Q11st Quarter 2013

Q1Q

Presentation of results from SpareBank 1 Gruppen

Kirsten Idebøen, CEO

25 April 201325 April 2013

Best Q1 result in SpareBank 1 Gruppen's history

• Pre-tax profit: MNOK 360 (173)Pre-tax profit in Q1 last 5 years (MNOK)

360

• Net profit for the period: MNOK 315 (200)

• Annualised return on equity: 23.1 (15.9) %162 173

• Total assets: NOK 48.4 billion, as compared to NOK 46.3 billion at start of the year

Good financial strength:

87

131

23.1 %

• Good financial strength:– Capital adequacy ratio: 14.0% against 14.6% as

at 31.12.2012– Core capital adequacy ratio: 12.6% against

13 1% as at 31 12 2012

2009 2010 2011 2012 2013

Return on equity in Q1 last 5 years (%)

8 9 %

12.9 %

15.9 %

13.1% as at 31.12.2012– Well capitalised to meet new capital requirements

in Solvency II

-0.3 %

8.9 %

2

2009 2010 2011 2012 2013

Pre-tax profit from subsidiaries developing well

Pre-tax profit per subsidiary (MNOK)• Good result from Forsikring

– Strong Q1 for life insurance. Good administration 265

Q1 2012

Q1 2013

g Qresult, increased buffer capital, and further build up of reserves for longer life expectancy.

– Significant improvement in P&C insurance result.

94

165147

g pImplemented improvement measures have had an effect.

• Decreasing referral volume and weak 94

7 3 8

• Decreasing referral volume and weak profitability in Conecto affected the result of SpareBank 1 Gruppen Finans.

-450-25

1 Li

v

SB1

kade

B1G

nans

B1 ke

ts

N

• SpareBank 1 Markets' result has improved, but is still below expectations.

• Focus on management process and costs side

SB1 S Sk SB Fin SB

Mar

OD

IN • Focus on management process and costs side in ODIN Forvaltning producing results.

3

Life and P&C insurance have been merged into a single, effective business area - "SpareBank 1 Forsikring"effective business area SpareBank 1 Forsikring

• Even better customer experiences - comprehensive management of customers' total insurance needs

• Greater competitiveness - strong expert groups and efficient operations - under integrated management

• SpareBank 1 Livsforsikring AS is changing its name to SpareBank 1 Forsikring SpareBank 1 Livsforsikring AS is changing its name to SpareBank 1 Forsikring, which will be the business area's market outlet

4

SpareBank 1 ForsikringBest Q1 result ever

5

SpareBank 1 ForsikringBest Q1 result everBest Q1 result ever

Pre-tax profit in Q1 last 5 years (MNOK)• Pre-tax profit: MNOK 147 (94)

• Administration result: MNOK -0.2 (-7)

Pre-tax profit in Q1 last 5 years (MNOK)

129

147

• Risk result: MNOK 81 (29)

• Investment result: MNOK 166 (73)92

129

94

• Investment result: MNOK 166 (73)– Securities adjustment reserve: MNOK 701 against

MNOK 590 as at 31.12.2012

24 • Provisions for higher life expectancy: MNOK 77 (31)– The new life expectancy assumptions issued by the

Financial Supervisory Authority of Norway will not noticeably affect the company

24

2009 2010 2011 2012 2013

y p y

6

SpareBank 1 ForsikringNorwegian personal insurance championNorwegian personal insurance champion

Market share Market share

Market - New premiums: MNOK 419 (410) for 2012 Market - Gross written premium: NOK 3.8 (3.6) billion as of 31.12.2012

Ranking CompanyMarket share

New premiums

1 - SpareBank 1 30.8% (31.4%)

2 Gj idi 17 8% (16 1%)

Ranking CompanyMarket share

Gross written premium

1 SpareBank 1 23.4% (22.8%)

2 Gj idi 20 2% (20 9%)2 - Gjensidige 17.8% (16.1%)

3 - Nordea 15.6% (18.4%)

4 - Frende 8.8% (5.7%)

2 Gjensidige 20.2% (20.9%)

3 - Storebrand 14.3% (15.1%)

4 - Nordea 12.4% (12.5%)

5 - Terra 7.0% (7.0%) 5 - DNB 8.3% (8.6%)

