Q4Preliminary accountsfor 2011

Q4Presentation of results from SpareBank 1 Gruppen

Kirsten Idebøen, CEO

15 February 201215 February 2012

Volatile securities market, combined with damage due to natural perils and large claims led to reduced earningsnatural perils and large claims, led to reduced earnings

Group pre-tax profit* (MNOK) quarterlyGroup pre-tax profit* (MNOK), quarterly • Pre-tax profit for 2011: MNOK 389 (985)Pre-tax profit in Q4: MNOK 142 (343)

• Profit after tax for 2011: MNOK 479 (832)374 358

Q1Q2 • Profit after tax for 2011: MNOK 479 (832)

Profit after tax in Q4: MNOK 235 (324)

• Annualised return on equity: 10.0 (18.7 %)

358 347 343Q2Q3Q4

q y ( )

• Capital adequacy ratio: 16.0 (16.1 %) Core capital adequacy ratio: 14.4 (12.5 %)

87

131162164

145177

142

• Total assets for the Group were NOK 42.0 billion, compared with NOK 40.7 billion at year-end 2010

-61

2009 2010 2011 year end 20102009 2010 2011

2* Comparison figures for 2009 have been restated and do not include the Bank 1 Oslo Group.

Record earnings within life insurance. Earnings within P&C insurance were affected by natural perils and large claimsy p g

Pre-tax profit per subsidiary (MNOK) • Significantly improved administration resultwithin life assurance. The company has

i t i d d b ff th h t thmaintained good buffers throughout the year

• Strong portfolio growth has providedincreased premium income in P&C insurance.

641

414

2010 2011increased premium income in P&C insurance. Negative insurance results and turbulent financial markets led to weaken results

W k t k k t t ib t d t d d

350

414

188 • Weak stock markets contributed to reducedearnings for ODIN

• Profit growth for SB1G Finans: improved loss 65

9

188

22 27• Profit growth for SB1G Finans: improved loss

situation within Factoring, strong growth in portfolio volume for Portfolio and goodrevenues from Conecto

-58

-155

v e s s

• Results from SB1 Markets have been affectedby large, though planned investments linkedto building up a leading capital market

SB1

Liv

SB1

Skad

e

OD

IN

SB1G

Fin

ans

SB1

Mar

kets

3

g p g penvironment, as well as by volatile markets

SpareBank 1 SpareBank 1 Skadeforsikring Group

High proportion of large claims, flood and storm.Positive portfolio growth

4

SpareBank 1 Skadeforsikring GroupHigh proportion of large claims, flood and storm. Positive High proportion of large claims, flood and storm. Positive portfolio growth

P e ta p ofit q a te l (MNOK)• Total portfolio growth of MNOK 515, of which MNOK

230 from Unison Forsikring. Portfolio volum as at 31.12.2011 was NOK 5.2 billion– Market share grew from 10 8 % in 2010 to

Pre-tax profit, quarterly (MNOK)

251 254

308 Q1Q2Q3

Market share grew from 10.8 % in 2010 to 11.2 % in Q3 2011

• Pre-tax profit for 2011: MNOK 188 (641) and

207

115

171

Q4

MNOK 171 (308) in Q4– Insurance result*: MNOK -35 (267) and

MNOK -13 (123) in Q4– Net financial income: MNOK 260 (433) and

48 365043 56

115

Net financial income: MNOK 260 (433) andMNOK 161 (201) in Q4

• Financial return of 2.9 (4.9) %-89

– Low interest rate level and negative development for Norwegian shares

* Insurance result for 2011 includes Unison Forsikring and

2009 2010 2011

5

medical treatment insurance.

SpareBank 1 Skadeforsikring GroupHigh proportion of large claims, flood, storm and terrorismg p p g , ,

Combined ratio for own account – quarterly (%) Combined ratio for own account (%)103.4

24.8

20.2

17.1

22.7 23

.8 21.9

22.4 21

.0

26.0

99.6108.6

92.9 89.8

100.3105.5 101.9 105.8

100.5

20.5 20.6 20

.7

21.9 22

.5 21.0 22

.987.2 89.994.6 94.0 96.2 97.7

74.8 88

.3

75.9

7.1 76.6 83

.6

79.4 84.7

74.5

2

7 3 3.9

2.1

3.8 6.7

80.5

67

Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

66.7

69.3 73 72 73 76 8

- Profit commission costs in Q4 2011 of MNOK 32 represented a

Q2009

Q2010

Q2010

Q2010

Q2010

Q2011

Q2011

Q2011

Q2011

Net claims ratio Net cost ratio2005 2006 2007 2008 2009 2010 2011

Net claims ratio Net cost ratio

High proportion of large claims within centralproduct groups in the CM-portfolio has meant a significant increase in claims ratio in 2011

significant portion of the increase in cost ratio - The cost ratio for 2010 was low as a result of the non-recurringeffect of pensions and lack of profit commissions

l h b d f d h h k l

6

• Claims have been incurred for around MNOK 52 in conjunction with the terrorist attack on 22 July 2011.

