Gjensidige Forsikring Asa

Thank you, operator, and good morning, everyone. Welcome to this fourth quarter and full year 2025 presentation of Jensidie. My name is Mitra Negård and I am head of investor relations. As always, we will start with our CEO, Geir Holmgren, who will give you the highlights of the quarter and the year, followed by our CFO, Jostein Amdahl, who will run through the numbers in further detail. And we have plenty of time for a Q&A after that. Guide, please.

Thank you, Mitra, and good morning, everyone. We have concluded a strong year, driven by solid efforts across the organization. We moved forward with confidence, guided by a clear commitment to honoring our purpose of being there for our customers when it matters most. Over the course of the year, we processed nearly 1 million claims, including a high volume related to Storm ME, maintaining a strong emphasis on speed and efficiency. We always continue to introduce innovative solutions that help prevent damage and simplify everyday life, further strengthening the value we provide. Our customers continually confirm the relevance of what we do. In parallel, sustained efficiency initiatives have contributed to a return to strong profitability. Let's turn to page 2 for comments on our fourth quarter results, before moving on to the full year result. We generated a general insurance service result of 1 billion and 297 million. This result includes a total of 502 million in expenses related to reduction of the book value of the core IT system and the downsizing of our workforce in Denmark. Adjusted for this, the insurance service result was up almost 8%, reflecting continued strong revenue growth, efficient operations and continued good cost control. The combined ratio, when adjusting for the expenses I just mentioned, was 83.8%, and I am very pleased with the 0.7% improvement in the underlying frequency loss ratio. Our investments generated returns of 482 million, contributing to a profit before tax of 1,754,000,000 and a solid return on equity of 27.3%. Jostein will revert with more detailed comments on the result for the quarter. Turning to page 3 and looking at the year as a whole, we delivered on all financial targets. Our combined ratio improved by 2.5 percentage points to 83.4%, thanks to a strong revenue growth of 11.5%, supported by successful implementation of pricing measures and continued operational improvements. Our cost ratio at 12.7% was well within our target. Adjusted for the 502 million in expenses, I just mentioned our cost ratio was 11.5%. We have a solid capital position with a solvency ratio of 188% at the end of the year, after subtracting total dividends of 14.5 kroner per share. Investment returns for the year were good, which together with the results from our pension business contributed to our return on equity of 27.3%. So, let's turn to the next page for further comments on the proposed dividend. The Board has proposed a total dividend of 7 billion and 250 million for the year, consisting of a regular dividend of 5 billion and a special dividend of 2 billion and 250 million. The regular dividend is equivalent to 10 kroner per share, up more than 11% from 2024. The special dividend is equivalent to 4.5 kroner per share. For our Norwegian General Insurance customers, this once again bodes for distribution of a solid customer dividend from the foundation, NCD Stiftelsen. The regular dividend corresponds to a payout ratio of 76% for the group, The proposal requires approval from the FSA since the total amount, including the special dividend, exceeds 100% of net profit in NCD for Schickring. Based on very strong capital position for the group, we expect the application to be approved. We have made a small technical revision of our dividend policy to clarify our target to pay pay out growing regular dividends. No other amendments have been made and the revision does not change our existing practice. Moving on to page five. The process of replacing our core IT system in Denmark started in 2018. The system is fully implemented for our private portfolio in Denmark, and we are currently carrying out thorough testing and quality assurance before starting full implementation for the commercial portfolio. We are strongly convinced of the operational benefits of the new core IT system in Denmark. Due to technological advancements and the continual evolution of business requirements, it has become evident that the operational lifespan of the existing core systems in Norway and potentially also in Sweden can be extended by several years. We now have high optionality in evaluating future alternatives. We expect to make the decision regarding Sweden first based on thorough assessment of business needs, available technology and the requirements for a system that offers sufficient flexibility to adapt changing conditions. I will now turn to the next page. Private property insurance in Norway saw lower underlying profitability this quarter, mainly due to fires. Claims frequency was high, reflecting the impact from the storm Amy in October, with the claim recognised as a large loss, primarily in the corporate centre. Repair costs developed as expected, with a 4% increase year on year. We continue to raise prices though more moderately, with average premiums up just over 14% last year. And over the next 12 to 18 months, we expect to repair cost inflation to remain in the 3 to 5% range. Our current average price increase is 9%. For private motor insurance in Norway, underlying profitability improved year on year, supported by targeting prices, and claims frequency was flat, reflecting Storm Amy, and an underlying increase estimated at 1-2%, offset by the impact from a mid-December. Repair costs rose 4.1% and average premiums increased 16.5%. Inflationary pressures are easing but are