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Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS
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Presentation of results Q1 - 2013 - SpareBank 1 Gruppen AS

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Kirsten Idebøen, CEO

Kirsten Idebøen, CEO

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  • 1. Q11st Quarter 2013Q1QPresentation of results fromSpareBank 1 GruppenKirsten Idebøen, CEO25 April 201325 April 2013
  • 2. Best Q1 result in SpareBank 1 Gruppens history• Pre-tax profit: MNOK 360 (173)Pre-tax profit in Q1 last 5 years (MNOK)360• Net profit for the period: MNOK 315 (200)• Annualised return on equity: 23.1 (15.9) %162173• Total assets: NOK 48.4 billion, as compared to NOK46.3 billion at start of the yearGood financial strength:8713123.1 %• Good financial strength:– Capital adequacy ratio: 14.0% against 14.6% asat 31.12.2012– Core capital adequacy ratio: 12.6% against13 1% as at 31 12 20122009 2010 2011 2012 2013Return on equity in Q1 last 5 years (%)8 9 %12.9 %15.9 %13.1% as at 31.12.2012– Well capitalised to meet new capital requirementsin Solvency II-0.3 %8.9 %22009 2010 2011 2012 2013
  • 3. Pre-tax profit from subsidiaries developing wellPre-tax profit per subsidiary (MNOK)• Good result from Forsikring– Strong Q1 for life insurance. Good administration265Q1 2012Q1 2013g Qresult, increased buffer capital, and further buildup of reserves for longer life expectancy.– Significant improvement in P&C insurance result.94165147g pImplemented improvement measures have had aneffect.• Decreasing referral volume and weak947 3 8• Decreasing referral volume and weakprofitability in Conecto affected the result ofSpareBank 1 Gruppen Finans.-450-251LivSB1kadeB1GnansB1ketsN• SpareBank 1 Markets result has improved,but is still below expectations.• Focus on management process and costs sideSB1SSkSBFinSBMarODIN• Focus on management process and costs sidein ODIN Forvaltning producing results.3
  • 4. Life and P&C insurance have been merged into a single,effective business area - "SpareBank 1 Forsikring"effective business area SpareBank 1 Forsikring• Even better customer experiences - comprehensive management of customerstotal insurance needs• Greater competitiveness - strong expert groups and efficient operations - underintegrated management• SpareBank 1 Livsforsikring AS is changing its name to SpareBank 1 ForsikringSpareBank 1 Livsforsikring AS is changing its name to SpareBank 1 Forsikring,which will be the business areas market outlet4
  • 5. SpareBank 1 ForsikringBest Q1 result ever5
  • 6. SpareBank 1 ForsikringBest Q1 result everBest Q1 result everPre-tax profit in Q1 last 5 years (MNOK)• Pre-tax profit: MNOK 147 (94)• Administration result: MNOK -0.2 (-7)Pre-tax profit in Q1 last 5 years (MNOK)129147• Risk result: MNOK 81 (29)• Investment result: MNOK 166 (73)9212994• Investment result: MNOK 166 (73)– Securities adjustment reserve: MNOK 701 againstMNOK 590 as at 31.12.201224• Provisions for higher life expectancy: MNOK 77 (31)– The new life expectancy assumptions issued by theFinancial Supervisory Authority of Norway will notnoticeably affect the company242009 2010 2011 2012 2013y p y6
  • 7. SpareBank 1 ForsikringNorwegian personal insurance championNorwegian personal insurance championMarket share Market shareMarket - New premiums: MNOK 419 (410) for 2012 Market - Gross written premium: NOK 3.8 (3.6) billion as of 31.12.2012Ranking CompanyMarket shareNew premiums1 - SpareBank 1 30.8% (31.4%)2 Gj idi 17 8% (16 1%)Ranking CompanyMarket shareGross written premium1 SpareBank 1 23.4% (22.8%)2 Gj idi 20 2% (20 9%)2 - Gjensidige 17.8% (16.1%)3 - Nordea 15.6% (18.4%)4 - Frende 8.8% (5.7%)2 Gjensidige 20.2% (20.9%)3 - Storebrand 14.3% (15.1%)4 - Nordea 12.4% (12.5%)5 - Terra 7.0% (7.0%) 5 - DNB 8.3% (8.6%)• The customers are covered by important insurance• Banks gain extra security for lending and off-balance income• This success is a result of the banks targeted focus over several years7Personal insurance league as of Q4 2012. New premiums and gross written premium(life insurance, disability pension and disability capital)
