Presentation Q1-2012 - English version - SpareBank 1 Gruppen AS
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Transcript of Presentation Q1-2012 - English version - SpareBank 1 Gruppen AS
1st Quarter 2012 Q11st Quarter 2012Presentation of results from SpareBank 1 Gruppen
Q1from SpareBank 1 Gruppen
Kirsten Idebøen, CEO
26 April 2012
Good development in results for the group- Best Q1 result in the past five yearsBest Q1 result in the past five years
Pre-tax profit for the group for Q1 (MNOK)• Pre-tax profit: MNOK 173 (162)
Pre-tax profit for the group for Q1 (MNOK)
• Profit after tax: MNOK 200 (152)
• Annualised return on equity: 173 • Annualised return on equity: 15.9 (12.9) %
• Total assets in the group were NOK 44.5 131
1623
g pbillion, as compared to NOK 42.0 billion at year-end 2011
• Good solvency:
68
87
• Good solvency:– Capital adequacy ratio: 14.8 % against
16.2 % as at 31/12/2011– Core capital adequacy ratio: 13.1 %
2008 2009 2010 2011 2012p q y
against 14.6 % as at 31/12/2011– Well-equipped to meet new capital
requirements in Solvency II
2
Result development per business area
Pre-tax profit per subsidiary (MNOK) • Improved administration result in life insurance. The company has continued to build up buffers throughout the quarter.
• Lower occurrences of large claims and good development in financial income contribute positively to strong results in P&C insurance
129
166 Q1 2011
Q1 2012
positively to strong results in P&C insurance.
• Strategic and operative measures in terms of management provides good management 50
94
g p g gresults and increased total assets in ODIN Forvaltning.
• SB1G Finans: Factoring is still growing fastest
12 7
-3-1
7
• SB1G Finans: Factoring is still growing fastest in the market, and there is a lower average referral volume in Conecto.
-45
B1
Liv
kade
IN
nans
rket
s
• SpareBank 1 Markets now has the whole team in place and a rated balance. This means that all framework conditions are in place for full market operations.
SB
SB1
S
OD
SB1G
Fi
SB1
Ma r
3
market operations.
SpareBank 1 Livsforsikring
Improved administration resultGood b ffe capitalGood buffer capital
4
SpareBank 1 LivsforsikringImproved administration result. Good buffer capitalp p
• Pre-tax profit for Q1: MNOK 94 (129)
• Administration result: MNOK 7 ( 19)P t fit (MNOK) t l
Q1Q2
• Administration result: MNOK -7 (-19)– Stable cost base and increased income from fees
• Investment result: MNOK 73 (206)
Pre-tax profit (MNOK), quarterly
92
129
94100
109
8698
Q3Q4
– MNOK 31 allocated to strengthen provisions for longer life expectancy– Investment result in Q1 last year characterised by realized gains on
foreign exchange of MNOK 130– The company has during Q1 2012 built up the securities adjustment
reserve to MNOK 466 from MNOK 185 as of 31/12/2011 In 92 867872
reserve to MNOK 466 from MNOK 185 as of 31/12/2011. In comparison, the securities adjustment reserve was MNOK 448 in Q1 2011, which was down from MNOK 617 as of 31/12/2010.
• Risk result: MNOK 29 (69)
2010 2011 2012
Risk result: MNOK 29 (69)– Increased number of payments owing to death in risk insurance,
plus higher costs in connection with reported disability claims.
• Tax income in Q1 was MNOK 32 (1)• Tax income in Q1 was MNOK 32 (1)– Tax income is calculated in accordance with current tax
regulations. The Ministry of Finance has proposed an amendment to the tax exemption method for life insurance companies. The authorities' proposal will not be taken into consideration in the
5
accounts until the proposal is adopted.
