Gjensidige Insurance Group Restricted Tier 1 roadshow
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Company presentation 22-25 August 2016 Gjensidige Insurance Group Restricted Tier 1 roadshow
Transcript of Gjensidige Insurance Group Restricted Tier 1 roadshow
Company presentation [22] August 2016
Gjensidige Insurance Group Restricted Tier 1 roadshow Company presentation 22-25 August 2016
Gjensidige Insurance Group Restricted Tier 1 roadshow
Attractive value proposition
• Proven track-record
• Strong position in attractive market place
• Scalable hard-to-copy business model
• Good financial flexibility
• Disciplined growth strategy
• Strong solvency capital position
• Low leverage capital structure
• S&P rating: ‘A’ / stable and ERM strong
Strong value creation since IPO…
…driven by solid growth, underwriting and cost discipline
75%80%85%90%95%100%
14
16
18
20
22
2010 2011 2012 2013 2014 2015 R12M1H2016
NOK bn
Earned premiums Combined Ratio (RHS)
10%
15%
20%
25%
012345
2010 2011 2012 2013 2014 2015 R12M1H2016
NOK bn
Net profit ROE (RHS)
2
Diversified general insurer with growing pan-Nordic presence
Gjensidige Forsikring ASA
General insurance: NOK15.4bn
70%
Pension and Savings AUM: NOK 36.7bn
Retail Bank Gross lending: NOK 39.0bn
Nordic
General insurance: NOK 5.6bn
26%
Baltics
General insurance: NOK 0.9bn
4%
General Insurance numbers are premiums R12M 1H2016. AUM and Gross lending is as of Q2 2016.
Norway
Direct
Brokered and tied agents
80 % direct distribution
Diversified product mix
Motor
Property
Accident & Health
Other
3
0
10
20
30
40
1999 2001 2003 2005 2007 2009 2011 2013 2015
Market leader in Norway and a strong position in the Nordic/ Baltic region – disciplined growth strategy
Consolidated markets Stabilised market share development in Norway
4 Consolidated market shares for the 5 largest players in each market. Position in each country based on Q12016 Norway and Baltics, Q22015 Denmark, Q42015 Finland and Sweden (including Vardia). Source: Finance Norway. 28 companies in “Other” category Q116.
If
Gjensidige
Tryg
Sparebank1
Other
%
#1 #7
#5 #5
Market Top 5 Norway 75% Denmark 63% Sweden 83% Finland 91% Baltic states 73%
Attractive market characteristics in the Nordic market provide barriers to entry
5
10
20
30
40
*Source: Published figures 31.12.2014 European players: Direct Line, Country entities Generali (France, Italy, Germany), Aviva GI, RSA UK, Ageas. Nordic players: If, Tryg, Sparebank1,TopDanmark, RSA Scandinavia
Market characteristics Cost ratio
(%)
Nordic GI
European GI
Company
• Relatively strong macro
• Consolidated market place
• Strong local brands
• Rational listed players
• Integrated value chains
• Cost efficient distribution
• High internet penetration
• Automatic renewals
Cost efficient market place*
Integrated value chains
Customer
Customer dividend model
Unique strengths provide competitive advantage
Brand awareness and strength
Loyal customers
Technology platform and analytical capabilities
Quality mark in a competitive and digitalised environment
Low acquisition costs and high-quality portfolio
Building loyalty and preference in Norway
Common legacy system key to analysing Big Data and applying insight
Gjensidige Gjensidige Foundation
Shareholder dividends
Customer dividends
6
Becoming the most customer-oriented
general insurer in the Nordic region
Customer orientation • Attracting customers and building loyalty
through superior customer experiences Efficient operations • Maintaining underwriting, cost and capital
discipline Analytically-driven business processes • Improving operations through skills, insight
and technology
Return on equity >15% Combined ratio 86-89%* Cost ratio ~15% Dividends Nominal high and stable (>70%)
Delivering superior customer experiences and stable returns continues to be key priority
Targets Critical success factors
*Combined ratio target on an undiscounted basis, assuming ~ 4 pp run-off gains next 2.5-4.5 years and normalised large losses impact. Beyond the next 2.5-4.5 years, the target is 90-93 given 0 pp run-off. 7
Five strategic priorities towards 2018
Increase brand knowledge, sales, loyalty and reduce claims
Meet changes in customer behaviour and improve internal efficiency
Customer to experience simplicity across distribution channels
Utilise large amounts of data and perform more advanced analyses
Develop employees to best meet tomorrow’s customer needs
