Presentation of results from SpareBank 1 Gruppen - 3rd quarter 2011 - Kirsten Idebøen, CEO

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Download presentation from press conference October 28th 2011. Presented by CEO Kirsten Idebøen. http://investor.sparebank1.no

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Presentation of results from SpareBank 1 Gruppen - 3rd quarter 2011 - Kirsten Idebøen, CEO

  1. 1. 3rd Quarter 2011 Q Q3Presentation of resultsfrom SpareBank 1 GruppenKirsten Idebøen, CEO 28 October 2011
  2. 2. Profits down due to market turmoil and high claims ratio Group pre-tax profit* (MNOK) quarterly profit (MNOK), • Pre-tax profit as at Q3: MNOK 248 (643). Pre-tax loss in Q3: MNOK -60 (347).Q1 374 358 347Q2 • Profit after tax as at Q3: MNOK 245 (508).Q3 Net result in Q3: MNOK -4 (259). 163 164 162 • Annualised return on equity: 6 7 (15.8) % 6.7 (15 8) 145 13168 87 • Capital adequacy ratio: 16.3 (16.7) % 24 Core capital adequacy ratio: 14.0 (11.5) % • The Group had total assets of NOK 41.3 -60 billion, as compared to NOK 40.7 billion at 2008 2009 2010 2011 year-end 2010 d 2010. * Comparison figures for 2008 and 2009 have been restated and do not include Bank 1 Oslo Group 2
  3. 3. Result improvement within life insurance, but significant weakening in results within P&C insurance Pre-tax profit per subsidiary (MNOK) • Significantly improved administration result and good investment result in life insurance insurance. 334 Profit influenced to a minor extent by market 316 YTD 2010 unrest in Q3.278 YTD 2011 • Strong portfolio growth provides increased premium income in P&C insurance. Negative return on shares and large claims reduced the result YTD. • Drop in stock markets contributed to reduced 48 30 earnings for ODIN. 18 22 2 -34 -77 • Good development in factoring and the debt collection business, with focus on p consolidation and continuous improvement. SB1G Finans SB1 Skade SB1 Markets SB1 Liv ODIN • Weaker results in SB1 Markets due to large, planned investments linked to building up a leading capital market environment environment. S S3
  4. 4. SpareBank 1 Skadeforsikring Group Negative return on shares and high claims ratio Good portfolio growth4
  5. 5. SpareBank 1 Skadeforsikring Group Negative return on shares and high claims ratio. Good portfolio growth Pre-tax p ofit q a te l P e ta profit, quarterly (MNOK) • Total portfolio growth of MNOK 409, of which 254 MNOK 160 from Unison Forsikring. Portfolio of 251 Q1 NOK 5.1 billion YTD. The increase equated to Q2 207 8.7 8 7 % from year-end 2010 2010. Q3 – Portfolio growth of MNOK 132 in the quarter. – Market share has increased from 9.8 % to 125 10.9 % in the past 12 months as at Q2 2011.54 58 50 56 48 36 43 • Pre-tax profit as at Q3: MNOK 18 (334) and MNOK -89 (254) in Q3. 2008 2009 2010 2011 – Insurance result*: MNOK -21 (144) and MNOK 0.5 (121) in Q3. -89 – Net financial income: MNOK 100 (232) and MNOK -62 (149) in Q3 62 Q3. – Financial return of 1.1 (2.7) % YTD. * Insurance result in 2011 includes Unison Forsikring and medical treatment insurance. 5
