Preliminary Accounts Q4 2012 SpareBank 1 Gruppen AS

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Preliminary Accounts Q4 2012 SpareBank 1 Gruppen AS

  1. 1. Preliminary Accounts 2012 y Q4Presentation of resultsfrom SpareBank 1 GruppenKirsten Idebøen, CEO 14 February 2013
  2. 2. The pre-tax profit for 2012 was more than doubled compared with 2011 • Pre-tax profit: MNOK 787 (387) in 2012 and MNOK 234 (140) in Q4 Pre-tax profit Group (MNOK) – quarterly • Net profit in 2012: MNOK 439 (526) Q1 Q2 Q3 Q4 • High tax charge due to the MNOK 193 non-recurring effect 256 234 related to the introduction of new rules concerning the tax exemption model f life insurance companies* ti d l for lif i i * 173162 • Return on equity: 8.6 (11.1) % 145 140 123 – Adjusted for the extraordinary tax charge, the return on equity for 2012 was 12.3 % 12 3 • Total assets: NOK 46.6 (42.0) billion • Good solvency: G d l – Capital adequacy ratio: 14.9 (16.2) % -60 – Core capital adequacy ratio: 13.4 (14.6) % 2011 2012 – Well capitalised to satisfy the new, stricter capital requirements upon introduction of the Solvency II regulations • SpareBank 1 Gruppen AS (holding company) aims to pay out the net profit for the period, currently calculated at MNOK 687, as dividends * The new regulations did not include transitional rules related to the tax opening value. The use of historical cost price thus led to a significant non-recurring effect when calculating the latent deferred tax.2
  3. 3. Financial performance per business area Pre-tax profit per subsidiary (MNOK) • Record high profit in life insurance. Improved risk and administration results, built up buffer 619 capital and reserves for higher life expectancy expectancy. 2011 2012 479 • Strong improvement in result for P&C insurance.414 High net financial income and significant improvement in insurance result. • Negative result in ODIN due to lower average 185 total assets and non-recurring costs costs. 22 28 25 • Good income growth in SpareBank 1 Markets. The company substantially strengthened its g -20 position in the market for bond issues during the -155 -169 year. Deficit in 2012 due to continued build up of a leading capital markets unit. ans ets ade SB1 Liv 1G B1 L Marke SB11 SB1 SB Fina Ska ODIN • The result in SpareBank 1 Gruppen Finans was affected by a decline in turnover in Conecto and pressure on margins in Factoring. Good income growth in the Portfolio business area area. 3
  4. 4. SpareBank 1 Livsforsikring Improved administration and risk results contributed cont ib ted to a record high p e ta profit eco d pre-tax p ofit4
  5. 5. SpareBank 1 Livsforsikring Improved ad p o ed administration and risk results contributed to a record st at o a d s esu ts co t buted eco d high pre-tax profit • Pre-tax profit: MNOK 479 (414) in 2012 and MNOK 99 (98) i Q4 Pre-tax profit (MNOK) – quarterly P t fit t l – The result for Q4 2012 was affected by the increased build up of reserves for higher life expectancy* Q1 Q2 Q3 Q4 – Sales of defined contribution pensions increased by 25.0 % in 145 142 2012129 – Sales of personal insurance increased by 15.3 % in 2012 109 98 94 99 • Administration result: MNOK -56 (-66) in 2012 and MNOK -27 (-3) in Q ( ) Q4 78 – Weaker result in the quarter mainly due to non-recurring costs linked to restructuring • Risk result: MNOK 292 (241) in 2012 and MNOK 90 (38) in Q4 2011 2012 • Investment result: MNOK 269 (369) in 2012 and MNOK 51 (3) in Q4 • High tax charge of MNOK -290 (98) due to new rules concerning the tax exemption model. The non-recurring effect linked to the change amounted to MNOK 193 * In December, The Financial Supervisory Authority of Norway (Finanstilsynet) urged life insurance companies to allocate5 the risk profit from group defined benefit pensions and paid-up policies to provisions for higher life expectancy.