Seamless multi- channel distribution
Value-adding services
Further digitalisation
Business intelligence and analytics
Organisational capabilities
8
Money marketBonds at amortised costCurrent bondsMoney marketOther bondsConvertible bondsCurrent equitiesPE fundsPropertyOther
7580859095
Q410
Q211
Q411
Q212
Q412
Q213
Q413
Q214
Q414
Q215
Q415
Q216
R12M reported R12M adjusted* Target corridor**
Premium growth and underwriting discipline offsets challenging investment environment
Balanced investment portfolio***
Free portfolio NOK 18.0bn
Match portfolio NOK 36.3bn
* Assumes 0pp run-off until Q315 and 4pp from and including Q315, and normalised large losses; ** Long-term target corridor assumes 0pp run-off and and normalised large losses *** Investment portfolio as at 30 June 2016; **** Split of pre-tax profits
Reported CR expected at lower end of 86-89 corridor next 2.5-4.5 years
Continued solid premium growth expected • Organic growth in line with nominal GDP
growth over time
• Continued complementary growth through disciplined M&A
Target corridor adjusted for run-off gains
-2.0
0.0
2.0
4.0
6.0
8.0
2010 2011 2012 2013 2014 2015 R12M1H2016
NOK bn****
UW result Investment income Other
Solid underwriting increasingly important
9
Disciplined capital strategy - coupon payments will have priority before dividends
Capital strategy Dividend policy
10
• High and stable dividends
• Pay-out ratio over time of at least 70% of profit after tax
• Expected future capital need taken into account when determining the size of the dividend
• Excess capital above the targeted capitalisation will be paid out over time
• S&P ‘A’ rating requirement is expected to be the most binding capital requirement going forward
Flexibility to • Support organic growth and small
acquisitions not financed through retained profits
• Stabilise dividend over time • Meet regulatory uncertainty
• Any excess capital will be distributed to owners over time
Most binding capital
requirement
Strategic buffer
Excess capital
Targ
eted
cap
italis
atio
n
14.4 11.2
13.8
1.4 9.7
6.6
0
5
10
15
20
S&P ratingmodel (GI)
Partial InternalModel (Group)
Standard Formula(Group)
Capital available (NOK bn)
Capital requirement Capital > Capital requirement
Strong capital position
S&P ‘A’ rating target most binding
110% 148% 187%
Solvency margin:
Figures as at 30.06.2016. The Solvency II regulation is principle based. Calculations are based on Gjensidige’s understanding of the Solvency II regulation and how it is implemented in Norway, including the current view of the Norwegian FSA on the guarantee provision. If the Guarantee provision had been treated as solvency capital, the Group’s PIM and SF solvency margins would be 191% and 151%, respectively. The figures related to the S&P rating model are based on Gjensidige’s interpretations of the model. Total comprehensive income is included in the calculations, minus a formulaic dividend pay-out ratio of 70 per cent of net profit.
• Capital buffers well within risk appetite
• Group solvency margin targets - Target SF: 115-140%
- Target PIM: 120-175%
• Rating surplus NOK 5.2bn lower than regulatory - Additional buffer
• Improved capital efficiency through potential Restricted Tier 1 issuance
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Operational capital management to secure capitalisation within target
12
148%
0
20
40
60
80
100
120
140
160
Capital managementpolicy
Q216 Solvencymargin (SF)
% Capital management policy
• Capital strategy in SF perspective, actions considered from all perspectives
• Forward looking approach - Actual and in a stressed scenario
• Considerable flexibility when needed - Reduce capital requirement through asset reallocation
and reinsurance - Raise new capital – equity or hybrid
Actions to bring margin up to green level
Distribution of excess capital to be considered
Immediate actions to bring margin > 100 %
148% 145% 141%
157%
140% 151% 152%
139%
Solvency II ratio Equity(-20%/+20%)
Interest rate(-100 bps/+100 bps)
Spread(-100 bps/ +100 bps)
Inflation +100 bps
Solvency II sensitivities standard formula
13 Figures as at 30.06.2016. Calculations are based on Gjensidige’s understanding of the Solvency II regulation and how it is implemented in Norway, including the current view of the Norwegian FSA on the guarantee provision. Total comprehensive income is included in the calculations, minus a formulaic dividend pay-out ratio of 70 per cent of net profit.