• The customers are covered by important insurance

• Banks gain extra security for lending and off-balance income

• This success is a result of the banks' targeted focus over several years

7Personal insurance league as of Q4 2012. New premiums and gross written premium(life insurance, disability pension and disability capital)

SpareBank 1 ForsikringContinued build up of buffers

16 3 %

Continued build up of buffers

Securities adjustment reserve (MNOK) - accumulatedBuffer capital trend per quarter (%)

14.6 % 15.2 %14.0 %14.1 %

11.0 %12.8 %

14.8 %16.3 %

13.6 %14.8 %

Securities adjustment reserve (MNOK) accumulated

617 590

701

327

185

Q42010

Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q12013

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

2009 2010 2011 2012 Q1 2013Additional provisions Securities adjustment reserve

• Total assets: NOK 31 (28) billion

• Capital adequacy ratio: 18.0 (17.5) %

• Estimated solvency margin: 301% versus 309% at start of the year

8

the year

SpareBank 1 Skadeforsikring SpareBank 1 Skadeforsikring GrouppStrong improvement in the result

9

SpareBank 1 Skadeforsikring GroupStrong improvement in the resultStrong improvement in the result

265• Pre-tax profit: MNOK 265 (166)

• Insurance result: MNOK 92 (-19)

Pre-tax profit in Q1 last 5 years (MNOK)

166

( )

• Improved insurance result due to targeted profitability improving measures

l d l i

4836

50

– Lower costs related to claims– Positive profitability trend for main products within

both retail and corporate markets– Significant profit from prior years in Q1 of MNOK

2009 2010 2011 2012 2013

Significant profit from prior years in Q1 of MNOK 102

• Net financial income: MNOK 170 (194)

10

SpareBank 1 Skadeforsikring GroupImplemented profitability measures produce resultsImplemented profitability measures produce results

Combined ratio net quarterly (%) Combined ratio net (%) – accumulated

18 894.0 96.2 97.7

103.598.2

17 3 17 3

105.5101.9 105.8

100.7 101.696.5

101.593 4

Combined ratio, net – quarterly (%)*Combined ratio, net - including personal insurance in SB1 Forsikring

Combined ratio, net (%) accumulated*Combined ratio, net - including personal insurance in SB1 Forsikring

96.8*93.4*

18.2 18.8 17.418.8

20.017.318.4

17.322.2 16.7

18.520.2

24.4 18.3

96.5 93.4 91.7 84.5*

75.8 77.5 80.3 84.678.388.2 83.4 88.5

78.5 84.9 78.0 81.469.1 73.3

2008 2009 2010 2011 2012Q12011

Q22011

Q32011

Q42011

Q12012

Q22012

Q32012

Q42012

Q1 2013 Net claims ratio Net cost ratio2011 2011 2011 2011 2012 2012 2012 2012 2013

Net claims ratio Net cost ratio

11

SpareBank 1 Gruppen Finans GroupSpareBank 1 Gruppen Finans GroupGood growth in Factoring and Portfolio activities. Weakened profitability in Conecto

12

SpareBank 1 Gruppen Finans GroupGood growth in Factoring and Portfolio activities. Weakened profitability in Conecto

Pre-tax profit in Q1 (MNOK) • Good underlying activity and price increases produce 6.8

Q1 2012

Q1 2013

• Good underlying activity and price increases produce results for Factoring. Country's third largest factoring business with a Q1 market share of 16.3 (14.2) %

Increased portfolio volume and good recovery in 4.6

3.8

3 1 3 1

Q1 2013 • Increased portfolio volume and good recovery in Portfolio management*. Total portfolio volume in Q1 of MNOK 1 534 (1 185)

1.7

2.63.1 3.1 • Continued weak growth in debt collection market.

Decreased number of referrals and weak profitability in Conecto

0 6

• Targeted measures focusing on growth and profitability. The cooperation with the SpareBank 1 banks provides new opportunities for cross-sales of debt collection services to the banks' corporate -0.6

Factoring Portfolio Conecto(debt

collection)

SB1G Finans Group

pcustomers

13* The business area that acquires portfolios of claims that are then recovered by the Group's debt collection company

Pre-tax profit for SpareBank 1 Gruppen Finans Group, incl. management and excess value amortisation.

