Gjensidige Forsikring Asa

My name is Sergei, and I'll be your coordinator for today's event. Please note, this call is being recorded, and for the duration of the call, your lines will be in a listen-only mode. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star 1 on your telephone keypad to register your question. If you require assistance at any point, please press star 0, and you will be connected to an operator. I will now hand you over to your host, Mitra Niyagod. Head of Investor Relations, to begin today's conference. Thank you.

Thank you. Good morning, everyone, and welcome to our third quarter presentation of Jensidie. As always, my name is Mitra Neger, and I'm Head of Investor Relations. As always, we will start with our CEO, Geir Holmgren, who will give you the highlights of the quarter, followed by our CFO, Jostein Amdahl, who will run through the numbers in further detail. And we have plenty of time for questions after that. Geir, please.

Thank you Mitra, and good morning everyone. The third quarter saw relatively stable weather in our region. However, earlier this month, Storm Amy reminded us of the growing impact of climate change and extreme weather, affecting large parts of Norway and areas in Denmark. The storm caused significant property damage through strong winds, once again testing our organization's resilience. In preparation for the event, cross-functional teams across the organization were mobilized to ensure customer safety and uphold a consistently high standard of service. Building lessons from past events, we have streamlined our processes for faster, more effective support. According to the Norwegian Natural Perils Pool, over 11,000 claims have been registered in Norway, with total industry-wide insurance losses from natural perils estimated at 1.5 to 2.1 billion kroner. Additional claims for cars, boats and water-related incidents fall under separate insurance schemes. NCDE's total claims cost for AMI in Q4 2025 is estimated at approximately 400 million kroner net over reinsurance and including reinstatement premiums. with the emergency phase behind us. The focus is now on supporting our customers in repairing and replacing what has been damaged. Events like EMI highlight the need for continued climate risk preparedness. The insurance industry remains committed to prevention, collaboration with municipalities, and developing solutions that reflect the changing risk landscape. So, now let us turn to page three for comments on the third quarter results. We delivered a profit before tax of 2 billion and 67 million kroner. This result includes a non-recurring expense of 429 million, related to the termination of the new core IT system in our pension business. We generated a general insurance service result of 2 billion and 271 million, significantly up year on year. Our strong growth momentum continued in the quarter, with an 11.3% increase in insurance revenue when adjusted for the positive effect of the change in recognition of home seller insurance. The combined ratio declined to 79.7%, reflecting the improvements in both the loss and cost ratios. The online frequency loss ratio improved by 1.4 percentage points, and our investment generated returns of 534 million, contributing to delivering a solid return on equity of 29.6%. We have a solid capital position and our solvency ratio was 191% at the end of the quarter. Jostein will revert with more detailed comments on the results for the quarter. Turning to page 4. I will start with private property insurance in Norway, which showed lower profitability this quarter, reflecting the inherent natural volatility in claims. Claims frequency increased by 5%, repair costs increased by 4%, in line with our expectations. We continue to implement price increases, although at a more moderate level, reflecting the outlook for inflation and frequency. and the current profitability level. Average premiums increased by almost 16%. Over the next 12 to 18 months, we expect the repair costs to remain within the range of 3 to 5%, and we will continue to price at least in line with expected claims inflation. Our current average rate of price increases of private property in Norway is 12.5%. So, moving over to private motor insurance in Norway. Profitability for this product line improved over the same quarter last year, thanks to our targeted pricing measures. Claims frequency increased by 4%, reflecting an elevated claims level in July, likely as a consequence of the good weather and high traffic density in the vacation weeks. We estimate that the increase in the underlying claims frequency was in the range of 1-2%. Repair costs increased by 4.4%, well within our estimated range. Average premium increased by 18.6%, although inflationary pressures are easing. The overall level is likely to remain within the 3-6% range for the next 12-18 months. We are monitoring the key drivers closely and analyze the uncertainty stemming from, among others, geopolitical risk and escalated trade tensions. Our current average rate of price increases of private motor in Norway is 13%. Moving on to page 5. The strong performance in Norway continues this quarter, driven by sustained growth momentum and focus on efficient operations. We are very pleased to see that our retention rates for both the private and commercial portfolios remain at very high levels, despite the necessary price increases. Sales activity has been strong, leading to an increase in both customer numbers and volumes for private in Norway. We continue to maintain strong competitiveness in the SME part of the commercial market, with strong focus on profitability as we move closer to the January renewals. In Denmark, profitability improved for the private portfolio, with solid revenue growth driven by both volume and pricing. Profitability for the commercial portfolio was lower, reflecting the inherent variability. We are satisfied with the underlying developments. The implementation of our new core IT system in Denmark is progressing steadily, supported throughout testing and a strong focus on quality. Sales are being rolled out gradually and we are preparing for the migration of the portfolio next year. We are seeing clear benefits from the experience gained during the implementation and use of the system in the private portfolio. And I am pleased to see that our Swedish operations continue to build on positive momentum, showing sustained progress through solid growth and improved profitability. We are currently conducting a thorough assessment of the core IT system in Sweden, taking into account the specific characteristics of our operations in that market. Over to page 6. We continue to actively pursue our strong sustainability ambitions. As shown on this slide, we have launched a number of innovative initiatives that are designed to create significant customer value while reducing claims costs over time. So with that, I will leave the word to Jostein to present the third quarter results in more detail.