SCR 100%
Reinsurance programme limits downside risk
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• Reinsurance is purchased for protection of the Group’s capital position and is primarily a capital management tool
• Normal maximum retention per loss occurrence / event is NOK 100m
• The retention for weather-related events is NOK 200m for the first event, reducing towards NOK 100m for subsequent events within the same year
• Maximum retention level per loss occurrence / event hitting more than one reinsurance programme is NOK 420m including any reinstatement premium
• Gjensidige considers additional coverage if this is appropriate considering internal modelling and capital requirement
Potential Restricted Tier 1 bond trigger events
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Triggers capital levels for write down (NOK bn) with standard formula
Capital requirement
Excess capital to trigger
Available capital*
1. Breach of SCR consistently for 3 months 13.8 6.6 20.5
2. Breach of 75% of SCR 10.4 10.2 20.5
3. Breach of MCR 5.3 9.2 14.5
• Write down would occur if any of the three trigger levels was in breach
• The standard formula represents the legal perspective - Internal model perspective included to illustrate effect
on distance to trigger when approved
• Additional cushion through profits / retained earnings
Triggers capital levels for write down (NOK bn) with partial internal model
Capital requirement
Excess Capital
Available capital*
1. Breach of SCR consistently for 3 months 11.2 9.6 20.8
2. Breach of 75% of SCR 8.4 12.5 20.8
3. Breach of MCR 4.4 10.4 14.9
Gjensidige Group. Figures as at 30.06.2016. The Solvency II regulation is principle based. Calculations are based on Gjensidige’s understanding of the Solvency II regulation and how it is implemented in Norway, including the current view of the Norwegian FSA on the guarantee provision. Total comprehensive income is included in the calculations, minus a formulaic dividend pay-out ratio of 70 per cent of net profit. *Eligible capital for MCR does not include available capital in Bank and allows for lower use of Tier 2.
Attractive value proposition
Financial targets
Return on equity >15%
Combined ratio* 86-89%
Cost ratio ~15%
Dividend Nominal high and stable (>70%)
• Proven track-record
• Strong position in attractive market place
• Scalable hard-to-copy business model
• Good financial flexibility
• Disciplined growth strategy
• Strong solvency capital position
• Low leverage capital structure
• S&P rating: ‘A’ / stable and ERM strong
*Combined ratio target on an undiscounted basis, assuming ~4 pp run-off gains next 2.5-4.5 years and normalised large losses impact. Beyond the next 2.5-4.5 years, the target is 90-93 given 0 pp run-off.
Appendix
Key indicative terms for the potential issue of a Restricted Tier 1 instrument Type of issue Perpetual subordinated bond issue (Restricted Tier 1), intended to be Solvency II compliant, and qualify for intermediate equity
content by S&P
Issuer: Gjensidige Forsikring ASA (which is the operating company in the Gjensidige Group)
Currency: NOK (denomination NOK 1,000,000)
Amount: Est. NOK 800-1,000 million
Coupon: Reference rate (3 month NIBOR) + Margin (no step up) (with a zero coupon floor)
Approval: FSA approved
Rating: Expected BBB- (S&P)
Tenor/Call: Perpetual, The Issuer has the right to call the Loan at a price of 100% of par value, first time at the [5/10th] anniversary, and quarterly thereafter at each Interest Payment Date. Subject to FSA approval
Coupon Cancellation:
• Non-cumulative • Fully discretionary • Mandatory cancellation upon insufficient fulfilment of solvency capital requirement or if payment of coupon will lead to breach of
the solvency capital requirement
Right to write down the Bond Issue:
The Issuer has the right to write down parts or all of the Bond Loan if; • The Issuer’s SCR ratio is equal to or below 75%, or • The Issuer is in breach of minimum capital requirement, or • If the SCR is not fulfilled within 3 months after a breach was observed.
Discretionary Reinstatement: The Issuer may, at its discretion do a discretionary reinstatement of a written down principal amount. It is subject to an approval from the FSA and must be in compliance with the Solvency Capital Requirement
Capital disqualification call: If the Issuer provides satisfactory evidence to the holders of the Bonds, represented by the Trustee, that a; (a) Capital Disqualification Event; (b) Rating Agency Event; or (c) Taxation Event; has occurred, the Issuer has the right to call, all but not some, of the issued Bonds at a price of 100% of par value in addition to accrued interest. Subject to FSA approval
Listing: The Bond Issue will be applied for listing on Oslo Børs
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Illustration of an insurance company’s liabilities
Technical reserves
Own funds
Liabilities1
Subordinated Debt
Equity2
Own funds
Tier 3
Tier 2
Restricted Tier 1
Regulatory capital instruments
1 Insurers’ balance sheets may also include senior debt but Norwegian issuers access to senior debt is restricted through the regulations of the “Norwegian Financial Undertakings Act (No: Finansforetaksloven) § 13-16 and generally requires special permission from the supervisor.