likely to stay in the 3-6% range. Our current average price increase for private motors is 10%. And finally, on this slide, following two and a half year of targeted pricing measures, following a large shift in both claims frequency and average claims costs, we will adjust the level of detail presented going forward as the underlying trends are now well established. I will nevertheless like the emphasis that we will continue to price at least in line with the development in claims cost. So, moving to page seven. The strong growth momentum in Norway continues this quarter, reflecting price increases across the private and commercial segments, as well as some volume growth in private. The general renewals for commercial are solid, reflecting strong competitiveness in the SME part of the commercial market. Our consistently high retention rates represent a strong vote of confidence from our customers. underlying profitability for private in Norway improved year on year, while natural inherent volatility resulted in a lower underlying profitability for commercial Denmark. Denmark showed improved profitability in both private and commercial portfolios, reflecting positive underlying development alongside reserve adjustment and normal inherent volatility. It is also very encouraging to see high retention for the commercial portfolio. We continue to implement measures to enhance profitability in Denmark, most recently through a reduction in the workforce. While this may have a short-term impact on growth for the private portfolio, it is a deliberate and expected trade-off to strengthen profitability. Our Swedish operations continue to build on their positive trajectory, showing sustained progress underpinned by solid growth and strengthened profitability. We have recently concluded the renewal of the majority of our reinsurance programs. We are satisfied that the required capacity has been renewed with unchanged retention levels. Reinsurance premiums represent approximately 2% of our premium income, and the renewals were completed at lower risk-adjusted premium levels. Over to page eight. I'm pleased with the strong sustainability progress through 2025 and the recognitions highlighted here. I'm also particularly pleased to have received renewed confirmation of our AAA rating from MSCI. Our focus on damage prevention continues to create customer value, business impact, and support our broader sustainability ambitions. Sustainability is at the core of our business, and we firmly believe that sustainable operations are essential to long-term value creation. So, with that, I will leave the virtual stand to present the four-quarter results in more detail.

Thank you, Geir, and good morning, everybody. I will start on page 10. We delivered a profit before tax of 1,754,000,000 in the fourth quarter. The insurance service result was 1,798,000,000 when adjusting for the increase in operating expenses related to the reduction in book value of the core IT system and expenses related to the reduction in the workforce. The result also reflected high large losses, which included 349,000,000 in claims related to the Storm Amy, net of reinsurance and including reinstatement premium. Higher runoff gains contributed positively. Private delivered a higher result, driven by both Norway and Denmark. The improvement in Norway reflects continued strong revenue growth and a lower underlying loss ratio for motor, travel and accident and health insurance. We also achieved a further decrease in the cost ratio. The positive development in private Denmark was driven by a combination of revenue growth, reserve adjustments for property insurance and an improved cost ratio. Commercial also delivered a higher insurance service result. In Norway, the insurance service result reflected revenue growth, partly offset by natural inherent volatility in claims for property and accident and health insurance, while motor insurance showed improved profitability. In Denmark, higher results were driven by revenue growth and improved underlying frequency loss ratio for all the main products and the lower cost ratio. In Sweden, the increase in insurance service results was due to improved underlying profitability and revenue growth. Property insurance in both portfolios, private motor and payment protection insurance, showed better profitability. Higher run-off gains also contributed positively. The pension segment reported a pre-tax profit of 187 million, mainly driven by a higher net finance income. The net result from our investment portfolios amounted to 370 million in the quarter, with positive returns for most asset classes. Other items was minus 100 million this quarter, with the improvement mainly reflecting a positive year-end balance related to the transfer of profits to the Natural Perils Fund. In addition, mobility services had a higher result. Following the completion of ADB and CDG earlier this month, this is the last quarter in which the results of the Baltic business are reported. The decrease in result was due to our lower insurance service result and net financial income. Turning over to page 11. Our strong growth momentum continued in the fourth quarter, with insurance revenues for the group increasing by 10.4% in local currency. The increase was mainly driven by pricing measures across the private and commercial portfolios in all geographies, in addition to higher volumes in private, commercial in Denmark and in Sweden. The growth in the private segment was driven by both Norway and Denmark. Private Norway showed a strong growth momentum, even when excluding the home seller insurance product. This strong development was primarily driven by price increases in all main product lines. But I'm also very pleased to see that volumes increased not significantly for motor, property, travel and accident