Gjensidige Forsikring ASA (GJF) Earnings Call Transcript & Summary

Good morning, and welcome to Gjensidige's 2026 Capital Markets Day. My name is Mitra Negard, and I'm Head of Investor Relations. Today, you will hear how we at Gjensidige are ready to unlock the next level of our operations. We will present our ambitious goals through 2028 and walk you through how our operational and strategic priorities and our strong capabilities will enable us to deliver on them. We have six speakers today, all members of Gjensidige's group management team. We will start with our CEO, Geir Holmgren, who will present the highlights of our ambitions and how we plan to achieve them. The next presenter is Johan Rostoft, who leads our Technology and Insight division. He will discuss how our technology platform serves as a key enabler of operational excellence. Rene Floystol, who heads our Private segment, will share how we are positioning for growth and enhanced efficiency across our private business. We will then move on to Lars Goran Bjerklund, EVP for Commercial, who will explain how we're shaping our commercial business for the next level. After a break, Vivi Kofoed, who leads our Claims division will share our plans for driving the next level of claims excellence. Our CFO, Jostein Amdal, will conclude this session by summing up our priorities to ensure that Gjensidige continues to deliver attractive returns. After that, we will open up the floor for questions from the audience here in Oslo, and those of you joining us virtually. I will now turn it over to our CEO, Geir Holmgren.

Welcome, everyone, and thank you for joining us here today. Over the last 2 years, we set out to strengthen the foundations of our business and position Gjensidige for the next level. Today, I'll show you how our focus on operational excellence and disciplined capital efficient and profitable growth is delivering and how we will raise the bar again. You see that the work we began at our previous Capital Markets Day to deliver superior customer experience and attractive returns has moved from promise to practice, and it sets a strong base for what's come next. Over the period, we delivered strong and profitable growth, supported by advanced analytics, improved value propositions and disciplined pricing. We also enhanced operational efficiency, unlocking synergies across geographies while keeping a tight grip on costs. Our resilience improved as we advanced our technology platform and broaden our analytics capabilities. Finally, we maintain capital discipline, actively managing solvency and shareholder distributions while funding our strategy. We continue to manage the business in line with these thresholds as we build towards our 2026 ambition. Our execution is strong. The levers are working, and we are set up to keep compounding improvements from here. Like the industry, we've seen higher claims frequency and elevated repair costs, particularly in motor and property for Private in Norway. Our response has been targeted pricing and product measures granular, data-driven and sequence to protect customer value. Frequency increased from 2023 to '25 in motor, property is inherently volatile. In addition, the absurd inflation has been high the last 3 years. We acted early and continuously, and we are tracking the impact cohort by cohort. We succeeded in putting through significant and necessary price increases, which in turn gradually improved margins and led to our strong delivery. And what we are very pleased with is that beside these necessary measures, retention remains high, underscoring the strength of our offering and the quality of customer relationships. A key reason behind our strong progress is how we have leveraged scale and technology, accelerated digitalization, simplified our processes, strengthen core operations and improved data analytics. These fundamentals are embedded in how we run the business and are reflected in the outcomes we deliver, including significant claims savings -- including significant same -- claim savings across Norway and Denmark and a substantial improvement in distribution efficiency in private and at the same time, maintaining strong customer loyalty. Cross-border collaboration also plays an important role. Our Norway Denmark integration demonstrates how shared solutions and aligned execution can reinforce the gains, driven by our broader operational improvements. By streamlining end-to-end operations and systematically sharing proven practices across markets, we ensure that effective processes, models and solutions scale quickly. Many of these improvements translate well into Sweden too. We're adopting shared Nordic standards, tools and ways of working is already strengthening performance, these effects are structural and compounding. This is how we improve efficiency and reinvest in growth while protecting margins. Integration is not a one-off project. It's a capability. It strengthened execution today and expands our optionality for tomorrow. As we look ahead, there are some structural trends that will save the development of the Nordic non-life insurance market, in addition to the ongoing geopolitical uncertainty. First, demographic change and aging population and shrinking workforce will continue to drive higher demand for personal, health and pension-related solutions. Second, technology and artificial intelligence are reshaping industry rapidly, introducing both business risk and opportunities. Our technological capabilities are already delivering lasting improvements in cost efficiency, risk management and customer experience, and we expect the impact to accelerate over time. We are proactively adapting our business strategy, distribution model and operations to take advantage of future technological changes. And third, climate change, increasing climate-related volatility makes pricing power, data-driven models and effective loss prevention measures more important than ever. We are already seeing these trends influence market dynamics today, but their impact will become even more pronounced over the medium term. Gjensidige is well positioned to benefit from this shift with strong capabilities, a solid market position and a business model aligned with the direction of the industry change. The Nordics -- the Nordics are our home markets, and they remain one of the most attractive insurance markets in Europe. The region combines consistently high profitability, rational competition and a structurally cost-efficient operating environment, supported by one of the most digitalized societies and fully integrated insurance value chains. Customers here expect seamless digital interactions, which allows us to run highly efficient processes across pricing, distribution and claims, strengthening both customer experience, and margins. Nordic customers show high loyalty to establish providers, local brands carry significant weight and trust is a key currency. Retention rates remain high, meaning growth is driven primarily through brand recognition and branch lengths and partnerships, long-standing customer relationships and distribution capacity. High customer loyalty integrated with digital ecosystems and well-established distribution partnerships create a very high threshold for new entrants. When we look at Gjensidige today, we stand on a very strong foundation, one that positions us exceptionally well for the future. First, our presence across the Nordics and across customer segments gives us a unique advantage. Our presence across the commercial and real estate segments gives us scale, stability and deep customer insights. Second, our ability to offer integrated customer journeys across pension, life, health and general insurance is a real differentiator. It allows us to meet customer needs more holistically, increased relevance in the daily lives and unlock meaningful cross-selling opportunities. Third, Gjensidige is one of the strongest and most trusted brands in our markets, supported by consistently high customer loyalty. This trust accelerates acquisition, strengthen retention and reinforces our long-term position. Fourth, we are running a highly advanced data-driven business or high-quality data and modern processes give us competitive edge. We are already applying advanced AI in pricing, risk assessment, distribution and claims handling and we see clear efficiency and accuracy gains. Vivi will discuss how our efficient claims handling will be further strengthened in her presentation. In addition, we are proactively adapting our business strategy to take advantage of future technological changes. This capability is central to being future ready. Fifth, sustainability is another important area. We have a climate robust risk models and a strong focus on damage prevention. This not only protects our customers and reduces claims, it also ensures our business remains resilient in a changing climate. And finally, our capital position remains very solid, which gives us financial flexibility to invest where it matters, strengthening our core, accelerating innovation and exploring new growth opportunities. Looking ahead, we will continue to explore both organic and inorganic opportunities within our geographic footprint. Always with a focus on value enhancing and firmly within general insurance. Our strong position and disciplined approach gives us flexibility to pursue opportunities that hurt us strengthen our competitive advantage and long-term value creation. I'd like to point out three prioritized strategic areas, which are customer empathy, resilience and profitable growth. Let me start with customer empathy. We are moving toward more personalized and relevant dialogue across the customer journey, making interaction timely and meaningful for our customers and increased focus on damage prevention allows us to help customers avoid losses in the first place, reducing complexity, strengthening trust and building confidence over time. Our next priority is resilience and it starts with safeguarding customers in uncertain times. Resilience is about being stable and reliable partner. Resilience is about absorbing shocks without compromising trust performance or long-term value creation. We are sharpening our technological resilience by continuing to improve underwriting position, strengthening risk models and ensuring our systems can withstand volatility from climate, inflation, repair complexity and shifting customer behavior. High level of trust and our loyal customer base give an advantage when adapting business strategy, and operating model to AI and the technological development. A solid solvency position remains a core strength in uncertain time with higher geopolitical tension. Our resilience is further supported by the competence and culture across the organization, teams with strong expertise, disciplined execution and a shared sense of accountability. Our third priority is long-term profitable growth. We will build on our market-leading position in Norway to capture emerging growth opportunities, a well-functioning distribution model supported by an integrated system landscape give us a strong platform to scale. We are also well positioned for growth in broad product areas, particularly within the home insurance, pension, health and other offerings shaped by evolving customer needs. In Denmark, we are fully leveraged our strong broker position while strengthening our own distribution. In addition, the new core IT system enhances our ability to scale, innovate and compete effectively. To deliver on our strategy, we rely on two core capabilities that are both powerful and difficult to replicate, our people and our technology. Johan will walk you through how our technology platform underpins this, built on structural lean and proven foundation that enables value today and creates even greater potential for the future. When we combine this strength with a strong brand, efficient operation and a clear market position, we build competitive edge that drives margin and growth and it's hard too much. Sustainable solutions are essential for long-term value creation, both for us as a company and for the society we serve. On the slide here, you'll see several of the targets we set to guide our work. We are a signatory of the science-based target initiative, and we continue to align our efforts with the Paris agreement. This means we are committed to setting science-based targets that will define our pathway toward achieving the net zero emissions from our investment portfolio by 2050. Our contribution to sustainability goes beyond emissions. A core part of what we do is helping prevent damage in the first place. And then the damage does occur. We focus on sustainable claims handling -- we focus on sustainable claims handling, for example, through circle repair models, reuse programs and preferred green suppliers. This not only reduces environmental impact, but also supports better outcomes for our customers. Finally, given the significant size of our investment portfolio, our investment decisions play a key role in reducing greenhouse gas emissions. We have recognized that capital allocation is one of the most powerful levers we have, and we take that responsibility seriously. Let's now turn now to our new financial targets. Our financial targets for 2026 remain unchanged. We are committed to delivering a combined ratio below 82%. Our cost ratio around 13% and our return on equity about 24%, our solvency ratio between 140% and 190% and an insurance service result of more than NOK 7.5 billion, and more than NOK 750 million in Denmark. We are executing against these goals with confidence. And we are already shaping a clear trajectory to create attractive returns beyond that horizon. Looking ahead to 2027 and 2028. In that period, we will aim to deliver a combined ratio below 81%. Our cost ratio around 12% and a return on equity above 28%. In 2028, our target is to deliver an insurance service result above NOK 10 billion. Our solvency ratio target will remain within the range of 140% and 190%. This trajectory rests on 3 core drivers: First, we are leveraging our scale by pursuing profitable growth, by expanding in areas where we see attractive opportunities, building on strong customer insight and a clear data advantage. Second, we are completing the integration agenda and fully exploiting shared platforms to unlock structural efficiency. And third, we are strengthening our leadership in core processes through claims excellence, deeper analytics, further digitalization and enhanced customer journeys. Together, these drivers put us in a position to set even higher targets for the years ahead. We are strongly positioned for long-term growth, and you will hear more about this throughout today's presentations. Starting with mobility. Our priority is to preserve the strong position we already hold and continue to build on it. We benefit from an extensive and well-established partner network that gives us reach and resilience. Our presence in the toll ecosystem through fleet is becoming increasingly valuable, both as a source of high-quality leads and to create more frequent and more meaningful customer touch points. REDGO gives us a strong on-the-ground presence and because it is integrated in our claims processes. It enables efficient handling and consistently strong customer experience at competitive costs. Looking ahead, the rise of autonomous driving technologies will reshape customer expectations, risk profiles and partnerships across the motor value chain. Our strong ecosystem position puts us in a good place to adapt early, capture new growth opportunities and ensure we continue to meet customer needs as mobility becomes more automated. Turning to property. Our focus is on broadening the offering in ways that strengthen loyalty and drive cross sales. As Rene will highlight, in housing, we operate the most complete value chain in the industry and holding a leading position in change of ownership insurance and damage prevention, giving us a defensible advantage in a market that is essential and growing. For commercial customers, Lars Goran will show how we are developing new concepts tailored to specific needs and industry dynamics. In life, health and pension, we operate in a growing market, and our ambition is to strengthen our unique position even further. Pension plays a particularly important role both as a cost and a capital-efficient growth area and as a key lever to broaden and reinforce our overall customer offerings. Building an attractive and scalable partner network, will also be essential as we continue to expand in this space. Across all product verticals, we will increase our capacity and market activity -- market activity level through higher distribution capacity and efficiency. Now I will hand the word over to Johan, who will discuss the priorities to further enhance our technology platform and show how this will contribute to delivering on our group ambitions going forward. Thank you.

