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11/10-2018 08:00:17: (GJF) Gjensidige Forsikring ASA - Provisions in the third quarter of 2018

Gjensidige Forsikring ASA will record provisions of approximately NOK 160
million in the third quarter of 2018 related to ongoing restructuring measures,
and expected claims for damaged agricultural crops in Norway.

As a result of continuing focus on improved distribution efficiency, Gjensidige
will close eight branch offices in Norway, involving staff reduction and
termination of property lease contracts. In addition, the Group has reduced the
staff in Sweden and Denmark. Gjensidige will record a restructuring provision of
approximately NOK 80 million in the third quarter of 2018. The provision will be
recognised in the Corporate Center.

The hot and dry weather this summer has resulted in significant damages on
agricultural crops in Norway. Damages on crops in Norway related to drought are
to a large extent covered by the Norwegian Government. However, Gjensidige
covers parts of the damages, beyond compensation from the Government. Due to the
particular process where Government compensation is a prerequisite for
forwarding claims to Gjensidige, and the fact that the deadline for applications
to the Government is 31 October, there is limited visibility on the outcome for
Gjensidige at this point of time. Based on current best estimate, Gjensidige
will record claims provisions of NOK 80 million, related to crop damages, in the
third quarter of 2018. The provision will be recognised in the Commercial
segment.

Contact persons, Gjensidige Forsikring ASA:
Head of Investor Relations: Mitra Hagen Negård, tel.: +47 957 93 631
Head of Communication: Øystein Thoresen, tel.: +47 952 33 382

Ekstern link: http://www.newsweb.no/index.jsp?messageId=461058

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