Gjensidige Insurance Group Q2 2012

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1 Gjensidige Insurance Group Q2 2012

2 Agenda Highlights Financial performance Outlook and priorities Supplementary information

3 Record-high insurance result NOK Earnings per share 1) Q Q Q Group profit Pre-tax profit of NOK 1,218m General insurance CR 83.9% Underwriting result NOK 719m Other Good underlying premium growth Lower claims costs Good cost control Investment income NOK 494m (0.9%) Strong growth in Retail bank and Pension and savings 1) Earnings per share for Q is calculated as profit after tax expenses divided by 500m shares 3 Value creation 22.8% per cent pre-tax return on equity²) 2) YTD, annualized

4 Operational focus General insurance Private: Customer growth Commercial: Profitability focus and increased activity Nordic: Portfolio restructuring and price initiatives Other Fourth largest player within defined contribution (unit linked) Marketshare % Assets under management (NOKm) 1) ) Source: Finance Norway Q2 2012

5 Positioned for increased competitiveness Yearly CR-target: CR R12M % 98.0 % 96.0 % 94.0 % 92.0 % 90.0 % 88.0 % 86.0 % 84.0 %

6 Financial performance

7 Key financials Performance per segment NOKm Q Q YTD 2012 YTD Private Norway Commercial Norway Nordic Baltic 9 (2) 5 (8) 3 Corporate Centre/costs related to owner Corporate Centre/reinsurance (64) (40) (129) (82) (166) (54) (39) (49) (67) (72) Underwriting result , ,421 Pension and savings Retail bank Return on financial assets ,403 1,418 2,331 Amortisation and impairment losses of excess value (32) (45) (64) (90) (182) Other items (0) (5) Profit/(loss) before tax expenses 7 1,218 1,245 2,645 2,060 3,647

8 Premiums General insurance (NOKm) Development in earned premiums Q Q Development in earned premiums YTD 2011 YTD ,807 8,639 4,414 4,454 YTD 2012 Corporate Center Baltic Nordic Commercial Private YTD 2011 Q Corporate Center Baltic Nordic Commercial Private Q

9 Combined ratio General insurance (%) Combined ratio -split by cost ratio and loss ratio Q Q YTD 2012 YTD

10 Loss ratio Loss ratio Claims Claims Large losses 1) - net General insurance Q (Q2 2011) YTD 2012 (YTD 2011) Reported claims figures Expected large losses Actual large losses Reported claims figures Expected large losses Actual large losses NOK 3,050m (NOK 3,060m) NOK 207 NOK 283m (NOK 166m) NOK 6.213m (NOK 6.514m) NOK 415 NOK 366m (NOK 292m) 68.5% (69.3%) 4.6% 6.4% (3.8%) 70.5% (75.4%) 4.7% 4.2% (3.4%) Actual large losses by segment Actual large losses by segment Private Commercial Nordic Baltic Corporate Centre Q Q Private Commercial Nordic Baltic Corporate Centre YTD 2012 YTD ) Loss event in excess of NOK 10m. Natural perils are included from 2012

11 Run-off - net General insurance Run-off (NOKm) Run-off % of earned premium Grouplife and Motor BI (Norway) Liability and Accident (Denmark) Q Q YTD 2012 YTD Run-off per segment (NOKm) WC and disease (Norway) Q212 R12M 64 Run-off (%), net Average Private Commercial Nordic Baltic 11 Q Q2 2011

12 Cost development General insurance (NOKm) Cost development, general insurance (NOKm) Q Q Cost development, general insurance (NOKm) YTD 2011-YTD , ,370 YTD 2012 CC/reinsurance CC/costs r.t owner Baltic Nordic Commercial Private YTD 2011 Q CC/reinsurance CC/costs r.t owner Baltic Nordic Commercial Private Q

13 Economic capital allocation per Operational segments Allocated diversification between segments (NOKbn) Diversified (NOKbn) NOKm Private Norway Commercial Norway Nordic Baltic Pension and savings Online banking Total ECR operational segments ECR 1)2)3) 2,554 2,672 2, ,090 9,245 Underwriting- result Q Profit/loss before tax Q2 2012, support products Claims provisions, gross, as at 30 June ,047 12,419 6, ) Allocation of economic capital to general insurance segments is calculated using Gjensidige s internal model. The allocation reflects capital requirements based on internal assessments of insurance risk and market risk. Market risk is intended to be minimized due to the assumption of a replicating portfolio of financial instruments, appropriate to the term, nature and currency of the liability cashflows. The internal model is being developed to be Solvency II compliant. The allocation also reflects operational risk and reinsurer counterparty risk, in line with the current proposal for the Solvency II standard model. 2) Allocation of capital to Pension and savings and Online retail banking is based on 8 per cent and 12 per cent capital adequacy, respectively.

14 Group capital position per (NOKbn) ECR operational 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 14 1) Asset risk reflects two components: The market and credit risk for the asset exposures not assumed to be financing the general insurance liabilities, and any risk due to the actual asset portfolio backing the liabilities deviating from the replicating portfolio. Any diversification between the asset risk and insurance risk is therefore implicitly allocated within asset risk.