Thank you, Geir. I'm Johan Rostoft, Head of Technology and Insight. It's good to see you all, and I'm excited to be covering how technology is a strategic enabler of operational excellence in Gjensidige. As Geir highlighted, Gjensidige has set clear and ambitious goals, and technology is key to achieving these ambitions. As we translate the business goals into technology objectives as set of outcomes emerge. We need to enable further distribution efficiency improvements, strengthen pricing and underwriting precision, capturing new growth opportunities and last but not least, we need to maintain our cost leadership. This requires razor-sharp prioritization of investments into a simpler IT infrastructure platform, that leverages shared and reusable data and AI capabilities. Before I outline our priorities going forward, let's look at the solid technical base these ambitions will be built on. For many years, Gjensidige has had a strong technology foundation, and we continue to strengthen it. First, cost efficiency, it's built into the design, shared platforms from cloud infrastructure to developer tooling and security, reduce duplication and increase developer productivity. Combined with strict application portfolio management, this ensures technology spend remains disciplined and tightly aligned with business value. This is reflected in Gjensidige's low-cost ratio and competitive IT spend concentration. Second, automation already delivered significant impact. Automated claims processing has reached 67%, reducing manual handling and cycle time. Usage of the customer app, which leads the fields in terms of user ratings has doubled over the last 3 years. Automation down right delivers both lower costs and improved customer experience for Gjensidige. Third, we have a solid foundation for machine learning and AI models in place. Hundreds of production models support sales prediction, risk selection, fraud and claims, providing a repeatable engine for higher conversion and underwriting accuracy. Developers also benefit from shared tools and platforms, resulting in a doubling of deployed frequency over the last 3 years. Let me share one example to illustrate the power of the model cluster we use for sales prediction and best offer duration. When Gjensidige both fleet, the road toll company that Geir also mentioned and which has about half of Norwegian car owners as customers, we initiated cross-selling based on providing leads. Every month, we closed material but not a very large number of new insurance sales on those leads. Then we established a automatic connection between the stream of leads and our CRM model cluster. Within a matter of months, we increased the run rate of sales by more than 10x, generating significant value for Gjensidige. Finally, our Nordic organization governance model and joint priority decision process, ensure value-driven decisions and capital allocation across segments and markets. And here, I have to highlight the incredible talent pool of our employees. Employee engagement is well within the top quartile of technology companies. And this strong base makes it easier to attract and retain key talent. This gives us a strong foundation as we enter the next strategy period. Looking ahead, we will continue to deliver value. Our ambition going forward are not -- is not about large new IT projects but rather about prioritizing what matters most to the business, creating impact for customers in a highly efficient way. This brings us to three strategic priorities towards 2028, simplifying our IT foundation, amplifying our data advantage and accelerating automation and AI. And I will now go deeper into each and explain how they link to the business requirements. Number one, simplify our IT foundation. Simplification means fewer systems, shared platforms and a more flexible technology stack thereby reducing complexity and positioning us for future technology shifts. Today, I will focus on a key initiative within this area, core system consolidation. And I'm starting with Denmark. We have now launched a new core system. It is the IDIT platform. In parallel, we have continued to consolidate all the core systems. And in the last 2 years, we have completed migration of 3 legacy systems into IDIT. The IDIT core system is live, following a phased rollout designed to minimize risk and ensure continuity and robust operations as we progress towards a single core in Denmark. Lars will address how IDIT unlocks new opportunities for our business in Denmark. In Norway, we were able to integrate the product and sales systems acquired with -- in the BuySure transaction within a matter of months. Our extensive experience in consolidating core systems is a key capability, and we are enhancing our migration approach with AI capabilities to even further accelerate future migrations and future consolidations. Controlling technical debt by consolidating core systems is paramount to maintaining lean IT operations. The reduction of IDIT's book value that many of you might have questions about is not related to Denmark. In Norway, our core system remains one of the most stable and cost-efficient platforms in the industry. When we made a decision about IDIT as a group-wide system, we assume a relatively short remaining life for our mainframe platform. Today, our experience and even external analysts now increasingly support the opposite view. Continuous modernization beats a full mainframe exit on risk, cost and business impact. And in our planning, we look to modernize the system in Norway and rather move smaller system components out of the mainframe environment to a modern cloud infrastructure. The effect is that the value of the code we have built in Denmark is reduced for application in Norway and Sweden. But this method gives us more time and more optionality. We have one critical capability that is important here. We have strong in-house technical excellence and deep system knowledge. Together with experts from our partners, this lowers execution risks and gives us full control of how we evolve the core. Overall, this more modular approach reduces the need for large, extensive core replacement programs, while it maintains the high-performance and evolving platform that the business has come to appreciate. Data is our second strategic priority. Data is the backbone of personalization, efficiency and AI impact. And the goal is simple, the right data at the right time for every decision and customer interaction. We have built a group-wide data platform that provides a single data interface. After moving billions of data points, the platform is now live and operational, offering faster access to consistent high-quality data, supporting stronger governance, model performance and efficient data product development. Real-time data streaming allows us to react as customer signals occur across every touch point, decision and model. This enables a more responsive AI and hyper-personalized journeys, and Rene will dive into how private utilizes this to unlock next-generation distribution efficiency. New ways of working self-service data products, APIs and integrations supported by automated governance, ensures resilience while giving teams the autonomy to move faster. This shift in ways of working means the business can adapt faster to changing needs, build and launch without bottlenecks and connect more easily to new partners, and Vivi will highlight some exciting applications within claims. This data foundation allows us to deliver on clear business needs, supporting real-time personalization, faster time to market, lower cost to serve and stronger model performance. Now to our third strategic priority. And let me first set the stage. Gjensidige has invested in automation and machine learning for many years, giving us a strong starting position as AI enters a new phase with generative capabilities and agent-based workflows. Our ambition is clear. We want to be market leading when it comes to realizing value from AI. This means embedding AI into key processes, ensuring robust AI infrastructure, building competence and strict prioritization of value-creating cases. To win, you need to have data. In other words, you need your information to be digital. Then there needs to be technology platforms on which you can run and orchestrate models, and then you need to develop and deploy models and agents at scale. Gjensidige is well positioned to succeed. Over the last decade, we have invested heavily in optimizing and automating our processes. We continue to expand digital coverage across customer journeys, channels and modalities, enabled by voice, image and text capabilities. And this allows us to automate more interactions, increased straight-through processing and reduce manual effort. A clear example is claims, where 86% of claims in Norway are now reported digitally, and straight-through processing levels continue to rise. It has also impacted fraud detection, and we will address this also later today. Our CRM engine, which I described earlier, is, of course, built on and continuously enhanced by AI and machine learning capabilities. More than 200 models in production constantly benefit from more data and better operating infrastructure. And we are not limiting AI development a few specific cases. Our group-wide initiative to build competence and support uptake help increase internal adoption of GenAI by more than 70% in 6 months. More and more employees understand the potential, experience the benefits of this new technology, and they see how it can provide value to their workdays. This means, we are not only building technology. We are building the organizational capacity to apply it at scale. Going forward, we will continue to leverage our digital leadership to transition to an AI-driven operating model across more core business processes. And I'd like to share a few examples. Within pricing, more than 2,000 models generate the current tariff universe that we have today. The new pricing architecture that we are building will enable faster integration of new signals, so each of these 2,000 models will be provided by 5 to 10x the number of direct data points, thereby improving precision significantly. Also in underwriting, the way we are exposing AI capabilities to the business opens new exciting opportunities, and Lars will share more on this shortly. And AI is accelerating how we build and ship software. Employee frequency has more than doubled over the past years, and we see further potential as we scale low-code and agent-based platforms. This less team develop and deploy models faster and with more consistency. So to sum up, this is about scale and speed. AI is already improving precision in pricing, underwriting, software, delivery and so on. And we are set up to expand those gains across more of the core business processes. The foundation in place reduces duplication and allows new capabilities to be rolled out across the group, constantly translating innovation into measurable business impact. The priorities I have outlined today set a clear direction for what we want to achieve by 2028. They also set the stage for a strong technology foundation that we can rely on, on the years beyond. Towards 2028, our focus is on scaling real-time data, automation and AI across the value chain, pursuing value creation opportunities and ensuring we maintain our structural cost advantage. With a lean core shared platform and a unified data foundation, we are positioned for the next phase with the ability to respond faster, innovate at lower marginal cost and support the business with higher accuracy and resilience. By delivering on these priorities, we build momentum for technology-driven value creation and growth beyond 2028. Okay. As I started out saying, technology is a key enabler of operational excellence and our technology priorities are carefully designed to deliver business impact. We will enable further distribution efficiency improvements, strengthen pricing and underwriting precision, new growth opportunities and all of this while maintaining our cost leadership. So now I look forward to hearing how the business side will translate this into value creation. Rene, over to you.

