The pre-tax profit for SpareBank 1 Gruppen doubled in 2012 compared to 2011. Net profit was lower due to a large one-time tax effect from new life insurance tax rules. All business areas improved except ODIN and SpareBank 1 Gruppen Finans. SpareBank 1 Livsforsikring had a record high profit from improved administration and risk results. SpareBank 1 Skadeforsikring significantly improved results from higher investment income and a lower claims ratio. SpareBank 1 Markets strengthened its bond market position. ODIN's results were hurt by one-time restructuring costs. SpareBank 1 Gruppen Finans faced margin pressure in factoring and weak debt collection markets

1. Preliminary Accounts 2012
y
Q4
Presentation of results
from SpareBank 1 Gruppen
Kirsten Idebøen, CEO
14 February 2013

2. The pre-tax profit for 2012 was more than doubled
compared with 2011
• Pre-tax profit: MNOK 787 (387) in 2012 and MNOK 234
(140) in Q4
Pre-tax profit Group (MNOK) – quarterly
• Net profit in 2012: MNOK 439 (526)
Q1 Q2 Q3 Q4 • High tax charge due to the MNOK 193 non-recurring effect
256
234 related to the introduction of new rules concerning the tax
exemption model f life insurance companies*
ti d l for lif i i *
173
162 • Return on equity: 8.6 (11.1) %
145 140
123 – Adjusted for the extraordinary tax charge, the return on
equity for 2012 was 12.3 %
12 3
• Total assets: NOK 46.6 (42.0) billion
• Good solvency:
G d l
– Capital adequacy ratio: 14.9 (16.2) %
-60 – Core capital adequacy ratio: 13.4 (14.6) %
2011 2012 – Well capitalised to satisfy the new, stricter capital
requirements upon introduction of the Solvency II
regulations
• SpareBank 1 Gruppen AS (holding company) aims to pay
out the net profit for the period, currently calculated at
MNOK 687, as dividends
* The new regulations did not include transitional rules related to the tax opening value. The use of historical cost
price thus led to a significant non-recurring effect when calculating the latent deferred tax.
2

3. Financial performance per business area
Pre-tax profit per subsidiary (MNOK) • Record high profit in life insurance. Improved
risk and administration results, built up buffer
619 capital and reserves for higher life expectancy
expectancy.
2011 2012
479 • Strong improvement in result for P&C insurance.
414 High net financial income and significant
improvement in insurance result.
• Negative result in ODIN due to lower average
185 total assets and non-recurring costs
costs.
22 28 25 • Good income growth in SpareBank 1 Markets.
The company substantially strengthened its
g
-20 position in the market for bond issues during the
-155 -169 year. Deficit in 2012 due to continued build up of
a leading capital markets unit.
ans
ets
ade
SB1 Liv
1G
B1
L
Marke
SB11
SB1
SB
Fina
Ska
ODIN
• The result in SpareBank 1 Gruppen Finans was
affected by a decline in turnover in Conecto and
pressure on margins in Factoring. Good income
growth in the Portfolio business area
area.
3

4. SpareBank 1
Livsforsikring
Improved administration and risk results
contributed
cont ib ted to a record high p e ta profit
eco d pre-tax p ofit
4

5. SpareBank 1 Livsforsikring
Improved ad
p o ed administration and risk results contributed to a record
st at o a d s esu ts co t buted eco d
high pre-tax profit
• Pre-tax profit: MNOK 479 (414) in 2012 and MNOK 99
(98) i Q4
Pre-tax profit (MNOK) – quarterly
P t fit t l – The result for Q4 2012 was affected by the increased build up of
reserves for higher life expectancy*
Q1 Q2 Q3 Q4 – Sales of defined contribution pensions increased by 25.0 % in
145
142 2012
129 – Sales of personal insurance increased by 15.3 % in 2012
109
98
94
99 • Administration result: MNOK -56 (-66) in 2012 and MNOK
-27 (-3) in Q
( ) Q4
78
– Weaker result in the quarter mainly due to non-recurring costs
linked to restructuring
• Risk result: MNOK 292 (241) in 2012 and MNOK 90 (38) in
Q4
2011 2012
• Investment result: MNOK 269 (369) in 2012 and MNOK 51
(3) in Q4
• High tax charge of MNOK -290 (98) due to new rules
concerning the tax exemption model. The non-recurring
effect linked to the change amounted to MNOK 193
* In December, The Financial Supervisory Authority of Norway (Finanstilsynet) urged life insurance companies to allocate
5 the risk profit from group defined benefit pensions and paid-up policies to provisions for higher life expectancy.

