Presentation of results from SpareBank 1 Gruppen - 3rd quarter 2011 - Kirsten Idebøen, CEO
Presentation Q2 2013 for SpareBank 1 Gruppen - English version
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Transcript of Presentation Q2 2013 for SpareBank 1 Gruppen - English version
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SpareBank 1 Gruppen Presentation 1st Half 2013
SpareBank 1 Gruppen 14 August 2013 - Kirsten Idebøen CEO14 August 2013 - Kirsten Idebøen, CEO
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Performance in the 1st half of 2013
• Substantial improvement in pre-tax profit – MNOK 531 (296)
f f f
• Premium growth and good result for the life insurance business• Buffer capital has grown further
M k t l d i l i d t b i d l k t h i• Market leader in new personal insurance product business and low market shares in capital intensive products
I t i fit bilit d fit f i t ib t d t• Improvements in profitability and profit from prior years contributed to a good result for the P&C Insurance business
• Gross combined ratio of 89.8%, down 10 percentage points from 1st half of 2012
• New control structure and new management team - integration of the financing group, SpareBank 1 Gruppen and Alliansesamarbeidet
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Key figuresPre-tax profit for the year-to-date (MNOK)Pre-tax profit for the quarter (MNOK)
164145
170 531
123
295 308 296
Q2 Q2 Q2 Q2 1H 1H 1H 1H
Annualised return on equity (%) Capital adequacy ratio as of the end of the quarter (%)
Q2 2010
Q2 2011
Q2 2012
Q2 2013
1H2010
1H 2011
1H 2012
1H 2013
11.910.5 10.5
15.6 15.9 16.714.6 14.0 14.6
3
1H2010
1H 2011
1H 2012
1H 2013
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
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Pre-tax profit from subsidiaries almost doubledPre tax profit from subsidiaries almost doubled
438 1H2012
284
1H2012
1H2013
236 236284
14163
-2
-90-35
ce
rea ce
ea ng es
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&C
Insu
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ess a
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OD
IN
Forv
altn
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Rec
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SB1
Mar
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Li bu P& bu
R m
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Insurance business area The integration of the life and P&C insurance
5
business has been a success
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Insurance business area (life and P&C combined)Strong improvement in the insurance unit
94 5 95.2 93 9 92 7 95 5
Strong improvement in the insurance unitGross combined ratio - Risk insurance (%) Combined ratio risk insurance as of 1st half of 2013
C bi d C t/i
22.221.7
14.1 17.3 19.1 19.124.8 18.5 20.1
88.994.5 95.2 93.9 92.7 95.5
89.183.4 82.6
Combined ratio Claims ratio Cost/income
ratio
83.0% 63.8% 19.3%
66.8 72.8 81.1 76.6 73.6 76.464.3 64.9 62.6
85.0% 63.1% 21.9%
85.3% 69.5% 15.8%
Q22011
Q32011
Q42011
Q12012
Q22012
Q32012
Q42012
Q1 2013
Q2 2013
Net claims ratio Net cost ratio
Actual effects of merger (MNOK)
88.2% 75.4% 12.7%
89.9% 72.6% 17.2%
*S B k 1' fi f i k i i l d S B k 1 Sk d f ik i G d l i k*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)
179
214 225
131
6
