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English versjon: Preliminary Result 2017, SpareBank 1 Alliance

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English versjon: Preliminary Result 2017, SpareBank 1 Alliance

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English versjon: Preliminary Result 2017, SpareBank 1 Alliance

  1. 1. SpareBank 1 Gruppen Preliminary result 2017 1
  2. 2. Another good year for SpareBank 1 Gruppen 653 393 580 773 Q4 2017Q4 2016Q4 2015Q4 2014 Pre-tax operating profit in Q4 (MNOK) Return on equity (%) 28,0 17,2 19,3 20152014 2017 22,7 2016 * 2 2017 2.210 2016 2.019 2015 1.617 2014 2.406 Pre-tax operating profit (MNOK) Solvency II ratio (Without transitional rules) SpareBank 1 Gruppen (consolidated): 166 % SpareBank 1 Skadeforsikring AS (P&C): 192 % SpareBank 1 Forsikring AS (Life): 167 %
  3. 3. 517 1 447 836 1 311 121106 Receivables management *) 82 ODIN fund management 85 Non-life insuranceLife insurance 20172016 Pre-tax profit subsidiaries (MNOK) 3*) SpareBank 1 Factoring AS, SpareBank 1 Portefølje AS and Conecto AS. Record result for the life insurance company. Continued high insurance profitability, despite somewhat higher claims and cost. High financial income in the insurance companies, partly due to a revaluation of real estate. Profit improvement for all other subsidiaries.
  4. 4. Insurance 4
  5. 5. SpareBank 1 Forsikring AS (life insurance) Record profit of NOK 836 million. High financial income and strong premium growth. The market value adjustment fund amounted to NOK 2,297 million at the end of 2017, an increase of NOK 400 million in the last year. Key figures 2017 (2016) in MNOK Pre-tax operating profit (MNOK) 145 177 200 313 Q2 2017Q1 2017Q4 2016 Q3 2017 33 Q4 2017 578 610 309 521 836 20142013 201720162015 5 Pre-tax operating profit for the quarter (MNOK)  Gross premium income: 6,237 (4,986)  Risk result: 334 (372)  Administration result: -35 (-97)  Interest result: 753 (287)  Pre-tax profit: 836 (521)  Solvency II ratio: 167 % (171 %)
  6. 6. SpareBank 1 Forsikring AS (life insurance) • The weaker risk result is mainly due to weaker risk earnings within disability pension. • The administration result was NOK 62 million better than in the same period last year. However, the result was NOK 20 million weaker than in 2016 when you take into account the net effect of provisions made in 2016. Operating expenses were NOK 691 million in 2017. This is an increase of NOK 57 million compared with 2016, of which one-time effect on change of the pension plans amounted to NOK 7 million. • Net financial income to the owner of the collective portfolios amounted to NOK 231 million. The corresponding amount in 2016 was NOK 81 million. There was a strong return on all asset classes. The real estate portfolio was written up by NOK 490 million in December 2017. • The financial return on the corporate portfolio was NOK 310 million, which was NOK 117 million higher than in 2016. The return on the portfolio was 5.4%, compared with 4.1% in 2016. The company portfolio consists of fixed income securities and real estate.
  7. 7. Key figures 2017 (2016) in MNOK SpareBank 1 Skadeforsikring (non-life insurance) Continued strong insurance profitability and very good financial return 660 282 273 296 460 Q2 2017Q1 2017Q4 2016 Q4 2017Q3 2017 2017 1.311 2016 1.447 2015 1.279 2014 1.829 2013 1.244 7  Gross premium income: 5,530 (5,359)  Insurance result: 776 (1.047)  Run-off gains (gross) 434 (453)  Net financial result: 526 (403)  Pre-tax profit: 1.311 (1.447)  Solvency II: 192 % (196 %) Pre-tax operating profit for the quarter (MNOK) Pre-tax operating profit (MNOK)
