1) SpareBank 1 Gruppen reported significantly improved profits for the first quarter of 2011, with pre-tax profits of NOK 162 million, up from NOK 131 million in the same period the previous year.
2) Good investment returns contributed to strong profits of NOK 129 million in SpareBank 1 Livsforsikring, up from NOK 92 million the previous year.
3) Fewer winter-related insurance claims led to an improved claims ratio for SpareBank 1 Skadeforsikring.
Presentation of results from SpareBank 1 Gruppen - 1st half-year and 2nd quar...SpareBank 1 Gruppen AS
1) The SpareBank 1 Gruppen reported a pre-tax profit of NOK 308 million for the first half of 2011, down slightly from NOK 295 million in the same period in 2010. Profit after tax was NOK 249 million.
2) SpareBank 1 Skadeforsikring Group saw good portfolio growth of NOK 277 million or 5.9% in the first half of 2011. However, its pre-tax profit was impacted by large claims in Q1 and flood damage in Q2.
3) Overall, the SpareBank 1 Gruppen reported improved underlying earnings, but weak equity markets and natural disasters lowered profits compared to the previous year.
The document summarizes Generali Group's 2012 financial results. Key points include:
- Operating result increased 10.5% to €4.2 billion, while operating RoE rose to 11.9%.
- Life business premiums grew 3.1% to €46.8 billion despite challenging markets. Operating result increased 9.7% to €2.7 billion through improved technical margins and investment returns.
- Impairment charges of €1.4 billion were taken in Q4 2012 to align impairment criteria with European peers, reducing net income 89.5% to €90 million.
- A new management team and remuneration structure was put in place to focus on the
- The company reported record sales of $4.5 billion in 2005, an 8% increase over 2004. Operating income increased 11% to $542 million.
- Raw material costs increased significantly which posed a challenge, but the company effectively managed these rising costs.
- The company expects higher raw material and freight costs to continue impacting operating income in 2006 and presents an ongoing challenge.
Andrew Wiswell, NAL Energy's President and CEO, presents at the CIBC 2012 Whistler Institutional Investor Conference at Whistler, B.C., at 8 a.m. PST (9 a.m. MST, 11 a.m. EST).
The document summarizes Illinois' fiscal crisis and budget challenges. It notes that Illinois faces a $13.7 billion operating deficit for FY2011, equal to 52.2% of its general revenue fund appropriations. To address this, Illinois relies heavily on one-time revenues like debt issuance, fund sweeps, and federal stimulus funds. Over the long term, Illinois has seen the loss of high-paying manufacturing jobs replaced with lower paying service jobs without benefits. This has contributed to economic problems and budget deficits that Illinois has struggled to adequately address through recurring revenues and spending priorities.
NiSource Inc. delivered strong financial results in 2003, with income from continuing operations of $1.64 per share. It strengthened its balance sheet by selling non-core assets and reducing debt. The company adopted a new organizational structure to focus on its core regulated utility businesses. NiSource aims to continue improving operations, pursuing growth opportunities, and operating responsibly in the communities it serves.
1) DLF's exit to private equity investors, post-merger structure, and high debt levels have strained its balance sheet.
2) Cash generation from core operations will go towards debt servicing, and only divestment of non-core assets will meaningfully reduce debt.
3) DLF's new strategy of focusing on plotted developments is well-suited for the current economic environment and improves the company's financial position, despite generating lower revenues, by reducing costs and inventory risks.
Presentation of results from SpareBank 1 Gruppen - 1st half-year and 2nd quar...SpareBank 1 Gruppen AS
1) The SpareBank 1 Gruppen reported a pre-tax profit of NOK 308 million for the first half of 2011, down slightly from NOK 295 million in the same period in 2010. Profit after tax was NOK 249 million.
2) SpareBank 1 Skadeforsikring Group saw good portfolio growth of NOK 277 million or 5.9% in the first half of 2011. However, its pre-tax profit was impacted by large claims in Q1 and flood damage in Q2.
3) Overall, the SpareBank 1 Gruppen reported improved underlying earnings, but weak equity markets and natural disasters lowered profits compared to the previous year.
The document summarizes Generali Group's 2012 financial results. Key points include:
- Operating result increased 10.5% to €4.2 billion, while operating RoE rose to 11.9%.
- Life business premiums grew 3.1% to €46.8 billion despite challenging markets. Operating result increased 9.7% to €2.7 billion through improved technical margins and investment returns.
- Impairment charges of €1.4 billion were taken in Q4 2012 to align impairment criteria with European peers, reducing net income 89.5% to €90 million.
- A new management team and remuneration structure was put in place to focus on the
- The company reported record sales of $4.5 billion in 2005, an 8% increase over 2004. Operating income increased 11% to $542 million.
- Raw material costs increased significantly which posed a challenge, but the company effectively managed these rising costs.
- The company expects higher raw material and freight costs to continue impacting operating income in 2006 and presents an ongoing challenge.
Andrew Wiswell, NAL Energy's President and CEO, presents at the CIBC 2012 Whistler Institutional Investor Conference at Whistler, B.C., at 8 a.m. PST (9 a.m. MST, 11 a.m. EST).
The document summarizes Illinois' fiscal crisis and budget challenges. It notes that Illinois faces a $13.7 billion operating deficit for FY2011, equal to 52.2% of its general revenue fund appropriations. To address this, Illinois relies heavily on one-time revenues like debt issuance, fund sweeps, and federal stimulus funds. Over the long term, Illinois has seen the loss of high-paying manufacturing jobs replaced with lower paying service jobs without benefits. This has contributed to economic problems and budget deficits that Illinois has struggled to adequately address through recurring revenues and spending priorities.
NiSource Inc. delivered strong financial results in 2003, with income from continuing operations of $1.64 per share. It strengthened its balance sheet by selling non-core assets and reducing debt. The company adopted a new organizational structure to focus on its core regulated utility businesses. NiSource aims to continue improving operations, pursuing growth opportunities, and operating responsibly in the communities it serves.
1) DLF's exit to private equity investors, post-merger structure, and high debt levels have strained its balance sheet.
2) Cash generation from core operations will go towards debt servicing, and only divestment of non-core assets will meaningfully reduce debt.
3) DLF's new strategy of focusing on plotted developments is well-suited for the current economic environment and improves the company's financial position, despite generating lower revenues, by reducing costs and inventory risks.
Navitas reported revenue growth of 4% for the first half of FY13 with EBITDA up 5%. The company's core divisions performed well, with University Programs revenue up 8% and EBITDA up 7% for SAE. However, the Professional and Student Recruitment divisions experienced losses. Navitas completed a strategic review which identified growth opportunities and resulted in structural changes to create three new operating divisions.