  6. 6. SpareBank 1 Skadeforsikring Group Weakened natural perils-result and high proportion of large claims Combined ratio for own account – quarterly (%) Combined ratio for own account (%) 108.6 105.8 105 8 105.5 10 101.9 104.4 99.6 100.3 20.2 97.7 21.0 96.2 21.9 92.9 94.6 94.0 90.9 21.8 22.4 89.8 23.8 89.9 24.8 87.2 17.1 21.0 22.5 21.8 20.7 22.7 21.9 20.6 20.5 2 88.3 84.7 83.6 79.4 76.6 75.9 74.8 69.2 67.1 2.7 76.7 82 9 73.9 73.8 8 72.1 1 69.3 66.7 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2009 2009 2010 2010 2010 2010 2011 2011 2011 Net claims ratio Net cost ratio 2005 2006 2007 2008 2009 2010 YTD 2011 High proportion of large claims within central product groups in the Net claims ratio Net cost ratio Corporate Market portfolio has meant a significant increase in claims ratio in Q3 Q3.• Claims have been incurred for a total of MNOK 44 in conjunction with the terrorist attack on 22 July 2011.• Gross combined ratio YTD was 104.4 % (claims ratio of 82.9 % and cost ratio of 21.5 %) Including personal insurance, the combined ratio YTD is reduced to 96.3 %, of which the claims ratio constitutes 74.9 % and the cost ratio 21.4 %.6
  7. 7. SpareBank 1 p Livsforsikring Significant improvement in administration result Solid Buffers7
  8. 8. SpareBank 1 Livsforsikring Significant improvement in administration result g p • Pre-tax profit as at Q3: MNOK 316 (278) and MNOK 78 (86) in Q ( ) Q3. Pre-tax profit ( f (MNOK), quarterly O ) l 206 Q1 • Administration result: MNOK -63 (-125) as at Q3 and Q2 MNOK -20 (-45) in Q3. Q3 129 - Corrected for revenue recognition, linked to the 109 discontinuation of the early retirement pension (AFP) in 2010, 100 92 86 the underlying improvement amounts to MNOK 78. 81 78 44 24 • Investment result: MNOK 365 (269) as at Q3 and MNOK 52 (71) in Q3-52 • Risk result MNOK 203 (260) as at Q3 and MNOK 64 (72) in Q3 Q3. -335 - Higher costs in conjunction with disability compensation. 2008 2009 2010 2011 • As a consequence of the securities adjustment reserve now coming under Norways Taxes Acts regulation on entitlement to make deductions for insurance-related provisions, and because of the exemption method, there will be major fluctuations in tax costs in the future future. 8
  9. 9. SpareBank 1 Livsforsikring Solid buffers Buffer capital trend, per quarter (%) Securities adjustment reserve (MNOK) 16.1 % 15.2 % 14.6 % 14.0 14 0 % 14.1 14 1 % 617 327 13 Q3 Q4 Q1 Q2 Q3 2010 2010 2011 2011 2011 2009 2010 YTD 2011 Core capital in excess of minimum Interim profit Additional provisions Securities adjustment reserve• Buffer capital including profit for the year: 14.1 (16.1) %• Total assets: NOK 25.7 billion, NOK 0.8 billion lower than at year-end 2010. , y - Redemption of term subordinated loan capital and market development.• Capital adequacy ratio: 18.5 (20.1) % - The entire net liable capital consists of core capital capital.9
  10. 10. SpareBank 1 Forsikring Asset allocation per portfolio as at 30.09.11 (31.12.10) SB1 Livsforsikring SB1 Skadeforsikring Group Investment choice portfolio Group portfolio Company portfolio 0.0 (0.1) % 13.1 (14.8) % -10.3 (-1.6) % 10.6 (10.6) % 0.0 (0.1) % 2.2 (0.9) 2 2 (0 9) % 21 1 (21 0) % 7.7 (9.4) % 21.1 (21.0) ( ) 13.2 (13.6) 13 2 (13 6) %45.8 (61.0) % 35.1 (34.8) % 28.4 (28.0) % 21.2 (21.5) % 61.2 (48.4) % 53.2 (39.0) % 1.1 (0.0) % 28.0 (28.8) % 68.5 (66.3) % Stocks Other Stocks Other Real estate Bonds - amortized cost Real Estate Bonds at amortised costStocks Other Bonds Bonds - market value Bonds at Market value NOK 6.5 (6.7) billion NOK 15.5 (16.0) billion NOK 2.5 (2.8) billion NOK 9.2 (8.9) billion10
