Download presentation from press conference August 11th 2010. Presented by CEO Kirsten Idebøen.

1. 1st half and 2nd quarter
2010
Presentation of results
SpareBank 1 Gruppen
Kirsten Idebøen, CEO
11 August 2010

2. Highlights
• SpareBank 1 Gruppen reports good results for the 1st half-year 2010,
despite challenging financial markets and a large number of winter-related
insurance claims in Q1
• The Delta profitability project is ahead of schedule, and contributes with a
net result improvement of MNOK 41 in the 1st half-year 2010
• New strategic positions in Q2 2010 through acquisitions
– SpareBank 1 Skadeforsikring AS acquires Unison Forsikring ASA
– SpareBank 1 Gruppen Finans Holding AS acquires the debt collection company
Conecto AS
2

3. Good result for SpareBank 1 Gruppen
Group profit before tax, per quarter • Profit before tax for 1st half-year 2010 was MNOK 295
(461). Profit before tax for Q2 was MNOK 164 (374)*
450 441 • Profit after tax for 1st half-year was MNOK 248 (237).
400 374 Profit after tax for Q2 was MNOK 156 (242)
350 • A net positive effect on Q2 profit of MNOK 23.5 as a
300 result of taking early retirement liabilities (AFP) to
income after the passage of the AFP-Act and a
MNOK
250 positive effect on profit of MNOK 45.8 as a result of
197
200 163 164 the termination of surviving spouse and children’s
150 131 pension
100 100
87
100 68 • Annualised return on equity so far this year 11.6 %
50 (12.5 %)
0 • Total assets as of 30.06.10 NOK 37.7 billion, up NOK
2008 2009 2010 1.2 billion from 31.12.09
Pre-tax profit Q1 - incl. Bank 1 Oslo Pre-tax profit Q1 - excl. Bank 1 Oslo • Core ratio and capital ratio estimated at 12.7 % and
Pre-tax profit Q2 - incl. Bank 1 Oslo Pre-tax profit Q2 - excl. Bank 1 Oslo 17.8 % as of 30.06.10, compared with 15.0 % and
20.9 % at year-end 2009
– Result for the half-year not included
– The MNOK 150 issue in Unison Forsikring ASA has
been deducted from the total eligible primary capital
* Comparative figures for 2009 are shown exclusive Bank 1 Oslo group
3

4. Delta profitability project still ahead of schedule in realising
profitability effects. The accounts for the 1st half-year 2010 have been
charged with MNOK 35 million due to reorganisation costs
REALISED EFFECTS AS AT 30 JUNE 2010 EFFECT ON PROFITS OF DELTA PROFITABILITY
(excluding Bank 1 Oslo) PROJECT FOR 1ST HALF-YEAR 2010 (MNOK)
Realisation of profitability effects over time 76
(MNOK, Cumulative annual effect) Other 3
Planned SB1 Skade 21
Realised so far
35
41
SB1 Liv 52
Permanent profit one-off implementation Net result effect per
1H 2009 2H 2009 1H 2010 2H 2010 improvement per 30.06.10 costs per 30.06.10 30.06.10
A completed measure qualifies for full annual effect. • Costs of MNOK 35 related mainly to IT development and the
use of consultants, of which MNOK 15 was expensed in Q1
The method ensures focus on implementation 2010
4

5. SpareBank 1
Livsforsikring
Good risk result and solid buffer capital
5

6. SpareBank 1 Livsforsikring
Good risk result and solid buffer capital
Profit before tax, quarterly
250
• Profit before tax in 1st half-year 2010 was MNOK 206
200
192 (230). Profit before tax in Q2 was MNOK 100 150
(206) 92 100
MNOK
100
44
50 24
• Risk result of MNOK 188 (190) so far this year. Risk 0
-50
result in Q2 was MNOK 97 (103) -52
-100
2008 2009 2010
• Investment result was MNOK 198 (301) in 1st half- Pre-tax profit/loss - Q1 Pre-tax profit/loss - Q2
year. Investment result in Q2 was MNOK 129 (352)
Development in net risk result
• In the1sthalf-year the securities adjustment reserve 400
352
was large enough to offset the negative 350
MNOK
300
development in the stock market
250
200 190 188
• Total assets as of 30.06.10 aggregated NOK 25.1
150
billion, up MNOK 778 from year-end 2009 100
92
210
50
0
2008 2009 2010
Per Q2 Year-end
6