This document provides a disclaimer and forward-looking statements from Banesto and Santander regarding the presentation. It cautions that the presentation contains forward-looking statements that are based on knowledge at the time and may change. It also notes several risk factors that could adversely affect business performance. The remainder of the presentation summarizes Banesto's management priorities in response to the financial crisis, including strengthening its balance sheet by maintaining liquidity and capital ratios, reducing real estate risk, and maximizing profitability through margin and cost control. It provides data on the bank's liquidity, capital, asset quality, profitability, market share, and customer service ratings. The outlook section establishes profitability, asset quality, capital and liquid
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2007. It includes highlights of consolidated balance sheets, share repurchase activity, summaries of invested assets, investment income after taxes for corporate and property/casualty divisions, statutory policyholder surplus, changes in unpaid losses, and underwriting results by line of business for 2007 and 2006.
JPMorgan Chase Conference Call on Acquisition of Bear Stearnsfinance2
JPMorgan Chase is acquiring Bear Stearns in an all-stock transaction valued at approximately $236 million. The acquisition enhances JPMorgan Chase's investment banking and capital markets businesses. It provides significant prime brokerage, clearing, and other services. While there are risks, JPMorgan Chase expects the acquisition to be earnings accretive once fully integrated and generate approximately $1 billion in annual cost synergies. The acquisition requires shareholder and regulatory approval.
The document summarizes the conclusion of JBS's acquisition of Swift. Some key points:
1) JBS announced the successful completion of the Swift acquisition, paying $1.458 billion five days ahead of schedule.
2) The acquisition creates the world's largest beef company and a significant player in pork, with production in the top four beef producing countries and access to all major markets.
3) Swift is already showing improved operational results for fiscal year 2007 compared to 2006, and JBS has identified over $165 million in potential operational gains from Swift through various initiatives.
4) The acquisition was completed with a capital structure that reduced Swift's debt levels, lowering annual interest expenses by around $
Eric Feldstein, CEO of GMAC LLC - Sale of Majority Interest in GMAC - Investo...finance8
David Walker of GMAC presented a business update on January 19, 2007. GMAC aims to transform into an independent global financial services company following its separation from GM control in 2006. Key strategic priorities include strengthening GMAC's capital base, reducing borrowing costs, expanding operating margins, and increasing net income through initiatives focused on funding, capital, and operations. GMAC maintains significant liquidity protection and plans to diversify its business beyond GM while growing profitable operations internationally and fee-based services.
This document provides information about electronic filing and payment options for Kansas individual income tax returns for 2005, including WebFile, IRS e-file, and TeleFile. It outlines qualifications and instructions for the food sales tax refund and notes several tax law changes for 2005, such as increases to the subtraction modification for contributions to the Learning Quest program and the addition of new tax credits.
This document is a letter from the leadership of General Motors to its stockholders. It summarizes GM's financial performance in 2003, noting record revenue but unmet profit expectations. It identifies challenges like healthcare costs and foreign competition. However, it emphasizes GM's progress in areas like new vehicle development, global coordination, and brand differentiation. It outlines an optimistic outlook based on GM's strengths, and promises an onslaught of exciting new products to strengthen its position.
The Non-Core Division aims to maximize shareholder value through the managed rundown and disposal of non-strategic assets, with the objectives of accelerating the reduction of capital and funding requirements, maximizing cost reductions, and protecting the Core RBS franchise to allow management to focus on continuing businesses. The Division considers exit options such as selling assets now or later, or closing or restructuring businesses, to optimize the timing, cost, and method of reducing its portfolio.
This document is an advertising feature from Energising WA 2010 that promotes various initiatives and accomplishments. It highlights key facts such as generating over 25% of the state's electricity from renewable sources and connecting over 30,000 solar systems. The feature emphasizes connecting communities through renewable energy projects and creating a sustainable energy future for Western Australia.
This document is the 2005 annual report summary for The Allstate Corporation. It discusses how in 2005 Allstate incurred $5.7 billion in losses from the three devastating hurricanes but still generated $1.8 billion in net income. It also discusses how Allstate is focusing on managing catastrophic risks, growing profitably, and rewarding shareholders through stock buybacks and dividends. The summary highlights Allstate's key financial results for 2005 and discusses the company's strategies around innovation, value creation, and investing in employees.
schedule-nd-1-tc-enabled nd.gov tax indincome forms 2008taxman taxman
This document provides instructions for completing Schedule ND-1TC, which is a supplemental schedule to Form ND-1 for claiming various North Dakota state tax credits. Some of the tax credits listed on Schedule ND-1TC include the family member care credit, Renaissance zone credit, agricultural commodity investment credit, seed capital investment credit, planned gift credit, biodiesel fuel supplier credit, biodiesel fuel seller credit, employer internship program credit, microbusiness credit, research expense credit, and a new workforce recruitment credit for 2008. The instructions provide details on how to calculate each credit and limitations on carryovers of unused credit amounts to future tax years.
Time to Face the Music: TARP Update and the Fiscal CliffInside Analysis
Federal Spending Episode 14
Live Webcast on Dec. 12, 2012
The implementation of the Troubled Asset Relief Program (TARP) turned a lot of heads, not so much because the government was offering financial assistance, but because it did so at such an enormous scale. While opponents criticized the bailout for its enduring burden on taxpayers, supporters pointed to its necessity in order to keep the failing economy afloat. Now in its third year, many are left wondering: how successful has the program been and what unforeseen consequences emerged because of it?
Join host Eric Kavanagh for this episode of Federal Spending to hear former TARP regulator Amy Poster review the program’s successes and shortcomings. She will also discuss the looming “fiscal cliff” and what its implications could mean for the economy. She will be joined by Bloor Group Analyst and former operations manager Jessica Marie, who will shed light on TARP’s impact on small and mid-sized banks. Robin Bloor, Chief Analyst at The Bloor Group, will offer some perspective on the Federal Reserve's Quantitative Easing programs, and what impact they may have had on inflating the overall value of the stock market.
Visit: http://www.insideanalysis.com
Photo credits:
Svilen Milev www.efffective.com
Scott Liddell www.scottliddell.net
Ian R. Stuart - Career History, Accomplishments, LeadershipIanRStuart
The document provides a summary of the candidate's career history and credentials. Some key points:
1) The candidate has over 30 years of experience in senior finance roles including CFO positions at large insurance and banking companies.
2) Their experience spans industries including insurance, banking, healthcare, and startups. They have a strong background in insurance.
3) Throughout their career, they have created value by improving profitability, growing revenue, managing risks, and executing M&A transactions.
4) Examples highlighted include turning around a life insurance business and improving performance at various banks and companies.
Pfizer at 2008 Credit Suisse Healthcare Conferencefinance5
1) The document is a transcript from Pfizer's 2008 Annual Credit Suisse Health Care Conference, where Jeff Kindler, Pfizer's Chairman and CEO, discusses Pfizer's strategic commitments and financial guidance.
2) Pfizer is committed to optimizing its product portfolio, accelerating its pipeline, establishing smaller business units, expanding in emerging markets, and aligning costs with revenues.
3) For 2008, Pfizer expects revenues of $48-49 billion and cost reductions of at least $2 billion, and to achieve its financial guidance targets.
