Annual accounts Presentation of results from. Kirsten Idebøen, CEO. February 11th Updated version: May 13th 2011

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1 Annual accounts Presentation of results from SpareBank 1 Gruppen Kirsten Idebøen, CEO February 11th 2011 Updated version: May 13th 2011

2 Highlights SPAREBANK 1 GRUPPEN 18.7 % 15.8 % Solid earnings performance in 8.9 % 11.9 % Improvements in Return on Equity 18.7 (18.1) % Q1 Q2 Q3 Q4 Well-capitalised to meet the expected requirements under the Solvency II regulations 2

3 Solid earnings performance in Pre-tax profits per subsidiary (MNOK) 641 Pre-tax profit in : MNOK 985 (996) Pre-tax profit in Q4 was MNOK 343 (177) SpareBank 1 Skadeforsikring made a major contribution towards the overall result SB1 Liv SB1 Skade ODIN 2009 * Other subsidiaries s 5 18 Group correction A negative goodwill of MNOK 118 was recorded in the accounts in Q4 in connection with the acquisition of Unison Forsikring The life insurance company has built up solid ng buffers throughout The Group's total assets: NOK 40.7 (36.5) billion Core capital adequacy ratio of 12.5 (11.8) % and capital adequacy ratio of 16.1 (16.3) % 3 * Comparison figures for 2009 have been restated and do not include Bank 1 Oslo Group

4 The Delta profitability project has been completed with an estimated annual profitability effect of MNOK 400 from 2011 (against the baseline as at 31 December 2008) Results of implemented measures by company (MNOK) 400 Planned Result of implemented measures Liv Skade Gruppen Other Total Delta The Delta profitability project has resulted in a staff reduction of 147 fulltime equivalents (SpareBank 1 Gruppen had 1,162 fulltime equivalents as at ) The life insurance company: Outsourcing of the defined benefit pension (YTP) portfolio, market adjustment of fees for defined contribution pensions (ITP), unit link and group life, reduction of IT costs, mainly through renegotiation of IT contracts P&C insurance: Reorganisation and rationalisation of the claims settlement unit 4

5 The Delta profitability project contributed to a net result effect of MNOK 140 in Profit effect from the Delta profitability project in (MNOK) Other companies * SB1 Skade SB1 Liv 137 Permanent profit Non-recurring improvement implementation costs as at as at Net profit effect as at * Expenses related mainly to IT development and the use of consultants. Costs of MNOK 26 were recognised in Q4. 5

6 SpareBank 1 Livsforsikring ik i Built up solid buffers 6

7 SpareBank 1 Livsforsikring Good risk result Pre-tax profit, quarterly (MNOK) Development in Risk result (MNOK) Q1 Q2 Q3 Q4 Pre-tax profit in : MNOK 350 (392). MNOK 72 (81) in Q4 Investment t result: MNOK 317 (557) in and MNOK 49 (125) in Q4 Provisions for increased life expectancy: MNOK 45 in and MNOK 9 in Q Administration result in : MNOK -187 (-193) Gross due premium income NOK 3.3 (3.1) billion CM: NOK 2.0 (1.9) billion RM: NOK 1.3 (1.2) billion Total assets: NOK 26.5 billion up NOK 2.2 billion from year-end

8 SpareBank 1 Livsforsikring Built up solid buffers Buffer capital trend, per quarter (%) 11.7 % 137% % 13.0 % 15.4 % 16.1 % 14.6 % Securities adjustment reserve per year (MNOK) % Q Q Q Q Q1 Q2 Q3 Q Core capital in excess of minimum Additional provisions Interim profit Securities adjustment reserve Buffer capital after allocation of the profit for : 14.6 (11.7) % Buffer capital including the profit for : 17.9 (15.1) % Additional provisions amounted to MNOK 379. MNOK 125 regarding additional provisions have been allocated under paid-up policies and group pensions in Securities adjustment reserve: MNOK 617 Capital adequacy: 19.3 (19.0) % (327) 8

9 SpareBank 1 Livsforsikring Value adjusted return for customer portfolios with guarantee at year end (excluding property value change) Q3 Q4* Q3 Q4 6.4 Q3 Q4 6.8 Q3 Q N/A SpareBank 1 Storebrand Vital Nordea 9 * Recognised return in Q4 was 5.2 % Source: company presentations