7. SpareBank 1 Livsforsikring
Buffer capital strengthened
• Core ratio and capital adequacy ratio estimated Development in buffer capital
at 19.2 % and 22.1 % as of 30.06.10, compared
with 16.1 % and19.0 % as of 31.12.09
18 %
16 % 15.4 %
13.7 %
• Buffer capital with additional provisions 14 % 13.0 %
11.7 % 11.7 %
represented 15.4 % (11.7 %) at the end of June 12 %
Percent
10 %
8% 6.0 %
• Estimated solvency margin by the end of June
6%
2010 was 322 % (241 %)
4%
2%
• Additional provisions amounted to MNOK 276, 0%
against MNOK 289 at the end of 2009 Q1 Q2 Q3 Q4 Q1 Q2
2009 2009 2009 2009 2010 2010
Core capital in excess of minimum Interim profit
• The securities adjustment reserve was MNOK Additional provisions Securities adjustment reserve
221, against MNOK 327 at year-end 2009
7

8. SpareBank 1 Livsforsikring
Asset allocation by portfolio
AS AT 30.06.2010 *)
Company portfolio Company portfolio Investment choice portfolio
38.2 (34.2) % 13.6 (14.5) %** 0.1 (0.1) %
35.6 (31.5) %
16.9 (19.4) % 58.1 (61.4) %
4.5 (5.2) % 13.6 (17.0) %
20.3 (21.7) %
11.5 (14.7) % 6.4 (7.1) %
23.3 (24.3) % 57.9 (48.7) %
Stocks Other Stocks
Other
Real estate Bonds held to maturity Real estate Stocks Other Bonds
Bonds Bonds held to maturity
NOK 15.5 (15.5) billion NOK 2.9 (2.5) billion NOK 5.9 (5.6) billion
* Figures in brackets are as of 31.12.09
** The reduction came as a result of reducing shareholding in Group Pension Insurance to 10 % in 1st half-year 2010
8

9. SpareBank 1 Livsforsikring
Value adjusted return for customer portfolios with guarantee
(excluding change in value construction)
3
Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2
2010 2010 2010 2010 2010 2010 2010 2010
2.1
2.0
2 1.8
1.6 1.7 1.6
Prosent
1.5
Percent
1.4
1
0
SpareBank 1 Storebrand Vital Nordea
9 Source: Company presentations

10. SpareBank 1
Skadeforsikring
Good portfolio growth.
Results affected by challenging financial markets
10

11. SpareBank 1 Skadeforsikring
Good portfolio growth. Results affected by challenging
financial markets
Profit before tax, quarterly
• Profit before tax in 1st half-year was MNOK 80 (255). Profit
before tax in Q2 amounted to MNOK 43 (207)
• Net financial income in 1st half-year was MNOK 83 (244). Lower 250
yields on short-term bonds and negative yield on the share
207
portfolio. Financial return year to date was 1.0 % (3.2 %)
200
• Operating result in1st half-year was MNOK 23 (23). Operating
result in Q2 was MNOK 75 (39). Net positive affect on result in 150
MNOK
125
1st half-year as a result of taking early retirement liabilities
(AFP) to income after the passage of the AFP-Act and the 100
termination of surviving spouse and children’s pension with
54 48
MNOK 21.5 and MNOK 20.5 respectively, equivalent to a total 36 43
impact on the cost ratio of 1.9 percentage points. 50
• Net cost ratio was 18.6 % (21.7 %) in 1st half-year 2010 0
• Net claims ratio was 82.0 % (75.6 %) in 1st half-year. The 2008 2009 2010
increase is due to frost and water damage as a result of a very
cold winter Pre-tax profit - Q1 Pre-tax profit - Q2
•
• Net combined ratio was 100.6 % (97.2 %) as of 30.06.10
• Positive portfolio growth in both PM and CM in 1st half-year.
Total growth of MNOK 174 (121) from year-end, which
represents 4.3 % (3.2 %)
11