Thank you, Johan. My name is Rene Floystol, and I'm responsible for Gjensidige's Private segment in Denmark and Norway. We are focused on positioning private for further growth and higher efficiency. Our strong market position and momentum gives us a good base to capture more profitable growth to make that happen. We are strengthening customer relationships, so we keep the customers we have and attract new ones. And we are improving operations, becoming more efficient, raising quality and increasing our distribution power. Before we dive in, let's take a quick look at the results achieved since the last Capital Markets Day. Over the past years, our strong distribution power and pricing discipline have driven higher revenue growth. Combined with our strong focus on efficiency, this has delivered solid profitability. And there is still room for further improvement as we continue to strengthen operations. In Denmark, we have clearly seen the benefits of utilizing best practices across markets. We have generated strong revenue growth and achieved higher results supported by pricing discipline, improved operations and targeted cost efficiency measures. While we're encouraged by this progress, profitability still needs to be strengthened, which is a key focus throughout my presentation today. Behind our strong results, lies a robust development of our key operational targets. Since 2023, our distribution efficiency has increased by 31%, well above our target and more than a year ahead of schedule. This improvement has mainly been driven by our market-leading pricing capabilities, better use of data and CRM technology and new partnerships such as the real estate agents through the acquisition of BuySure. Our customer retention rate in Norway has stayed stable at around 90%, which is a very strong result given the significant and necessary price increases. In Denmark, we have had a positive development driven by best practice sharing from Norway and technical improvements, especially our new core system. Customer satisfaction has been a challenge across the industry, and our scores reflect the broader market situation. This gives us a good upside potential as we continue improving both customer experience and operational delivery. Let us look into our focus on capturing growth opportunities. Our growth agenda is anchored in our three core product verticals. They represent our entry point for new customers and future cross-selling opportunities. Within mobility, we already have a strong position in Norway as the market leader for insurance for both new and secondhand cars. Our ambition is to maintain that position and capture at least our share of market growth. This is supported by our combined offerings across insurance, tolling and roadside assistance. As an example, our ownership in fleet gives us in total access to over 50% of Norwegian car owners. For property, our ambition is to drive volume growth and expand our market reach. We continue to build on our strong momentum by upselling to existing customers, scaling new offerings, building loyalty and at the same time preventing damage. Life & Health is a smaller part of our current portfolio, but it's a growing market with attractive long-term potential. Going forward, we will strengthen our positioning by leveraging our strong brand, existing capabilities and the solid platform we have built within mobility and property. Lars will this in some more detail. To drive growth, we are utilizing opportunities within ongoing market dynamics. First, new ecosystems are emerging, creating opportunities to broaden reach through new markets and partners. Second, AI-driven agents are reshaping the customer journey. AI-driven tools, bots and automated solutions enable far more efficient customer dialogue. Lastly, customer expectations are evolving. People increasingly expect personalized, seamless and high-quality digital experiences. By capitalizing on a strong brand, existing capabilities and efficient operating model, we are well positioned to capture these growth opportunities. We'll do this by focusing on two priorities: deepening customer relationships, and enhancing our operation through new technology, which will give us both increased distribution power and next level efficiency. We operate in an industry with naturally few customer interactions. As new ecosystems and AI-driven solutions emerge, we see new opportunities to remain top of mind and secure customer attention. Therefore, one of our strategic priorities is to strengthen and differentiate our value proposition, to retain existing customers and attract new ones. To achieve this, we work systematically to meet customers' needs throughout the entire customer journey. We seek to be more proactive and solve more of our customers' problems. This means strengthening our presence in high engagement moments when attention and value potential are the highest. In the usage phase, we are complementing traditional insurance with value-adding and damage preventing services. This approach strengthens our customer relationships and is the best way forward to secure profitable growth because this will give us a differentiated value proposition. In other words, we will deliver more value than our competitors. And we will be present at the most relevant moments in the customer journey, making sure we increase both frequency and relevance towards our customers. And finally, we will get lower customer acquisition costs, because we are developing products and services, customers are willing to pay for on a stand-alone basis. Now let me show you how we apply this approach in mobility and property journeys. We have a proven track record with our approach in mobility. Here, we have strong presence across the customer journey, offering relevant services to both customers and partners. For example, to be present in both the transaction and the usage phase, we have established the Bilista app for our toll-tag customers. It offers services such as car repair booking and gives us a strong platform for sales and upselling. This is performing even better than we expected. Building further on our presence in the usage phase. We also provide roadside assistance through REDGO. This strengthens the customer and partnership experience at a critical moment and helps reduce claims cost. Our strong existing position means we are well prepared for the changes reshaping the auto industry. As technology, data and new ecosystems, transform mobility including the gradual introduction of autonomous vehicles, our broad presence across the customer journey ensures we remain relevant and capture value as the market evolves. Building on what we have achieved in mobility. We are now applying the same customer-centric and insight-driven model to the property journey. The key reason for investing in the home and property insurance market is the importance of our home insurance customers. They are among the most valuable in our portfolio and represents Gjensidige's core customer base. In Norway, these customers hold 3x more policies, pay 3x higher premiums and save 50% longer than the average customer. In Denmark, we see the same pattern, twice the product holdings, 2.5x the premiums and 40% longer tenure. This reflects both the strength of our offering and our focus on homeowners. Three selected examples show how we create business value by delivering direct and relevant services in the property market. First, our strong position in the change of ownership insurance market provides safety during an important life event. Through strong partnerships and strategic initiatives, we have access to around 35% of all property transactions in both Denmark and Norway. Second, by offering home insurance, combined with smart alarm technology, we go beyond traditional insurance. In just 9 months, 15% of all property insurance sales in Norway includes smart insurance products installed in Norwegian's homes. This is driving loyalty and helping to prevent damage. Lastly, we have launched a new service called Hei, huset, this gives customers real-time insights and proactive alerts that help them avoid costly damage. Let's take a closer look at how the change of ownership market gives us access to attractive growth opportunities within the Property segment. The change of ownership market is sizable in both countries with around 100,000 annual property transactions in Norway, and about 85,000 in Denmark. This makes the change of ownership insurance a sizable opportunity, roughly NOK 2.5 billion in Norway and NOK 1 billion in Denmark in local currencies. This is a valuable position for us. Property transactions are critical decision points with high relevance and low switching barriers. That makes them a natural moment to also distribute home and content insurance. This gives us a strong opportunity to win new customers and build long-term loyalty. Let me show you another property example by highlighting our new service, Hei, huset. It's built on AI technology, and this concept has the potential to drive both future growth and reduce claims costs. This service gives you the opportunity to talk to your house. It will, for example, give you relevant damage prevention advice at a relevant time. Hei, huset will use both external and Gjensidige specific data to be relevant for the customer. Let us have a quick look at what Hei, huset looks like today. [Presentation]

Next level efficiency and distribution power is our second main focus area. We will continue developing one of our greater strengths delivering efficiency and quality through all customer touch points. As customer expectations rise and AI-driven solutions reshape how we interact with customers. New technology enables us to take the customer experience, our efficiency and distribution power to the next level. We have proven that our in-house data-driven omnichannel model delivers strong efficiency gains. To raise the bar even further, we will maintain and build on our ongoing improvement efforts. We will continue to optimize channels and activities based on analytical approaches and data driven insights. In addition, we see that technology creates new opportunities. This includes leveraging AI to enable next-generation customer service and introducing next level CRM through hyper-personalization. As we have different starting points across our markets, our short-term focus in Denmark is to optimize the existing distribution model and by best practices from Norway. In Norway, we are further in exploring advanced AI solutions that will later be roll out in Denmark. We expect these improvements to drive stronger top line growth through better customer experiences and improved distribution efficiency. We have already made solid progress in both countries, and we are ready to improve it further. Let's take a look at how we are leveraging new technology. Based on AI, we can manage inbound traffic more efficiently. By handling inquiries at first contact, we can avoid rerouting and high-frequency tasks can be fully handled by bots faster and more correctly than by an adviser. The remaining human touch points can then be handled faster with improved quality and better customer experience. The expected impact is significant with potential for around 50% of interactions fully automated, around 15% increase in first contact resolution and a 10% uplift in sales on inbound traffic. Next, let's look at how we create value by using hyper personalization to take CRM to the next level. By building on our already advanced data analytics platform, we see an even greater potential to more sophisticated data orchestration. By analyzing real-time data, we can identify and reach up to 40% more potential prospects. With generative AI, we can approach these prospects with more tailored communication, making sure we communicate the right content in the right channel at the right time, enabling us to personalize all our customer campaigns. And by providing customers with content that is relevant and useful, we expect to increase engagement and lift hit rates by 50%. Going forward, we have set new ambitions for 2028, aiming to increase distribution efficiency by another 20% across both countries, maintaining our high retention and satisfaction in Norway and increased loyalty to 86% and satisfaction to 70% in Denmark. These ambitions reflect our commitment to build on what we are already good at, create stronger relationships and sustainable value for Gjensidige and our customers. But keeping a strong focus on our priorities, we expect to capture profitable growth in the years ahead. We are coming out of a period where the priority has been to build an efficient and robust core capitalizing on synergies and best practices across markets. With a stronger foundation, we are now in a position to drive growth through deeper customer relationships and technology-driven efficiency improvements. The momentum we are building today gives us the ability to capture growth at an even greater scale beyond 2028. As I close, I want to briefly reconnect to where I started. Our goal is to position private for continued growth and higher efficiency. We have a solid base to build from -- and the work I've presented today, strengthening customer relationships and improving how we operate is exactly what will help us capture that growth going forward. Now I will hand the word over to Lars.

Thank you, Rene, and good morning, everybody. My name is Lars Goran Bjerklund, and I'm Head of Commercial in Denmark and Norway and also Head of our Swedish operations as well. And I also oversee a pension distribution in Norway. But today, I'm going to focus, first and foremost, on our commercial business in Denmark and Norway. We have clear ambitions. In Norway, we are a market leader. And this position is intent to strengthen and to strengthen going forward through a relentless focus on customer experience and operational excellence. In Denmark, we aim to expand our position, especially in the SME segment. Leveraging on our market insight and expertise. Demand for life, health and pension continues to rise. And we have the required expertise and set up to capture this growth. In sum, our ambitions support a solid profitable growth moving forward. And today, I'm going to share our '28 operational targets and the actions behind them. But first, starting with a quick look at the financial development since 2023. Our continuous work to improve and optimize has resulted in a solid revenue growth and an improvement in the underlying frequency loss ratio in both Denmark and Norway. The combined ratio in Denmark reflects a very low large losses in '23 versus a more normalized level in '25 and costs related to preparing for IDIT. In sum, Commercial has delivered solid results with NOK 4.8 billion insurance service result in '25. In '23, we set ambitious operational KPIs. And looking at our performance so far, customer retention in Norway has remained very strong and above our target. Customer retention in Denmark is somewhat below target, primarily driven by portfolio pruning. The inflow of small companies is volatile, and we are currently below the goal we set in '23. But with the targeted initiatives in motion, I'm confident that we will reach our 2026 ambition. And finally, we are delivering on the ambition for net customer growth in Denmark. Summing up, we are on track to deliver on the KPIs, except retention in Denmark. So what's next? We operate across Norway and Denmark, serve customers of all sizes in preferred industries. Deep industry and risk expertise enable us to maintain and further develop a healthy and well-diversified portfolio. For larger customers, we have a selective approach offering tailored solutions when risk is in line with our appetite. This approach has proven effective over time and will remain central also going forward. I will start giving you an insight in our ambitions and then on to how we will deliver on them. In Norway, the #1 market position is built on strong fundamentals and a well-diversified portfolio. It is realized through a combination of a strong own distribution and solid broker relations. Our priority is to retain current customers, enhance portfolio quality and increase distribution power to selectively pursue growth opportunities. Within this small businesses stand out as an attractive segment due to profitability and receptiveness to digital solutions. They are also an entry point to the next generation of businesses. In Denmark, we are currently #4 with a portfolio shaved by past acquisitions. This has given us a tilt towards certain segments and industries. And our focus is profitable growth with SMEs as a key target. Further portfolio and further portfolio diversification to better reflect the Danish commercial market and to strengthen the distribution power. Our long-standing broker relationships remains key, especially in the short term. In the medium term, our new core system will enable us to build in-house omnichannel distribution capabilities for the future. The ongoing migration to IDIT is a major transformation, and an investment that will position us for a robust, scalable setup and superior customer interaction. In the product dimension, we addressed the continued strong market growth within life, health and pension, the business landscape in Norway and Denmark is steadily shifting from traditional industries to more service and knowledge-based sectors, and this trend continues. At the same time, the pressure on public health care systems across the Nordics is rising. And this fuels a strong demand for employer founded life, health and pension solutions. And at time, if we drive demand for new solutions and more integrated offerings. For insurers, this means risk profiles are changing. We used to mainly ensure physical assets. Now we are increasingly ensuring people. We have necessary experience inside and the product suite needed to participate in this shift. As a result, we are well positioned to capture growth within life and health across all segments. Beyond '28, we expect to shift where life and health products will represent a relatively larger share of our portfolio. So let's look at pension and its strategic role in our offerings to Norwegian SMEs. We provide this segment with a full life health and pension package that strengthens loyalty and delivers value. We hold a #4 position in the defined contribution market, and the pension business delivers solid profitability. The market is set for strong long-term growth, and we are well positioned to capture our share. We aim to grow in the SME segment by offering a comprehensive different in getting life, health and pension package. We will achieve this by leveraging our efficient distribution model for cross-selling, seamless self-service solutions, more individualized customer experiences and effective use of AI. So let's move on to how we will realize our ambitions. We stay focused on the fundamental drivers for long-term value. Our priorities are summarized as analytical and powered core. These four areas cover all aspects of our operations. We always aim to go to the next level, when it comes to customer experience, operational excellence, having a responsible value proposition and our employees. And I will now show you examples of how we are developing within each of these areas. Starting with customer experiences. Insurance may not be top of mind for most business managers, but it is a critical part of management and employee compensation. And we are committed to making the customer journey as seamless and effortless as possible. Over the past 2 decades, we have moved from manual advisor-driven processes to more data-driven journeys with self-service solutions. Advanced management -- data management and modeling allow us to deliver the right message through the optimal channel at the right time, tailored to each customer. Now we are stepping up to next level. In Norway, we're moving beyond the traditional annual activity cycle and introducing a continuous customer journey. This means less focus on annual renewal, and more automated ongoing customer updates. The result is a more dynamic and relevant experience, and we ensure that being a customer of Gjensidige requires a little effort from the customer as possible. In Denmark, we are building awareness and trust in Gjensidige, and every positive customer interaction contributes. With IDIT, we have a game changer that will significantly improve customer experiences once it's fully implemented. As one of the most advanced systems globally, it unifies digital access and high-quality personal advice. Consolidating several legacy systems into one modern platform drives efficiency, scalability and of course, long-term profitability. In Norway, we have spent years developing digital solutions step by step, and we are currently one of the most digital mature companies in our industry. We will leverage this advantage in Denmark, skipping many of the early stages and advancing faster. Customer adoption is critical. And we are committed to driving usage on new solutions. We aim for customer experiences that are simpler, more relevant and comprehensive. Digital solutions supports this, and we free up advisor capacity to support customers who really need personal guidance. Optimal pricing and favorable risk selection requires deep expertise, robust data insight and advanced technology. And we have the expertise and apply it in every customer interaction. Let me highlight two areas where we expect significant effects starting with individual underwriting. For unique or complex risks, we deploy our highly experienced underwriters and risk engineers, supported by data and underwriting tools. Since '23, we have reorganized to leverage competence and capacity across countries and already seeing reduced handling times and strengthening industry insight. We are now entering a first phase of a major shift, transforming the underwriting value chain. We are building a unified fact-based Nordic risk perspective, one risk appetite, one metrology and one toolbox across the Nordics. And combined with local execution for speed, we secure competitiveness. Relevant AI and other system solution will help us extract insight and data efficiently. With outputs of this will be validated by our experts. This will be a scalable setup that reduces time to market and decreasing distribution power and quality. The second aspect I would like to highlight is the customer scoring models that are central to us in repricing all customers. We have implemented machine learning models across all portfolio segments in Norway. And we are now integrating customer churn prediction models directly in the repricing process. This takes modeling to the next level in portfolio optimization. We are currently most advanced in Norway, but Denmark is closing in. In the short term, we will implement both machine learning scoring models and churn prediction models there as well. These scoring models significantly improve risk selection, and we continue to secure sharper pricing differentiation and improving profitability. And it will reduce and will have a reduced churn for our most profitable customers. And we are not stopping here. We keep enhancing these models and implementing best practice going forward. Turning to responsibility. The need for action toward a more sustainable future is urgent. We anticipate the risk of tomorrow and are well positioned to meet changing customer needs. Life, health and pension solutions are a central part to social responsibility, enabling employers to safeguard their most valuable assets, their employees. Let me give you two examples. First, back to work, an offering included in several life, health and pension products. The aim is to reduce sickness absence and prevent long-term disability. Combining experts port and tailored followup, employees return to work faster, while employee costs are reduced. And we are now launching a new updated version, including tailored guidance for cancer survivors. This will make the offering even more impactful. Second example, pension customers benefit from responsible investments. We are the only provider in Norway, offering pension profiles investing exclusively in funds having sustainable investments as is primarily goal. Our ambition is to set the market standard for damage prevention and responsible value propositions. In the commercial market. Digital solutions are a key part of our omnichannel distribution model, especially for SMEs, but insurance still needs to be sold, and our employees remain central to our value creation. We invest in tools that make customers service smoother, more efficient and consistently with high quality. Efficiency gains our first and foremost about strengthening distribution power. In Norway, we run on Gjensidige's shared data platforms, complemented by targeted AI solutions that improve workflow efficiency, reinforce compliance and enable first contact resolution. Several solutions are now being rolled out and they are well received. In Denmark, IDIT is the backbone for building our omnichannel distribution model, enabling our frontline to deliver consistent quality at scale. And across both markets, empowering employees will continue to sharpen efficiency, quality and relevance and increase distribution capacity towards and beyond '28. With this foundation, let's turn to the KPIs that will indicate our progress and underpin profitable growth. First, we target more than 12% improvement in distribution efficiency. This is about increasing distribution power through targeted measures. Given today's already highly efficient operations, the ambition is demanding but achievable. Second, we aim to maintain customer attention above in Norway and about 86% in Denmark. In Norway, keeping retention at this level requires continued strong execution in Denmark, maintaining the current level during the IDIT transition is ambitious, but our ongoing initiatives give us confidence. And finally, we aim for 5% growth in accident and health policies in both markets. This is well above today's run rate, but achievable with the right initiatives. As we look back and ahead, we have strengthened performance in the previous period and proven our ability to take actions that translate into financial impact. In the coming period, we will stay on this path, taking actions that drive profitable growth, elevate customer experiences and strengthen our distribution power. These actions will generate effects towards '28 and accelerate beyond. So let me close with our key priorities: strengthening our #1 position in Norway, driving profitable growth with SMEs in Denmark and capturing opportunities within life, health and pension. We will now take a 20-minute break. And after that, Vivi will walk us through our ambitions in claims. [Break]