SpareBank 1 LivsforsikringThe company has continued to build up buffers throughout the quarter
Securities adjustment reserve (MNOK)Buffer capital trend, per quarter (%)
14.6 % 15.2 %14.0 % 14 1 % 61714.0 % 14.1 %
11.0 %12.8 %
327
617
466
327
185
Q42010
Q12011
Q22011
Q32011
Q42011
Q12012
Core capital in excess of minimum Interim profitAdditional provisions Securities adjustment reserve
2009 2010 2011 Q1 2012
• Total assets: NOK 28 (27) billion– The increase is primarily due to share price
performance of financial assets
• From the securities adjustment reserve:– MNOK 221 belongs to the ordinary group
portfolio– MNOK 87 belongs to paid-up policy portfolio
• Capital adequacy ratio: 17.5 (19.2) %– The entire subordinated loan comprises core capital– Estimated solvency margin of 296.5 %, compared to
– MNOK 87 belongs to paid-up policy portfolio– MNOK 158 belongs to the portfolio for
previously established individual savings products
6
Estimated solvency margin of 296.5 %, compared to 303.5 % at year-end 2011
Asset allocation per portfolio as of 31/03/2012 (31/12/11)
SB1 Skadeforsikring GroupSB1 Livsforsikring
(31/12/11)
SB1 Skadeforsikring GroupSB1 Livsforsikring
Group portfolio Company portfolio0.0 (0.0) %
10.1 (10.4) %13.4 (13.8) % 0.0 (-4.5) %
Investment choice portfolio
8.4 (7.9) % 12.2 (12.7) %
( )37.2 (37.4) % 1.0 (-0.2) %
0.0 (0.0) %20.6 (18.8) %
44.5 (45.9) %
69.3 (69.0) %28.2 (28.0) % 20.2 (21.0) % 54.9 (60.9) %
24.4 (24.8) %55.5 (54.2) %
0.0 (-0.1) %
Stocks Other Bonds
StocksOtherReal estateBonds - amortized costBonds - market value
StocksOtherReal estateBonds - amortized costBonds - market value
Stocks OtherReal Estate Bonds at amortised costBonds at Market value
NOK 16.3 (15.7) billion NOK 2.9 (2.9) billion NOK 10.0 (9.6) billionNOK 7.5 (6.9) billion
7
SpareBank 1 SpareBank 1 Skadeforsikring GroupSi ifi tl i d l i tiSignificantly improved claims ratioand good financial return
8
SpareBank 1 Skadeforsikring GroupSignificantly improved claims ratio and good financial Significantly improved claims ratio and good financial return
• Pre-tax profit for Q1: MNOK 166 (50)Pre-tax profit quarterly (MNOK)
254
308 Q1Q2Q3Q4
Pre tax profit for Q1: MNOK 166 (50)
• Insurance result*: MNOK -19 (-30)– Lower proportion of large claims and milder winter
Pre tax profit, quarterly (MNOK)
166168
Q4
• Net financial income: MNOK 194 (95)– Financial return: 2.0 (1.1) %
365043 56
• Portfolio growth in Q1 of 2.4 %, to NOK 5.3 billion
• On 16 April 2012 it was decided to sell Unison
-89
Forsikring following a clarification of SpareBank 1's distribution strategy.
• Turid Grotmoll is acting CEO of the P&C insurance 2010 2011 2012 • Turid Grotmoll is acting CEO of the P&C insurance company. In March 2012 Tore Tenold accepted a job offer from a competing company.
9
* Insurance result in Q1 2011 and 2012 includes Unison Forsikring
SpareBank 1 Skadeforsikring GroupLower proportion of large claims in Q1 2012
108 6 10 8
Lower proportion of large claims in Q1 2012Combined ratio for own account – quarterly (%)
Combined ratio for own account (%)
20.2
17.122.7
23.821.9 22.4
21.126.0 21.3
108.6
92.989.8
100.3105.5
101.9105.8
100.7 101.6Combined ratio for own account (%)
20.7 21 9 22.5 21.022.987.2 89.9
94.6 94.0 96.2 97.7103.5
88.375.9
67.176.6 83.6 79.4 84.7
74.7 80.4
20.5 20.6 21.9
6
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
66.7 69.3 73.9 72.1 73.8 76.7 80.6
Q12010
Q22010
Q32010
Q42010
Q12011
Q22011
Q32011
Q42011
Q12012
Net claims ratio Net cost ratio
-Significantly improved claims ratio in the BM portfolio as a
2005 2006 2007 2008 2009 2010 2011
