1. 1st Quarter 2012
Presentation of results
Q1
from SpareBank 1 Gruppen
Kirsten Idebøen, CEO
26 April 2012

2. Good development in results for the group
- Best Q1 result in the past five years
• Pre-tax profit: MNOK 173 (162)
Pre-tax profit for the group for Q1 (MNOK)
• Profit after tax: MNOK 200 (152)
162
173
3
• Annualised return on equity:
15.9 (12.9) %
131
• Total assets in the group were NOK 44.5
g p
87 billion, as compared to NOK 42.0 billion at
68 year-end 2011
• Good solvency:
– Capital adequacy ratio: 14.8 % against
2008 2009 2010 2011 2012 16.2 % as at 31/12/2011
– Core capital adequacy ratio: 13.1 %
p q y
against 14.6 % as at 31/12/2011
– Well-equipped to meet new capital
requirements in Solvency II
2

3. Result development per business area
Pre-tax profit per subsidiary (MNOK) • Improved administration result in life
insurance. The company has continued to
build up buffers throughout the quarter.
166
Q1 2011
Q1 2012 • Lower occurrences of large claims and good
129
development in financial income contribute
positively to strong results in P&C insurance.
insurance
94
• Strategic and operative measures in terms of
50 management p
g provides g
good management
g
results and increased total assets in ODIN
12
Forvaltning.
7 7
-1 -3
• SB1G Finans: Factoring is still growing fastest
-45 in the market, and there is a lower average
referral volume in Conecto.
SB1G Finans
SB1 Skade
rkets
SB Liv
ODIN
B1
SB1 Mar
• SpareBank 1 Markets now has the whole team
in place and a rated balance. This means that
all framework conditions are in place for full
market operations.
3

4. SpareBank 1
Livsforsikring
Improved administration result
Good b ffe capital
buffer
4

5. SpareBank 1 Livsforsikring
Improved administration result. Good buffer capital
p p
• Pre-tax profit for Q1: MNOK 94 (129)
Pre-tax profit (MNOK) quarterly
P t fit (MNOK), t l • Administration result: MNOK -7 ( 19)
7 (-19)
– Stable cost base and increased income from fees
Q1
Q2 • Investment result: MNOK 73 (206)
Q3 – MNOK 31 allocated to strengthen provisions for longer life expectancy
129
Q4 – Investment result in Q1 last year characterised by realized gains on
109 foreign exchange of MNOK 130
100 98 – The company has during Q1 2012 built up the securities adjustment
92 94
86 reserve to MNOK 466 from MNOK 185 as of 31/12/2011. In
31/12/2011
72
78 comparison, the securities adjustment reserve was MNOK 448 in Q1
2011, which was down from MNOK 617 as of 31/12/2010.
• Risk result: MNOK 29 (69)
– Increased number of payments owing to death in risk insurance,
plus higher costs in connection with reported disability claims.
2010 2011 2012
• Tax income in Q1 was MNOK 32 (1)
– Tax income is calculated in accordance with current tax
regulations. The Ministry of Finance has proposed an amendment
to the tax exemption method for life insurance companies. The
authorities' proposal will not be taken into consideration in the
accounts until the proposal is adopted.
5

6. SpareBank 1 Livsforsikring
The company has continued to build up buffers throughout the quarter
Buffer capital trend, per quarter (%) Securities adjustment reserve (MNOK)
14.6 % 15.2 %
14.0 % 14.1
14 1 % 617
12.8 %
11.0 %
466
327
185
Q4 Q1 Q2 Q3 Q4 Q1
2010 2011 2011 2011 2011 2012 2009 2010 2011 Q1 2012
Core capital in excess of minimum Interim profit
Additional provisions Securities adjustment reserve
• From the securities adjustment reserve:
• Total assets: NOK 28 (27) billion
– MNOK 221 belongs to the ordinary group
– The increase is primarily due to share price
portfolio
performance of financial assets
– MNOK 87 belongs to paid-up policy portfolio
– MNOK 158 belongs to the portfolio for
• Capital adequacy ratio: 17.5 (19.2) % previously established individual savings
– The entire subordinated loan comprises core capital products
– Estimated solvency margin of 296.5 %, compared to
303.5 % at year-end 2011
6

