Presentation Q2 2013 for SpareBank 1 Gruppen - English version

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Download the presentation from our press conference August 14th 2013. More info: http://investor.sparebank1.no

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Presentation Q2 2013 for SpareBank 1 Gruppen - English version

  1. 1. SpareBank 1Gruppen Presentation 1st Half 2013 SpareBank 1Gruppen 14 August 2013 - Kirsten Idebøen CEO14 August 2013 - Kirsten Idebøen, CEO
  2. 2. Performance in the 1st half of 2013 • Substantial improvement in pre-tax profit – MNOK 531 (296) f f f • Premium growth and good result for the life insurance business • Buffer capital has grown further M k t l d i l i d t b i d l k t h i• Market leader in new personal insurance product business and low market shares in capital intensive products I t i fit bilit d fit f i t ib t d t• Improvements in profitability and profit from prior years contributed to a good result for the P&C Insurance business • Gross combined ratio of 89.8%, down 10 percentage points from 1st half of 2012 • New control structure and new management team - integration of the financing group, SpareBank 1 Gruppen and Alliansesamarbeidet 2
  3. 3. Key figures Pre-tax profit for the year-to-date (MNOK)Pre-tax profit for the quarter (MNOK) 164 145 170 531 123 295 308 296 Q2 Q2 Q2 Q2 1H 1H 1H 1H Annualised return on equity (%) Capital adequacy ratio as of the end of the quarter (%) Q2 2010 Q2 2011 Q2 2012 Q2 2013 1H 2010 1H 2011 1H 2012 1H 2013 11.9 10.5 10.5 15.6 15.9 16.7 14.6 14.0 14.6 3 1H 2010 1H 2011 1H 2012 1H 2013 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013
  4. 4. Pre-tax profit from subsidiaries almost doubledPre tax profit from subsidiaries almost doubled 438 1H2012 284 1H2012 1H2013 236 236 284 1416 3 -2 -90 -35 ce rea ce ea ng es ent 1 ets feinsuran usinessar &CInsuran usinessare ODIN Forvaltni Receivable manageme SB1 Marke 4 Li bu P& bu R m
  5. 5. Insurance business area The integration of the life and P&C insurance 5 business has been a success
  6. 6. Insurance business area (life and P&C combined) Strong improvement in the insurance unit 94 5 95.2 93 9 92 7 95 5 Strong improvement in the insurance unit Gross combined ratio - Risk insurance (%) Combined ratio risk insurance as of 1st half of 2013 C bi d C t/i 22.2 21.7 14.1 17.3 19.1 19.1 24.8 18.5 20.1 88.9 94.5 95.2 93.9 92.7 95.5 89.1 83.4 82.6 Combined ratio Claims ratio Cost/income ratio 83.0% 63.8% 19.3% 66.8 72.8 81.1 76.6 73.6 76.4 64.3 64.9 62.6 85.0% 63.1% 21.9% 85.3% 69.5% 15.8% Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Net claims ratio Net cost ratio Actual effects of merger (MNOK) 88.2% 75.4% 12.7% 89.9% 72.6% 17.2% *S B k 1' fi f i k i i l d S B k 1 Sk d f ik i G d l i k*SpareBank 1's figures for risk insurance include SpareBank 1 Skadeforsikring Group and personal risk products legally belonging to SB1 Forsikring AS (formerly SB1 Liv AS) 179 214 225 131 6 2013 2014 2015 Actualannualeffectas at 30/06/13 Targettotaleffect