Net claims ratio Net cost ratioresult of a lower proportion of large claims so far this year-Positive profitability developments on the main products in the PM portfolio
10
SpareBank 1 Skadeforsikring GroupPositive portfolio growth in Q1 2012Positive portfolio growth in Q1 2012
G o th in po tfolio pe ea (MNOK) • Total portfolio growth of MNOK 130 to NOK 5.3 billion– Combined portfolio growth in Unison Forsikring
and the LO segment of MNOK 125 0
Growth in portfolio per year (MNOK)
5,328
and the LO segment of MNOK 125.0– Market share of 11.3 % as at 31/12/2011. Market
statistics for Q1 2012 are not available at the time of reporting
3,358
• Net earned premium of NOK 1.2 (1.1) billion, corresponding to a growth of 10.8 %
4 2
31.1
2.20
04
2005
2006
2007
2008
2009
2010
2011
31.0
3.20
12
11
ODIN ForvaltningO o a gGood management results
12
ODIN ForvaltningGood management resultsGood management results
• Pre-tax profit for Q1: MNOK -0.5 (12)f ll d O 6 (8 )
Pre-tax profit (MNOK), quarterly
1417 17 16
Q1Q2Q3
– Management fees totalled MNOK 67 (87)
• Total assets under management of NOK 26.2 billion in Q114
12 12
6
Q4Q– Increased by NOK 2.7 billion from year-end 2011
• 8.9 % market share for equity funds at Q1 2012, unchanged from Q4 2011
-0.5
unchanged from Q4 2011
• 3.8 % market share for combination funds at Q1 2012, unchanged from Q4 2011
-9
2010 2011 2012
• All of ODIN Forvaltning's equity funds and combination funds performed better than the benchmark portfolios in Q1 2012benchmark portfolios in Q1 2012
13
ODIN ForvaltningAll equity funds performed better than the benchmark portfolioq y p p
Fund return as at 31/03/2012 (%)
17 0
22.6 Fond Indeks
10.9
17.0
13.5
10.9
13.612.8
10.9
15.3
10.8 10.410.5
12.9 13.3
9.4
13.0 12.9
8.0 8.26.6
4.83.2
5.36.2
ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN
Managed increase in value as at 31/03/2012 (%)
Norden Finland Norge Sverige Maritim Offshore Eiendom I Europa Europa SMB
Global Global SMB Emerging Markets
12.9 12.4
11.3 10.7 10.5 10.3
9.8 9.4 8.7 8.5 8.2
ODIN Alfred Berg Pareto Holberg Nordea KLP Markedssnitt DNB Storebrand Carnegie SKAGEN
14
ODIN Alfred Berg Pareto Holberg Nordea KLP Markedssnitt DNB Storebrand Carnegie SKAGEN
SpareBank 1 MarketsP fit bl ti f Q4 2012Profitable operations from Q4 2012
15
SpareBank 1 MarketsProfitable operations from Q4 2012
Results
Profitable operations from Q4 2012
• Pre-tax profit for Q1: MNOK -45 (-3)• Profit after tax for Q1: MNOK -33 (-2)Total revenue: MNOK 33 (35)
Results
• Total revenue: MNOK 33 (35)
Operational matters
• SpareBank 1 Market has now acquired expertise and market clout through new recruitment. The necessary infrastructure has also been established hereunder the collaboration
Operational matters
has also been established, hereunder the collaboration agreement with SpareBank 1 SMN, which provides access to rated balance. The income effects of these investments are expected to appear gradually in the time ahead.
SpareBank 1 can, through SpareBank 1 Markets, provide the entire capital structure, from bank loans to bonds and equity
• The result is in accordance to planned progress and previous indication of profitable operations from Q4 2012 remains unchanged.
16
SpareBank 1 Gruppen Finans GroupC ti d f th d t ffi iContinued focus on growth and cost-efficiency
17
SpareBank 1 Gruppen Finans GroupContinued focus on growth and cost-efficiency
Pre-tax profit (MNOK) • Good growth in factoring operations, but pressure on marginsp g−The country's third largest factoring operation with
a market share of 14.2 (13.8) % in Q1 2012−Factoring saw growth of 22.7 % in the last 12
months. Growth in the total market was 9.8 %.
