1st half-year and 2nd quarter 2011

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1 1st half-year and 2nd quarter Q2 Presentation of results From SpareBank 1 Gruppen Kirsten Idebøen, CEO August 10th

2 Good underlying earnings improvement marred by weak equity markets and flood damage Group pre-tax profit* (MNOK), quarterly Pre-tax profit for 1 st half-year was MNOK 308 (295). Pre-tax profit for Q2 was MNOK 145 (164) Non-recurring effects in 2010 related to pensions, as a result of winding up surviving spouse and children s pension and the discontinuation of the old Q2 early retirement pension (AFP), totalling MNOK 45.8 and MNOK 38.5, respectively, MNOK 69 of which was in Q2 Q Profit after tax for 1 st half-year was MNOK 249 (248) Profit after tax in Q2 was MNOK 97 (156) 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) % Group's total assets were NOK 41.5 billion, compared with NOK 40.7 billion at year-end * Comparison figures for 2008 and 2009 have been restated and do not include the Bank 1 Oslo Group

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 H2010 1H Good portfolio growth provides increased premium income for P&C insurance. Improved financial result, but weaker insurance result High non-recurring costs in ODIN Forvaltning. Total assets under management declined by NOK 2.2 billion Factoring and the debt recovery business performed well, but marred by increasing pressure on margins v SB1 Li e SB1 Skad ODIN s SB1G Finan SB1 Market ts Higher costs in SB1 Markets as a consequence of planned new recruitment 3

4 SpareBank 1 Skadeforsikring Group Good portfolio growth in 1 st half-year. Improved financial results 4

5 SpareBank 1 Skadeforsikring Group Good portfolio o o growth in 1 st half-year. Improved financial a results Pre-tax profit, quarterly (MNOK) 207 Total portfolio of NOK 5 billion. A growth of MNOK 277, or 5.9 %, since end of 2010 MNOK 97 from Unison Forsikring Q11k 1.kvQ2 2k 2.kv MNOK 180 from SpareBank 1 Skadeforsikring Pre-tax profit was MNOK 107 (80) for 1 st 56 half-year and MNOK 56 (43) in Q2 Insurance result*: MNOK -22 (23) and MNOK 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 * Insurance result for includes Unison Forsikring and Skandia Lifeline 5

6 SpareBank 1 Skadeforsikring Group Fewer winter-related related claims this year, marked, however, by large claims in Q1 and flood damage in Q2 Net combined ratio quarterly (%) Net combined ratio annual (%) % 99.6 % 93.9 % 90.9 % 22.2 % 21.8 % 24.8 % 20.2 % 92.9 % 89.8 % % % % % 22.7 % 23.8 % 21.9 % 22.4 % 87.2 % 89.9 % 94.6 % 94.0 % 96.2 % 97.7 % 71.7 % 69.2 % 74.8 % % 75.9 % 67.1 % % % 79.4 % 66.7 % 20.5 % 20.6 % 20.7 % 21.9 % 22.5 % 21.0 % 69.3 % 73.9 % 72.1 % 73.8 % 76.7 % Q Q Q Q Q Q Q Q1 Q2 Net claims ratio Net cost ratio Adjusted for recognition of income from a non-recurring effect related to pensions in 2010, 1.0 percentage point of the increase in the cost ratio is 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 costs 6

7 SpareBank 1 Livsforsikring Significant improvement in the administration result 7

8 SpareBank 1 Livsforsikring Significant improvement in year-to-date administration result Pre-tax profit (MNOK), quarterly Risk result trend (MNOK) Q1 Q2 Year-end 325 1sthalf half-year Pre-tax profit of MNOK 238 (192) for 1 st half- Risk result after technical provisions reduced by year and MNOK 109 (100) in Q2 higher disability compensations: MNOK 140 (189) for 1 st half-year Administration result: MNOK -43 (-81) for 1 st MNOK 70 (97) for Q2 half-year and MNOK -24 (-40) in Q2 Gross premium income: MNOK 1,758 (1,719) Investment result: MNOK 314 (198) for 1 st halfyear CM: MNOK 1,119 (1,076) and MNOK 108 (129) in Q2 RM: MNOK 639 (643) Value of real estate assets reduced by MNOK 41 in Q2 8