  11. 11. SpareBank 1 Forsikring Market unrest – consequences and initiatives SB1 Livsforsikring SB1 Skadeforsikring Group• The company has built up solid buffers and the • The company has no opportunity to build up securities adjustment reserve has, in its entirety, buffers, so the fall in prices and rates has covered the fall in prices and rates so far this had a direct impact on profits. year. year • The shareholding as at 30.09.11 constituted• Shareholding as at 30.09.11 constituted 13.1 %, 7.7 %, or MNOK 711. or NOK 2.0 billion. • For a lengthy period, the company has had a• The companys buffer capital situation is still stable investment portfolio. good. The company can withstand a considerable drop in share prices before additional provisions, • The assessment has been made not to make h h b d k which can be used in the accounts for 2011, are changes to the current investment strategy fully utilised. in the P&C insurance company.• Stress tests are being undertaken as part of St t t b i d t k t f ongoing risk management, as are assessments of whether portfolio adjustments should be made. Taking the owners profit and equity into account is k i a key component of these assessments t f th t11
  12. 12. O ODIN Forvaltning o a g Negative market development has led to reduced management fees12
  13. 13. ODIN Forvaltning Negative market development has led to reduced management fees Pre-tax profit (MNOK), quarterly • Pre-tax profit as at Q3: MNOK 30 (48) – Result characterised by high one-off costs and30 Q1 lower management fees. 29 Q2 26 Q3 • Profit in Q3 was MNOK 6 (17) 16 17 17 14 10 12 12 • Total assets of NOK 22.5 billion YTD. 6 - Down NOK 9.8 billion since year-end 2010. • Equity fond market share of 8.8 % as at -7 September, compared with 10.7 % at year- 2008 2009 2010 2011 end 2010. • Market share of 3.8 % for combination fund YTD, up from 3.5 % as at Q2.13
  14. 14. SpareBank 1 Gruppen p pp Finans Group Good growth in factoring and the portfolio-business in the portfolio business past year14
  15. 15. SpareBank 1 Gruppen Finans group Good growth in factoring and the portfolio-business in the past year Pre-tax profit YTD (MNOK) YTD 2010 • Pre-tax p ofit P e ta profit as at Q3: MNOK 22.0 (2.0)*. Q3 22 0 (2 0)* 21.5 22.0 YTD 2011 ― Reduced loss and loss provisions YTD has contributed to increased profits in BA Factoring. ― The company is the countrys third largest factoring business as at Q3 2011. 12.6 11.0 ― BA Portfolio had a total portfolio volume of NOK 1.0 1 0 billion YTD as compared to MNOK 620 at YTD, year-end 2010. ― The debt collection business is rigged for growth 2.5 through focus on further development, quality development 2.0 1.4 and capacity improvement. ― The company is the countrys third largest debt -0.5 collection business. to* p** SB1G F on) io Factoring g Group Conect Portfoli G collectio (debt *Conecto was acquired with accounting effect from 10 September 2010 The profit up to the acquisition date has been recognised directly against equity in the Group 2010. Group.**Pre-tax profit for SpareBank 1 Gruppen Finans Group also includes management and excess value amortisation. 15
  16. 16. SpareBank 1 Markets The establishment of a leading capital market environment is progressing according to plan16