77 7Q1 2011
Q1 2012
−Low lending losses in Q1
• Portfolio's (long-term monitoring) total portfolio volume for Q1 2012 was MNOK 1 185
5
portfolio volume for Q1 2012 was MNOK 1,185, compared with MNOK 1,152 at year-end 2011−Steady recovery on the portfolios−Good growth in net interest/credit commission
revenues
3
2
3
revenues
• The debt market is relatively stable, but with slight growth
1
2
−Conecto has had a slightly sinking referral volume in the last year
−An improved recovery rate and changed portfolio mix has largely compensated for mandatory
Pre-tax profit for SpareBank 1 Gruppen Finans Group also includes
factoring portfolio Conecto(debt recovery)
SB1G Finans Group
18
reduction in debt recovery feesPre tax profit for SpareBank 1 Gruppen Finans Group also includes management and amortisation.
SpareBank 1 Gruppen top in terms of return on equity after tax among selected Nordic financial institutionsg
2011 2010 2009 Average 2009-2011Q1 2012 2011 2009-2011
SpareBank 1 Group 15.9 % 11.1 % 18.7 % 18.1 % 16.0 %
Handelsbanken 13.8 % 13.5 % 12.9 % 12.6 % 13.0 %
Q1 2012
Nordea 11.7 % 10.6 % 11.5 % 11.3 % 11.1 %
Gjensidige* N/A 12.2 % 13.1 % 11.1 % 12.1 %
DNB N/A 11.4 % 13.6 % 10.6 % 11.9 %
Storebrand N/A 6.0 % 10.8 % 8.2 % 8.3 %
Danske Bank N/A 1.4 % 3.6 % 1.7 % 2.2 %
19
* Calculated as net profit distributed over average equity
Source: Companies' interim reports for 2012
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(97.47%)
SpareBank 1Skadeforsikring
(100 %)
SpareBank 1 Gruppen Finans
(100 %)
SpareBank 1Medlemskort
(100 %)Broad cooperation
- Technology- Brand/communication
Conecto(100 %)
/- Expertise- Common processes and use of best practice- Purchasing
Regional competence centres(Bank-owned companies)
Unison Forsikring
(100 %)
- Payment services: Trondheim- Credit: Stavanger- Training: Tromsø
SpareBank 1 BoligkredittEiendomsMegler 1
BNbankSpareBank 1 Oslo og Akershus
22
SpareBank 1 GruppenKey figuresKey figures
Q1 Q4 Q3 Q2 Q1 Year2012 2011 2011 2011 2011 2011
GroupNet result for the period (MNOK) 199.9 281.5 -4.8 97.2 151.9 525.8Return on equity (%) 15.9 % 23.2 % -0.3 % 8.1 % 12.9 % 11.1 %Capital adequacy ratio, cumulative (%) 14.8 % 16.2 % 16.3 % 16.2 % 16.1 % 16.2 %Core capital adequacy ratio, cumulative (%) 13.1 % 14.6 % 14.0 % 13.9 % 12.6 % 14.6 %
SB1 LivsforsikringRisk result (MNOK) 29.4 38.5 63.5 70.1 69.4 241.4Administration result (MNOK) -7.5 -3.2 -19.8 -24.2 -18.7 -65.9Investment result (MNOK) 73.2 3.1 51.6 108.0 205.8 368.5Net result for the period (MNOK) 125.8 193.7 114.6 73.8 129.9 511.9Buffer capital in % of insurance provisions*, cumulative (%) 12.8 % 11.0 % 14.1 % 14.0 % 15.2 % 11.0 %Capital adequacy ratio, cumulative (%) 17.5 % 18.5 % 18.5 % 17.1 % 19.2 % 18.5 %Securities adjustment reserve, cumulative (MNOK) 465.9 184.9 13.0 326.3 448.2 184.9
SB1 Skadeforsikring GroupOperating result before finance (MNOK) -19.5 -15.5 0.0 8.2 -29.9 -37.3Net financial income (MNOK) 194.0 160.8 -62.3 66.8 95.1 260.3( )Net result for the period (MNOK) 139.5 90.8 -81.7 41.8 39.8 90.7Claims ratio, net (%) 80.4 % 74.7 % 84.7 % 79.4 % 83.6 % 80.6 %Cost ratio, net (%) 21.3 % 26.0 % 21.1 % 22.4 % 21.9 % 22.9 %Combined ratio, net (%) 101.6 % 100.7 % 105.8 % 101.9 % 105.5 % 103.5 %Portfolio (MNOK) 5 328 5 198 5 092 4 986 4 825 5 198
