REPORT for 1 st QUARTER 2014 CONSOLIDATED

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1 REPORT for 1 st QUARTER 2014 CONSOLIDATED 1

2 VARDIA INSURANCE GROUP ASA - CONSOLIDATED HIGHLIGHTS Vardia ASA experienced a first quarter with all-time-high sales and a strong growth Gross written premiums in the 1 st quarter 2014 were NOK 281 million, an increase of 108% compared to the 1 st quarter 2013 Average new sales per month NOK 83.4 million in 1 st quarter 2014, an increase of 22.0% from 1 st quarter 2013 The Groups gross loss ratio was 83.9% for the quarter, and the loss ratio for own account was 81.1%. Comparable figures per were 95.4% and 105.6%. The loss ratio is on plan for the Group The cost ratio f.o.a. for the Group was 59.5% for the quarter, down from 69.1% for the whole The Company is making significant investments in organization and systems in order to facilitate growth Net loss for the quarter was NOK 9.9 million The Board is satisfied with the performance of the Group during the quarter. The listing of Vardia shares on the Oslo Stock Exchange on April 8 th represents an important milestone for the Group. The Board expects Vardia Group to show a profit towards the end of the year KEY FIGURES (consolidated) In NOK thousands Gross revenue Gross premiums written Gross premiums earned Premiums earned f.o.a Incurred claims f.o.a Operating expenses for own account Other income/expenses Techn. result before changes in sec.reserves * Net financial income Operating result Changes in security reserves etc Profit/Loss before tax Total profit/loss for the year (after tax) * figures are ex. allocated return on investment transferred from the non-technical account Gross loss ratio 83,9 95,4 86,5 Gross cost ratio 32,8 14,6 31,9 Gross combined ratio 116,6 110,0 118,4 Loss ratio f.o.a. 81,0 105,6 93,6 Cost ratio f.o.a. 59,5-6,0 69,1 Combined ratio f.o.a. 140,4 99,6 162,7 Solvency capital Capital adequacy 37 % 32 % 28 % Solvency margin 265 % 174 % 156 % Profit/Loss after tax per share -0,37-0,09-2,74 Profit/Loss after tax per share diluted -0,35-0,09-2,68 2

3 The Company and its business Vardia is a Norwegian insurance group serving the private and commercial market in the Scandinavian countries. The Company was established in 2009 and obtained its own insurance license in Vardia started to write premiums for its own account in Sweden in 2011, Norway in 2012, and Denmark in The Company is still in an early stage, making significant investments in organization and systems in order to facilitate further growth. Vardia has two main distribution channels: direct sales and through partners. The Company also distributes through agents and brokers, and expects that channel to grow within commercial lines. An important milestone was reached on April 8 th, when Vardia was listed at Oslo Stock Exchange. By the end of the 1 st quarter 2014, the Group had more than 400 employees throughout the Scandinavian countries and offices in the following locations in Norway: Oslo, Sortland, Hamar, Porsgrunn, Molde and Lysaker. In Sweden it has offices in Stockholm, Luleå, Skellefteå and Sundsvall. In Denmark, the company is established in Copenhagen. The Group s head office is in Oslo. Vardia has focus on continued development of the employees strong professional expertise to meet the customers needs and being an attractive employer. Vardia Försäkring AB in Sweden, was in April 2014 awarded the future employer in the insurance industry by Risk and Försäkring in collaboration with IFU. Premium income Vardia continues to achieve strong and consistent growth. In 1 st quarter 2014 gross premiums written was NOK million compared to NOK million in 1 st quarter last year. This represents an increase of 108%. Gross earned premiums for the same period was NOK million, an increase of 207.8%. Premiums earned for own account as at 31 st March 2014 aggregated NOK 45.9 million, which is a growth of 210.9%. Gross premiums written during the quarter is divided between Norway with NOK million (61%) and Sweden with NOK million (39%). During the quarter, the Company s average monthly new sales was NOK 83.4 million, an increase of about 22.0% compared to the same period last year. Customer satisfaction is important for Vardia, and the Company aims to maintain the renewal rate of better than 85% in the years to come. As at 31 st March 2014, private insurance accounted for 73% and commercial insurance of 27%. At the end of March, Vardia has more than customers. Results and allocation Vardias operating result before changes in minimum security reserve was a loss of NOK 10.2 in the quarter, compared to a loss of NOK 0.8 million during the same period last year. The gross loss ratio in the 1 st quarter of 2014 was 83.9%, while the loss ratio for own account was 81.0%. This represents a significant and planned improvement over the 1 st quarter 2013, when the corresponding ratios were 95.4% and 105.6% respectively. The development in loss ratio is on plan for the Group. Gross loss reserve was NOK million, of which NOK million was IBNR-reserved calculated by the Group s actuary. The cost ratio f.o.a. for the 1 st quarter 2014 was 59.5%, compared to 69.1% for the whole year The high cost ratio is in line with plans and reflects the fact that the Group is in an early stage, where large initial investments have been taken to prepare the Group for the expected growth. Net financial income during the quarter was NOK 0.6 million. Vardia pursues a conservative investment policy, with all liquid assets deposited in various local banks. Other income, mainly commission on agency agreements, was NOK 7.7 million. Security reserves have been increased by NOK 3.3 million during the quarter. Group result before tax was a loss of NOK 13.5 million, and the result after tax was a loss of NOK 9.8 million. Total loss for the quarter, NOK 9.9 million, has been allocated to equity. 3