  6. 6. SpareBank 1 Livsforsikring The company has built up solid buffers Securities adjustment reserve (MNOK) - Buffer capital trend (%) – quarter (%) Buffer capital trend, per per quarter accumulated 16.3 % 617 590 14.6 % 15.2 % 14.8 % 14.0 % 14.1 % 13.6 % 12.8 % 11.0 % 327 185 2009 2010 2011 2012 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • In 2012, the provisions for higher life expectancy were strengthened by 2010 2011 2011 2011 2011 2012 2012 2012 2012 MNOK 83 in defined benefit pensions and now account for 5.4 % of the Core capital in excess of minimum Interim profit premium reserve. Additional provisions account for 4.4 % Additional provisions Securities adjustment reserve • MNOK 62 was allocated in paid-up policies and the provisions now account for 3.3 % of the premium reserve. Additional provisions account• Total assets: NOK 29.1 (26.6) billion for 2.0 %• Capital adequacy ratio: 18.5 % - unchanged • The company s total defined benefit pension and paid-up policies portfolio companys paid up from 2011 amounts to around NOK 7 billion, equivalent to a market share of 2.3 % – The entire subordinated loan comprises core – Defined benefit pensions: approx. NOK 3 billion in insurance liabilities. capital Corresponds to a market share of 2.2% – Estimated solvency margin of 317.4 %, y g , – Paid-up policies: approx. NOK 4 billion in insurance liabilities. Corresponds to a market share of 2.5% d k h f compared to 303.5 % in 2011 6
  7. 7. SpareBank 1Skadeforsikring GroupHigherHi h net fi t financial i i l income and i d improved i d insurance result lt7
  8. 8. SpareBank 1 Skadeforsikring Group Higher net financial income and improved insurance result g p • Pre-tax profit: MNOK 619 (185) in 2012 and MNOK 198 (168) in Q4 Pre-tax profit (MNOK) - quarterly • Insurance result: MNOK 62 (-37) in 2012 and MNOK 26 (-16) in Q4Q1 Q2 Q3 Q4 – Substantially improved insurance result with increased income y p and lower claims ratio, both in the retail and corporate markets 198 in the parent company, which fell by 5.3 and 12.8 percentage 185 168 166 points respectively from 2011 to 2012. – Claims settlement cost project: Target MNOK 140 in the period Q1 2012 - Q2 2013 Realised MNOK 112 as per Q4 2012 2013. R li d 7050 56 • Net financial income: MNOK 538 (260) in 2012 and ( ) MNOK 120 (161) in Q4 – Financial return: 5.2 (2.9) % -89 • Net earned premium NOK 5.1 (4.7) billion, 2011 2012 corresponding to a growth of 8.0 % 80 • Portfolio growth of MNOK 248, corresponding to an increase of 4.8 %. Total portfolio as p 31.12.2012 of p per NOK 5.45 billion.8
  9. 9. SpareBank 1 Skadeforsikring Group Income growth and lower claims ratio in the retail and corporate g p markets in 2012 Combined ratio, net (%) – accumulated Combined ratio, net (%) – quarterly *Combined ratio, net – including personal insurance in SB1 Livsforsikring 103.5 96.8* 105.5 105.8 97.7 98.2 93.4* 101.9 100.7 101.6 101.5 96.2 94.0 96.5 18.8 17.3 17.3 93.4 17.4 18.4 16.7 20.2 18.8 20.0 22.2 18.5 18.2 24.4 88.2 88 2 83.4 83 4 88.5 88 5 84.9 84 9 78.5 78.0 81.4 81 4 69.1 80.3 84.6 75.8 77.5 78.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2011 2011 2011 2012 2012 2012 2012 2008 2009 2010 2011 2012 Net claims ratio Net cost ratio Net claims ratio Net cost ratioAccording to the new regulations, indirect claims settlement expenses shall be classified as claims payments with effect from 2012. Thisresults in an allocation from insurance operating costs to incurred claims. The claims ratio and cost ratio figures for previous years havebeen restated in accordance with the new regulations. estated acco dance ith ne eg lations9