9 SpareBank 1 Livsforsikring Solid buffers Buffer capital trend, quarterly (%) 15.4 % 16.1 % 14.6 % 15.2 % 14.0 % Securities adjustment reserve, annual (MNOK) Q2 Q3 Q4 Q1 Q Core capital in excess of minimum Additional provisions Interim profit Securities adjustment reserve Buffer capital including quarterly profit: 14.0 (15.4) % Total assets: NOK 26.2 billion, NOK 0.3 billion lower than at the end of 2010 Securities adjustment reserve: MNOK 326 (221) H Capital adequacy ratio: (22.1) % Term subordinated loan capital of MNOK 200 was redeemed in June The net liable capital consists of core capital Estimated solvency margin: 268 (322) % 9

10 SpareBank 1 Forsikring Allocation of financial assets by yp portfolio as at 30/06/11 / (31/12/10) / SB 1 Livsforsikring SB 1 Skadeforsikring Group Group portfolio 14.7 (14.8) % 34.9 (34.8) % 09(09)% 0.9 (0.9) Company portfolio -3.3 (-1.6) % 0.1 (0.1) % 24.3 (21.0) % 0.1 (0.1) % 9.2 (9.4) % 13.2 (13.6) % 10.5 (10.6) % 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) billion 10

11 SpareBank 1 Forsikring Market unrest - consequences SB 1 Livsforsikring The fall in prices and rates up to now is completely covered by the securities adjustment reserve, and the fall will only have a limited effect on the results in the financial statements. The share percentage was 14.7 % or NOK 2.3 billion as at 30 June No adjustments have yet been made to the portfolio The company's 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, are fully exploited SB 1 Skadeforsikring Group The insurance company's investment strategy has been stable in recent years. The share percentage was 9.2 %, or MNOK 844, as at 30 June No changes to the insurance company's investment strategy have been considered, and the company has therefore not made any special adjustments after the recent turbulence in the market Whether the portfolio should be adjusted d is assessed on an ongoing basis. Taking the owner's profit and equity into account is a key component of these assessments 11

12 ODIN Forvaltning Good new sales of combination funds 12

13 ODIN Forvaltning Good new sales of combination funds 30 Pre-tax profit (MNOK), quarterly 29 Q1 Q2 Pre-tax profit for 1 st half-year: MNOK 24 (30) Results are still affected by high non-recurring costs, most of which were recognised in Q1 Profit in Q2 of MNOK 12 (17) Total assets of NOK 30.1 billion - Down NOK 2.2 billion since the end of Equity fund market share of 9.99 % as of June, compared with 10.7 % at the end of 2010 Combination fund market share of 3.5 % for 1 st half-year 13

14 SpareBank 1 Gruppen Finans Group Growth in factoring and the debt recovery business, but pressure on the margins 14

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 profit for 1 st half-year: MNOK 9.8 (6.9)* 1H H Reduced losses in 1 st half-year have contributed to improved profit in BA Factoring, but the company is experiencing pressure on the margins BA Portfolio had a total portfolio volume of MNOK 964 as of June, compared with MNOK 620 at the end of Book value of MNOK Conecto AS's volume of business has shown a slightly rising trend over the past 12 months Factorin ng Portfoli io Conecto o* (debt recove ery) SB1G Group F p** *Conecto was acquired with accounting effect from 10 September The profit up until the acquisition date has been entered directly against the Group s equity. **Pre-tax profit for SpareBank 1 Gruppen Finans Group also includes overhead costs and excess value amortisation. 15

16 SpareBank 1 Markets Building up a leading capital market environment is progressing according to plan 16

17 SpareBank 1 Markets Reason for this initiative Income as a percentage of total assets from the capital market in 2010: Composition of DnB NOR Markets' income for 2010:* DnB Nor Nordea Handelsbanken Danske bank SpareBank 1 Alliance 0.07% 0,07 0,22 0,21 0, % 0.21 % 0.25 % 0.29 % 0, % - Potential for over NOK 1 billion given the level of Nordic peers 7% 17% 4% 25% 72% 25% 22% Other market making/trading revenues Income from the liquidity portfolio FX, interest rate and commodity derivatives Securities service Corporate Finance Investment products The SpareBank 1 Alliance, which is Norway's second largest financial group, has a significant earnings potential in the capital market area 17 * Source: Annual Accounts 2010, DnB NOR - Minimum i of 72 % of the income can be attributed to the bank's comparative advantages; use of its balance sheet A bank balance sheet has a comparative advantage, which may entail a restructuring of the broker industry over time