6. SpareBank 1 Livsforsikring
The company has built up solid buffers
Securities adjustment reserve (MNOK) -
Buffer capital trend (%) – quarter (%)
Buffer capital trend, per per quarter
accumulated
16.3 % 617
590
14.6 % 15.2 % 14.8 %
14.0 % 14.1 % 13.6 %
12.8 %
11.0 %
327
185
2009 2010 2011 2012
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • In 2012, the provisions for higher life expectancy were strengthened by
2010 2011 2011 2011 2011 2012 2012 2012 2012
MNOK 83 in defined benefit pensions and now account for 5.4 % of the
Core capital in excess of minimum Interim profit premium reserve. Additional provisions account for 4.4 %
Additional provisions Securities adjustment reserve
• MNOK 62 was allocated in paid-up policies and the provisions now
account for 3.3 % of the premium reserve. Additional provisions account
• Total assets: NOK 29.1 (26.6) billion for 2.0 %
• Capital adequacy ratio: 18.5 % - unchanged • The company s total defined benefit pension and paid-up policies portfolio
company's paid up
from 2011 amounts to around NOK 7 billion, equivalent to a market share of 2.3 %
– The entire subordinated loan comprises core – Defined benefit pensions: approx. NOK 3 billion in insurance liabilities.
capital Corresponds to a market share of 2.2%
– Estimated solvency margin of 317.4 %,
y g , – Paid-up policies: approx. NOK 4 billion in insurance liabilities.
Corresponds to a market share of 2.5%
d k h f
compared to 303.5 % in 2011
6

7. SpareBank 1
Skadeforsikring Group
Higher
Hi h net fi
t financial i
i l income and i
d improved i
d insurance result
lt
7

8. SpareBank 1 Skadeforsikring Group
Higher net financial income and improved insurance result
g p
• Pre-tax profit: MNOK 619 (185) in 2012 and MNOK 198
(168) in Q4
Pre-tax profit (MNOK) - quarterly
• Insurance result: MNOK 62 (-37) in 2012 and MNOK 26
(-16) in Q4
Q1 Q2 Q3 Q4
– Substantially improved insurance result with increased income
y p
and lower claims ratio, both in the retail and corporate markets
198 in the parent company, which fell by 5.3 and 12.8 percentage
185
168 166 points respectively from 2011 to 2012.
– Claims settlement cost project: Target MNOK 140 in the period
Q1 2012 - Q2 2013 Realised MNOK 112 as per Q4 2012
2013. R li d
70
50 56
• Net financial income: MNOK 538 (260) in 2012 and
( )
MNOK 120 (161) in Q4
– Financial return: 5.2 (2.9) %
-89
• Net earned premium NOK 5.1 (4.7) billion,
2011 2012 corresponding to a growth of 8.0 %
80
• Portfolio growth of MNOK 248, corresponding to an
increase of 4.8 %. Total portfolio as p 31.12.2012 of
p per
NOK 5.45 billion.
8

9. SpareBank 1 Skadeforsikring Group
Income growth and lower claims ratio in the retail and corporate
g p
markets in 2012
Combined ratio, net (%) – accumulated
Combined ratio, net (%) – quarterly *Combined ratio, net – including personal insurance in SB1 Livsforsikring
103.5 96.8*
105.5 105.8 97.7 98.2 93.4*
101.9 100.7 101.6 101.5 96.2
94.0
96.5 18.8
17.3 17.3 93.4 17.4
18.4 16.7 20.2 18.8 20.0
22.2 18.5 18.2
24.4
88.2
88 2 83.4
83 4 88.5
88 5 84.9
84 9
78.5 78.0 81.4
81 4
69.1 80.3 84.6
75.8 77.5 78.3
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2011 2011 2011 2011 2012 2012 2012 2012
2008 2009 2010 2011 2012
Net claims ratio Net cost ratio Net claims ratio Net cost ratio
According to the new regulations, indirect claims settlement expenses shall be classified as claims payments with effect from 2012. This
results in an allocation from insurance operating costs to incurred claims. The claims ratio and cost ratio figures for previous years have
been restated in accordance with the new regulations.
estated acco dance ith ne eg lations
9