  17. 17. SpareBank 1 Markets The establishment of a leading capital market environment is g p progressing according to plan Operational matters • Th recruitment work has been carried out. The it t kh b i d t - With focus on establishing leading expertise and placement capacity combined with the ability to guarantee capital acquisitions. • Macroeconomic uncertainty has generally led to reduced activity in the market. Profitability for the entire industry has been weakened. Results • Pre-tax loss as at Q3: MNOK -77 (-34). • Pre-tax loss in Q3: MNOK -52 (-29). Q ( ) • Revenue: - Commission income on stocks and derivatives: MNOK 28 (27). - Debt capital markets: MNOK 7 (12). Chief economist Shakeb Syed in SpareBank 1 Markets - Corporate Finance: MNOK 27 (17). A leading capital market environment is strategically important - and has a sg significant ea ca t earning potential for the SpareBank 1 Alliance g pote t a o t e Spa e a a ce17
  18. 18. SpareBank 1 Gruppen Starting-up a card company S i d • In recent years, via a series of acquisitions and structural changes, SpareBank 1 has taken strategic control of important product areas, most recently involving debt collection, factoring and y g g markets. The aim is control of the product and value chain, to do the best for both customers and owners. • SpareBank 1 also wishes to offer products and services within the card and payment business through a specific company. Such services could be delivered from 1 July 2014. • Today, SpareBank 1 has an agreement with EnterCard concerning the delivery of card products, an agreement that will run until the summer of 2014. The volume from the SpareBank 1 Alliance as at 30.09.11 30 09 11 in this portfolio was 400,000 cards. 400 000 cards • Arrangements are being made for continued close collaboration with EnterCard throughout the period of the agreement.18
  19. 19. Outlook SPAREBANK 1 GRUPPEN • Increased volatility in the financial markets entails increased uncertainty linked to the financial results, which constitute a significant portion of value generation in SpareBank 1 Gruppen. • SpareBank 1 Gruppen is well equipped to face the new capital requirements in relation to the introduction of Solvency II II. • There will be an increased focus on cooperation right across the companies to extract efficiency gains within costs, income and know-how.19
  20. 20. The nation s savings bank nations 2020
  21. 21. Appendix A di21
  22. 22. SpareBank 1 Alliance SpareBank 1 SpareBank 1 SpareBank 1 Sparebanken Samarbeidende LO (Trade Union) SR-Bank SMN Nord-Norge Hedmark Sparebanker (10%) (19.5%) (19.5%) (19.5%) (12%) (19.5%) SpareBank 1 Gruppen AS SpareBank 1 ODIN SpareBank 1 Markets Livsforsikring Forvaltning (97.2%) (100%) (100%) Alliance Cooperation SpareBank 1 SpareBank 1 SpareBank 1 Medlemskort Gruppen Finans Skadeforsikring Broad cooperation (100%) (100%) (100%) - Technology - Brand/communication - Expertise Unison Forsikring - Common processes and use of best practice Conecto (100%) - Procurement (100%) Regional competence centres (Bank-owned companies) - Payment services: Trondheim - Credit: Stavanger SpareBank 1 Boligkreditt EiendomsMegler 1 - Training: Tromsø BNbank SpareBank 1 Oslo og Akershus22
