Download presentation from press conference October 28th 2011. Presented by CEO Kirsten Idebøen. http://investor.sparebank1.no

1. 3rd Quarter 2011
Q
Q3
Presentation of results
from SpareBank 1 Gruppen
Kirsten Idebøen, CEO
28 October 2011

2. Profits down due to market turmoil and high claims ratio
Group pre-tax profit* (MNOK) quarterly
profit (MNOK),
• Pre-tax profit as at Q3: MNOK 248 (643).
Pre-tax loss in Q3: MNOK -60 (347).
Q1 374
358 347
Q2
• Profit after tax as at Q3: MNOK 245 (508).
Q3
Net result in Q3: MNOK -4 (259).
163 164 162
• Annualised return on equity: 6 7 (15.8) %
6.7 (15 8)
145
131
68
87 • Capital adequacy ratio: 16.3 (16.7) %
24
Core capital adequacy ratio: 14.0 (11.5) %
• The Group had total assets of NOK 41.3
-60
billion, as compared to NOK 40.7 billion at
2008 2009 2010 2011
year-end 2010
d 2010.
* Comparison figures for 2008 and 2009 have been restated and do not include Bank 1 Oslo Group
2

3. Result improvement within life insurance, but significant
weakening in results within P&C insurance
Pre-tax profit per subsidiary (MNOK)
• Significantly improved administration result
and good investment result in life insurance
insurance.
334 Profit influenced to a minor extent by market
316
YTD 2010 unrest in Q3.
278
YTD 2011
• Strong portfolio growth provides increased
premium income in P&C insurance. Negative
return on shares and large claims reduced the
result YTD.
• Drop in stock markets contributed to reduced
48
30
earnings for ODIN.
18 22
2
-34
-77 • Good development in factoring and the debt
collection business, with focus on
p
consolidation and continuous improvement.
SB1G Finans
SB1 Skade
SB1 Markets
SB1 Liv
ODIN
• Weaker results in SB1 Markets due to large,
planned investments linked to building up a
leading capital market environment
environment.
S
S
3

4. SpareBank 1
Skadeforsikring Group
Negative return on shares and high claims ratio
Good portfolio growth
4

5. SpareBank 1 Skadeforsikring Group
Negative return on shares and high claims ratio. Good
portfolio growth
Pre-tax p ofit q a te l
P e ta profit, quarterly (MNOK)
• Total portfolio growth of MNOK 409, of which
254
MNOK 160 from Unison Forsikring. Portfolio of
251
Q1
NOK 5.1 billion YTD. The increase equated to
Q2
207 8.7
8 7 % from year-end 2010
2010.
Q3
– Portfolio growth of MNOK 132 in the quarter.
– Market share has increased from 9.8 % to
125
10.9 % in the past 12 months as at Q2 2011.
54 58 50 56
48
36 43 • Pre-tax profit as at Q3: MNOK 18 (334) and
MNOK -89 (254) in Q3.
2008 2009 2010 2011 – Insurance result*: MNOK -21 (144) and
MNOK 0.5 (121) in Q3.
-89 – Net financial income: MNOK 100 (232) and
MNOK -62 (149) in Q3
62 Q3.
– Financial return of 1.1 (2.7) % YTD.
* Insurance result in 2011 includes Unison Forsikring and medical treatment insurance.
5

6. SpareBank 1 Skadeforsikring Group
Weakened natural perils-result and high proportion of large claims
Combined ratio for own account – quarterly (%) Combined ratio for own account (%)
108.6 105.8
105 8
105.5
10 101.9 104.4
99.6 100.3
20.2
97.7
21.0
96.2
21.9
92.9 94.6 94.0
90.9
21.8
22.4
89.8
23.8
89.9
24.8
87.2
17.1
21.0
22.5
21.8
20.7
22.7
21.9
20.6
20.5
2
88.3
84.7
83.6
79.4
76.6
75.9
74.8
69.2
67.1
2.7
76.7
82
9
73.9
73.8
8
72.1
1
69.3
66.7
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2009 2009 2010 2010 2010 2010 2011 2011 2011
Net claims ratio Net cost ratio 2005 2006 2007 2008 2009 2010 YTD 2011
High proportion of large claims within central product groups in the Net claims ratio Net cost ratio
Corporate Market portfolio has meant a significant increase in
claims ratio in Q3
Q3.
• Claims have been incurred for a total of MNOK 44 in conjunction with the terrorist attack on 22 July 2011.
• Gross combined ratio YTD was 104.4 % (claims ratio of 82.9 % and cost ratio of 21.5 %) Including personal insurance,
the combined ratio YTD is reduced to 96.3 %, of which the claims ratio constitutes 74.9 % and the cost ratio 21.4 %.
6