Here's a list of schemes that made it to Mint 50.
The returns are across three time periods and you would do well to first look at five- and 10-year performances and then look at the three-year return to see if the fund is still ahead. Value Research rating gives an indication of the risk-adjusted return.
Third Quarter 2012 Investor PresentationCNOServices
3Q12 results reflect management's successful recapitalization which lowered CNO's cost of capital while maintaining strong capital ratios. Significant progress was also made on resolving the OCB litigation.
CNO's businesses continued to perform well with core earnings building. Investments were made to strengthen distribution and product offerings.
Capital and liquidity remained strong after deploying $455 million to reduce diluted shares by 15% YTD. Metrics like RBC ratio and debt to capital excluding AOCI remained high.
1) TIM Participações reported strong operational results in 2012, with growth in customer base, minutes of usage, and data usage, despite macroeconomic headwinds.
2) Financially, the company achieved its guidance targets with increases in total revenues, organic EBITDA, and organic net income.
3) The company is focusing on quality improvements through network investments and initiatives to enhance customer satisfaction and repair its image.
1) SpareBank 1 Gruppen reported a pre-tax profit of NOK 387.3 million for 2011, down from NOK 985.1 million in 2010, due to weak financial markets and high claims.
2) SpareBank 1 Livsforsikring AS achieved its best result ever in 2011 despite falling markets, maintaining good buffers throughout the year.
3) SpareBank 1 Skadeforsikring Group had a negative insurance result in 2011 due to a high proportion of large claims, floods, and storms.
Navitas reported revenue growth of 4% for the first half of FY13 with EBITDA up 5%. The company's core divisions performed well, with University Programs revenue up 8% and EBITDA up 7% for SAE. However, the Professional and Student Recruitment divisions experienced losses. Navitas completed a strategic review which identified growth opportunities and resulted in structural changes to create three new operating divisions.
This document provides a disclaimer and forward-looking statements from Banesto and Santander regarding the presentation. It cautions that the presentation contains forward-looking statements that are based on knowledge at the time and may change. It also notes several risk factors that could adversely affect business performance. The remainder of the presentation summarizes Banesto's management priorities in response to the financial crisis, including strengthening its balance sheet by maintaining liquidity and capital ratios, reducing real estate risk, and maximizing profitability through margin and cost control. It provides data on the bank's liquidity, capital, asset quality, profitability, market share, and customer service ratings. The outlook section establishes profitability, asset quality, capital and liquid
This document provides supplementary financial information for The Chubb Corporation as of December 31, 2007. It includes highlights of consolidated balance sheets, share repurchase activity, summaries of invested assets, investment income after taxes for corporate and property/casualty divisions, statutory policyholder surplus, changes in unpaid losses, and underwriting results by line of business for 2007 and 2006.
JPMorgan Chase Conference Call on Acquisition of Bear Stearnsfinance2
JPMorgan Chase is acquiring Bear Stearns in an all-stock transaction valued at approximately $236 million. The acquisition enhances JPMorgan Chase's investment banking and capital markets businesses. It provides significant prime brokerage, clearing, and other services. While there are risks, JPMorgan Chase expects the acquisition to be earnings accretive once fully integrated and generate approximately $1 billion in annual cost synergies. The acquisition requires shareholder and regulatory approval.
The document summarizes the conclusion of JBS's acquisition of Swift. Some key points:
1) JBS announced the successful completion of the Swift acquisition, paying $1.458 billion five days ahead of schedule.
2) The acquisition creates the world's largest beef company and a significant player in pork, with production in the top four beef producing countries and access to all major markets.
3) Swift is already showing improved operational results for fiscal year 2007 compared to 2006, and JBS has identified over $165 million in potential operational gains from Swift through various initiatives.
4) The acquisition was completed with a capital structure that reduced Swift's debt levels, lowering annual interest expenses by around $
Eric Feldstein, CEO of GMAC LLC - Sale of Majority Interest in GMAC - Investo...finance8
David Walker of GMAC presented a business update on January 19, 2007. GMAC aims to transform into an independent global financial services company following its separation from GM control in 2006. Key strategic priorities include strengthening GMAC's capital base, reducing borrowing costs, expanding operating margins, and increasing net income through initiatives focused on funding, capital, and operations. GMAC maintains significant liquidity protection and plans to diversify its business beyond GM while growing profitable operations internationally and fee-based services.
This document provides information about electronic filing and payment options for Kansas individual income tax returns for 2005, including WebFile, IRS e-file, and TeleFile. It outlines qualifications and instructions for the food sales tax refund and notes several tax law changes for 2005, such as increases to the subtraction modification for contributions to the Learning Quest program and the addition of new tax credits.
This document is a letter from the leadership of General Motors to its stockholders. It summarizes GM's financial performance in 2003, noting record revenue but unmet profit expectations. It identifies challenges like healthcare costs and foreign competition. However, it emphasizes GM's progress in areas like new vehicle development, global coordination, and brand differentiation. It outlines an optimistic outlook based on GM's strengths, and promises an onslaught of exciting new products to strengthen its position.
The Non-Core Division aims to maximize shareholder value through the managed rundown and disposal of non-strategic assets, with the objectives of accelerating the reduction of capital and funding requirements, maximizing cost reductions, and protecting the Core RBS franchise to allow management to focus on continuing businesses. The Division considers exit options such as selling assets now or later, or closing or restructuring businesses, to optimize the timing, cost, and method of reducing its portfolio.
This document is an advertising feature from Energising WA 2010 that promotes various initiatives and accomplishments. It highlights key facts such as generating over 25% of the state's electricity from renewable sources and connecting over 30,000 solar systems. The feature emphasizes connecting communities through renewable energy projects and creating a sustainable energy future for Western Australia.
This document is the 2005 annual report summary for The Allstate Corporation. It discusses how in 2005 Allstate incurred $5.7 billion in losses from the three devastating hurricanes but still generated $1.8 billion in net income. It also discusses how Allstate is focusing on managing catastrophic risks, growing profitably, and rewarding shareholders through stock buybacks and dividends. The summary highlights Allstate's key financial results for 2005 and discusses the company's strategies around innovation, value creation, and investing in employees.
schedule-nd-1-tc-enabled nd.gov tax indincome forms 2008taxman taxman
This document provides instructions for completing Schedule ND-1TC, which is a supplemental schedule to Form ND-1 for claiming various North Dakota state tax credits. Some of the tax credits listed on Schedule ND-1TC include the family member care credit, Renaissance zone credit, agricultural commodity investment credit, seed capital investment credit, planned gift credit, biodiesel fuel supplier credit, biodiesel fuel seller credit, employer internship program credit, microbusiness credit, research expense credit, and a new workforce recruitment credit for 2008. The instructions provide details on how to calculate each credit and limitations on carryovers of unused credit amounts to future tax years.