Welcome back. My name is Vivi Kofoed, and I'm responsible for our Claims division. Today, I will present our new Claims ambitions towards 2028, driving the next excellence of claims. And give you a short recap on the results we have delivered since our last Capital Market Day. We have set clear ambitions for our Claims division with a long-term goal of securing a leading position in the Claims space. By transforming claims handling, through advanced data capabilities, we will deliver an empathic claims experience, advancing next-generation operating model and strengthening supply chain efficiency. But before we dive further into an ambition, let me highlight what we have achieved so far. At our Capital Market Day in 2023, we announced an ambition to realize claims cost savings of NOK 800 million in 2026. In March last year, we announced that we had already realized NOK 812 million, achieving our goal almost 2 years ahead of time. And since then, we have continued to realize savings. By year-end 2025, we have achieved NOK 1.1 billion in total claims cost savings, almost 40% above target, contributing to our strong, strong financial results. And I'm proud of all the skilled colleagues in our Claims Division for the work that has enabled these results. We have not only delivered on our cost-saving goals, we've also built strong strategic capabilities in digitalization of claims handling. In Norway, 86% of all claims are now reported digitally and Denmark is rapidly catching up with an online reporting rate of 76% of claims handled in our new core system. At the same time, we continue to make substantial progress in automation. Today, 41% of Norwegian claims are processed straight through and 67% of all underlying sub-processes run automatically. We are now entering a new phase where the introduction of Agentic AI will not only take automation to a high level, but also represent a significant shift and advancement in data-driven claims handling, building on the strong foundation already in place. Looking towards 2028, we have set a clear ambition to further strengthen our competitive position. We aim to deliver NOK 600 million in additional claims cost savings, measured against the 2025 baseline with approximately 70% coming from Norway and the rest in Denmark. We will deliver this through three value drivers: one, delivering faster peace of mind to sustain a strong position with customers; two, advancing a scalable and resilient operation, able to absorb volatility and drive structural claims cost savings; and three, unlocking further value across our partner ecosystem, strengthening supply chain efficiency and long-term cost competitiveness. These improvements reflect structural changes, in how we operate and not temporary efficiency gains. The Nordics are among the most digitalized insurance markets globally. And today, customers expect fast and simple claims handling and an increasing share of claims dialogue now take place online. At the same time, knowing when a customer needs immediate online resolution and when a human reassurance is the right outcome, its fundamental to the trust that has defined Gjensidige's customer position for more than 200 years. Our first value driver towards 2028 is, therefore, delivering faster peace of mind, continuing to stay ahead of customer needs. Every claim is someone's story. And in that moment, speed and clarity matter. We are now introducing customer-facing claims agent who operate around the clock, delivering an empathic and efficient experience. Each agent specializes within its own line of business, resolving problems faster and settling more claims upfront. We are deploying advanced severity models to determine early on whether, a claim is AI ready and can be settled within seconds or whether it requires specialist handling or immediate routing to mitigate losses. And finally, we're strengthening data-driven damage mitigation by accessing new data sources and insights through our AI agents who will identify and mitigate damage at an early stage. In total, this is aimed to deliver NOK 110 million in claims cost savings with further structural upside beyond 2028. Now let me illustrate how our AI claims agent, EVA will handle a travel claim for one of our customers. Our customer travels to Paris to speak at a conference, but her luggage doesn't arrive. After purchasing clothing and basic necessities, she contacts Gjensidige to check whether her expenses are covered. As she starts typing, EVA immediately identifies the customer and the claims type, check policy terms for coverage, scans receipts, checks for fraud and calculate the payout. All intelligently orchestrated in one seamless experience. Our customer then receives an instant settlement with minimal waiting time and with no paperwork for our claims handlers. In our first test, our AI agent achieved 95% accuracy in claims reporting, outperforming traditional customer claims reporting by almost 20%. Maintaining high quality is a defining trademark of Gjensidige and clear priority in how we develop our solutions. In 2025, we received around 530,000 digitally reported claims, representing substantial potential for further efficiency and quality gains going forward. As you all know, weather patterns are becoming more volatile and recent years have shown how quickly claims volumes can shift. We expect continued volatility and more weather-related events over the coming years. Our second value driver is, therefore, to advance scalability and resilience in claims, securing operational stability and cost control even with changing conditions. By advancing our forecasting capabilities, we are improving our ability to predict claims volumes and complexity, enabling more proactive capacity planning and stronger operational predictability. At the same time, we are powering AI-enabled workspace that will fundamentally change how our claims expert works. Embedding AI directly into our workforce automates advanced calculation and strengthen decision quality, ensuring more accurate settlements and greater consistency. Scaling proven AI models further reinforces structural cost control by reducing leakage, detecting fraud and optimizing recourse. In total, this is expected to deliver NOK 230 million in claims cost savings towards 2028. And now let me just give you two examples. Our ability to manage rapid changes in claims volumes will become even more critically, going forward. The Storm Amy in 2025 demonstrated clear progress in how we operate during major weather events. Though no two weather events are exactly the same, comparing to Hans in 2023, we increased first week damage assessment by 80% and settled 83% more claims within the 3 months, while customer satisfaction improved by 3 points. Going forward, claims expert will be able to fully handle and settle claims beyond their primary area of expertise. This fundamentally changed how we operate. By 2028, more than 70% of our claims expert will operate across product areas, allowing us to absorb volatility without proportional increases in headcount. We have strong expertise in utilizing data. In Norway, we have tripled our claims cost savings in just 3 years from fraud models and our first successful fraud models are now live in Denmark, where we expect fraud-related savings to increase by up to 60% towards 2028. Our ability to scale advanced model across products and geographies has been clearly demonstrated. And looking towards 2028, we'll further leverage AI and advanced analytics, unlock additional value across key leakage-related savings and expecting 15% further increase reduction. Our third value driver in unlocking further value across the partner ecosystem. We have one of the market's largest and most professional supply network with close to 5,000 suppliers in Norway and 2,500 in Denmark. Our scale gives us strong leverage and preferred access, enabling fast and cost-efficient claims handling and a strong platform for delivering value with our partners. While inflation has moderated, structural changes require continued disciplined focus. We expect claims volumes and complexity to remain elevated with continued structural cost pressures again across segments. At the same time, the shift to EV technology is reshaping partner economics by reducing routine servicing and [ pressing ] after sales. This reinforces the need for scale, strong cost control and closer collaboration with our partners. Towards 2028, we will enhance our position in the supply network in close collaboration with our skilled partners, we are deploying next-generation partner platform to strengthen integration, improve efficiency and create new services and capabilities across the partner ecosystem. Building on this foundation, we will advance our data models to steer volume to the right partners based on cost performance and sustainability and reduce waiting time for our customers. In parallel, we will embed proven AI models to further strengthen cost control. Together, these initiatives are expected to deliver NOK 260 million in claim cost savings towards 2028. Let me give you two examples of how we're going to achieve this. By optimizing our steering models, we have tripled claims cost savings within Danish health insurance from '25, to '24 to '25. By steering claims towards high-rated health suppliers, we see further potential to increase cost savings by up to 46% towards 2028. Another example is motor windshield claims, where we aim to mitigate the inflationary pressure on claims costs by using intelligent routing to share volumes to preferred partners with competitive terms. We will also seek to increase the share of repair over replacement. Looking ahead, we will further see an upside potential by scaling this model across product lines and geographies. We are now live with AI-driven Damage Recognition, transforming motor claims and handling by enabling faster settlements and smarter repairs. The service is embedded directly into the customer journey, instantly detecting and classifying minor visual damages from customer uploaded images. By cross-references, repair standards and historical cost data, it generates accurate real-time repair estimates and automatically steers cases to the network of nearly 100 repair suppliers now specialized in smart repair methods. Damage assessment that previously took days are now completed in under 70 seconds. Results so far show that we receive full repair estimates in 78% of all cases. And in those, 35% of the damages is suitable for smart repair methods. As the example demonstrates, this delivers considerable savings on smaller motor claims. And because the same approach can be applied across multiple products, it will unlock further cost savings. To sum it all up, we have set a clear ambition towards 2028 to deliver NOK 600 million in additional claims cost saving with NOK 110 million through faster of peace of mind, NOK 230 million through a scalable and resilient operation and NOK 260 million through creating more value in the partner ecosystem. Beyond '28, we'll build structural capabilities that reshape how our claims division operate. We are advancing our data capabilities and developing new claim services to build structural cost advantage, delivering financial impact in the near term while strengthening the competitive position in the long term. Beyond 2028, this enables us to adapt to evolving ecosystem, shape and influence value chain dynamics and sustain structural financial advantages in a rapidly changing market. In conclusion, our ambition in claim is clear to build claims excellence, a structural source of competitive advantage. And I say thank you for your attention, everyone, and I'll now hand you over to Jostein.