SpareBank 1 MarketsImproved result - but still below pexpectations

14

SpareBank 1 MarketsImproved result - but still below expectations

50

Improved result but still below expectations

"Booked income (MNOK) - Quarterly development

3340

27

5046SpareBank 1 can, through

SpareBank 1 Markets, provide the entire capital structure range, from bank loans to bonds and

"27from bank loans to bonds and

equity

"Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013

• The gross value created in the SB1-alliance amounted to MNOK 56 in Q1; MNOK 10 of which is recognised as • The gross value created in the SB1-alliance amounted to MNOK 56 in Q1; MNOK 10 of which is recognised as income in the owner banks

• Total turnover for Q1: MNOK 46 (33), up 39% - below expectations

• Pre-tax loss in Q1: MNOK -25 (-45), while the loss from ordinary operations was MNOK -6 (-20)

15

ODIN ForvaltningO o a gStrategic and operational measures on the management side and cost reducing measures produce results

16

ODIN ForvaltningStrategic and operational measures on the Strategic and operational measures on the management side produce results

14

• Pre-tax result: MNOK 8 (-0.5)– Continued focus on reducing costs

Pre-tax profit in Q1 last 5 years (MNOK)

12

8 • Total assets: NOK 27.7 (26.2) billion– Up by NOK 2.9 billion in 2013

-0.5

• Equity fund market share of 8.4% against 8.2% as at 31.12.2012– Net new subscriptions MNOK 292

-7

2009 2010 2011 2012 2013

Net new subscriptions MNOK 292

• Combination fund market share of 4.8% against 4.4% as at 31.12.2012g– Net new subscriptions MNOK 158

17

ODIN Forvaltning6 out of 11 equity funds performed better than their benchmark. q y pPositive development in the two largest funds ODIN Norge and ODIN Norden

18.8

13 815.2

Fund Benchmark

Return on equity fund as at 31.03.2013 (%)

5.0

11.3 11.49.9 9.5

7.48.4

7.5 7.1

13.3

6.3

13.8

7.8

11.1

6.6

9.6

13.3

7.7

11.0

5.0

2.7

ODIN Norge

ODIN Sverige

ODIN Finland

ODIN Norden

ODIN Europa

ODIN Europa

ODIN Global

ODIN Emerging

ODIN Maritim

ODIN Offshore

ODIN Eiendom I

SMB Markets

ODIN shall invest in companies with long-term value creation potential and which satisfy the responsible business requirement. ODIN is a long-term owner and believes that a long-term perspective is a crucial factor when it comes to generating outperformance within management. In short, ODIN's investment philosophy can be summed up as follows:"ODIN shall invest in companies that are priced low in relation to value creation"

18

p p

Outlook - SpareBank 1 Gruppen

• The new structure of the insurance business area improves competitiveness, strengthens expert groups, contributes to more efficient processes, and provides a basis for further improvements to the result

• Profitability improvement measures in P&C insurance are resulting in continued improved risk composition in the portfolios and lower claims payments

• A strong balance sheet means freedom of action and the ability to pay dividends

19

The nation's savings bank20

20

The nation s savings bank

A diAppendix

21

The SpareBank 1 Alliance has a solid business model, with proximity to its customers and a conservative risk profilep

Shareholders d d b SamSparand distributors SamSpar

19.5% 19.5% 19.5% 12% 19.5% 10%

Products, commissions and dividend

S lSales

BN B k B k 1 O l Ak h SpareBank 1 Skadeforsikring ODIN Forvaltning

SpareBank 1 Gruppen AS

Companies in 

BN Bank Bank 1 Oslo Akershus

SpareBank 1 NæringskredittSpareBank 1 Boligkreditt

SpareBank 1 Skadeforsikring(100%)

ODIN Forvaltning(100%)

SpareBank 1 Forsikring(100%)

SpareBank 1 Medlemskort(100%)

the SpareBank 1 Alliance

EiendomsMegler 1 SpareBank 1 Markets(97.55 %)

The allianceBrand, technology, competence, processes, best practice and purchasing.