  7. 7. SpareBank 1Forsikring AS (life insurance business) Well on track with building up of reserves for longevity. Good 16.3 15 5 buffers Pre-tax profit for the quarter (MNOK) Buffer capital trend, per quarter (%) 147 12.8 14.8 16.3 13.6 14.8 15.5 94 142 147 137 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 20132012 2012 2012 2012 2013 2013 Core capital in excess of minimum Interim profit Additional provisions Securities adjustment reserve Market share personal insurance Q1 2013 (Q1 2012) Q1 2012 Q2 2012 Q1 2013 Q2 2013 Key figures for 1H2013 (1H2012) in MNOK •Gross due premium income: 2 039 (1 870) •Risk result: 185 (122) Ranking Company Market share New premiums 131 (131) MNOK 1 S B k 1 27 2% (32 2%) Life insurance, disability pension and disability capital •Risk result: 185 (122) •Administration result: -11 (-26) •Investment result: 205 (120) 1 - SpareBank 1 27.2% (32.2%) 2 - Gjensidige 23.9% (17.4%) 3 - Frende 16.5% (12.0%) 7 •Pre-tax profit: 284 (236) 4 - Nordea 11.2% (14.6%) 5 - Eika 8.7% (8.8%)
  8. 8. SpareBank 1Skadeforsikring Group (P&C insurance business) Strong improvement in result driven by profit fromStrong improvement in result – driven by profit from prior years and reduced compensation costs Pre-tax profit for the quarter (MNOK) Actual effects of P&C costs project (MNOK) 265 158 175 166 174 112 135 141 104 124 140 158 70 Q4 Q1 Q2 Q3 Q4 Key figures for 1H2013 (1H2012) in MNOK Q1 2012 Q2 2012 Q1 2013 Q2 2013 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Actualannualeffect Targettotaleffect y g ( ) •Gross written premium: 2 984 (3 144) •Insurance result: 190 (12) 8 •Pre-tax profit: 438 (236)
  9. 9. ODIN Forvaltning Costs reducing measures contributed to 9 improved result
  10. 10. ODIN Forvaltning Costs reducing measures contributed to improved resultCosts reducing measures contributed to improved result Pre-tax profit for the quarter (MNOK) Return on equity funds for the year-to-date (%) 8.4 7.7 22.7 0 .1 19.1 25.0 Fund Benchmark 1.7 13.2 9.2 13.2 11.4 8.8 8.6 7.9 11.1 16. 6.3 13.7 13.2 12.0 11.3 16. 1.6 14.0 12.1 -0.5 -1.5 Q1 2012 Q2 2012 Q1 2013 Q2 2013 -1 ODIN Norge ODIN Sverige ODIN Finland ODIN Norden ODIN Europa ODIN Europa SMB ODIN Global ODIN Emerging Markets ODIN Maritim ODIN Offshore ODIN Eiendom I Market share equity and combination funds (%)Key figures for 1H2013 (1H2012) in MNOK •Operating income: 136 (131) 12.0 Market share equity fund Market share combination fund •Pre-tax profit: 16 (-2) •Total assets: 27 318 (23 541) 2 0 4.0 6.0 8.0 10.0 10 0.0 2.0 2011 2012 2013
  11. 11. Receivables Good earnings in factoring and portfolio, 11 management deficit in debt collection business