  • 8. SpareBank 1 ForsikringContinued build up of buffers16 3 %Continued build up of buffersSecurities adjustment reserve (MNOK) - accumulatedBuffer capital trend per quarter (%)14.6 % 15.2 %14.0 %14.1 %11.0 %12.8 %14.8 %16.3 %13.6 %14.8 %Securities adjustment reserve (MNOK) accumulated617 590701327185Q42010Q12011Q22011Q32011Q42011Q12012Q22012Q32012Q42012Q12013Core capital in excess of minimum Interim profitAdditional provisions Securities adjustment reserve2009 2010 2011 2012 Q1 2013Additional provisions Securities adjustment reserve• Total assets: NOK 31 (28) billion• Capital adequacy ratio: 18.0 (17.5) %• Estimated solvency margin: 301% versus 309% at start ofthe year8the year
  • 9. SpareBank 1 SkadeforsikringSpareBank 1 SkadeforsikringGrouppStrong improvement in the result9
  • 10. SpareBank 1 Skadeforsikring GroupStrong improvement in the resultStrong improvement in the result265• Pre-tax profit: MNOK 265 (166)• Insurance result: MNOK 92 (-19)Pre-tax profit in Q1 last 5 years (MNOK)166( )• Improved insurance result due to targeted profitabilityimproving measuresl d l i483650– Lower costs related to claims– Positive profitability trend for main products withinboth retail and corporate markets– Significant profit from prior years in Q1 of MNOK2009 2010 2011 2012 2013Significant profit from prior years in Q1 of MNOK102• Net financial income: MNOK 170 (194)10
  • 11. SpareBank 1 Skadeforsikring GroupImplemented profitability measures produce resultsImplemented profitability measures produce resultsCombined ratio net quarterly (%) Combined ratio net (%) – accumulated18 894.096.2 97.7103.598.217 3 17 3105.5101.9105.8100.7 101.696.5101.593 4Combined ratio, net – quarterly (%)*Combined ratio, net - including personal insurance in SB1 ForsikringCombined ratio, net (%) accumulated*Combined ratio, net - including personal insurance in SB1 Forsikring96.8*93.4*18.2 18.8 17.418.820.017.318.417.322.216.718.520.224.4 18.396.593.4 91.7 84.5*75.8 77.5 80.3 84.678.388.2 83.4 88.578.584.978.0 81.469.1 73.32008 2009 2010 2011 2012Q12011Q22011Q32011Q42011Q12012Q22012Q32012Q42012Q12013 Net claims ratio Net cost ratio2011 2011 2011 2011 2012 2012 2012 2012 2013Net claims ratio Net cost ratio11
  • 12. SpareBank 1 Gruppen Finans GroupSpareBank 1 Gruppen Finans GroupGood growth in Factoring and Portfolio activities. Weakened profitability inConecto12
  • 13. SpareBank 1 Gruppen Finans GroupGood growth in Factoring and Portfolio activities. Weakenedprofitability in ConectoPre-tax profit in Q1 (MNOK)• Good underlying activity and price increases produce6.8Q1 2012Q1 2013• Good underlying activity and price increases produceresults for Factoring. Countrys third largest factoringbusiness with a Q1 market share of 16.3 (14.2) %Increased portfolio volume and good recovery in4.63.83 1 3 1Q1 2013 • Increased portfolio volume and good recovery inPortfolio management*. Total portfolio volume in Q1of MNOK 1 534 (1 185)1.72.63.1 3.1• Continued weak growth in debt collection market.Decreased number of referrals and weak profitabilityin Conecto0 6• Targeted measures focusing on growth andprofitability. The cooperation with the SpareBank 1banks provides new opportunities for cross-sales ofdebt collection services to the banks corporate-0.6Factoring Portfolio Conecto(debtcollection)SB1G FinansGrouppcustomers13* The business area that acquires portfolios of claims that are then recovered by the Groups debt collection companyPre-tax profit for SpareBank 1 Gruppen Finans Group, incl. management and excess value amortisation.
