Presentation of results from SpareBank 1 Gruppen - 1st half-year and 2nd quarter 2011 - Kirsten Idebøen, CEO

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Presentation of results from SpareBank 1 Gruppen - 1st half-year and 2nd quarter 2011 - Kirsten Idebøen, CEO

  1. 1. 1st half-year and 2nd quarter2011 Q2Presentation of resultsFrom SpareBank 1 GruppenKirsten Idebøen, CEO August 10th 2011
  2. 2. Good underlying earnings improvement marred by weak equity markets and flood damage Group pre-tax profit* (MNOK) quarterly (MNOK), • Pre-tax profit for 1st half-year was MNOK 308 (295). Pre tax half year Pre-tax profit for Q2 was MNOK 145 (164) – Non-recurring effects in 2010 related to pensions, as 373.8 a result of winding up surviving spouse and children’s pension and the discontinuation of the old Q1 Q2 early retirement pension (AFP), totalling MNOK 45.8 and MNOK 38.5, respectively, MNOK 69 of which was in Q2 163.1 163.9 162 145.4 • Profit after tax for 1st half-year was MNOK 249 (248) 131 Profit after tax in Q2 was MNOK 97 (156) 87 68 • Annualised return on equity: 10.1 (11.9) % • Capital adequacy ratio of 16.2 (17.8) % Core capital adequacy ratio of was 13.9 (12.7) % 2008 2009 2010 2011 • Groups total assets were NOK 41.5 billion, compared with NOK 40.7 billion at year-end 2010 * Comparison figures for 2008 and 2009 have been restated and do not include the Bank 1 Oslo Group2
  3. 3. Improved profit in life and P&C insurance companies Pre-tax profit by subsidiary (MNOK) • Significantly improved administration result and good investment result for life insurance 238 • Good portfolio growth provides increased192 premium income for P&C insurance. Improved financial result, but weaker 1H2010 1H 2011 insurance result 107 • High non-recurring costs in ODIN Forvaltning. T t l assets under management F lt i Total t d t declined by NOK 2.2 billion 80 31 24 • Factoring and the debt recovery business 7 10 -5 -26 performed well, but marred by increasing pressure on margins ts SB1 Liv SB1 Skade SB1G Finans • Higher Hi h costs i SB1 M k t as a t in Markets SB1 Market ODIN consequence of planned new recruitment S3
  4. 4. SpareBank 1 Skadeforsikring Group Good portfolio growth in 1st half-year. Improved financial results4
  5. 5. SpareBank 1 Skadeforsikring GroupGood po t o o g o t in 1st half-year. Improved financial results portfolio growth a yea p o ed a c a esu ts Pre-tax profit Pre tax profit, quarterly (MNOK) • Total portfolio of NOK 5 billion. A growth of 207 MNOK 277, or 5.9 %, since end of 2010 – MNOK 97 from Unison Forsikring Q11 k Q2 2 k 1.kv 2.kv – MNOK 180 from SpareBank 1 Skadeforsikring 125 • Pre-tax profit was MNOK 107 (80) for 1st 54 50 56 half-year and MNOK 56 (43) i Q2 h lf d in 48 43 – Insurance result*: MNOK -22 (23) and MNOK 36 8 (75) in Q2 – Financial income: MNOK 162 (83) and MNOK 67 (-15) in Q2 – Financial return of 1.8 (1.0) % year to date 2008 2009 2010 2011* Insurance result for 2011 includes Unison Forsikring and Skandia Lifeline5