  8. 8. • The weaker insurance result is due to an increase in the claims ratio in the retail market, lower run-off gains and an increase in operating expenses. The claims ratio has risen from 56.3% to 58.7% compared to 2016. The claim ratios have risen within the retail market, while there has been a slight decrease in the commercial market. Natural perils amounted to NOK 88 million, against NOK 66 million in 2016. • The cost ratio has increased from 21.6% to 24.3% due to both increased operating and commission costs. The latter is due to increased sales. • Financial income of NOK 526 million, which corresponds to a return of 5.7% versus 3.9% in 2016. A good year for commercial real estate combined with good projects resulted in a value adjustment of real estate of NOK 138 million. • Run-off gains of NOK 434 million, of which annual planned reserve releases amounts to NOK 188 million. The reserve release plan, which was established in 2016, has been updated with new models, increasing annual releases by NOK 84 million to NOK 188 million. SpareBank 1 Skadeforsikring (non-life insurance) Insurance result Insurance result (MNOK) Combined ratio (%) 20,9 21,6 24,3 57,8 56,3 58,7 78,7 2016 77,9 2015 2017 83,0 Cost ratioClaims ratio 761 474 776 20172016 1.047 Insurance result, excl. run-off gains and nature Insurance result 8
  9. 9. ODIN Fund management 9
  10. 10. 9 25 29 31 20 Q3 2017Q2 2017Q1 2017Q4 2016 Q4 2017 Key figures 2017 (2016) in MNOK ODIN Fund management Profit growth Higher operating income due to higher AUM. 10 89 96 85 106 2017201620152014 Pre-tax operating profit for the quarter (MNOK) Pre-tax operating profit (MNOK)  Operating income: 390 (338)  Operating expenses: 286 (247)  Pre-tax profit: 106 (85)  AUM: 54,345 (44,445)
  11. 11. 11 Receivables management
  12. 12. • The portfolio operation was demerged into a separate company from SpareBank 1 Gruppen Finans AS in the third quarter of 2017. The latter also changed name to SpareBank 1 Factoring. SpareBank 1 Portfolio AS cooperates with Conecto which operates in debt collection. Factoring, portfolio management and debt collection are working together to offer the market a complete set of services in receivables management. Receivables management Growth in both volume and income 44 38 19 101 59 40 23 121 Factoring TotalConecto (debt collection) Portfolio 20172016 12 Pre-tax operating profit (MNOK)
  13. 13. The SpareBank 1 Alliance SpareBank 1 Gruppen AS (SB1G) SpareBank 1 Forsikring AS (Life insurance) SpareBank 1 Skadeforsikring AS (Non-life insurance) ODIN Forvaltning AS (Fund management) SpareBank 1 Medlemskort AS (LOfavør) Conecto AS (Debt collection) SpareBank 1 Factoring AS (Factoring) SpareBank 1 Portefølje AS (Portfolio) Banksamarbeidet DA (BS) EiendomsMegler 1 Norge AS SpareBank 1 Kundesenter AS SpareBank 1 Verdipapirservice AS SpareBank 1 ID AS SpareBank 1 Axept AS 13 SpareBank 1 Næringskreditt AS (Covered bond issuer) BN Bank ASA SpareBank 1 Kredittkort AS (Credit card) SpareBank 1Betaling AS SpareBank 1 Boligkreditt AS (Covered bond issuer) SpareBank 1 Markets AS SAM-SPAR
  14. 14. SpareBank 1 Gruppen 14 Q4 Q3 Q2 Q1 Q4 Figures in MNOK 2017 2017 2017 2017 2016 2017 2016 Pre-tax operating result from subsidiaries - SpareBank 1 Livsforsikring (life insurance) 313,1 200,1 177,0 145,4 32,7 835,5 516,7 - SpareBank 1 Skadeforsikring (non-life insurance) 459,7 296,3 273,4 282,0 660,1 1 311,4 1 447,1 - ODIN Forvaltning (fund management) 20,2 31,1 29,3 25,0 9,0 105,7 84,6 - SpareBank 1 Medlemskort 3,0 1,2 1,2 1,7 -0,9 7,2 5,4 - SpareBank 1 Factoring AS (factoring) 21,6 12,5 14,4 10,1 11,4 58,6 43,8 - SpareBank 1 Portefølje AS (portfolio) 10,5 12,0 8,5 8,7 11,1 39,8 37,9 - Conecto AS (debt collection) 3,4 6,8 6,6 5,7 4,0 22,5 19,2 - Correction Group -33,8 -2,4 -18,4 -2,4 -114,7 -57,0 -11,8 Net result before tax from subsidiaries 797,8 557,6 491,9 476,3 612,7 2 323,6 2 142,8 Total operating costs (parent company) -14,2 -10,6 -31,1 -12,9 -17,5 -68,9 -74,4 Net finance (parent company) -12,8 -14,1 -4,0 -16,1 -15,7 -46,9 -49,7 Share of associated company 1,8 0,0 0,0 0,0 0,7 1,8 0,7 Pre-tax result 772,7 532,9 456,8 447,3 580,2 2 209,7 2 019,4 Income tax expense -84,0 -117,1 -121,5 -75,8 -98,5 -398,4 -444,0 Net result for the period 688,6 415,8 335,3 371,5 481,7 1 811,3 1 575,4 Year
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