10. SpareBank 1 Markets
Strengthened p
g position within DCM – and
positive income growth
10

11. SpareBank 1 Markets
Strengthened position within DCM – and positive income growth
Results
• Income growth within all business areas in Q4
●Total turnover
− 2012: MNOK 150 (86), up 73 %
• In 2012, SpareBank 1 Markets established a formalised − In Q4: MNOK 50 (15), up 228 %
cooperation with SpareBank 1 SMN concerning own account
trading in bonds and derivatives ●Positive operating profit in Q4 before
restructuring and start-up costs. The gross
t t i d t t t Th
• The cooperation supports issuing activities and thus investment value created in the SB1-alliance amounted to
MNOK 198 for 2012, of which MNOK 48 is
capacity
recognised as income in the owner banks
• Th company significantly strengthened its position i th market
The i ifi tl t th d it iti in the k t ●Pre-tax profit:
Pre tax
for bond issues during the year − 2012: MNOK -169 (-155)
− In Q4: MNOK -15 (-77)
Booked income 2011-2012 (MNOK) - Quarterly Significantly strengthened
development
p market share for bond issues
9%
2%
"
SpareBank 1 can, through
can
SpareBank 1 Markets, provide the
entire capital structure, from bank
loans to bonds and equity
2011 2012
"
11

12. O
ODIN Forvaltning
o a g
On the offensive again
12

13. ODIN Forvaltning
Result marked by extraordinary costs
• Pre-tax profit: MNOK -20 (22) in 2012 and
Pre-tax profit (MNOK) - quarterly MNOK -20 (-9) in Q4
– Extraordinary costs of MNOK 30 marked the result
• Proactive staff and cost cuts completed -
Q
Q1 Q
Q2 Q
Q3 Q
Q4 restructuring costs charged against profit
12
12
• The value of goodwill in ODIN's subsidiary in Finland
was written down by MNOK 12.6
6
1.9
•M
Management fees: MNOK 257 (303) for the year
tf f th
-0.5 -1.5 and MNOK 62 (62) in the quarter
– Lower average total assets in 2012 compared with
-9 2011
• Total assets: NOK 24.8 (23.4) billion
-20 – Up by NOK 0.4 billion in Q4 2012
2011 2012
• Market share in equity fund of 8.2 (8.9) % and
4.4 (3.8) % for combination funds
13

14. ODIN Forvaltning
Improved investment process have given results – 10 out of 12
p o ed est e t p ocess a e g e esu ts 0 o
equity funds performed better than their benchmark in 2012
Return on equity fund as of 31.12.2012 (%)
32.4
Fund Benchmark
22.8
22 8
21.0 20.1
19.0
17.4
15.9 15.4 15.2
12.6 12.5 13.4
10.4 10.8 11.2 10.7 10.0
9.4 8.5
7.2
3.6 4.1
-2.8
-5.0
ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN
Norge Sverige Finland Norden Europa Europa Global Global Emerging Maritim Offshore Eiendom I
SMB SMB Markets
• 10 out of ODIN's 12 equity funds, all 5 fixed
q y ,
income funds and all 3 combination funds ahead
of their benchmark indices in 2012
14

15. SpareBank 1 Gruppen Finans Group
Pressure on margins in the factoring business area and weak performance in
the debt collection market. Good growth in p
g portfolio activities
15

16. SpareBank 1 Gruppen Finans Group
Pressure on margins in the factoring business area and weak performance in
the debt ll ti
th d bt collection market. G d growth i portfolio activities
k t Good th in tf li ti iti
Pre-tax profit (MNOK) - accumulated • Pre-tax profit*: MNOK 25.2 (27.9) in 2012 and MNOK
7.2 (5.9) in Q4
27.9
2011
25.2
• Factoring has enjoyed good growth in the last year, but
2012
24.7 lower margins affect earnings. Market share increased
to 15.7 % in 2012 from 14.1 % in 2011
16.7 • Higher portfolio volume in 2012 compared to 2011 has
14.6
contributed to increased income in the portfolio
12.8 administration**. Total portfolio volume was MNOK
1,504 (1,152) at year-end
6.4
64 • Z
Zero growth in the debt collection market. Reduced
th i th d bt ll ti k t R d d
3.5
debt collection income in Conecto due to a lower
number of referrals
Factoring Portfolio Conecto SB1G Finans • SpareBank 1 Gruppen Finans has in 2012 built a
(debt
collection)
Group foundation for further growth and profitability. The
cooperation with the SpareBank 1 banks will in the
future provide new opportunities for cross-sales of debt
collection services to the b k ' corporate customers.
ll i i h banks'
* Pre-tax profit for SpareBank 1 Gruppen Finans Group also include management and amortisation.
** Business area within the acquisition of portfolios of claims that are then recovered by the Group's debt
16 collection company

