SpareBank 1 Gruppen. Presentation 1st Half 2013

Transcription

1 SpareBank 1 Gruppen Presentation 1st Half 14 August - Kirsten Idebøen, Idebøen CEO

2 Performance in the 1 st half of Substantial improvement in pre-tax profit MNOK 531 (296) Premium growth and good result for the life insurance business Buffer capital has grown further Market leader in new personal insurance product business and low market shares in capital intensive products Improvements in profitability and profit from prior years contributed t to a good result for the P&C Insurance business Gross combined ratio of 89.8%, down 10 percentage points from 1 st half of 2012 New control structure and new management team - integration of the financing group, SpareBank 1 Gruppen and Alliansesamarbeidet 2

3 Key figures Pre-tax profit for the quarter (MNOK) Pre-tax profit for the year-to-date (MNOK) H 1H 1H 1H Annualised return on equity (%) Capital adequacy ratio as of the end of the quarter (%) H H H H 2012 Q Q Q1

4 Pre-tax profit from subsidiaries almost doubled 438 1H2012 1H Life insurance business area P& &C Insurance business area ODIN Forvaltni ng Receivable es manageme ent SB1 Markets 4

5 Insurance business area The integration of the life and P&C insurance business has been a success 5

6 Insurance business area (life and P&C combined) Strong improvement in the insurance unit Gross combined ratio - Risk insurance (%) Combined ratio risk insurance as of 1 st half of Combined Cost/income Claims ratio ratio ratio 83.0% 63.8% 19.3% % 63.1% 21.9% 85.3% 69.5% 15.8% 2011 Q Q Q Q Q Q1 88.2% 75.4% 12.7% Net claims ratio Net cost ratio Actual effects of merger (MNOK) % 72.6% 17.2% *SpareBank 1's figures for risk insurance include SpareBank 1 Skadeforsikring i Group and personal risk products legally belonging to SB1 Forsikring AS (formerly SB1 Liv AS) Actual annual effect as at 30/06/13 Target total effect

7 SpareBank 1 Forsikring AS (life insurance business) Well on track with building up of reserves for longevity. Good buffers Buffer capital trend, per quarter (%) Pre-tax profit for the quarter (MNOK) Q Q1 Key figures for 1H (1H2012) in MNOK Gross due premium income: (1 870) Risk result: 185 (122) Administration result: -11 (-26) Investment result: 205 (120) Q1 Q3 Q4 Q Core capital in excess of minimum Additional provisions Interim profit Securities adjustment reserve Market share personal insurance Q1 (Q1 2012) Life insurance, disability pension and disability capital Ranking Company Market share New premiums 131 (131) MNOK 1 - SpareBank % 2% (32.2%) 2%) 2 - Gjensidige 23.9% (17.4%) 3 - Frende 16.5% (12.0%) Pre-tax profit: 284 (236) 4 - Nordea 11.2% (14.6%) Eika 8.7% (8.8%)

8 SpareBank 1 Skadeforsikring Group (P&C insurance business) Strong improvement in result driven by profit from prior years and reduced compensation costs Pre-tax profit for the quarter (MNOK) Actual effects of P&C costs project (MNOK) Q Q1 Q4 Q1 Q3 Q Key figures for 1H (1H2012) in MNOK Gross written premium: (3 144) Insurance result: 190 (12) Pre-tax profit: 438 (236) 8 Actual annual effect Target total effect

9 ODIN Forvaltning Costs reducing measures contributed to improved result 9

10 ODIN Forvaltning Costs reducing measures contributed to improved result Pre-tax profit for the quarter (MNOK) Return on equity funds for the year-to-date (%) Fund 25.0 Benchmark ODIN Norge ODIN Sverige ODIN Finland ODIN Norden ODIN Europa ODIN Europa SMB ODIN Global ODIN Emerging Markets ODIN Maritim ODIN ODIN Offshore Eiendom I Q Q1 Key figures for 1H (1H2012) in MNOK Market share equity and combination funds (%) Operating income: 136 (131) 12.0 Pre-tax profit: 16 (-2) Total assets: (23 541) Market share equity fund Market share combination fund

11 Receivables management Good earnings in factoring and portfolio, deficit in debt collection business 11

12 Receivables management Good earnings in factoring and portfolio, deficit in debt collection business Pre-tax profit for the year-to-date (MNOK) 1H2012 1H 19.8 Factoring - strongest t growth in the market - market share of 16.9% (14.6%) Debt collection - lost 2-3 major customers - challenging market conditions - but increase in number of new debt collection assignments in last 12 months -5.7 FO Factoring FO Portefølje Conecto (debt collection) Receivables management 12