  10. 10. SpareBank 1 Markets Strengthened p g position within DCM – and positive income growth10
  11. 11. SpareBank 1 Markets Strengthened position within DCM – and positive income growth Results • Income growth within all business areas in Q4 ●Total turnover − 2012: MNOK 150 (86), up 73 % • In 2012, SpareBank 1 Markets established a formalised − In Q4: MNOK 50 (15), up 228 % cooperation with SpareBank 1 SMN concerning own account trading in bonds and derivatives ●Positive operating profit in Q4 before restructuring and start-up costs. The gross t t i d t t t Th • The cooperation supports issuing activities and thus investment value created in the SB1-alliance amounted to MNOK 198 for 2012, of which MNOK 48 is capacity recognised as income in the owner banks • Th company significantly strengthened its position i th market The i ifi tl t th d it iti in the k t ●Pre-tax profit: Pre tax for bond issues during the year − 2012: MNOK -169 (-155) − In Q4: MNOK -15 (-77) Booked income 2011-2012 (MNOK) - Quarterly Significantly strengthened development p market share for bond issues 9% 2% " SpareBank 1 can, through can SpareBank 1 Markets, provide the entire capital structure, from bank loans to bonds and equity 2011 2012 "11
  12. 12. O ODIN Forvaltning o a g On the offensive again12
  13. 13. ODIN Forvaltning Result marked by extraordinary costs • Pre-tax profit: MNOK -20 (22) in 2012 and Pre-tax profit (MNOK) - quarterly MNOK -20 (-9) in Q4 – Extraordinary costs of MNOK 30 marked the result • Proactive staff and cost cuts completed - Q Q1 Q Q2 Q Q3 Q Q4 restructuring costs charged against profit 1212 • The value of goodwill in ODINs subsidiary in Finland was written down by MNOK 12.6 6 1.9 •M Management fees: MNOK 257 (303) for the year tf f th -0.5 -1.5 and MNOK 62 (62) in the quarter – Lower average total assets in 2012 compared with -9 2011 • Total assets: NOK 24.8 (23.4) billion -20 – Up by NOK 0.4 billion in Q4 2012 2011 2012 • Market share in equity fund of 8.2 (8.9) % and 4.4 (3.8) % for combination funds13
  14. 14. ODIN Forvaltning Improved investment process have given results – 10 out of 12 p o ed est e t p ocess a e g e esu ts 0 o equity funds performed better than their benchmark in 2012 Return on equity fund as of 31.12.2012 (%) 32.4 Fund Benchmark 22.8 22 8 21.0 20.1 19.0 17.4 15.9 15.4 15.2 12.6 12.5 13.4 10.4 10.8 11.2 10.7 10.09.4 8.5 7.2 3.6 4.1 -2.8 -5.0 ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN Norge Sverige Finland Norden Europa Europa Global Global Emerging Maritim Offshore Eiendom I SMB SMB Markets • 10 out of ODINs 12 equity funds, all 5 fixed q y , income funds and all 3 combination funds ahead of their benchmark indices in 201214
  15. 15. SpareBank 1 Gruppen Finans Group Pressure on margins in the factoring business area and weak performance in the debt collection market. Good growth in p g portfolio activities15