7. SpareBank 1
p
Livsforsikring
Significant improvement in administration result
Solid Buffers
7

8. SpareBank 1 Livsforsikring
Significant improvement in administration result
g p
• Pre-tax profit as at Q3: MNOK 316 (278) and
MNOK 78 (86) in Q
( ) Q3.
Pre-tax profit (
f (MNOK), quarterly
O ) l
206
Q1 • Administration result: MNOK -63 (-125) as at Q3 and
Q2 MNOK -20 (-45) in Q3.
Q3
129 - Corrected for revenue recognition, linked to the
109 discontinuation of the early retirement pension (AFP) in 2010,
100
92 86 the underlying improvement amounts to MNOK 78.
81 78
44
24 • Investment result: MNOK 365 (269) as at Q3 and
MNOK 52 (71) in Q3
-52 • Risk result MNOK 203 (260) as at Q3 and MNOK 64
(72) in Q3
Q3.
-335 - Higher costs in conjunction with disability compensation.
2008 2009 2010 2011
• As a consequence of the securities adjustment
reserve now coming under Norway's Taxes Act's
regulation on entitlement to make deductions for
insurance-related provisions, and because of the
exemption method, there will be major fluctuations in
tax costs in the future
future.
8

9. SpareBank 1 Livsforsikring
Solid buffers
Buffer capital trend, per quarter (%) Securities adjustment reserve (MNOK)
16.1 %
15.2 %
14.6 % 14.0
14 0 % 14.1
14 1 % 617
327
13
Q3 Q4 Q1 Q2 Q3
2010 2010 2011 2011 2011
2009 2010 YTD 2011
Core capital in excess of minimum Interim profit
Additional provisions Securities adjustment reserve
• Buffer capital including profit for the year: 14.1 (16.1) %
• Total assets: NOK 25.7 billion, NOK 0.8 billion lower than at year-end 2010.
, y
- Redemption of term subordinated loan capital and market development.
• Capital adequacy ratio: 18.5 (20.1) %
- The entire net liable capital consists of core capital
capital.
9

10. SpareBank 1 Forsikring
Asset allocation per portfolio as at 30.09.11 (31.12.10)
SB1 Livsforsikring SB1 Skadeforsikring Group
Investment choice portfolio Group portfolio Company portfolio
0.0 (0.1) %
13.1 (14.8) % -10.3 (-1.6) % 10.6 (10.6) %
0.0 (0.1) %
2.2 (0.9)
2 2 (0 9) % 21 1 (21 0) % 7.7 (9.4) %
21.1 (21.0) ( ) 13.2 (13.6)
13 2 (13 6) %
45.8 (61.0) % 35.1 (34.8) %
28.4 (28.0) % 21.2 (21.5) % 61.2 (48.4) %
53.2 (39.0) %
1.1 (0.0) % 28.0 (28.8) %
68.5 (66.3) %
Stocks Other Stocks Other
Real estate Bonds - amortized cost Real Estate Bonds at amortised cost
Stocks Other Bonds Bonds - market value Bonds at Market value
NOK 6.5 (6.7) billion NOK 15.5 (16.0) billion NOK 2.5 (2.8) billion NOK 9.2 (8.9) billion
10

11. SpareBank 1 Forsikring
Market unrest – consequences and initiatives
SB1 Livsforsikring SB1 Skadeforsikring Group
• The company has built up solid buffers and the • The company has no opportunity to build up
securities adjustment reserve has, in its entirety, buffers, so the fall in prices and rates has
covered the fall in prices and rates so far this had a direct impact on profits.
year.
year
• The shareholding as at 30.09.11 constituted
• Shareholding as at 30.09.11 constituted 13.1 %, 7.7 %, or MNOK 711.
or NOK 2.0 billion.
• For a lengthy period, the company has had a
• The company's buffer capital situation is still stable investment portfolio.
good. The company can withstand a considerable
drop in share prices before additional provisions,
• The assessment has been made not to make
h h b d k
which can be used in the accounts for 2011, are
changes to the current investment strategy
fully utilised.
in the P&C insurance company.
• Stress tests are being undertaken as part of
St t t b i d t k t f
ongoing risk management, as are assessments of
whether portfolio adjustments should be made.
Taking the owner's profit and equity into account
is k
i a key component of these assessments
t f th t
11