SpareBank 1 pLivsforsikring

Record profit in a demanding marketRecord profit in a demanding market

7

SpareBank 1 LivsforsikringRecord profit in a demanding marketp g

• Pre-tax profit for 2011: MNOK 414 (350) andMNOK 98 (73) in Q4

P t fit (MNOK) t l• Administration result for 2011: MNOK -66 (-187) and

MNOK -3 (-62) in Q4- Lower operating costs and increased fee revenues

Pre-tax profit (MNOK), quarterly

206 Q1Q2Q3

• Investment result for 2011: MNOK 369 (317) andMNOK 3 (49) in Q4- MNOK 187 set aside for increasing reserves as a result of longer life expectancy

129

109

Q3Q4

• Risk result for 2011: MNOK 241 (325) andMNOK 39 (65) in Q4- Higher costs in conjunction with disability compensation

92100

109

81 867881

72

98

• Tax revenue for 2011 of MNOK 98 (-60)- Combined effect of the tax exemption model and of the securitiesadjustment reserve coming under the provisions of the Norwegian Taxes Act on entitlement to make deductions for insurance-related

24

2009 2010 2011provisions

• The Norwegian Ministry of Finance has proposed limiting thetax exemption model for shares, etc. owned by life insurancecompanies

2009 2010 2011

8

companies

SpareBank 1 LivsforsikringGood buffers throughout 2011Good buffers throughout 2011

Buffer capital trend, per quarter (%) Securities adjustment reserve (MNOK)Buffer capital trend, per quarter (%)

14.6 % 15.2 %14.0 % 14.1 %

61710.8 %

327

185

2009 2010 2011

Q42010

Q12011

Q22011

Q32011

Q42011

Core capital in excess of minimum Interim profitAdditional provisions Securities adjustment reserve

• Buffer capital after allocation of the profit for 2011: 10.8 (14.6) %- The main reason for the change is the fall in the securities adjustment reserve from MNOK 617 to MNOK 185

l O 26 (26 ) b ll• Total assets: NOK 26.5 (26.5) billion

• Capital adequacy ratio: 18.3 (19.3) %

9

• The company is considered to be well capitalised with regard to the expected requirements under Solvency II

SpareBank 1 ForsikringAsset allocation per portfolio as at 31.12.11 (31.12.10)

SB1 Skadeforsikring GroupSB1 Livsforsikring

Asset allocation per portfolio as at 31.12.11 (31.12.10)

SB1 Skadeforsikring GroupSB1 Livsforsikring

Group portfolio Company portfolio0.0 (0.1) %

10.4 (10.6) %13.8 (14.8) % -4.5 (-1.6) %

Investment portfolio

7.9 (9.4) % 12.7 (13.6) %

( )37.4 (34.8) % -0.2 (0.9) %

0.0 (0.1) %18.8 (21.0) %

45.9 (61.0) %

69.0 (66.3) %28.0 (28.0) % 21.0 (21.5) % 60.9 (48.4) %

24.8 (28.8) %54.2 (39.0) %

-0.1 (0.0) %

NOK 15 7 (16 0) billion NOK 2 9 (2 8) billion NOK 9 6 (8 9) billion

( )

NOK 6 9 (6 7) billion

Stocks Other Bonds

Stocks OtherReal estate Bonds - amortized costBonds - market value

Stocks OtherReal Estate Bonds at amortised costBonds at Market value

NOK 15.7 (16.0) billion NOK 2.9 (2.8) billion NOK 9.6 (8.9) billion NOK 6.9 (6.7) billion

10

ODIN ForvaltningO o a gWeak development in securities markets in 2011 led to reduced total assets

11

ODIN ForvaltningWeak development in securities markets in 2011 led to Weak development in securities markets in 2011 led to reduced total assets

• Pre-tax profit for 2011: MNOK 22 (65)– Management fees of MNOK 304, which is MNOK