12. SpareBank 1 Skadeforsikring
Combined ratio so far this year triggered by increased
water and frost damage claims. Cost ratio is falling
Net combined ratio quarterly Net combined ratio per year
120,0 % 108.6 %
100 % 94.6% 94.0% 96.2%
100.6 % 99.6 % 89.9%
93.9 % 90.9 % 92.9 % 87.2%
100,0 % 20.2 % 22.5 %
20.7 % 21.9 %
21.1 % 80 % 20.6 %
24.8 % 17.1 % 20.5 %
80,0 % 22.2 % 21.8 %
60 %
60,0 %
88.3 % 40 % 73.9 %
40,0 % 79.5 % 69.3 % 72.1 % 73.8 %
71.7 % 69.2 % 74.8 % 75.9 % 66.7 %
20,0 % 20 %
0,0 % 0%
Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 2005 2006 2007 2008 2009
Claims ratio, net Cost ratio, net Claims ratio, net Cost ratio, net
12

13. SpareBank 1 Skadeforsikring
Acquisition of Unison Forsikring
• In June 2010, SpareBank 1 Skadeforsikring AS entered into
an agreement to acquire Unison Forsikring ASA. As of 5
August 2010, SpareBank 1 Skadeforsikring AS owns 98.97
% of the shares in Unison Forsikring ASA
• The object of the acquisition is further growth, by
developing new distribution channels
• Unison Forsikring tailor-makes insurance schemes for
organisations (and their members), other distributors, as
well as private individuals and companies in Norway
• Because of the acquisition of Union Forsikring ASA,
SpareBank 1 Skadeforsikring’s market share at the end of
Q1 2010 rose by 0.6 percentage points to 10.6 %
13

14. ODIN Forvaltning
Strong improvement in results
14

15. ODIN Forvaltning
Strong improvement in results
Profit before tax - quarterly
• Profit before tax was MNOK 31 (2) for 1st
half-year 2010. Profit before tax for Q2
2010 was MNOK 17 (10) 35 30
29
30
• Total assets declined in 1st half-year by 25
NOK 1.1 billion from year-end 2009 and 20
14 17
amounted to NOK 26.9 billion as of
MNOK
15
30.06.10 10
10
5
• ODIN Norge enjoyed very good return 0
and was the best Norwegian fund in the -5 2008 2009 2010
1st half of 2010
-10 -7
Pre-tax profit/loss - Q1 Pre-tax profit/loss - Q2
• Market share from equity funds was 11,5
% at the end of June, against 11,6 % at
year-end 2009
15

16. SpareBank 1 Gruppen
Finans Holding group
Strategic focus within receivables management
16

17. SpareBank 1 Gruppen Finans Holding group
Strategic focus within receivables management
Profit before tax for 1st half-year 2010
• For SpareBank 1 Gruppen Finans Holding group, the
* overall profit before tax was MNOK 6.9 (16.3)
18 2009 2010 16.3
16.0 − This result was affected by mandatory reductions
16 in collection fees and a loss provision of MNOK 5
14 in SpareBank 1 Factoring in Q1
12
MNOK
• SpareBank 1 Factoring is the market’s fastest growing
10 8.7 factoring company.
8 6.7* 6.9 − The company has grown 10.5 % over the last 12
months , whilst the market contracted by 6.3 %
6 in the same period
4 3.7
1.7 − The market share rose from 8.4 % to 9.9 % over
2 the last 12 months
0
• Actor Portefølje (portfolio acquisitions) and Actor
Finans Holding
-2 -0.6 Verdigjenvinning (debt collection of old claims)
Verdigjenvinning
forvaltning
Fordrings-
returned positive results in 2010, namely MNOK 1.7
Factoring
Portefølje
after the initial start-up in 2009
Group
• Strategic acquisition of the debt collection company,
Conecto AS, which, together with Actor
Fordringsforvaltning will be one of the three leading
* The profit from SB1 Factoring was included with effect from Q2 debt collection companies in Norway. The agreement
2009. In the group result for 2009, the profit for the first three was signed in June 2010 with take-over in Q3 2010
months, MNOK 3.2 was recorded directly against equity
17