  6. 6. SpareBank 1 Skadeforsikring Group Fewer winter-related claims this year, marked, however, winter related by large claims in Q1 and flood damage in Q2 Net combined ratio – quarterly (%) Net combined ratio – annual (%) 108.6 % 105.5 % 101.9 % 96.2 % 97.7 % 99.6 % 100.3 % 94.6 % 94.0 % 20.2 % 89.9 % 21.0 % 21.9 % 93.9 % 22.5 % 92.9 % 87.2 % 20.7 % 22.4 % 90.9 % 21.9 % 23.8 % 24.8 % 89.8 % 20.6 % 17 % 22.2 % 20.5 % 21.8 % 22.7 % 7.1 2 5 2 8 2 2 88 % 83 % 79.4 % 76.6 % 75.9 % 74.8 % 8.3 71.7 % 3.6 69.2 % 67.1 % 4 6 9 8 76.7 % 73.9 % 73.8 % 72.1 % 69.3 % 66.7 % Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2009 2009 2010 2010 2010 2010 2011 2011 Net claims ratio Net cost ratio Adjusted for recognition of income from a non-recurring effect related to 2005 2006 2007 2008 2009 2010 pensions in 2010, 1.0 percentage point of the increase in the cost ratio is 2010 1 0 attributed to the investment in Unison Forsikring Net claims ratio Net cost ratio Extensive profit-improvement measures implemented with regard to pricing, quality of the insurance portfolio and operating costs6
  7. 7. SpareBank 1 p Livsforsikring Significant improvement in the administration result7
  8. 8. SpareBank 1 Livsforsikring Significant improvement in y g p year-to-date administration result Pre-tax profit (MNOK), quarterly Risk result trend (MNOK) 206 352 Year-end Q1 Q2 325 1st half year half-year 129 109 100 210 92 190 189 44 140 24 92 -52 2008 2009 2010 2011 2008 2009 2010 2011• Pre-tax profit of MNOK 238 ( p (192) for 1st half- ) • Risk result after technical provisions reduced by year and MNOK 109 (100) in Q2 higher disability compensations: − MNOK 140 (189) for 1st half-year• Administration result: MNOK -43 (-81) for 1st − MNOK 70 (97) for Q2 half-year half year and MNOK -24 ( 40) in Q2 24 (-40) • Gross premium income: MNOK 1,758 (1,719)• Investment result: MNOK 314 (198) for 1st half- − CM: MNOK 1,119 (1,076) year and MNOK 108 (129) in Q2 − RM: MNOK 639 (643) ( ) – Value of real estate assets reduced by MNOK 41 in Q28
  9. 9. SpareBank 1 Livsforsikring Solid buffers Buffer capital trend, quarterly (%) 16.1 % Securities adjustment reserve, annual (MNOK) 15.4 % 14.6 % 15.2 % 14.0 % 617 327 326 Q2 Q3 Q4 Q1 Q2 2010 2010 2010 2011 2011 2009 2010 1H2011 Core capital in excess of minimum Interim profit Additional provisions Securities adjustment reserve • Capital adequacy ratio: 17 1 (22.1) % 17.1 (22 1)• Buffer capital including quarterly profit: 14.0 − Term subordinated loan capital of (15.4) % MNOK 200 was redeemed in June − The net liable capital consists of• Total assets: NOK 26.2 billion, NOK 0.3 billion core capital lower than at the end of 2010 • Estimated solvency margin: 268 (322) %• Securities adjustment reserve: MNOK 326 (221)9
  10. 10. SpareBank 1 Forsikring Allocation of financial assets by portfolio as at 30/06/11 ( / / ) yp / / (31/12/10) SB 1 Livsforsikring SB 1 Skadeforsikring Group Group portfolio Company portfolio 0.1 (0.1) % -3.3 (-1.6) % 14.7 (14.8) % 0.1 (0.1) % 9.2 (9.4) % 13.2 (13.6) % 10.5 (10.6) %34.9 (34.8)34 9 (34 8) % 0.9 (0.9) 0 9 (0 9) % 24.3 (21.0) % 27.9 (28.0) % 21.6 (21.5) % 59.8 (48.4) % 19.0 (28.8) % 67.1 (66.3) % Stocks Other Stocks Other Stocks Other Real estate Bonds - amortized cost Real estate Bonds - amortized cost Real estate Bonds - amortized cost Bonds - market value Bonds - market value Bonds - market value NOK 15.6 (16.0) billion NOK 2.6 (2.8) billion NOK 9.2 (8.9) billion10