7. Asset allocation per portfolio as of 31/03/2012
(31/12/11)
SB1 Livsforsikring SB1 Skadeforsikring Group
Investment choice portfolio Group portfolio Company portfolio
0.0 (0.0) %
13.4 (13.8) % 0.0 (-4.5) % 10.1 (10.4) %
( )
0.0 (0.0) %
37.2 (37.4) % 1.0 (-0.2) % 20.6 (18.8) % 8.4 (7.9) % 12.2 (12.7) %
44.5 (45.9) %
55.5 (54.2) % 20.2 (21.0) % 54.9 (60.9) %
28.2 (28.0) % 24.4 (24.8) %
0.0 (-0.1) % 69.3 (69.0) %
Stocks Stocks
Other Other Stocks Other
Stocks Other Bonds Real estate Real estate Real Estate Bonds at amortised cost
Bonds - amortized cost Bonds - amortized cost
Bonds at Market value
Bonds - market value Bonds - market value
NOK 7.5 (6.9) billion NOK 16.3 (15.7) billion NOK 2.9 (2.9) billion NOK 10.0 (9.6) billion
7

8. SpareBank 1
Skadeforsikring Group
Significantly i
Si ifi tl improved claims ratio
d l i ti
and good financial return
8

9. SpareBank 1 Skadeforsikring Group
Significantly improved claims ratio and good financial
return
Pre tax profit
Pre-tax profit, quarterly (MNOK) • Pre-tax profit for Q1: MNOK 166 (50)
Pre tax
308 Q1
Q2 • Insurance result*: MNOK -19 (-30)
254 Q3 – Lower proportion of large claims and milder winter
Q4
• Net financial income: MNOK 194 (95)
168 166
– Financial return: 2.0 (1.1) %
• Portfolio growth in Q1 of 2.4 %, to NOK 5.3 billion
50 56
36 43
• On 16 April 2012 it was decided to sell Unison
Forsikring following a clarification of SpareBank 1's
distribution strategy.
-89
• Turid Grotmoll is acting CEO of the P&C insurance
2010 2011 2012
company. In March 2012 Tore Tenold accepted a job
offer from a competing company.
* Insurance result in Q1 2011 and 2012 includes Unison Forsikring
9

10. SpareBank 1 Skadeforsikring Group
Lower proportion of large claims in Q1 2012
Combined ratio for own account – quarterly (%)
108.6
108 6 105.5 105.8
10 8 Combined ratio for own account (%)
100.3 101.9 100.7 101.6
103.5
20.2 92.9
89.8 21.9 21.1 96.2 97.7
22.4 21.3 94.6 94.0
23.8 26.0 89.9
17.1 87.2 22.9
22.7 22.5 21.0
20.7 21.9
21 9
20.6
20.5
88.3 83.6 84.7
75.9 76.6 79.4 74.7 80.4
6
67.1
76.7 80.6
73.9 72.1 73.8
66.7 69.3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2010 2010 2010 2010 2011 2011 2011 2011 2012
Net claims ratio Net cost ratio
2005 2006 2007 2008 2009 2010 2011
-Significantly improved claims ratio in the BM portfolio as a Net claims ratio Net cost ratio
result of a lower proportion of large claims so far this year
-Positive profitability developments on the main products in
the PM portfolio
10

11. SpareBank 1 Skadeforsikring Group
Positive portfolio growth in Q1 2012
Growth
G o th in po tfolio pe year (MNOK)
portfolio per ea
• Total portfolio growth of MNOK 130 to NOK
5.3 billion
5,328
– Combined portfolio growth in Unison Forsikring
and the LO segment of MNOK 125 0
125.0
– Market share of 11.3 % as at 31/12/2011. Market
3,358
statistics for Q1 2012 are not available at the time
of reporting
• Net earned premium of NOK 1.2 (1.1) billion,
corresponding to a growth of 10.8 %
31.12.2004
4
2
31.03.2012
2011
2005
2006
2007
2008
2009
2010
11