14 lower than in 2010

Pre-tax profit (MNOK), quarterly

Q1

• Profit in Q4 was MNOK -9 (16)

T t l t f NOK 23 4 billi1716 17

24

16

Q2Q3Q4

• Total assets of NOK 23.4 billion– Down NOK 8.9 billion on 2010

Market share of 8 9 % for equity fund for

1412

1012

16

6

16

• Market share of 8.9 % for equity fund for 2011, compared with 10.7 % for 2010

• Market share of 3 8 % for combination fund -7 • Market share of 3.8 % for combination fund for 2011, up from 3.2 % as at Q1 2011

-9

2009 2010 2011

12

SpareBank 1 Gruppen p ppFinans GroupGood growth in all business areas in 2011Good growth in all business areas in 2011

13

SpareBank 1 Gruppen Finans GroupGood growth in all business areas in 2011

Pre-tax profit to date this year (MNOK)

• Pre-tax profit for 2011: MNOK 27 (9)* and MNOK 5 (7) i Q4MNOK 5 (7) in Q4

― Significantly reduced losses and loss provisionswithin BA Factoring, as well as good growth in client

20

24

272010 2011

revenues 3rd largest factoring business in the country, with a

market share in 2011 of 14.1 %, compared with 11.6 % in 2010

Factoring shows the fastest growth on the market

20

15

Factoring shows the fastest growth on the market

― BA Portfolio (long-term monitoring) attained a portfolio volume in 2011 of NOK 1.2 billion, compared with MNOK 620 in 2010

9

4

cto*

cove

ry)

ring

G F

p*

*

folio

p Corresponds to a growth in portfolio volume of 86 % Good growth in net interest/credit commission revenues

― Conecto has had good revenue growth despite

2 2

Con

ec(d

ebt r

ec

*Conecto was acquired with accounting effect from 10 September 2010. The profit up to the acquisition date has been recognised directly against equity in the group.

Fact

or

SB1G

Gro

up

Port

f g g pmandatory reduction in debt recovery fees

14

Co ecto as acqu ed t accou t g e ect o 0 Septe be 0 0 e p o t up to t e acqu s t o date as bee ecog sed d ect y aga st equ ty t e g oup

**Pre-tax profit for SpareBank 1 Gruppen Finans Group also includes management and excess value amortisation.

SpareBank 1 MarketsI t t i 2011 k t i 2012Investments in 2011 – market power in 2012

15

SpareBank 1 MarketsInvestments in 2011 – market power in 2012

O i l

Investments in 2011 – market power in 2012

• There was large-scale recruitment and company expansion in 2011, in line with approved strategiesand plans, with one of the largest movements in human capital the sector has ever seen

Operational matters

•2011 largely focused on investments, and the people, infrastructure and systems will be in placeduring the course of Q1 2012. SpareBank 1 Markets enters 2012 with strong market power

Results• Pre-tax profit for 2011: MNOK -155 (-58)• Pre-tax profit in Q4: MNOK -77 (-24)• Total revenue for 2011: MNOK 86 (83)

16

SpareBank 1 MarketsHigh level of market activity and profitable High level of market activity and profitable operations during 2012

• SpareBank 1 will have a strong, national capitalmarket environment, where the banking and capitalmarket sectors interact in the market Top-ranked

Corporatefinancemarket sectors interact in the market

• A clear strategy, willingness to invest and perseverance have laid the foundations for a leadingcapital ma ket en i onment in No a

Top-rankedanalystteam

financeteam withextensiveexperience

capital market environment in Norway

• The 1st half of 2012 will be characterised by a highlevel of market activity, with a complete transitionfrom investment to operations

Balance and risk capacity

Stronginvestmentability

from investment to operations

• The company will approach full market power during 2nd half of 2012 and previous indications of profitable operations from Q4 remains unchangedoperations from Q4 remains unchanged

SpareBank 1 Markets can deliver the entire capital structure, from bank loans to bonds and equity

17

Annualised return on equity among selected Nordic financial institutions

2011 2010 2009 Average 2009 20110 2009 2009-2011

Handelsbanken 13.5 % 12.9 % 12.6 % 13.0 %Gjensidige* 12 2 % 13 1 % 11 1 % 12 1 %Gjensidige* 12.2 % 13.1 % 11.1 % 12.1 %DNB 11.4 % 13.6 % 10.6 % 11.9 %Nordea 10.6 % 11.5 % 11.3 % 11.1 %SpareBank 1 Gruppen 10.0 % 18.7 % 18.1 % 15.6 %Storebrand 6.0 % 10.8 % 8.2 % 8.3 %Danske Bank 1 4 % 3 6 % 1 7 % 2 2 %Danske Bank 1.4 % 3.6 % 1.7 % 2.2 %

18

* Calculated as net profit distributed over average equity.