2013 2014 2015
Actual annual effect as at 30/06/13 Target total effect
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SpareBank 1 Forsikring AS (life insurance business)Well on track with building up of reserves for longevity. Good
16.3 15 5
buffersPre-tax profit for the quarter (MNOK) Buffer capital trend, per quarter (%)
147
12.814.8
16.3
13.614.8 15.5
94
142 147137
Q12012
Q22012
Q32012
Q42012
Q12013
Q220132012 2012 2012 2012 2013 2013
Core capital in excess of minimum Interim profitAdditional provisions Securities adjustment reserve
Market share personal insurance Q1 2013 (Q1 2012)
Q1 2012 Q2 2012 Q1 2013 Q2 2013
Key figures for 1H2013 (1H2012) in MNOK
•Gross due premium income: 2 039 (1 870)
•Risk result: 185 (122)
Ranking CompanyMarket share
New premiums 131 (131) MNOK
1 S B k 1 27 2% (32 2%)
Life insurance, disability pension and disability capital
•Risk result: 185 (122)
•Administration result: -11 (-26)
•Investment result: 205 (120)
1 - SpareBank 1 27.2% (32.2%)
2 - Gjensidige 23.9% (17.4%)
3 - Frende 16.5% (12.0%)
7
•Pre-tax profit: 284 (236) 4 - Nordea 11.2% (14.6%)
5 - Eika 8.7% (8.8%)
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SpareBank 1 Skadeforsikring Group (P&C insurance business)
Strong improvement in result driven by profit from 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)
265158
175
166 174 112135 141
104124
140158
70
Q4 Q1 Q2 Q3 Q4
Key figures for 1H2013 (1H2012) in MNOK
Q1 2012 Q2 2012 Q1 2013 Q2 2013 Q42012
Q1 2013
Q2 2013
Q3 2013
Q42013
Actual annual effect Target total effect
y g ( )
•Gross written premium: 2 984 (3 144)
•Insurance result: 190 (12)
8
•Pre-tax profit: 438 (236)
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ODIN Forvaltning Costs reducing measures contributed to
9
improved result
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ODIN ForvaltningCosts reducing measures contributed to improved resultCosts reducing measures contributed to improved result
Pre-tax profit for the quarter (MNOK) Return on equity funds for the year-to-date (%)8.4
7.7
22.7
0.1 19.1
25.0
Fund Benchmark
1.7
13.2
9.2
13.2
11.4
8.8
8.6
7.9 11
.1
16.
6.3
13.7
13.2
12.0
11.3
16.
1.6
14.0
12.1
-0.5 -1.5
Q1 2012 Q2 2012 Q1 2013 Q2 2013
-1
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
Market share equity and combination funds (%)Key figures for 1H2013 (1H2012) in MNOK
•Operating income: 136 (131) 12.0
Market share equity fund Market share combination fund
•Pre-tax profit: 16 (-2)
•Total assets: 27 318 (23 541)2 0
4.0
6.0
8.0
10.0
10
0.0
2.0
2011 2012 2013
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Receivables Good earnings in factoring and portfolio,
11
management deficit in debt collection business
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Receivables managementGood earnings in factoring and portfolio deficit in debt Good earnings in factoring and portfolio, deficit in debt collection business
Pre-tax profit for the year-to-date (MNOK)
• Factoringt t th i th k t
19.81H2012 1H2013- strongest growth in the market- market share of 16.9% (14.6%)
• Debt collection11.6
- lost 2-3 major customers - challenging market conditions- but increase in number of new debt collection
assignments in last 12 months4.4 3.8
9.7
3.9
7.9
assignments in last 12 months
-5.7FO Factoring FO Portefølje Conecto