12. O
ODIN Forvaltning
o a g
Good management results
12

13. ODIN Forvaltning
Good management results
Pre-tax profit (MNOK), quarterly • Pre-tax profit for Q1: MNOK -0.5 (12)
– Management f
fees totalled MNOK 6 (8 )
ll d O 67 (87)
Q1
17 17 16
Q2 • Total assets under management of NOK 26.2 billion in
14
Q3 Q
Q1
Q4 – Increased by NOK 2.7 billion from year-end 2011
12 12
6 • 8.9 % market share for equity funds at Q1 2012,
unchanged from Q4 2011
• 3.8 % market share for combination funds at Q1
-0.5 2012, unchanged from Q4 2011
-9
• All of ODIN Forvaltning's equity funds and
combination funds performed better than the
2010 2011 2012
benchmark portfolios in Q1 2012
13

14. ODIN Forvaltning
All equity funds performed better than the benchmark portfolio
q y p p
Fund return as at 31/03/2012 (%) 22.6 Fond Indeks
17.0
17 0
15.3
13.5 13.3 13.6
12.9 13.0 12.8 12.9
10.9 10.5 10.9 10.9 10.8 10.4
9.4
8.0 8.2
6.6 6.2
4.8 5.3
3.2
ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN
Norden Finland Norge Sverige Maritim Offshore Eiendom I Europa Europa Global Global SMB Emerging
SMB Markets
Managed increase in value as at 31/03/2012 (%)
12.9
12.4
11.3
10.7 10.5 10.3
9.8 9.4
8.7 8.5 8.2
ODIN Alfred Berg Pareto Holberg Nordea KLP Markedssnitt DNB Storebrand Carnegie SKAGEN
14

15. SpareBank 1 Markets
Profitable
P fit bl operations from Q4 2012
ti f
15

16. SpareBank 1 Markets
Profitable operations from Q4 2012
Results
• Pre-tax profit for Q1: MNOK -45 (-3)
• Profit after tax for Q1: MNOK -33 (-2)
• Total revenue: MNOK 33 (35)
Operational matters
• SpareBank 1 Market has now acquired expertise and market
clout through new recruitment. The necessary infrastructure
has also been established, hereunder the collaboration
established SpareBank 1 can, through SpareBank 1
agreement with SpareBank 1 SMN, which provides access to Markets, provide the entire capital
rated balance. The income effects of these investments are structure, from bank loans to bonds and
expected to appear gradually in the time ahead. equity
• The result is in accordance to planned progress and
previous indication of profitable operations from Q4 2012
remains unchanged.
16

17. SpareBank 1 Gruppen Finans Group
Continued f
C ti d focus on growth and cost-efficiency
th d t ffi i
17

18. SpareBank 1 Gruppen Finans Group
Continued focus on growth and cost-efficiency
Pre-tax profit (MNOK) • Good growth in factoring operations, but
p
pressure on margins
g
− The country's third largest factoring operation with
7
7 7
a market share of 14.2 (13.8) % in Q1 2012
Q1 2011
− Factoring saw growth of 22.7 % in the last 12
Q1 2012 months. Growth in the total market was 9.8 %.
− Low lending losses in Q1
5
• Portfolio's (long-term monitoring) total
portfolio volume for Q1 2012 was MNOK 1 185
1,185,
compared with MNOK 1,152 at year-end 2011
3 3 − Steady recovery on the portfolios
− Good growth in net interest/credit commission
2 revenues
1
• The debt market is relatively stable, but with
slight growth
factoring portfolio Conecto SB1G Finans − Conecto has had a slightly sinking referral volume in
(debt recovery) Group the last year
− An improved recovery rate and changed portfolio
Pre tax
Pre-tax profit for SpareBank 1 Gruppen Finans Group also includes
mix has largely compensated for mandatory
management and amortisation. reduction in debt recovery fees
18