4 Vardia ASA, the insurance company in the Group, reported a loss after tax of NOK 15.5 mill for the 1 st quarter Capital/cash flow Net cash flow from operational activities was negative NOK 38.7 million, and net cash flow from investment activities was negative NOK 9.2 million during the quarter. Cash and cash equivalents declined NOK 47.9 million during the quarter to NOK 83.1 million. The reinsurers share of gross technical reserves were NOK million on March 31 st, 2014, compared to NOK million on March 31 st, In January 2014 Vardia issued shares (nominal value 0,02) as settlement of the purchase of the insurance agent, Rein Forsikring AS. This represented 1.2% of shares outstanding at the time. As preparation for the listing on the Oslo Stock Exchange in April, Vardia did a reverse split 1 for 4 and then issued shares in a placing, increasing the number of shares outstanding to shares. The placing was undertaken at NOK 30/share investors participated in the placing, increasing the number of shareholders to approximately During the subsequent six weeks, a number of shareholders have sold their shares, bringing the current number of shareholders by 21 st May to around Net proceeds from the placing, NOK 162 million, is included as equity on 31 st March, The subscribed capital was payable on April 3, and the net proceeds is accounted for as Other receivables. The equity placing was done to support the continued expansion of the Group, and to meet regulatory solvency requirements. On 31 st March 2014, solvency capital for the Group was NOK million, and solvency margin was 264.9%. The Group s capital ratio was 36.6%. The minimum regulatory requirement for capital adequacy is 8%. Vardia ASA, the insurance company in the Group, had a solvency margin of 351.7% and a capital ratio of 43.7% at the end of the quarter. The subsidiaries Vardia Forsikring AS, Vardia Försäkring AB, Vardia Agencies AS, Vardia Forsikringsagentur A/S, Saga Forsikring AS and Rein Forsikring AS are all held in Vardia ASA s balance sheet at cost. During 1 st quarter 2014, the Group s total assets increased from NOK 1,017.4 million to NOK 1,519.1 million. The increase is explained by the growth of the insurance portfolio and equity capital issues. Preparations Solvency 2 Vardia Insurance Group ASA, will as part of its risk management system, conduct a self-assessment of risk and capital situation in line with the Solvency 2 Directive 2009/138/EC Article 45 (Own Risk and Solvency Assessment - ORSA process). The Board expects to adopt the final ORSA report during the 2 nd quarter Future developments Vardia performance during the 1 st quarter 2014 is as expected. The sales performance during the quarter, with average monthly sales of NOK 83.4 million, confirms earlier assumptions about the Group s ability to grow. Another element of the growth-plan is to build customer satisfaction to the extent that a renewal rate can be maintained at 85% or better. With the acquisition of Saga Forsikring AS in December last year, Vardia took an important step to increase its presence in the market for small and medium sized commercial business. The Board expects the SME business to contribute significantly to the overall premium growth in the years to come. It is well known in the insurance industry that it takes some time for a new company to achieve a sustainable combined ratio. The current claims ratio for the Group is in line with the expectations. The highly intensive investment period for Vardia is decreasing, and as premium income grows, the cost ratio will continue to fall. 4

5 The Board is satisfied with the underlying development of the business, and the execution of the current business plan. The Board expects that the Group will be able to report a profit towards the end of the year. Oslo, 21 st May 2014 The Board of Directors of Vardia Insurance Group ASA 5

6 Vardia Insurance Group ASA (NOK 1,000) Consolidated income statement Note Premium income Gross premiums written Ceded reinsurance premiums Premiums written for own account Change in premium reserves gross Reinsurance share Premiums earned for own account Allocated return on investment transferred from the non-technical account Oher insurance-related income Claims 2 Gross claims paid Reinsurance share Change in gross claims reserve Reinsurance share Claims incurred for own account Operating expenses Sales costs Insurance-related administration costs Commission received Total operating expenses for own account Technical result before changes in security reserve etc Change in security reserve etc. Change in security reserve Total change in security reserve etc Technical result Net financial income Interest income and dividends etc. on financial assets Interest costs Total financial income Allocated return on investment transferred to the technical account Non-technical result Profit before tax Tax Profit before components of comprehensive income Other income and expenses Revaluations Exchange rate differences Actuarial gains and losses on pensions Tax on other result components Total other income and expenses Profit for the year