  11. 11. SpareBank 1 Forsikring Market unrest - consequences SB 1 Livsforsikring SB 1 Skadeforsikring Group • The fall in prices and rates up to now is • The insurance companys investment completely covered by the securities strategy has been stable in recent years. The adjustment reserve, and the fall will only have share percentage was 9.2 %, or MNOK 844, a limited effect on the results in the financial as at 30 June 2011 statements. The share percentage was 14.7 % or NOK 2.3 billion as at 30 June 2011 • No changes to the insurance companys investment strategy have been considered, • No adjustments have y been made to the j yet and the company has therefore not made p y portfolio any special adjustments after the recent turbulence in the market • The companys buffer capital situation is still good, and the company can withstand a fall in share prices of around 50 % before the additional provisions, which can be used in the accounts for 2011, are fully exploited • Whether th Wh th the portfolio should be adjusted is tf li h ld b dj t d i assessed on an ongoing basis. Taking the owners profit and equity into account is a key component of these assessments11
  12. 12. ODIN Forvaltning g Good new sales of combination funds12
  13. 13. ODIN Forvaltning Good new sales of combination funds • Pre-tax profit for 1st h lf P t fit f t half-year: MNOK 24 (30) Pre-tax profit (MNOK), quarterly – Results are still affected by high non-recurring 30 costs, most of which were recognised in Q1 29 Q1 Q2 • Profit in Q2 of MNOK 12 (17) 17 14 12 12 • Total assets of NOK 30 1 billion 30.1 10 - Down NOK 2.2 billion since the end of 2010 • Equity fund market share of 9 9 % as of June, 9.9 June compared with 10.7 % at the end of 2010 -7 2008 2009 2010 2011 • Combination fund market share of 3.5 % for 35 1 st half-year13
  14. 14. SpareBank 1 Gruppen p pp Finans Group Growth in factoring and the debt recovery business, but pressure on the margins14
  15. 15. SpareBank 1 Gruppen Finans Group Growth in factoring and the debt recovery business, but pressure on the margins Pre-tax profit year to date (MNOK) • Pre tax Pre-tax profit for 1st half-year: MNOK 9.8 half year: (6.9)* ― Reduced losses in 1st half-year have contributed to improved profit in BA Factoring, but the Factoring 12.2 company is experiencing pressure on the margins 9.4 9.8 1H2010 1H2011 ― BA Portfolio had a total portfolio volume of 6.9 MNOK 964 as of June, compared with MNOK 620 at the end of 2010. Book value of MNOK 55 4.9 3.7 ― Conecto AS s volume of business has shown a ASs 1.6 slightly rising trend over the past 12 months 1.0 ery) p** ng SB1G F io o* Conecto Factorin (debt recove Portfoli Group *Conecto was acquired with accounting effect from 10 September 2010 The profit up until the acquisition date has been entered directly against the Group s equity. Conecto 2010. Group’s equity**Pre-tax profit for SpareBank 1 Gruppen Finans Group also includes overhead costs and excess value amortisation. 15
  16. 16. SpareBank 1 Markets Building up a leading capital market environment is progressing according to plan16