19. SpareBank 1 Gruppen top in terms of return on equity after tax
among selected Nordic financial institutions
g
Average
Q1 2012 2011 2010 2009 2009-2011
SpareBank 1 Group 15.9 % 11.1 % 18.7 % 18.1 % 16.0 %
Handelsbanken 13.8 % 13.5 % 12.9 % 12.6 % 13.0 %
Nordea 11.7 % 10.6 % 11.5 % 11.3 % 11.1 %
Gjensidige* N/A 12.2 % 13.1 % 11.1 % 12.1 %
DNB N/A 11.4 % 13.6 % 10.6 % 11.9 %
Storebrand N/A 6.0 % 10.8 % 8.2 % 8.3 %
Danske Bank N/A 1.4 % 3.6 % 1.7 % 2.2 %
* Calculated as net profit distributed over average equity
Source: Companies' interim reports for 2012
19

20. The nation s savings bank
nation's
20
20

21. Appendix
A di
21

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
(97.47%)
(100 %) (100 %)
Alliance Cooperation
SpareBank 1 SpareBank 1 SpareBank 1
Medlemskort Gruppen Finans Skadeforsikring
(100 %) (100 %) (100 %)
Broad cooperation
- Technology
/
- Brand/communication
Conecto
Unison Forsikring - Expertise
(100 %) - Common processes and use of best practice
(100 %)
- Purchasing
Regional competence centres
(Bank-owned companies)
- Payment services: Trondheim
SpareBank 1 Boligkreditt
EiendomsMegler 1 - Credit: Stavanger
BNbank - Training: Tromsø
SpareBank 1 Oslo og Akershus
22

23. SpareBank 1 Gruppen
Key figures
Q1 Q4 Q3 Q2 Q1 Year
2012 2011 2011 2011 2011 2011
Group
Net result for the period (MNOK) 199.9 281.5 -4.8 97.2 151.9 525.8
Return on equity (%) 15.9 % 23.2 % -0.3 % 8.1 % 12.9 % 11.1 %
Capital adequacy ratio, cumulative (%) 14.8 % 16.2 % 16.3 % 16.2 % 16.1 % 16.2 %
Core capital adequacy ratio, cumulative (%) 13.1 % 14.6 % 14.0 % 13.9 % 12.6 % 14.6 %
SB1 Livsforsikring
Risk result (MNOK) 29.4 38.5 63.5 70.1 69.4 241.4
Administration result (MNOK) -7.5 -3.2 -19.8 -24.2 -18.7 -65.9
Investment result (MNOK) 73.2 3.1 51.6 108.0 205.8 368.5
Net result for the period (MNOK) 125.8 193.7 114.6 73.8 129.9 511.9
Buffer capital in % of insurance provisions*, cumulative (%) 12.8 % 11.0 % 14.1 % 14.0 % 15.2 % 11.0 %
Capital adequacy ratio, cumulative (%) 17.5 % 18.5 % 18.5 % 17.1 % 19.2 % 18.5 %
Securities adjustment reserve, cumulative (MNOK) 465.9 184.9 13.0 326.3 448.2 184.9
SB1 Skadeforsikring Group
Operating result before finance (MNOK) -19.5 -15.5 0.0 8.2 -29.9 -37.3
Net financial income (MNOK)
( ) 194.0 160.8 -62.3 66.8 95.1 260.3
Net result for the period (MNOK) 139.5 90.8 -81.7 41.8 39.8 90.7
Claims ratio, net (%) 80.4 % 74.7 % 84.7 % 79.4 % 83.6 % 80.6 %
Cost ratio, net (%) 21.3 % 26.0 % 21.1 % 22.4 % 21.9 % 22.9 %
Combined ratio, net (%) 101.6 % 100.7 % 105.8 % 101.9 % 105.5 % 103.5 %
Portfolio (MNOK) 5 328 5 198 5 092 4 986 4 825 5 198
ODIN Forvaltning
Management fees (MNOK) 67.2
67 2 61.8
61 8 69.4
69 4 85.5
85 5 86.8
86 8 303.5
303 5
Net result for the period (MNOK) -0.3 -7.0 4.3 8.9 8.6 14.8
Total assets under management, cumulative (MNOK) 26 173 23 433 22 539 30 101 33 348 23 433
Market share equity fund, cumulative (%) 8.9 % 8.9 % 8.8 % 9.9 % 10.6 % 8.9 %
Market share combination fund, cumulative (%) 3.8 % 3.8 % 3.8 % 3.5 % 3.2 % 3.8 %
SB1 Markets
Total operating income (MNOK) 32.9 15.3 12.6 23.5 34.8 86.3
Net result for the period (MNOK) -32.5
32 5 -57.4
57 4 -37.3
37 3 -15.9
15 9 -2.4
24 -113.1
113 1
SB1G Finans Group
Net result for the period SB1G Finans Group (MNOK) 4.9 4.4 8.4 1.8 4.5 19.1
Net result for the period SB1G Finans - parent company (MNOK) 2.2 4.1 3.7 0.1 1.4 9.3
Net result for the period Conecto (MNOK) 3.3 2.2 6.7 3.7 5.1 17.7
*) Buffer capital as at Q4 is show n after profits have been distributed
23