Time to Face the Music: TARP Update and the Fiscal CliffInside Analysis
Federal Spending Episode 14
Live Webcast on Dec. 12, 2012
The implementation of the Troubled Asset Relief Program (TARP) turned a lot of heads, not so much because the government was offering financial assistance, but because it did so at such an enormous scale. While opponents criticized the bailout for its enduring burden on taxpayers, supporters pointed to its necessity in order to keep the failing economy afloat. Now in its third year, many are left wondering: how successful has the program been and what unforeseen consequences emerged because of it?
Join host Eric Kavanagh for this episode of Federal Spending to hear former TARP regulator Amy Poster review the program’s successes and shortcomings. She will also discuss the looming “fiscal cliff” and what its implications could mean for the economy. She will be joined by Bloor Group Analyst and former operations manager Jessica Marie, who will shed light on TARP’s impact on small and mid-sized banks. Robin Bloor, Chief Analyst at The Bloor Group, will offer some perspective on the Federal Reserve's Quantitative Easing programs, and what impact they may have had on inflating the overall value of the stock market.
Visit: http://www.insideanalysis.com
Photo credits:
Svilen Milev www.efffective.com
Scott Liddell www.scottliddell.net
Ian R. Stuart - Career History, Accomplishments, LeadershipIanRStuart
The document provides a summary of the candidate's career history and credentials. Some key points:
1) The candidate has over 30 years of experience in senior finance roles including CFO positions at large insurance and banking companies.
2) Their experience spans industries including insurance, banking, healthcare, and startups. They have a strong background in insurance.
3) Throughout their career, they have created value by improving profitability, growing revenue, managing risks, and executing M&A transactions.
4) Examples highlighted include turning around a life insurance business and improving performance at various banks and companies.
Pfizer at 2008 Credit Suisse Healthcare Conferencefinance5
1) The document is a transcript from Pfizer's 2008 Annual Credit Suisse Health Care Conference, where Jeff Kindler, Pfizer's Chairman and CEO, discusses Pfizer's strategic commitments and financial guidance.
2) Pfizer is committed to optimizing its product portfolio, accelerating its pipeline, establishing smaller business units, expanding in emerging markets, and aligning costs with revenues.
3) For 2008, Pfizer expects revenues of $48-49 billion and cost reductions of at least $2 billion, and to achieve its financial guidance targets.
Here's a list of schemes that made it to Mint 50.
The returns are across three time periods and you would do well to first look at five- and 10-year performances and then look at the three-year return to see if the fund is still ahead. Value Research rating gives an indication of the risk-adjusted return.
Third Quarter 2012 Investor PresentationCNOServices
3Q12 results reflect management's successful recapitalization which lowered CNO's cost of capital while maintaining strong capital ratios. Significant progress was also made on resolving the OCB litigation.
CNO's businesses continued to perform well with core earnings building. Investments were made to strengthen distribution and product offerings.
Capital and liquidity remained strong after deploying $455 million to reduce diluted shares by 15% YTD. Metrics like RBC ratio and debt to capital excluding AOCI remained high.
1) TIM Participações reported strong operational results in 2012, with growth in customer base, minutes of usage, and data usage, despite macroeconomic headwinds.
2) Financially, the company achieved its guidance targets with increases in total revenues, organic EBITDA, and organic net income.
3) The company is focusing on quality improvements through network investments and initiatives to enhance customer satisfaction and repair its image.
1) SpareBank 1 Gruppen reported a pre-tax profit of NOK 387.3 million for 2011, down from NOK 985.1 million in 2010, due to weak financial markets and high claims.
2) SpareBank 1 Livsforsikring AS achieved its best result ever in 2011 despite falling markets, maintaining good buffers throughout the year.
3) SpareBank 1 Skadeforsikring Group had a negative insurance result in 2011 due to a high proportion of large claims, floods, and storms.
Last ned presentasjonen fra presse- og analytikerkonferansen 28. oktober 2011. Presentasjonen ble holdt av adm. direktør i
SpareBank 1 Gruppen, Kirsten Idebøen.
The document provides a quarterly financial report for SpareBank 1 Gruppen. Some key points:
- Pre-tax profits increased significantly compared to the same quarter last year, reaching MNOK 553 for the first three quarters of 2012 compared to MNOK 248 for the same period in 2011.
- The return on equity was 12.7% for the first three quarters compared to 7% for the same period last year.
- Total assets increased to NOK 46.6 billion from NOK 42 billion at the end of 2011.
- Capital adequacy ratios remained strong and above regulatory requirements.
Annual accounts 2010 - Presentation of results from SpareBank 1 Gruppen ASSpareBank 1 Gruppen AS
SpareBank 1 Gruppen reported solid earnings performance in 2010 with improvements in return on equity. Highlights included a pre-tax profit of NOK 985 million in 2010 and NOK 343 million in Q4 2010. The Delta profitability project was completed with an estimated annual profitability effect of NOK 400 million from 2011. Subsidiaries such as SpareBank 1 Livsforsikring and SpareBank 1 Skadeforsikring Group reported strong profits throughout 2010.
Presentation SpareBank 1 Gruppen Q2- 2012 English VersionChristian Brosstad
The document summarizes the financial results of SpareBank 1 Gruppen for the first half of 2012. Some key points:
- Pre-tax profit was NOK 296 million, similar to the previous year.
- Net profit was NOK 263 million, up from NOK 249 million the previous year.
- Return on equity was 10.5%, the same as the previous year.
- Total assets increased to NOK 45.2 billion from NOK 42 billion at the end of 2011.
The document summarizes the financial results of SpareBank 1 Gruppen for the first quarter of 2012. Some key points:
- Pre-tax profit was NOK 173 million, the best Q1 result in five years. Return on equity was 15.9%.
- Most business areas saw improved results, including life insurance, property and casualty insurance, and asset management.
- Total assets in the group increased to NOK 44.5 billion from NOK 42 billion at the end of 2011.
- The company remains well-capitalized with a capital adequacy ratio of 14.8% meeting new Solvency II requirements.
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
SpareBank 1 Gruppen reported its best first quarter results in history. Net profit was MNOK 315, up 58% from the same period last year. Return on equity was a strong 23.1% compared to 15.9% in the first quarter of 2012. Both life and property/casualty insurance saw improved results. The merger of life and property/casualty insurance into a single business area called SpareBank 1 Forsikring will create better customer experiences and greater competitiveness. Factoring and portfolio management activities grew while profitability weakened in debt collection. Overall, the results demonstrate the benefits of the SpareBank 1 alliance model and position the company for continued strong performance.
The document provides Groupe BPCE's results for full year 2012. It announces a planned simplification of the Group's structure through a buyback of €12.1 billion in cooperative investment certificates held by Natixis. The results show stable core business line revenues in a difficult economic environment. Net income attributable to shareholders was €2.34 billion excluding revaluation of own debt, down 5.9% from 2011. Capital adequacy and liquidity were also strengthened in 2012.