  16. 16. SpareBank 1 Gruppen Finans Group Pressure on margins in the factoring business area and weak performance in the debt ll ti th d bt collection market. G d growth i portfolio activities k t Good th in tf li ti iti Pre-tax profit (MNOK) - accumulated • Pre-tax profit*: MNOK 25.2 (27.9) in 2012 and MNOK 7.2 (5.9) in Q4 27.9 2011 25.2 • Factoring has enjoyed good growth in the last year, but 2012 24.7 lower margins affect earnings. Market share increased to 15.7 % in 2012 from 14.1 % in 2011 16.7 • Higher portfolio volume in 2012 compared to 2011 has14.6 contributed to increased income in the portfolio 12.8 administration**. Total portfolio volume was MNOK 1,504 (1,152) at year-end 6.4 64 • Z Zero growth in the debt collection market. Reduced th i th d bt ll ti k t R d d 3.5 debt collection income in Conecto due to a lower number of referrals Factoring Portfolio Conecto SB1G Finans • SpareBank 1 Gruppen Finans has in 2012 built a (debt collection) Group foundation for further growth and profitability. The cooperation with the SpareBank 1 banks will in the future provide new opportunities for cross-sales of debt collection services to the b k corporate customers. ll i i h banks * Pre-tax profit for SpareBank 1 Gruppen Finans Group also include management and amortisation. ** Business area within the acquisition of portfolios of claims that are then recovered by the Groups debt16 collection company
  17. 17. Outlook – SpareBank 1 Gruppen • The SpareBank 1 Alliance is stronger than ever. Both the banks and the product areas are doing well in the current competition situation, and financial performance is good. SpareBank 1 Gruppen will, in close cooperation with the alliance banks, continue its work on strengthening the alliances position. • SpareBank 1 Gruppen is exposed to the securities market through its various subsidiaries, subsidiaries and the development of stock market prices and interest rates will have a major effect on the Group’s earnings. • Closer cooperation between the P&C and life insurance business areas is expected to generate increased revenue as a consequence of cross-selling opportunities and a more comprehensive offer for customers. The cooperation will also create a basis for more efficient processes throughout the value chain, increased competitiveness and low costs. costs17
  18. 18. The nation s savings bank nations 1818
  19. 19. Appendix A di19
  20. 20. The SpareBank 1 Alliance has a solid business model, with proximity to the customers and a conservative risk profile p Shareholders  and distributors dd b SamSpar 19.5% 19.5% 19.5% 12% 19.5% 10% Products, commissions and  dividend Sales S l SpareBank 1 Gruppen AS BN Bank BN B k Bank 1 Oslo Akershus B k 1 O l Ak h SpareBank 1 Skadeforsikring SpareBank 1 Skadeforsikring ODIN Forvaltning ODIN Forvaltning (100%) (100%) SpareBank 1 Boligkreditt SpareBank 1 Næringskreditt SpareBank 1 Livsforsikring SpareBank 1 Medlemskort (100%) (100%) Companies in  the SpareBank 1  EiendomsMegler 1 SpareBank 1 Markets SpareBank 1 Gruppen Finans Alliance (97.55 %) (100%) Alliance cooperation Brand, technology, competence, processes, best practice and purchasing. Resource centres: Payment/Trondheim, credit/Stavanger, training/Tromsø  20
  21. 21. SpareBank 1 Gruppen Key figures Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Year 2012 2012 2012 2012 2011 2011 2011 2011 2012 2011 Group Net result for the period (MNOK) -51.8 -51 8 227.7 227 7 63.4 63 4 199.9 199 9 281.0 281 0 -4.3 -4 3 97.2 97 2 151.9 151 9 439.2 439 2 525.8 525 8 Return on equity (%) -3.8 % 17.2 % 5.0 % 15.9 % 23.2 % -0.3 % 8.1 % 12.9 % 8.6 % 11.1 % Capital adequacy ratio, cumulative (%) 14.9 % 16.7 % 15.9 % 14.8 % 16.2 % 16.3 % 16.2 % 16.1 % 14.9 % 16.2 % Core capital adequacy ratio, cumulative (%) 13.4 % 15.3 % 14.5 % 13.1 % 14.6 % 14.0 % 13.9 % 12.6 % 13.4 % 14.6 % SB1 Livsforsikring Risk result (MNOK) 89.8 79.7 92.6 29.4 38.5 63.5 70.1 69.4 291.5 241.4 Administration result (MNOK) -26.7 -3.1 -19.0 -7.5 -3.2 -19.8 -24.2 -18.7 -56.2 -65.9 Investment result (MNOK) 51.2 51 2 97.3 97 3 47.0 47 0 73.2 73 2 3.1 31 51.6 51 6 108.0 108 0 205.8 205 8 268.8 268 8 368.5 368 5 Net result for the period (MNOK) -154.4 128.7 89.1 125.8 193.7 114.6 73.8 129.9 189.2 511.9 Buffer capital in % of insurance provisions*, cumulative (%) 13.6 % 16.3 % 14.8 % 12.8 % 11.0 % 14.1 % 14.0 % 15.2 % 13.6 % 11.0 % Capital adequacy ratio, cumulative (%) 18.5 % 19.0 % 20.0 % 17.5 % 18.5 % 18.5 % 17.1 % 19.2 % 18.5 % 18.5 % Securities adjustment reserve, cumulative (MNOK) 590.0 555.5 389.6 465.9 184.9 13.0 326.3 448.2 590.0 184.9 SB1 Skadeforsikring Group Operating result before finance (MNOK) 25.8 24.9 31.1 -19.5 -16.0 0.5 8.2 -29.9 62.4 -37.3 Net financial income (MNOK) 119.8 119 8 172.8 172 8 51.0 51 0 194.0 194 0 160.8 160 8 -62.3 62 3 66.8 66 8 95.1 95 1 537.6 537 6 260.3 260 3 Net result for the period (MNOK) 147.6 142.6 42.2 139.5 90.3 -81.2 41.8 39.8 471.9 90.7 Claims ratio, net (%) 69.1 % 81.4 % 78.0 % 84.9 % 78.5 % 88.5 % 83.4 % 88.2 % 78.3 % 84.6 % Cost ratio, net (%) 24.4 % 20.2 % 18.5 % 16.7 % 22.2 % 17.3 % 18.4 % 17.3 % 20.0 % 18.8 % Combined ratio, net (%) 93.4 % 101.5 % 96.5 % 101.6 % 100.7 % 105.8 % 101.9 % 105.5 % 98.2 % 103.5 % Portfolio (MNOK) 5,446 5,455 5,407 5,328 5,198 5,092 4,986 4,825 5,446 5,198 ODIN Forvaltning Management fees (MNOK) 62.5 64.0 63.4 67.2 61.8 69.4 85.5 86.8 257.1 303.5 Net result for the period (MNOK) -18.6 1.4 -1.0 -0.3 -7.0 4.3 8.9 8.6 -18.5 14.8 Total assets under management, cumulative (MNOK) 24,803 24,370 23,541 26,173 23,433 22,539 30,101 33,348 24,803 23,433 Market share equity fund, cumulative (%) 8.2 % 8.3 % 8.4 % 8.9 % 8.9 % 8.8 % 9.9 % 10.6 % 8.2 % 8.9 % Market share combination fund, cumulative (%) 4.4 % 4.0 % 4.1 % 3.8 % 3.8 % 3.8 % 3.5 % 3.2 % 4.4 % 3.8 % SB1 Markets Total operating income ( p g (MNOK) ) 50.1 26.6 40.0 32.9 15.3 12.6 23.5 34.8 149.6 86.3 Net result for the period (MNOK) -12.7 -46.6 -32.6 -32.5 -57.4 -37.3 -15.9 -2.4 -124.4 -113.1 SB1G Finans Group Net result for the period SB1G Finans Group (MNOK) 5.4 2.7 5.4 4.9 4.4 8.4 1.8 4.5 18.4 19.1 Net result for the period SB1G Finans - parent company (MNOK) 4.0 1.8 1.0 2.2 4.1 3.7 0.1 1.4 9.0 9.3 Net result for the period Conecto (MNOK) 2.1 1.6 5.0 3.3 2.2 6.7 3.7 5.1 12.0 17.7 *) Buffer capital as at Q4 is show n after profits have been allocated21
  22. 22. SpareBank 1 Gruppen Result for 2012 Year Figures in MNOK 2012 2011 Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 479.4 414.1 - SpareBank 1 Skadeforsikring Group 618.9 185.3 - ODIN Forvaltning g -20.4 21.8 - SpareBank 1 Markets -168.5 -154.8 - SpareBank 1 Medlemskort 10.4 12.1 - SpareBank 1 Gruppen Finans Group 25.1 27.9 - Correction Group -8.4 28.6 Net result before tax from subsidiaries 936.4 535.1 Total operating costs (parent company) -75.1 -88.6 Net investment charges (parent company) -74.7 -59.3 Share of associated company 0.0 0.2 Pre-tax result 786.6 387.3 Taxes -347.5 * 138.5 Net result for the period 439.2 439 2 525.8 525 8 Majority interest 442.2 529.8 Minority interest -3.0 -4.0 Year Key figures 2012 2011 Annualised return on equity 8.6 % 11.1 %* High tax in the Group due to the MNOK 193 non-recurring effect related to the introduction of new rules concerning limiting the tax exemption non recurring model for shares owned by life insurance companies.22
