Presentation Q SpareBank 1 Gruppen

Transcription

1 Presentation SpareBank 1 Gruppen 24 October - Kirsten Idebøen, Idebøen CEO

2 Key figures Pre-tax profit for the quarter (MNOK)* 529 Pre-tax profit for the year-to-date (MNOK)* 1, Annualised return on equity (%) Capital adequacy ratio as of the end of the quarter (%) Q4 Q1 2 * For the purposes of comparison, the group's pre-tax results for are shown excluding SpareBank 1 Markets

3 Solid improvement in the overall business result compared with last year 814 YTD YTD Life insurance business areaa P&C Insurance business areaa ODIN Forvaltning Receivables management 3

4 Insurance business area Record profits for insurance 4

5 Insurance business area (life and P&C combined) Low claims ratio and good profitability Gross combined ratio - Risk insurance for the quarter (%) Combined ratio risk insurance As of H1 78.0% 83.0% % 85.3% 85.5% 88.2% 2011 Q Q1 Net claims ratio Q4 Net cost ratio Q1 Actual cost effects of merging g business areas (MNOK) N/A 85.0% N/A 89.9% *SpareBank 1's figures for risk insurance include SpareBank 1 Skadeforsikring Group and personal risk products legally belonging to SB1 Forsikring AS (formerly SB1 Liv AS) Actual annual effect as at 30/09/13 Target total effect

6 SpareBank 1 Forsikring AS (life insurance business) Profit improvement and solid buffers Pre-tax profit for the quarter (MNOK) Buffer capital trend, per quarter (%) Q1 Q4 Q1 Q4 Q1 Key figures as of ( ) in MNOK Gross due premium income: 2,950 (2,712) Risk result: 292 (202) Administration result: -2 (-30) Investment result: 305 (218) Core capital in excess of minimum Additional provisions Interim profit Securities adjustment reserve Market share personal insurance ( ) Life insurance, disability pension and disability capital Ranking Company Market share New premiums 258 (221) MNOK 1 - SpareBank % 2% (29.2%) 2%) 2 - Gjensidige 20.5% (18.6%) 3 - Frende 18.1% (12.1%) Pre-tax profit: 486 (380) 4 - Nordea 14.1% (16.2%) Eika 7.6% (7.6%)

7 SpareBank 1 Skadeforsikring Group (P&C insurance business) Process improvements, better risk composition and runoff gains contribute to increased profitability Pre-tax profit for the quarter (MNOK) Actual effects of P&C costs project (MNOK) Q4 Q1 Q1 Q4 Actual annual effect Target total effect 7 Key figures as of ( ) in MNOK Gross premium income: 4,138 (4,317) Insurance result: 420 (37) Pre-tax profit: 814 (421) Run-off gains I MNOK Q triggered by process improvements triggered by process improvements triggered by process improvements MNOK 125 triggered by sale of Runoff og Marine-business

8 ODIN Forvaltning AS Increased total assets and costs reducing measures contributed to improved result 8

9 ODIN Forvaltning Increased total assets and costs reducing measures contributed to improved result Pre-tax profit for the quarter (MNOK) Return on equity funds for the year-to-date (%) Fund 32.9 Benchmark Q1 ODIN Norge ODIN Sverige ODIN Finland ODIN Norden ODIN Europa ODIN Europa SMB ODIN Global ODIN Emerging Markets ODIN Maritim ODIN Offshore ODIN Eiendom I Key figures as of ( ) in MNOK Operating income: 210 (195) Pre-tax profit: 31 (0) Total assets: 30,416 (24,370) Market share equity and combination funds (%) Market share equity fund Market share combination fund /12/ 30/06/ 30/09/

10 Receivables management Good earnings in factoring and portfolio, deficit in debt collection business 10

11 Receivables management Good earnings in factoring and portfolio, deficit in debt collection business Pre-tax profit for the year-to-date (MNOK) 5 8 Q4 4 4 Q1-1 Factoring and Portfolio - Income growth due to higher lending volume and client turnover - Greater portfolio volume and good collection Debt collection - adjusted for non-recurring items, the pre-tax result is on a par with last year - Strong competition in the market - Positive trend in number of cases, increased debt collection income - Restructuring costs squeeze accounting result 11

12 Best when it comes to return on equity Average SpareBank 1 Gruppen 20.5% 12.8% Handelsbanken 14.2% 13.8% Gjensidige 13.3% 14.2% Storebrand 12.9% 8.1% DNB 12.1% 12.2% Nordea 11.2% 11.5% Danske Bank N/A 2.9% Source: The companies' financial statements. Return on equity after tax measured against a selected sample of mixed Nordic financial groups 12

13 Thank you for your time! Kirsten Idebøen 13

14 Appendix

15 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%) Conecto (100%) SpareBank 1 Gruppen Finans (100%) Alliance cooperation Brand, technology, expertise, processes, best practice and purchasing. Resource centres: Payment/Trondheim, credit/stavanger, training/tromsø 15

16 SpareBank 1 Gruppen Results Year to date Year to date Figures in MNOK Part of result from subsidiaries before tax -SpareBank 1 Forsikring AS SpareBank 1 Skadeforsikring Group ODIN Forvaltning AS SpareBank 1 Medlemskort AS Receivables management Correction Group Total operating costs (parent company) Net investment charges (parent company) Amortisation Pre-tax profit from continuing i operations *) Income tax expense from continuing operations Profit for the period from continuing operations Profit from discontinued operations **) Net result for the period *) For the purposes of comparison, the figures for and in are shown excluding SpareBank 1 Markets. **) Includes the result for SpareBank 1 Markets for the first 9 months and the write-down of the shares in SpareBank 1 Markets due to the sale of SpareBank 1 Markets in. 16