SpareBank 1 Gruppen Finans(100%)

Resource centres: Payment/Trondheim, credit/Stavanger, training/Tromsø  

22

SpareBank 1 GruppenKey figuresKey figures

Q1 Q4 Q3 Q2 Q1 Year2013 2012 2012 2012 2012 2012

GroupNet result for the period (MNOK) 315.0 -47.6 227.7 63.4 199.9 443.4Return on equity (%) 23.1 % -3.5 % 17.2 % 5.0 % 15.9 % 8.7 %Return on equity (%) 23.1 % 3.5 % 17.2 % 5.0 % 15.9 % 8.7 %Capital adequacy ratio, accumulated (%) 14.0 % 14.6 % 16.7 % 15.9 % 14.8 % 14.6 %Core capital adequacy ratio, accumulated (%) 12.6 % 13.1 % 15.3 % 14.5 % 13.1 % 13.1 %

SB1 ForsikringRisk result (MNOK) 80.7 89.8 79.7 92.6 29.4 291.5Administration result (MNOK) -0.2 -26.7 -3.1 -19.0 -7.5 -56.2Investment result (MNOK) 166.3 51.2 97.3 47.0 73.2 268.8Net result for the period (MNOK) 136 4 154 4 128 7 89 1 125 8 189 2Net result for the period (MNOK) 136.4 -154.4 128.7 89.1 125.8 189.2Buffer capital in % of insurance provisions*, accumulated (%) 14.8 % 13.6 % 16.3 % 14.8 % 12.8 % 13.6 %Capital adequacy ratio, accumulated (%) 18.0 % 18.5 % 19.0 % 20.0 % 17.5 % 18.5 %Securities adjustment reserve, accumulated (MNOK) 701.1 590.0 555.5 389.6 465.9 590.0

SB1 Skadeforsikring GroupOperating result before finance (MNOK) 91.7 25.8 24.9 31.1 -19.5 62.4Net financial income (MNOK) 170.1 119.8 172.8 51.0 194.0 537.6Net result for the period (MNOK) 219.4 151.8 142.6 42.2 139.5 476.1Claims ratio, net (%) 73.3 % 69.1 % 81.4 % 78.0 % 84.9 % 78.3 %Cost ratio, net (%) 18.3 % 24.4 % 20.2 % 18.5 % 16.7 % 20.0 %Combined ratio, net (%) 91.7 % 93.4 % 101.5 % 96.5 % 101.6 % 98.2 %Portfolio (MNOK) 5,325 5,446 5,455 5,407 5,328 5,446

ODIN ForvaltningManagement fees (MNOK) 66.7 62.5 64.0 63.4 67.2 257.1Management fees (MNOK) 66.7 62.5 64.0 63.4 67.2 257.1Net result for the period (MNOK) 6.1 -18.6 1.4 -1.0 -0.3 -18.5Total assets under management, accumulated (MNOK) 27,741 24,803 24,370 23,541 26,173 24,803Market share equity fund, accumulated (%) 8.4 % 8.2 % 8.3 % 8.4 % 8.9 % 8.2 %Market share combination fund, accumulated (%) 4.8 % 4.4 % 4.0 % 4.1 % 3.8 % 4.4 %

SB1 MarketsTotal operating income (MNOK) 45.9 50.1 26.6 40.0 32.9 149.6N t lt f th i d (MNOK) 17 8 12 7 46 6 32 6 32 5 124 4Net result for the period (MNOK) -17.8 -12.7 -46.6 -32.6 -32.5 -124.4

SB1G Finans GroupNet result for the period SB1G Finans Group (MNOK) 2.2 5.4 2.7 5.4 4.9 18.4Net result for the period SB1G Finans - parent company (MNOK) 3.3 4.0 1.8 1.0 2.2 9.0Net result for the period Conecto (MNOK) -0.4 2.1 1.6 5.0 3.3 12.0

23

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

SpareBank 1 GruppenResults for Q1

YearQ1

Results for Q1

Figures in MNOK 2013 2012 2012

Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 147.4 94.1 479.4 - SpareBank 1 Skadeforsikring Group 264.8 165.5 618.9 ODIN F lt i 8 4 0 5 20 4 - ODIN Forvaltning 8.4 -0.5 -20.4 - SpareBank 1 Markets -24.8 -44.8 -168.5 - SpareBank 1 Medlemskort 3.7 2.8 10.4 - SpareBank 1 Gruppen Finans Group 3.1 6.8 25.1 - Correction Group 0.0 0.0 -8.4Net result before tax from subsidiaries 402 7 223 8 936 4Net result before tax from subsidiaries 402.7 223.8 936.4Total operating costs (parent company) -23.0 -33.5 -75.1Net investment charges (parent company) -19.4 -16.8 -74.7Pre-tax result 360.3 173.5 786.6Taxes -45.3 26.4 -343.3Net result for the period 315.0 199.9 443.4