18 SpareBank 1 Markets Building up a leading capital market environment is progressing g according to plan Operative matters AgoSec Argo Securities changed its name to SpareBank 1 Markets The recruitment work has basically been completed and the organisation will be operative in The acquisition of UB Securities in London provides access to international investment environments Results Pre-tax loss for 1 st half-year: MNOK -26 (-5) Pre-tax loss in Q2: MNOK -22 (-2) Revenue: - 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 Alliance 18

19 Future outlook SPAREBANK 1 GRUPPEN Anticipates i t continued good growth for the most important t companies in SpareBank 1 Gruppen Growth increases the costs in the short term, but it also provides a good foundation for increased future earnings Increased volatility in the financial markets entails greater uncertainty for the financial results, which represent esent a significant part of SpareBank 1 Gruppen's value creation SpareBank 1 Gruppen is well equipped to meet the new capital requirements 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 income 19

20 Norway's savings bank 20 20

21 Appendix 21

22 SpareBank 1 Alliance SpareBank 1 SR-Bank (19.5%) SpareBank 1 SMN (19.5%) SpareBank 1 Nord-Norge (19.5%) Sparebanken Hedmark (12%) Samarbeidende Sparebanker (19.5%) LO (Trade Union) (10%) SpareBank 1 Gruppen AS SpareBank 1 Markets (96.1%) SpareBank 1 Livsforsikring (100%) ODIN Forvaltning (100%) Alliance Cooperation SpareBank 1 Medlemskort (100%) (Bank-owned companies) SpareBank 1 Gruppen Finans (100%) Conecto (100 %) SpareBank 1 Boligkreditt EiendomsMegler 1 BNbank SpareBank 1 Oslo og Akershus SpareBank 1 Skadeforsikring (100%) Unison Forsikring (100%) Broad cooperation - Technology - Brand/communication -Expertise - Common processes and application of best practices - Purchasing Regional competence centres - Payment services: Trondheim - Credit: Stavanger - Training: i Tromsø 22

23 SpareBank 1 Gruppen Profit for 1 st half-year Half year Year Figures in MNOK Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring SpareBank 1 Skadeforsikring Group ODIN Forvaltning SpareBank 1 Markets SpareBank 1 Medlemskort SpareBank 1 Gruppen Finans Group Correction Group Net result before tax from subsidiaries ,036.0 Total operating costs (parent company) Net investment charges (parent company) Pre-tax result Taxes Net result for the period Majority interest Minority interest Half year Year Key figures Annualised return on equity 10.1 % 11.9 % 18.7 % 23

24 SpareBank 1 Gruppen Quarterly profits Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Figures in MNOK Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring SpareBank 1 Skadeforsikring Group ODIN Forvaltning SpareBank 1 Markets SpareBank 1 Medlemskort SpareBank 1 Gruppen Finans Group Correction Group Net result before tax from subsidiaries Total operating costs (parent company) Net investment charges (parent company) Pre-tax result Taxes Net result for the period Majority interest Minority interest

25 SpareBank 1 Livsforsikring Profit for 1 st half-year Q2 Q1 Q2 Half year Year Figures in MNOK Insurance risk income ,292.6 Insurance risk claims Risk result Tecnical allocations Risk result after tecnical allocations Fees Expenses, exclusive comissions Comissions Administration result Net investment income Guaranteed interest to policyholders Investment result Reserves Investment result after reserves Compensation guaranteed interest Result before additional provisions Undistributed profits to customers Return on company's assets Net profit to owner before tax Taxes Net profit/loss for the period Key figures Half year Year 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 allocated 25

26 SpareBank 1 Livsforsikring Profit by portfolio for 1 st half-year Figures in MNOK Group portfolio Previously established individual products Investment choice portfolio Company portfolio Total Risk result Administration result Net investment result Reserves - long life Compensation interest guarantee Transferred to policyholders Return on company's assets Sum