12. O
ODIN Forvaltning
o a g
Negative market development has led to reduced management fees
12

13. ODIN Forvaltning
Negative market development has led to reduced
management fees
Pre-tax profit (MNOK), quarterly • Pre-tax profit as at Q3: MNOK 30 (48)
– Result characterised by high one-off costs and
30
Q1 lower management fees.
29 Q2
26 Q3
• Profit in Q3 was MNOK 6 (17)
16 17 17
14
10
12 12
• Total assets of NOK 22.5 billion YTD.
6 - Down NOK 9.8 billion since year-end 2010.
• Equity fond market share of 8.8 % as at
-7
September, compared with 10.7 % at year-
2008 2009 2010 2011
end 2010.
• Market share of 3.8 % for combination fund
YTD, up from 3.5 % as at Q2.
13

14. SpareBank 1 Gruppen
p pp
Finans Group
Good growth in factoring and the portfolio-business in the
portfolio business
past year
14

15. SpareBank 1 Gruppen Finans group
Good growth in factoring and the portfolio-business in the past year
Pre-tax profit YTD (MNOK)
YTD 2010 • Pre-tax p ofit
P e ta profit as at Q3: MNOK 22.0 (2.0)*.
Q3 22 0 (2 0)*
21.5 22.0
YTD 2011
― Reduced loss and loss provisions YTD has
contributed to increased profits in BA Factoring.
― The company is the country's third largest
factoring business as at Q3 2011.
12.6
11.0 ― BA Portfolio had a total portfolio volume of NOK
1.0
1 0 billion YTD as compared to MNOK 620 at
YTD,
year-end 2010.
― The debt collection business is rigged for growth
2.5 through focus on further development, quality
development
2.0
1.4 and capacity improvement.
― The company is the country's third largest debt
-0.5
collection business.
to*
p**
SB1G F
on)
io
Factoring
g
Group
Conect
Portfoli
G
collectio
(debt
*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
2010. Group.
**Pre-tax profit for SpareBank 1 Gruppen Finans Group also includes management and excess value amortisation.
15

16. SpareBank 1 Markets
The establishment of a leading capital market environment is
progressing according to plan
16

17. SpareBank 1 Markets
The establishment of a leading capital market environment is
g p
progressing according to plan
Operational matters
• Th recruitment work has been carried out.
The it t kh b i d t
- With focus on establishing leading expertise and placement
capacity combined with the ability to guarantee capital acquisitions.
• Macroeconomic uncertainty has generally led to reduced
activity in the market. Profitability for the entire industry
has been weakened.
Results
• Pre-tax loss as at Q3: MNOK -77 (-34).
• Pre-tax loss in Q3: MNOK -52 (-29).
Q ( )
• Revenue:
- Commission income on stocks and derivatives: MNOK 28 (27).
- Debt capital markets: MNOK 7 (12). Chief economist Shakeb Syed in SpareBank 1 Markets
- Corporate Finance: MNOK 27 (17).
A leading capital market environment is strategically important - and has a
sg
significant ea
ca t earning potential for the SpareBank 1 Alliance
g pote t a o t e Spa e a a ce
17

18. SpareBank 1 Gruppen
Starting-up a card company
S i d
• In recent years, via a series of acquisitions and structural changes,
SpareBank 1 has taken strategic control of important product
areas, most recently involving debt collection, factoring and
y g g
markets. The aim is control of the product and value chain, to do
the best for both customers and owners.
• SpareBank 1 also wishes to offer products and services within the
card and payment business through a specific company. Such
services could be delivered from 1 July 2014.
• Today, SpareBank 1 has an agreement with EnterCard concerning
the delivery of card products, an agreement that will run until the
summer of 2014. The volume from the SpareBank 1 Alliance as at
30.09.11
30 09 11 in this portfolio was 400,000 cards.
400 000 cards
• Arrangements are being made for continued close collaboration
with EnterCard throughout the period of the agreement.
18