18. Argo Securities
Climbing up the broker statistics.
Improvement in results
18

19. Argo Securities
Climbing up the broker statistics. Improvement in results
Profit before tax, 1st half 2010
2009 2010 • Pre-tax loss of MNOK -5 (-25). Pre-tax loss
0 in Q2 was MNOK -2 (-12)
-5
-4.6
-10 • Positive development in trading volumes 1st
-15 half-year compared to same period last
-20
year
– Commission income on stocks and
-25
-24.8 derivatives was MNOK 19.9 (11.0)
-30
– Debt capital markets amounted to MNOK 8.5
Position on Oslo Børs’ broker statistics (2.8)
15 14 – Fee income Corporate Finance was MNOK
14.9 (0.4)
26
• Owner and company have set requirements
32 for a positive boost in results in 2010
Q3 Q4 Q1 Q2
2009 2009 2010 2010
19

20. Competitive return on equity among selected
Nordic financial institutions
1st half-year 2010 Year 2009*
Handelsbanken 12.8 % 12.6 %
DnB NOR 12.6 % 10.6 %
SpareBank 1 Gruppen 11.6 % 17.1 %
Nordea 10.4 % 11.3 %
Gjensidige 8.1 % 15.2 %
Danske Bank 3.4 % 1.7 %
Storebrand 1.4 % 8.2 %
* Source: The companies’ annual reports for 2009
20

21. The nation’s savings bank
21
21

22. Appendix
22

23. SpareBank 1 Alliance
SpareBank 1 SpareBank 1 SpareBank 1 Sparebanken Samarbeidende LO
SR-Bank SMN Nord-Norge Hedmark Sparebanker (Trade Union)
(19.5 %) (19.5 %) (19.5 %) (12 %) (19.5 %) (10 %)
SpareBank 1 Gruppen AS
Bank-owned SpareBank 1 SpareBank 1 Alliance cooperation
companies: Skadeforsikring AS Livsforsikring AS
(100%) (100%)
Broad cooperation
SpareBank 1 - Brand/communication
Boligkreditt AS - Technology
Argo ODIN
- Competence
EiendomsMegler 1 Securities AS Forvaltning AS
- Joint processes and best practice
(76.5%) (100%)
- Purchasing
BNbank ASA Regional competence centres
SpareBank 1 - Money transfers: Trondheim
Bank 1 Oslo AS SpareBank 1
Gruppen Finans - Credit: Stavanger
(10% owned by LO) Medlemskort AS
Holding AS - Training: Tromsø
(100%) (100%)
SpareBank 1
Factoring AS
(100 %)
Actor Fordrings-
forvaltning AS
(100 %)
Actor
Portefølje AS
(100 %)
Actor
Verdigjenvinning AS
(100 %)
23

24. Good result for SpareBank 1 Gruppen
Profit before tax - subsidiaries
250
230 233
• Good risk result and solid buffer capital in
200 192
SpareBank 1 Livsforsikring
150
• Volatile financial markets resulted in lower
MNOK
yield from financial investments for SpareBank
1 Skadeforsikring. Costs developed positively 100
80
50 40*
• Strong improvement in ODIN Forvaltning’s 31
result 2 3
0
Skadefors.
Livsfors.
Other
SB1
ODIN
SB1
Pre-tax profit per Q2 2009 Pre-tax profit per Q2 2010
* MNOK 26.1 related to other profit components in Q2 2010, of which actuarial gains
and losses on pension of MNOK 25.3 has been recorded as a cost in SpareBank 1
Livsforsikring’s accounts and taken to income in the group accounts.
24