and health insurance. The growth in Denmark was also strong, thanks to price increases and higher volumes for all main products. Growth in commercial was also driven by both Norway and Denmark. In Norway, the growth was driven by price increases for all products and solar renewals. As in the previous quarters last year, growth for some products, both in accident and insurance, and for larger customers was muted due to a continued focus on profitability improvements. Growth in commercial Denmark was driven by price increases for all main products and higher volumes for property, accident and health, and liability insurance. Growth in Sweden was primarily dimmed by higher volumes related to leisure boat and payment protection insurance in the private portfolio and motor insurance in the commercial portfolio. Price increases for all main product lines also contributed to the growth in insurance revenues. Turning over to page 12, the loss ratio increased by 1.3 percentage points, reflecting an increase in large losses. Higher runoff gains contributed positively. I'm very pleased with the development in the underlying frequency loss ratio, which improved by 0.7 percentage points, reflecting improvements in all segments and geographies except commercial in Norway. Let's turn to page 13. Our commitment to operational efficiency remained strong. The group's cost ratio was 15.9% this quarter. Excluding the expense related to the core IT system and workforce reduction in Denmark, the cost ratio improved by 0.8 percentage points, reflecting revenue growth, targeted efficiency measures, and strict cost discipline. Both geographies in private and commercial in Denmark showed a lower cost ratio. We continue to strengthen our competitiveness, particularly in Denmark, and we're working to optimize our cost base across the group to create greater capacity for future investments in technology and growth. Over to slide 14 for comments on our pension operations. We were pleased with the performance of our pension business, which delivered a pre-tax profit of 124 million, including the change in CSM this quarter. The increase over the fourth quarter in 2024 was mainly driven by a higher net finance income, in addition to a positive effect from discontinuation of reinsurance contracts during the quarter. Higher profitability for the disability pension product also contributed positively, whereas lower results for child pension negatively impacted the results. Net finance income was 73 million, reflecting running yield, return from real estate, marginal spread tightening, and an increase in interest rate levels. The unit-linked business continues to grow, with the number of occupational members increasing by almost 18,000 members and assets and management up more than 17 billion year-on-year. This drove administration fees and management income higher. However, higher expenses due to the growth in business weighed on the result, bringing it down compared with the same quarter in 2024. Moving on to the investment portfolio on page 15. Our investment portfolio generated positive returns from most asset classes, driven by running yields, lower credit spreads and positive equity markets. The matched portfolio net of unwinding and the impact of changes in financial assumptions returned around 50 basis points, mainly reflecting lower credit spreads and the fact that the investments did not fully match the accounting-based technical provisions. The free portfolio returned around 70 basis points, driven by running yields, lower credit spreads and positive equity markets. The risk in our free portfolio remained low. A few words on the latest development of our operational targets on slide 16. Customer satisfaction in the fourth quarter of 1977 was in line with the same period last year, but remains slightly below our target. We continue to take steps to further improve our customer offering and satisfaction levels. Retention in Norway remained high and stable at 91%. Retention outside Norway was unchanged at 84%, but we are pleased to see that commercial Denmark increased retention from 85% to 86% this quarter. The improvement in the digital distribution index this quarter reflects a significant increase in digital sales and digital service, as well as a steady number of digital customers. Distribution efficiency is progressing well, primarily as a result of higher sales in private Norway. Digital claims reporting was stable during the quarter, with a slight increase in Sweden, and automated claims processing in Norway improved further. Turning to page 17. We had a solvency ratio of 188% at year end, down from 191% last quarter. Note that the completion of the sale of operations in the Baltics will have a positive impact of approximately 5 percentage points on the solvency ratio. This impact will be recognized in the first quarter of 2026, as the transaction was completed after year end. Solvency II operating earnings and returns from the free portfolio contributed positively to legible loan funds. Note that the reduction in book value of the core IT system does not impact eligible funds. The seasonal impact from premium provisions reflecting growth and higher profitability contributed to the operating earnings. The proposed dividend for 2025 reduced eligible-owned funds by 3.1 billion kroner this quarter. In addition, more of the Tier 2 capital is eligible this quarter. The impact from growth on the non-life capital requirement was offset by an approval of a minor change in the internal model. Capital requirement for life decreased due to annual update of the model assumptions and parameters. Capital requirement for market risk increased due to recalibration of certain parameters and higher exposure towards equities in our pension business. And with that, I hand the word back to Geir.