19. Outlook
SPAREBANK 1 GRUPPEN
• Increased volatility in the financial markets entails increased uncertainty linked
to the financial results, which constitute a significant portion of value generation
in SpareBank 1 Gruppen.
• SpareBank 1 Gruppen is well equipped to face the new capital requirements in
relation to the introduction of Solvency II
II.
• There will be an increased focus on cooperation right across the companies to
extract efficiency gains within costs, income and know-how.
19

20. The nation s savings bank
nation's
20
20

21. Appendix
A di
21

22. SpareBank 1 Alliance
SpareBank 1 SpareBank 1 SpareBank 1 Sparebanken Samarbeidende
LO (Trade Union)
SR-Bank SMN Nord-Norge Hedmark Sparebanker
(10%)
(19.5%) (19.5%) (19.5%) (12%) (19.5%)
SpareBank 1 Gruppen AS
SpareBank 1 ODIN
SpareBank 1 Markets
Livsforsikring Forvaltning
(97.2%)
(100%) (100%)
Alliance Cooperation
SpareBank 1 SpareBank 1 SpareBank 1
Medlemskort Gruppen Finans Skadeforsikring Broad cooperation
(100%) (100%) (100%)
- Technology
- Brand/communication
- Expertise
Unison Forsikring - Common processes and use of best practice
Conecto
(100%) - Procurement
(100%)
Regional competence centres
(Bank-owned companies) - Payment services: Trondheim
- Credit: Stavanger
SpareBank 1 Boligkreditt
EiendomsMegler 1
- Training: Tromsø
BNbank
SpareBank 1 Oslo og Akershus
22

23. SpareBank 1 Gruppen
Profit year to date 2011
Year to date Year
Figures in MNOK 2011 2010 2010
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 316.1 277.9 350.4
- SpareBank 1 Skadeforsikring Group 17.7 333.6 641.1
- ODIN Forvaltning
F lt i 30.4
30 4 48.2
48 2 64.6
64 6
- SpareBank 1 Markets -77.3 -33.6 -57.6
- SpareBank 1 Medlemskort 7.6 9.3 11.1
- SpareBank 1 Gruppen Finans Group 22.0 2.0 8.6
- Correction Group 30.6 23.9 17.6
Net result before tax from subsidiaries 347.0 661.4 1,036.0
Total operating costs (parent company) -59.2 8.8 -7.6
Net investment charges (parent company) -40.1 -27.6 -43.2
Pre- tax result 247.7 642.6 985.1
Taxes -2.8 -135.1 -153.6
Net result for the period 244.8 507.5 831.6
Majority interest 247.3 513.1 841.0
Minority interest -2.4 -5.6 -9.5
Year to date Year
Key figures 2011 2010 2010
Annualised return on equity 6.7 % 15.8 % 18.7 %
23

24. SpareBank 1 Gruppen
Quarterly profits
Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
Figures in MNOK 2011 2011 2011 2010 2010 2010 2010 2009 2009
Part f
P t of result from subsidiaries before tax
lt f b idi i b f t
- SpareBank 1 Livsforsikring 77.7 109.0 129.4 72.5 85.8 100.3 91.9 81.0 81.2
- SpareBank 1 Skadeforsikring Group -88.8 56.2 50.3 307.5 253.9 43.4 36.3 115.3 272.8
- ODIN Forvaltning 6.3 12.2 11.9 16.5 17.0 16.7 14.4 24.0 16.0
- SpareBank 1 Markets -51.8 -22.1 -3.4 -24.0 -29.0 -1.9 -2.7 -9.5 -14.6
- SpareBank 1 Medlemskort 2.0 2.5 3.1 1.9 2.7 3.3 3.4 0.7 1.8
- SpareBank 1 Gruppen Finans Group 12.2 3.0 6.8 6.6 -4.9 7.0 -0.1 2.3 3.9
- Correction Group 16.4 15.1 -0.9 -6.3 -7.4 16.3 15.1 -8.6 12.0
Net result before tax from subsidiaries - 26.1 175.9 197.1 374.6 318.1 185.1 158.2 205.2 373.1
Total operating costs (parent company) -16.0 -15.6 -27.7 -16.5 40.7 -11.9 -20.0 -15.5 -13.2
Net investment charges (parent company) -18.0 -15.0 -7.1 -15.6 -11.4 -9.3 -6.9 -9.8 -2.1
Pre- tax result - 60.1 145.4 162.4 342.5 347.4 163.9 131.3 177.2 357.7
Taxes 55.8 -48.1 -10.5 -18.5 -88.4 -8.3 -38.5 -9.3 -27.3
Net result for the period - 4.3 97.2 151.9 324.0 259.1 155.6 92.8 167.9 330.4
Majority interest -3.1 98.0 152.4 327.9 263.9 155.9 93.3 169.6 333.1
Minority interest -1.1
11 -0.8
08 -0.5
05 -3.9
39 -4.8
48 -0.3
03 -0.5
05 -1.7
17 -2.6
26
24