  23. 23. SpareBank 1 Gruppen Quarterly results Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3Figures in MNOK 2012 2012 2012 2012 2011 2011 2011 2011 2010 2010Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 99.0 144.6 141.8 94.1 98.1 77.7 109.0 129.4 72.5 85.8 - SpareBank 1 Skadeforsikring Group 197.9 185.0 70.4 165.5 167.6 -88.8 56.2 50.3 307.5 253.9 - ODIN Forvaltning -20.3 1.9 -1.5 -0.5 -8.5 6.3 12.2 11.9 16.5 17.0 - SpareBank 1 Markets -14.6 -64.2 -44.9 -44.8 -77.5 -51.8 -22.1 -3.4 -24.0 -29.0 - SpareBank 1 Medlemskort 2.4 2.8 2.4 2.8 4.5 2.0 2.5 3.1 1.9 2.7 - SpareBank 1 Gruppen Finans Group 7.2 3.8 7.5 6.8 5.9 12.2 3.0 6.8 6.6 -4.9 - Correction Group -0.4 1.0 -9.0 0.0 -1.9 16.4 15.1 -0.9 -6.3 -7.4Net result before tax from subsidiaries 271.1 274.9 166.6 223.8 188.1 - 26.1 175.9 197.1 374.6 318.1Total operating costs (parent company) -18.4 2.9 -26.1 -33.5 -29.4 -16.0 -15.6 -27.7 -16.5 40.7Net investment charges (parent company) -18.6 -21.6 -17.7 -16.8 -19.2 -18.0 -15.0 -7.1 -15.6 -11.4Share of associated company 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0Pre- tax result 234.0 256.2 122.9 173.5 139.6 - 60.1 145.4 162.4 342.5 347.4Taxes -285.9 -28.5 -59.5 26.4 141.4 55.8 -48.1 -10.5 -18.5 -88.4Net result for the period - 51.8 227.7 63.4 199.9 281.0 - 4.3 97.2 151.9 324.0 259.1Majority interest -51.5 228.8 64.2 200.7 282.6 -3.1 98.0 152.4 327.9 263.9Minority interest -0.3 -1.1 -0.8 -0.8 -1.6 -1.1 -0.8 -0.5 -3.9 -4.823
  24. 24. SpareBank 1 Livsforsikring Results for Q4 and full y Q year 2012 Q4 Q3 Q2 Q1 Q4 Year Figures in MNOK 2012 2012 2012 2012 2011 2012 2011 Insurance risk income 502.4 380.6 369.1 361.2 348.4 1 613.3 1 338.7 Insurance risk claims -405.2 -291.5 -266.2 -340.4 -303.6 -1 303.3 -1 061.7 Risk result 97.2 89.2 102.9 20.7 44.8 310.0 277.0 Tecnical allocations -7.4 -9.5 -10.3 8.7 -6.3 -18.5 -35.6 Risk result after tecnical allocations 89.8 79.7 92.6 29.4 38.5 291.5 241.4 Reserves -50.6 * 0.0 0.0 0.0 0.0 -50.6 0.0 Risk result after tecnical allocations and reserves 39.1 79.7 92.6 29.4 38.5 240.9 241.4 Fees 189.2 192.3 180.9 184.8 196.7 747.1 708.6 Expenses, exclusive comissions -144.7 -130.6 -137.4 -128.6 -130.9 -541.3 -527.2 Comissions -71.1 -64.8 -62.5 -63.7 -69.0 -262.1 -247.3 Administration result -26.7 -3.1 -19.0 -7.5 -3.2 -56.2 -65.9 Net investment income 171.8 218.8 153.1 188.6 113.7 732.3 791.1 Guaranteed interest to policyholders -120 6 120.6 -121 5 121.5 -106 1 106.1 -115 4 115.4 -110 6 110.6 -463 6 463.6 -422 6 422.6 Investment result 51.2 97.3 47.0 73.2 3.1 268.8 368.5 Reserves -20.8 -32.2 -10.3 -31.3 -154.3 -94.7 -187.3 Investment result after reserves 30.4 65.0 36.7 41.9 -151.2 174.1 181.2 Compensation guaranteed interest 6.8 6.7 6.1 6.3 5.7 25.9 22.6 Result before additional provisions 49.7 148.4 116.6 70.1 -110.2 384.7 379.4 Allocation to additional p o isions provisions -11.2 11 2 -32.5 32 5 0.0 00 0.0 00 124.8 124 8 -43.7 43 7 0.0 00 Transferred to policyholders 20.7 -20.9 -27.7 -15.2 37.4 -43.1 -61.5 Return on companys assets 39.8 49.6 52.9 39.2 46.1 181.5 96.2 Net profit to owner before tax 99.0 144.6 141.8 94.1 98.1 479.4 414.1 Taxes -253.4 -15.9 -52.6 31.7 95.6 -290.2 97.8 Net profit/loss for the period -154.4 128.7 89.1 125.8 193.7 189.2 511.9 Key figures Year 2012 2011 Capital adequacy ratio 18.5 % 18.5 % Buffer capital in % of insurance p p provisions 13.6 % 11.0 % * In December, The Financial Supervisory Authority of Norway (Finanstilsynet) urged life insurance companies to allocate24 the risk profit from group defined benefit pensions and paid-up policies to provisions for higher life expectancy.