  17. 17. SpareBank 1 Markets Reason for this initiative Income as a percentage of total assets Composition of DnB NOR Markets from the capital market in 2010: income for 2010:* Other market  DnB Nor 0.29 0,29 % 7% 72% making/trading revenues Nordea 0.26 0,26 % Income from the liquidity  17% 25% p portfolio Handelsbanken 0.22 0,22 % FX, interest rate and  commodity derivatives Danske bank 0.21 0,21 % 4% Securities service p SpareBank 1 Alliance 0,07 % 0.07% 0.25 % 22% Corporate Finance - Potential for over NOK 1 billion given the 25% level of Nordic peers Investment products - Mi i Minimum of 72 % of the income can be f f th i b attributed to the banks comparative ” The SpareBank 1 Alliance, which is advantages; use of its balance sheet Norways second largest financial ” A bank balance sheet has a comparative group, has a significant earnings advantage, which may entail a restruc- potential in the capital market area turing of the broker industry over time ” ”17 * Source: Annual Accounts 2010, DnB NOR
  18. 18. SpareBank 1 Markets Building up a leading capital market environment is p g g p g p progressing g according to plan Operative matters • A go Sec ities changed its name to Argo Securities SpareBank 1 Markets • The recruitment work has basically been completed and the organisation will be operative in 2011 – The acquisition of UB Securities in London provides access to international investment environments Results • Pre-tax loss for 1st half-year: MNOK -26 (-5) • Pre-tax loss in Q2: MNOK -22 (-2) • Revenue: R - Commission income on stocks and derivatives: MNOK 21 (20) - Debt capital markets: MNOK 8 (9) - Corporate Finance: MNOK 22 (15) A leading capital market environment is strategically important - and has a significant earnings potential for the SpareBank 1 Alliance18
  19. 19. Future outlook SPAREBANK 1 GRUPPEN • A ti i t continued good growth for the most important companies in Anticipates ti d d th f th ti t t i i SpareBank 1 Gruppen • Growth increases the costs in the short term, but it also provides a good , p g foundation for increased future earnings • Increased volatility in the financial markets entails greater uncertainty for the financial results, which represent a significant part of SpareBank 1 G ppens es lts hich ep esent pa t Spa eBank Gruppens value creation • SpareBank 1 Gruppen is well equipped to meet the new capital requirements p pp q pp p q with regard to the introduction of Solvency II • There will be an increased focus on interaction across the companies in order to realise efficiency gains on both cost and income19
  20. 20. Norway s Norways savings bank 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 (96.1%) (100%) (100%) Alliance Cooperation SpareBank 1 SpareBank 1 SpareBank 1 Medlemskort Gruppen Finans Skadeforsikring Broad cooperation (100%) (100%) (100%) - Technology - Brand/communication - Expertise - Common processes and application of best practices Unison Forsikring - Purchasing Conecto (100 %) (100%) Regional competence centres - Payment services: Trondheim (Bank-owned companies) - Credit: Stavanger -T i i Training: T Tromsø SpareBank 1 Boligkreditt EiendomsMegler 1 BNbank SpareBank 1 Oslo og Akershus22