  23. 23. SpareBank 1 Gruppen Profit year to date 2011 Year to date Year Figures in MNOK 2011 2010 2010 Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 316.1 277.9 350.4 - SpareBank 1 Skadeforsikring Group 17.7 333.6 641.1 - ODIN Forvaltning F lt i 30.4 30 4 48.2 48 2 64.6 64 6 - SpareBank 1 Markets -77.3 -33.6 -57.6 - SpareBank 1 Medlemskort 7.6 9.3 11.1 - SpareBank 1 Gruppen Finans Group 22.0 2.0 8.6 - Correction Group 30.6 23.9 17.6 Net result before tax from subsidiaries 347.0 661.4 1,036.0 Total operating costs (parent company) -59.2 8.8 -7.6 Net investment charges (parent company) -40.1 -27.6 -43.2 Pre- tax result 247.7 642.6 985.1 Taxes -2.8 -135.1 -153.6 Net result for the period 244.8 507.5 831.6 Majority interest 247.3 513.1 841.0 Minority interest -2.4 -5.6 -9.5 Year to date Year Key figures 2011 2010 2010 Annualised return on equity 6.7 % 15.8 % 18.7 %23
  24. 24. SpareBank 1 Gruppen Quarterly profits Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3Figures in MNOK 2011 2011 2011 2010 2010 2010 2010 2009 2009Part fP t of result from subsidiaries before tax lt f b idi i b f t - SpareBank 1 Livsforsikring 77.7 109.0 129.4 72.5 85.8 100.3 91.9 81.0 81.2 - SpareBank 1 Skadeforsikring Group -88.8 56.2 50.3 307.5 253.9 43.4 36.3 115.3 272.8 - ODIN Forvaltning 6.3 12.2 11.9 16.5 17.0 16.7 14.4 24.0 16.0 - SpareBank 1 Markets -51.8 -22.1 -3.4 -24.0 -29.0 -1.9 -2.7 -9.5 -14.6 - SpareBank 1 Medlemskort 2.0 2.5 3.1 1.9 2.7 3.3 3.4 0.7 1.8 - SpareBank 1 Gruppen Finans Group 12.2 3.0 6.8 6.6 -4.9 7.0 -0.1 2.3 3.9 - Correction Group 16.4 15.1 -0.9 -6.3 -7.4 16.3 15.1 -8.6 12.0Net result before tax from subsidiaries - 26.1 175.9 197.1 374.6 318.1 185.1 158.2 205.2 373.1Total operating costs (parent company) -16.0 -15.6 -27.7 -16.5 40.7 -11.9 -20.0 -15.5 -13.2Net investment charges (parent company) -18.0 -15.0 -7.1 -15.6 -11.4 -9.3 -6.9 -9.8 -2.1Pre- tax result - 60.1 145.4 162.4 342.5 347.4 163.9 131.3 177.2 357.7Taxes 55.8 -48.1 -10.5 -18.5 -88.4 -8.3 -38.5 -9.3 -27.3Net result for the period - 4.3 97.2 151.9 324.0 259.1 155.6 92.8 167.9 330.4Majority interest -3.1 98.0 152.4 327.9 263.9 155.9 93.3 169.6 333.1Minority interest -1.1 11 -0.8 08 -0.5 05 -3.9 39 -4.8 48 -0.3 03 -0.5 05 -1.7 17 -2.6 2624
  25. 25. Annualised return on equity among selected Nordic financial institutions year to date 2011 y Q Q3 2011 Year 2010 Year 2009 Handelsbanken 13.8 % 12.9 % 12.6 % DnB NOR 10.6 10 6 % 13.6 13 6 % 10.6 10 6 % Nordea 10.0 % 11.5 % 11.3 % Handelsbanken 7.4 % 10.8 % 8.2 % SpareBank 1 Gruppen 6.7 % 18.7 % 18.1 % Danske Bank 1.7 % 3.6 % 1.7 % Gjensidige N/A 13.1 13 1 % 11.1 11 1 %* Calculated as profit for the period (after taxes) over average equity Source: Companies interim reports for 201125
  26. 26. SpareBank 1 Livsforsikring Profit year to date 2011 Q3 Q2 Q1 Q3 Year to date Year Figures in MNOK 2011 2011 2011 2010 2011 2010 2010 Insurance risk income 321.6 333.0 335.8 327.3 990.4 964.3 1,292.6 Insurance risk claims -249.9 -252.6 -255.5 -250.1 -758.1 -672.8 -939.0 Risk result 71.7 80.4 80.2 77.1 232.3 291.5 353.6 Tecnical allocations -8.2 -10.3 -10.8 -5.5 -29.3 -31.3 -28.2 Risk result after tecnical allocations 63.5 70.1 69.4 71.6 203.0 260.1 325.4 Fees 168.3 172.8 170.7 161.1 511.9 471.4 637.9 Expenses, e cl si e E penses exclusive comissions -128.0 128 0 -138.6 138 6 -129.7 129 7 -147.0 147 0 -396.3 396 3 -422.6 422 6 -589.2 589 2 Comissions -60.1 -58.5 -59.8 -58.7 -178.3 -174.0 -235.6 Administration result -19.8 -24.2 -18.7 -44.6 -62.7 -125.2 -186.9 Net investment income 151.0 207.3 319.1 177.0 677.4 587.4 764.3 Guaranteed interest to policyholders -99.4 -99.2 -113.3 -106.3 -311.9 -318.8 -447.0 Investment result 51.6 108.0 205.8 70.8 365.4 268.6 317.3 Reserves 0.0 0.0 -33.0 -12.0 -33.0 -36.0 -45.3 Investment result after reserves 51.6 108.0 172.8 58.8 332.4 232.6 272.0 Compensation guaranteed interest 5.7 5.9 5.4 7.5 17.0 22.4 29.9 Result before additional provisions 101.0 159.8 228.8 93.2 489.6 389.9 440.4 Undistributed profits to customers -44.7 -60.0 -118.9 -39.6 -223.6 -161.0 -161.7 Return on companys assets R 21.4 21 4 9.2 92 19.5 19 5 32.1 32 1 50.0 50 0 49.1 49 1 71.6 71 6 Net profit to owner before tax 77.7 109.0 129.4 85.8 316.1 277.9 350.4 Taxes 36.9 -35.3 0.5 -24.9 2.1 -42.7 -60.2 Net profit/loss for the period 114.6 73.8 129.9 60.9 318.2 235.2 290.2 Key figures Year to date Year 2011 2010 2010 Capital adequacy ratio 18.5 % 20.1 % 19.3 % Buffer capital in % of insurance provisions 14.1 % 16.1 % 14.6 %* *Buffer capital for the year 2010 is shown after profits have been distributed26
  27. 27. SpareBank 1 Livsforsikring Profit by portfolio year to date 2011 Previously Group established Investment choice Company Figures in MNOK portfolio individual products portfolio portfolio Total Risk result 196.3 8.6 -1.9 0.0 203.0 Administration result 47.1 47 1 -27.8 27 8 -81.9 81 9 0.0 00 -62.7 62 7 Net investment result 270.6 88.7 4.4 1.8 365.4 Reserves - long life 0.0 -33.0 0.0 0.0 -33.0 Compensation interest guarantee 17.0 0.0 0.0 0.0 17.0 Transferred to policyholders -193.2 -30.2 -0.2 0.0 -223.6 Return on companys assets company s 0.0 00 0.0 00 0.0 00 50.0 50 0 50.0 50 0 Sum 337.8 6.3 -79.8 51.8 316.127
  28. 28. SpareBank 1 Livsforsikring Premium income trends Q3 Q2 Q1 Q3 Year to date Year Figures in MNOK 2011 2011 2011 2010 2011 2010 2010 Individual annuity and pension insurance 68.7 71.1 73.1 68.6 212.8 226.9 306.7 Individual endowment insurance 143.3 141.1 138.5 129.5 422.9 385.4 519.1 Group pension insurance 73.3 55.2 242.7 105.4 371.1 429.5 549.5 Individual life insurance 50.0 49.0 48.0 46.1 147.0 136.0 183.1 Group life insurance 130.5 131.5 217.5 130.1 479.5 465.7 587.7 Unit Linked - Annuity 8.3 9.5 10.7 10.4 28.4 34.9 46.6 Unit Linked - Endowment 38.4 46.6 51.6 53.9 136.6 168.2 237.0 Defined contribution pension 256.6 235.6 236.2 224.6 728.4 641.2 864.2 Total gross due premium income 769.0 739.5 1,018.2 768.6 2,526.8 2,487.9 3,293.8 Premium reserves transferred from other companies 189.1 113.5 142.0 64.8 444.6 226.1 352.5 Reinsurance ceded R i d d -42.9 42 9 -40.8 40 8 -40.2 40 2 -34.2 34 2 -123.9 123 9 -119.7 119 7 -152.0 152 0 Premium income for own account 915.2 812.1 1,120.0 799.2 2,847.4 2,594.2 3,494.228
  29. 29. SpareBank 1 Livsforsikring Return on customer portfolios with guarantee as at the end of the quarter Value-adjusted return excluding change i value construction: l di h in l t ti Booked return: Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2.7 2.5 4.6 2.1 1.7 17 3.5 1.6 3.3 PercentPercent 3.0 3.0 3.0 2.6 1.0 0.6 N/A N/A SpareBank 1 Storebrand Vital Nordea SpareBank 1 Storebrand Vital Nordea 29 Source: company presentations
  30. 30. SpareBank 1 LivsforsikringReturn on ordinary customer portfolio with guarantee year t d tR t di t tf li ith t to date Percent P t Norwegian shares -25.5 Foreign shares -14.1 Money market 2.7 Norwegian bonds 4.0 Foreign bonds 6.2 62 Held to maturity 3.9 Real Estate 3.830