10 SpareBank 1 Skadeforsikring Group Strong profit improvement throughout the year and profitable growth 10

11 SpareBank 1 Skadeforsikring Group Strong profit improvement throughout the year and profitable growth Pre-tax profit, quarterly (MNOK) 308 Pre-tax profit for was MNOK 641 (621) MNOK 118 negative goodwill recognised in the accounts in Q4 in connection with the acquisition iti of Unison Forsikring Profit on sale of property in Q4 of MNOK Pre-tax profit in Q4 was MNOK 308 (115) Q1 Q2 Q3 Q4 Financial return in of 4,9 (6.8) % Good cost performance in. Net cost ratio of 21.0 (22.5) % 11

12 SpareBank 1 Skadeforsikring Group Profitable portfolio growth Portfolio growth 2005 (MNOK) 3, ,712 Total portfolio growth of MNOK 629, corresponding to 15.4 % MNOK 311 from Unison Forsikring and Skandia Lifeline Premium income for own account NOK 4.2 (3.8) billion, corresponding to a growth of 8.9 % Market share in Q3 including Unison Forsikring: 10.5 %. Market share in 2009 was 9.8 %. 12

13 SpareBank 1 Skadeforsikring Group Winter-related related claims triggered an increased claims ratio in % 21.1 % Net combined ratio quarterly (%) % 939% % 90.9 % 92.9 % 89.8 % 1003% % 21.8 % 24.8 % 20.2 % 17.1 % 22.7 % 23.8 % Net combined ratio cumulative (%) 87.2 % 89.9 % 94.6 % 94.0 % 96.2 % 97.7 % 79.5 % 71.7 % 69.2 % 74.8 % 88.3 % 75.9 % 67.1 % 76.6 % 20.5 % 20.6 % 66.7 % 20.7 % 69.3 % 21.9 % 73.9 % 22.5 % 72.1 % % 73.8 % 76.7 % Q Q Q Q Net claims ratio Q1 Q2 Net cost ratio Q3 Q Net claims ratio Net cost ratio 13

14 SpareBank 1 Skadeforsikring Group Growth through acquisition of new companies Bought 100 % of the shares in Unison Took over Skandia Lifeline's portfolio of Forsikring AS on 19 July for MNOK private healthcare insurance and child 56.4 insurance in Norway from 1 November Boosted equity through a share issue of MNOK 150 Unison Forsikring will continue as an independent company with respect to the corporate market Total portfolio of approximately MNOK 280 Operations from the former Skandia Lifeline NUF have been integrated into SpareBank 1 Skadeforsikring AS 1,200 customers and 16,000 insured Total portfolio of approximately MNOK 30 14

15 NAF chose Unison Forsikring The Norwegian Automobile Federation NAF chose Unison Forsikring over several other bidders as its future partner for insurance solutions for its members The contract was signed on 3 January 2011 Long-term agreement, initial period: 5 years The Norwegian Automobile Federation (NAF) Founded in 1924 Norway's largest private consumer organisation Annual revenue of approx. MNOK 750 Number of members: 530,000 Politically neutral and financially independent Owned by the members Number of employees: approx. 2,000 union representatives Nationwide NAF Key figures Norway Population 4,852,200 Market share 10.3 % Population > 18 years 3,683,000 Market share 13.6 % Registered cars< 3.5 t 2,241, Market share 22.4 % 15

16 NAF establishing NAF Forsikring AS NAF's members want insurance to be included in membership NAF has a strong focus on the further development of membership and wants to coordinate insurance with other membership benefits to a greater degree NAF wants to exploit the commercial and strategic value that a membership represents to their members' advantage NAF is following the lead of its sister organisations in Europe where insurance is an integral part of the membership benefits NAF wants to play a key role in the value chain and wishes to front the services it offers to its members NAF Forsikring is therefore being established as a separate insurance agency NAF Forsikring will offer specially adapted insurance policies to NAF members NAF insurance is being launched in spring

17 ODIN Forvaltning Increased assets under management 17

18 ODIN Forvaltning Increased assets under management Pre-tax profit, quarterly (MNOK) Pre-tax profit for was MNOK 65 (42) Pre-tax profit in Q4 was MNOK 16 (24) 10 NOK 32.3 (28.0) billion in assets under management Q1 Q2 Q3 Q (11.6) % market share for equity funds 18.0 (19.2) % market share for equity funds for private banking customers in Norway 18