Q4 2008 Financial results for SpareBank 1 Gruppen presented by acting CEO Kir...SpareBank 1 Gruppen AS
- The pre-tax loss for SpareBank 1 Gruppen in 2008 was MNOK -724, down from a profit of MNOK 1,179.8 in 2007, largely due to losses at SpareBank 1 Livsforsikring from negative investment results and one-off write-downs.
- Bank 1 Oslo had an underlying profit but overall pre-tax profit of MNOK 4 due to write-downs of securities and increased loan losses.
- Capital adequacy and core ratios remain solid at 12.0% and 9.0% respectively.
The document provides an investor update on AkzoNobel's Q3 2012 results. It includes the following key information:
1) EBITDA was up 7% at €540 million despite a 3% decline in volumes primarily due to the economic slowdown in Europe. Revenue was up 6% mainly driven by currencies and pricing actions.
2) A €2.5 billion impairment charge related to Decorative Paints intangible assets resulted in a net loss of €2.4 billion for the quarter. Adjusted EPS was €1.01.
3) The performance improvement program is on track but the economic environment remains a principal sensitivity given the continued weak demand and cautious customer ordering patterns.
Q3 2008 Financial results for SpareBank 1 Gruppen presented by CEO Eldar Math...SpareBank 1 Gruppen AS
This document summarizes the quarterly results presentation of SpareBank 1 Gruppen. Key points include:
- Pre-tax profits were down significantly from the previous year due to weak financial markets.
- Subsidiaries like the life insurance company were strongly affected by financial turmoil.
- The Group established a new brokerage house, Argo Securities, in partnership with former Kaupthing employees.
- Bank 1 Oslo saw good underlying loan growth but higher loan losses, resulting in a loss for the quarter.
Annika Falkengren, President & CEO of SEB, summarized the bank's annual report for 2012 in the following areas:
1. Business expansion with increased number of clients and credit portfolio in both large corporate and SME segments across Nordics and Germany.
2. Improved customer satisfaction ratings compared to peers for both large corporate and SME segments.
3. Increased operating leverage with higher average quarterly income and lower average quarterly expenses.
4. Strong balance sheet with capital and liquidity ratios exceeding requirements.
1) In the first half of 2012, Deutsche EuroShop saw a 15% increase in revenue and a 16% increase in EBIT compared to the same period in 2011, due to expansions of existing shopping centers and the addition of a new center to their portfolio.
2) Net income increased 20% and earnings per share increased as well, allowing the company to pay a dividend of €1.10 per share for 2012.
3) While some potential acquisition opportunities did not materialize, the company refinanced existing loans at better terms, contributing to positive financial results in the first half of the year.
The SGS Group posted a strong first semester performance with revenue growth of 15.1% over prior year to CHF 2.7 billion (constant currency basis), reflecting both organic revenue growth of 11.1% and the integration of twenty four recently acquired companies contributing an additional 4.0% in revenues.
Similar to Presentation of results Q1 2011 - SpareBank 1 Gruppen (20)
SpareBank 1 Gruppen reported strong financial results for 2017, with record profits for its life insurance subsidiary SpareBank 1 Forsikring AS.
Key highlights for 2017 include:
- Pre-tax operating profit of NOK 2.21 billion, up 10% from 2016.
- Record profit of NOK 836 million for SpareBank 1 Forsikring AS, the life insurance subsidiary, driven by strong premium growth and financial income.
- Continued strong insurance profitability and financial returns for SpareBank 1 Skadeforsikring AS, the non-life insurance subsidiary, with a pre-tax profit of NOK 1.31 billion.
- Higher operating
SpareBank 1 Gruppen reported another good quarter with pre-tax operating profits of NOK 580 million in Q4 2016. Key subsidiaries like SpareBank 1 Forsikring (life insurance) and SpareBank 1 Skadeforsikring (non-life insurance) continued profitable growth. Insurance results were favorable due to lower weather claims and run-off gains. ODIN Fund Management and receivables management also experienced growth in income, though ODIN saw lower earnings than 2015. Overall, the SpareBank 1 Alliance continues strong financial performance across its insurance, fund management, and financing businesses.
- SpareBank 1 Group reported a pre-tax operating profit of 385 million NOK for Q1 2016, an increase from 337 million NOK in Q1 2015. Return on equity was 12.8% for Q1 2016.
- The life insurance and property & casualty insurance subsidiaries reported increased risk and administration profits compared to Q1 2015, though the life insurance subsidiary reported lower net financial income.
- The property & casualty insurer reported an improved combined ratio of 87.9% for Q1 2016 compared to 99.2% in Q1 2015, driven by lower claims.
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Presentation of results Q1 2011 - SpareBank 1 Gruppen
1. 1st Quarter 2011
Q
Presentation of results
from SpareBank 1 Gruppen
Kirsten Idebøen, CEO
29 April 2011
2. Highlights
SPAREBANK 1 GRUPPEN
• Significantly improved profit for Q1
• Good return on equity of 12.4 (8.8) %
• Extensive restructuring in SpareBank 1 Livsforsikring has given tangible results
2
3. Significantly improved profit
Pre-tax profit Group* as of Q1, (MNOK)
162 • Pre-tax profit for Q1: MNOK 162 (131)
131 • Profit after tax for Q1: MNOK 152 (93)
• Annualised return on equity: 12.4 (8.8) %
87
68
• Capital adequacy ratio of 16.1 (20.3) %. Core
capital adequacy ratio of 12.6 (14.6) %
• The Group's total assets were NOK 41.3 billion,
compared to NOK 40.7 b ll
d billion at year-end 2010
d
2008 2009 2010 2011
* Comparison figures for 2008 and 2009 have been restated and do not include the Bank 1 Oslo Group
3
4. Improved profits in life and P&C insurance
Pre-tax profit per subsidiary as of Q1, (MNOK)
129
• Good investment result in SpareBank 1
Livsforsikring contributed to strongly improved
profit
92
– The life insurance company continued to build up
buffers throughout Q1
50 – Sufficient provisions for increased life expectancy
36
• Fewer winter-related claims in Q1 2011 reduced
14 12
15 claims ratio in SpareBank 1 Skadeforsikring
6
1
-1 • ODIN Forvaltning’s securities fund had NOK 33.4
billion in total assets
es
on
iv
de
subsidiarie
SB1 Li
SB1 Skad
correctio
– Up NOK 1.1 billion since year-end 2010
Group
ODIN
Other
– Result affected by high non-recurring costs
s
2010 2011
4
5. SpareBank 1
p
Livsforsikring
Strong investment result
contributes to good profit
5
6. SpareBank 1 Livsforsikring
Strong investment result contributes to g
g good profit
p
Development in risk result as of Q1
Pre-tax profit as of Q1, (MNOK) (MNOK)
129
92
87
92
69
63
24
-52
2008 2009 2010 2011 2008 2009 2010 2011
• Pre-tax result in Q1: MNOK 129 (92) • Net risk result: MNOK 69 (91)
• Investment result: MNOK 206 (69) in Q1 • Gross due premium income: MNOK 1,018
(981)
− CM: MNOK 696 (662)
• Provisions for increased life expectancy: − RM: MNOK 322 (319)
MNOK 33
• Administration result: MNOK -19 (-41) in Q1
6
7. SpareBank 1 Livsforsikring
Built up solid buffers
Buffer capital trend, per quarter (%)
Securities adjustment reserves per year
16.1 % (MNOK)
15.4 % 14.8 %
14.6
14 6 %
13.0 % 617
448
327
Q1 Q2 Q3 Q4 Q1
2010 2010 2010 2010 2011 2009 2010 Q1 2011
Core capital in excess of minimum Interim profit
Additional provisions Securities adjustment reserve
• Buffer capital including quarterly profits: 14.8 • Securities adjustment reserves: MNOK
(13.0) % 448 (454) in Q1
• Capital adequacy ratio: 19.2 (18.4) % • Total assets: NOK 26.2 billion, NOK 0.3
– Core capital adequacy ratio: 17.6 (15.6) % billion lower than at year-end 2010
• Estimated solvency margin: 295 (275) %
E ti t d l i
7
8. SpareBank 1 was the largest personal insurance provider
in Norway in 2010
Gross
New contracts
premium
SpareBank 1 32.9 % 22.3 %
Gjensidige 16.2 % 22.0 %
Storebrand 7.2 % 17.5 %
Nordea 17.7 % 12.5 %
Vital 2.5
25% 9.8
98%
Danica 4.5 % 6.1 %
Others* 19.0 % 9.8 %
* Other market players
New Gross
contracts premium
Frende 5.7 % 3.4 %
Terra 6.7 % 3.0 %
If 6.2 % 2.7 %
Personal insurance comprises products within Life insurance, disability insurance and disability capital.