2 Equity = Unrestricted Tier 1 capital
Proposed Transaction
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Solvency II eligible capital overview
Eligible capital and Solvency capital requirement (SCR) Solvency II limits on capital
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• Risk based capital requirement with three tiers of basic own-funds capital; 1, 2 and 3
• Tier 1 has the highest quality and must account for at least 50% of SCR
• Tier 1 capital may consist of both unrestricted- (i.e. equity) and restricted Tier 1 own-funds (i.e. deeply subordinated capital).
• Restricted Tier 1 can make up at most 20% of Tier 1 own-fund items.
• Tier 2 own-funds can cover up to 50% of SCR and maximum 20% of the minimum capital requirement (MCR)
• The Minimum capital requirement (MCR) will be in the range 20-45% of SCR.
Solvency II Capital Limits
Tiers SCR MCR
Tier 1 50% (min) 80% (min)
Tier 2 50% (max) 20% (max)
Tier 3 15% (max) n/a
50% 35%
50%
20%
80% 50%
*There are two main alternatives to fulfil the Solvency Capital Requirement (SCR), but Tier 2 and Tier 3 capital together may maximum count for 50% of SCR. Restricted Tier 1 own-fund items that exceeds any maximum limit may still count as Tier 2 or Tier 3 capital.
Tier 1 50%
Tier 1 50% Tier 1
80%
Tier 2 50% Tier 2
35% Tier 2 20%
Tier 3 15%
Alt. 1 SCR* Alt. II SCR* MCR
Gjensidige Group capital structure
Capital structure under Solvency II Capital structure illustration
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• Issuance of a Restricted Tier 1 (RT1) own-fund item will represent a new class of capital in between Gjensidige’s unrestricted Tier 1- and Tier 2 own-fund items
• A RT1 instrument would rank before unrestricted Tier 1 capital, but will be subordinated to all Tier 2 own-fund items
• The distinguishing feature of a RT1 item is that it is loss absorbing before all unrestricted Tier 1 capital is gone
• A trigger event is when the capital ratio (SCR and/or MCR)
of the issuer falls below a pre-defined level
Un-restricted
Tier 1 Own funds
Restricted Tier 1
Own funds
Tier 2 Own funds
Expected transaction
Regulatory capital instrument comparison
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Insurance (Restricted Tier 1 (RT1))
Banks (AT1)
Insurance (Tier 2)
Norwegian banks - (Tier 2)
Type Restricted Tier 1 capital (deeply subordinated)
Additional Tier 1 capital (deeply subordinated)
Subordinated Tier 2 capital
Subordinated Tier 2
Maturity Perpetual Perpetual Dated (min10 years) Dated (min 10 years)
Margin step-up No No 1.00% or 50% of initial margin after 10 years
No
Call (optional) NC5 NC5 NC5 NC5
Deferral of interest
- Non-cumulative - Fully discretionary - Mandatory if breach of
SCR
- Non-cumulative - Fully discretionary
- Fully discretionary - Mandatory if breach of
SCR - Cumulative if deferred
No
Write down (loss absorption)*
- If eligible capital (“own funds”) is equal or lower than 75% of SCR
- If breach of MCR - If SCR not fulfilled within 3
months after a breach
Trigger event at CET1 5.125% or PONV
Yes, after all equity
Yes, after all equity (bail-in capital)
Rating - Expected 4 notches from standalone rating**
- 4 notches from standalone rating
- 2 notches from standalone rating
- 2 notches from standalone rating
* In addtion «Finansforetaksloven § 21-6» will apply. PONV = “point of non-viability”. ** After dialog with S&P All instruments has also a regulatory call, are issued under Norwegian law and are listed on Oslo Børs or Nordic ABM. Insurance companies would typically have a tenor of at least 30 years and NC5/10 on Tier 2 issues to
secure that the instrument qualify as eligible capital with the rating agencies. These tenor requirements are above the minimum requirements under Solvency II.