  • 14. SpareBank 1 MarketsImproved result - but still belowpexpectations14
  • 15. SpareBank 1 MarketsImproved result - but still below expectations50Improved result but still below expectations"Booked income (MNOK) - Quarterly development3340275046SpareBank 1 can, throughSpareBank 1 Markets, provide theentire capital structure range,from bank loans to bonds and"27from bank loans to bonds andequity"Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013• The gross value created in the SB1-alliance amounted to MNOK 56 in Q1; MNOK 10 of which is recognised as• The gross value created in the SB1-alliance amounted to MNOK 56 in Q1; MNOK 10 of which is recognised asincome in the owner banks• Total turnover for Q1: MNOK 46 (33), up 39% - below expectations• Pre-tax loss in Q1: MNOK -25 (-45), while the loss from ordinary operations was MNOK -6 (-20)15
  • 16. ODIN ForvaltningO o a gStrategic and operational measures on the management side andcost reducing measures produce results16
  • 17. ODIN ForvaltningStrategic and operational measures on theStrategic and operational measures on themanagement side produce results14• Pre-tax result: MNOK 8 (-0.5)– Continued focus on reducing costsPre-tax profit in Q1 last 5 years (MNOK)128 • Total assets: NOK 27.7 (26.2) billion– Up by NOK 2.9 billion in 2013-0.5• Equity fund market share of 8.4% against8.2% as at 31.12.2012– Net new subscriptions MNOK 292-72009 2010 2011 2012 2013Net new subscriptions MNOK 292• Combination fund market share of 4.8%against 4.4% as at 31.12.2012g– Net new subscriptions MNOK 15817
  • 18. ODIN Forvaltning6 out of 11 equity funds performed better than their benchmark.q y pPositive development in the two largest funds ODIN Norge and ODINNorden18.813 815.2Fund BenchmarkReturn on equity fund as at 31.03.2013 (%)5.011.3 11.49.9 9.57.48.47.5 7.113.36.313.87.811.16.69.613.37.711.05.02.7ODINNorgeODINSverigeODINFinlandODINNordenODINEuropaODINEuropaODINGlobalODINEmergingODINMaritimODINOffshoreODINEiendom ISMB MarketsODIN shall invest in companies with long-term value creation potential and which satisfy theresponsible business requirement. ODIN is a long-term owner and believes that a long-termperspective is a crucial factor when it comes to generating outperformance within management.In short, ODINs investment philosophy can be summed up as follows:"ODIN shall invest in companies that are priced low in relation to value creation"18p p
  • 19. Outlook - SpareBank 1 Gruppen• The new structure of the insurance business area improves competitiveness,strengthens expert groups, contributes to more efficient processes, and provides a basisfor further improvements to the result• Profitability improvement measures in P&C insurance are resulting in continuedimproved risk composition in the portfolios and lower claims payments• A strong balance sheet means freedom of action and the ability to pay dividends19
  • 20. The nations savings bank2020The nation s savings bank
  • 21. A diAppendix21
  • 22. The SpareBank 1 Alliance has a solid business model, with proximityto its customers and a conservative risk profilepShareholders d d b SamSparand distributors SamSpar19.5% 19.5% 19.5% 12% 19.5% 10%Products, commissions and dividendS lSalesBN B k B k 1 O l Ak h SpareBank 1 Skadeforsikring ODIN ForvaltningSpareBank 1 Gruppen ASCompanies in BN Bank Bank 1 Oslo AkershusSpareBank 1 NæringskredittSpareBank 1 BoligkredittSpareBank 1 Skadeforsikring(100%)ODIN Forvaltning(100%)SpareBank 1 Forsikring(100%)SpareBank 1 Medlemskort(100%)the SpareBank 1 AllianceEiendomsMegler 1 SpareBank 1 Markets(97.55 %)The allianceBrand, technology, competence, processes, best practice and purchasing.SpareBank 1 Gruppen Finans(100%)Resource centres: Payment/Trondheim, credit/Stavanger, training/Tromsø  22