19 ODIN Forvaltning Strategic focus areas in Combination funds: ODIN Konservativ, ODIN Flex, ODIN Horisont Signed an agreement for the acquisition of SpareBank 1 SR-Fondsforvaltning in September Start-up 2 February 2011 Both equity and bonds Higher expected rate of return than bank deposits and fixed income funds ODIN Emerging Markets Index-independent global fund Took over the management responsibilities on 1 December ODIN Eiendom I Index-independent Nordic industry fund Invests in shares in real estate companies and real estate related activities Minimum one-off off subscription amount is NOK 3,000 Minimum one-off off subscription amount is NOK 3,000 Investors can enter into agreements to save at least NOK 300 per month Investors can enter into agreements to save at least NOK 300 per month 19

20 Argo Securities Strong commitment through SpareBank 1 Markets 20

21 Argo Securities Strong commitment through SpareBank 1 Markets Result in : Pre-tax: MNOK -58 After tax: MNOK -41 Increased revenue Commission income on stocks and derivatives: MNOK 37 (25) Debt capital markets: MNOK 15 (12) Corporate Finance: MNOK 18 (6) Proactive recruitment in Argo Securities Martin Hagen appointed new CEO Further recruitment ensures Argo Securities expertise w within defined business areas SpareBank 1 Markets The goal is to create a leading centre of expertise for capital market services Phase I was established through a pooled ledger balance of NOK 2.4 billion, which will be used to guarantee equity and debt capital transactions A project group has been established to work on the next phase 21

22 SpareBank 1 Gruppen Finans Group Strategic focus within receivables management 22

23 SpareBank 1 Gruppen Finans Group Reorganisation of SpareBank 1 Gruppen Finans Prior to 9 September From 10 September to 31 December From 1 January 2011 SpareBank 1 Factoring (100 %) SpareBank 1 Gruppen Finans Holding Actor Fordringsforvaltning (100 %) Actor Portefølje (100 %) Actor Verdigjenvinning (100 %) Conecto AS (100 %) SpareBank 1 Gruppen Finans AS -BA Factoring * - BA Portfolio Actor Fordringsforvaltning AS - Dept. Verdigjenvinning (100 %) * Business area SpareBank 1 Gruppen Finans AS - BA Factoring - BA Portfolio Conecto AS (100 %) Pre-tax profit/loss (MNOK) * 23 Pre-tax profit of MNOK 9 (23) Pre-tax profit in Q4 MNOK 7 (2) Loss provision of MNOK 10.5 in the Factoring business area BA Factoring -2 BA Portefølje Actor Fordrings- F orvaltning Co onecto** -4 SB B1G Finans Group Mandatory reduction in debt recovery fees within the debt collection business 23 * Pre-tax profit/loss for Actor Fordringsforvaltning includes Actor Verdigjenvinning from September **Conecto was acquired with accounting effect from 10 September. The profit up to the acquisition date has been recorded directly against equity.

24 SpareBank 1 Gruppen Finans Group SpareBank 1 Factoring is Norway's third largest factoring company SpareBank 1 Factoring: Third largest factoring company in Norway in Q4 (%) 42.1 % 43.9 % 43.4 % 41.5 % 40.5 % 39.5 % 41.1 % % 37.2 % 36.5 % 35.3 % 35.1 % 35.5 % 36.2 % 32.2 % 34.3 % 13.9 % 10.7 % 11.6 % 12.2 % 12.1 % 12.0 % 9.8 % 8.9 % 9.0 % 9.8 % 10.4 % 11.0 % 11.5 % 8.5 % 13.7 % 13.0 % Q Q Q Q Q1 Q2 Q3 Q4 DnB SG Nordea SB1F 13.7 % market share of ordinary factoring revenue in Q4 Client revenue: NOK 11 (8) billion Volume of new sales: NOK 6 (1) billion 24

25 SpareBank 1 Gruppen Finans Group Conecto is Norway's third largest debt collection company Ranking Company Revenue MNOK Lindorff Kredinor Conecto/Actor Fordringsforvaltning 157* 61 4 Aktiv Kapital Gothia AS Intrum Justitia 78 7 Sergel 70 8 Creno Fordringsforvaltning i Conecto Total revenue 85 It is expected that the consolidated company will still be the third largest in Combined revenue in : MNOK 172 (157) Combined pre-tax profit in : MNOK 32** (25) 25 * Revenues for Actor Fordringsforvaltning as of 31 December 2009 include Actor Verdigjenvinning ** Includes the pre-tax profit for Conecto AS that has been recognised directly against equity