Source: Companies' annual reports for 2011

Outlook

Volatile financial markets entails increased uncertainty in terms of investment

SPAREBANK 1 GRUPPEN

• Volatile financial markets entails increased uncertainty in terms of investmentresults, which constitute a significant portion of value generation at SpareBank 1 Gruppen. The macro situation, however, is considered to provide reason for cautious optimism.p

• SpareBank 1 Gruppen is well equipped to face the new capital requirements in relation to the introduction of Solvency II.

• Competition is considered to be strong and continuous improvement is required• Greater coordination within the alliance, where the product companies form part of the

value chain.Th ill i k i h i ffi i• The group will continue to work on cooperation across the companies to extract efficiencygains within costs, income and know-how.

19

The nation's savings bank20

20

The nation s savings bank

A diAppendix

21

SpareBank 1 AllianceSpareBank 1

SR-Bank (19.5%)

SpareBank 1SMN

(19.5%)

SpareBank 1Nord-Norge

(19.5%)

SparebankenHedmark (12%)

SamarbeidendeSparebanker

(19.5%)

LO (Trade Union)(10%)

SpareBank 1 Gruppen AS

Alliance CooperationSpareBank 1 Livsforsikring

(100%)

ODIN Forvaltning

(100%)

SpareBank 1 Markets(97.2%)

SpareBank 1Skadeforsikring

(100%)

SpareBank 1 Gruppen Finans

(100%)

SpareBank 1Medlemskort

(100%)Broad cooperation

- Technology- Brand/communication

ExpertiseConecto(100%)

- Expertise- Common processes and use of best practice- Purchasing

Regional competence centres- Payment services: Trondheim(Bank-owned companies)

Unison Forsikring

(100%)

- Credit: Stavanger- Training: TromsøSpareBank 1 Boligkreditt

EiendomsMegler 1BNbank

SpareBank 1 Oslo og Akershus

22

SpareBank 1 GruppenKey figuresKey figures

Q4 Q3 Q2 Q1 Q42011 2011 2011 2011 2010 2011 2010

GroupNet result for the period (MNOK) 234.8 -4.8 97.2 151.9 324.0 479.1 831.6

Year

Return on equity (%) 19.2 % -0.3 % 7.8 % 12.4 % 28.3 % 10.0 % 18.7 %Capital adequacy ratio, cumulative (%) 16.0 % 16.3 % 16.2 % 16.1 % 16.1 % 16.0 % 16.1 %Core capital adequacy ratio, cumulative (%) 14.4 % 14.0 % 13.9 % 12.6 % 12.5 % 14.4 % 12.5 %

SB1 LivsforsikringRisk result (MNOK) 38.5 63.5 70.1 69.4 65.3 241.4 325.4Administration result (MNOK) -3.2 -19.8 -24.2 -18.7 -61.7 -65.9 -186.9Investment result (MNOK) 3.1 51.6 108.0 205.8 48.7 368.5 317.3Net result for the period (MNOK) 193.7 114.6 73.8 129.9 55.0 511.9 290.2Buffer capital in % of insurance provisions, cumulative (%) 10.8 % 14.1 % 14.0 % 15.2 % 14.6 % 10.8 % 14.6 %Capital adequacy ratio, cumulative (%) 18.3 % 18.5 % 17.1 % 19.2 % 19.3 % 18.3 % 19.3 %Securities adjustment reserve, cumulative (MNOK) 184.9 13.0 326.3 448.2 616.9 184.9 616.9

SB1 Skadeforsikring GroupOperating result before finance (MNOK) -12.8 0.0 8.2 -29.9 123.0 -34.5 266.9Net financial income (MNOK) 160.8 -62.3 66.8 95.1 201.1 260.3 432.8Net result for the period (MNOK) 92.1 -81.7 41.8 39.8 308.2 92.0 581.1Claims ratio, net (%) 74.5 % 84.7 % 79.4 % 83.6 % 76.6 % 80.5 % 76.7 %Cost ratio, net (%) 26.0 % 21.1 % 22.4 % 21.9 % 23.8 % 22.9 % 21.0 %Combined ratio, net (%) 100.5 % 105.8 % 101.9 % 105.5 % 100.3 % 103.4 % 97.7 %Portfolio (MNOK) 5,198 5,092 4,986 4,825 4,683 5,198 4,683