  23. 23. SpareBank 1 Gruppen Profit for 1st half-year 2011 half year Half year Year Figures in MNOK 2011 2010 2010 Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 238.4 192.2 350.4 - SpareBank 1 Skadeforsikring Group 106.5 79.7 641.1 - ODIN Forvaltning 24.1 24 1 31.1 31 1 64.6 64 6 - SpareBank 1 Markets -25.5 -4.6 -57.6 - SpareBank 1 Medlemskort 5.6 6.6 11.1 - SpareBank 1 Gruppen Finans Group 9.8 6.9 8.6 - Correction Group 14.2 31.3 17.6 Net result before tax from subsidiaries 373.1 343.3 1,036.0 Total operating costs (parent company) -43.2 -31.9 -7.6 Net investment charges (parent company) -22.1 -16.2 -43.2 Pre- tax result 307.7 295.2 985.1 Taxes -58.6 -46.8 -153.6 Net result for the period 249.1 248.4 831.6 Majority interest 250.4 249.2 841.0 Minority interest -1.3 -0.8 -9.5 Half year Year Key figures 2011 2010 2010 Annualised return on equity 10.1 % 11.9 % 18.7 %23
  24. 24. SpareBank 1 Gruppen Quarterly profits Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2Figures in MNOK 2011 2011 2010 2010 2010 2010 2009 2009 2009Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 109.0 109 0 129.4 129 4 72.5 72 5 85.8 85 8 100.3 100 3 91.9 91 9 81.0 81 0 81.2 81 2 205.6 205 6 - SpareBank 1 Skadeforsikring Group 56.2 50.3 307.5 253.9 43.4 36.3 115.3 272.8 184.9 - ODIN Forvaltning 12.2 11.9 16.5 17.0 16.7 14.4 24.0 16.0 9.6 - SpareBank 1 Markets -22.1 -3.4 -24.0 -29.0 -1.9 -2.7 -9.5 -14.6 -11.9 - SpareBank 1 Medlemskort 2.5 3.1 1.9 2.7 3.3 3.4 0.7 1.8 4.1 - SpareBank 1 Gruppen Finans Group 3.0 6.8 6.6 -4.9 7.0 -0.1 2.3 3.9 11.0 - Correction Group 15.1 -0.9 -6.3 -7.4 16.3 15.1 -8.6 12.0 -6.0Net result before tax from subsidiaries 175.9 197.1 374.6 318.1 185.1 158.2 205.2 373.1 355.4Total operating costs (parent company) -15.6 -27.7 -16.5 40.7 -11.9 -20.0 -15.5 -13.2 -12.1Net investment charges (parent company) -15.0 -7.1 -15.6 -11.4 -9.3 -6.9 -9.8 -2.1 -7.0Pre- tax result 145.4 162.4 342.5 347.4 163.9 131.3 177.2 357.7 373.8Taxes -48.1 -10.5 -18.5 -88.4 -8.3 -38.5 -9.3 -27.3 -131.4Net result for the period 97.2 151.9 324.0 259.1 155.6 92.8 167.9 330.4 242.4Majority interest 98.0 152.4 327.9 263.9 155.9 93.3 169.6 333.1 244.6Minority interest -0.8 -0.5 -3.9 -4.8 -0.3 -0.5 -1.7 -2.6 -2.124
  25. 25. SpareBank 1 Livsforsikring Profit for 1st half-year 2011 half year Q2 Q1 Q2 Half year Year Figures in MNOK 2011 2011 2010 2011 2010 2010 Insurance risk income 333.0 335.8 321.7 668.7 637.0 1,292.6 Insurance risk claims -252.6 -252 6 -255.5 -255 5 -213.4 -213 4 -508.2 -508 2 -422.7 -422 7 -939.0 -939 0 Risk result 80.4 80.2 108.3 160.6 214.3 353.6 Tecnical allocations -10.3 -10.8 -11.6 -21.1 -25.8 -28.2 Risk result after tecnical allocations 70.1 69.4 96.7 139.5 188.5 325.4 Fees 172.8 170.7 164.1 343.5 310.3 637.9 Expenses, exclusive comissions p , -138.6 -129.7 -144.5 -268.2 -275.7 -589.2 Comissions -58.5 -59.8 -59.4 -118.2 -115.3 -235.6 Administration result -24.2 -18.7 -39.8 -42.9 -80.6 -186.9 Net investment income 207.3 319.1 234.0 526.4 410.3 764.3 Guaranteed interest to policyholders -99.2 -113.3 -105.5 -212.5 -212.5 -447.0 Investment result 108.0 205.8 128.5 313.8 197.8 317.3 Reserves 0.0 -33.0 -12.0 -33.0 -24.0 -45.3 Investment result after reserves 108.0 172.8 116.5 280.8 173.8 272.0 Compensation guaranteed interest 5.9 5.4 9.7 11.3 14.9 29.9 Result before additional provisions 159.8 228.8 183.1 388.7 296.6 440.4 Undistributed profits to customers -60.0 -118.9 -79.3 -178.9 -121.5 -161.7 Return on companys assets 9.2 92 19.5 19 5 -3.5 35 28.7 28 7 17.0 17 0 71.6 71 6 Net profit to owner before tax 109.0 129.4 100.3 238.4 192.2 350.4 Taxes -35.3 0.5 -17.8 -34.7 -17.8 -60.2 Net profit/loss for the period 73.8 129.9 82.5 203.6 174.3 290.2 Key figures Half year Year 2011 2010 2010 Capital adequacy ratio 17.1 % 22.1 % 19.3 % Buffer capital in % of insurance provisions 14.0 % 15.4 % 14.6 %* * Buffer capital for the year is shown after the profit has been allocated25