  12. 12. Receivables management Good earnings in factoring and portfolio deficit in debtGood earnings in factoring and portfolio, deficit in debt collection business Pre-tax profit for the year-to-date (MNOK) • Factoring t t th i th k t 19.81H2012 1H2013 - strongest growth in the market - market share of 16.9% (14.6%) • Debt collection11.6 - lost 2-3 major customers - challenging market conditions - but increase in number of new debt collection assignments in last 12 months 4.4 3.8 9.7 3.9 7.9 assignments in last 12 months -5.7 FO Factoring FO Portefølje Conecto (debtcollection) Receivables management 12
  13. 13. SpareBank 1 Markets The improvements in SpareBank 1 Markets 13 p continue, with the highest income in one quarter ever
  14. 14. SpareBank 1 Markets B i iBest income in any one quarter B k d i f th t (MNOK) Key figures for 1H2013 (1H2012) in MNOKBooked income for the quarter (MNOK) Key figures for 1H2013 (1H2012) in MNOK • Income: 107 (73) • Operating result: 4 (-37) P t fit 35 ( 90) 50 46 61 • Pre-tax profit: -35 (-90) Key figures for Q2 2013 (Q2 2012) in MNOK 40 27 46 • Income: 61 (40) • Operating result: 9 (-18) • Pre-tax profit: -10 (-45) Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Income contributions from business areas (MNOK) 2013 2012 2013 2012 Half yearQ2 Equities & HY 15.3 9.6 37.6 24.2 DCM/FX 15.8 4.6 25.0 13.8 Corporate 28.1 24.4 40.0 31.5 Bank 2.1 1.4 4.5 3.4 Total income 61 3 40 0 107 2 72 9 14 Total income 61.3 40.0 107.2 72.9
  15. 15. Best when it comes to return on equityBest when it comes to return on equity Average1st half Average 2010-2012 SpareBank 1 Gruppen 15.6% 12.8% 1st half 2013 Handelsbanken 14.2% 13.8% Nordea 11.3% 11.5% DNB 10.8% 12.2% Storebrand 10.6% 8.1% Gjensidige 9.8% 14.2% Danske Bank 5 2% 2 9%Danske Bank 5.2% 2.9% 15 Source: The companies financial statements. Return on equity after tax measured against a selected sample of mixed Nordic financial groups
  16. 16. Thank you for your time! Kirsten Idebøen 16
  17. 17. Appendixpp
  18. 18. The SpareBank 1 Alliance has a solid business model with its proximity to its customers and a conservative riskits proximity to its customers and a conservative risk profile Shareholders  and distributors SamSpar 19.5% 19.5% 19.5% 12% 19.5% 10% Products commissions andProducts, commissions and  dividend Sales SpareBank 1 Gruppen AS BN Bank Bank 1 Oslo Akershus SpareBank 1 NæringskredittSpareBank 1 Boligkreditt SpareBank 1 Skadeforsikring (100%) ODIN Forvaltning (100%) SpareBank 1 Forsikring SpareBank 1 Medlemskort SpareBank 1 Gruppen AS Companies in  the SpareBank 1  Alliance EiendomsMegler 1 (100%) (100%) SpareBank 1 Markets (97.80%) SpareBank 1 Gruppen Finans (100%) Conecto The alliance Brand, technology, expertise, processes, best practice and purchasing. Resource centres: Payment/Trondheim credit/Stavanger training/Tromsø Conecto (100%) 18 Resource centres: Payment/Trondheim, credit/Stavanger, training/Tromsø  