ODIN ForvaltningManagement fees (MNOK) 67 2 61 8 69 4 85 5 86 8 303 5Management fees (MNOK) 67.2 61.8 69.4 85.5 86.8 303.5Net result for the period (MNOK) -0.3 -7.0 4.3 8.9 8.6 14.8Total assets under management, cumulative (MNOK) 26 173 23 433 22 539 30 101 33 348 23 433Market share equity fund, cumulative (%) 8.9 % 8.9 % 8.8 % 9.9 % 10.6 % 8.9 %Market share combination fund, cumulative (%) 3.8 % 3.8 % 3.8 % 3.5 % 3.2 % 3.8 %
SB1 MarketsTotal operating income (MNOK) 32.9 15.3 12.6 23.5 34.8 86.3Net result for the period (MNOK) 32 5 57 4 37 3 15 9 2 4 113 1Net result for the period (MNOK) -32.5 -57.4 -37.3 -15.9 -2.4 -113.1
SB1G Finans GroupNet result for the period SB1G Finans Group (MNOK) 4.9 4.4 8.4 1.8 4.5 19.1Net result for the period SB1G Finans - parent company (MNOK) 2.2 4.1 3.7 0.1 1.4 9.3Net result for the period Conecto (MNOK) 3.3 2.2 6.7 3.7 5.1 17.7
23
*) Buffer capital as at Q4 is shown after profits have been distributed
SpareBank 1 GruppenResults for Q1 2012
YearFi i MNOK 2012 2011 2011
Q1
Results for Q1 2012
Figures in MNOK 2012 2011 2011
Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 94.1 129.4 414.1 - SpareBank 1 Skadeforsikring Group 165.5 50.3 185.3 - ODIN Forvaltning -0 5 11 9 21 8 ODIN Forvaltning 0.5 11.9 21.8 - SpareBank 1 Markets -44.8 -3.4 -154.8 - SpareBank 1 Medlemskort 2.8 3.1 12.1 - SpareBank 1 Gruppen Finans Group 6.8 6.8 27.9 - Correction Group 0.0 -0.9 28.6Net result before tax from subsidiaries 223.8 197.1 535.1Total operating costs (parent company) -33.5 -27.7 -88.6Net investment charges (parent company) -16.8 -7.1 -59.3Share of associated company 0.0 0.0 0.2Pre-tax result 173.5 162.4 387.3Taxes 26.4 -10.5 138.5N t lt f th i d 199 9 151 9 525 8Net result for the period 199.9 151.9 525.8
Majority interest 200.7 152.4 529.8Minority interest -0.8 -0.5 -4.0
YearQ1 YearKey figures 2012 2011 2011Annualised return on equity 15.9 % 12.9 % 11.1 %
Q1
24
SpareBank 1 GruppenQuarterly resultsQuarterly results
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1Figures in MNOK 2012 2011 2011 2011 2011 2010 2010 2010 2010
Part of result from subsidiaries before taxPart of result from subsidiaries before tax - SpareBank 1 Livsforsikring 94.1 98.1 77.7 109.0 129.4 72.5 85.8 100.3 91.9 - SpareBank 1 Skadeforsikring Group 165.5 168.1 -89.3 56.2 50.3 307.5 253.9 43.4 36.3 - ODIN Forvaltning -0.5 -8.5 6.3 12.2 11.9 16.5 17.0 16.7 14.4 - SpareBank 1 Markets -44.8 -77.5 -51.8 -22.1 -3.4 -24.0 -29.0 -1.9 -2.7 - SpareBank 1 Medlemskort 2.8 4.5 2.0 2.5 3.1 1.9 2.7 3.3 3.4 S B k 1 G Fi G 6 8 5 9 12 2 3 0 6 8 6 6 4 9 7 0 0 1 - SpareBank 1 Gruppen Finans Group 6.8 5.9 12.2 3.0 6.8 6.6 -4.9 7.0 -0.1 - Correction Group 0.0 -1.9 16.4 15.1 -0.9 -6.3 -7.4 16.3 15.1Net result before tax from subsidiaries 223.8 188.6 -26.6 175.9 197.1 374.6 318.1 185.1 158.2Total operating costs (parent company) -33.5 -29.4 -16.0 -15.6 -27.7 -16.5 40.7 -11.9 -20.0Net investment charges (parent company) -16.8 -19.2 -18.0 -15.0 -7.1 -15.6 -11.4 -9.3 -6.9Share of associated company 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0Pre-tax result 173.5 140.1 -60.6 145.4 162.4 342.5 347.4 163.9 131.3Taxes 26.4 141.4 55.8 -48.1 -10.5 -18.5 -88.4 -8.3 -38.5Net result for the period 199.9 281.5 -4.8 97.2 151.9 324.0 259.1 155.6 92.8