Yes. Thank you, Vivi, and hi, everyone. My name is Jostein Amdal, I'm the CFO of Gjensidige. As you've heard from my colleagues today, we have ambitious initiatives within all our business areas and plan to meet and capitalize on external trends as well as invest in people, technology and improved processes to meet financial targets, and build a platform for long-term value creation to our shareholders. But first, a quick look at -- back at what we have delivered in the last years. With a few exceptions, we have consistently outperformed our financial targets. We have since the listing in 2010, chosen to focus on the overall profitability measured through the combined ratio, operational cost efficiency and a disciplined use of capital as reflected in our high return on equity. At our previous Capital Market Day in November 2023, we set ambitious targets, and we introduced a new measure, a minimum requirement for insurance service result. The latter to capture that what really matters is profitable growth. Profitable growth, combined with an efficient use of capital, accommodating investments that set the stage for future competitiveness is the recipe for creating value for our owners. And I'm very pleased that we have succeeded in delivering on our goals so far, and I'm confident that we will reach them also in 2026. We aim to strike the right balance between maintaining a solid capital position and having an efficient capital base. In a world of increased volatility and regulatory demands for robust financial institutions, we managed to stay broadly within our target solvency ratio in the period. We are operating at a solvency level we deem well aligned with a very long-term perspective on running the business and at a reasonable level compared with our peers. At the same time, we have improved our capital situation using hybrid capital and through improvements to the internal model that have been improved by the Norwegian FSA. The combination of high and increasing results and improvements to our capital situation, has facilitated a steadily growing regular dividend and some special dividends over this period, all in line with our dividend policy. Moving towards 2028, we aim to grow the Insurance Service result to more than NOK 10 billion. As with all the targets announced today, this target is based on the current business, meaning it does not assume any acquisitions and reflects the current levels of inflation, interest and exchange rates. You have heard today from my colleagues in Technology, Claims, Private and Commercial about our most important initiatives to deliver on our financial targets and from our CEO about our view on the market developments and our overall strategy. To increase the Insurance Service result to more than NOK 10 billion in 2028, we need to deliver on these initiatives also in the short term, although most of them are aimed at improving Gjensidige's long-term competitive position. Compared to where we are today, this means improving most drivers of financial performance. The most important priorities are a continued focus on profit, raising prices at least in line with Claims, further strengthening distribution and pricing efficiency and delivering on our Claims Program. We rely on scale benefits and the use of best-in-class practices across the group, all supported by investments in technology and our people. Operational KPIs give us clear measurable levers to ensure we deliver on our strategic priorities and financial targets. We have delivered strongly on many of the KPIs announced at our Capital Markets Day in November 2023, as illustrated here and presented during our Q4 2025 reporting. We will continue to report on these throughout this year. I'm particularly pleased with how we have managed to keep a high customer retention in Norway and improve distribution efficiency in private through times of significant premium increases on the back of the claims development over the last couple of years. Today, we also present our new operational KPIs towards 2028. Customer satisfaction and retention remain as the most relevant customer-oriented measures, and we keep our ambitions to exceed 78% on our customer satisfaction index at the group level. We also maintain the target of retention level above 90% in Norway. In Denmark, we now aim to increase retention to over 86% in 2028. Digitalization and automation will continue to drive quality and cost efficiency. Our digital distribution index tracks progress in digital sales, service interaction with our customers and share of digital customers. The index increased 19% in 2025, and we aim to lift this further by 5% to 10% annually through 2028. As René explained, we are aiming to increase distribution efficiency for Private by 20% by 2028. For commercial, as outlined by Lars, the ambition is to improve distribution efficiency by 12% by 2028, and we just provide a thorough description of our NOK 600 million Claims savings program. Towards 2028, we will focus on straight-through processes for claims as it captures true end-to-end automation and has the greatest impact on both customer experience and cost efficiency. Our target is to reach 55% in Norway in 2028, up from 41% at year-end 2025. The Private and Commercial segments in Norway remain the cornerstone of our performance. We delivered solid and profitable growth through disciplined pricing, improved sales processes and higher operational efficiency. These segments will, therefore, target combined ratio levels significantly below the group target of 81%. Looking ahead, we see clear opportunities to further strengthen profitability. Our investments in strong distribution capabilities are already paying off through higher hit rates and better retention, and we expect continued gains as cross-selling increases and sales efficiency improves. At the same time, our claims organization continues to excel, delivering faster and more cost-effective settlements and better customer experience. Combined with opportunities to capture additional growth in attractive segments, these initiatives position us well for further profit growth. In Denmark, the actions we initiated, including focused portfolio improvements, sharper pricing, improved partner distribution and operational streamlining are now reflected in healthy growth and stronger underlying profitability. Together with improved claims performance and higher degrees of digitalization and automation, Denmark continues to move toward the level of returns we expect from our core Nordic market. Sweden has maintained the strong momentum of recent years with improved underwriting discipline, better pricing models, more digitized processes, strong cost control and enhanced claims handling capabilities, the Swedish business continues to steadily strengthen. We also see solid growth through partners and brokers, who remain an important channels for selected market niches. And with these measures continuing, we expect improvements both in profitability and growth going forward. As Lars mentioned, Pension remains an excellent complement to our Norwegian non-life business. The shift in customer needs, particularly the growth in accident and health and pension continues to work in our favor. Through our combined offering, we are well positioned to capitalize on this trend. We have low distribution costs and there is significant potential for cross-selling to our existing customers. Due to diversification benefits against non-life insurance, we can grow profitably and capital efficiently within Pension. We target a pretax profit adjusted for the change in the contractual service margin of above NOK 400 million in 2028. Across all markets, our ambitions remain unchanged to deliver consistent, sustainable profitability built on a strong technological platform. Our migration to more modern systems, broader use of advanced analytics and increasingly automated customer journeys are enabling ongoing efficiency improvements and a more scalable operating model. Our capital strategy is the foundation for how we create shareholder value, maintain financial resilience and allocate investment assets. This slide summarizes the three core pillars of our approach. We aim to deliver attractive and growing dividends in line with our established dividend policy. This sends a strong signal to the market about our profitability and capital strength. At the same time, we balance dividend payouts, with a need to reinvest in the business and maintain a solid equity base. The second pillar is about ensuring a strong solvency position, which is absolutely critical in our industry where trust and financial robustness are key, but at the same time, optimizing on the cost of the solvency. We actively use reinsurance as a capital management tool. It reduces downside risk from large single claims and catastrophic events and reduces the capital requirement. In addition, we use subordinated debt to optimize our capital structure, giving us flexibility to meet regulatory requirements and adapt to market developments. We've set a target solvency range of 140% to 190%. The floor of this target zone provides us with a solid buffer, which ensures that the regulatory requirements is fulfilled also in a severe stress event in addition to retaining an A rating from Standard & Poor's. The target range also allows for absorption of normal volatility in the results and the ability to maintain a high and stable stream of regular dividends. It also ensures sufficient capital for organic growth and smaller acquisitions in addition to a buffer for regulatory uncertainty. And finally, we assess our asset allocation, balancing expected investment returns with effect on solvency requirements. The degree of liquidity in the portfolio is high, leaving us with ample options to reallocate to optimize the capital position. The main purpose of our investment activities is to hedge our insurance liabilities and the match portfolio, therefore, consists of fixed income assets with low credit risk. The free portfolio contributes to our results and supports our ability to deliver on our return on equity target. We take moderate investment risk in the free portfolio, with the aim is to generate excess return with controlled downside risk. The portfolio is well diversified, consists of high-quality investments and is predominantly sensitive to changes in the interest rates. The free portfolio is expected to return on average 1 to 2 percentage points above money market rates, depending on risk premium and the level of risk taken. Fixed income yields have risen significantly over the past 2 years. And at year-end, the yield on our fixed income investments in the free portfolio was 4%. The investments in the match portfolio have an average spread of approximately 30 basis points. We expect yields to remain at these levels for some time, supporting our financial targets in the coming years. Over the last 2 years, we have generated NOK 15.4 billion in surplus capital through operating Solvency II earnings and returns in the free portfolio. We paid and proposed NOK 16.6 billion in return to our shareholders as dividends. During this period, in addition to funding organic growth, we've used capital to strengthen our position in Denmark through the acquisition of PenSam, in Sweden through Vardia and within home seller insurance in Norway through BuySure. Issuance of new Tier 1 and Tier 2 loans has also combined -- contributed positively to the surplus capital and is an effective tool to optimize our solvency position and capital structure. In addition, approval of some parts of the internal model has had a positive effect, especially the approval of the windstorm model in 2024, which increased the capital surplus by NOK 1.3 billion. We started our Pension business from scratch in 2006 and now have a well-run operation, capitalizing on the growth in the defined contribution pension market and delivering solid returns on equity stand-alone. It is strategically important for the group, complementing our customer offering within employee benefits, as explained by Lars. An important point financially is that the growth here is very capital efficient for the group. As we show here, the capital requirement for pension at year-end 2025 from the group perspective was NOK 1.3 billion lower than the stand-alone requirements. And the contribution to the group's surplus capital as measured by the difference between own funds and the capital requirement was almost NOK 2 billion. Since 2020, this contribution to the group's surplus capital has increased by almost NOK 1.3 billion, thus supporting our increased dividends in the period. And if you also take into account the midpoint of the solvency target range of 165%, the surplus contribution is approximately NOK 0.9 billion over these years. As you know, the approved version of our partial internal model differs from our own model due to the calibration of several key parameters. We believe that our own model reflects the best estimate of risk, and we therefore use it for internal management purposes, such as capital allocation for profit targets, reinsurance assessments and setting investment limits. The approved model is used for setting the overall capital targets. Our ambition to have our own version approved, but this will take time. The remaining differences relate to the modeling of correlation between market risk and underwriting risk, prudential margins and the calibration of certain lines of business. The FSA has previously approved several minor recalibrations and further applications within all three areas are planned for 2026. If all remaining differences were to be approved, the capital requirement will be reduced by an additional NOK 1.9 billion. The prudential margin for underwriting risk represents the largest share of this, while the other two are roughly equal in size. Gjensidige operates in attractive markets. The Nordics continue to stand out for stability, both economically and politically. Inflation is gradually moving down, and although the interest rate outlook varies somewhat between the countries, the overall picture remains constructive for our industry. We thrive in markets characterized by cost-efficient and rational companies, integrated value chains, strong brands and high trust between customers and insurance providers. Against this backdrop, the ambitions you've heard today across Technology, Private, Commercial and Claims position us well for the years ahead. We continue to focus on profitable growth in all our segments, combined with improved operational performance across the value chain and more satisfied customers with deeper relationships with Gjensidige. These ambitions are supported by a modern technology platform, strong analytics, high-quality data and highly capable teams. With this foundation, we are well placed to continue delivering attractive returns to our shareholders. And with this, I'll hand the word back to Mitra for some Q&A.

Thank you, Jostein. We will now spend a few minutes to get ready for our Q&A session. All right. We're now ready for our Q&A session. With me on the stage here are today's presenters, and we also have other members of Gjensidige's Group Management Team and our Head of Sustainability, present in the room and ready to answer your questions. [Operator Instructions]

[indiscernible] Two questions if i may. The first on the assumed premium growth for 2028, a combined ratio below 81% for a NOK 10 billion underwriting result implies roughly 7% premium growth per year. Could you decouple that? How much is assumed coming from pricing efforts? How much is volume growth through either Home Insurance or Life and Health? That's the first question. And the second question is about the costs in Claim Savings Program. Obviously, very strong results on the former target, the NOK 800 million became NOK 1.1 billion. Was that due to sort of a conservative approach when you assume that? And if so, is the same cautiousness applied to the new NOK 600 million target? Or is that more realistically based?