*

p

Majority interest 315.5 200.7 446.4Minority interest -0.4 -0.8 -3.0

YearQ1Key figures 2013 2012 2012Annualised return on equity 23.1 % 15.9 % 8.7 %

* Last year's operating costs included MNOK 10 linked to a project aimed at establishing the Group’s own card company, which was transferred

24

y p g p j g p p y,from SpareBank 1 Gruppen AS to SpareBank 1 Kredittkort AS in Q3 2012.

SpareBank 1 GruppenQuarterly resultsQuarterly results

Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1Figures in MNOK 2013 2012 2012 2012 2012 2011 2011 2011 2011 2010 2010 2010 2010

Part of result from subsidiaries before tax - SpareBank 1 Forsikring 147.4 99.0 144.6 141.8 94.1 98.1 77.7 109.0 129.4 72.5 85.8 100.3 91.9 - SpareBank 1 Skadeforsikring Group 264.8 197.9 185.0 70.4 165.5 167.6 -88.8 56.2 50.3 307.5 253.9 43.4 36.3 - ODIN Forvaltning 8.4 -20.3 1.9 -1.5 -0.5 -8.5 6.3 12.2 11.9 16.5 17.0 16.7 14.4 - SpareBank 1 Markets -24.8 -14.6 -64.2 -44.9 -44.8 -77.5 -51.8 -22.1 -3.4 -24.0 -29.0 -1.9 -2.7 - SpareBank 1 Medlemskort 3.7 2.4 2.8 2.4 2.8 4.5 2.0 2.5 3.1 1.9 2.7 3.3 3.4 - SpareBank 1 Gruppen Finans Group 3.1 7.2 3.8 7.5 6.8 5.9 12.2 3.0 6.8 6.6 -4.9 7.0 -0.1p pp p - Correction Group 0.0 -0.4 1.0 -9.0 0.0 -1.9 16.4 15.1 -0.9 -6.3 -7.4 16.3 15.1Net result before tax from subsidiaries 402.7 271.1 274.9 166.6 223.8 188.1 -26.1 175.9 197.1 374.6 318.1 185.1 158.2Total operating costs (parent company) -23.0 -18.4 2.9 -26.1 -33.5 -29.4 -16.0 -15.6 -27.7 -16.5 40.7 -11.9 -20.0Net investment charges (parent company) -19.4 -18.6 -21.6 -17.7 -16.8 -19.2 -18.0 -15.0 -7.1 -15.6 -11.4 -9.3 -6.9Share of associated company 0.0 0.0 0.0 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0Pre-tax result 360.3 234.0 256.2 122.9 173.5 139.6 -60.1 145.4 162.4 342.5 347.4 163.9 131.3Taxes -45.3 -281.6 -28.5 -59.5 26.4 141.4 55.8 -48.1 -10.5 -18.5 -88.4 -8.3 -38.5Net result for the period 315.0 -47.6 227.7 63.4 199.9 281.0 -4.3 97.2 151.9 324.0 259.1 155.6 92.8

Majority interest 315.5 -47.3 228.8 64.2 200.7 282.6 -3.1 98.0 152.4 327.9 263.9 155.9 93.3Minority interest -0.4 -0.3 -1.1 -0.8 -0.8 -1.6 -1.1 -0.8 -0.5 -3.9 -4.8 -0.3 -0.5