17. Outlook – SpareBank 1 Gruppen
• The SpareBank 1 Alliance is stronger than ever. Both the banks and the product areas
are doing well in the current competition situation, and financial performance is good.
SpareBank 1 Gruppen will, in close cooperation with the alliance banks, continue its
work on strengthening the alliance's position.
• SpareBank 1 Gruppen is exposed to the securities market through its various
subsidiaries,
subsidiaries and the development of stock market prices and interest rates will have a
major effect on the Group’s earnings.
• Closer cooperation between the P&C and life insurance business areas is expected to
generate increased revenue as a consequence of cross-selling opportunities and a more
comprehensive offer for customers. The cooperation will also create a basis for more
efficient processes throughout the value chain, increased competitiveness and low
costs.
costs
17

18. The nation s savings bank
nation's
18
18

19. Appendix
A di
19

20. The SpareBank 1 Alliance has a solid business model, with proximity
to the customers and a conservative risk profile
p
Shareholders
and distributors
dd b SamSpar
19.5% 19.5% 19.5% 12% 19.5% 10%
Products, commissions and
dividend
Sales
S l
SpareBank 1 Gruppen AS
BN Bank
BN B k Bank 1 Oslo Akershus
B k 1 O l Ak h SpareBank 1 Skadeforsikring
SpareBank 1 Skadeforsikring ODIN Forvaltning
ODIN Forvaltning
(100%) (100%)
SpareBank 1 Boligkreditt SpareBank 1 Næringskreditt SpareBank 1 Livsforsikring SpareBank 1 Medlemskort
(100%) (100%)
Companies in
the SpareBank 1 EiendomsMegler 1 SpareBank 1 Markets SpareBank 1 Gruppen Finans
Alliance
(97.55 %) (100%)
Alliance cooperation
Brand, technology, competence, processes, best practice and purchasing.
Resource centres: Payment/Trondheim, credit/Stavanger, training/Tromsø
20

21. SpareBank 1 Gruppen
Key figures
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Year
2012 2012 2012 2012 2011 2011 2011 2011 2012 2011
Group
Net result for the period (MNOK) -51.8
-51 8 227.7
227 7 63.4
63 4 199.9
199 9 281.0
281 0 -4.3
-4 3 97.2
97 2 151.9
151 9 439.2
439 2 525.8
525 8
Return on equity (%) -3.8 % 17.2 % 5.0 % 15.9 % 23.2 % -0.3 % 8.1 % 12.9 % 8.6 % 11.1 %
Capital adequacy ratio, cumulative (%) 14.9 % 16.7 % 15.9 % 14.8 % 16.2 % 16.3 % 16.2 % 16.1 % 14.9 % 16.2 %
Core capital adequacy ratio, cumulative (%) 13.4 % 15.3 % 14.5 % 13.1 % 14.6 % 14.0 % 13.9 % 12.6 % 13.4 % 14.6 %
SB1 Livsforsikring