ODIN ForvaltningManagement fees (MNOK) 61.8 69.4 85.5 86.8 82.0 303.5 317.9Net result for the period (MNOK) -6.4 4.3 8.9 8.6 10.4 15.4 45.3Total assets under management, cumulative (MNOK) 23,433 22,539 30,101 33,348 32,292 23,433 32,292Market share equity fund, cumulative (%) 8.9 % 8.8 % 9.9 % 10.6 % 10.7 % 8.9 % 10.7 %Market share combination fund, cumulative (%) 3.8 % 3.8 % 3.5 % 3.2 % 0.0 % 3.8 % 0.0 %

SB1 MarketsTotal operating income (MNOK) 15.3 12.6 23.5 34.8 18.4 86.3 83.3Net result for the period (MNOK) -57.4 -37.3 -15.9 -2.4 -16.6 -113.1 -40.8

SB1G Finans GroupNet result for the period SB1G Finans Group (MNOK) 4.7 8.4 1.8 4.5 3.8 19.4 4.3Net result for the period SB1G Finans - parent company (MNOK) 4.6 3.7 0.1 1.4 0.6 9.8 -4.1Net result for the period Conecto (MNOK) 2.1 6.7 3.7 5.1 4.5 17.5 13.7

*) Buffer capital as at Q4 is shown after profits have been distributed

23

SpareBank 1 GruppenProfit for 2011Profit for 2011

Figures in MNOK 2011 2010Year

Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 414.1 350.4 - SpareBank 1 Skadeforsikring Group 188.1 641.1 - ODIN Forvaltning 21.8 64.6 - SpareBank 1 Markets -154 8 -57 6

*

SpareBank 1 Markets 154.8 57.6 - SpareBank 1 Medlemskort 12.1 11.1 - SpareBank 1 Gruppen Finans Group 27.5 8.6 - Correction Group 28.6 17.6Net result before tax from subsidiaries 537.4 1,036.0Total operating costs (parent company) -88.6 -7.6Total operating costs (parent company) 88.6 7.6Net investment charges (parent company) -59.4 -43.2Pre-tax result 389.4 985.1Taxes 89.7 -153.6Net result for the period 479.1 831.6

Majority interest 483.2 841.0Minority interest -4.0 -9.5

Key figures 2011 2010Year

The low operating costs for 2010 are the result of significant revenue recognition of a non-recurring nature. There was net revenue recognition in the 1st half of 2010 of MNOK 21.6, as a result of changes to the AFP plan and the fact that the company's pension scheme no longer includes a spouse or child pension. There was also revenue recognition in Q3 2010 of MNOK 43.0 associated with employer's contributions, previously covered by SpareBank 1 Gruppen AS on

y gAnnualised return on equity 10.0 % 18.7 %

24

e e as a so e e ue ecog t o Q3 0 0 o O 3 0 assoc ated t e p oye s co t but o s, p e ous y co e ed by Spa e a G uppe S obehalf of First Securities AS.

SpareBank 1 Gruppen Quarterly profitsQuarterly profits

Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4Figures in MNOK 2011 2011 2011 2011 2010 2010 2010 2010 2009

Part of result from subsidiaries before taxPart of result from subsidiaries before tax - SpareBank 1 Livsforsikring 98.1 77.7 109.0 129.4 72.5 85.8 100.3 91.9 81.0 - SpareBank 1 Skadeforsikring Group 170.8 -89.3 56.2 50.3 307.5 253.9 43.4 36.3 115.3 - ODIN Forvaltning -8.5 6.3 12.2 11.9 16.5 17.0 16.7 14.4 24.0 - SpareBank 1 Markets -77.5 -51.8 -22.1 -3.4 -24.0 -29.0 -1.9 -2.7 -9.5 - SpareBank 1 Medlemskort 4.5 2.0 2.5 3.1 1.9 2.7 3.3 3.4 0.7p - SpareBank 1 Gruppen Finans Group 5.5 12.2 3.0 6.8 6.6 -4.9 7.0 -0.1 2.3 - Correction Group -1.9 16.4 15.1 -0.9 -6.3 -7.4 16.3 15.1 -8.6Net result before tax from subsidiaries 190.9 -26.6 175.9 197.1 374.6 318.1 185.1 158.2 205.2Total operating costs (parent company) -29.4 -16.0 -15.6 -27.7 -16.5 40.7 -11.9 -20.0 -15.5Net investment charges (parent company) -19.3 -18.0 -15.0 -7.1 -15.6 -11.4 -9.3 -6.9 -9.8P t lt 142 2 60 6 145 4 162 4 342 5 347 4 163 9 131 3 177 2Pre-tax result 142.2 -60.6 145.4 162.4 342.5 347.4 163.9 131.3 177.2Taxes 92.6 55.8 -48.1 -10.5 -18.5 -88.4 -8.3 -38.5 -9.3Net result for the period 234.8 -4.8 97.2 151.9 324.0 259.1 155.6 92.8 167.9