25

SpareBank 1 Forsikring Results for Q1

YearFigures in MNOK 2013 2012 2012 Insurance risk income 430.1 361.2 1 613.3

Q1

Results for Q1

Insurance risk income 430.1 361.2 1 613.3 Insurance risk claims -334.4 -340.4 -1 303.3Risk result 95.7 20.7 310.0 Tecnical allocations -15.0 8.7 -18.5Risk result after tecnical allocations 80.7 29.4 291.5 Reserves -10.4 0.0 -50.6Risk result after tecnical allocations and reserves 70 3 29 4 240 9Risk result after tecnical allocations and reserves 70.3 29.4 240.9 Fees 196.9 184.8 747.1 Expenses, exclusive comissions -130.3 -128.6 -541.3 Comissions -66.8 -63.7 -262.1Administration result -0.2 -7.5 -56.2 Net investment income 276.5 188.6 732.3 Guaranteed interest to policyholders -110.2 -115.4 -463.6Investment result 166.3 73.2 268.8 Reserves -66.6 -31.3 -94.7Investment result after reserves 99.7 41.9 174.1 Compensation guaranteed interest 4.1 6.3 25.9Result before additional provisions 173.9 70.1 384.7p Undistributed profits to customers -63.3 -15.2 -86.8 Return on company's assets 36.8 39.2 181.5Net profit to owner before tax 147.4 94.1 479.4 Taxes -11.1 31.7 -290.2Net profit/loss for the period 136.4 125.8 189.2

Key figures Q1 Year2013 2012 2012

Capital adequacy ratio 18.0 % 17.5 % 18.5 %Buffer capital in % of insurance provisions 14.8 % 12.8 % 13.6 %

26

SpareBank 1 ForsikringResults per portfolio for Q1Results per portfolio for Q1

Figures in MNOKGroup

portfolio

Previouslyestablished

individual productsInvestment choice

portfolioCompanyportfolio Total

Risk result 83.0 -1.1 -1.3 0.0 80.7Administration result 15.2 -6.5 -8.9 0.0 -0.2Net investment result 114 8 48 9 1 8 0 8 166 3Net investment result 114.8 48.9 1.8 0.8 166.3Reserves - long life -77.0 0.0 0.0 0.0 -77.0Compensation interest guarantee 4.1 0.0 0.0 0.0 4.1Transferred to policyholders -21.7 -41.4 -0.2 0.0 -63.3Return on company's assets 0.0 0.0 0.0 36.8 36.8Sum 118.4 0.0 -8.5 37.6 147.4Sum 118.4 0.0 8.5 37.6 147.4

27

SpareBank 1 ForsikringPremium income trendPremium income trend

YearFigures in MNOK 2013 2012 2012 Individual annuity and pension insurance 79.8 72.3 325.3

Q1

y p Individual endowment insurance 155.6 147.9 607.7 Group pension insurance 295.0 244.3 528.9 Individual life insurance 57.6 53.8 223.0 Group life insurance 265.6 239.1 632.5 Unit Linked Annuity 8 6 9 3 34 4 Unit Linked - Annuity 8.6 9.3 34.4 Unit Linked - Endowment 33.2 36.7 134.7 Defined contribution pension 296.0 265.1 1 123.8Total gross due premium income 1 191.3 1 068.5 3 610.2 Premium reserves transferred from other companies 98.7 102.4 575.2 Reinsurance ceded -47.5 -28.6 -154.5Premium income for own account 1 242.6 1 142.3 4 030.8

28

SpareBank 1 ForsikringReturn on customer portfolio with guarantee as at 31/03/2013etu o custo e po t o o t gua a tee as at 3 /03/ 0 3

Value-adjusted return l di h i l t ti Booked return:

Q42012

Q12013

Q42012

Q12013

Q42012

Q12013

Q42012

Q12013

Q42012

Q12013

Q42012

Q12013

Q42012

Q12013

Q42012

Q12013

excluding change in value construction: Booked return:

4.7

5.6 5.4

4.3

2012 2013 2012 2013 2012 2013 2012 20137.3

6.25.7

5.2

1.6

Perc

ent

2.3

Perc

ent

SpareBank 1 Storebrand DNB Livsforsikring Nordea

N/AN/AN/A

SpareBank 1 Storebrand DNB Livsforsikring Nordea

N/A N/A N/A

29 Source: company presentations

SpareBank 1 ForsikringReturn on ordinary customer portfolio with guarantee as at u o o d a y u o po o o gua a a a31/03/2013

6.9Norwegian shares

Percent

0.7

10.4

Money market

Foreign shares

0 8

1.6

0

F i b d

Norwegian bonds

y

1.3

0.8

Held to maturity

Foreign bonds

1.6Real estate

30

SpareBank 1 ForsikringBalance sheet as of 31/03/2013Balance sheet as of 31/03/2013