Risk result (MNOK) 89.8 79.7 92.6 29.4 38.5 63.5 70.1 69.4 291.5 241.4
Administration result (MNOK) -26.7 -3.1 -19.0 -7.5 -3.2 -19.8 -24.2 -18.7 -56.2 -65.9
Investment result (MNOK) 51.2
51 2 97.3
97 3 47.0
47 0 73.2
73 2 3.1
31 51.6
51 6 108.0
108 0 205.8
205 8 268.8
268 8 368.5
368 5
Net result for the period (MNOK) -154.4 128.7 89.1 125.8 193.7 114.6 73.8 129.9 189.2 511.9
Buffer capital in % of insurance provisions*, cumulative (%) 13.6 % 16.3 % 14.8 % 12.8 % 11.0 % 14.1 % 14.0 % 15.2 % 13.6 % 11.0 %
Capital adequacy ratio, cumulative (%) 18.5 % 19.0 % 20.0 % 17.5 % 18.5 % 18.5 % 17.1 % 19.2 % 18.5 % 18.5 %
Securities adjustment reserve, cumulative (MNOK) 590.0 555.5 389.6 465.9 184.9 13.0 326.3 448.2 590.0 184.9
SB1 Skadeforsikring Group
Operating result before finance (MNOK) 25.8 24.9 31.1 -19.5 -16.0 0.5 8.2 -29.9 62.4 -37.3
Net financial income (MNOK) 119.8
119 8 172.8
172 8 51.0
51 0 194.0
194 0 160.8
160 8 -62.3
62 3 66.8
66 8 95.1
95 1 537.6
537 6 260.3
260 3
Net result for the period (MNOK) 147.6 142.6 42.2 139.5 90.3 -81.2 41.8 39.8 471.9 90.7
Claims ratio, net (%) 69.1 % 81.4 % 78.0 % 84.9 % 78.5 % 88.5 % 83.4 % 88.2 % 78.3 % 84.6 %
Cost ratio, net (%) 24.4 % 20.2 % 18.5 % 16.7 % 22.2 % 17.3 % 18.4 % 17.3 % 20.0 % 18.8 %
Combined ratio, net (%) 93.4 % 101.5 % 96.5 % 101.6 % 100.7 % 105.8 % 101.9 % 105.5 % 98.2 % 103.5 %
Portfolio (MNOK) 5,446 5,455 5,407 5,328 5,198 5,092 4,986 4,825 5,446 5,198
ODIN Forvaltning
Management fees (MNOK) 62.5 64.0 63.4 67.2 61.8 69.4 85.5 86.8 257.1 303.5
Net result for the period (MNOK) -18.6 1.4 -1.0 -0.3 -7.0 4.3 8.9 8.6 -18.5 14.8
Total assets under management, cumulative (MNOK) 24,803 24,370 23,541 26,173 23,433 22,539 30,101 33,348 24,803 23,433
Market share equity fund, cumulative (%) 8.2 % 8.3 % 8.4 % 8.9 % 8.9 % 8.8 % 9.9 % 10.6 % 8.2 % 8.9 %
Market share combination fund, cumulative (%) 4.4 % 4.0 % 4.1 % 3.8 % 3.8 % 3.8 % 3.5 % 3.2 % 4.4 % 3.8 %
SB1 Markets
Total operating income (
p g (MNOK)
) 50.1 26.6 40.0 32.9 15.3 12.6 23.5 34.8 149.6 86.3
Net result for the period (MNOK) -12.7 -46.6 -32.6 -32.5 -57.4 -37.3 -15.9 -2.4 -124.4 -113.1
SB1G Finans Group
Net result for the period SB1G Finans Group (MNOK) 5.4 2.7 5.4 4.9 4.4 8.4 1.8 4.5 18.4 19.1
Net result for the period SB1G Finans - parent company (MNOK) 4.0 1.8 1.0 2.2 4.1 3.7 0.1 1.4 9.0 9.3
Net result for the period Conecto (MNOK) 2.1 1.6 5.0 3.3 2.2 6.7 3.7 5.1 12.0 17.7
*) Buffer capital as at Q4 is show n after profits have been allocated
21