25. Annualised return on equity among selected Nordic financial
institutions year to date 2011
y
Q
Q3 2011 Year 2010 Year 2009
Handelsbanken 13.8 % 12.9 % 12.6 %
DnB NOR 10.6
10 6 % 13.6
13 6 % 10.6
10 6 %
Nordea 10.0 % 11.5 % 11.3 %
Handelsbanken 7.4 % 10.8 % 8.2 %
SpareBank 1 Gruppen 6.7 % 18.7 % 18.1 %
Danske Bank 1.7 % 3.6 % 1.7 %
Gjensidige N/A 13.1
13 1 % 11.1
11 1 %
* Calculated as profit for the period (after taxes) over average equity
Source: Companies' interim reports for 2011
25

26. SpareBank 1 Livsforsikring
Profit year to date 2011
Q3 Q2 Q1 Q3 Year to date Year
Figures in MNOK 2011 2011 2011 2010 2011 2010 2010
Insurance risk income 321.6 333.0 335.8 327.3 990.4 964.3 1,292.6
Insurance risk claims -249.9 -252.6 -255.5 -250.1 -758.1 -672.8 -939.0
Risk result 71.7 80.4 80.2 77.1 232.3 291.5 353.6
Tecnical allocations -8.2 -10.3 -10.8 -5.5 -29.3 -31.3 -28.2
Risk result after tecnical allocations 63.5 70.1 69.4 71.6 203.0 260.1 325.4
Fees 168.3 172.8 170.7 161.1 511.9 471.4 637.9
Expenses, e cl si e
E penses exclusive comissions -128.0
128 0 -138.6
138 6 -129.7
129 7 -147.0
147 0 -396.3
396 3 -422.6
422 6 -589.2
589 2
Comissions -60.1 -58.5 -59.8 -58.7 -178.3 -174.0 -235.6
Administration result -19.8 -24.2 -18.7 -44.6 -62.7 -125.2 -186.9
Net investment income 151.0 207.3 319.1 177.0 677.4 587.4 764.3
Guaranteed interest to policyholders -99.4 -99.2 -113.3 -106.3 -311.9 -318.8 -447.0
Investment result 51.6 108.0 205.8 70.8 365.4 268.6 317.3
Reserves 0.0 0.0 -33.0 -12.0 -33.0 -36.0 -45.3
Investment result after reserves 51.6 108.0 172.8 58.8 332.4 232.6 272.0
Compensation guaranteed interest 5.7 5.9 5.4 7.5 17.0 22.4 29.9
Result before additional provisions 101.0 159.8 228.8 93.2 489.6 389.9 440.4
Undistributed profits to customers -44.7 -60.0 -118.9 -39.6 -223.6 -161.0 -161.7
Return on company's assets
R ' 21.4
21 4 9.2
92 19.5
19 5 32.1
32 1 50.0
50 0 49.1
49 1 71.6
71 6
Net profit to owner before tax 77.7 109.0 129.4 85.8 316.1 277.9 350.4
Taxes 36.9 -35.3 0.5 -24.9 2.1 -42.7 -60.2
Net profit/loss for the period 114.6 73.8 129.9 60.9 318.2 235.2 290.2
Key figures Year to date Year
2011 2010 2010
Capital adequacy ratio 18.5 % 20.1 % 19.3 %
Buffer capital in % of insurance provisions 14.1 % 16.1 % 14.6 %*
*Buffer capital for the year 2010 is shown after profits have been distributed
26