YearFigures in MNOK 2013 2012 2012 Intangible assets 167 131 165 I t t 3 362 2 938 3 140

Q1

Investments 3 362 2 938 3 140 Reinsurance's part of insurance obligations 234 207 213 Accounts receivable 116 149 105 Other assets 159 339 128 Prepayed liabilities and accrued income 0 0 6

f l Investments group portfolio 17 602 16 466 17 062 Investments options portfolio 8 998 7 470 8 239Total assets 30 637 27 699 29 059 Paid in capital 2 073 1 825 2 073 Other equity 565 560 428 Subordinated loan capital 200 200 200 Insurance obligations - contractual 17 530 16 389 16 953 Insurance obligations - investment options 9 110 7 561 8 347 Provisions for obligations 252 75 275 Premium deposits from reinsurance companies 141 139 139 Other obligations 665 888 553 Accrued liabilities, prepaied income 103 62 90Total liabilities and equity 30 637 27 699 29 059

31

Asset allocation per portfolio as at 31/03/2013 (31/12/2012):

SB1 Skadeforsikring SB1 Fo sik ing

(31/12/2012):

gGroupSB1 Forsikring

Group portfolio Company portfolio

13 2 (12 6) % 0 2 (0 2) %

The investment choice portfolio

8.9 (8.2) %10.7 (11.0) %

10.1 (10.1) %41.3 (39.2) %

13.2 (12.6) %0.3 (0.7) %

0.2 (0.2) %

18.5 (18.4) %45.5 (46.3) %

70.4 (70.7) %26 1 (27 8) % 19.2 (19.6) % 67.3 (65.7) %

14 0 (15 8) %54.0 (53.2) %

26.1 (27.8) % ( ) 14.0 (15.8) %0.5 (0.4) %

Stocks Other Bonds

StocksOtherReal estateBonds - amortized costBonds - market value

OtherReal estateBonds - amortized costBonds - market value

StocksReal estateBonds - amortized costBonds - market value

NOK 17.4 (16.9) billion NOK 3.3 (3.1) billion NOK 11.3 (11.0) billionNOK 9.0 (8.2) billion

32

SpareBank 1 Skadeforsikring GroupResults for Q1

YQ1

Results for Q1

YearFigures in MNOK 2013 2012 2012Gross written premium 1 612.9 1 713.1 5 600.4Net earned premium 1 193.1 1 234.5 5 073.1Net incurred claims -875.0 -1 043.7 -3 966.1Net insurance operating costs -218.7 -211.0 -1 017.7

Q1

Net insurance operating costs 218.7 211.0 1 017.7Other insurance income/costs 5.2 1.2 14.3Changes in other technical reserves -13.0 -0.5 -41.2Operating result before finance 91.7 -19.5 62.4Net financial income 170.1 194.0 537.6Other costs 0.0 0.0 -0.1Result before changes in security reserve 261.8 174.5 599.9Changes in security reserve 3.0 -9.0 19.0Pre-tax profit 264.8 165.5 618.9Taxes -45.4 -26.0 -142.7Net profit/loss for the period 219.4 139.5 476.1

Key figures YearFigures in percentage 2013 2012 2012Claims ratio, net 73.3 % 84.5 % 78.2 %Cost ratio, net 18.3 % 17.1 % 20.1 %

Q1

,Combined ratio, net 91.7 % 101.6 % 98.2 %Capital adequacy ratio 35.0 % 30.9 % 37.1 %

33

ODIN ForvaltningResults for Q1Results for Q1

YearFigures in MNOK 2013 2012 2012Management fees 66.7 67.2 257.1

Q1

Management fees 66.7 67.2 257.1Total operating income 66.7 67.2 257.1Salaries -23.7 -24.6 -110.1Depreciations -6.4 -6.5 -26.0Other operating costs -28 4 -36 9 -130 5Other operating costs 28.4 36.9 130.5Total operating costs -58.5 -68.0 -266.6Operating profit 8.2 -0.8 -9.6Net financial income 0.3 0.3 -10.8Pre tax profit 8 4 0 5 20 4Pre-tax profit 8.4 -0.5 -20.4Taxes -2.3 0.2 1.9Net profit/loss for the period 6.1 -0.3 -18.5

34

The nation's savings bank35

35

The nation s savings bank