  • 23. SpareBank 1 GruppenKey figuresKey figuresQ1 Q4 Q3 Q2 Q1 Year2013 2012 2012 2012 2012 2012GroupNet result for the period (MNOK) 315.0 -47.6 227.7 63.4 199.9 443.4Return on equity (%) 23.1 % -3.5 % 17.2 % 5.0 % 15.9 % 8.7 %Return on equity (%) 23.1 % 3.5 % 17.2 % 5.0 % 15.9 % 8.7 %Capital adequacy ratio, accumulated (%) 14.0 % 14.6 % 16.7 % 15.9 % 14.8 % 14.6 %Core capital adequacy ratio, accumulated (%) 12.6 % 13.1 % 15.3 % 14.5 % 13.1 % 13.1 %SB1 ForsikringRisk result (MNOK) 80.7 89.8 79.7 92.6 29.4 291.5Administration result (MNOK) -0.2 -26.7 -3.1 -19.0 -7.5 -56.2Investment result (MNOK) 166.3 51.2 97.3 47.0 73.2 268.8Net result for the period (MNOK) 136 4 154 4 128 7 89 1 125 8 189 2Net result for the period (MNOK) 136.4 -154.4 128.7 89.1 125.8 189.2Buffer capital in % of insurance provisions*, accumulated (%) 14.8 % 13.6 % 16.3 % 14.8 % 12.8 % 13.6 %Capital adequacy ratio, accumulated (%) 18.0 % 18.5 % 19.0 % 20.0 % 17.5 % 18.5 %Securities adjustment reserve, accumulated (MNOK) 701.1 590.0 555.5 389.6 465.9 590.0SB1 Skadeforsikring GroupOperating result before finance (MNOK) 91.7 25.8 24.9 31.1 -19.5 62.4Net financial income (MNOK) 170.1 119.8 172.8 51.0 194.0 537.6Net result for the period (MNOK) 219.4 151.8 142.6 42.2 139.5 476.1Claims ratio, net (%) 73.3 % 69.1 % 81.4 % 78.0 % 84.9 % 78.3 %Cost ratio, net (%) 18.3 % 24.4 % 20.2 % 18.5 % 16.7 % 20.0 %Combined ratio, net (%) 91.7 % 93.4 % 101.5 % 96.5 % 101.6 % 98.2 %Portfolio (MNOK) 5,325 5,446 5,455 5,407 5,328 5,446ODIN ForvaltningManagement fees (MNOK) 66.7 62.5 64.0 63.4 67.2 257.1Management fees (MNOK) 66.7 62.5 64.0 63.4 67.2 257.1Net result for the period (MNOK) 6.1 -18.6 1.4 -1.0 -0.3 -18.5Total assets under management, accumulated (MNOK) 27,741 24,803 24,370 23,541 26,173 24,803Market share equity fund, accumulated (%) 8.4 % 8.2 % 8.3 % 8.4 % 8.9 % 8.2 %Market share combination fund, accumulated (%) 4.8 % 4.4 % 4.0 % 4.1 % 3.8 % 4.4 %SB1 MarketsTotal operating income (MNOK) 45.9 50.1 26.6 40.0 32.9 149.6N t lt f th i d (MNOK) 17 8 12 7 46 6 32 6 32 5 124 4Net result for the period (MNOK) -17.8 -12.7 -46.6 -32.6 -32.5 -124.4SB1G Finans GroupNet result for the period SB1G Finans Group (MNOK) 2.2 5.4 2.7 5.4 4.9 18.4Net result for the period SB1G Finans - parent company (MNOK) 3.3 4.0 1.8 1.0 2.2 9.0Net result for the period Conecto (MNOK) -0.4 2.1 1.6 5.0 3.3 12.023*) Buffer capital as at Q4 is shown after profits have been allocated
  • 24. SpareBank 1 GruppenResults for Q1YearQ1Results for Q1Figures in MNOK 2013 2012 2012Part of result from subsidiaries before tax- SpareBank 1 Livsforsikring 147.4 94.1 479.4- SpareBank 1 Skadeforsikring Group 264.8 165.5 618.9ODIN F lt i 8 4 0 5 20 4- ODIN Forvaltning 8.4 -0.5 -20.4- SpareBank 1 Markets -24.8 -44.8 -168.5- SpareBank 1 Medlemskort 3.7 2.8 10.4- SpareBank 1 Gruppen Finans Group 3.1 6.8 25.1- Correction Group 0.0 0.0 -8.4Net result before tax from subsidiaries 402 7 223 8 936 4Net result before tax from subsidiaries 402.7 223.8 936.4Total operating costs (parent company) -23.0 -33.5 -75.1Net investment charges (parent company) -19.4 -16.8 -74.7Pre-tax result 360.3 173.5 786.6Taxes -45.3 26.4 -343.3Net result for the period 315.0 199.9 443.4*pMajority interest 315.5 200.7 446.4Minority interest -0.4 -0.8 -3.0YearQ1Key figures 2013 2012 2012Annualised return on equity 23.1 % 15.9 % 8.7 %* Last years operating costs included MNOK 10 linked to a project aimed at establishing the Group’s own card company, which was transferred24y p g p j g p p y,from SpareBank 1 Gruppen AS to SpareBank 1 Kredittkort AS in Q3 2012.