7 Consolidated statement of financial position Vardia Insurance Group ASA (NOK 1,000) Note Assets Goodwill Other intangible assets Deferred tax benefit Plant and equipment Financial assets Investments in shares and parts Reinsurance share of gross technical reserves Receivables in connection with direct insurance and reinsurance Other receivables Prepaid costs and earned income not received Cash and cash equivalents Total assets Equity and liabilities Share capital Subscribed but unregistered capital Share premium Other paid-in-equity Other equity Provision for Natural Perils Fund Provision for Guarantee scheme Total equity Provision for liabilities Gross premium reserve Gross claims reserve Other technical provisions Pension liabilities Financial liabilities Other liabilities Liability for current tax Liabilities in connection with direct insurance and reinsurance Accrued costs and received unearned income Total liabilities Total equity and liabilities

8 Statement of cash flow - consolidated In NOK thousands Q Q Net cash flow from operational activities Net cash flow from investment activities Net cash flow from financial activities Net change in cash and cash equivalents Cash and cash equivalents as at 1 Jan Cash and cash equivalents as at 31 March Net cash flow for the period Specification of cash and cash equivalents Cash in hand and bank Total cash and cash equivalents

9 Statement of changes in equity - consolidated (NOK 1,000) Share capital Share premium Other equity Other earned equity Natural perils fund Guarantee scheme Total Equity as at 1 st January Subscribed equity, paid Changes in provisions in 1 qrt Profit before OCI Foreign exchange gains/losses Equity as at 31 st March Equity as at 1 st April Increase in equity in 2 nd qrt Changes in provisions in 2 nd qrt Profit before OCI Foreign exchange gains/losses Equity as at 30 th June Equity as at 1 st July Subscribed equity, paid Changes in provisions in 3 rd qrt Profit before OCI Foreign exchange gains/losses Equity as at 30 th September Equity as at 1 st October Split of capital issue in Q3 at Change in par value per share Increase in equity in 4 th qrt Changes in provisions in 4 th qrt Profit before OCI Other result components (net after tax) Option expenses Other Equity as at 31 st December Equity as at 1 st January Increase in equity in 1 st qrt Subscribed equity, paid * Cost related to capital issue Changes in provisions in 1 st qrt Profit before OCI Other result components (net after tax) Other Equity as at 31 March * is made up of share capital 467 (subscribed but not registered) and share premium

10 Note 1 Accounting principles The accounts and the report from the Board of Directors for 1 st quarter 2014 are prepared according to IAS 34. The consolidated accounts is prepared according to IFRS from Reference is made to the annual report for There are no changes in accounting principles in 1 st quarter Note 2 Segment information Norway In NOK thousands Gross premiums written Premiums earned f.o.a. and other income Incurred claims and operating expenses f.o.a Technical result Sweden In NOK thousands Gross premiums written Premiums earned f.o.a. and other income Incurred claims and operating expenses f.o.a Technical result Denmark In NOK thousands Gross premiums written Premiums earned f.o.a. and other income Incurred claims and operating expenses f.o.a Technical result NOTE 3 Changes in equity The increase in share capital and share premium in 1 st quarter 2014 is NOK 9.9 million. This refers to the acquisition of the remaining shares of Rein Forsikring AS and was in the form of a non-cash contribution. In addition, the company had a capital issue of about NOK million in the second half of March The net proceeds was NOK million. This capital was subscribed 27 th March 2014 and was included in the balance sheet per 31 st March Due to payment date 3 rd April 2014, the net proceeds appears under other receivables in the balance sheet per 31 st March The cost related to the capital issue is estimated to be NOK 9.9 million and booked against the share premium. It will be an adjustment in the 2 nd quarter

11 NOTE 4 Other intangible assets The Group has during 1 st quarter 2014 net investments in intangible assets and plant and equipment of NOK 7.3 million. This refers mainly to the development of the Groups insurance systems. The Groups insurance system is written off over 7 years. 100% of the shares in Saga Forsikring AS was bought by the group in December In the accounts per 31 st December 2013, allocation of real value of the acquisition was not implemented due to that the transaction was effected in December. Per 31 st December 2013, NOK 53.7 was shown as goodwill in the balance sheet. In 1 st quarter 2014, following allocation has been made: In NOK thousands Acquisition price Fixed assets Current assets Gross assets Total equity Total current debt Total debt and equity Net assets Temporary differences income Deferred tax benefit Added value assets Deferred tax -675 Fair value of acquired portfolio Deferred tax Total allocated fair value Acquisition price Booked value of equity Allocated fair value Goodwill Real value of acquired portfolio, NOK 70.4 million, appears in the balance sheet under intangible assets per 31 st March NOK 19 million is deducted under deferred tax benefit. 11