  25. 25. SpareBank 1 Livsforsikring Profit per portfolio for 2012 Previously Group established Investment choice Company Figures in MNOK portfolio individual products portfolio portfolio Total Risk result 280.8 13.1 -2.3 0.0 291.5 Administration result 68.9 -44.6 -80.4 0.0 -56.2 Net investment result 193.9 193 9 68.1 68 1 4.1 41 2.6 26 268.8 268 8 Reserves - long life -145.3 0.0 0.0 0.0 -145.3 Compensation interest guarantee 25.9 0.0 0.0 0.0 25.9 Transferred to policyholders -43.1 -43.7 0.0 0.0 -86.8 Return on companys assets 0.0 0.0 0.0 181.5 181.5 Sum 381.0 381 0 -7.1 71 -78.6 78 6 184.1 184 1 479.4 479 425
  26. 26. SpareBank 1 Livsforsikring Premium income trend Q4 Q3 Q2 Q1 Q4 Year Figures in MNOK 2012 2012 2012 2012 2011 2012 2011 Individual annuity and pension insurance 101.0 79.6 72.3 72.3 72.1 325.3 284.9 Individual endowment insurance 155.6 154.1 150.2 147.9 147.7 607.7 570.6 Group pension insurance 115.0 95.3 74.4 244.3 94.4 528.9 465.6 Individual life insurance 57.3 56.7 55.1 53.8 52.0 223.0 199.0 Group life insurance G lif i 125.0 125 0 136.2 136 2 132.2 132 2 239.1 239 1 125.0 125 0 632.5 632 5 604.4 604 4 Unit Linked - Annuity 8.3 8.2 8.5 9.3 10.6 34.4 39.0 Unit Linked - Endowment 31.1 31.6 35.2 36.7 44.6 134.7 181.1 Defined contribution pension 305.3 280.3 273.1 265.1 252.3 1 123.8 980.7 Total gross due premium income 898.6 842.0 801.1 1 068.5 798.7 3 610.2 3 325.5 Premium reserves transferred from other companies 161.4 161 4 116.8 116 8 194.7 194 7 102.4 102 4 216.3 216 3 575.2 575 2 660.8 660 8 Reinsurance ceded -42.4 -42.4 -41.2 -28.6 -36.4 -154.5 -160.4 Premium income for own account 1 017.6 916.4 954.5 1 142.3 978.5 4 030.8 3 825.926
  27. 27. SpareBank 1 Livsforsikring Return on customer portfolio with guarantee as at p g 31/12/2012 Value-adjusted return excluding change i value construction: l di h in l t ti Booked return: Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 2012 2012 2012 2012 2012 2012 2012 2012 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4 2012 2012 2012 2012 2012 2012 2012 2012 7.3 73 5.6 5.4 6.2 6.0 4.7 5.7 4.3 5.2 4.0 4.5 4.5 3.6Percent t Percent 4.0 3.1 3.0 SpareBank 1 Storebrand DNB Livsforsikring Nordea SpareBank 1 Storebrand DNB Livsforsikring Nordea 27 Source: company presentations
  28. 28. SpareBank 1 LivsforsikringReturn on ordinary customer portfolio with guarantee as at y p g31/12/2012 Percent Norwegian shares 16.5 Foreign shares 17.2 Money market 3.8 Norwegian bonds 8.5 Foreign bonds 9.9 99 Held to maturity 5.1 Real estate 6.028
  29. 29. SpareBank 1 Livsforsikring Balance sheet as of 31/12/2012 Year Figures in MNOK Fi i 2012 2011 Intangible assets 165 107 Investments 3 140 2 881 Reinsurances part of insurance obligations 213 223 Accounts receivable 105 225 Other assets 128 368 Prepayed liabilities and accrued income 6 0 Investments group portfolio 17 062 15 909 Investments options portfolio 8 239 6 896 Total assets 29 059 26 607 Paid in capital 2 073 1 825 Other equity 428 435 Subordinated loan capital 200 200 Insurance obligations - contractual 16 953 15 812 Insurance obligations - investment options 8 347 6 993 Provisions for obligations 275 88 Premium deposits from reinsurance companies 139 139 Other obligations 553 1 043 Accrued liabilities, prepaied income 90 73 Total liabilities and equity 29 059 26 60729