(debt collection)Receivables management
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SpareBank 1 Markets The improvements in SpareBank 1 Markets
13
pcontinue, with the highest income in one quarter ever
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SpareBank 1 MarketsB i i Best income in any one quarter
B k d i f th t (MNOK) Key figures for 1H2013 (1H2012) in MNOKBooked income for the quarter (MNOK) Key figures for 1H2013 (1H2012) in MNOK
• Income: 107 (73)• Operating result: 4 (-37)
P t fit 35 ( 90)50 46
61
• Pre-tax profit: -35 (-90)
Key figures for Q2 2013 (Q2 2012) in MNOK
4027
46
• Income: 61 (40)• Operating result: 9 (-18)• Pre-tax profit: -10 (-45)
Q22012
Q32012
Q42012
Q1 2013
Q2 2013
Income contributions from business areas (MNOK)
2013 2012 2013 2012Half yearQ2
Equities & HY 15.3 9.6 37.6 24.2DCM/FX 15.8 4.6 25.0 13.8Corporate 28.1 24.4 40.0 31.5Bank 2.1 1.4 4.5 3.4Total income 61 3 40 0 107 2 72 9
14
Total income 61.3 40.0 107.2 72.9
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Best when it comes to return on equityBest when it comes to return on equity
Average 1st half Average 2010-2012
SpareBank 1 Gruppen 15.6% 12.8%
1st half 2013
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%Danske Bank 5.2% 2.9%
15
Source: The companies financial statements. Return on equity after tax measured against a selected sample of mixed Nordic financial groups
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Thank you for your time!Kirsten Idebøen
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Appendixpp
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The SpareBank 1 Alliance has a solid business model with its proximity to its customers and a conservative risk 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 andProducts, commissions and dividend
Sales
SpareBank 1 Gruppen AS
BN Bank Bank 1 Oslo Akershus
SpareBank 1 NæringskredittSpareBank 1 Boligkreditt
SpareBank 1 Skadeforsikring(100%)
ODIN Forvaltning(100%)
SpareBank 1 Forsikring SpareBank 1 Medlemskort
SpareBank 1 Gruppen AS
Companies in the SpareBank 1 Alliance
EiendomsMegler 1
(100%) (100%)
SpareBank 1 Markets(97.80%)
SpareBank 1 Gruppen Finans(100%)
Conecto
The allianceBrand, technology, expertise, processes, best practice and purchasing.Resource centres: Payment/Trondheim credit/Stavanger training/Tromsø
Conecto(100%)
18
Resource centres: Payment/Trondheim, credit/Stavanger, training/Tromsø
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SpareBank 1 GruppenNew management structure from 01/07/2013New management structure from 01/07/2013
CEOKirsten Idebøen
Risk management and Compliance
Torbjørn Martinsen
ITEivind Gjemdal
Corporate GovernanceJarle Haug
Product CompaniesTurid GrotmollRune Selmar
Business DevelopmentIren Rutle
MarketTore Haarberg
Saving
Rune Selmar g
Payment Financing
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Results for 1st half-year 2013
Figures in MNOK 2013 2012 2013 2012Half yearQ2
Part of result from subsidiaries before tax-SpareBank 1 Forsikring AS 137.0 141.8 284.4 235.8-SpareBank 1 Skadeforsikring Group 173.6 70.4 438.4 235.9ODIN F lt i AS 7 7 1 5 16 2 2 0-ODIN Forvaltning AS 7.7 -1.5 16.2 -2.0
-SpareBank 1 Markets AS -10.0 -44.9 -34.8 -89.7-SpareBank 1 Medlemskort AS 1.9 2.4 5.7 5.2-SpareBank 1 Gruppen Finans AS 5.0 0.5 8.7 2.6-Conecto AS -5.1 7.0 -5.7 11.6-Correction Group 4.6 -9.0 4.6 -9.0