Handelsbanken 0.4 % 0.7 %
New subscriptions and gross premium
Source: FNO market statistikk for 2010
8
9. SpareBank 1
Skadeforsikring Group
Improved results due to fewer winter-related claims
9
10. SpareBank 1 Skadeforsikring Group
Improved results due to fewer winter-related claims
winter related
• Pre tax
Pre-tax profit for Q1: MNOK 50 (36)
Pre-tax profit as of Q1, (MNOK)
– Insurance result: MNOK -30 (-53)
54
50
48 – Financial return of 1.1 (1.2) %
36
– Financial income: MNOK 95 (98)
• Total portfolio growth of MNOK 116, or
2.5 % since year-end 2010
– MNOK 37 from Unison Forsikring
2008 2009 2010 2011 – MNOK 79 from SpareBank 1
Skadeforsikring
– Total portfolio as of Q1 NOK 4.8 billion
48
• The NAF agreement has been established
and the first contracts sold
10
11. SpareBank 1 Skadeforsikring Group
Fewer winter-related claims reduced combined ratio in Q1
winter related
Net
N t combined ratio – quarterly (%)
bi d ti t l Net
N t combined ratio – cumulative (%)
bi d ti l ti
96.2 % 97.7 %
108.6 % 94.6 % 94.0 %
100.6 % 105.5 % 89.9 %
21.0 %
99.6 %
22.5 %
87.2 %
20.2 %
100.3 %
20 %
93.9 %
21.9 %
21.9 %
90.9 % 92.9 % 89.8 %
20.6 %
0.7
21.1 %
23.8 %
20.5 %
24.8 %
2
17.1 %
6
2
22.2 %
21.8 %
22.7 %
88.3 %
83.6 %
79.5 %
76.7 %
76.6 %
75.9 %
73.9 %
74.8 %
73.8 %
72.1 %
71.7 %
69.2 %
69.3 %
67.1 %
66.7 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2009 2009 2009 2009 2010 2010 2010 2010 2011 2005 2006 2007 2008 2009 2010
Net claims ratio Net cost ratio
Net claims ratio Net cost ratio
• Claims ratio as of Q1 2011 is lower than in Q1 2010,
but major losses and winter-related claims meant that
claims ratio still stayed h h
l ll d high
11
12. SpareBank 1 Skadeforsikring has the most
satisfied customers
• Norwegian customer barometer
g
survey shows SpareBank 1
Skadeforsikring has the industry's
most satisfied and loyal customers
• The company also ranked 12th in
customer satisfaction regardless of
the sector (out of 194 companies)
12
13. ODIN Forvaltning
g
Combination fund and new marketing profile
13
14. ODIN Forvaltning
Combination fund and new marketing profile
Pre-tax profit as of Q1, (MNOK)
• Pre-tax profit for Q1: MNOK 12 (14)
- Accounts charged with MNOK 8 in one-off
30
costs
• Profit after tax for Q1: MNOK 9 (11)
14
12
• Total
T t l assets of NOK 33 4 billion
t f 33.4 billi
- Up NOK 1.1 billion since year-end 2010
• Market h
M k t share of 10 6 % f equity fund as
f 10.6 for it f d
-7 per Q1, compared with 10.7 % at year-end
2008 2009 2010 2011 2010
• Market share of 3.2 % for newly acquired
combination fund
14
15. Argo Securities
g
The work on building a powerful capital
markets environment continues
15
16. Argo Securities
The work on building a p
g powerful capital markets environment
p
continues
Proactive recruitment in Argo Securities
• New recruitment will help achieve target market power
• The investments are expected to have significant result
effects throughout 2012
Shakeb Syed was appointed Argo Securities's new chief
economist
• Result as of Q1:
− Pre-tax: MNOK -3.4 (-2.7)
− After tax: MNOK -2.4 (-1.9)
• Increase in turnover
− Commission income on stocks and
derivatives: MNOK 12.1 (11.0)
− Debt capital markets: MNOK 5.8 (5.3)
− Corporate Finance: MNOK 10.9 (3.9)
16
17. SpareBank 1 Gruppen
p pp
Finans Group
Good performance in all business areas
within receivables management
17
18. SpareBank 1 Gruppen Finans Group
Good performance in all business areas within receivables
management
Pre-tax profit as of Q1, (MNOK)
2010 2011
7.2
• Pre-tax profit for Q1: MNOK 6.8 (3.7)
7.1
6.8 ― Lower losses and high factoring volume helped to
g
increased income in BA Factoring
― BA Portfolio's total portfolio volume as of Q1 was
MNOK 979, compared with MNOK 620 at year-end
3.7 2010
2.8
28
― Conecto AS and Actor Fordringsforvaltning were
merged into one company as of 1 January 2011
1.0 1.1
• Profit after tax for Q1: MNOK 4.5 (2.5)
(deb recovery)
Group**
B1G Finans
Annualised return on equity 6.3% (6.0%) for Q1
Conecto*
•
ortefølje
Factoring
BA
-1.6
BA
bt
SB
C
Po
*The debt collection company Conecto was acquired with accounting effect from 10th September 2010. The profit up to the acquisition date has been
recognised directly against equity in the group. The figure above shows proforma figures for 2010, i.e. the result as per Q1 2010 refers to Actor
g y g q y g p g p g , p Q
Fordringsforvaltning and Verdigjenvinning, including Conecto, in order to provide a more correct picture of operations in the company
**Pre-tax profit for SpareBank 1 Gruppen Finans Group also includes overheads and excess value amortisation
18
19. SpareBank 1 Gruppen Finans Group
SpareBank 1 Factoring consolidates its position as Norway's third
largest factoring company
SpareBank 1 Factoring:
Norway's third largest factoring company in Q1 2011 (%)
40.5 % 41.1 %
• SpareBank 1 Factoring had a total
39.5 %
37.7