Majority interest 236.4 -3.6 98.0 152.4 327.9 263.9 155.9 93.3 169.6Minority interest -1.6 -1.1 -0.8 -0.5 -3.9 -4.8 -0.3 -0.5 -1.7Minority interest 1.6 1.1 0.8 0.5 3.9 4.8 0.3 0.5 1.7

25

SpareBank 1 Livsforsikring Profit for 2011Profit for 2011

Q4 Q3 Q2 Q1 Q4Figures in MNOK 2011 2011 2011 2011 2010 2011 2010 Insurance risk income 348 4 321 6 333 0 335 8 328 3 1 338 7 1 292 6

Year

Insurance risk income 348.4 321.6 333.0 335.8 328.3 1 338.7 1 292.6 Insurance risk claims -303.6 -249.9 -252.6 -255.5 -266.2 -1 061.7 -939.0Risk result 44.8 71.7 80.4 80.2 62.1 277.0 353.6 Tecnical allocations -6.3 -8.2 -10.3 -10.8 3.2 -35.6 -28.2Risk result after tecnical allocations 38.5 63.5 70.1 69.4 65.3 241.4 325.4 Fees 196.7 168.3 172.8 170.7 166.5 708.6 637.9 Expenses, exclusive comissions -130.9 -128.0 -138.6 -129.7 -166.6 -527.2 -589.2 Comissions -69.0 -60.1 -58.5 -59.8 -61.6 -247.3 -235.6Administration result -3.2 -19.8 -24.2 -18.7 -61.7 -65.9 -186.9 Net investment income 113.7 151.0 207.3 319.1 177.0 791.1 764.3 Guaranteed interest to policyholders -110.6 -99.4 -99.2 -113.3 -128.2 -422.6 -447.0Investment result 3.1 51.6 108.0 205.8 48.7 368.5 317.3Investment result 3.1 51.6 108.0 205.8 48.7 368.5 317.3 Reserves -154.3 0.0 0.0 -33.0 -9.3 -187.3 -45.3Investment result after reserves -151.2 51.6 108.0 172.8 39.5 181.2 272.0 Compensation guaranteed interest 5.7 5.7 5.9 5.4 7.5 22.6 29.9Result before additional provisions -110.2 101.0 159.8 228.8 50.6 379.4 440.4 Allocation to additional provisions 124.8 -10.0 -48.1 -66.6 -125.3 0.0 -125.3 T f d t li h ld 37 4 34 7 11 9 52 3 124 7 61 5 36 3 Transferred to policyholders 37.4 -34.7 -11.9 -52.3 124.7 -61.5 -36.3 Return on company's assets 46.1 21.4 9.2 19.5 22.6 96.2 71.6Net profit to owner before tax 98.1 77.7 109.0 129.4 72.5 414.1 350.4 Taxes 95.6 36.9 -35.3 0.5 -17.5 97.8 -60.2Net profit/loss for the period 193.7 114.6 73.8 129.9 55.0 511.9 290.2

Key figures Year2011 2010

Capital adequacy ratio 18.3 % 19.3 %Buffer capital in % of insurance provisions 10.8 % 14.6 %

26

SpareBank 1 LivsforsikringProfit by portfolio for 2011Profit by portfolio for 2011