24. SpareBank 1 Gruppen
Results for Q1 2012
Q1 Year
Figures i MNOK
Fi in 2012 2011 2011
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 94.1 129.4 414.1
- SpareBank 1 Skadeforsikring Group 165.5 50.3 185.3
- ODIN Forvaltning -0 5
0.5 11.9
11 9 21.8
21 8
- SpareBank 1 Markets -44.8 -3.4 -154.8
- SpareBank 1 Medlemskort 2.8 3.1 12.1
- SpareBank 1 Gruppen Finans Group 6.8 6.8 27.9
- Correction Group 0.0 -0.9 28.6
Net result before tax from subsidiaries 223.8 197.1 535.1
Total operating costs (parent company) -33.5 -27.7 -88.6
Net investment charges (parent company) -16.8 -7.1 -59.3
Share of associated company 0.0 0.0 0.2
Pre- tax result 173.5 162.4 387.3
Taxes 26.4 -10.5 138.5
Net
N t result for the period
lt f th i d 199.9
199 9 151.9
151 9 525.8
525 8
Majority interest 200.7 152.4 529.8
Minority interest -0.8 -0.5 -4.0
Q1 Year
Key figures 2012 2011 2011
Annualised return on equity 15.9 % 12.9 % 11.1 %
24

25. SpareBank 1 Gruppen
Quarterly results
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Figures in MNOK 2012 2011 2011 2011 2011 2010 2010 2010 2010
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 94.1 98.1 77.7 109.0 129.4 72.5 85.8 100.3 91.9
- SpareBank 1 Skadeforsikring Group 165.5 168.1 -89.3 56.2 50.3 307.5 253.9 43.4 36.3
- ODIN Forvaltning -0.5 -8.5 6.3 12.2 11.9 16.5 17.0 16.7 14.4
- SpareBank 1 Markets -44.8 -77.5 -51.8 -22.1 -3.4 -24.0 -29.0 -1.9 -2.7
- SpareBank 1 Medlemskort 2.8 4.5 2.0 2.5 3.1 1.9 2.7 3.3 3.4
- SpareBank 1 Gruppen Finans Group
S B k G Fi G 6.8
68 5.9
59 12.2
12 2 3.0
30 6.8
68 6.6
66 -4.9
49 7.0
70 -0.1
01
- Correction Group 0.0 -1.9 16.4 15.1 -0.9 -6.3 -7.4 16.3 15.1
Net result before tax from subsidiaries 223.8 188.6 - 26.6 175.9 197.1 374.6 318.1 185.1 158.2
Total operating costs (parent company) -33.5 -29.4 -16.0 -15.6 -27.7 -16.5 40.7 -11.9 -20.0
Net investment charges (parent company) -16.8 -19.2 -18.0 -15.0 -7.1 -15.6 -11.4 -9.3 -6.9
Share of associated company 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Pre- tax result 173.5 140.1 - 60.6 145.4 162.4 342.5 347.4 163.9 131.3
Taxes 26.4 141.4 55.8 -48.1 -10.5 -18.5 -88.4 -8.3 -38.5
Net result for the period 199.9 281.5 - 4.8 97.2 151.9 324.0 259.1 155.6 92.8
Majority interest 200.7 283.1 -3.6 98.0 152.4 327.9 263.9 155.9 93.3
Minority interest -0 8
0.8 -1 6
1.6 -1 1
1.1 -0 8
0.8 -0 5
0.5 -3 9
3.9 -4 8
4.8 -0 3
0.3 -0 5
0.5
25