  19. 19. SpareBank 1 Gruppen New management structure from 01/07/2013New management structure from 01/07/2013 CEO Kirsten Idebøen Risk management and  Compliance Torbjørn Martinsen IT Eivind Gjemdal Corporate Governance Jarle Haug Product Companies Turid Grotmoll Rune Selmar Business Development Iren Rutle Market Tore Haarberg Saving Rune Selmar g Payment Financing
  20. 20. Results for 1st half-year 2013 Figures in MNOK 2013 2012 2013 2012 Half yearQ2 Part of result from subsidiaries before tax -SpareBank 1 Forsikring AS 137.0 141.8 284.4 235.8 -SpareBank 1 Skadeforsikring Group 173.6 70.4 438.4 235.9 ODIN F lt i AS 7 7 1 5 16 2 2 0-ODIN Forvaltning AS 7.7 -1.5 16.2 -2.0 -SpareBank 1 Markets AS -10.0 -44.9 -34.8 -89.7 -SpareBank 1 Medlemskort AS 1.9 2.4 5.7 5.2 -SpareBank 1 Gruppen Finans AS 5.0 0.5 8.7 2.6 -Conecto AS -5.1 7.0 -5.7 11.6 -Correction Group 4.6 -9.0 4.6 -9.0 Total operating costs (parent company) -5.1 -26.1 -28.1 -59.6 Net investment charges (parent company) -15.5 -17.7 -34.9 -34.5g (p p y) Amortisation and write-down -123.9 0.0 -123.9 0.0 Pre-tax result 170.2 122.9 530.5 296.4 Taxes -83.1 -59.5 -128.4 -33.1 Net result for the period 87 1 63 4 402 1 263 3 *) Net result for the period 87.1 63.4 402.1 263.3 *) The value of the shares in SpareBank 1 Markets AS was written down by NOK 122 million in Q2 20
  21. 21. SpareBank 1 Gruppen Key figuresKey figures Q2 Q1 Q4 Q3 Q2 Q1 Year 2013 2013 2012 2012 2012 2012 2012 GroupGroup Net result for the period (MNOK) 87.1 315.0 -47.6 227.7 63.4 199.9 443.4 Annualised return on equity (%) 15.6 % 23.1 % 8.7 % 12.7 % 10.5 % 15.9 % 8.7 % Capital adequacy ratio, accumulated (%) 14.6 % 14.0 % 14.6 % 16.7 % 15.9 % 14.8 % 14.6 % Core capital adequacy ratio, accumulated (%) 13.1 % 12.6 % 13.1 % 15.3 % 14.5 % 13.1 % 13.1 % SB1 Forsikring Risk result (MNOK) 104 3 80 7 89 8 79 7 92 6 29 4 291 5Risk result (MNOK) 104.3 80.7 89.8 79.7 92.6 29.4 291.5 Administration result (MNOK) -10.9 -0.2 -26.7 -3.1 -19.0 -7.5 -56.2 Investment result (MNOK) 38.1 166.3 51.2 97.3 47.0 73.2 268.8 Net result for the period (MNOK) 93.4 136.4 -154.4 128.7 89.1 125.8 189.2 Buffer capital in % of insurance provisions*, accumulated (%) 15.5 % 14.8 % 13.6 % 16.3 % 14.8 % 12.8 % 13.6 % Capital adequacy ratio, accumulated (%) 17.6 % 18.0 % 18.5 % 19.0 % 20.0 % 17.5 % 18.5 % Securities adjustment reserve, accumulated (MNOK) 718.5 701.1 590.0 555.5 389.6 465.9 590.0 SB1 Skadeforsikring Group Operating result before finance (MNOK) 98.1 91.7 25.8 24.9 31.1 -19.5 62.4 Net financial income (MNOK) 70.7 170.1 119.8 172.8 51.0 194.0 537.6 Net result for the period (MNOK) 115.9 219.4 151.8 142.6 42.2 139.5 476.1 Claims ratio, net (%) 73.4 % 73.3 % 69.1 % 81.4 % 78.0 % 84.9 % 78.3 % Cost ratio, net (%) 18.9 % 18.3 % 24.4 % 20.2 % 18.5 % 16.7 % 20.0 % Combined ratio net (%) 92 3 % 91 7 % 93 4 % 101 