Yes. On the premium growth, our main starting point is that we price at least in line with the claims development. And that is -- we've given you some indications, especially on the Norwegian business going forward on the main products, Motor and Property that we see a claims inflation picture going forward of, say, 3% to 6% or 4% to 6% depending on products, with a wider range for Motor. And that should be kind of your starting point. We also need to mitigate changes in frequency in Motor, especially where we see a still continuing claims frequency development, but much more moderate than what we saw in 2023 and '24. And we said that we expect some 1% to 2% increase in claims frequency for Motor. Then you have some more volatility on the Property side. But long term, we do think that climate risk will drive especially water-related claims also on the Property side. And we take all these factors into account and try to balance our pricing efforts accordingly. And then we will not provide you with any specific guiding on volume versus price for the longer term, but kind of for the short term, this is our assessment.

Yes. The second question is about the claims program, first phase. I think we had a very good start. A lot of things happened during the -- from '23, to '24, '25 when it comes to claims frequency. And I also think that we did a successful investments when doing all kind of automation update agreements with our supplier network and so on. So going forward, having in mind that '28 is actually 2 years ahead, we are building our claims operations where we are aiming for a great success also beyond '28. So I would not say that we have been conservative in setting the ambition, but I'm very confident that we will reach the ambition and that we have a great pace going forward also after '28.

And if I can -- thank you for the question. I love that. I asked the same question when we did the calculations. And I think the difference between the target we set in 2023 and now it's not that we're conservative, but it's the structural cost improvements, that we are heading for and not just the efficiency gains. So we want to run rate, an early run rate from 2028 that keeps on providing strong financial results. And then when you're working with data capabilities, the way we are now in claims, we are at a very advanced level now. We are very interested in having the right quality all the time. So a bit strict on the discipline, before we scale. But when we scale and when we see the quality is high, as you saw with the 95%, then we're still that let's get 96%, let's get 98% because we will not hit the numbers right. And when we have that in place and scaling, then sometimes we get even higher effects that we could calculate early on. Yes. Does that make sense? So maybe we'll -- yes, we'll give you good results again.

Hans from Danske Bank Markets. First question is on sort of the updated targets and especially then on the cost ratio. It's always a bit difficult to look at cost ratio because the sort of mix is premiums and nominal costs. So my question is, if you exclude the write-off you've done in 2025, you're not very far off the ratio that you're saying you will be at in 2028. How should we look at in terms of what you've been saying in operational efficiency investments and such? How much of that is sort of harvesting the cost improvements you've already done? How much sort of nominal cost are you expecting to -- how much are you expecting to increase nominal costs going forward? And the last part is how much of it is sort of defensive investments versus kind of growth investments in especially the markets where you're smaller today? Second question is on the updated return on equity target and how that changes your sort of participation choices going forward there, especially considering private Denmark and Sweden, where you're much smaller than the other places. And sort of -- does it change your thinking around there? I guess we didn't hear so much about those two markets in the presentation today.

I can probably start and then continue, Jostein. When it comes to cost ratio, I think it's important to have in mind that we believe in kind of uncertain times. Many things happening now during technology, AI, there are many good and probably many bad opportunities as well, when it comes to investments. Going forward, we'd like to have some room to do the right investments to improve the business going forward, also to have growth and more efficiency to come after '28. So when we now talk a lot about improving distribution efficiency, talk about improving the claims processes, it also gives us room to reinvest to prepare Gjensidige for what's coming next beyond '28. So I agree with you, if you look at the ambition regarding cost ratio and compared to what we have achieved during the last couple of years, but also having in mind that it gives us room and some kind of flexibility to what we can do next. But then saying that, we are not going to invest in things that we are not sure will create value. So we will still be very disciplined when it comes to cost, very disciplined when it comes to use of capital. Return on equity target and what to do with the business in Denmark and Sweden. I think during the last couple of years, we have moved from being a large Norwegian player with some kind of business in Denmark and Sweden. We have sold our business in the Baltics and raised our focus on being a Nordic player, and that's important going forward as well. Our strategy is to be a good player in the Nordics. We are having a lot of ambition to improve our business in both Denmark and Sweden. I think we have achieved a lot during the last couple of years. You look at the numbers, both when it comes to exchanging operational excellence, exchanging competence, exchanging skills. We see that we have improved results in Denmark. We have great results coming from the small business in Sweden as well. And that's a very good starting point for the years to come when we are seeking for both new opportunities and also improving the business further.

And as I tried to highlight on my slide on the segment profitability targets, we do accept and expect combined ratio targets in -- outside of Norway, which are higher than the 81% that we set at the group level. And then, of course, the Norwegian business, which is the cornerstone of all measures here are targeting much stricter profitability targets. But still, it is value creating because it does return share dividend capacity. It does actually give a higher return on capital than any reasonable capital return targets.

Oliver [indiscernible], Carnegie. I have two questions as well. One is easy and the other one is, might be impossible. The easy one first. Since you have a solvency range and not a fixed solvency target and you're so close to your top of that solvency range, I was just wondering what kind of world should we look for in which you would go for 140% solvency? If that is even a level you actually see as reasonable since it is part of your target range. And then for the impossible question, on autonomous vehicles, which has been a trend for some while now, it seems to me like it's going to be something in the commercial segment for this going forward, if it happens. And in Norway, most of the companies, as you highlight, are very small. It's SMEs for 99% of all companies. What kind of company would this sort of become in the future? Is it going to be an industrial segment, large corporate segment? And how do you sort of position yourself given that Gjensidige is so strong in the small corporate segment?

Yes. I'll probably take this one and then I'll let my colleague take the latter part. No, we have a quite a broad range when it comes to solvency. Gjensidige has a very solid capital position. It's normal to have some kind of flexibility. You could have probably some macroeconomic effect impacts, which will also hit the solvency position. You could have -- we have to have some room to do minor bolt-ons like we did with BuySure, like we did in Denmark a couple of years ago, which from quarter-to-quarter and from time to time gives some kind of flexibility, which also leads to having a range, when it comes to the solvency position. Saying that, we are a very capital disciplined approach to what we do. We are seeking to reduce the capital requirement due to continually improving our internal model and having a good dialogue with the FSA as well. So it's definitely a very capital disciplined organization, but having some kind of room and flexibility to meeting having buffer for some external impacts, which could happen in an unpredictable world and some flexibility when it comes to bolt-ons. Autonomous cars, probably René could say something about the car fleet and what's happening because -- before letting you getting [indiscernible], we probably expect that the pace of change within mobility to be -- happen earlier, if we go a couple of years back to having a larger proportion of the car fleet to be more on the commercial side instead of the private segment. In that period, we have built up great relationships with the OEMs directly. If you look at our distribution, we have improved and expanded our relationship with local car dealers in Norway, especially. So we are very connected to what's happening within the mobility industry. René?

Yes. So Geir covered most of it. But what's important for us is to be an attractive local partner. The OEMs are huge. The Nordics are pretty small to them. So what we are working also when we invested in REDGO was to be a relevant partner because if we're going to work with autonomous cars, pricing in regardless of how you drive, we need to have the partnerships with the big OEMs. So our Mobility strategy is being a local relevant partner, being able to get the deals with the OEMs. And we have already have tested, we have tested how we price on driving behaviors, and we have discussed this with some of our partners and tested it for a while. We haven't realized any products yet, but we now -- we know how to do it when we find the right partners who says that they would like to have an insurance product for autonomous cars and with the telematic part.

And if you look at the development in the last couple of years, what we have seen is that we have been impaired with the increasing claims frequency regarding Motor. But in addition, we have also seen that the claims cost for new cars are higher. And when you gradually will introduce autonomous cars, you could probably expect that more technology, more sensors and even more expensive cars to repair, when something happen. So -- and you know Nordic driving conditions when it's foggy, it will take time probably before you have licensed Level 4, Level 5 autonomous cars and then having a greater impact on what's being a larger proportion of our car fleet in the Nordics. So -- but we are doing whatever we can do to be prepared for that kind of development. And one of the key message is that the dialogue and relationship with the OEMs are important.

Yes. And we have waited for -- we are talking about for years that they will come more cars from the private portfolio over to the commercial portfolio with the fleet, but we can't see that in our numbers so far. It's a good question. What kind of company will Gjensidige be in the commercial market for the future when we are focusing on SMEs. And you saw in my presentation that 99% of the companies in the Norwegian market is SMEs when you're doing a cap at 100 employees and NOK 100 million in revenues. So it's more or less the whole market. From my perspective, it's important for a company as Gjensidige to have customers of all sizes in our preferred industries, a few large accounts, many medium-sized, but a lot of small companies. You hear a lot of presentation, I think almost everybody talking about the SME market. Everybody want to expand there, and there's many reasons why we want that. But if you're only approaching the SME market, you will have a random portfolio because it's all the whole market. So from our perspective, it's where to play within the SME market, which is important. So when we are working with the SME market, we're looking at different preferred industries. We're looking at the pockets in these industries. We're looking at the size of different companies within these industries. And we see where do we have -- what kind of profitability, where do we have what kind of market share. And then the most important thing. One thing, is to understand the market, see the market and know where do you want to play in the market. But the most important thing is to have the ability to steering the operation, steering the activity in your operation, in your distribution against those -- into those pockets where you want to build the portfolio. But that is how we have succeeded over years, how we have strengthened the profitability over years is that we're steering our activity into those areas, into those segments, into those products where we, and how we want to build the portfolio. And when we are looking, sometimes I have the question, what are the new areas you want to build, where do you want to grow going forward? From my perspective, it is important to grow where you know the business. And for us, still, you have seen our development within the market, in the commercial market over the last 6, 7 years in Norway. We have increased the market share from 28% to 31% approximately, at the same time, improving the profitability. And we have done this to steering the operation within those pockets where it's profitability. And that is important for us going forward as well. So when you have this on one side and combining this with what I was talking about in my presentation, how we are pruning the portfolio, how you're steering the portfolio optimization, then you're combining activity management, portfolio steering in an efficient way. And then you will have a company in Gjensidige going forward that have the capabilities, that have the capabilities to improve the profitability and building a portfolio in control. That's the important answer on that.

I think the next question was Thomas behind there.

Thomas Svendsen from SEB. So two questions. First on cost cutting and on Jostein's bridge there operational improvements. Could you share with us the size of sort of the cost base that this operational or cost-cutting measures applies, so you can sort of get a feeling of the percentage of the cost base? And secondly, on your advanced underwriting processes. Could you say something about for a certain vehicle, what is the lowest price, and sort of a high price versus the average for the same vehicle, but with a different driver? And also on the placing of the vehicle, the high and low level there? And possible on the combination of the geographical location of a certain vehicle, and the difference between the high and low price versus the average?

Okay. On the cost base, we're talking about on the cost expense ratio of 12% and the cost base we're talking about there is in round numbers, NOK 5 billion, which is then the cost base, not including the costs used for handling claims, which are recorded through the claims ratio. If you add those, there is approximately NOK 2.5 billion more. That includes everything, wages, IT and whatever. And you'll see that from the annual accounts where we have a note on this. And that is the base really. But as we talked about in the previous questionnaire, we are at the level of, say, around this. But what we need to do is to invest in all these initiatives that will gain -- give us the long-term competitive position that we are talking about there. That is our important, and we do this within the below 81% combined ratio above NOK 10 billion in insurance result in 2028. So it won't be that we are kind of going to squander money to just to stay at the same cost ratio level. It is designated investments to improve the long-term competitive position within the below 81% combined ratio target.

Next question, yes?

That's about motor insurance.

And I don't think I can answer the question, but you asked how much does it differ for the same type of car, and between the cars, and the same type of customers and between the customers? It differs a lot. But I don't think we have any numbers from a car to car, it's surprisingly how much it can differ. And also within the same customer having different cars, it's a really big difference. So we have -- we have customer pricing and market pricing to sometimes adjust it a bit, because some of the times, if we do straight out risk pricing, the difference is pretty high. So then we go to the customer pricing, see which is the most important customers, which are the most loyal customers, and then we adjust it in order to take customer segment or different markets. Yes, that was a boring answer, I guess.