25. SpareBank 1 Gruppen
Profit for 1st half-year 2010
Half year Year
Figures in MNOK 2010 2009 2009
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 192.2 230.0 392.2
- Additional provisions recognised as
income in consolidated accounts 0.0 0.0 0.0
- SpareBank 1 Skadeforsikring 79.7 233.0 621.1
- ODIN Forvaltning 31.1 2.2 42.1
- Argo Securities -4.6 -24.8 -48.9
- SpareBank 1 Medlemskort 6.6 9.7 12.1
- SpareBank 1 Gruppen Finans Holding 6.9 16.3 22.5
- Correction group* 31.3 1.4 4.8
Net result before tax from subsidiaries 343.3 467.6 1 046.0
Total operating costs holding -31.9 -25.4 -54.1
Net investment charges holding -16.2 -24.3 -36.3
Gains from sale of companies 0.0 29.2 29.2
Share of associated company - First Securities 0.0 13.5 10.8
Net result before am ortisation 295.2 460.6 995.5
Amortisation 0.0 0.0 0.0
Pre- tax result 295.2 460.6 995.5
Taxes -46.8 -223.9 -260.5
Net result for the period 248.4 236.7 735.1
Majority interest 249.4 241.2 743.9
Minority interest -1.0 -4.5 -8.8
* MNOK 26.1 related to other profit components in Q2 2010, of which actuarial gains and losses on pension of MNOK 25.3 has been
recorded as a cost in SpareBank 1 Livsforsikring’s accounts and taken to income in the group accounts.
25

26. SpareBank 1 Gruppen
Quarterly profits
Q2 Q1 Q4 Q3 Q2 Q1
Figures in MNOK 2010 2010 2009 2009 2009 2009
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 100.3 91.9 81.0 81.2 205.6 24.4
- Additional provisions recognised as
income in consolidated accounts 0.0 0.0 0.0 0.0 -42.0 42.0
- SpareBank 1 Skadeforsikring 43.4 36.3 115.3 272.8 184.9 48.1
- ODIN Forvaltning 16.7 14.4 24.0 16.0 9.6 -7.5
- Argo Securities -1.9 -2.7 -9.5 -14.6 -11.9 -12.9
- SpareBank 1 Medlemskort 3.3 3.4 0.7 1.8 4.1 5.6
- SpareBank 1 Gruppen Finans Holding 7.0 -0.1 2.3 3.9 11.0 5.3
- Correction Group 16.3 *15.1 -8.6 12.0 -6.0 7.4
Net result before tax from subsidiaries 185.1 158.2 205.2 373.1 355.4 112.3
Total operating costs (parent company) -11.9 -20.0 -15.5 -13.2 -12.1 -13.3
Net investment charges (parent company) -9.3 -6.9 -9.8 -2.1 -7.0 -17.3
Gains from sale of companies 0.0 0.0 0.0 0.0 29.2 0.0
Share of associated company 0.0 0.0 -2.8 0.0 8.4 5.1
Net result before am ortisation 163.9 131.3 177.2 357.7 373.8 86.8
Amortisation 0.0 0.0 0.0 0.0 0.0 0.0
Pre- tax result 163.9 131.3 177.2 357.7 373.8 86.8
Taxes -8.3 -38.5 -9.3 -27.3 -131.4 -92.5
Net result for the period 155.6 92.8 167.9 330.4 242.4 - 5.7
Majority interest 156.1 93.3 169.6 333.1 244.6 -3.4
Minority interest -0.4 -0.5 -1.7 -2.6 -2.1 -2.3
* As of Q2 the amount has been distributed by company
26

27. SpareBank 1 Gruppen
Equity capital and result recognition 1st half-year 2010
a)
Negative Termination of surviving Previous AFP to income b)
Net recorded equity/ Other spouse and children's after the passage of Provisons according (a - b)
1)
Figures in NOK 1000 result components pension 2) new AFP-Act 2)
to new AFP-Act Net effect on result
SpareBank 1 Skadeforsikring 42 475 20 477 24 872 3 340 21 532
SpareBank 1 Livsforsikring 18 240 9 651 8 532 2 163 6 369
Other 19 256 15 632 12 990 2 465 10 525
Total Group 79 971 45 760 46 395 7 968 38 427
1) Negative equity transfers related to actuarial gains and losses on pension as of 30.06.10
2)Income recognition (non-recurring effect) as a result of plan changes. MNOK 15 regarding new regulations
for early retirement pension (AFP) was taken to income in Q1 2010.
27