26. SpareBank 1 Livsforsikring
Results for Q1 2012
Q1 Year
Figures in MNOK 2012 2011 2011
Insuranc e risk income 361.2 335.8 1 338.7
Insuranc e risk claims -340.4 -255.5 -1 061.7
Risk result 20.7 80.2 277.0
Tecnical allocations 8.7 -10.8 -35.6
Risk result after tecnical allocations 29.4 69.4 241.4
Fees 184.8 170.7 708.6
Expenses, exclusive comissions
E l i i i -128.6
128 6 -129.7
129 7 -527.2
527 2
Comissions -63.7 -59.8 -247.3
Administration result -7.5 -18.7 -65.9
Net investment income 188.6 319.1 791.1
Guaranteed interest to policyholders -115.4 -113.3 -422.6
Investment result 73.2
73 2 205.8
205 8 368.5
368 5
Reserves -31.3 -33.0 -187.3
Investment result after reserves 41.9 172.8 181.2
Compensation guaranteed interest 6.3 5.4 22.6
Result before additional provisions 70.1 228.8 379.4
Undistributed profits to customers
p -15.2 -118.9 -61.5
Return on company's assets 39.2 19.5 96.2
Net profit to owner before tax 94.1 129.4 414.1
Taxes 31.7 0.5 97.8
Net profit/loss for the period 125.8 129.9 511.9
Key figures Q1 Year
2012 2011 2011
Capital adequacy ratio 17.5 % 19.2 % 18.5 %
Buffer capital in % of insurance provisions 12.8 % 15.2 % 11.0 %
26

27. SpareBank 1 Livsforsikring
Results per portfolio for Q1 2012
Previously
Group established Investment choice Company
Figures in MNOK portfolio individual products portfolio portfolio Total
Risk result 35.1 -5.0 -0.6 0.0 29.4
Administration result 21.4
21 4 -9.3
-9 3 -19.5
-19 5 0.0
00 -7.5
-7 5
Net investment result 46.8 25.0 0.9 0.5 73.2
Reserves - long life -31.3 0.0 0.0 0.0 -31.3
Compensation interest guarantee 6.3 0.0 0.0 0.0 6.3
Transferred to policyholders -8.2 -6.9 -0.1 0.0 -15.2
Return on company s assets
company's 0.0
00 0.0
00 0.0
00 39.2
39 2 39.2
39 2
Sum 70.1 3.7 -19.4 39.6 94.1
27

28. SpareBank 1 Livsforsikring
Premium income trend
Q1 Year
Figures in MNOK 2012 2011 2011
Individual annuity and pension insurance 72.3 73.1 284.9
Individual endowment ins ance
Indi id al endo ment insurance 147.9
147 9 138.5
138 5 570.6
570 6
Group pension insurance 244.3 242.7 465.6
Individual life insurance 53.8 48.0 199.0
Group life insurance 239.1 217.5 604.4
Unit Linked - Annuity 9.3
93 10.7
10 7 39.0
39 0
Unit Linked - Endowment 36.7 51.6 181.1
Defined contribution pension 265.1 236.2 980.7
Total gross due premium income 1 068.5 1 018.2 3 325.5
Premium reserves transferred from other companies 102.4 142.0 660.8
Reinsurance ceded -28.6 -40.2 -160.4
Premium income for own account 1 142.3 1 120.0 3 825.9
28