Probably Berit can give you some more precise numbers afterwards.

Christian [indiscernible] here. I have a question on the cost. So you presented a number of measures that you've taken to reduce costs and at least increase efficiency. And still, it seems like your operating expenses have increased quite a lot in nominal terms, I'm not referring to the relative number, which is obviously influenced by the high premium inflation. So if you could just expand a bit on why costs are up in spite of all your measures taken? And secondly, I was quite comforted by your comment that your non-Norwegian operations does not dilute, or at least is not below a certain level on returns on capital. If you could share a number, that would be highly appreciated.

Sounds like me. Yes, normal costs have increased. We do see if you divide our cost base, it's basically -- it's more than half of that is salary costs, and we decrease the number of persons in the core insurance business over time. But then, of course, we do have outside the core insurance business, both in the Baltics and in the mobility space, quite a lot of quite people densitive business. But over time, the -- even including salaries, wage cost will shrink as a share of the total. But what we see also is that there is a large increase in IT -- cost inflation for IT services or IT cost is much higher than the wage increases, and that's behind much of the increase there. Going forward, I think this will be -- this trend will only be strengthened given the measures we've taken and the KPIs we have introduced in terms of distribution efficiency, digitalization and automation, this trend will be strengthened in the -- yes, not so long term really. And then numbers on the return on kind of allocated capital per segment is not something we have provided for the market. We've gotten that question sometimes. But I mean, given the numbers that we have produced, I think it's fairly obvious that these are fairly okay returns on allocated capital if you kind of just do simple measures. And we use this for internal management, but have decided not to make that public for the market.

Vash?

Vash Gosalia from Goldman Sachs. I have two questions. One on the cost again. Here, probably a little bit of accounting and a clarification. One, how much are you going to invest to get the NOK 600 million savings? And would you be capitalizing that? Or is there -- would you be expensing that? So just some clarification on that. The second one is a little bit on utilization of capital. So you've sort of suggested you're open towards doing M&A., but can you share with us, one, the region in which you would like to do M&A and potentially the size, just to get a sense of what is it that we can expect?

Yes, I can start, and then I think Vivi and I can work together on that one on that side. First of all, these investments that we will do to reap the benefits within the claims are 200% more or less expended, not capitalized. The main thing that we are capitalizing is related to the core system and the big long-term projects there. Otherwise, we're really expensing most of it. And the actual investments needed is for the NOK 600 million.

I would say we're very cheap and we have already strong capabilities in place. So right now, it's the manpower, utilizing data, advancing the technology. So we have the things we need.

We're talking about kind of teams and scores going on and just step-by-step improving the processes, utilizing all the existing technology within AI, and that is the main driver, I would say, for the NOK 600 million in terms, and also changing processes is much more about how people work rather than investing in technology as such.

Yes. Second one about M&A opportunities. We are focusing on what's happening in the Nordics. That's also the reason for selling the business we have in the Baltics. Outside Norway, purely P&C business, that's our core competence. That's our core approach. You know also that the market in the Nordics when it comes to P&C business are very consolidated. You have some long tail with smaller businesses in Denmark, but then you have more larger companies. And indicates that the market is consolidated. So our core focus on a daily basis is how to do the operational improvements, how to improve our business, how to make sure that we seek growth opportunities within the markets we know, within the customer base we have and the customer base we know. And I think during the next couple of years and after beyond '28, we are seeking very interesting growth opportunities, which are also profitable. Today, we mentioned about what's happening within the housing market and how we can improve our approach there. Life and health, that's increasing demand, which is within the insurance space, but very interesting. And as you know, in Norway, we have a pension business, 11% market share. But if you look at our P&C customer portfolio, we see that 27% of our P&C customer in the commercial segments in Norway have also bought occupational pension from Gjensidige. And that has actually had a very good growth during the last couple of years. And we are now investing more in distribution capacity and in solutions and concepts to actually grow that business further. This is capital efficient, as also Jostein showed due to all the diversification effects in the group as well, when it comes to capital requirement for pension business. So I would say that, yes, we have a focus on P&C in the Nordics and a little bit broader approach in Norway due to our pension business. But from day-to-day, it's more on the operational side, how to improve our own business.

Herman?

Herman Zahl from Pareto Securities. First, one question on data. I think it's to Johan. If I interpreted the slide correctly, Slide 25, you said that you will increase the amount of data used for pricing by 5% to 10% over the 2, 3 coming years. So could you just be more specific about what type of data that would be, and if you already have that data, or you would have to gather it in those years?

Yes, I can start to answer, and then I think also, Berit can assist. But what I referred to is the way we are now feeding the pricing models. And with the new data infrastructure, we will not increase by 5% to 10%, but by 5 to 10x. So today, we have a lot of composite data points. For instance, the customer score goes into the pricing model to calculate what is the right price. With the new structure, we can use a lot of individual data points that can also explain even finer variations in the pricing, if it makes sense. It doesn't look like it makes sense.

Berit, can you elaborate a little bit on the different kind of data streams that we are connecting to the new pricing architecture?

Yes, of course. I think it was a really good answer, Johan. But of course, we're using more customer-related data also into the risk pricing, not only the product by product, but also using more behavioral data when it comes to the actual risk pricing and more customer -- on more customer level. And looking forward, we do need to also look into more real-time data, of course, and more external sources and how to automate that even further.

And in addition, I might add because we're so related, Berit and Johan. We are also gathering new data from generative AI. So before you had the very structural data sources and now the more unstructural data sources as writing and pictures, you gain a lot of more information than you did before. And taking those data and utilizing them, that could be for mitigating damage, or it could be to optimizing risk profiles. So I would say that's somewhat new as well.

Okay. And then just on sort of longer term, how do you see the risk of more efficient AI-driven price comparison tools? Or if you don't use that as a risk, what are the sort of structural barriers remaining in place, and also just some perspectives on the private segment of corporate, I guess it could differ a bit.

I'll probably start and Rene probably continue. Yes. I think it's -- where we stand now, it's more interesting to talk about AI when it comes to distribution instead of autonomous cars. If today, especially in the U.K., but other places as well, some examples in the Nordics, you have the traditional pricing comparison models and portals. They are giving the customer the best price for a specific product. When you use ChatGPT or a generative model, you will definitely change that kind of concept. You will -- as a customer, you will get help to understand what kind of product you need, what kind of -- and you get help to get a good answer on your need and requirement when it comes to insurance. For Gjensidige and other providers, it's not only price that matters. Now using these models, you will probably see that our way of doing processes, claims handling processes, our quality when it comes to our core processes, when it comes to terms and conditions, when it comes to customer complaints and so on, you will definitely have a broader aspect on how you do the kind of assessment when comparing different providers. So for Gjensidige, we are in the customer dialogue, we are always talking about price in addition to terms and conditions and what actually it means to be a customer Gjensidige. I think that is helpful to use AI models instead of the more traditional pricing comparison models, which are -- tends to be very pricing focused. I think that ChatGPT and other distribution models based on AI will look at the whole product and actually look at how the different providers could give the right offering to the customers.

Yes. So there are two opportunities. The one, the customer journey will change. It will be more cost efficient. So that's an opportunity for us, which we believe that we're well prepared for. And the second one, which is, I think, is just as important is that these bots will be an adviser who can advise to a much greater extent on quality. And we believe that, that is to our advantage. Being able to differentiate the bots will to a much greater extent, be able to pick up that information, which is more difficult for a normal customer. So being able to differentiate, have more quality in our products and services, being able to have more frequent and relevant contact with our customers, that's important in order to take advantage of the AI revolution and the AI bots. So quality is a huge opportunity for us.

You had a question about the difference between the private market and commercial market. And Johan, you talked about it in your presentation, data must be available. And if you're looking at the private market and the commercial market, the big difference is the maturity within the digital solutions. We are one of the most mature players in our -- in the commercial market, and we have really good solutions when it comes to working with renewals, doing service at your cover and you can buy a few products. But there is not that many competitors that having solutions that can drive everything straight through and that you can have everything available. Does mean that you have to have an API to the core to drive everything through. But on the advisory side, I think that is the first point where we can see it on the commercial side. So I think it will be a little bit slower to see in the commercial market.

Carl Lofthagen from Berenberg. Two quick questions. The first one is a short one. Just on Private Denmark in Slide 31, you're showing improving retention in 2025, but declining customer satisfaction, which seems counterintuitive. Just wondering, is this kind of a blip? Or did you see that customer satisfaction decline just, I guess, across the market as a whole? And then the second question is on the competitive landscape. I mean, if I look at market share developments in Norway and Sweden, where the data is reasonably up to date, we're seeing kind of smaller players increasingly take market share from the incumbents, admittedly from a much kind of smaller base, but I guess just wondering how did you think about the competitive landscape when setting these targets?

If you start with...

Yes, the first one. In Denmark, it's been a drop in the industry average, which has been pretty brutal due to much of the price increases. We have seen the same in Norway, but it's been a bit more brutal in Denmark. So it's an industry average actually.

When it comes to competitive landscape, starting with Norway, in the Norwegian market, you have a couple of major players, large players, which are disciplined when it comes to pricing. They are -- something happening about inflation, claims frequency, you see an instant reaction and activities when it comes to terms and conditions and pricing, which actually meets the actual development. You have probably one player in Norway at the moment, which are more aggressive on the -- and taking market share. From our side, we have a very stable position. Over the last years, we have improved our position when it comes to commercial segment. Last quarter, we actually improved our position in the private market as well. So we are very satisfied with the position we have, and we have managed to combine keeping the right business volume, keeping opportunities to improve our ambition when it comes to cross-selling, and we are seeking new opportunities like housing, where we can have seen growth in the past, and that's what we focus on going forward. But my impression about the market in Nordic has been -- yes, we have shifts when it comes to market share, but not a concern for us as a larger player, how did the market develop? In Sweden, we are a smaller player. We have a great opportunity to improve the business, but we have an unknown brand name. So we are seeking partners to develop the business. We are seeking -- using co-branding in some situations as well. And also I have to admit during the last couple of years, the core focus in Sweden has been to, more or less a turnaround to improve the profitability and to make a robust, solid and a profitable business in Sweden, which we have now and have a very interesting position as a more challenging player.

Next question, yes.

Roy Tilley from Arctic Securities. I have one or maybe two questions. Can I do two? Perfect. Just a follow-up on last question on the solvency range. I believe in your last supervisory report from the FSA, they kind of argued that the lower end should be 150, not 140 after your partial internal model. Do you think if you get more of the internal model approved and your nominal requirement goes down, will the FSA kind of push for a higher percentage floor? That's the first question. And then the second to Johan, I guess, just on the core system in Norway, Lars talked a lot about the benefits in Denmark, but your assessment is that it's better to keep the original systems in Norway and Sweden. And just kind of wondering, is it the risk part or the reward part of the assessment that changed to make you do that?

Starting with solvency, solvency range. The legal requirement is 100%. So -- and that should probably be the starting point for the discussion and considerations. Going to 140, we have still a good capital position. It's -- but comparing to the peers in the Nordics and in Europe, 140 should be a lower and weaker position. But still, we run a business, which is capital efficient. We have great opportunity to -- in quite quick build capital, if necessary, due to high premium income and definitely a broad spectrum of capital-light products. So we are -- we don't share any conclusion on what to do if we get a larger part of the internal model approved, but then it should be a kind of consideration between the management and our Board to do that. But at the moment, the legal requirement is 100%. So that's the starting point for the discussion.