Figures in MNOKGroup

portfolio

Previouslyestablished

individual productsInvestment choice

portfolioCompanyportfolio Total

Risk result 247.3 -3.7 -2.1 0.0 241.4Administration result 67.0 -37.7 -95.2 0.0 -65.9Net investment result 285.0 77.0 4.5 2.1 368.5Reserves - long life -154.3 -33.0 0.0 0.0 -187.3Compensation interest guarantee 22.6 0.0 0.0 0.0 22.6Transferred to policyholders -53.9 -7.2 -0.4 0.0 -61.5Return on company's assets 0 0 0 0 0 0 96 2 96 2Return on company s assets 0.0 0.0 0.0 96.2 96.2Sum 413.7 -4.5 -93.2 98.2 414.1

27

SpareBank 1 LivsforsikringPremium income trendsPremium income trends

Q4 Q3 Q2 Q1 Q4Figures in MNOK 2011 2011 2011 2011 2010 2011 2010

YearFigures in MNOK 2011 2011 2011 2011 2010 2011 2010 Individual annuity and pension insurance 72.1 68.7 71.1 73.1 79.8 284.9 306.7 Individual endowment insurance 147.7 143.3 141.1 138.5 133.7 570.6 519.1 Group pension insurance 94.4 73.3 55.2 242.7 120.0 465.6 549.5 Individual life insurance 52.0 50.0 49.0 48.0 47.1 199.0 183.1 Group life insurance 125.0 130.5 131.5 217.5 122.0 604.4 587.7 Unit Linked - Annuity 10.6 8.3 9.5 10.7 11.6 39.0 46.6 Unit Linked - Endowment 44.6 38.4 46.6 51.6 68.8 181.1 237.0 Defined contribution pension 252.3 256.6 235.6 236.2 223.0 980.7 864.2Total gross due premium income 798.7 769.0 739.5 1 018.2 805.9 3 325.5 3 293.8 Premium reserves transferred from other companies 216.3 189.1 113.5 142.0 126.4 660.8 352.5 R i d d 36 4 42 9 40 8 40 2 32 3 160 4 152 0 Reinsurance ceded -36.4 -42.9 -40.8 -40.2 -32.3 -160.4 -152.0Premium income for own account 978.5 915.2 812.1 1 120.0 900.0 3 825.9 3 494.2

28

SpareBank 1 LivsforsikringReturn on customer portfolios with guarantee as at the end of the quarter

Value-adjusted returnl di h i l t ti Booked return:excluding change in value construction: Booked return:

Q32011

Q42011

Q32011

Q42011

Q32011

Q42011

Q32011

Q42011

Q32011

Q42011

Q32011

Q42011

Q32011

Q42011

Q32011

Q42011

2.5

3.4

cent

4.6

5.4

4.6

4.0

1.0

2.1 2.0

1.7

Perc

3.03.23.0

1.7

Perc

ent

0.60.4

SpareBank 1 Storebrand DNB Livsforsikring Nordea SpareBank 1 Storebrand DNB Livsforsikring Nordea

29 Source: company presentations

SpareBank 1 LivsforsikringReturn on ordinary customer portfolio with guarantee as at y p g31.12.2011

-20.0Norwegian shares

Percent

3.5

-7.6

Money market

Foreign shares

8 6

4.6

Foreign bonds

Norwegian bonds

5.1

8.6

Hold to maturity

Foreign bonds

5.1Real estate

30

SpareBank 1 LivsforsikringBalance Sheet 2011Balance Sheet 2011

Figures in MNOK 2011 2010 Intangible assets 107 42 Investments 2 881 2 862

' f bl 223 22

Year

Reinsurance's part of insurance obligations 223 221 Accounts receivable 225 153 Other assets 281 335 Prepayed liabilities and accrued income 0 0 Investments group portfolio 15 909 16 169 Investments group portfolio 15 909 16 169 Investments options portfolio 6 896 6 701Total assets 26 521 26 483 Paid in capital 1 825 1 602 Other equity 825 386 S b di t d l it l 200 400 Subordinated loan capital 200 400 Insurance obligations - contractual 15 812 16 127 Insurance obligations - investment options 6 993 6 805 Provisions for obligations 118 144 Premium deposits from reinsurance companies 139 134p p Other obligations 535 764 Accrued liabilities, prepaied income 73 120Total liabilities and equity 26 521 26 483

31

SpareBank 1 LivsforsikringLimitation of tax exemption model for shares etc. owned

l

Limitation of tax exemption model for shares etc. ownedby life insurance companies

ConsequencesProposal

• The Ministry of Finance proposes that thet ti d l h ld t l t

• The Group may see an increase in taxes in i h d d d i i tax exemption model should not apply to

shares etc. in life insurance companies thatform part of collective and investmentportfolios as of 01.01.2012

years with good returns and a reduction in taxes in years with negative returns in thestock market