22. SpareBank 1 Gruppen
Result for 2012
Year
Figures in MNOK 2012 2011
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 479.4 414.1
- SpareBank 1 Skadeforsikring Group 618.9 185.3
- ODIN Forvaltning
g -20.4 21.8
- SpareBank 1 Markets -168.5 -154.8
- SpareBank 1 Medlemskort 10.4 12.1
- SpareBank 1 Gruppen Finans Group 25.1 27.9
- Correction Group -8.4 28.6
Net result before tax from subsidiaries 936.4 535.1
Total operating costs (parent company) -75.1 -88.6
Net investment charges (parent company) -74.7 -59.3
Share of associated company 0.0 0.2
Pre-tax result 786.6 387.3
Taxes -347.5 * 138.5
Net result for the period 439.2
439 2 525.8
525 8
Majority interest 442.2 529.8
Minority interest -3.0 -4.0
Year
Key figures 2012 2011
Annualised return on equity 8.6 % 11.1 %
* High tax in the Group due to the MNOK 193 non-recurring effect related to the introduction of new rules concerning limiting the tax exemption
non recurring
model for shares owned by life insurance companies.
22

23. SpareBank 1 Gruppen
Quarterly results
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Figures in MNOK 2012 2012 2012 2012 2011 2011 2011 2011 2010 2010
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 99.0 144.6 141.8 94.1 98.1 77.7 109.0 129.4 72.5 85.8
- SpareBank 1 Skadeforsikring Group 197.9 185.0 70.4 165.5 167.6 -88.8 56.2 50.3 307.5 253.9
- ODIN Forvaltning -20.3 1.9 -1.5 -0.5 -8.5 6.3 12.2 11.9 16.5 17.0
- SpareBank 1 Markets -14.6 -64.2 -44.9 -44.8 -77.5 -51.8 -22.1 -3.4 -24.0 -29.0
- SpareBank 1 Medlemskort 2.4 2.8 2.4 2.8 4.5 2.0 2.5 3.1 1.9 2.7
- SpareBank 1 Gruppen Finans Group 7.2 3.8 7.5 6.8 5.9 12.2 3.0 6.8 6.6 -4.9
- Correction Group -0.4 1.0 -9.0 0.0 -1.9 16.4 15.1 -0.9 -6.3 -7.4
Net result before tax from subsidiaries 271.1 274.9 166.6 223.8 188.1 - 26.1 175.9 197.1 374.6 318.1
Total operating costs (parent company) -18.4 2.9 -26.1 -33.5 -29.4 -16.0 -15.6 -27.7 -16.5 40.7
Net investment charges (parent company) -18.6 -21.6 -17.7 -16.8 -19.2 -18.0 -15.0 -7.1 -15.6 -11.4
Share of associated company 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0
Pre- tax result 234.0 256.2 122.9 173.5 139.6 - 60.1 145.4 162.4 342.5 347.4
Taxes -285.9 -28.5 -59.5 26.4 141.4 55.8 -48.1 -10.5 -18.5 -88.4
Net result for the period - 51.8 227.7 63.4 199.9 281.0 - 4.3 97.2 151.9 324.0 259.1
Majority interest -51.5 228.8 64.2 200.7 282.6 -3.1 98.0 152.4 327.9 263.9
Minority interest -0.3 -1.1 -0.8 -0.8 -1.6 -1.1 -0.8 -0.5 -3.9 -4.8
23

24. SpareBank 1 Livsforsikring
Results for Q4 and full y
Q year 2012
Q4 Q3 Q2 Q1 Q4 Year
Figures in MNOK 2012 2012 2012 2012 2011 2012 2011
Insurance risk income 502.4 380.6 369.1 361.2 348.4 1 613.3 1 338.7
Insurance risk claims -405.2 -291.5 -266.2 -340.4 -303.6 -1 303.3 -1 061.7
Risk result 97.2 89.2 102.9 20.7 44.8 310.0 277.0
Tecnical allocations -7.4 -9.5 -10.3 8.7 -6.3 -18.5 -35.6
Risk result after tecnical allocations 89.8 79.7 92.6 29.4 38.5 291.5 241.4
Reserves -50.6 * 0.0 0.0 0.0 0.0 -50.6 0.0
Risk result after tecnical allocations and reserves 39.1 79.7 92.6 29.4 38.5 240.9 241.4
Fees 189.2 192.3 180.9 184.8 196.7 747.1 708.6
Expenses, exclusive comissions -144.7 -130.6 -137.4 -128.6 -130.9 -541.3 -527.2
Comissions -71.1 -64.8 -62.5 -63.7 -69.0 -262.1 -247.3
Administration result -26.7 -3.1 -19.0 -7.5 -3.2 -56.2 -65.9
Net investment income 171.8 218.8 153.1 188.6 113.7 732.3 791.1
Guaranteed interest to policyholders -120 6
120.6 -121 5
121.5 -106 1
106.1 -115 4
115.4 -110 6
110.6 -463 6
463.6 -422 6
422.6
Investment result 51.2 97.3 47.0 73.2 3.1 268.8 368.5
Reserves -20.8 -32.2 -10.3 -31.3 -154.3 -94.7 -187.3
Investment result after reserves 30.4 65.0 36.7 41.9 -151.2 174.1 181.2
Compensation guaranteed interest 6.8 6.7 6.1 6.3 5.7 25.9 22.6
Result before additional provisions 49.7 148.4 116.6 70.1 -110.2 384.7 379.4
Allocation to additional p o isions
provisions -11.2
11 2 -32.5
32 5 0.0
00 0.0
00 124.8
124 8 -43.7
43 7 0.0
00
Transferred to policyholders 20.7 -20.9 -27.7 -15.2 37.4 -43.1 -61.5
Return on company's assets 39.8 49.6 52.9 39.2 46.1 181.5 96.2
Net profit to owner before tax 99.0 144.6 141.8 94.1 98.1 479.4 414.1
Taxes -253.4 -15.9 -52.6 31.7 95.6 -290.2 97.8
Net profit/loss for the period -154.4 128.7 89.1 125.8 193.7 189.2 511.9
Key figures Year
2012 2011
Capital adequacy ratio 18.5 % 18.5 %
Buffer capital in % of insurance p
p provisions 13.6 % 11.0 %
* In December, The Financial Supervisory Authority of Norway (Finanstilsynet) urged life insurance companies to allocate
24 the risk profit from group defined benefit pensions and paid-up policies to provisions for higher life expectancy.