28. SpareBank 1 Livsforsikring
Profit for 1st half-year and 2nd quarter 2010
Q2 Q1 Q2 Half year Year
Figures in MNOK 2010 2010 2009 2010 2009 2009
Insuranc e risk inc ome 321.7 315.3 304.7 637.0 615.1 1 220.6
Insuranc e risk c laims -213.4 - 209.3 -190.7 -422.7 - 402.5 -829.4
Risk result 108.3 106.0 114.0 214.3 212.6 391.2
Tec nical alloc ations -11.6 -14.2 - 10.9 -25.8 -22.6 - 38.9
Risk result after tecnical allocations 96.7 91.8 103.2 188.5 190.1 352.3
Profit element for risk 0.0 0.0 0.0 0.0 0.0 0.0
Fees 164.1 146.3 128.9 310.3 274.9 563.2
Expenses, exc lusive c omissions -144.5 - 131.2 -132.2 -275.7 - 272.0 -554.7
Comissions -59.4 -55.9 - 47.6 -115.3 -94.6 -201.6
Administration result -39.8 -40.8 -50.8 -80.6 -91.7 -193.1
Net investment inc ome 234.0 176.3 464.4 410.3 523.7 1 002.4
Guaranteed interest to polic yholders -105.5 - 107.0 -112.9 -212.5 - 223.0 -445.0
Investment result 128.5 69.3 351.5 197.8 300.7 557.4
Reserves -12.0 -12.0 0.0 -24.0 0.0 -74.5
Investment result after reserves 116.5 57.3 351.5 173.8 300.7 482.9
Compensation guaranteed interest 9.7 5.2 3.6 14.9 7.2 14.6
Result before additional provisions 183.1 113.6 407.4 296.6 406.3 656.7
Undistributed profits to c ustomers -79.3 -42.2 -213.5 -121.5 - 222.4 -337.4
Return on company's assets -3.5 20.5 11.7 17.0 46.2 73.0
Net profit to owner before tax 100.3 91.9 205.6 192.2 230.0 392.2
Taxes * -17.8 0.0 0.0 -17.8 0.0 0.0
Net profit/loss for the period 82.5 91.9 205.6 174.3 230.0 392.2
Key figures Q2 Q1 Q2 Half year Year
2010 2010 2009 2010 2009 2009
Capital adequac y ratio 22.1 % 18.7 % 19.0 %
Buffer c apital in % of insurance provisions 15.4 % 11.7 % 11.7 %
* The company’s accounts did not show the tax charge in 2009 inasmuch as the tax benefit was not included pursuant to the IAS 12 accounting standard.
The group contribution in Q2 2010 resulted in the company having a net deferred tax liability. The company’s tax charge so far this year amounts to MNOK
17.8 and is shown in the company’s accounts.
28

29. SpareBank 1 Livsforsikring
Profit by portfolio 1st half-year 2010
Previously
Group established Investment choice Company
Figures in MNOK portfolio individual products portfolio portfolio Total
Risk result 180.4 7.6 0.5 0.0 188.5
Profit element for risk 0.0 0.0 0.0 0.0 0.0
Administration result 16.1 -27.7 -69.0 0.0 -80.6
Net investment result 133.5 63.2 0.0 1.0 197.8
Reserves - long life -0.1 -23.9 0.0 0.0 -24.0
Compensation interest guarantee 14.9 0.0 0.0 0.0 14.9
Transferred to policyholders -108.5 -12.5 -0.5 0.0 -121.5
Return on company's assets 0.0 0.0 0.0 17.0 17.0
Sum 236.4 6.7 -69.0 18.0 192.2
29