Total operating costs (parent company) -5.1 -26.1 -28.1 -59.6Net investment charges (parent company) -15.5 -17.7 -34.9 -34.5g (p p y)Amortisation and write-down -123.9 0.0 -123.9 0.0Pre-tax result 170.2 122.9 530.5 296.4Taxes -83.1 -59.5 -128.4 -33.1Net result for the period 87 1 63 4 402 1 263 3
*)
Net result for the period 87.1 63.4 402.1 263.3
*) The value of the shares in SpareBank 1 Markets AS was written down by NOK 122 million in Q2
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SpareBank 1 GruppenKey figuresKey figures
Q2 Q1 Q4 Q3 Q2 Q1 Year2013 2013 2012 2012 2012 2012 2012
GroupGroupNet result for the period (MNOK) 87.1 315.0 -47.6 227.7 63.4 199.9 443.4Annualised 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 ForsikringRisk result (MNOK) 104 3 80 7 89 8 79 7 92 6 29 4 291 5Risk result (MNOK) 104.3 80.7 89.8 79.7 92.6 29.4 291.5Administration result (MNOK) -10.9 -0.2 -26.7 -3.1 -19.0 -7.5 -56.2Investment result (MNOK) 38.1 166.3 51.2 97.3 47.0 73.2 268.8Net result for the period (MNOK) 93.4 136.4 -154.4 128.7 89.1 125.8 189.2Buffer 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) 718.5 701.1 590.0 555.5 389.6 465.9 590.0
SB1 Skadeforsikring GroupOperating result before finance (MNOK) 98.1 91.7 25.8 24.9 31.1 -19.5 62.4Net financial income (MNOK) 70.7 170.1 119.8 172.8 51.0 194.0 537.6Net result for the period (MNOK) 115.9 219.4 151.8 142.6 42.2 139.5 476.1Claims 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 % 101 5 % 96 5 % 101 6 % 98 2 %Combined ratio, net (%) 92.3 % 91.7 % 93.4 % 101.5 % 96.5 % 101.6 % 98.2 %Portfolio (MNOK) 5,308 5,325 5,446 5,455 5,407 5,328 5,446
ODIN ForvaltningManagement fees (MNOK) 69.2 66.7 62.5 64.0 63.4 67.2 257.1Net result for the period (MNOK) 5.6 6.1 -18.6 1.4 -1.0 -0.3 -18.5Total assets under management, accumulated (MNOK) 27,318 27,741 24,803 24,370 23,541 26,173 24,803M k t h it f d l t d (%) 8 1 % 8 4 % 8 2 % 8 3 % 8 4 % 8 9 % 8 2 %Market share equity fund, accumulated (%) 8.1 % 8.4 % 8.2 % 8.3 % 8.4 % 8.9 % 8.2 %Market share combination fund, accumulated (%) 5.0 % 4.8 % 4.4 % 4.0 % 4.1 % 3.8 % 4.4 %
SB1 MarketsTotal operating income (MNOK) 61.3 45.9 50.1 26.6 40.0 32.9 149.6Net result for the period (MNOK) -7.2 -17.8 -12.7 -46.6 -32.6 -32.5 -124.4
21
Receivables managementNet result for the period (MNOK) -1.0 2.9 6.1 3.4 6.0 5.5 21.0
*) Buffer capital as at Q4 is shown after profits have been allocated
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SpareBank 1 GruppenQuarterly resultsQuarterly results
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2Figures in MNOK 2013 2013 2012 2012 2012 2012 2011 2011 2011 2011 2010 2010 2010
Part of result from subsidiaries before tax - SpareBank 1 Forsikring 137.0 147.4 99.0 144.6 141.8 94.1 98.1 77.7 109.0 129.4 72.5 85.8 100.3 - SpareBank 1 Skadeforsikring Group 173.6 264.8 197.9 185.0 70.4 165.5 167.6 -88.8 56.2 50.3 307.5 253.9 43.4 - ODIN Forvaltning 7.7 8.4 -20.3 1.9 -1.5 -0.5 -8.5 6.3 12.2 11.9 16.5 17.0 16.7 - SpareBank 1 Markets -10.0 -24.8 -14.6 -64.2 -44.9 -44.8 -77.5 -51.8 -22.1 -3.4 -24.0 -29.0 -1.9 - SpareBank 1 Medlemskort 1.9 3.7 2.4 2.8 2.4 2.8 4.5 2.0 2.5 3.1 1.9 2.7 3.3 - SpareBank 1 Gruppen Finans Group -0.1 3.1 7.2 3.8 7.5 6.8 5.9 12.2 3.0 6.8 6.6 -4.9 7.0 - Correction Group 