Capturing opportunities in property insurance Sell-side Analyst Meeting in Oslo, 27 August 2025 Disclaimer 2 Introduction Geir Holmgren, CEO Analyst Day 2025 Today's topic: Private property insurance A significant product with an attractive potential Property 33 % Motor 29 % Accident and health 21 % Liability 4 % Travel 4 % Other 9 % Property Private Property, Commercial + Sweden This presentation contains alternative performance measures (APMs). APMs are described on www.gjensidige.com/investor- relations/ ...

Core Insights - The company reported strong first-half 2025 results, achieving a Net Operating Result of EUR 734 million, which is a 20% increase compared to H1 2024 [1] - The positive performance is attributed to a diverse portfolio in Life and Non-Life products, with notable growth in Belgium exceeding 10% and a successful product mix transition in China [1] - The company revised its Elevate27 targets upward, increasing the Holding Free Cash Flow target from above EUR 2.2 billion to more than EUR 2.3 billion by 2027, while maintaining a 6% annual increase in dividend per share [1] Financial Performance - Inflows reached EUR 10.5 billion, representing a 4% increase compared to H1 2024 [1] - The expected Net Operating Result for the full year is projected to be between EUR 1.3 billion and EUR 1.35 billion [1] - Operational capital is expected to be EUR 940 million, reflecting a 17% increase compared to 2024 [1] Shareholder Returns - An interim dividend of EUR 1.50 will be distributed on December 5 [1] - The company plans to distribute over EUR 2 billion to shareholders over the cycle [1] Sustainability Efforts - The company has improved its scores with leading ESG rating agencies, ISS and Sustainalytics, highlighting its commitment to sustainable entrepreneurship [1]

Financial Performance - The company achieved double-digit growth across key financial metrics, with new business profit increasing by 12% to $1.3 billion and operating profit after tax per share growing by 12% [3][28][29] - Gross operating free surplus generation rose by 14%, marking a significant inflection point in capital generation [4][29] - The dividend per share increased by 13% to 7.71¢, reflecting strong financial performance and commitment to shareholder returns [4][29] Business Lines Performance - New business profit in Hong Kong rose by 16%, driven by growth in both agency and bank assurance channels [9][32] - Indonesia saw exceptional growth with new business profit up 34%, benefiting from a strong agency and bank assurance performance [11][32] - The health segment reported a 13% increase in new business profit and earned premiums, with over 300,000 new health customers acquired [15][32] Market Performance - In Malaysia, bank assurance performed strongly, but agency contributions were lower, leading to an overall decline in new business profit [33] - Across growth segments, new business profit was up 11%, driven by strong performances in Taiwan, Thailand, and African markets, partially offset by Vietnam [12][32] - The company remains optimistic about its Mainland China business, focusing on quality growth and effective risk management [10][32] Strategic Direction and Industry Competition - The company is focused on high-quality sustainable growth and enhancing shareholder returns through a revised capital allocation framework [5][26] - Strategic priorities include strengthening distribution capabilities, particularly in agency and bank assurance, and enhancing customer engagement [7][24] - The company is well-positioned to capture growth opportunities in high-growth markets such as Greater China, ASEAN, India, and Africa [2][24] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 guidance and 2027 objectives, emphasizing disciplined execution of strategy [3][25] - The company is committed to returning over $5 billion to shareholders between 2024 and 2027, reflecting strong capital generation [5][55] - Management highlighted the importance of quality new business and effective management of in-force products to drive future growth [23][55] Other Important Information - The company has invested $400 million in modernizing technology and capabilities since launching its five-year strategy in 2023 [20][21] - The agency force remains a key strength, contributing 55% of new business profit, with ongoing efforts to enhance recruitment and training [16][18] - The company is leveraging AI and digital platforms to improve productivity and customer engagement [19][22] Q&A Session Summary Question: What are the expectations for new business profit growth in the second half of the year? - Management expects growth to normalize in the second half due to strong prior year comparators, particularly in Indonesia [11][32] Question: How is the company addressing challenges in Malaysia and Vietnam? - The company has clear plans to rebuild momentum and strengthen its position in both markets, focusing on agency performance improvements [20][32] Question: What is the outlook for the Mainland China business? - Management is optimistic about the Mainland China business, prioritizing quality growth and effective risk management [10][32]

Prudential’s new business profit grew in the first half of the year amid buoyant demand in key markets from Hong Kong to Indonesia https://t.co/5nChw46pg8 ...

Prudential plc 2025 Half Year Results 27 August 2025 2378.HK PRU.L Forward-looking statements This document contains 'forward-looking statements' with respect to certain of Prudential's (and its wholly and jointly owned businesses') plans and its goals and expectations relating to future financial condition, performance, results, strategy and objectives. Statements that are not historical facts, including statements about Prudential's (and its wholly and jointly owned businesses') beliefs and expectations a ...

Core Insights - The Hanover Insurance Group, Inc. has expanded its Business Owner's Advantage product to cater to a wider range of life sciences organizations, particularly early-stage and smaller businesses, providing tailored coverage for their evolving risks [1][3] Group 1: Product Expansion - The new offering includes over 15 new classes of life sciences organizations, such as medical device manufacturers, contract research organizations, digital health companies, and pharmaceutical firms, allowing agents to provide coverage that adapts to customer needs [2] - The expansion reinforces The Hanover's commitment to supporting organizations at every growth stage, enhancing its capabilities for more complex, mid-size life sciences operations [1][3] Group 2: Key Features - The product features specialized property and general liability endorsements tailored to the unique exposures of life sciences organizations [7] - It offers a streamlined digital experience for fast and efficient online quoting and issuance through The Agency Place (TAP) Sales [7] - The offering is designed for early-stage and smaller life sciences organizations, with support from dedicated specialized underwriters [7] Group 3: Strategic Commitment - The expansion reflects the company's commitment to providing specialized insurance solutions for small businesses, helping them navigate evolving risks with necessary protection and flexibility [3] - The Hanover aims to equip its agent partners with tools and expertise to deliver meaningful protection and guidance, allowing businesses to focus on innovation while safeguarding their progress [3]