  26. 26. SpareBank 1 Livsforsikring Profit by portfolio for 1st half-year 2011 Previously Group established Investment choice Company Figures in MNOK portfolio individual products portfolio portfolio Total Risk result 137.7 8.7 -6.9 0.0 139.5 Administration result 34.2 -19.9 -57.2 0.0 -42.9 Net investment result 222.5 222 5 84.0 84 0 6.1 61 1.2 12 313.8 313 8 Reserves - long life 0.0 -33.0 0.0 0.0 -33.0 Compensation interest guarantee 11.3 0.0 0.0 0.0 11.3 Transferred to policyholders -144.3 -34.5 -0.2 0.0 -178.9 Return on companys assets 0.0 0.0 0.0 28.7 28.7 Sum 261.4 261 4 5.4 54 -58 2 58.2 29.8 29 8 238.4 238 426
  27. 27. SpareBank 1 Livsforsikring Premium income trends for 1st half-year 2011 Q2 Q1 Q2 Half year Year Figures in MNOK 2011 2011 2010 2011 2010 2010 Individual annuity and pension insurance 71.1 73.1 83.1 144.1 158.3 306.7 Individual endowment insurance 141.1 138.5 128.9 279.6 255.9 519.1 Group pension insurance 55.2 242.7 72.1 297.9 324.1 549.5 Individual life insurance 49.0 48.0 45.4 97.0 89.9 183.1 Group life insurance 131.5 217.5 125.8 348.9 335.6 587.7 Unit Linked - Annuity 9.5 10.7 10.8 20.2 24.5 46.6 Unit Linked - Endowment 46.6 51.6 55.4 98.2 114.3 237.0 Defined contribution pension 235.6 236.2 216.6 471.8 416.6 864.2 Total gross due premium income 739.5 1,018.2 737.9 1,757.7 1,719.3 3,293.8 Premium reserves transferred from other companies 113.5 142.0 80.5 255.5 161.3 352.5 Reinsurance ceded R i d d -40.8 40 8 -40.2 40 2 -42.0 42 0 -81.1 81 1 -85.5 85 5 -152.0 152 0 Premium income for own account 812.1 1,120.0 776.4 1,932.1 1,795.0 3,494.227
  28. 28. SpareBank 1 Livsforsikring Asset allocation by portfolio As at 30/06/11 (31/12/10) Group portfolio Company portfolio Investment choice portfolio 14.7 (14.8) % -3.3 (-1.6) % 0.1 (0.1) %34.9 (34.8) % 0.9 (0.9) % 42.3 (39.0) % 24.3 (21.0) % 27.9 (28.0) 27 9 (28 0) % 21.6 (21.5) % 59.8 (48.4) % 19.0 (28.8) % 57.7 (61.0) 57 7 (61 0) % 0.0 (0.0) %Stocks OtherReal estate Bonds - amortized cost Stocks OtherBonds - market value Real estate Bonds - amortized cost Stocks Other Bonds Bonds - market value NOK 15.6 (16.0) billion NOK 2.6 (2.8) billion NOK 6.8 (6.7) billion28
  29. 29. SpareBank 1 Livsforsikring Return on customer portfolios with guarantee at the end of the quarter Value-adjusted return, excluding property value change: l di t l h Booked return: Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2.7 3.5 2.5 3.3 3.0 2.1 2.6 1.7 2.2 ent 1.6Percen t Perce 1.5 1.3 1.5 1.5 1.1 1.4 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 as at 30/06/2011R t di t tf li ith t t Percent Norwegian shares -5.9 Foreign shares 0.9 Money market y 1.6 Norwegian bonds 1.8 Foreign Fo eign bonds 3.0 30 held to maturity 2.6 Real estate 3.530