37 7 % growth of 41 3 % from Q1 2010 to
41.3
Q1 2011
36.2 %
- The total market growth was 6.9
35.5 % 36.2 % 36.1 %
34.3 %
% in the same period
32.2 %
13.9 % 13.7 %
• Market share increased from 10.4 %
12.1 % 12.0 % 13.8 %
in Q1 2010 to 13.8 % in Q1 2011
13.0 % 12.6 %
11.0 % 11.5 %
10.4 %
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011
DnB NOR Finans SG Finans Nordea Finans SB1 Factoring
19
20. Outlook
SPAREBANK 1 GRUPPEN
• The effects of the completed restructuring measures are expected to produce
an improved administration result in SpareBank 1 Livsforsikring. The company
is on the offensive within personal insurance
• Profitable portfolio growth in SpareBank 1 Skadeforsikring
• The unique and robust business model in the SpareBank 1-alliance gives a
strategic advantage
20
23. 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
Argo SpareBank 1 ODIN
Securities Livsforsikring Forvaltning
(93.4%) (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 use of best practice
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 Akershus
23
24. SpareBank 1 Gruppen
Profit as of Q1 2011
Q1 Year
Figures in MNOK
g 2011 2010 2010
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 129.4 91.9 350.4
- SpareBank 1 Skadeforsikring Group 50.3 36.3 641.1
- ODIN Forvaltningg 11.9 14.4 64.6
- Argo Securities -3.4 -2.7 -57.6
- SpareBank 1 Medlemskort 3.1 3.4 11.1
- SpareBank 1 Gruppen Finans Group 6.8 -0.1 8.6
- Correction Group -0.9 15.1 17.6
Net result before tax from subsidiaries 197.1 158.2 1.036.0
Total operating costs (parent company) -27.7 -20.0 -7.6
Net investment charges (parent company) -7.1 -6.9 -43.2
Gains from sale of companies 0.0 0.0 0.0
Share of associated company 0.0 0.0 0.0
Pre
Pre- tax result 162.4 131.3 985.1
Taxes -10.5 -38.5 -153.6
Net result for the period 151.9 92.8 831.6
Majority interest 152.4 93.3 841.0
Minority interest -0.5
0.5 -0.5
0.5 -9.5
9.5
Q1 Year
Key figures 2011 2010 2010
Annualised return on equity 12.4 % 8.9 % 18.7 %
24
25. SpareBank 1 Gruppen
Quarterly results
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Figures in MNOK 2011 2010 2010 2010 2010 2009 2009 2009 2009
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 129.4 72.5 85.8 100.3 91.9 81.0 81.2 205.6 24.4
- SpareBank 1 Skadeforsikring Group 50.3 307.5 253.9 43.4 36.3 115.3 272.8 184.9 48.1
- ODIN Forvaltning 11.9 16.5 17.0 16.7 14.4 24.0 16.0 9.6 -7.5
- Argo Securities -3.4 -24.0 -29.0 -1.9 -2.7 -9.5 -14.6 -11.9 -12.9
- SpareBank 1 Medlemskort 3.1 1.9 2.7 3.3 3.4 0.7 1.8 4.1 5.6
- SpareBank 1 Gruppen Finans Group 6.8 6.6 -4.9 7.0 -0.1 2.3 3.9 11.0 5.3
- Correction Group -0.9 -6.3 -7.4 16.3 15.1 -8.6 12.0 -6.0 7.4
Net result before tax from subsidiaries 197.1 374.6 318.1 185.1 158.2 205.2 373.1 355.4 112.3
Total operating costs (parent company) -27.7 -16.5 40.7 -11.9 -20.0 -15.5 -13.2 -12.1 -13.3
Net investment charges (parent company) -7.1 -15.6 -11.4 -9.3 -6.9 -9.8 -2.1 -7.0 -17.3
Gains from sale of companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 29.2 0.0
Share of associated company 0.0 0.0 0.0 0.0 0.0 -2.8 0.0 8.4 5.1
Pre-tax
Pre tax result 162.4
162 4 342.5
342 5 347.4
347 4 163.9
163 9 131.3
131 3 177.2
177 2 357.7
357 7 373.8
373 8 86.8
86 8
Taxes -10.5 -18.5 -88.4 -8.3 -38.5 -9.3 -27.3 -131.4 -92.5
Net result for the period 151.9 324.0 259.1 155.6 92.8 167.9 330.4 242.4 - 5.7
Majority interest 152.4 327.9 263.9 155.9 93.3 169.6 333.1 244.6 -3.4
Minority interest -0.5
0.5 -3.9
3.9 -4.8
4.8 -0.3
0.3 -0.5
0.5 -1.7
1.7 -2.6
2.6 -2.1
2.1 -2.3
2.3
25
26. SpareBank 1 Livsforsikring
Profit as of Q1 2011
Q1 Year
Figures in MNOK 2011 2010 2010
Insurance risk income 335.8 315.3 1.292.6
Insurance risk claims -255.5 -209.3 -939.0
Risk result 80.2 106.0 353.6
Tecnical allocations -10.8 -14.2 -28.2
Risk result after tecnical allocations 69.4 91.8 325.4
Fees 170.7 146.3 637.9
Expenses, exclusive comissions -129.7 -131.2 -589.2
Comissions
C i i -59.8
59 8 -55.9
55 9 -235.6
235 6
Administration result -18.7 -40.8 -186.9
Net investment income 319.1 176.3 764.3
Guaranteed interest to policyholders -113.3 -107.0 -447.0
Investment result 205.8 69.3 317.3
Reserves
R -33.0
33 0 -12.0
12 0 -45.3
45 3
Investment result after reserves 172.8 57.3 272.0
Compensation guaranteed interest 5.4 5.2 29.9
Result before additional provisions 228.8 113.6 440.4
Undistributed profits to customers -118.9 -42.2 -161.7
Return
Ret n on company's assets
compan 's 19.5
19 5 20.5
20 5 71.6
71 6
Net profit to owner before tax 129.4 91.9 350.4
Taxes 0.5 0.0 -60.2
Net profit/loss for the period 129.9 91.9 290.2
Key figures Q1 Year
2011 2010 2010
Capital adequacy ratio 19.2 % 18.4 % 19.3 %
Buffer capital in % of insurance provisions 14.8 % 13.0 % 14.6 %
The company's accounts did not show taxes in 2010 since the deferred tax assets were not included in accordance with the IAS 12 accounting standard.