  30. 30. Asset allocation per portfolio as at 31/12/2012 (31/12/2011): SB1 Skadeforsikring gSB1 Li sfo sik ing Livsforsikring Group Investment choice Group portfolio Company portfolio portfolio 12.6 (13.8) 12 6 (13 8) % 0.2 (-4.5) 0 2 ( 4 5) % 8.2 (7.9) % 10.1 (10.4) % 39.2 (37.4) % 0.7 (-0.2) % 18.4 (18.8) % 11.0 (12.7) %46.3 (45.9) % 53.2 (54.2) % 19.6 (21.0) % ( ) 65.7 (60.9) % 27.8 (28.0) 27 8 (28 0) % 15.8 (24.8) 15 8 (24 8) % 70.7 (69.0) % 0.4 (-0.1) % Stocks Other Stocks Other Real estate Real estate Real estate Stocks Other Bonds Bonds - amortized cost Bonds - amortized cost Bonds - amortized cost Bonds - market value Bonds - market value Bonds - market value NOK 8.2 (6.9) billion NOK 16.9 (15.7) billion NOK 3.1 (2.9) billion NOK 11.0 (9.6) billion30
  31. 31. SpareBank 1 Skadeforsikring Group Results for Q4 and full year 2012 Q4 Q3 Q2 Q1 Q4 Year Figures in MNOK g 2012 2012 2012 2012 2011 2012 2011 Gross written premium 1 283.6 1 172.6 1 431.1 1 713.1 1 281.4 5 600.4 5 358.2 Net earned premium 1 293.4 1 287.9 1 257.3 1 234.5 1 226.8 5 073.1 4 695.9 Net incurred claims -893.5 -1 048.2 -980.7 -1 048.5 -963.5 -3 970.9 -3 973.5 Net insurance operating costs -315.1 -259.6 -232.1 -206.2 -271.9 -1 012.9 -884.7 Other insurance income/costs 0.1 11.3 1.7 1.2 1.5 14.3 31.8 Changes in other technical reserves -59.1 33.5 -15.1 -0.5 -8.4 -41.2 93.2 Operating result before finance 25.8 24.9 31.1 -19.5 -15.5 62.4 -37.3 Net financial income 119.8 172.8 51.0 194.0 160.8 537.6 260.3 Other costs -0.1 0.0 0.0 0.0 0.0 -0.1 0.0 Result before changes in security reserve 145.6 197.7 82.1 174.5 145.3 599.9 223.0 Changes in security reserve 52.4 52 4 -12.7 12 7 -11.7 11 7 -9.0 90 22.9 22 9 19.0 19 0 -37.7 37 7 Pre-tax profit 197.9 185.0 70.4 165.5 168.1 618.9 185.3 Taxes -50.3 -42.4 -28.2 -26.0 -77.3 -147.0 -94.6 Net profit/loss for the period 147.6 142.6 42.2 139.5 90.8 471.9 90.7 Key figures Q4 Q3 Q2 Q1 Q4 Year Figures in percentage 2012 2012 2012 2012 2011 2012 2011 Claims ratio, net 69.1 % 81.4 % 78.0 % 84.9 % 78.5 % 78.3 % 84.6 % Cost ratio, net 24.4 % 20.2 % 18.5 % 16.7 % 22.2 % 20.0 % 18.8 % Combined ratio, net 93.4 % 101.5 % 96.5 % 101.6 % 100.7 % 98.2 % 103.5 % Capital adequacy ratio 33.7 % 32.8 %31
  32. 32. ODIN Forvaltning Results for Q4 and full year 2012 Q4 Q3 Q2 Q1 Q4 Year Figures in MNOK 2012 2012 2012 2012 2011 2012 2011 Management fees 62.5 62 5 64.0 64 0 63.4 63 4 67.2 67 2 61.8 61 8 257.1 257 1 303.5 303 5 Total operating income 62.5 64.0 63.4 67.2 61.8 257.1 303.5 Salaries -34.8 -24.8 -25.9 -24.6 -25.5 -110.1 -108.5 Depreciations -6.4 -6.3 -6.8 -6.5 -10.2 -26.0 -23.5 Other operating costs -30.0 -31.2 -32.5 -36.9 -34.9 -130.5 -151.1 Total T t l operating costs ti t -71.1 71 1 -62.3 62 3 -65.2 65 2 -68.0 68 0 -70.5 70 5 -266.6 266 6 -283.1 283 1 Operating profit -8.6 1.7 -1.8 -0.8 -8.7 -9.6 20.3 Net financial income -11.7 0.2 0.4 0.3 0.2 -10.8 1.5 Pre-tax profit -20.3 1.9 -1.5 -0.5 -8.5 -20.4 21.8 Taxes 1.7 -0.5 0.5 0.2 1.5 1.9 -7.1 Net profit/loss for the period -18.6 1.4 -1.0 -0.3 -7.0 -18.5 14.832
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