Key Financial Indicators and Balance Sheet Analysis Q1 2023

Net insurance income Strong growth in premiums written during the quarter Strong 15.5% growth in premiums written YoY - - Corporate sales have increased considerably following the transition of the corporate insurance team to Arion Bank's CIB division Insurance products are now visible in the Arion app The first quarter of the year is normally a seasonal high in terms of claims and combined ratio Combined ratio was 116.3% in Q1 2023 compared to 115.3% in Q1 2022 Lower claims ratio but increase in cost ratio, mostly one- off cost due to changes in management and marketing cost Limited effects of IFRS 17 on income items but insurance liability and accounts receivables were impacted 14 All amounts in ISK m Combined ratio (%) 115.3 116.3 18.9 96.1 98.4 22.5 86.8 1.2 3.2 16.0 21.4 17.9 0.3 1.1 2.8 95.2 90.6 79.0 68.6 74.2 Net insurance income 5 1,086 833 690 118 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Cost ratio Reinsurance ratio Claims ratio Claims paid Premiums written +15.5% 5,400 4,675 744 415 669 322 326 257 +12.1% 2,889 2,577 271 2,630 198 332 2,331 287 50 132 94 89 1,004 1,195 1,603 1,594 1 11 642 346 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Life Accident Liability Motor Marine ■Property Life Accident Liability Motor Marine ■ Property

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