13 SpareBank 1 Markets 13 The improvements in SpareBank 1 Markets continue, with the highest income in one quarter ever

14 SpareBank 1 Markets Best income in any one quarter Booked income for the quarter (MNOK) Key figures for 1H (1H2012) in MNOK Income: 107 (73) Operating result: 4 (-37) Pre-tax profit: -35 (-90) 27 Key figures for ( 2012) in MNOK 2012 Q Q Q1 Income: 61 (40) Operating result: 9 (-18) Pre-tax profit: -10 (-45) Income contributions from business areas (MNOK) Half year Equities & HY DCM/FX Corporate Bank Total income

15 Best when it comes to return on equity 1 st half Average SpareBank 1 Gruppen 15.6% 12.8% Handelsbanken 14.2% 13.8% Nordea 11.3% 11.5% DNB 10.8% 12.2% Storebrand 10.6% 8.1% Gjensidige 9.8% 14.2% Danske Bank 5.2% 2.9% Source: The companies financial statements. Return on equity after tax measured against a selected sample of mixed Nordic financial groups 15

16 Thank you for your time! Kirsten Idebøen 16

17 Appendix

18 The SpareBank 1 Alliance has a solid business model with its proximity to its customers and a conservative risk profile Shareholders and distributors SamSpar 19.5% 19.5% 19.5% 12% 19.5% 10% Products, commissions and dividend Sales SpareBank 1 Gruppen AS BN Bank Bank 1 Oslo Akershus SpareBank 1 Skadeforsikring (100%) ODIN Forvaltning (100%) Companies in the SpareBank 1 Alliance SpareBank 1 Boligkreditt EiendomsMegler 1 SpareBank 1 Næringskreditt SpareBank 1 Forsikring SpareBank 1 Medlemskort (100%) (100%) SpareBank 1 Markets (97.80%) Conecto (100%) The alliance SpareBank 1 Gruppen Finans (100%) Brand, technology, expertise, processes, best practice and purchasing. Resource centres: Payment/Trondheim, credit/stavanger, training/tromsø 18

19 SpareBank 1 Gruppen New management structure from 01/07/ CEO Kirsten Idebøen Risk management and Compliance Torbjørn Martinsen IT Eivind Gjemdal Corporate Governance Jarle Haug Product Companies Turid Grotmoll Rune Selmar Business Development Iren Rutle Market Tore Haarberg Saving Payment Financing

20 Results for 1 st half-year Half year Figures in MNOK Part of result from subsidiaries before tax -SpareBank 1 Forsikring AS SpareBank 1 Skadeforsikring Group ODIN Forvaltning AS SpareBank 1 Markets AS SpareBank 1 Medlemskort AS SpareBank 1 Gruppen Finans AS Conecto AS Correction Group Total operating costs (parent company) Net investment charges (parent company) Amortisation and write-down *) Pre-tax result Taxes Net result for the period *) The value of the shares in SpareBank 1 Markets AS was written down by NOK 122 million in 20

21 SpareBank 1 Gruppen Key figures Q1 Q4 Q3 Q1 Year Group Net result for the period (MNOK) Annualised return on equity (%) 15.6 % 23.1 % 8.7 % 12.7 % 10.5 % 15.9 % 8.7 % Capital adequacy ratio, accumulated (%) 14.6 % 14.0 % 14.6 % 16.7 % 15.9 % 14.8 % 14.6 % Core capital adequacy ratio, accumulated (%) 13.1 % 12.6 % 13.1 % 15.3 % 14.5 % 13.1 % 13.1 % SB1 Forsikring Risk result (MNOK) Administration result (MNOK) Investment result (MNOK) Net result for the period (MNOK) Buffer capital in % of insurance provisions*, accumulated (%) 15.5 % 14.8 % 13.6 % 16.3 % 14.8 % 12.8 % 13.6 % Capital adequacy ratio, accumulated (%) 17.6 % 18.0 % 18.5 % 19.0 % 20.0 % 17.5 % 18.5 % Securities adjustment reserve, accumulated (MNOK) SB1 Skadeforsikring Group Operating result before finance (MNOK) Net financial income (MNOK) Net result for the period (MNOK) Claims ratio, net (%) 73.4 % 73.3 % 69.1 % 81.4 % 78.0 % 84.9 % 78.3 % Cost ratio, net (%) 18.9 % 18.3 % 24.4 % 20.2 % 18.5 % 16.7 % 20.0 % Combined ratio, net (%) 92.3 % 91.7 % 93.4 % % 96.5 % % 98.2 % Portfolio (MNOK) 5,308 5,325 5,446 5,455 5,407 5,328 5,446 ODIN Forvaltning Management fees (MNOK) Net result for the period (MNOK) Total assets under management, accumulated (MNOK) 27,318 27,741 24,803 24,370 23,541 26,173 24,803 Market share equity fund, accumulated (%) % % % % % % % Market share combination fund, accumulated (%) 5.0 % 4.8 % 4.4 % 4.0 % 4.1 % 3.8 % 4.4 % SB1 Markets Total operating income (MNOK) Net result for the period (MNOK) Receivables management Net result for the period (MNOK) *) Buffer capital as at Q4 is shown after profits have been allocated