15 Asset allocation per Asset allocation, match portfolio Asset allocation, free portfolio Carrying amount: NOK 31.8 bn Average duration: 3.5 years Carrying amount: NOK 18.0 bn Average duration, fixed income instruments: 2 years Current bonds 24.5 % (26.7 %) Money market 11.7 % (11.7 %) Property 27.9 % (36.9 %) Other 2.6 % (4.7 %) Money market 29.9 % (27.0 %) Bonds at amortized cost 63.8 % (61.6 %) PE-funds 7.4 % (7.2 %) Current equities 7.4 % (10.0%) Convertible bonds 3.8 % (4.1 %) Other bonds 21.1 % (10.1 %) 15

16 Investment return 0.9 per cent Return per asset class (%) Q (Q2 2011) Return per asset class (%) YTD 2012 (YTD 2011) Match portfolio Associated companies Q Q Free portfolio Match portfolio Associated companies YTD 2012 YTD 2011 Free portfolio 16

17 Outlook and priorities Continued macroeconomic uncertainty Changing regulatory environment Solvency II Occupational pension insurance Proposed state agencyoccupational injury claims Sound capital position and financial strength Continued profitability focus - increased competitiveness 17

18 Supplementary information

19 Key financials Group figures NOKm Q Q YTD 2012 YTD Earned premiums, totalt 4,580 4,548 9,119 8,879 18,081 Loss ratio, general insurance Cost ratio, general insurance UW result, general insurance , ,421 Net income from investment ,424 1,443 2,376 Profit/(loss) before tax 1,218 1,245 2,645 2,060 3,647 Profit for the period ,041 1,549 2,748 19

20 Discounting of loss provision Group figures Effect of discounting on CR Q Forutsetninger Assumptions Only loss provisions are discounted (i.e. premium provisions are undiscounted) Swap rates in Norway and Sweden 83.9 % 3.9 % 80.0 % Interest rate set by the Danish FSA in Denmark Euroswap rates in the Baltic countries Reported CR Discount Discounted CR 20

21 Quarterly underwriting results General insurance (NOKm) (369) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q

22 Investment portfolio Stable contribution from the match portfolio Asset allocation Free portfolio 33.0 % Match portfolio 58.3 % Associated companies 8.8 % Quarterly investment return 6.0 % 5.0 % 4.0 % 3.0 % 2.0 % 1.0 % 0.0 % -1.0 % -2.0 % Q Q Q Q Q Q Q Q Q Q Match portfolio Free portfolio Associated companies Total investment portfolio 22

23 Geographical exposure per Match portfolio Fixed income instruments, free portfolio Country Share (%) Norway 47.6 Denmark 25.0 UK 6.5 Sweden 6.1 USA 4.6 Baltics 1.6 Other 8.7 Country Share (%) Norway 53.7 USA 28.2 Sweden 0.8 UK 7.0 Baltics 0.5 Other

24 Rating and counter party risk Total fixed income portfolio Credit exposure The portfolio consists mainly of securities in rated companies with high creditworthiness (Investment grade) Non-public rated insurers are mainly Norwegian savings banks, municipals, credit institutions and power producers and distributors 2012 Q2 Split of total fixed income portfolio-rating NOKm % AAA ,5 % AA ,4 % A ,9 % BBB ,9 % BB ,2 % B ,0 % CCC or lower ,7 % Not rated ,4 % Total ,0 % Split of total fixed income portfolio-exposure NOKm % Public sector ,6 % Banks/financial institutions ,9 % Corporates ,6 % Total ,0 % 24

25 Return on equity Equity (NOKm) 22,788 23,229 Capital adequacy of 15.8 % (15.5 % at the end of 2nd quarter 2011) Solvency margin of % (556.9 % at the end of 2nd quarter 2011) 30 June 2012 YE 2011 Pre-tax return on equity (%) 22.8 ¹) YTD ¹) Annualized

26 Leading domestic position, international growth opportunities Other 22.7 % Gjensidige 26.0 % Other 19.7 % Gjensidige 1.2 % If 18.8 % Sparebank % Tryg 16.1% Norway If 25.0 % Trygg Hansa 15.9 % Folksam 15.3 % Sweden Länsförsäkringar 29.1 % Other 33.2 % Gjensidige 5.7 % Topdanmark 18.0 % Other 22.4 % Gjensidige 6.9 % If 15.0 % Codan 12.6 % Denmark Alm.Brand 9.8 % Tryg 20.7 % Codan 20.8 % Seesam 7.0 % Baltic BTA 14.6 % Ergo 13.5 % 26 Sources: Finance Norway, general insurance, 31 March The Swedish Insurance Federation, general insurance statistics, 31 March The Danish Insurance Association, general insurance statistics 2 nd quarter Baltic: Insurance Supervisory Authorities of Latvia and Lithuania, Estonia Statistics, competitor reports, and manual corrections on FY2010 statistics.

27 Market leader in Norway Across segments and most product lines Market share Total market Market share Commercial 4.4% 2.8% 4.1% 11.4% 26.0% Gjensidige If 10.2% 16.1% 25.0% Tryg Sparebank1 1) Terra Codan DnB NOR Other 31.7% 28.4% 15.1% 4,9% Gjensidige If Tryg Sparebank1 1) Market share - Private Market share Agriculture (part of Commercial) 23.5% 23.5% 16.2% 12.7% 71.9% 13.6% 1.9% 10.5% Gjensidige If Tryg Sparebank1 1) Gjensidige If Tryg Terra 27 Source: Finance Norway, general insurance, 31 March The definition of Private and Commercial is adjusted to reflect Gjensidige s business model. Agriculture is defined as part of Commercial 1) Sparebank1 non-life and Sparebank1 life figures have been combined.

28 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. 28

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