6 per cent (positive return of 6.3 per cent) Adjusted for impairment in Storebrand and gain on sale of headquarter and shares in Lindorff, the financial return was negative 0.2 per cent in Q and positive 0.1 per cent FY 2008 Hedgefunds and other 2.6 % Real Estate 13.2 % HTM-bonds 28.6 % Equities 7.9 % Current bonds 24.1 % Money Market 23.6 % Total investment portfolio of MNOK 47,772 as at 31 December 2008 Return Q Per Asset Class 2.2 % 1.6 % 5.7 % Return FY 2008 Per Asset Class 4.9 % 5.6 % (0.6) % (2.6) % (3.1) % (2.3) % (5.2) % (20.3) % Equities 41 Money Market HTM-bonds Bonds Real estate Hedgefunds and other (32.3) % Equities Money Market HTM-bonds Bonds Real estate Hedgefunds and other

42 Asset class exposure Fixed income exposure Non-public rated issuers are mainly Norwegian savings banks, municipals, credit institutions and power producers and distributors Split of fixed income portfolio NOK mill. % Money market instruments ,0 % Bonds: Bonds held to maturity ,5 % Bonds held for trading ,9 % Investment grade bond (international) ,1 % High yield bond funds (international) ,5 % Total bonds ,0 % Sum ,0 % Rating NOK mill. % Investment grade ,9 % High yield ,5 % Non rated ,6 % Sum ,0 % Equity exposure The equity exposure is primarily the stake in Storebrand and private equity investments Rating - including internal rating by Storebrand NOK mill. % Investment grade ,2 % High yield ,2 % Non rated ,6 % Sum ,0 % The difference in total value of the fixed income portfolio in this table compared with figures in the interim report is due to exposures in interest rate derivatives 42

43 Net financial income/(loss) Quarterly Analysis (MNOK) (494) (737) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q Group financial result by quarter 43

44 Return on Equity Equity (MNOK) Pre-tax Return on Equity (%) 19,820 20, Equity of MNOK 19,820 Capital adequacy of 21.0 per cent (26.1 per cent year end 2007) Solvency margin of per cent (561.3 per cent year end 2007) 44

45 Capital Allocation by Segment NOK bn 2.4 1) General Insurance Norway General Insurance Other Nordic General Insurance Baltic GPS Bank Health Excess Intangible assets 31/12/2008 Equity Source: Unaudited financial statements and company data 1) Total intangible assets as at 31/12/2008 (NOK 2.8 bn) less intangibles allocated to General Insurance Norway (NOK 0.4 bn) 45

46 Appendix

47 Tax Group Figures Up until and including 2007, Gjensidige Forsikring was exempt from tax on income and net wealth attributed to fire and livestock insurance In its fiscal budget for 2009 the Government removed the tax exemption for mutual fire and livestock insurers with effect from the 2008 tax year As a consequence, effective tax rate as of 2008 is estimated to per cent (from per cent) Re preliminary figures The regulations concerning annual accounts for insurance were amended in 2008 introducing IFRS, with certain exceptions, in the statutory accounts The amendments have a positive effect on equity in the Company accounts, primarily because several of the actuarial provisions have been reclassified from liabilities to equity In this connection, the natural perils fund is regarded as a permanent difference, i.e. no deferred taxes have been deducted This represented one-off tax income in 2008 of MNOK 554 Gains and losses on equities are tax-exempt/non-deductible. In 2008, the equity portfolio yielded net loss and therefore had a negative effect on the effective tax rate. 47

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