Majority interest 200.7 283.1 -3.6 98.0 152.4 327.9 263.9 155.9 93.3Minority interest -0 8 -1 6 -1 1 -0 8 -0 5 -3 9 -4 8 -0 3 -0 5Minority interest 0.8 1.6 1.1 0.8 0.5 3.9 4.8 0.3 0.5
25
SpareBank 1 Livsforsikring Results for Q1 2012Results for Q1 2012
YearFigures in MNOK 2012 2011 2011 Insurance risk income 361.2 335.8 1 338.7
Q1
Insurance risk claims -340.4 -255.5 -1 061.7Risk result 20.7 80.2 277.0 Tecnical allocations 8.7 -10.8 -35.6Risk result after tecnical allocations 29.4 69.4 241.4 Fees 184.8 170.7 708.6 E l i i i 128 6 129 7 527 2 Expenses, exclusive comissions -128.6 -129.7 -527.2 Comissions -63.7 -59.8 -247.3Administration result -7.5 -18.7 -65.9 Net investment income 188.6 319.1 791.1 Guaranteed interest to policyholders -115.4 -113.3 -422.6Investment result 73 2 205 8 368 5Investment result 73.2 205.8 368.5 Reserves -31.3 -33.0 -187.3Investment result after reserves 41.9 172.8 181.2 Compensation guaranteed interest 6.3 5.4 22.6Result before additional provisions 70.1 228.8 379.4 Undistributed profits to customers -15.2 -118.9 -61.5p Return on company's assets 39.2 19.5 96.2Net profit to owner before tax 94.1 129.4 414.1 Taxes 31.7 0.5 97.8Net profit/loss for the period 125.8 129.9 511.9
Key figures Q1 Year2012 2011 2011
Capital adequacy ratio 17.5 % 19.2 % 18.5 %Buffer capital in % of insurance provisions 12.8 % 15.2 % 11.0 %
26
SpareBank 1 LivsforsikringResults per portfolio for Q1 2012Results per portfolio for Q1 2012
Figures in MNOKGroup
portfolio
Previouslyestablished
individual productsInvestment choice
portfolioCompanyportfolio Total
Risk result 35.1 -5.0 -0.6 0.0 29.4Administration result 21 4 -9 3 -19 5 0 0 -7 5Administration result 21.4 -9.3 -19.5 0.0 -7.5Net investment result 46.8 25.0 0.9 0.5 73.2Reserves - long life -31.3 0.0 0.0 0.0 -31.3Compensation interest guarantee 6.3 0.0 0.0 0.0 6.3Transferred to policyholders -8.2 -6.9 -0.1 0.0 -15.2Return on company's assets 0 0 0 0 0 0 39 2 39 2Return on company s assets 0.0 0.0 0.0 39.2 39.2Sum 70.1 3.7 -19.4 39.6 94.1
27
SpareBank 1 LivsforsikringPremium income trendPremium income trend
YearFigures in MNOK 2012 2011 2011 Individual annuity and pension insurance 72.3 73.1 284.9 Indi id al endo ment ins ance 147 9 138 5 570 6
Q1
Individual endowment insurance 147.9 138.5 570.6 Group pension insurance 244.3 242.7 465.6 Individual life insurance 53.8 48.0 199.0 Group life insurance 239.1 217.5 604.4 Unit Linked - Annuity 9 3 10 7 39 0 Unit Linked - Annuity 9.3 10.7 39.0 Unit Linked - Endowment 36.7 51.6 181.1 Defined contribution pension 265.1 236.2 980.7Total gross due premium income 1 068.5 1 018.2 3 325.5 Premium reserves transferred from other companies 102.4 142.0 660.8 Premium reserves transferred from other companies 102.4 142.0 660.8 Reinsurance ceded -28.6 -40.2 -160.4Premium income for own account 1 142.3 1 120.0 3 825.9
28
SpareBank 1 LivsforsikringReturn on customer portfolio with guarantee as at Q1 2012
Value-adjusted return l di h i l t ti Booked return:excluding change in value construction: Booked return:
Q42011
Q12012
Q42011
Q12012
Q42011
Q12012
Q42011
Q12012
Q42011
Q12012
Q42011
Q12012
Q42011
Q12012
Q42011
Q12012
2.5
3.0
3.45.4
4.0
4.6
2.01.7
2.1
Perc
ent
1.2 1 0
3.2
Perc
ent
SpareBank 1 Storebrand DNB Livsforsikring Nordea
N/A N/A
1.0
SpareBank 1 Storebrand DNB Livsforsikring Nordea
N/A N/A
29 Source: company presentations
SpareBank 1 LivsforsikringReturn on ordinary customer portfolio with guarantee as at y p g31/03/2012
P t
14.8Norwegian shares
Percent
1.1
13.3
Money market
Foreign shares
2 3
1.9
Foreign bonds
Norwegian bonds
1.2
2.3
Hold to maturity
Foreign bonds
1.6Real estate
30
SpareBank 1 LivsforsikringBalance sheet as of 31/03/2012Balance sheet as of 31/03/2012
YearQ1 YearFigures in MNOK 2012 2011 2011 Intangible assets 131 53 107 Investments 2 938 3 013 2 881 Reinsurance's part of insurance obligations 207 223 223
Q1
Accounts receivable 149 134 225 Other assets 339 215 368 Prepayed liabilities and accrued income 0 2 0 Investments group portfolio 16 466 15 786 15 909 Investments options portfolio 7 470 6 788 6 896 Investments options portfolio 7 470 6 788 6 896Total assets 27 699 26 215 26 607 Paid in capital 1 825 1 602 1 825 Other equity 560 516 435 Subordinated loan capital 200 400 200p Insurance obligations - contractual 16 389 15 776 15 812 Insurance obligations - investment options 7 561 6 895 6 993 Provisions for obligations 75 131 88 Premium deposits from reinsurance companies 139 135 139 Oth bli ti 888 659 1 043 Other obligations 888 659 1 043 Accrued liabilities, prepaied income 62 101 73Total liabilities and equity 27 699 26 215 26 607
31
SpareBank 1 Skadeforsikring GroupResults for Q1 2012Results for Q1 2012
YearFigures in MNOK 2012 2011 2011
Q1Figures in MNOK 2012 2011 2011Gross written premium 1 713.1 1 553.3 5 358.2Net earned premium 1 234.5 1 100.8 4 695.9Net incurred claims -992.3 -920.7 -3 784.0Net insurance operating costs -262.4 -241.1 -1 074.2Other insurance income/costs 1.2 4.5 31.8Changes in other technical reserves -0.5 26.5 93.2Operating result before finance -19.5 -29.9 -37.3Net financial income 194.0 95.1 260.3Result before changes in security reserve 174 5 65 1 223 0Result before changes in security reserve 174.5 65.1 223.0Changes in security reserve -9.0 -14.8 -37.7Pre-tax profit 165.5 50.3 185.3Taxes -26.0 -10.5 -94.6Net profit/loss for the period 139.5 39.8 90.7
Key figures YearFigures in percentage 2012 2011 2011Claims ratio net 80 4 % 83 6 % 80 6 %
Q1
Claims ratio, net 80.4 % 83.6 % 80.6 %Cost ratio, net 21.3 % 21.9 % 22.9 %Combined ratio, net 101.6 % 105.5 % 103.5 %Capital adequacy ratio 30.9 % 30.3 % 32.8 %
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ODIN ForvaltningResults for Q1 2012Results for Q1 2012
YearFigures in MNOK 2012 2011 2011Management fees 67 2 86 8 303 5
Q1
Management fees 67.2 86.8 303.5Total operating income 67.2 86.8 303.5Salaries 24.6 29.2 108.5Depreciations 6.5 3.9 23.5Other operating costs 36.9 42.5 151.1Total operating costs 68.0 75.6 283.1Operating profit -0.8 11.2 20.3Net financial income 0.3 0.7 1.5Pre-tax profit -0.5 11.9 21.8Taxes 0 2 3 3 7 1Taxes -0.2 3.3 7.1Net profit/loss for the period -0.3 8.6 14.8
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