12 Note 5 Earnings per share In NOK thousands a) Earnings per share Earnings per share is calculated by dividing the profit before components of comprehensive income on a weighted average of outstanding ordinary shares through the quarter, own shares deducted. Q Q Profit before OCI Earnings per share -0,37-0,09-2,74 b) Earnings per share, diluted By calculation of diluted earnings per share, a weighted average of total outstanding shares through the quarter is used adjusted for the effect of conversion of potential shares that can cause dilution. The company has one category of potential shares that can cause dilution: stock options. The number of shares is compared with the number of shares that would have been issued if all stock options were exercised. The difference is added in the calculation as issued shares without consideration. Q Q Profit before OCI Weighted average of ordinary shares (in 1000) Adjusted for stock options (in 1000) Earnings per share diluted -0,35-0,09-2,68 12

13 Vardia Insurance Group ASA - The Board of Directors and the CEO s statement The Board of Directors and the CEO has today discussed and approved the accounts and the report from the Board of Directors for 1 st quarter 2014 for Vardia Insurance Group ASA and consolidated. The report for 1 st quarter 2014 is prepared in agreement with the requirements in IAS 34 (interim financial reporting). We confirm, to the best of our knowledge, that the presented set of financial statements for the period 1 st January to 31 st March 2014 has been prepared in accordance with IAS 34 Interim Financial Reporting, and gives a true and fair view of the Company s assets, liabilities, financial position and profit and loss as a whole, We also confirm, to the best of our knowledge, that the interim management report includes a fair review of important events that have occurred during the first three months of the financial year and their impact on the presented set of financial statements, a description of the principal risks and uncertainties for the remaining nine months of the financial year, and major related parties transactions Oslo, 21 st May 2014 The Board of Directors of Vardia Insurance Group ASA Åge Korsvold Karl Høie Line Sanderud Bakkevig Chairman Vice Chairman Nina Charlott Gullerud Nils Aakvik Bjørn Mæhlum Ivar S. Williksen President & CEO 13

14 Page is the non-consolidated profit and loss account and balance sheet for Vardia Insurance Group ASA, the insurance company. Vardia Insurance Group ASA (NOK 1,000) PROFIT AND LOSS ACCOUNT Premiums Gross premiums written Ceded reinsurance premium Premiums written for own account Change in premium reserves gross Reinsurance share Premiums earned for own account Allocated return on investment transferred from non-technical account Other insurance related income Claims Gross claims paid Reinsurance share Change in gross claims reserves Reinsurance share Claims incurred for own account Operating expenses Sales costs Other operating expenses (incl. commission on reinsurance received) Commission received Total operating expenses for own account Technical result before changes in security reserve etc Change in security reserve etc. Change in security reserve Total changes in security reserve etc Technical result Financial income Interest income and dividend on financial assets Change in unrealized values on financial assets Allocated return on investment transferred to technical account Non-technical result Profit before tax Tax Result before other result components Other result components: Other income and expenses Revaluations Actuarial gains and losses on pensions Tax on other result components

15 Total other income and expenses Result for the year

16 Vardia Insurance Group ASA (NOK 1,000) BALANCE SHEET ASSETS Intangible assets Software Total intangible assets Investments Financial fixed assets Subsidiaries, associated companies and joint ventures Shares and similar interest Total investments Reinsurers part of gross technical reserves Reinsurers part of premium reserve Reinsurers part of gross loss reserve Total reinsurers part of gross technical reserves Receivables Receivables in connection with insurance Receivables from subsidiaries Other receivables Total receivables Other assets Tangible fixed assets other than buildings and real estate Cash and bank deposits Deferred tax benefit Total other assets Prepaid expenses and accrued interest Other prepaid expenses and accrued interest Total prepaid expenses and accrued interest TOTAL ASSETS

17 Vardia Insurance Group ASA (NOK 1,000) BALANCE SHEET SHAREHOLDERS' FUNDS AND LIABILITIES Shareholders' equity Share capital ( shares à kr 0,01) Paid equity, not registered Share premium account Other paid equity Total paid equity Earned capital Natural perils reserve Guarantee scheme Total earned equity Total equity Gross technical reserves Premium reserve gross Claims reserve gross Security reserve etc. Security reserve Total security reserve etc Total gross technical reserves Reserves for other risks and liabilities Pension liabilities Total reserves for other risks and liabilities Premium Deposit from reinsurers Liabilities Liabilities in connection with insurance Liabilities subsidiaries Other liabilities Total liabilities Incurred expenses and prepaid income Other incurred expenses and prepaid income Total incurred expenses and prepaid income TOTAL SHAREHOLDERS' FUNDS AND LIABILITIES

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