4.6 0.0 -0.4 1.0 -9.0 0.0 -1.9 16.4 15.1 -0.9 -6.3 -7.4 16.3Net result before tax from subsidiaries 314.7 402.7 271.1 274.9 166.6 223.8 188.1 -26.1 175.9 197.1 374.6 318.1 185.1Total operating costs (parent company) -5.1 -23.0 -18.4 2.9 -26.1 -33.5 -29.4 -16.0 -15.6 -27.7 -16.5 40.7 -11.9N t i t t h ( t ) 15 5 19 4 18 6 21 6 17 7 16 8 19 2 18 0 15 0 7 1 15 6 11 4 9 3Net investment charges (parent company) -15.5 -19.4 -18.6 -21.6 -17.7 -16.8 -19.2 -18.0 -15.0 -7.1 -15.6 -11.4 -9.3Amortisation and write-down -123.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0Pre-tax result 170.2 360.3 234.0 256.2 122.9 173.5 139.6 -60.1 145.4 162.4 342.5 347.4 163.9Taxes -83.1 -45.3 -281.6 -28.5 -59.5 26.4 141.4 55.8 -48.1 -10.5 -18.5 -88.4 -8.3Net result for the period 87.1 315.0 -47.6 227.7 63.4 199.9 281.0 -4.3 97.2 151.9 324.0 259.1 155.6
Majority interest 87.2 315.5 -47.3 228.8 64.2 200.7 282.6 -3.1 98.0 152.4 327.9 263.9 155.9Minority interest -0 1 -0 4 -0 3 -1 1 -0 8 -0 8 -1 6 -1 1 -0 8 -0 5 -3 9 -4 8 -0 3Minority interest 0.1 0.4 0.3 1.1 0.8 0.8 1.6 1.1 0.8 0.5 3.9 4.8 0.3
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SpareBank 1 Forsikring AS (life insurance business)Results for 1st half-year 2013Results for 1st half-year 2013
Q2 Q1 Q2 YearFigures in MNOK 2013 2013 2012 2013 2012 2012
Half yearg
Insurance risk income 453.1 430.1 369.1 883.2 730.3 1,613.3 Insurance risk claims -343.6 -334.4 -266.2 -678.0 -606.6 -1,303.3Risk result 109.5 95.7 102.9 205.2 123.6 310.0 Tecnical allocations -5.1 -15.0 -10.3 -20.2 -1.6 -18.5Risk result after tecnical allocations 104.3 80.7 92.6 185.0 122.0 291.5 Reserves -7.4 -10.4 0.0 -17.8 0.0 -50.6Risk result after tecnical allocations and reserves 96.9 70.3 92.6 167.2 122.0 240.9 Fees 203.7 196.9 180.9 400.5 365.7 747.1 Expenses, exclusive comissions -146.0 -130.3 -137.4 -276.3 -265.9 -541.3 Comissions -68.6 -66.8 -62.5 -135.4 -126.2 -262.1Administration result 10 9 0 2 19 0 11 2 26 4 56 2Administration result -10.9 -0.2 -19.0 -11.2 -26.4 -56.2 Net investment income 154.3 276.5 153.1 430.8 341.7 732.3 Guaranteed interest to policyholders -116.2 -110.2 -106.1 -226.3 -221.5 -463.6Investment result 38.1 166.3 47.0 204.5 120.2 268.8 Reserves -2.8 -66.6 -10.3 -69.3 -41.6 -94.7Investment result after reserves 35.4 99.7 36.7 135.1 78.6 174.1Investment result after reserves 35.4 99.7 36.7 135.1 78.6 174.1 Compensation guaranteed interest 4.5 4.1 6.1 8.6 12.4 25.9Result before additional provisions 125.9 173.9 116.6 299.8 186.6 384.7 Undistributed profits to customers -9.7 -63.3 -27.7 -72.9 -42.9 -86.8 Return on company's assets 20.8 36.8 52.9 57.6 92.1 181.5Net profit to owner before tax 137.0 147.4 141.8 284.4 235.8 479.4 Taxes -43.6 -11.1 -52.6 -54.7 -20.9 -290.2Net profit/loss for the period 93.4 136.4 89.1 229.8 214.9 189.2
Key figures Half year Year2013 2012 2012
23
2013 2012 2012Capital adequacy ratio 17.6 % 20.0 % 18.5 %Buffer capital in % of insurance provisions 15.5 % 14.8 % 13.6 %
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SpareBank 1 Forsikring AS (life insurance business)Results per portfolio for 1st half-year 2013Results per portfolio for 1st half-year 2013
Previously
Figures in MNOKGroup
portfolio
Previouslyestablished
individual productsInvestment choice
portfolioCompanyportfolio Total