30. SpareBank 1 Livsforsikring
Premiumn income trends
Q2 Q1 Q2 Half year Year
Figures in MNOK 2010 2010 2009 2010 2009 2009
Individual annuity and pension insurance 83.1 75.2 65.3 158.3 128.1 269.6
Individual endowment insurance 128.9 126.9 120.3 255.9 239.5 486.7
Group pension insurance 72.1 252.1 94.1 324.1 367.5 564.1
Individual life insurance 45.4 44.5 42.3 89.9 84.1 171.0
Group life insurance 125.8 209.8 116.1 335.6 328.2 575.0
Unit Linked - Annuity 10.8 13.7 10.8 24.5 22.6 47.9
Unit Linked - Endowment 55.4 59.0 76.4 114.3 120.9 258.3
Defined contribution pension 216.6 200.0 193.0 416.6 383.8 753.7
Total gross due premium income 737.9 981.3 718.3 1 719.3 1 674.8 3 126.4
Premium reserves transferred from other companies 80.5 80.8 83.8 161.3 149.5 285.4
Reinsurance ceded -42.0 -43.5 -40.0 -85.5 -79.7 -157.7
Premium income for own account 776.4 1 018.6 762.1 1 795.0 1 744.6 3 254.1
30

31. SpareBank 1 Livsforsikring
Return on ordinary customer portfolios with guarantee as of 30.06.10
Percent
Norwegian shares -11.6
Foreign shares -4.3
Money Market 1.0
Norwegian bonds 3.4
Foreign bonds 4.5
Held to maturity 2.7
Real estate 5.9
-15 -10 -5 0 5 10
31

32. SpareBank 1 Livsforsikring
Booked return on customer portfolios with guarantee year to date
Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2
2010 2010 2010 2010 2010 2010 2010 2010
3 2.8
2.1
2
1.6 1.6
Percent
1.5
1.2 1.2
1.0
1
0
SpareBank 1 Storebrand Vital Nordea
32 Source: Company presentations

33. SpareBank 1 Livsforsikring
Balance Sheet as of 30 June 2010
Half year Year
Figures in MNOK 2010 2009 2009
Intangible assets 26 77 38
Investments 2 929 1 955 2 498
Reinsurance's part of insurance obligations 226 215 221
Accounts receivable 160 565 90
Other assets 153 305 241
Prepayed liabilities and accrued income 0 0 0
Investments group portfolio 15 696 15 079 15 629
Investments options portfolio 5 881 4 737 5 576
Total assets 25 072 22 934 24 294
Paid in capital 1 602 1 243 1 243
Other equity 561 535 397
Subordinated loan capital 525 525 525
Insurance obligations - contractual 15 551 15 142 15 513
Insurance obligations - investment options 5 970 4 811 5 658
Provisions for obligations 129 96 88
Premium deposits from reinsurance companies 131 124 129
Other obligations 527 361 658
Accrued liabilities, prepaied income 77 98 83
Total liabilities and equity 25 072 22 934 24 294
33

34. SpareBank 1 Skadeforsikring
Profit for 1st half-year and 2nd quarter 2010
Q2 Q1 Q2 Half year Year
Figures in MNOK 2010 2010 2009 2010 2009 2009
Gross written premium 1 171.9 1 325.2 1 084.2 2 497.1 2 322.1 4 271.2
Net earned premium 1 007.0 965.4 941.1 1 972.4 1 860.3 3 814.3
Net incurred claims -764.0 -852.5 -675.2 -1 616.6 -1 405.7 -2 813.1
Net insurance operating costs -171.8 -195.1 -208.7 -366.9 -402.9 -858.0
Other insurance income/costs -0.5 -0.4 4.2 -0.8 1.4 0.8
Changes in other technical reserves 4.6 29.9 -22.5 34.5 -30.3 -27.5
Operating result before finance 75.3 -52.8 38.9 22.5 22.8 116.6
Net financial income -15.0 97.6 174.6 82.6 244.2 532.6
Other costs -1.0 -1.0 -2.3 -2.0 -3.6 -5.8
Result before changes in security reserve 59.4 43.8 211.2 103.1 263.4 643.3
Changes in security reserve -15.9 -7.5 -4.1 -23.4 -8.3 -22.2
Pre-tax profit 43.4 36.3 207.1 79.7 255.2 621.1
Taxes -12.2 5.4 -52.7 -6.8 -66.1 -118.1
Net profit/loss for the period 31.2 41.7 154.4 73.0 189.0 503.0
Key figures Q2 Q1 Q2 Half year Year
Figures in percentage 2010 2010 2009 2010 2009 2009
Claims ratio, net 75.9 % 88.3 % 71.7 % 82.0 % 75.6 % 73.8 %
Cost ratio, net 17.1 % 20.2 % 22.2 % 18.6 % 21.7 % 22.5 %
Combined ratio, net 92.9 % 108.5 % 93.9 % 100.6 % 97.2 % 96.2 %
Capital adequacy ratio 27.6 % 28.0 % 34.2 %
34