26 26

27 SpareBank 1 Gruppen still on top in terms of return on equity among selected Nordic financial institutions Year Q3 Year 2009 SpareBank 1 Gruppen 18.7 % 15.8 % 17.5 %* DnB NOR 13.6 % 12.2 % 10.6 % Gjensidige % 10.8 % 11.3 % Handelsbanken 12.9 % 12.9 % 12.6 % Nordea 11.5 % 11.0 % 11.3 % Storebrand 10.8 % 3.9 % 5.6 % Danske Bank 3.6 % 3.4 % 1.0 % 1 Calculated as result after tax divided by average shareholders equity for the period. * The Group s annualised return on equity for 2009 includes Bank 1 Oslo Group. 27 Source: Companies' interim reports for and annual reports for 2009

28 Outlook SPAREBANK 1 GRUPPEN Well positioned, operationally and strategically, for profitable growth Well-capitalised to meet the expected requirements under the Solvency II regulations The unique and robust business model in the SpareBank 1 Alliance gives a strategic advantage 28

29 The nation's savings bank 29 29

30 Appendix 30

31 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 Argo Securities (76.75 %) 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 (100 %) Broad cooperation - Technology - Brand/communication -Expertise - Joint processes and best practice - Purchasing Regional competence centres - Payment services: Trondheim - Credit: Stavanger - Training: Tromsø 31

32 SpareBank 1 Gruppen Profit for Year Figures in MNOK 2009 Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring SpareBank 1 Skadeforsikring Group ODIN Forvaltning Argo Securities SpareBank 1 Medlemskort SpareBank 1 Gruppen Finans Group Correction Group Net result before tax from subsidiaries 1, ,046.0 Total operating costs (parent company) ** Net investment charges (parent company) Gains from sale of companies Share of associated company Pre-tax result Taxes Net result for the period Majority interest Minority interest * Year Key figures 2009 Annualised return on equity 18.7 % 18.1 % * Comparison figures for 2009 have been restated and do not include the Bank 1 Oslo Group. ** MNOK 43 was recognised as income in Q3 in connection with employer's e National Insurance contributions tions associated with a ten year-old court case that SB1 Gruppen AS had previously covered on behalf of First Securities 32

33 SpareBank 1 Gruppen Quarterly results Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Figures in MNOK Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring SpareBank 1 Skadeforsikring Group ODIN Forvaltning Argo Securities 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) Gains from sale of companies Share of associated company Pre-tax result Taxes Net result for the period Majority interest Minority interest

34 SpareBank 1 Livsforsikring Profit for Q4 Q3 Q2 Q1 Q4 Year Figures in MNOK Insurance risk income , ,220.6 Insurance risk claims Risk result Tecnical allocations Risk result after tecnical allocations Fees Expenses, exclusive comissions Comissions Administration i ti result Net investment income ,002.4 Guaranteed interest to policyholders Investment result Reserves Investment result after reserves Compensation guaranteed interest Result before additional provisions Allocation to additional provisions Transferred to policyholders Return on company's assets Net profit to owner before tax Taxes Net profit/loss for the period Key figures Year 2009 Capital adequacy ratio 19.3 % 19.0 % Buffer capital in % of insurance provisions after allocation of profits 14.6 % 11.7 % Buffer capital in % of insurance provisions 17.9 % 15.1 % The company's accounts did not show the tax cost in 2009 since the tax benefit was not included in accordance with the IAS 12 accounting standard. The company's tax cost in 0 amounted to MNOK Calculations l according to the tax exemption model entailed a reduction in tax cost of MNOK 38.1, as compared to a calculation using 28 % tax charge 34

35 SpareBank 1 Livsforsikring Profits by portfolio for 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

36 SpareBank 1 Livsforsikring Premium income trends Q4 Q3 Q2 Q1 Q4 Year Figures in MNOK Individual annuity and pension insurance Individual endowment insurance Group pension insuranc e Individual life insurance Group life insurance Unit Linked - Annuity Unit Linked - Endowment Defined contribution pension Total gross due premium income , ,126.4 Premium reserves transferred from other companies Reinsurance ceded Premium income for own account , , ,