5 % 96 5 % 101 6 % 98 2 %Combined ratio, net (%) 92.3 % 91.7 % 93.4 % 101.5 % 96.5 % 101.6 % 98.2 % Portfolio (MNOK) 5,308 5,325 5,446 5,455 5,407 5,328 5,446 ODIN Forvaltning Management fees (MNOK) 69.2 66.7 62.5 64.0 63.4 67.2 257.1 Net result for the period (MNOK) 5.6 6.1 -18.6 1.4 -1.0 -0.3 -18.5 Total assets under management, accumulated (MNOK) 27,318 27,741 24,803 24,370 23,541 26,173 24,803 M k t h it f d l t d (%) 8 1 % 8 4 % 8 2 % 8 3 % 8 4 % 8 9 % 8 2 %Market share equity fund, accumulated (%) 8.1 % 8.4 % 8.2 % 8.3 % 8.4 % 8.9 % 8.2 % Market share combination fund, accumulated (%) 5.0 % 4.8 % 4.4 % 4.0 % 4.1 % 3.8 % 4.4 % SB1 Markets Total operating income (MNOK) 61.3 45.9 50.1 26.6 40.0 32.9 149.6 Net result for the period (MNOK) -7.2 -17.8 -12.7 -46.6 -32.6 -32.5 -124.4 21 Receivables management Net result for the period (MNOK) -1.0 2.9 6.1 3.4 6.0 5.5 21.0 *) Buffer capital as at Q4 is shown after profits have been allocated
  22. 22. SpareBank 1 Gruppen Quarterly resultsQuarterly results Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Figures in MNOK 2013 2013 2012 2012 2012 2012 2011 2011 2011 2011 2010 2010 2010 Part of result from subsidiaries before tax - SpareBank 1 Forsikring 137.0 147.4 99.0 144.6 141.8 94.1 98.1 77.7 109.0 129.4 72.5 85.8 100.3 - SpareBank 1 Skadeforsikring Group 173.6 264.8 197.9 185.0 70.4 165.5 167.6 -88.8 56.2 50.3 307.5 253.9 43.4 - ODIN Forvaltning 7.7 8.4 -20.3 1.9 -1.5 -0.5 -8.5 6.3 12.2 11.9 16.5 17.0 16.7 - SpareBank 1 Markets -10.0 -24.8 -14.6 -64.2 -44.9 -44.8 -77.5 -51.8 -22.1 -3.4 -24.0 -29.0 -1.9 - SpareBank 1 Medlemskort 1.9 3.7 2.4 2.8 2.4 2.8 4.5 2.0 2.5 3.1 1.9 2.7 3.3 - SpareBank 1 Gruppen Finans Group -0.1 3.1 7.2 3.8 7.5 6.8 5.9 12.2 3.0 6.8 6.6 -4.9 7.0 - Correction Group 4.6 0.0 -0.4 1.0 -9.0 0.0 -1.9 16.4 15.1 -0.9 -6.3 -7.4 16.3 Net result before tax from subsidiaries 314.7 402.7 271.1 274.9 166.6 223.8 188.1 -26.1 175.9 197.1 374.6 318.1 185.1 Total operating costs (parent company) -5.1 -23.0 -18.4 2.9 -26.1 -33.5 -29.4 -16.0 -15.6 -27.7 -16.5 40.7 -11.9 N t i t t h ( t ) 15 5 19 4 18 6 21 6 17 7 16 8 19 2 18 0 15 0 7 1 15 6 11 4 9 3Net investment charges (parent company) -15.5 -19.4 -18.6 -21.6 -17.7 -16.8 -19.2 -18.0 -15.0 -7.1 -15.6 -11.4 -9.3 Amortisation and write-down -123.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Pre-tax result 170.2 360.3 234.0 256.2 122.9 173.5 139.6 -60.1 145.4 162.4 342.5 347.4 163.9 Taxes -83.1 -45.3 -281.6 -28.5 -59.5 26.4 141.4 55.8 -48.1 -10.5 -18.5 -88.4 -8.3 Net result for the period 87.1 315.0 -47.6 227.7 63.4 199.9 281.0 -4.3 97.2 151.9 324.0 259.1 155.6 Majority interest 87.2 315.5 -47.3 228.8 64.2 200.7 282.6 -3.1 98.0 152.4 327.9 263.9 155.9 Minority interest -0 1 -0 4 -0 3 -1 1 -0 8 -0 8 -1 6 -1 1 -0 8 -0 5 -3 9 -4 8 -0 3Minority interest 0.1 0.4 0.3 1.1 0.8 0.8 1.6 1.1 0.8 0.5 3.9 4.8 0.3 22