35. SpareBank 1 Skadeforsikring
Allocation of financial assets
At 30.06.2010 *)
65.2 (64.3) %
11.2 (11.0) %
Bonds held as current assets
Bonds held to maturity
Real state
14.6 (14.4) %
Stocks
Bank
Hedgefond
7.5 (7.1) %
0.2 (0.3) % 1.3 (2.9) %
NOK 8.2 (8.2) billion
* Figures in brackets are as of 31.12.09
35

36. ODIN Forvaltning
Profit for 1st half-year and 2nd quarter 2010
Q2 Q1 Q2 Half year Year
Figures in MNOK 2010 2010 2009 2010 2009 2009
Management fees 79.6 78.3 57.0 157.8 103.3 244.8
Subscription and redemption fees 0.0 0.0 6.7 0.0 13.0 25.9
Total operating income 79.6 78.3 63.8 157.8 116.3 270.7
Salaries 24.1 25.6 18.5 49.8 37.7 88.1
Depreciations 3.7 3.9 3.9 7.5 8.0 16.0
Other operating costs 35.8 34.6 30.9 70.4 62.6 124.2
Total operating costs 63.6 64.1 53.4 127.7 108.4 228.3
Operating profit 16.0 14.2 10.4 30.1 7.9 42.4
Net financial income 0.7 0.3 -0.8 1.0 -5.8 -0.3
Pre-tax profit 16.7 14.4 9.6 31.1 2.2 42.1
Taxes 4.6 3.9 0.4 8.5 0.6 13.5
Net profit/loss for the period 12.1 10.5 9.2 22.6 1.5 28.6
36

37. EFFECT REALISATION OF PROFITABILITY PROJECT
SUB-PROJECT SpareBank 1 Skadeforsikring REPORT DATE 11.08.2010
Realised effects by quarter(MNOK) Realised staff reduction by quarter
(Annual full-time equivalents)
84 48 48
Planned 79 Planned
Realised effects Realised effects
57
47
37
31 18
15 15
22
16 10
9
6
7 4
2 2
Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10
37

38. EFFECT REALISATION OF PROFITABILITY PROJECT
SUB-PROJECT SpareBank 1 Livsforsikring REPORT DATE 11.08.2010
Realised effects by quarter(MNOK) Realised staff reduction by quarter
(Annual full-time equivalents)
191 101
Planned Planned 94 94
Realised effects 166 Realised effects
162
150 79 78
137 71
68 68
119
50
86
66
25 24
43
20
18 18
13
Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10
38

39. Delta profitability project was behind schedule in respect of staff reductions. This is the
result of giving priority to measures that have the best profitability effect, irrespective
of whether or not they have an impact on staff numbers
REALISED EFFECTS AS AT 30 JUNE 2010 (excluding Bank 1 Oslo)
Realisation of staffing consequences over time
(Full-time equivalents, cumulative)
157
Planned
Realised so far
116
105
92
76
29
24
1H 2009 2H 2009 1H 2010 2H 2010
A large part of the reduction in full-time equivalents comes from natural reduction in the use of temporary staff
39

40. EFFECT REALISATION OF PROFITABILITY PROJECT
SUB-PROJECT Bank 1 Oslo REPORT DATE 11.08.2010
Realised effects by quarter(MNOK) Realised staff reduction by quarter
(Annual full-time equivalents)
89 21 21
Planned Planned
19 19
Realised effects Realised effects 18
71 70 71
61
59
12
46
44 10
9
29 7 7 7 7
25
14 14
Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10
With effect from 1 January 2010, the reports for SB1 Gruppen do not include Bank 1 Oslo, but the bank is
still part of the Delta Project
40