22 SpareBank 1 Gruppen Quarterly results Q1 Q4 Q3 Q1 Q4 Q3 Q1 Q4 Q3 Figures in MNOK Part of result from subsidiaries before tax - SpareBank 1 Forsikring 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 t charges (parent company) Amortisation and write-down Pre-tax result Taxes Net result for the period Majority interest Minority interest

23 SpareBank 1 Forsikring AS (life insurance business) Results for 1 st half-year Q1 Half year Year Figures in MNOK Insurance risk income ,613.3 Insurance risk claims ,303.3 Risk result Tecnical allocations Risk result after tecnical allocations Reserves Risk result after tecnical allocations and reserves 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 17.6 % 20.0 % 18.5 % Buffer capital in % of insurance provisions 15.5 % 14.8 % 13.6 %

24 SpareBank 1 Forsikring AS (life insurance business) Results per portfolio for 1 st half-year Previously Figures in MNOK Group portfolio 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

25 SpareBank 1 Forsikring AS (life insurance business) Development of premium income Q1 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 Premium reserves transferred from other companies Reinsurance ceded Premium income for own account

26 SpareBank 1 Forsikring AS (life insurance business) Return on customer portfolios with a guarantee as at 30/06/ Value-adjusted return excl. change in value construction: Booked return: Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q Percent Percent SpareBank 1 Storebrand DNB Nordea SpareBank 1 Storebrand DNB Nordea 26 Source: company presentations

27 SpareBank 1 Forsikring AS (life insurance business) Return on ordinary customer portfolio with guarantee as at 30/06/ Percent Norwegian shares 5.7 Foreign shares 13.4 Money market Norwegian bonds 2.4 Foreign bonds -1.6 Held to maturity 2.5 Real estate

28 SpareBank 1 Forsikring AS (life insurance business) Balance sheet as of 30/06/ Half year Year Figures in MNOK Intangible assets Investments Reinsurance's part of insurance obligations Accounts receivable Other assets Prepayed liabilities and accrued income Investments group portfolio Investments options portfolio Total assets Paid in capital Other equity Subordinated loan capital Insurance obligations - contractual Insurance obligations - investment options Provisions for obligations Premium deposits from reinsurance companies Other obligations Accrued liabilities, prepaied income Total liabilities and equity

29 Asset allocation per portfolio as of 30/06/ / 3 (31/12/2012) SB1 Forsikring AS SB1 Skadeforsikring konsern Investment choice portfolio Group portfolio Company portfolio 45.7 (46.3) % 13.2 (12.6) % 41.8 (39.2) % 0.3 (0.7) % 0.1 (0.2) % 18.2 (18.4) % 9.0 (8.2) % 10.6 (10.1) % (11.0) % 0.5 (0.4) % 53.8 (53.2) % Stocks Other Bonds 26.1 (27.8) % 18.7 (19.6) % 67.4 (65.7) % Stocks Other Real estate Bonds - amortized cost Bonds - market value 14.2 (15.8) % Other Real estate Bonds - amortized cost Bonds - market value 69.3 (70.7) % Stocks Real estate Bonds - amortized cost Bonds - market value NOK 9.3 (8.2) billion NOK 17.6 (16.9) billion NOK (3.1) billion NOK 10.9 (11.0) billion 29

30 SpareBank 1 Skadeforsikring Group Results for 1 st half-year Q1 Half year Year Figures in MNOK Gross written premium Net earned premium Net incurred claims 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 Q1 Half year Year Figures in percentage Claims ratio, net 73.4 % 73.3 % 78.2 % 73.4 % 81.3 % 78.2 % Cost ratio, net 18.9 % 18.3 % 18.3 % 18.6 % 17.7 % 20.0 % Combined ratio, net 92.3 % 91.7 % 96.5 % 92.0 % 99.0 % 98.2 % Capital adequacy ratio 36.7 % 34.1 % 33.7 % 30

31 ODIN Forvaltning Results for 1 st half-year Q1 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