17 SpareBank 1 Gruppen Key figures Q1 Q4 Q1 Year Group Net result for the period (MNOK) Annualised return on equity (%) 20.5 % 15.6 % 23.1 % 8.7 % 12.7 % 10.5 % 15.9 % 8.7 % Capital adequacy ratio, accumulated (%) 15.0 % 14.6 % 14.0 % 14.6 % 16.7 % 15.9 % 14.8 % 14.6 % Core capital adequacy ratio, accumulated (%) 13.6 % 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 (%) 17.8 % 15.5 % 14.8 % 13.6 % 16.3 % 14.8 % 12.8 % 13.6 % Capital adequacy ratio, accumulated (%) 17.8 % 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 (%) 64.3 % 73.4 % 73.3 % 69.1 % 81.4 % 78.0 % 84.9 % 78.3 % Cost ratio, net (%) 16.4 % 18.9 % 18.3 % % % 18.5 % 16.7 % % Combined ratio, net (%) 80.7 % 92.3 % 91.7 % 93.4 % % 96.5 % % 98.2 % Portfolio (MNOK) ODIN Forvaltning Management fees (MNOK) Net result for the period (MNOK) Total assets under management, accumulated (MNOK) Market share equity fund, accumulated (%) 8.6 % 8.1 % 8.4 % 8.2 % 8.3 % 8.4 % 8.9 % 8.2 % Market share combination fund, accumulated (%) 5.0 % 5.0 % 4.8 % 4.4 % 4.0 % 4.1 % 3.8 % 4.4 % Receivables management Net result for the period (MNOK) *) Buffer capital as at Q4 is shown after profits have been allocated 17

18 SpareBank 1 Gruppen Quarterly results Q1 Q4 Q1 Q4 Q1 Q4 Figures in MNOK Part of result from subsidiaries before tax - SpareBank 1 Forsikring SpareBank 1 Skadeforsikring Group ODIN Forvaltning AS SpareBank 1 Medlemskort AS Receivables Management Correction Group Net result before tax from subsidiaries *) Total operating costs (parent company) Net investment charges (parent company) Amortisation PRE-TAX PROFIT FROM CONTINUING OPERATIONS *) Income tax expense from continuing operations PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS Profit from discontinued operations **) NET RESULT FOR THE PERIOD *) The sale of SpareBank 1 Markets was completed as of. For the purposes of comparison, the historical quarterly figures are shown excluding SpareBank 1 Markets. **) The figures for and include the quarterly result for SpareBank 1 Markets and the Group loss/write-down of the shares in SpareBank 1 Markets due to its sale. The figures from Q show the result in SpareBank 1 Markets. 18

19 SpareBank 1 Forsikring AS Results year to date Q1 Year to date Year Figures in MNOK Insurance risk income Insurance risk claims 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 t 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 Year to date Year Capital adequacy ratio 17.8 % 19.0 % 18.5 % Buffer capital in % of insurance provisions 17.8 % 16.3 % 13.6 %*) 19 *) Buffer capital for is shown after allocation of the year's result.

20 SpareBank 1 Forsikring AS Results per portfolio year to date 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

21 SpareBank 1 Forsikring AS Development of premium income Q1 Year to date 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 d Premium income for own account

22 SpareBank 1 Forsikring AS Return on customer portfolios with a guarantee as at 30/09/ Value-adjusted return excl. change in value construction : Booked return: Percent Percent N/A N/A N/A SpareBank 1 Storebrand DNB Nordea N/A N/A N/A SpareBank 1 Storebrand DNB Nordea 22 Source: company presentations

23 SpareBank 1 Forsikring AS Return on ordinary customer portfolio with guarantee as at 30/09/ Percent Norwegian shares 14.0 Foreign shares 23.5 Money market Norwegian bonds 3.7 Foreign bonds -0.6 Held to maturity 3.8 Real estate

24 SpareBank 1 Forsikring AS Balance sheet as of 30/09/ Year to date 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 t 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

25 Asset allocation per portfolio as of 30/09/ 3 (31/12/) SB1 Forsikring AS SB1 Skadeforsikring Group Investment choice portfolio Group portfolio Company portfolio 45.3 (46.3) % 12.8 (12.6) % 40.9 (39.2) % 0.6 (0.7) % 0.2 (0.2) % (18.4) % 9.3 (8.2) % 11.0 (10.1) % 99(110)% 9.9 (11.0) 0.4 (0.4) % 54.4 (53.2) % 27.0 (27.8) % 18.7 (19.6) % 66.6 (65.7) % 15.1 (15.8) % 69.7 (70.7) % Stocks Other Bonds NOK (8.2) billion Stocks Other Stocks Other Real estate Real estate Real estate Bonds - amortized cost Bonds - amortized cost Bonds - amortized cost Bonds - market value Bonds - market value Bonds - market value NOK 17.9 (16.9) billion NOK 3.5 (3.1) billion NOK 11.2 (11.0) billion 25

26 SpareBank 1 Skadeforsikring Group Results year to date Q1 Year to date 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 Year to date Year Figures in percentage Claims ratio, net 64.3 % 73.4 % 73.3 % 81.5 % 70.3 % 81.4 % 78.3 % Cost ratio, net 16.4 % 18.9 % 18.3 % 20.0 % 17.9 % 18.5 % 20.0 % Combined ratio, net 80.7 % 92.3 % 91.7 % % 88.2 % 99.9 % 98.2 % Capital adequacy ratio 39.0 % 34.6 % 37.1 % 26

27 ODIN Forvaltning Results year to date Q1 Year to date 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