  23. 23. SpareBank 1 Forsikring AS (life insurance business) Results for 1st half-year 2013Results for 1st half-year 2013 Q2 Q1 Q2 Year Figures in MNOK 2013 2013 2012 2013 2012 2012 Half year g Insurance risk income 453.1 430.1 369.1 883.2 730.3 1,613.3 Insurance risk claims -343.6 -334.4 -266.2 -678.0 -606.6 -1,303.3 Risk result 109.5 95.7 102.9 205.2 123.6 310.0 Tecnical allocations -5.1 -15.0 -10.3 -20.2 -1.6 -18.5 Risk result after tecnical allocations 104.3 80.7 92.6 185.0 122.0 291.5 Reserves -7.4 -10.4 0.0 -17.8 0.0 -50.6 Risk result after tecnical allocations and reserves 96.9 70.3 92.6 167.2 122.0 240.9 Fees 203.7 196.9 180.9 400.5 365.7 747.1 Expenses, exclusive comissions -146.0 -130.3 -137.4 -276.3 -265.9 -541.3 Comissions -68.6 -66.8 -62.5 -135.4 -126.2 -262.1 Administration result 10 9 0 2 19 0 11 2 26 4 56 2Administration result -10.9 -0.2 -19.0 -11.2 -26.4 -56.2 Net investment income 154.3 276.5 153.1 430.8 341.7 732.3 Guaranteed interest to policyholders -116.2 -110.2 -106.1 -226.3 -221.5 -463.6 Investment result 38.1 166.3 47.0 204.5 120.2 268.8 Reserves -2.8 -66.6 -10.3 -69.3 -41.6 -94.7 Investment result after reserves 35.4 99.7 36.7 135.1 78.6 174.1Investment result after reserves 35.4 99.7 36.7 135.1 78.6 174.1 Compensation guaranteed interest 4.5 4.1 6.1 8.6 12.4 25.9 Result before additional provisions 125.9 173.9 116.6 299.8 186.6 384.7 Undistributed profits to customers -9.7 -63.3 -27.7 -72.9 -42.9 -86.8 Return on company's assets 20.8 36.8 52.9 57.6 92.1 181.5 Net profit to owner before tax 137.0 147.4 141.8 284.4 235.8 479.4 Taxes -43.6 -11.1 -52.6 -54.7 -20.9 -290.2 Net profit/loss for the period 93.4 136.4 89.1 229.8 214.9 189.2 Key figures Half year Year 2013 2012 2012 23 2013 2012 2012 Capital adequacy ratio 17.6 % 20.0 % 18.5 % Buffer capital in % of insurance provisions 15.5 % 14.8 % 13.6 %
  24. 24. SpareBank 1 Forsikring AS (life insurance business) Results per portfolio for 1st half-year 2013Results per portfolio for 1st half-year 2013 Previously Figures in MNOK Group portfolio Previously established individual products Investment choice portfolio Company portfolio Total Risk result 190.4 -0.7 -4.6 0.0 185.0 Administration result 18.7 -13.4 -16.5 0.0 -11.2 Net investment result 140 9 59 0 3 4 1 2 204 5Net investment result 140.9 59.0 3.4 1.2 204.5 Reserves - long life -87.2 0.0 0.0 0.0 -87.2 Compensation interest guarantee 8.6 0.0 0.0 0.0 8.6 Transferred to policyholders -27.5 -44.9 -0.5 0.0 -72.9 Return on company's assets 0.0 0.0 0.0 57.6 57.6 Sum 243.9 0.0 -18.3 58.8 284.4 24