27 SpareBank 1 Livsforsikring Premium income trends for 1 st half-year Q2 Q1 Q2 Half year Year Figures in MNOK Individual annuity and pension insurance Individual endowment insurance Group pension insurance Individual life insurance Group life insurance Unit Linked - Annuity Unit Linked - Endowment Defined contribution pension Total gross due premium income , , , ,293.8 Premium reserves transferred from other companies Reinsurance ceded d Premium income for own account , , , ,

28 SpareBank 1 Livsforsikring Asset allocation by portfolio As at 30/06/11 (31/12/10) Group portfolio Company portfolio Investment choice portfolio 34.9 (34.8) % 14.7 (14.8) % 0.9 (0.9) % 0.1 (0.1) % -3.3 (-1.6) % 24.3 (21.0) % 42.3 (39.0) % Stocks Real estate Bonds - market value 27.9 (28.0) % 21.6 (21.5) % 59.8 (48.4) % 19.0 (28.8) % (61.0) % 0.0 (0.0) % Other Bonds - amortized cost Stocks Real estate Bonds - market value Other Bonds - amortized cost Stocks Other Bonds NOK 15.6 (16.0) billion NOK 2.6 (2.8) billion NOK 6.8 (6.7) billion 28

29 SpareBank 1 Livsforsikring Return on customer portfolios with guarantee at the end of the quarter Value-adjusted return, excluding property value change: Booked return: Q1 Q2 Q1 Q2 2.7 Q1 Q2 2.1 Q1 2.5 Q2 Q1 Q2 3.5 Q1 Q2 2.6 Q1 Q2 3.3 Q1 Q2 3.0 t Percen Perce ent SpareBank 1 Storebrand Vital Nordea SpareBank 1 Storebrand Vital Nordea 29 Source: company presentations

30 SpareBank 1 Livsforsikring Return on ordinary customer portfolio with guarantee as at 30/06/ Percent Norwegian shares -5.9 Foreign shares 0.9 Money market 1.6 Norwegian bonds 1.8 Foreign bonds held to maturity 2.6 Real estate

31 SpareBank 1 Livsforsikring Balance sheet for 1 st half-year Half year Year Figures in MNOK Intangible assets Investments 2,569 2,929 2,862 Reinsurance's part of insurance obligations Accounts receivable Other assets Prepayed liabilities and accrued income Investments group portfolio 15,782 15,696 16,169 Investments options portfolio 6,782 5,881 6,701 Total assets 25,811 25,072 26,483 Paid in capital 1,602 1,602 1,602 Other equity Subordinated loan capital Insurance obligations - contractual 15,719 15,551 16,127 Insurance obligations - investment options 6,894 5,970 6,805 Provisions for obligations Premium deposits from reinsurance companies Other obligations Accrued liabilities, prepaied income Total liabilities and equity 25,811 25,072 26,483 31

32 SpareBank 1 Skadeforsikring Group Profit for 1 st half-year Q2 Q1 Q2 Half year Year Figures in MNOK Gross written premium 1, , , , , ,731.8 Net earned premium 1, , , , , ,184.4 Net incurred claims , , ,208.5 Net insurance operating costs Other insurance income/costs Changes in other technical reserves Operating result before finance Net financial income Other costs Result before changes in security reserve Changes in security reserve Pre-tax profit Taxes Net profit/loss for the period Key figures Q2 Q1 Q2 Half year Year Figures in percentage 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 % % % % % % Capital adequacy ratio 29.0 % 27.6 % 32.5 % 32

33 SpareBank 1 Skadeforsikring Group Allocation of financial assets As at 30/06/ (31/12/10) 67.1 (66.3) % Bonds held as current assets Bonds held ldto maturity Real state Stocks Hedgefond 10.5 (10.6) % 13.2 (13.6) % 0.1 (0.1) % 9.2 (9.4) % NOK 9.2 (8.9) billion 33

34 ODIN Forvaltning Profit for 1 st half-year Q2 Q1 Q2 Half year Year Figures in MNOK Management fees Total operating income Salaries Depreciations Other operating costs Total operating costs Operating profit Net financial income Pre-tax profit Taxes Net profit/loss for the period

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