26
27. SpareBank 1 Livsforsikring
Profit by portfolio as of Q1 2011
Previously
Group established Investment choice Company
Figures in MNOK portfolio individual products portfolio portfolio Total
Risk result 75.0 3.6 -9.2 0.0 69.4
Administration result 18.1 -10.4 -26.5 0.0 -18.8
Net investment result 137.9 63.5 3.7 0.7 205.8
Reserves - long life 0.0 -33.0 0.0 0.0 -33.0
Compensation interest guarantee 5.4 0.0 0.0 0.0 5.4
Transferred to policyholders -99.9 -18.9 -0.1 0.0 -118.9
Return on company's assets
company s 0.0
00 0.0
00 0.0
00 19.5
19 5 19.5
19 5
Sum 136.5 4.8 -32.1 20.2 129.4
27
28. SpareBank 1 Livsforsikring
Premium income trends as of Q1 2011
Q1 Year
Figures in MNOK 2011 2010 2010
Individual annuity and pension insurance 73.1 75.2 306.7
Individual endowment insurance 138.5 126.9 519.1
Group pension insurance 242.7 252.1 549.5
Individual life insurance 48.0 44.5 183.1
Group life insurance 217.5 209.8 587.7
Unit Linked - Annuity 10.7 13.7 46.6
Unit Linked - Endowment 51.6 59.0 237.0
Defined contribution pension 236.2 200.0 864.2
Total gross due premium income 1.018.2 981.3 3.293.8
Premium reserves transferred from other companies 142.0 80.8 352.5
Reinsurance ceded -40.2 -43.5 -152.0
Premium income for own account 1.120.0 1.018.6 3.494.2
28
29. SpareBank 1 Livsforsikring
Asset allocation by portfolio
As of 31 03 11 (31.12.10)
31.03.11 (31 12 10)
Group portfolio Company portfolio Investment choice portfolio
14.6 (14.8) % 0.1 (0.1) % 0.7 (-1.6) %
34.7 (34.8) % 40.2 (39.0) %
-0.4 (0.9) % 21.3 (21.0) %
28.9 (28.0) % 22.2 (21.5) %
49.5 (48.4)
49 5 (48 4) % 28.4 (28.8)
28 4 (28 8) % 59.8 (61.0)
59 8 (61 0) %
Stocks Other
0.0 (0.0) %
Stocks Other
Real estate Bonds - amortized cost
Real estate Bonds - amortized cost
Bonds - market value
Bonds - market value Stocks Other Bonds
NOK 15.6 (16.0) billion NOK 3.0 (2.8) billion NOK 6.8 (6.7) billion
29
30. SpareBank 1 Livsforsikring
Value adjusted return for customer portfolios with guarantee as of Q1
V l dj t d t f t tf li ith t f
(excluding property value change)
Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1
2010 2011 2010 2011 2010 2011 2010 2011
7.1
71
6.8
6.4
5.7
Percent
1.7
1.5
1.3
1.1
SpareBank 1 Storebrand Vital Nordea
30 Source: company presentations
32. SpareBank 1 Livsforsikring
Return on ordinary customer portfolio with guarantee as of
y p g
31.03.11
Percent
Norwegian shares 0.3
Foreign shares 2.1
Money market 0.6
Norwegian bonds 0.0
Foreign bonds 0.8
08
Held to maturity 1.3
Real estate 1.7
32
33. SpareBank 1 Livsforsikring
Balance sheet as of Q1 2011
Q
Q1 Year
Figures in MNOK 2011 2010 2010
Intangible assets 53 36 42
Investments 3.013 2.750 2.862
Reinsurance's part of insurance obligations 223 223 221
Accounts receivable 134 254 153
Other assets 215 189 335
Prepayed liabilities and accrued income 2 0 0
Investments group portfolio 15.786 15.775 16.169
Investments options portfolio 6.788
6 788 5.992
5 992 6.701
6 701
Total assets 26.215 25.218 26.483
Paid in capital 1.602 1.243 1.602
Other equity 516 489 386
Subordinated loan capital
p 400 525 400
Insurance obligations - contractual 15.776 15.813 16.127
Insurance obligations - investment options 6.895 6.082 6.805
Provisions for obligations 131 88 144
Premium deposits from reinsurance companies 135 130 134
Other
Othe obligations 659 771 764
Accrued liabilities, prepaied income 101 78 120
Total liabilities and equity 26.215 25.218 26.483
33
34. SpareBank 1 Skadeforsikring
Profit as of Q1 2011
Q1 Year
Figures in MNOK 2011 2010 2010
Gross written premium 1.553.3 1.325.2 4.731.8
Net earned premium 1.100.8 965.4 4.184.4
Net incurred claims -920.7 -852.5 -3.208.5
Net insurance operating costs -241.1 -195.1 -880.6
Other insurance income/costs 4.5 -0.4
0.4 132.0
Changes in other technical reserves 26.5 29.9 39.6
Operating result before finance -29.9 -52.8 266.9
Net financial income 95.1 97.6 432.7
Other costs 0.0 -1.0 -2.7
Result before changes in security reserve
R lt b f h i it 65.1
65 1 43.8
43 8 696.9
696 9
Changes in security reserve -14.8 -7.5 -55.8
Pre-tax profit 50.3 36.3 641.1
Taxes -10.5 5.4 -60.1
Net profit/loss for the period 39.8 41.7 581.1
Key figures Q1 Year
Figures in percentage 2011 2010 2010
Claims ratio net
ratio, 83.6
83 6 % 88.3
88 3 % 76.7
76 7 %
Cost ratio, net 21.9 % 20.2 % 21.0 %
Combined ratio, net 105.5 % 108.5 % 97.7 %
Capital adequacy ratio 30.3 % 32.6 % 32.5 %
34
35. SpareBank 1 Skadeforsikring
Allocation of financial assets
As per 31.03.11
(31.12.10)
66.3 (65.6) %
Bonds held as current assets
11.0 (11.1) %
Bonds held to maturity
Real state
Stocks
Hedgefond
13.7 (14.1) %
9.0 (9.1) %
0.1 (0.1) %
NOK 8.7 (8.5) billion
35
36. ODIN Forvaltning
Profit as of Q1 2011
Q1 Year
Figures in MNOK 2011 2010 2010
Management fees
g 86.8 78.3 317.9
Total operating income 86.8 78.3 317.9
Salaries 29.2 25.6 104.2
Depreciations 3.9 3.9 14.8
Other operating costs 42.5
42 5 34.6
34 6 137.8
137 8
Total operating costs 75.6 64.1 256.8
Operating profit 11.2 14.2 61.1
Net financial income 0.7 0.3 3.6
Pre-tax profit 11.9 14.4 64.6
Taxes 3.3 3.9 19.3
Net profit/loss for the period 8.6 10.5 45.3
36