  • 25. SpareBank 1 GruppenQuarterly resultsQuarterly resultsQ1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1Figures in MNOK 2013 2012 2012 2012 2012 2011 2011 2011 2011 2010 2010 2010 2010Part of result from subsidiaries before tax- SpareBank 1 Forsikring 147.4 99.0 144.6 141.8 94.1 98.1 77.7 109.0 129.4 72.5 85.8 100.3 91.9- SpareBank 1 Skadeforsikring Group 264.8 197.9 185.0 70.4 165.5 167.6 -88.8 56.2 50.3 307.5 253.9 43.4 36.3- ODIN Forvaltning 8.4 -20.3 1.9 -1.5 -0.5 -8.5 6.3 12.2 11.9 16.5 17.0 16.7 14.4- SpareBank 1 Markets -24.8 -14.6 -64.2 -44.9 -44.8 -77.5 -51.8 -22.1 -3.4 -24.0 -29.0 -1.9 -2.7- SpareBank 1 Medlemskort 3.7 2.4 2.8 2.4 2.8 4.5 2.0 2.5 3.1 1.9 2.7 3.3 3.4- SpareBank 1 Gruppen Finans Group 3.1 7.2 3.8 7.5 6.8 5.9 12.2 3.0 6.8 6.6 -4.9 7.0 -0.1p pp p- Correction Group 0.0 -0.4 1.0 -9.0 0.0 -1.9 16.4 15.1 -0.9 -6.3 -7.4 16.3 15.1Net result before tax from subsidiaries 402.7 271.1 274.9 166.6 223.8 188.1 -26.1 175.9 197.1 374.6 318.1 185.1 158.2Total operating costs (parent company) -23.0 -18.4 2.9 -26.1 -33.5 -29.4 -16.0 -15.6 -27.7 -16.5 40.7 -11.9 -20.0Net investment charges (parent company) -19.4 -18.6 -21.6 -17.7 -16.8 -19.2 -18.0 -15.0 -7.1 -15.6 -11.4 -9.3 -6.9Share of associated company 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0Pre-tax result 360.3 234.0 256.2 122.9 173.5 139.6 -60.1 145.4 162.4 342.5 347.4 163.9 131.3Taxes -45.3 -281.6 -28.5 -59.5 26.4 141.4 55.8 -48.1 -10.5 -18.5 -88.4 -8.3 -38.5Net result for the period 315.0 -47.6 227.7 63.4 199.9 281.0 -4.3 97.2 151.9 324.0 259.1 155.6 92.8Majority interest 315.5 -47.3 228.8 64.2 200.7 282.6 -3.1 98.0 152.4 327.9 263.9 155.9 93.3Minority interest -0.4 -0.3 -1.1 -0.8 -0.8 -1.6 -1.1 -0.8 -0.5 -3.9 -4.8 -0.3 -0.525
  • 26. SpareBank 1 ForsikringResults for Q1YearFigures in MNOK 2013 2012 2012Insurance risk income 430.1 361.2 1 613.3Q1Results for Q1Insurance risk income 430.1 361.2 1 613.3Insurance risk claims -334.4 -340.4 -1 303.3Risk result 95.7 20.7 310.0Tecnical allocations -15.0 8.7 -18.5Risk result after tecnical allocations 80.7 29.4 291.5Reserves -10.4 0.0 -50.6Risk result after tecnical allocations and reserves 70 3 29 4 240 9Risk result after tecnical allocations and reserves 70.3 29.4 240.9Fees 196.9 184.8 747.1Expenses, exclusive comissions -130.3 -128.6 -541.3Comissions -66.8 -63.7 -262.1Administration result -0.2 -7.5 -56.2Net investment income 276.5 188.6 732.3Guaranteed interest to policyholders -110.2 -115.4 -463.6Investment result 166.3 73.2 268.8Reserves -66.6 -31.3 -94.7Investment result after reserves 99.7 41.9 174.1Compensation guaranteed interest 4.1 6.3 25.9Result before additional provisions 173.9 70.1 384.7pUndistributed profits to customers -63.3 -15.2 -86.8Return on companys assets 36.8 39.2 181.5Net profit to owner before tax 147.4 94.1 479.4Taxes -11.1 31.7 -290.2Net profit/loss for the period 136.4 125.8 189.2Key figures Q1 Year2013 2012 2012Capital adequacy ratio 18.0 % 17.5 % 18.5 %Buffer capital in % of insurance provisions 14.8 % 12.8 % 13.6 %26