Risk result 190.4 -0.7 -4.6 0.0 185.0Administration result 18.7 -13.4 -16.5 0.0 -11.2Net investment result 140 9 59 0 3 4 1 2 204 5Net investment result 140.9 59.0 3.4 1.2 204.5Reserves - long life -87.2 0.0 0.0 0.0 -87.2Compensation interest guarantee 8.6 0.0 0.0 0.0 8.6Transferred to policyholders -27.5 -44.9 -0.5 0.0 -72.9Return on company's assets 0.0 0.0 0.0 57.6 57.6Sum 243.9 0.0 -18.3 58.8 284.4
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SpareBank 1 Forsikring AS (life insurance business)Development of premium incomeDevelopment of premium income
Q2 Q1 Q2 YearFigures in MNOK 2013 2013 2012 2013 2012 2012
Half year
Individual annuity and pension insurance 81.4 79.8 72.3 161.2 144.6 325.3 Individual endowment insurance 159.8 155.6 150.2 315.4 298.1 607.7 Group pension insurance 73.7 295.0 74.4 368.7 318.7 528.9 Individual life insurance 59.7 57.6 55.1 117.3 108.9 223.0 Group life insurance 151.0 265.6 132.2 416.7 371.3 632.5 Unit Linked - Annuity 3.0 8.6 8.5 11.6 17.9 34.4 Unit Linked - Endowment 16.8 33.2 35.2 50.0 71.9 134.7 Defined contribution pension 301.9 296.0 273.1 597.8 538.2 1 123.8Total gross due premium income 847.3 1 191.3 801.1 2 038.6 1 869.6 3 610.2 Premium reserves transferred from other companies 202.4 98.7 194.7 301.1 297.0 575.2 Reinsurance ceded -46.0 -47.5 -41.2 -93.5 -69.8 -154.5Premium income for own account 1 003.7 1 242.6 954.5 2 246.3 2 096.8 4 030.8
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SpareBank 1 Forsikring AS (life insurance business)Return on customer portfolios with a guarantee as at Return on customer portfolios with a guarantee as at 30/06/2013
Value-adjusted return excl. change in value construction:
Booked return:
3.4
2.8
Q12013
Q22013
Q12013
Q22013
Q12013
Q22013
Q12013
Q22013
2.6
2 0 2.1
Q12013
Q22013
Q12013
Q22013
Q12013
Q22013
Q12013
Q22013
2.3
1.3 1.41.6
1.9
2.4
2.8
Perc
ent 1.6
0.91.1
1.4
1.9 2.0
Perc
ent
SpareBank 1 Storebrand DNB Nordea SpareBank 1 Storebrand DNB Nordea
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SpareBank 1 Forsikring AS (life insurance business)Return on ordinary customer portfolio with guarantee as Return on ordinary customer portfolio with guarantee as at 30/06/2013
5.7Norwegian shares
Percent
1 4
13.4
Money market
Foreign shares
2.4
1.4
Norwegian bonds
Money market
2.5
-1.6
Held to maturity
Foreign bonds
3.4Real estate
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SpareBank 1 Forsikring AS (life insurance business)Balance sheet as of 30/06/2013Balance sheet as of 30/06/2013
YearHalf year YearFigures in MNOK 2013 2012 2012 Intangible assets 190 134 165 Investments 3 352 2 851 3 140 Reinsurance's part of insurance obligations 237 207 213 Accounts receivable 106 90 105
Half year
Accounts receivable 106 90 105 Other assets 154 276 128 Prepayed liabilities and accrued income 0 0 6 Investments group portfolio 17 849 16 581 17 062 Investments options portfolio 9 335 7 451 8 239T l 31 223 27 589 29 059Total assets 31 223 27 589 29 059 Paid in capital 2 073 2 073 2 073 Other equity 658 643 428 Subordinated loan capital 200 200 200 Insurance obligations - contractual 17 621 16 401 16 953 Insurance obligations - investment options 9 474 7 557 8 347 Provisions for obligations 471 73 275 Premium deposits from reinsurance companies 141 139 139 Other obligations 475 437 553 Accrued liabilities, prepaied income 110 67 90Total liabilities and equity 31 223 27 589 29 059