25. SpareBank 1 Livsforsikring
Profit per portfolio for 2012
Previously
Group established Investment choice Company
Figures in MNOK portfolio individual products portfolio portfolio Total
Risk result 280.8 13.1 -2.3 0.0 291.5
Administration result 68.9 -44.6 -80.4 0.0 -56.2
Net investment result 193.9
193 9 68.1
68 1 4.1
41 2.6
26 268.8
268 8
Reserves - long life -145.3 0.0 0.0 0.0 -145.3
Compensation interest guarantee 25.9 0.0 0.0 0.0 25.9
Transferred to policyholders -43.1 -43.7 0.0 0.0 -86.8
Return on company's assets 0.0 0.0 0.0 181.5 181.5
Sum 381.0
381 0 -7.1
71 -78.6
78 6 184.1
184 1 479.4
479 4
25

26. SpareBank 1 Livsforsikring
Premium income trend
Q4 Q3 Q2 Q1 Q4 Year
Figures in MNOK 2012 2012 2012 2012 2011 2012 2011
Individual annuity and pension insurance 101.0 79.6 72.3 72.3 72.1 325.3 284.9
Individual endowment insurance 155.6 154.1 150.2 147.9 147.7 607.7 570.6
Group pension insurance 115.0 95.3 74.4 244.3 94.4 528.9 465.6
Individual life insurance 57.3 56.7 55.1 53.8 52.0 223.0 199.0
Group life insurance
G lif i 125.0
125 0 136.2
136 2 132.2
132 2 239.1
239 1 125.0
125 0 632.5
632 5 604.4
604 4
Unit Linked - Annuity 8.3 8.2 8.5 9.3 10.6 34.4 39.0
Unit Linked - Endowment 31.1 31.6 35.2 36.7 44.6 134.7 181.1
Defined contribution pension 305.3 280.3 273.1 265.1 252.3 1 123.8 980.7
Total gross due premium income 898.6 842.0 801.1 1 068.5 798.7 3 610.2 3 325.5
Premium reserves transferred from other companies 161.4
161 4 116.8
116 8 194.7
194 7 102.4
102 4 216.3
216 3 575.2
575 2 660.8
660 8
Reinsurance ceded -42.4 -42.4 -41.2 -28.6 -36.4 -154.5 -160.4
Premium income for own account 1 017.6 916.4 954.5 1 142.3 978.5 4 030.8 3 825.9
26

27. SpareBank 1 Livsforsikring
Return on customer portfolio with guarantee as at
p g
31/12/2012
Value-adjusted return
excluding change i value construction:
l di h in l t ti Booked return:
Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4
2012 2012 2012 2012 2012 2012 2012 2012 Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4
2012 2012 2012 2012 2012 2012 2012 2012
7.3
73
5.6
5.4
6.2
6.0 4.7
5.7
4.3
5.2 4.0
4.5 4.5 3.6
Percent
t
Percent
4.0 3.1
3.0
SpareBank 1 Storebrand DNB Livsforsikring Nordea SpareBank 1 Storebrand DNB Livsforsikring Nordea
27 Source: company presentations

28. SpareBank 1 Livsforsikring
Return on ordinary customer portfolio with guarantee as at
y p g
31/12/2012
Percent
Norwegian shares 16.5
Foreign shares 17.2
Money market 3.8
Norwegian bonds 8.5
Foreign bonds 9.9
99
Held to maturity 5.1
Real estate 6.0
28

29. SpareBank 1 Livsforsikring
Balance sheet as of 31/12/2012
Year
Figures in MNOK
Fi i 2012 2011
Intangible assets 165 107
Investments 3 140 2 881
Reinsurance's part of insurance obligations 213 223
Accounts receivable 105 225
Other assets 128 368
Prepayed liabilities and accrued income 6 0
Investments group portfolio 17 062 15 909
Investments options portfolio 8 239 6 896
Total assets 29 059 26 607
Paid in capital 2 073 1 825
Other equity 428 435
Subordinated loan capital 200 200
Insurance obligations - contractual 16 953 15 812
Insurance obligations - investment options 8 347 6 993
Provisions for obligations 275 88
Premium deposits from reinsurance companies 139 139
Other obligations 553 1 043
Accrued liabilities, prepaied income 90 73
Total liabilities and equity 29 059 26 607
29