Will h b i i l l d h• Revenues from such shares will be taxed as ordinary income. The share revenue willcontinue to form part of the deduction for i f d i i

• Will there be transition rules related to thetax opening value – historical cost price or value as at 31.12.2011? Without transitionrules, the proposal will to some extenti th ' h ll i t finsurance fund provisions

• The tax exemption model will continue to apply to shares that form part of company

tf li

increase the company's challenges in terms offulfilling the requirements of Solvency II

• The company's tax cost will in futureh l t t f 28 %portfolios approach a normal tax cost of 28 %

32

SpareBank 1 Skadeforsikring Group Profit for 2011Profit for 2011

Q4 Q3 Q2 Q1 Q4Figures in MNOK 2011 2011 2011 2011 2010 2011 2010

YearFigures in MNOK 2011 2011 2011 2011 2010 2011 2010 Gross written premium 1 281.4 1 142.9 1 380.6 1 553.3 1 175.6 5 358.2 4 731.8Net earned premium 1 226.8 1 230.6 1 137.7 1 100.8 1 135.1 4 695.9 4 184.4Net incurred claims -913.9 -1 042.8 -903.9 -920.7 -869.2 -3 781.2 -3 208.5Net insurance operating costs -318.8 -259.2 -255.2 -241.1 -269.6 -1 074.2 -880.6Other insurance income/costs 1.5 17.6 8.2 4.5 115.4 31.8 132.0Other insurance income/costs 1.5 17.6 8.2 4.5 115.4 31.8 132.0Changes in other technical reserves -8.4 53.8 21.4 26.5 11.4 93.2 39.6Operating result before finance -12.8 0.0 8.2 -29.9 123.0 -34.5 266.9Net financial income 160.8 -62.3 66.8 95.1 201.1 260.3 432.8Other costs 0.0 0.0 0.0 0.0 0.0 0.0 -2.7Result before changes in security reserve 148.0 -62.3 75.0 65.1 324.1 225.8 697.0Changes in security reserve 22.9 -27.0 -18.8 -14.8 -16.5 -37.7 -55.8Pre-tax profit 170.8 -89.3 56.2 50.3 307.5 188.1 641.2Taxes -78.7 7.6 -14.4 -10.5 0.7 -96.1 -60.2Net profit/loss for the period 92.1 -81.7 41.8 39.8 308.2 92.0 581.1

Key figures Q4 Q3 Q2 Q1 Q4Figures in percentage 2011 2011 2011 2011 2010 2011 2010Claims ratio, net 74.5 % 84.7 % 79.4 % 83.6 % 76.6 % 80.5 % 76.7 %Cost ratio, net 26.0 % 21.1 % 22.4 % 21.9 % 23.8 % 22.9 % 21.0 %Combined ratio net 100 5 % 105 8 % 101 9 % 105 5 % 100 3 % 103 4 % 97 7 %

Year

Combined ratio, net 100.5 % 105.8 % 101.9 % 105.5 % 100.3 % 103.4 % 97.7 %Capital adequacy ratio 31.0 % 32.5 %

33

ODIN ForvaltningProfit for 2011Profit for 2011

Q4 Q3 Q2 Q1 Q4 YearFigures in MNOK 2011 2011 2011 2011 2010 2011 2010Management fees 61.8 69.4 85.5 86.8 82.0 303.5 317.9Total operating income 61.8 69.4 85.5 86.8 82.0 303.5 317.9Salaries 25.5 26.4 27.5 29.2 27.3 108.5 104.2Depreciations 10.2 5.1 4.4 3.9 3.6 23.5 14.8Oth ti t 34 9 32 5 41 2 42 5 36 3 151 1 137 8Other operating costs 34.9 32.5 41.2 42.5 36.3 151.1 137.8Total operating costs 70.5 64.0 73.1 75.6 67.2 283.1 256.8Operating profit -8.7 5.4 12.4 11.2 14.8 20.3 61.1Net financial income 0.2 0.9 -0.2 0.7 1.7 1.5 3.6Pre-tax profit -8.5 6.3 12.2 11.9 16.5 21.8 64.6Taxes 2 2 2 0 3 3 3 3 6 1 6 4 19 3Taxes -2.2 2.0 3.3 3.3 6.1 6.4 19.3Net profit/loss for the period -6.4 4.3 8.9 8.6 10.4 15.4 45.3

34