  • 27. SpareBank 1 ForsikringResults per portfolio for Q1Results per portfolio for Q1Figures in MNOKGroupportfolioPreviouslyestablishedindividual productsInvestment choiceportfolioCompanyportfolio TotalRisk result 83.0 -1.1 -1.3 0.0 80.7Administration result 15.2 -6.5 -8.9 0.0 -0.2Net investment result 114 8 48 9 1 8 0 8 166 3Net investment result 114.8 48.9 1.8 0.8 166.3Reserves - long life -77.0 0.0 0.0 0.0 -77.0Compensation interest guarantee 4.1 0.0 0.0 0.0 4.1Transferred to policyholders -21.7 -41.4 -0.2 0.0 -63.3Return on companys assets 0.0 0.0 0.0 36.8 36.8Sum 118.4 0.0 -8.5 37.6 147.4Sum 118.4 0.0 8.5 37.6 147.427
  • 28. SpareBank 1 ForsikringPremium income trendPremium income trendYearFigures in MNOK 2013 2012 2012Individual annuity and pension insurance 79.8 72.3 325.3Q1y pIndividual endowment insurance 155.6 147.9 607.7Group pension insurance 295.0 244.3 528.9Individual life insurance 57.6 53.8 223.0Group life insurance 265.6 239.1 632.5Unit Linked Annuity 8 6 9 3 34 4Unit Linked - Annuity 8.6 9.3 34.4Unit Linked - Endowment 33.2 36.7 134.7Defined contribution pension 296.0 265.1 1 123.8Total gross due premium income 1 191.3 1 068.5 3 610.2Premium reserves transferred from other companies 98.7 102.4 575.2Reinsurance ceded -47.5 -28.6 -154.5Premium income for own account 1 242.6 1 142.3 4 030.828
  • 29. SpareBank 1 ForsikringReturn on customer portfolio with guarantee as at 31/03/2013etu o custo e po t o o t gua a tee as at 3 /03/ 0 3Value-adjusted returnl di h i l t ti Booked return:Q42012Q12013Q42012Q12013Q42012Q12013Q42012Q12013Q42012Q12013Q42012Q12013Q42012Q12013Q42012Q12013excluding change in value construction: Booked return:4.75.65.44.32012 2013 2012 2013 2012 2013 2012 20137.36.25.75.21.6Percent2.3PercentSpareBank 1 Storebrand DNB Livsforsikring NordeaN/AN/AN/ASpareBank 1 Storebrand DNB Livsforsikring NordeaN/A N/A N/A29 Source: company presentations
  • 30. SpareBank 1 ForsikringReturn on ordinary customer portfolio with guarantee as atu o o d a y u o po o o gua a a a31/03/20136.9NorwegiansharesPercent0.710.4Money marketForeignshares0 81.60F i b dNorwegianbondsy1.30.8Held tomaturityForeignbonds1.6Real estate30
  • 31. SpareBank 1 ForsikringBalance sheet as of 31/03/2013Balance sheet as of 31/03/2013YearFigures in MNOK 2013 2012 2012Intangible assets 167 131 165I t t 3 362 2 938 3 140Q1Investments 3 362 2 938 3 140Reinsurances part of insurance obligations 234 207 213Accounts receivable 116 149 105Other assets 159 339 128Prepayed liabilities and accrued income 0 0 6f lInvestments group portfolio 17 602 16 466 17 062Investments options portfolio 8 998 7 470 8 