29. SpareBank 1 Livsforsikring
Return on customer portfolio with guarantee as at Q1 2012
Value-adjusted return
excluding change i value construction:
l di h in l t ti Booked return:
Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1
2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012
5.4
3.4
3.0 4.6
4.0
2.5
3.2
Percent
Percent
2.1 2.0
1.7
1.2
1.0
10
N/A N/A N/A N/A
SpareBank 1 Storebrand DNB Livsforsikring Nordea SpareBank 1 Storebrand DNB Livsforsikring Nordea
29 Source: company presentations

30. SpareBank 1 Livsforsikring
Return on ordinary customer portfolio with guarantee as at
y p g
31/03/2012
Percent
P t
Norwegian shares 14.8
Foreign shares 13.3
Money market 1.1
Norwegian bonds 1.9
Foreign bonds 2.3
23
Hold to maturity 1.2
Real estate 1.6
30

31. SpareBank 1 Livsforsikring
Balance sheet as of 31/03/2012
Q1 Year
Figures in MNOK 2012 2011 2011
Intangible assets 131 53 107
Investments 2 938 3 013 2 881
Reinsurance's part of insurance obligations 207 223 223
Accounts receivable 149 134 225
Other assets 339 215 368
Prepayed liabilities and accrued income 0 2 0
Investments group portfolio 16 466 15 786 15 909
Investments options portfolio 7 470 6 788 6 896
Total assets 27 699 26 215 26 607
Paid in capital 1 825 1 602 1 825
Other equity 560 516 435
Subordinated loan capital
p 200 400 200
Insurance obligations - contractual 16 389 15 776 15 812
Insurance obligations - investment options 7 561 6 895 6 993
Provisions for obligations 75 131 88
Premium deposits from reinsurance companies 139 135 139
Other bli ti
Oth obligations 888 659 1 043
Accrued liabilities, prepaied income 62 101 73
Total liabilities and equity 27 699 26 215 26 607
31

32. SpareBank 1 Skadeforsikring Group
Results for Q1 2012
Q1 Year
Figures in MNOK 2012 2011 2011
Gross written premium 1 713.1 1 553.3 5 358.2
Net earned premium 1 234.5 1 100.8 4 695.9
Net incurred claims -992.3 -920.7 -3 784.0
Net insurance operating costs -262.4 -241.1 -1 074.2
Other insurance income/costs 1.2 4.5 31.8
Changes in other technical reserves -0.5 26.5 93.2
Operating result before finance -19.5 -29.9 -37.3
Net financial income 194.0 95.1 260.3
Result before changes in security reserve 174.5
174 5 65.1
65 1 223.0
223 0
Changes in security reserve -9.0 -14.8 -37.7
Pre-tax profit 165.5 50.3 185.3
Taxes -26.0 -10.5 -94.6
Net profit/loss for the period 139.5 39.8 90.7
Key figures Q1 Year
Figures in percentage 2012 2011 2011
Claims ratio net
ratio, 80.4
80 4 % 83.6
83 6 % 80.6
80 6 %
Cost ratio, net 21.3 % 21.9 % 22.9 %
Combined ratio, net 101.6 % 105.5 % 103.5 %
Capital adequacy ratio 30.9 % 30.3 % 32.8 %
32

33. ODIN Forvaltning
Results for Q1 2012
Q1 Year
Figures in MNOK 2012 2011 2011
Management fees 67.2
67 2 86.8
86 8 303.5
303 5
Total operating income 67.2 86.8 303.5
Salaries 24.6 29.2 108.5
Depreciations 6.5 3.9 23.5
Other operating costs 36.9 42.5 151.1
Total operating costs 68.0 75.6 283.1
Operating profit -0.8 11.2 20.3
Net financial income 0.3 0.7 1.5
Pre-tax profit -0.5 11.9 21.8
Taxes -0.2
02 3.3
33 7.1
71
Net profit/loss for the period -0.3 8.6 14.8
33