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Asset allocation per portfolio as of 30/06/2013 p p f f 3 / / 3(31/12/2012)
SB1 Skadeforsikring konsernSB1 Forsikring AS
G f li I h f l Group portfolio Company portfolio
9.0 (8.2) %11 1 (11 0) %
10.6 (10.1) %41.8 (39.2) %
13.2 (12.6) %0.3 (0.7) %
0.1 (0.2) %
18 2 (18 4) %
Investment choice portfolio
11.1 (11.0) %( ) 18.2 (18.4) %45.7 (46.3) %
69.3 (70.7) %26.1 (27.8) % 18.7 (19.6) % 67.4 (65.7) %
14.2 (15.8) %53.8 (53.2) %
0.5 (0.4) %Stocks Other
StocksReal estate
NOK 17 6 (16 9) billion NOK 3 3 (3 1) billion NOK 10 9 (11 0) billionNOK 9 3 (8 2) billion
Stocks Other Bonds OtherReal estateBonds - amortized costBonds - market value
Real estateBonds - amortized costBonds - market value
Real estateBonds - amortized costBonds - market value
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NOK 17.6 (16.9) billion NOK 3.3 (3.1) billion NOK 10.9 (11.0) billionNOK 9.3 (8.2) billion
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SpareBank 1 Skadeforsikring GroupResults for 1st half-year 2013Results for 1st half-year 2013
Q2 Q1 Q2 YearHalf yearQ2 Q1 Q2 YearFigures in MNOK 2013 2013 2012 2013 2012 2012Gross written premium 1 370.8 1 612.9 1 431.1 2 983.7 3 144.2 5 600.4Net earned premium 1 174.0 1 193.1 1 257.3 2 367.2 2 491.8 5 073.1Net incurred claims -862.0 -875.0 -982.7 -1 737.0 -2 026.4 -3 968.1Net insurance operating costs -221.4 -218.7 -230.0 -440.0 -441.0 -1 015.7
Half year
Other insurance income/costs 6.7 5.2 1.7 11.9 2.9 14.3Changes in other technical reserves 0.7 -13.0 -15.1 -12.2 -15.6 -41.2Operating result before finance 98.1 91.7 31.1 189.9 11.6 62.4Net financial income 70.7 170.1 51.0 240.7 244.9 537.6Other costs 0.0 0.0 0.0 0.0 0.0 -0.1R lt b f h i it 168 8 261 8 82 1 430 6 256 6 599 9Result before changes in security reserve 168.8 261.8 82.1 430.6 256.6 599.9Changes in security reserve 4.8 3.0 -11.7 7.8 -20.7 19.0Pre-tax profit 173.6 264.8 70.4 438.4 235.9 618.9Taxes -57.7 -45.4 -28.2 -103.1 -54.2 -142.7Net profit/loss for the period 115.9 219.4 42.2 335.3 181.7 476.1
Key figures Q2 Q1 Q2 YearFigures in percentage 2013 2013 2012 2013 2012 2012Claims 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 %
Half year
,Combined ratio, net 92.3 % 91.7 % 96.5 % 92.0 % 99.0 % 98.2 %Capital adequacy ratio 36.7 % 34.1 % 33.7 %
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ODIN ForvaltningResults for 1st half-year 2013Results for 1st half-year 2013
Q2 Q1 Q2 YearFigures in MNOK 2013 2013 2012 2013 2012 2012
Half yearFigures in MNOK 2013 2013 2012 2013 2012 2012Management fees 69.2 66.7 63.4 135.9 130.6 257.1Total operating income 69.2 66.7 63.4 135.9 130.6 257.1Salaries -29.2 -23.7 -25.9 -52.9 -50.5 -110.1Depreciations -6.3 -6.4 -6.8 -12.7 -13.3 -26.0Other operating costs -26 3 -28 4 -32 5 -54 7 -69 4 -130 5Other operating costs -26.3 -28.4 -32.5 -54.7 -69.4 -130.5Total operating costs -61.8 -58.5 -65.2 -120.3 -133.2 -266.6Operating profit 7.4 8.2 -1.8 15.5 -2.6 -9.6Net financial income 0.4 0.3 0.4 0.6 0.7 -10.8Pre-tax profit 7.7 8.4 -1.5 16.2 -2.0 -20.4Taxes 2 1 2 3 0 5 4 4 0 6 1 9Taxes -2.1 -2.3 0.5 -4.4 0.6 1.9Net profit/loss for the period 5.6 6.1 -1.0 11.8 -1.3 -18.5
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