239Total assets 30 637 27 699 29 059Paid in capital 2 073 1 825 2 073Other equity 565 560 428Subordinated loan capital 200 200 200Insurance obligations - contractual 17 530 16 389 16 953Insurance obligations - investment options 9 110 7 561 8 347Provisions for obligations 252 75 275Premium deposits from reinsurance companies 141 139 139Other obligations 665 888 553Accrued liabilities, prepaied income 103 62 90Total liabilities and equity 30 637 27 699 29 05931
  • 32. Asset allocation per portfolio as at 31/03/2013(31/12/2012):SB1 SkadeforsikringSB1 Fo sik ing(31/12/2012):gGroupSB1 ForsikringGroup portfolio Company portfolio13 2 (12 6) % 0 2 (0 2) %The investment choiceportfolio8.9 (8.2) %10.7 (11.0) %10.1 (10.1) %41.3 (39.2) %13.2 (12.6) %0.3 (0.7) %0.2 (0.2) %18.5 (18.4) %45.5 (46.3) %70.4 (70.7) %26 1 (27 8) %19.2 (19.6) % 67.3 (65.7) %14 0 (15 8) %54.0 (53.2) %26.1 (27.8) %( )14.0 (15.8) %0.5 (0.4) %Stocks Other BondsStocksOtherReal estateBonds - amortized costBonds - market valueOtherReal estateBonds - amortized costBonds - market valueStocksReal estateBonds - amortized costBonds - market valueNOK 17.4 (16.9) billion NOK 3.3 (3.1) billion NOK 11.3 (11.0) billionNOK 9.0 (8.2) billion32
  • 33. SpareBank 1 Skadeforsikring GroupResults for Q1YQ1Results for Q1YearFigures in MNOK 2013 2012 2012Gross written premium 1 612.9 1 713.1 5 600.4Net earned premium 1 193.1 1 234.5 5 073.1Net incurred claims -875.0 -1 043.7 -3 966.1Net insurance operating costs -218.7 -211.0 -1 017.7Q1Net insurance operating costs 218.7 211.0 1 017.7Other insurance income/costs 5.2 1.2 14.3Changes in other technical reserves -13.0 -0.5 -41.2Operating result before finance 91.7 -19.5 62.4Net financial income 170.1 194.0 537.6Other costs 0.0 0.0 -0.1Result before changes in security reserve 261.8 174.5 599.9Changes in security reserve 3.0 -9.0 19.0Pre-tax profit 264.8 165.5 618.9Taxes -45.4 -26.0 -142.7Net profit/loss for the period 219.4 139.5 476.1Key figures YearFigures in percentage 2013 2012 2012Claims ratio, net 73.3 % 84.5 % 78.2 %Cost ratio, net 18.3 % 17.1 % 20.1 %Q1,Combined ratio, net 91.7 % 101.6 % 98.2 %Capital adequacy ratio 35.0 % 30.9 % 37.1 %33
  • 34. ODIN ForvaltningResults for Q1Results for Q1YearFigures in MNOK 2013 2012 2012Management fees 66.7 67.2 257.1Q1Management fees 66.7 67.2 257.1Total operating income 66.7 67.2 257.1Salaries -23.7 -24.6 -110.1Depreciations -6.4 -6.5 -26.0Other operating costs -28 4 -36 9 -130 5Other operating costs 28.4 36.9 130.5Total operating costs -58.5 -68.0 -266.6Operating profit 8.2 -0.8 -9.6Net financial income 0.3 0.3 -10.8Pre tax profit 8 4 0 5 20 4Pre-tax profit 8.4 -0.5 -20.4Taxes -2.3 0.2 1.9Net profit/loss for the period 6.1 -0.3 -18.534
  • 35. The nations savings bank3535The nation s savings bank

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