37 SpareBank 1 Livsforsikring Asset allocation by portfolio As at (311209) ( ) Group portfolio Company portfolio Investment choice portfolio 34.8 (34.2) % 14.8 (14.5) %* 7.1 (5.2) % 50.1 (48.7) % 0.1 (0.1) % 17.0 (19.4) % 39.0 (31.5) % Stocks Real estate Bonds 21.8 (24.3) % 21.5 (21.7) % Other Bonds held to maturity Stocks Real estate Bonds 21.7 (17.0) % (14.7) % 0.0 (7.1) % 61.0 (61.4) % Other Bonds held to maturity Stocks Other Bonds NOK 16.0 (15.5) billion NOK 2.8 (2.5) billion NOK 6.7 (5.6) billion * The reduction came as a result of reducing shareholding in Group Pension Insurance to 10 % in 1 st half-year 37

38 SpareBank 1 Livsforsikring Return on ordinary customer portfolio with guarantee Norwegian shares 20.5 Foreign shares 12.5 Money market 2.5 Norwegian bonds 4.9 Foreign bonds 6.9 Held to maturity 5.4 Real estate

39 SpareBank 1 Livsforsikring Booked return on customer portfolios with guarantee Q3 Q4 Q3 Q4 Q3 Q4 6.2 Q3 Q SpareBank 1 Storebrand Vital Nordea 39 Source: company presentations

40 SpareBank 1 Livsforsikring Balance sheet for Year Figures in MNOK 2009 Intangible assets Investments 2,862 2,498 Reinsurance's s part of insurance obligations Accounts receivable Other assets Prepayed liabilities and accrued income 0 0 Investments group portfolio 16,169 15,629 Investments options portfolio 6,701 5, Total assets 26,483 24,294 Paid in capital 1,602 1,243 Other equity Subordinated loan capital Insurance obligations - contractual t 16, , Insurance obligations - investment options 6,805 5,658 Provisions for obligations Premium deposits from reinsurance companies Other obligations Accrued liabilities, prepaied income Total liabilities and equity 26,483 24,294 40

41 SpareBank 1 Skadeforsikring Profit for Q4 Q3 Q2 Q1 Q4 Year Figures in MNOK Gross written premium 1, , , , , , ,271.2 Net earned premium 1, , , , ,814.3 Net incurred claims , ,813.1 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 Q4 Q3 Q2 Q1 Q4 Year Figures in percentage Claims ratio, net 76.6 % 67.1 % 75.9 % 88.3 % 74.8 % 76.7 % 73.8 % Cost ratio, net 23.8 % 22.7 % 17.1 % 20.2 % 24.8 % 21.0 % 22.5 % Combined ratio, net % % % % 99.6 % % 96.2 % Capital adequacy ratio 32.5 % 34.2 % 41

42 SpareBank 1 Skadeforsikring Allocation of financial assets As at ( ) Bonds held as current assets Bonds held to maturity Real state Stocks Bank Hedgefond 65.6 (64.3) % 11.1 (11.0) % 14.1 (14.4) % 0.1 (0.3) % 0.0 (2.9) % 9.1 (7.1) % NOK 8.5 (8.2) billion 42

43 ODIN Forvaltning Profit for Q4 Q3 Q2 Q1 Q4 Year Figures in MNOK Management fees Subscription and redemption 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

44 Effect realisation from profitability project Delta (does not include Bank 1 Oslo) Realisation of profit effects over time (MNOK, cumulative annual effect) Realisation of staffing consequences over time (fulltime equivalents, cumulative) Planned Planned Realised effects Realised effects H H H 2H 1H H H 2H A completed measure qualifies for full annual effect. This method ensures focus on implementation A large part of the reduction in fulltime equivalents comes from natural reduction in the use of temporary staff 44

45 The Delta project: Slightly smaller staff reductions than estimated. This is due to changes in the order in which measures were implemented, meaning that measures entailing further staff cutbacks will be made after completion of the project Results of implemented measures per company (FTEs) Planned Effect of implemented measures Liv Skade Gruppen Totalt Delta A large part of the reduction in fulltime equivalents comes from natural reduction in the use of temporary staff 45

46 EFFECT REALISATION FROM PROFITABILITY PROJECT SUB-PROJECT SpareBank 1 Livsforsikring FINAL REPORT Profit effects realised by quarter (MNOK) Realised staff reduction by quarter (annual fulltime equivalents) Planned Effect of implemented measures Planned Effect of implemented measures Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q

47 EFFECT REALISATION FROM PROFITABILITY PROJECT SUB-PROJECT SpareBank 1 Skadeforsikring FINAL REPORT Profit effects realised by quarter (MNOK) Realised staff reduction by quarter (annual fulltime equivalents) Planned Effect of implemented measures Planned Effect of implemented measures Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q

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