Okay. And on the core system, I'll try to be short because I could speak about that for hours. I think it's a mix of risk and reward. You have to remember that the situation in Denmark when we made a decision to go to a new core system, a new cloud-based core system, the EBIT that both of these guys are benefiting from now. We were in a situation where we had a lot of different legacy systems and the main core system was also approaching end of life, and it wasn't our own system. It was a vendor that provided it. So we didn't have full control over how to modernize it. So the decision in Denmark was that we need to get out of that system, and we need to consolidate all of these different smaller systems because it's weighing heavily on our cost position. And in terms of consolidating into one core system, it's even more important to do it in one market because you have to respond to every new regulatory requirement, or every new kind of customer that wants to see all the data. You have to do the integration with every system if you have multiple systems in one market. So it was more urgent there to consolidate into fewer systems. Whereas in Norway, we have a very well working core system. It seems like the platform it is built on will have a longer life expectancy than we thought previously. And we are also -- in the way we are modernizing this system, we are actually taking out small components where we need to do something in a different way, or we need a more modern approach. We take that out of the mainframe environment and into a cloud-based platform. So we are able to get some of these advantages of a new and more modern system without doing the full core replacement. So I think that's the kind of the main difference in thinking between the Denmark and the Norway situation.

Okay. Next question, Thomas, you had a second one?

Thomas from SEB, again. So a question to the Norwegian motor segments, and sort of the market there towards 2028. Are there any changes we should be aware of, cheaper cars or more expensive cars, or larger cars, or smaller cars? Or is it a steady projection, the best thing we can do?

It's pretty steady. Our volume comes from long-term agreements with a lot of dealers. That's our most important growth factor. And when it comes to cars, I think the EVs is now a pretty stable portfolio. So we don't see any big changes during the next couple of years when it comes to types of cars. But there, of course, there are coming new producers and new cars that we know a bit less, and they were pretty strict on pricing on all the new cars, not only because of the cars, but because of the whole value chain when it comes to workshops, spare parts, et cetera. So we are pretty strict if there -- if there enter new brands into the market.

All right. Perhaps we can switch to questions from the web. We can start with Michele Ballatore from KBW. With regards to your AI and your technological improvements you're planning and in light of the recent changes to your technological platform in Denmark and Norway and the pension business, what would it mean to integrate these new tools into the existing systems? Would that be difficult?

Yes. So I think actually one of the earlier questions illustrated a little bit how we're thinking about this because with the new capabilities like AI and new automation opportunities, the way we are working with technology is that we want to provide a platform that makes it easy to both test and experiment, but also to deploy these new tools. So the way is able to get a lot of this NOK 600 million without doing deep IT investments is because we have provided a platform on which you can basically run models and algorithms, and get access to the data you need to make these things happen. So the way we are working with a more kind of layered approach and a platform approach in the IT infrastructure is to avoid having these deep integrations that are costly and complex.

So what we're doing is that if he gives us a platform for building a bot, if he gives us the right data, then a lot of the organization are able to build the bots. In our customer service, more and more of the advisers are trying to build bots themselves. So we are able to use a greater share of our employees, building bots, being close to the customer, having the right competence as long as we get the platform and the data.

And the guardrails.

And to add to that, we've already proven that we can scale models very easily, not just across product areas, but also across geographies. And what we do when we use the scalable architecture that Johan speaks about is that we customize the data to different regions, countries, customers and so on and so forth. And in there lies the, you could say, the symphony between technology and business now, adding more data and leveraging it by scalable infrastructure. It's very exciting. And that's why you see those beautiful ramp-ups and hockey sticks in our numbers sometimes because when we scale it, it always -- it often has very good surprises with it. And that is also why the claims ambition is very ambitious towards 2028. Yes.

Thank you. All right. The next question is from Qian Lu from UBS, partly related to what we've answered here before, but I'll read it anyway. Just on the upper end of the solvency range, I think you said in the past that you would revisit the solvency target zone if more internal model changes got approved. You have had a couple of approvals since the last CMD, but have kept the range the same. Have there been any changes to the way you manage solvency? And then we have another one afterwards.

I would say we regularly, at least annually do visit the solvency range and what should be the target, and we visited all times that they have got changes to the model, and we stayed with this level so far. And then whatever happens, as Geir mentioned in the previous question, if we get other parts approved in the future, that will be a decision for the future when we get these approvals.

Also, the second one for you, Jostein. How are you thinking about the upcoming debt calls in 2026?

Yes. We have the first one in April, I believe, early April, and that is really already refinanced from the previous issuance in last fall. And then the second one is in October, and we'll decide when we get there whether we will refinance, but it's our obvious intention to call the loans at the first call date that is customary in the industry.

Great. Okay. Back to the room, Simon?

Simon from ABG again. On your 2026 targets. I appreciate you keeping them unchanged. Just on your thinking for doing so. Obviously, the consensus expectations are well above, and I appreciate you're not setting targets after the expectations. But is there an element of cautiousness given sort of the start of the year? Or did you just choose to focus on the new targets for '28 and keeping the '26 targets unchanged? And on that, do you have any comments on the developments year-to-date?

For the last question, I have to you have to be patient and wait for the first quarter when we announce that. We decided early when we started preparation for this Capital Markets Day that we keep with the targets we have for '26, not to come in a situation where we are guiding to where we end because now we are more on the short term. So we haven't gone into that consideration now. And yes, I think that's the basic answer on that one.

And just following up on that, then. On the trajectory towards the NOK 10 billion, is it fair to assume that your targets are based on sort of a linear improvement? Or is there any factors pointing to any sort of hockey stick or a front-end loaded profile?

It's -- if we look at the development since '23, it's definitely from '23, it has actually been front-loaded. So it tends to be a little bit front-loaded as we see it. But -- and that's due to all the pricing measures and everything we have done in last year, which will have also an impact in '26 as well, but we are having so many different types of measures improving the way we are doing business that we will see gradual effects throughout the whole period. Anything to add, Jostein?

No. I mean, as you saw from my slide, we are at 7.5% in 2025, excluding the write-down of the EBIT system. We are approximately at 7.5% at least. And that points that we have with the premium growth numbers that we showed you in the fourth quarter of 2025, it means we have quite a well -- good speed into 2026, which should bode for a fairly okay profit improvement in 2026, and then the accumulation of all these measures that we have talked about today, which are already underway, and they will continue to improve these results. And importantly, as I tried to stress on the presentation, what we're doing today, or these years, is to build the foundation for profits after 2028 as well. We are investing in things that will have a continuous improvement after 2028, even though we forced to be able to stop at NOK 600 million in 2028. There is improvements going on after that. Yes.

I think that's the claims there is a good example on an area where we can expect more to come after '28. So -- and many things happening at the moment, doing new investments using AI, very much more extensive, and also being precise to how we can improve our way of doing business, which will gradually have an effect, but that will continue beyond '28. Absolutely.

You have a question Youdish?

Youdish Chicooree from Autonomous Research. I've got a few questions. The first one is on your combined ratio target. So you reported 83.4% combined ratio last year. If you adjust for the one-offs, even large claims, you're already at 81.5%. So I was wondering to what extent, if you factor in the price increases you have implemented recently are still implementing, and the claims savings you are targeting, you are -- some have suggested that you're very strongly positioned to be significantly better than 81% already. So I was wondering to what extent is that just pure conservatism versus you planning to possibly sacrifice margin improvement and maintain top line growth? That's the first question. And then secondly, more on the long-term front, again, going back to your comments on autonomous cars and AI risk around distribution. On autonomous cars, you said you're in dialogue with the OEMs, but a lot of these -- the companies that are involved in this are big tech firms, large manufacturers. So how do you ensure you've got an early front foot in this space when this technology starts to be deployed in Norway? And then on the distribution side, you mentioned with the chatbots, they're going to advise also about quality, not just about pricing. So does that mean that how do you ensure Gjensidige again is there when somebody searches for insurance goods, how do you ensure that the service quality and the claims handling potential of the company is actually available for customers to see on these new platforms?

I can start with the first one. Combined ratio, 81%, if that's a conservative approach? A couple of topics I'd like to mention. On the cost side, which is the part of the combined ratio, we are saying that we'd like to have -- we will have some flexibility, some room for investments going forward. We have to build profitable, but also seeking growth for what comes next after '28. And that's the part of how we think about the cost ratio, approximately 12% gives that kind of room. We have also showed a couple of pockets, or segments, or areas where we could see growth, which should be profitable, like the housing, as mentioned, life and health, which is interesting. If you look at health insurance in Norway, we have a market share of 25% in Denmark, close to 10%. So we are one of the leading companies in the Nordics when it comes to health insurance, which is a very good starting platform to improve and grow that business within a market which will definitely have high growth going forward. And we have done a lot within our health insurance product, both with the supply network and introducing retention levels and so on to make that robust and profitable. So -- and I would not say that saying 81% -- below 81%, which is the target, not equal to 81%, below 81% when it comes to combined ratio. It's not a situation where we are giving away margins to put more pressure on growth areas, but it's a combination where we have some room to do investments and dig into areas, which will grow the business and make a greater decision after and beyond '28. It seems to be Rene again.

Yes. When it comes to the autonomous cars and the OEMs, of course, these -- some of them are huge. But we see that we actually are a bit interesting due to the high numbers of EVs, and that makes the Nordic a pretty interesting place to test. I had a meeting with Toyota yesterday, which we are a co-insurer with. And they were pretty clear on that Scandinavia and especially Norway is really interesting when it comes to testing, and they would like to test more with us. So it's -- Nordic is pretty interesting due to the EVs, and it's just important to us to have a few strong enough relationships. So we are early in the testing, building capabilities together with partners. I guess that's the answer on the partnership and the EVs and autonomous vehicles. And there was a question about quality versus pricing. I think, it's at least twofolded. One is to actually build APIs, making our products, services and the quality in our offering available for the AI platforms, making sure that if they are looking for different kind of services, they are looking for the quality in our offering, they are able to find it. So there's a lot of details in how to make that available for the bots, and we are working on that at the moment. And the second part is making sure that what they find is differentiating us. Like, for instance, the alarm service when the bot sees that you have a house insurance in Gjensidige with the sensors and alarm services, they see that you are not able to get that if you move to a competitor. And we are able to deliver sensors and alarm service in a better and more cost-efficient way due to the synergies to our brand, our distribution power, et cetera. So that's an example of what we are -- what's important to us to share with the bots so that they actually see that we are differentiating us from the competitors.

Just one comment on that. That's important -- that's a good question, but that's important also when it comes to AI and that kind of solutions in the commercial market because we see that customers that having, example, only motor and property compared to those having motor property and personal health products. The last is more satisfied, they're more profitable. And we are talking about health insurance, when you're combining with pension solutions as well, we saw that those customers stay 13% longer than the rest of the portfolio, and they're more profitable and they are more satisfied. So how -- what we are making, what kind of value proposition we are making available, then we'd also have to combining this with risk management models and advisory. And we see that when you're combining this in our value proposition, that is how we seek to be differentiating in the market going forward also in the commercial market.

And you can say to your question about claims handling, when it comes to the value chain, sales, service and claims handling due to ChatGPT, then the information sharing is important. You probably do it today. So you ask, can you help me write something clever to the insurance company so I could get my claims payouts. We'll see more of that going forward. But the death in the value chain when it comes to claims handling is very regulated. So we are not going to see ChatGPT suddenly do the payouts. Well, it's more than welcome, but it's different in the value chain today. So it's different risk profiles as we go through ChatGPT is new distribution, which is more on informative side.

Okay. Do we have any other questions here? No. And we don't have any further questions from the web. All right. So then we've reached the end of our Q&A session. For those of you who have further questions, please send an e-mail to us in IR, and we will revert as soon as possible. Thank you, everyone. I will now hand the word to Geir for concluding remarks.

So as you have heard today, Gjensidige is standing on a very strong foundation that position us exceptionally well for the future. Our priorities are clear. Customer empathy, resilience, profitable growth and sustainability. These priorities guide how we serve customers, how we strengthen our operations and organization, and how we manage capital and how we create long-term value. Johan, Rene, Lars, Vivi and Jostein have shown how our strong platform enables us to stretch further by growing our top line, improving margins and keeping customers loyal and satisfied and strengthening our work on sustainability, and finally, but not at least, delivering cost and capital efficiency that supports attractive returns for our shareholders. So with this foundation and a clear path forward, I'm confident in our ability to meet the financial targets and achieve the next level for Gjensidige. So with these final words, I thank you for your attention and invite those of you present here today to join us for a short introduction on Edvard Munch. And to all of you following the webcast, thank you for your participation. Thanks.