  25. 25. SpareBank 1 Forsikring AS (life insurance business) Development of premium incomeDevelopment of premium income Q2 Q1 Q2 Year Figures in MNOK 2013 2013 2012 2013 2012 2012 Half year Individual annuity and pension insurance 81.4 79.8 72.3 161.2 144.6 325.3 Individual endowment insurance 159.8 155.6 150.2 315.4 298.1 607.7 Group pension insurance 73.7 295.0 74.4 368.7 318.7 528.9 Individual life insurance 59.7 57.6 55.1 117.3 108.9 223.0 Group life insurance 151.0 265.6 132.2 416.7 371.3 632.5 Unit Linked - Annuity 3.0 8.6 8.5 11.6 17.9 34.4 Unit Linked - Endowment 16.8 33.2 35.2 50.0 71.9 134.7 Defined contribution pension 301.9 296.0 273.1 597.8 538.2 1 123.8 Total gross due premium income 847.3 1 191.3 801.1 2 038.6 1 869.6 3 610.2 Premium reserves transferred from other companies 202.4 98.7 194.7 301.1 297.0 575.2 Reinsurance ceded -46.0 -47.5 -41.2 -93.5 -69.8 -154.5 Premium income for own account 1 003.7 1 242.6 954.5 2 246.3 2 096.8 4 030.8 25
  26. 26. SpareBank 1 Forsikring AS (life insurance business) Return on customer portfolios with a guarantee as atReturn on customer portfolios with a guarantee as at 30/06/2013 Value-adjusted return excl. change in value construction: Booked return: 3.4 2.8 Q1 2013 Q2 2013 Q1 2013 Q2 2013 Q1 2013 Q2 2013 Q1 2013 Q2 2013 2.6 2 0 2.1 Q1 2013 Q2 2013 Q1 2013 Q2 2013 Q1 2013 Q2 2013 Q1 2013 Q2 2013 2.3 1.3 1.4 1.6 1.9 2.4 2.8 Percent 1.6 0.9 1.1 1.4 1.9 2.0 Percent SpareBank 1 Storebrand DNB Nordea SpareBank 1 Storebrand DNB Nordea 26 Source: company presentations
  27. 27. SpareBank 1 Forsikring AS (life insurance business) Return on ordinary customer portfolio with guarantee asReturn on ordinary customer portfolio with guarantee as at 30/06/2013 5.7Norwegian shares Percent 1 4 13.4 Money market Foreign shares 2.4 1.4 Norwegian bonds Money market 2.5 -1.6 Held to maturity Foreign bonds 3.4Real estate 27
  28. 28. SpareBank 1 Forsikring AS (life insurance business) Balance sheet as of 30/06/2013Balance sheet as of 30/06/2013 YearHalf year Year Figures in MNOK 2013 2012 2012 Intangible assets 190 134 165 Investments 3 352 2 851 3 140 Reinsurance's part of insurance obligations 237 207 213 Accounts receivable 106 90 105 Half year Accounts receivable 106 90 105 Other assets 154 276 128 Prepayed liabilities and accrued income 0 0 6 Investments group portfolio 17 849 16 581 17 062 Investments options portfolio 9 335 7 451 8 239 T l 31 223 27 589 29 059Total assets 31 223 27 589 29 059 Paid in capital 2 073 2 073 2 073 Other equity 658 643 428 Subordinated loan capital 200 200 200 Insurance obligations - contractual 17 621 16 401 16 953 Insurance obligations - investment options 9 474 7 557 8 347 Provisions for obligations 471 73 275 Premium deposits from reinsurance companies 141 139 139 Other obligations 475 437 553 Accrued liabilities, prepaied income 110 67 90 Total liabilities and equity 31 223 27 589 29 059 28