Overview capitalisation
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(NOK bn)
SF (Group) SF (general insurance)
PIM (Group) PIM (general insurance)
Rating model (general insurance)
Gjensidige Bank & Gjensidige Investerings-rådgivning
Gjensidige Pensjons-forsikring
Capital available 20.5 15.5 20.8 15.9 15.7 3.3 1.5
Capital requirement 13.8 9.7 11.2 7.2 14.4 3.2 1.3
Solvency margin 148% 159% 187% 220% 110% 103% 119%
Figures as at 30.06.2016. The Solvency II regulation is principle based. Calculations are based on Gjensidige’s understanding of the Solvency II regulation and how it is implemented in Norway, including the current view of the Norwegian FSA on the guarantee provision. If the Guarantee provision had been treated as solvency capital, the Group’s PIM and SF solvency margins would be 191% and 151%, respectively. The figures related to the S&P rating model are based on Gjensidige’s interpretations of the model. Total comprehensive income is included in the calculations, minus a formulaic dividend pay-out ratio of 70 per cent of net profit. Allocation of capital to Gjensidige Bank is based on 16 per cent capital adequacy ratio. Allocation of capital to Gjensidige Investeringsrådgivning is based on 8 per cent capital adequacy ratio.
SF minimum capital requirement (MCR) was NOK 5.3bn at the end of Q2 2016.
Gjensidige Group solvency capital (Standard Formula)*
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Gjensidige Group; Solvency Capital NOK bn Q2 2016
Tier 1 unrestricted: Total basic own funds 16.0
Tier 1 restricted: AT1other financial institutions 0.3
Tier 1 restricted: Tier 1 subordinated bond (RT1) 0.0
Sum Tier 1 Capital: 16.3
Natural perils Capital 2.2
Tier 2 subordinated 1.9
Sum Tier 2 Capital: 4.1
Total eligible solvency capital towards SCR 20.5
* Standard formula is at issue date basis for trigger events. Issuer awaits approval of Internal model from the Norwegian FSA. The Solvency II regulation is principle based. Calculations are based on Gjensidige’s understanding of the Solvency II regulation and how it is implemented in Norway, including the current view of the Norwegian FSA on the guarantee provision. Total comprehensive income is included in the calculations, minus a formulaic dividend pay-out of 70 per cent of net profit.
Gjensidige Group; Solvency Capital NOK bn Q2 2016
Tier 1 unrestricted: Total basic own funds 13.8
Tier 1 restricted: AT1other financial institutions 0.0
Tier 1 restricted: Tier 1 subordinated bond (RT1) 0.0
Sum Tier 1 Capital: 13.8
Natural perils Capital 2.2
Tier 2 subordinated 1.5
Non-admissible Tier 2 (for MCR) (2.7)
Sum Tier 2 Capital: 1.1
Total eligible solvency capital towards MCR 14.9
Eligible SII capital towards MCR Eligible SII capital towards SCR
187% 183% 180% 198%
177% 190% 190%
176%
Solvency II ratio Equity(-20%/+20%)
Interest rate(-100 bps/+100 bps)
Spread(-100 bps/ +100 bps)
Inflation +100 bps
Solvency II sensitivities PIM
26 Figures as at 30.06.2016. Calculations are based on Gjensidige’s understanding of the Solvency II regulation and how it is implemented in Norway, including the current view of the Norwegian FSA on the guarantee provision. Total comprehensive income is included in the calculations, minus a formulaic dividend pay-out ratio of 70 per cent of net profit.
SCR 100%
S&P outlook and capital requirement
S&P Rating Outlook: Stable
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“S&P Global Ratings' stable outlook on Gjensidige reflects our view that the insurer will maintain capital adequacy at the 'A' level, according to our risk-based capital model. We also expect Gjensidige's competitive position to remain strong and its exposure to investment risk to remain stable” “Our assessment of Gjensidige's enterprise risk management (ERM) and management and governance as strong results in a one-notch upward adjustment to the 'a-' anchor. The insurer financial strength and counterparty credit ratings on Gjensidige are therefore 'A'.”
NOK bn
Total capital charge for asset risk 7.1
Total capital charge for insurance risk 9.2
Total gain diversification (1.1)
Quantitative credit (0.8)
Total capital requirement A-rating 14.4
Figures as at 30.06.2016. The figures related to the S&P rating model are based on Gjensidige’s interpretations of the model. Note that the rating perspective is based on the balance sheet of the Group’s general insurance operations.
Risk factors/ regulatory uncertainty
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Risk factor Comment
Upside
Approval PIM Expected in 2017
Guarantee scheme provision treatment
If included as SII capital, solvency margins would increase
Downside
Large claims Reinsurance programme limits the risk
Technical provisions Best estimate provisioning. Run-off gains expected next 2-4 years.
Financial tax Potential tax on financial services in Norway might materialise in 2017. More clarity expected in Q4 2016.