Core Insights - Hagerty has launched the Hagerty Safe Storage Concierge service, providing secure storage for classic and enthusiast vehicles during severe weather at no additional cost for insured members [2][4] - The service is initially available in the Tampa and Miami metropolitan areas, allowing members to store their vehicles above the estimated surge line for five days [2][3] - The program is powered by Way's digital platform, facilitating seamless reservations and access to participating garages, with over 90% of surveyed customers expressing interest in the service [3][4] Company Overview - Hagerty is a leading provider of specialty vehicle insurance and automotive services, catering to over 900,000 car enthusiasts in the U.S., Canada, and the U.K. [5] - The company focuses on preserving car culture and offers various services, including expert car valuation data, live and digital auctions, and immersive automotive events [5] - Way.com is a FinTech platform trusted by over 9 million drivers, providing a tech-powered experience for car ownership and enabling consumers to protect their vehicles and finances [6]

Core Viewpoint - The S&P 500 index has rebounded from its April lows, but experts caution that investors should be aware of the risks associated with a concentrated investment strategy in large-cap stocks, as the index represents about 80% of market capitalization [1]. Investment Strategy Insights - Morgan Stanley's chief investment officer, Lisa Shalett, advises against a "set-it-and-forget-it" strategy focused solely on the S&P 500 for short-term performance evaluations, although long-term index investing remains valid [2]. - Many investors tend to frequently check their accounts, which contradicts the long-term investment approach that the S&P 500 strategy suggests [3]. Market Dynamics - The S&P 500's recent performance has been driven significantly by a few technology stocks, referred to as the "Magnificent Seven," which contributed 26% of the earnings growth, while 493 companies only saw a 3% profit growth [4]. - This concentration in a few stocks indicates a narrow market, which raises concerns about overall market health [5]. Changes in Index Composition - The top 10 holdings in the S&P 500 now account for approximately 40% of the index, with a strong emphasis on technology and AI [7]. - The only exception among the top 10 is Berkshire Hathaway, which is not tech or AI-related [8]. Generative AI Opportunities - The potential for generative AI in the market is still being realized, with Morgan Stanley identifying untapped opportunities in sectors like business services, financials, and healthcare [9]. - Berkshire Hathaway's recent $1.6 billion investment in UnitedHealth reflects confidence in the transformative potential of generative AI in the insurance industry [10]. Diversification Strategies - Investors holding S&P 500 or ETFs concentrated in large-cap stocks may need to rebalance their portfolios, as concentration has increased due to the outperformance of these companies [11]. - Morgan Stanley recommends diversifying into smaller stocks, international markets, and emerging markets, as well as considering an equal-weight index for the S&P 500 to achieve better diversification [12][13].

Core Insights - The Progressive Corporation's profitability is primarily driven by its combined ratio, which is a critical measure of underwriting performance in the property and casualty insurance sector, with levels below 100% indicating profitability before investment income [1] Group 1: Combined Ratio Performance - Over the past decade, Progressive has maintained an average combined ratio below 93%, outperforming industry peers, and aims for a target ratio of 96 or better [2][9] - Key factors affecting the combined ratio include loss costs from auto accidents, inflation impacting repair costs, and volatility from catastrophic weather events and litigation [2][4] Group 2: Expense Management - Operating expenses such as advertising, distribution, and technology investments influence efficiency, while regulatory changes and reinsurance pricing are also significant [3] - Progressive addresses these challenges through disciplined pricing, telematics, and advanced data-driven risk selection [3][4] Group 3: Future Outlook - The company is expected to maintain attractive combined ratios through prudent pricing, strong underwriting discipline, and leveraging telematics and AI analytics [5] - Progressive's adaptability and consistent execution position it as a compelling investment in the property and casualty insurance market [5] Group 4: Peer Comparison - Travelers Companies and Allstate Corporation also focus on managing their combined ratios through disciplined pricing and advanced risk analytics, aiming for long-term profitability [6][7] Group 5: Stock Performance and Valuation - Progressive's shares have increased by 1.8% year-to-date, although this is below industry performance, and the company has a price-to-book ratio of 4.39, significantly higher than the industry average of 1.52 [8][10][9] - The Zacks Consensus Estimate for Progressive's third-quarter 2025 EPS has risen by 6.6%, while estimates for fourth-quarter 2025 have decreased by 1.2% [11][14]

Core Insights - The automotive industry's transition to electrification is ongoing, with electric vehicles (EVs) being recognized as the future of transportation [1][3] - Mercury Insurance has released a list of the most affordable EVs to insure, aimed at helping budget-conscious consumers maximize insurance savings [1][2] Industry Overview - The list includes vehicles from the 2025 and 2026 model years, marking the 10th year of publication by Mercury Insurance [2] - Factors influencing insurance costs include claims on similar vehicles, repair costs, and vehicle safety records [2] Consumer Guidance - With federal EV tax credits nearing expiration, consumers are encouraged to consider purchasing an EV now [3] - The list provides options for consumers looking to reduce the total cost of car ownership, including insurance costs [4] Featured Vehicles - The top 10 most affordable EVs to insure include: - Chevrolet Blazer EV - Chevrolet Equinox EV - Nissan Leaf - Kia Niro EV - Ford F-150 Lightning - Hyundai Kona EV - MINI Cooper SE - Hyundai IONIQ EV (all models) - Fiat 500e - Subaru Solterra/Toyota BZ4X [8]