Investor Presentaiton

Vörður Expected to deliver up to ISK 5bn in pre-tax profit, at a high return on capital employed The road to enhanced profitability of insurance • . • Vörður's combined ratio was 97% in 2023 which is high in a historical perspective. At the same time, return on investments was below normalized expectations Vörður's targets should result in annual profit before tax reaching up to ISK 5bn in the next 5 years Current Group capital requirements from Vörður's holding is around ISK 7bn Outlook 1 Strategic initiatives impacting net insurance and financial income Revenue increasing in line with target and combined ratio to normalize at below 95% is expected to result in ISK ~1bn in improved insurance results Bancassurance strategy, including loyalty and rewards system, expected to drive continued growth momentum at a comparably low cost-ratio ISK 1bn 1 2 ISK ~5bn 2023 profit before Improved insurance Investment income tax increase results 20 5-year target 2 Normalization of investment income in line with expected policy rate decrease over medium term, combined with growth in investment portfolio, anticipated to trend towards ISK 4bn annually in coming years, compared with ISK 1.4bn in 2023 Risk diversification with increasing corporate business and emphasis on life insurance Bancassurance cooperation around investment in claims prevention initiatives and risk assessment models Insurance is also to an extent countercyclical, gaining from lower economic activity Positive impact Negative impact

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