Tax valuation technical provisions Might materialise from 2017 at the earliest. More clarity expected during 2016.
Conglomerate regulation EU Financial conglomerate regulation may have a negative impact on the Group’s regulatory capital position. More clarity expected during 2016.
• Pre-tax profit NOK 3,318m
• Underwriting result NOK 2,322m • Non-recurring pension gain NOK 477m • Adjusted CR 83.3% • 7.2% premium growth • Favourable frequency claims development • Large losses below expected level • Good cost control – adjusted cost ratio 15.4%
• Financial result NOK 893m, investment return 1.6%
• 21.7% return on equity*
Yet another strong first half-year
Pre-tax profit
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1 487 2 322
1 032 893 2 628 3 318
1H 2015 1H 2016
UW-result Financial result Other
Combined ratio
70.6 67.8
15.0 11.1
85.6 79.0
1H 2015 1H 2016Loss ratio Cost ratio
NOK m
%
* Annualised, YTD
Strong result first half-year and second quarter
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NOK m Q2 2016 Q2 2015 YTD 2016 YTD 2015
Private 630 579 1 111 882
Commercial 531 456 848 619
Nordic 48 142 167 304
Baltics (36) (6) (41) (18)
Corporate Centre/costs related to owner (83) (83) 313 (152)
Corporate Centre/reinsurance (18) (16) (76) (147)
Underwriting result 1 072 1 070 2 322 1 487
Pension and savings 26 21 57 42
Retail Bank 116 86 195 164
Financial result from the investment portfolio 570 511 893 1 032
Amortisation and impairment losses of excess value (65) (37) (131) (74)
Other items (9) (11) (19) (22)
Profit/(loss) before tax expenses 1 709 1 640 3 318 2 627
Group legal structure - Gjensidige Forsikring ASA is the issuer of the RT1 issue
Gjensidige Forsikring ASA (995 568 217) Gjensidige Forsikring ASA, Danish branch
(3325 9247)
Gjensidige Bank Holding AS (910 093 290)
Gjensidige Bank ASA (990 323 429)
Gjensidige Bank Boligkreditt AS (994 000 845)
Gjensidige Pensjon og Sparing Holding AS
(888 343 792)
Gjensidige Pensjonsforsikring AS
(988 343 773)
Gjensidige Investeringsrådgivning AS
(989 623 362)
Gjensidige Norge AS (914 742 177)
Lokal Forsikring AS (929 331 737)
Tennant Assuranse AS (998 912 652)
Samtrygd Eigedom AS (982 596 718)
AAS Gjensidige Baltic (5000 3210451 Latvia)
Nykredit Forsikring A/S (1450 6187 DK)
Forsäkringsproduktion i Sverige AB (556690-9858)
Amb & Rosén AB (556642-1151)
Mondux Assurance Agentur A/S (42 75 32 11)
AAS Gjensidige Baltic, Eesti branch
(119 3232 Estland)
AAS Gjensidige Baltic Lietuvos branch
(300 633 222 Lithauen) ADB Gjensidige (110057869)
99,879%
Denmark Sweden Baltics Norway
NAF Forsikringsformidling AS (995 731 045)
65%
Mondux Sverige AB (556804-8846)
Vardia Forsäkring AB (556809-0491)
Gjensidige Forsikring ASA, Swedish branch (516407-0384)
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Disclaimer
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This presentation and the information contained herein have been prepared by and is the sole responsibility of Gjensidige Forsikring ASA (the "Company”). Such information 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. The Company assumes no obligations to update or correct any of the information set out herein. These materials may 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 or form part of, and is not prepared or made in connection with, 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. While the Company relies on information obtained from sources believed to be reliable, it does not guarantee its accuracy or completeness. 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, its affiliates or any of their respective 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. The Company's securities have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act”), and are offered and sold only outside the United States in accordance with an exemption from registration provided by Regulation S of the US Securities Act. This presentation should not form the basis of any investment decision. 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 any offering documents published in relation to such an offering. For further information about the Company, reference is made public disclosures made by the Company, such as filings made with the Oslo Stock Exchange, periodic reports and other materials available on the Company's web pages.
Investor relations
Janne Flessum Head of IR [email protected] Mobile: +47 91 51 47 39 Katharina H. Hesbø Investor relations officer [email protected] Mobile: +47 99 36 28 04 Address: Schweigaards gate 21, PO Box 700 Sentrum, 0106 Oslo, Norway www.gjensidige.no/ir