  31. 31. SpareBank 1 Livsforsikring Balance sheet year to date 2011 Year to date Y t d t Year Y Figures in MNOK 2011 2010 2010 Intangible assets 93 28 42 Investments 2,558 2,837 2,862 Reinsurance s Reinsurances part of insurance obligations 222 228 221 Accounts receivable 182 119 153 Other assets 431 170 335 Prepayed liabilities and accrued income 0 0 0 Investments group portfolio 15,709 15,978 16,169 Investments options portfolio 6,498 6,256 6,701 Total assets 25,693 25,616 26,483 Paid in capital 1,825 1,602 1,602 Other equity 632 622 386 Subordinated loan capital 200 400 400 Insurance obligations - contractual 15,453 15,843 16,127 Insurance obligations - investment options 6,583 6,348 6,805 Provisions for obligations 214 149 144 Premium deposits from reinsurance companies 138 133 134 Other obligations 549 443 764 Accrued liabilities, prepaied income 99 77 120 Total liabilities and equity 25,693 25,616 26,48331
  32. 32. SpareBank 1 Skadeforsikring Group Profit year to date 2011 Q3 Q2 Q1 Q3 Year to date Year Figures in MNOK 2011 2011 2011 2010 2011 2010 2010 Gross written premium 1,142.9 1,380.6 1,553.3 1,059.1 4,076.8 3,556.2 4,731.8 Net earned premium 1,230.6 1,137.7 1,100.8 1,077.0 3,469.1 3,049.4 4,184.4 Net incurred claims -1,042.8 -903.9 -920.7 -722.7 -2,867.3 -2,339.3 -3,208.5 Net insurance operating costs -258.7 -255.2 -241.1 -244.1 -755.0 -611.0 -880.6 Other insurance income/costs 17.6 17 6 8.2 82 4.5 45 17.4 17 4 30.3 30 3 16.6 16 6 132.0 132 0 Changes in other technical reserves 53.8 21.4 26.5 -6.3 101.6 28.2 39.6 Operating result before finance 0.5 8.2 -29.9 121.3 -21.2 143.9 266.9 Net financial income -62.3 66.8 95.1 148.7 99.5 231.7 432.8 Other costs 0.0 0.0 0.0 -0.7 0.0 -2.7 -2.7 Result before changes in security reserve -61.8 75.0 65.1 269.4 78.3 372.9 697.0 Changes in security reserve -27.0 -18.8 -14.8 -15.8 -60.5 -39.2 -55.8 Pre-tax profit -88.8 56.2 50.3 253.6 17.7 333.7 641.2 Taxes 7.6 -14.4 -10.5 -53.7 -17.3 -60.9 -60.2 Net profit/loss for the period -81.2 41.8 39.8 199.9 0.4 272.8 581.1 Key figures Q3 Q2 Q1 Q3 Year to date Year Figures in percentage 2011 2011 2011 2010 2011 2010 2010 Claims ratio, net 84.7 % 79.4 % 83.6 % 67.1 % 82.7 % 76.7 % 76.7 % Cost ratio, net 21.0 % 22.4 % 21.9 % 22.7 % 21.8 % 20.0 % 21.0 % Combined ratio net ratio, 105.8 105 8 % 101.9 101 9 % 105.5 105 5 % 89.8 89 8 % 104.4 104 4 % 96.8 96 8 % 97.7 97 7 % Capital adequacy ratio 27.6 % 27.2 % 32.5 %32
  33. 33. ODIN Forvaltning Profit year to date 2011 Q3 Q2 Q1 Q3 Year to date Year Figures in MNOK 2011 2011 2011 2010 2011 2010 2010 Management fees 69.4 85.5 86.8 78.0 241.7 235.9 317.9 Total operating income 69.4 85.5 86.8 78.0 241.7 235.9 317.9 Salaries 26.4 27.5 29.2 27.1 83.0 76.9 104.2 Depreciations 5.1 4.4 3.9 3.6 13.4 11.2 14.8 Other operating costs 32.5 41.2 42.5 31.1 116.3 101.5 137.8 Total operating costs 64.0 73.1 75.6 61.9 212.7 189.6 256.8 Operating profit 5.4 12.4 11.2 16.2 29.0 46.3 61.1 Net financial income 0.9 -0.2 0.7 0.9 1.4 1.8 3.6 Pre-tax profit 6.3 12.2 11.9 17.0 30.4 48.2 64.6 Taxes 2.0 3.3 3.3 4.7 8.6 13.2 19.3 Net profit/loss for the period 4.3 8.9 8.6 12.3 21.8 34.9 45.333

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