  29. 29. Asset allocation per portfolio as of 30/06/2013p p f f 3 / / 3 (31/12/2012) SB1 Skadeforsikring konsern SB1 Forsikring AS G f liI h f l Group portfolio Company portfolio 9.0 (8.2) % 11 1 (11 0) % 10.6 (10.1) % 41.8 (39.2) % 13.2 (12.6) % 0.3 (0.7) % 0.1 (0.2) % 18 2 (18 4) % Investment choice portfolio 11.1 (11.0) %( ) 18.2 (18.4) % 45.7 (46.3) % 69.3 (70.7) % 26.1 (27.8) % 18.7 (19.6) % 67.4 (65.7) % 14.2 (15.8) % 53.8 (53.2) % 0.5 (0.4) % Stocks Other Stocks Real estate NOK 17 6 (16 9) billion NOK 3 3 (3 1) billion NOK 10 9 (11 0) billionNOK 9 3 (8 2) billion Stocks Other Bonds Other Real estate Bonds - amortized cost Bonds - market value Real estate Bonds - amortized cost Bonds - market value Real estate Bonds - amortized cost Bonds - market value 29 NOK 17.6 (16.9) billion NOK 3.3 (3.1) billion NOK 10.9 (11.0) billionNOK 9.3 (8.2) billion
  30. 30. SpareBank 1 Skadeforsikring Group Results for 1st half-year 2013Results for 1st half-year 2013 Q2 Q1 Q2 YearHalf yearQ2 Q1 Q2 Year Figures in MNOK 2013 2013 2012 2013 2012 2012 Gross written premium 1 370.8 1 612.9 1 431.1 2 983.7 3 144.2 5 600.4 Net earned premium 1 174.0 1 193.1 1 257.3 2 367.2 2 491.8 5 073.1 Net incurred claims -862.0 -875.0 -982.7 -1 737.0 -2 026.4 -3 968.1 Net insurance operating costs -221.4 -218.7 -230.0 -440.0 -441.0 -1 015.7 Half year Other insurance income/costs 6.7 5.2 1.7 11.9 2.9 14.3 Changes in other technical reserves 0.7 -13.0 -15.1 -12.2 -15.6 -41.2 Operating result before finance 98.1 91.7 31.1 189.9 11.6 62.4 Net financial income 70.7 170.1 51.0 240.7 244.9 537.6 Other costs 0.0 0.0 0.0 0.0 0.0 -0.1 R lt b f h i it 168 8 261 8 82 1 430 6 256 6 599 9Result before changes in security reserve 168.8 261.8 82.1 430.6 256.6 599.9 Changes in security reserve 4.8 3.0 -11.7 7.8 -20.7 19.0 Pre-tax profit 173.6 264.8 70.4 438.4 235.9 618.9 Taxes -57.7 -45.4 -28.2 -103.1 -54.2 -142.7 Net profit/loss for the period 115.9 219.4 42.2 335.3 181.7 476.1 Key figures Q2 Q1 Q2 Year Figures in percentage 2013 2013 2012 2013 2012 2012 Claims ratio, net 73.4 % 73.3 % 78.2 % 73.4 % 81.3 % 78.2 % Cost ratio, net 18.9 % 18.3 % 18.3 % 18.6 % 17.7 % 20.0 % Half year , Combined ratio, net 92.3 % 91.7 % 96.5 % 92.0 % 99.0 % 98.2 % Capital adequacy ratio 36.7 % 34.1 % 33.7 % 30
  31. 31. ODIN Forvaltning Results for 1st half-year 2013Results for 1st half-year 2013 Q2 Q1 Q2 Year Figures in MNOK 2013 2013 2012 2013 2012 2012 Half year Figures in MNOK 2013 2013 2012 2013 2012 2012 Management fees 69.2 66.7 63.4 135.9 130.6 257.1 Total operating income 69.2 66.7 63.4 135.9 130.6 257.1 Salaries -29.2 -23.7 -25.9 -52.9 -50.5 -110.1 Depreciations -6.3 -6.4 -6.8 -12.7 -13.3 -26.0 Other operating costs -26 3 -28 4 -32 5 -54 7 -69 4 -130 5Other operating costs -26.3 -28.4 -32.5 -54.7 -69.4 -130.5 Total operating costs -61.8 -58.5 -65.2 -120.3 -133.2 -266.6 Operating profit 7.4 8.2 -1.8 15.5 -2.6 -9.6 Net financial income 0.4 0.3 0.4 0.6 0.7 -10.8 Pre-tax profit 7.7 8.4 -1.5 16.2 -2.0 -20.4 Taxes 2 1 2 3 0 5 4 4 0 6 1 9Taxes -2.1 -2.3 0.5 -4.4 0.6 1.9 Net profit/loss for the period 5.6 6.1 -1.0 11.8 -1.3 -18.5 31

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