30. Asset allocation per portfolio as at 31/12/2012
(31/12/2011):
SB1 Skadeforsikring
g
SB1 Li sfo sik ing
Livsforsikring
Group
Investment choice Group portfolio Company portfolio
portfolio
12.6 (13.8)
12 6 (13 8) % 0.2 (-4.5)
0 2 ( 4 5) %
8.2 (7.9) % 10.1 (10.4) %
39.2 (37.4) % 0.7 (-0.2) % 18.4 (18.8) % 11.0 (12.7) %
46.3 (45.9) %
53.2 (54.2) % 19.6 (21.0) %
( ) 65.7 (60.9) %
27.8 (28.0)
27 8 (28 0) % 15.8 (24.8)
15 8 (24 8) % 70.7 (69.0) %
0.4 (-0.1) %
Stocks Other Stocks
Other Real estate Real estate
Real estate
Stocks Other Bonds Bonds - amortized cost Bonds - amortized cost
Bonds - amortized cost
Bonds - market value Bonds - market value
Bonds - market value
NOK 8.2 (6.9) billion NOK 16.9 (15.7) billion NOK 3.1 (2.9) billion NOK 11.0 (9.6) billion
30

31. SpareBank 1 Skadeforsikring Group
Results for Q4 and full year 2012
Q4 Q3 Q2 Q1 Q4 Year
Figures in MNOK
g 2012 2012 2012 2012 2011 2012 2011
Gross written premium 1 283.6 1 172.6 1 431.1 1 713.1 1 281.4 5 600.4 5 358.2
Net earned premium 1 293.4 1 287.9 1 257.3 1 234.5 1 226.8 5 073.1 4 695.9
Net incurred claims -893.5 -1 048.2 -980.7 -1 048.5 -963.5 -3 970.9 -3 973.5
Net insurance operating costs -315.1 -259.6 -232.1 -206.2 -271.9 -1 012.9 -884.7
Other insurance income/costs 0.1 11.3 1.7 1.2 1.5 14.3 31.8
Changes in other technical reserves -59.1 33.5 -15.1 -0.5 -8.4 -41.2 93.2
Operating result before finance 25.8 24.9 31.1 -19.5 -15.5 62.4 -37.3
Net financial income 119.8 172.8 51.0 194.0 160.8 537.6 260.3
Other costs -0.1 0.0 0.0 0.0 0.0 -0.1 0.0
Result before changes in security reserve 145.6 197.7 82.1 174.5 145.3 599.9 223.0
Changes in security reserve 52.4
52 4 -12.7
12 7 -11.7
11 7 -9.0
90 22.9
22 9 19.0
19 0 -37.7
37 7
Pre-tax profit 197.9 185.0 70.4 165.5 168.1 618.9 185.3
Taxes -50.3 -42.4 -28.2 -26.0 -77.3 -147.0 -94.6
Net profit/loss for the period 147.6 142.6 42.2 139.5 90.8 471.9 90.7
Key figures Q4 Q3 Q2 Q1 Q4 Year
Figures in percentage 2012 2012 2012 2012 2011 2012 2011
Claims ratio, net 69.1 % 81.4 % 78.0 % 84.9 % 78.5 % 78.3 % 84.6 %
Cost ratio, net 24.4 % 20.2 % 18.5 % 16.7 % 22.2 % 20.0 % 18.8 %
Combined ratio, net 93.4 % 101.5 % 96.5 % 101.6 % 100.7 % 98.2 % 103.5 %
Capital adequacy ratio 33.7 % 32.8 %
31

32. ODIN Forvaltning
Results for Q4 and full year 2012
Q4 Q3 Q2 Q1 Q4 Year
Figures in MNOK 2012 2012 2012 2012 2011 2012 2011
Management fees 62.5
62 5 64.0
64 0 63.4
63 4 67.2
67 2 61.8
61 8 257.1
257 1 303.5
303 5
Total operating income 62.5 64.0 63.4 67.2 61.8 257.1 303.5
Salaries -34.8 -24.8 -25.9 -24.6 -25.5 -110.1 -108.5
Depreciations -6.4 -6.3 -6.8 -6.5 -10.2 -26.0 -23.5
Other operating costs -30.0 -31.2 -32.5 -36.9 -34.9 -130.5 -151.1
Total
T t l operating costs
ti t -71.1
71 1 -62.3
62 3 -65.2
65 2 -68.0
68 0 -70.5
70 5 -266.6
266 6 -283.1
283 1
Operating profit -8.6 1.7 -1.8 -0.8 -8.7 -9.6 20.3
Net financial income -11.7 0.2 0.4 0.3 0.2 -10.8 1.5
Pre-tax profit -20.3 1.9 -1.5 -0.5 -8.5 -20.4 21.8
Taxes 1.7 -0.5 0.5 0.2 1.5 1.9 -7.1
Net profit/loss for the period -18.6 1.4 -1.0 -0.3 -7.0 -18.5 14.8
32