  31. 31. SpareBank 1 Livsforsikring Balance sheet for 1st half-year 2011 half year Half year Year Figures in MNOK 2011 2010 2010 Intangible assets 80 26 42 Investments 2,569 2,929 2,862 Reinsurances part of insurance obligations 221 226 221 Accounts receivable 117 160 153 Other assets 261 153 335 Prepayed liabilities and accrued income 0 0 0 Investments group portfolio 15,782 15,696 16,169 Investments options portfolio 6,782 5,881 6,701 Total assets 25,811 25 811 25,072 25 072 26,483 26 483 Paid in capital 1,602 1,602 1,602 Other equity 590 561 386 Subordinated loan capital 200 525 400 Insurance obligations - contractual 15,719 15,551 16,127 Insurance obligations - investment options 6,894 5,970 6,805 Provisions for obligations 176 129 144 Premium deposits from reinsurance companies 136 131 134 Other obligations 406 527 764 Accrued liabilities, prepaied income 88 77 120 Total liabilities and equity 25,811 25,072 26,48331
  32. 32. SpareBank 1 Skadeforsikring Group Profit for 1st half-year 2011 half year Q2 Q1 Q2 Half year Year Figures in MNOK 2011 2011 2010 2011 2010 2010 Gross written premium 1,380.6 1,553.3 1,171.9 2,933.9 2,497.1 4,731.8 Net earned premium 1,137.7 1,100.8 1,007.0 2,238.5 1,972.4 4,184.4 Net incurred claims -903.9 -920.7 -764.0 -1,824.6 -1,616.6 -3,208.5 Net insurance operating costs -255.2 -241.1 -171.8 -496.3 -366.9 -880.6 Other insurance income/costs 8.2 4.5 -0.5 0.5 12.7 -0.8 0.8 132.0 Changes in other technical reserves 21.4 26.5 4.6 47.9 34.5 39.6 Operating result before finance 8.2 -29.9 75.3 -21.7 22.5 266.9 Net financial income 66.8 95.1 -14.6 161.8 83.0 433.1 Other costs 0.0 0.0 -1.0 0.0 -2.0 -2.7 Result before changes in security reserve 75.0 65.1 59.7 140.1 103.5 697.3 Changes in security reserve -18.8 -14.8 -15.9 -33.6 -23.4 -55.8 Pre-tax profit 56.2 50.3 43.8 106.5 80.1 641.5 Taxes -14.4 -10.5 -12.6 -25.0 -7.1 -60.5 Net profit/loss for the period 41.8 39.8 31.2 81.6 73.0 581.1 Key figures Q2 Q1 Q2 Half year Year Figures in percentage 2011 2011 2010 2011 2010 2010 Claims ratio, net 79.4 % 83.6 % 75.9 % 81.5 % 82.0 % 76.7 % Cost ratio, net 22.4 % 21.9 % 17.1 % 22.2 % 18.6 % 21.0 % Combined ratio net ratio, 101.9 101 9 % 105.5 105 5 % 92.9 92 9 % 103.7 103 7 % 100.6 100 6 % 97.7 97 7 % Capital adequacy ratio 29.0 % 27.6 % 32.5 %32
  33. 33. SpareBank 1 Skadeforsikring Group Allocation of financial assets As at 30/06/2011 (31/12/10) 67.1 (66.3) % Bonds held as current assets 10.5 (10.6) % Bonds h ld t B d held to maturity t it Real state Stocks Hedgefond 13.2 (13.6) % 9.2 (9.4) % 0.1 (0.1) % NOK 9.2 (8.9) billion33
  34. 34. ODIN Forvaltning Profit for 1st half year 2011 half-year Q2 Q1 Q2 Half year Year Figures in MNOK 2011 2011 2010 2011 2010 2010 Management fees 85.5 86.8 79.6 172.3 157.8 317.9 Total operating income 85.5 86.8 79.6 172.3 157.8 317.9 Salaries 27.5 29.2 24.1 56.6 49.8 104.2 Depreciations 4.4 3.9 3.7 8.3 7.5 14.8 Other operating costs 41.2 42.5 35.8 83.7 70.4 137.8 Total operating costs 73.1 75.6 63.6 148.7 127.7 256.8 Operating profit 12.4 11.2 16.0 23.6 30.1 61.1 Net financial income -0.2 0.7 0.7 0.5 1.0 3.6 Pre-tax profit 12.2 11.9 16.7 24.1 31.1 64.6 Taxes 3.3 3.3 4.6 6.6 8.5 19.3 Net profit/loss for the period 8.9 8.6 12.1 17.5 22.6 45.334

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