27. SpareBank 1 Livsforsikring
Profit by portfolio year to date 2011
Previously
Group established Investment choice Company
Figures in MNOK portfolio individual products portfolio portfolio Total
Risk result 196.3 8.6 -1.9 0.0 203.0
Administration result 47.1
47 1 -27.8
27 8 -81.9
81 9 0.0
00 -62.7
62 7
Net investment result 270.6 88.7 4.4 1.8 365.4
Reserves - long life 0.0 -33.0 0.0 0.0 -33.0
Compensation interest guarantee 17.0 0.0 0.0 0.0 17.0
Transferred to policyholders -193.2 -30.2 -0.2 0.0 -223.6
Return on company's assets
company s 0.0
00 0.0
00 0.0
00 50.0
50 0 50.0
50 0
Sum 337.8 6.3 -79.8 51.8 316.1
27

28. SpareBank 1 Livsforsikring
Premium income trends
Q3 Q2 Q1 Q3 Year to date Year
Figures in MNOK 2011 2011 2011 2010 2011 2010 2010
Individual annuity and pension insurance 68.7 71.1 73.1 68.6 212.8 226.9 306.7
Individual endowment insurance 143.3 141.1 138.5 129.5 422.9 385.4 519.1
Group pension insurance 73.3 55.2 242.7 105.4 371.1 429.5 549.5
Individual life insurance 50.0 49.0 48.0 46.1 147.0 136.0 183.1
Group life insurance 130.5 131.5 217.5 130.1 479.5 465.7 587.7
Unit Linked - Annuity 8.3 9.5 10.7 10.4 28.4 34.9 46.6
Unit Linked - Endowment 38.4 46.6 51.6 53.9 136.6 168.2 237.0
Defined contribution pension 256.6 235.6 236.2 224.6 728.4 641.2 864.2
Total gross due premium income 769.0 739.5 1,018.2 768.6 2,526.8 2,487.9 3,293.8
Premium reserves transferred from other companies 189.1 113.5 142.0 64.8 444.6 226.1 352.5
Reinsurance ceded
R i d d -42.9
42 9 -40.8
40 8 -40.2
40 2 -34.2
34 2 -123.9
123 9 -119.7
119 7 -152.0
152 0
Premium income for own account 915.2 812.1 1,120.0 799.2 2,847.4 2,594.2 3,494.2
28

29. SpareBank 1 Livsforsikring
Return on customer portfolios with guarantee as at the end of the
quarter
Value-adjusted return
excluding change i value construction:
l di h in l t ti Booked return:
Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3
2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011
2.7
2.5
4.6
2.1
1.7
17 3.5
1.6 3.3
Percent
Percent
3.0 3.0 3.0
2.6
1.0
0.6
N/A N/A
SpareBank 1 Storebrand Vital Nordea SpareBank 1 Storebrand Vital Nordea
29 Source: company presentations

30. SpareBank 1 Livsforsikring
Return on ordinary customer portfolio with guarantee year t d t
R t di t tf li ith t to date
Percent
P t
Norwegian shares -25.5
Foreign shares -14.1
Money market 2.7
Norwegian bonds 4.0
Foreign bonds 6.2
62
Held to maturity 3.9
Real Estate 3.8
30

31. SpareBank 1 Livsforsikring
Balance sheet year to date 2011
Year to date
Y t d t Year
Y
Figures in MNOK 2011 2010 2010
Intangible assets 93 28 42
Investments 2,558 2,837 2,862
Reinsurance s
Reinsurance's part of insurance obligations 222 228 221
Accounts receivable 182 119 153
Other assets 431 170 335
Prepayed liabilities and accrued income 0 0 0
Investments group portfolio 15,709 15,978 16,169
Investments options portfolio 6,498 6,256 6,701
Total assets 25,693 25,616 26,483
Paid in capital 1,825 1,602 1,602
Other equity 632 622 386
Subordinated loan capital 200 400 400
Insurance obligations - contractual 15,453 15,843 16,127
Insurance obligations - investment options 6,583 6,348 6,805
Provisions for obligations 214 149 144
Premium deposits from reinsurance companies 138 133 134
Other obligations 549 443 764
Accrued liabilities, prepaied income 99 77 120
Total liabilities and equity 25,693 25,616 26,483
31

32. SpareBank 1 Skadeforsikring Group
Profit year to date 2011
Q3 Q2 Q1 Q3 Year to date Year
Figures in MNOK 2011 2011 2011 2010 2011 2010 2010
Gross written premium 1,142.9 1,380.6 1,553.3 1,059.1 4,076.8 3,556.2 4,731.8
Net earned premium 1,230.6 1,137.7 1,100.8 1,077.0 3,469.1 3,049.4 4,184.4
Net incurred claims -1,042.8 -903.9 -920.7 -722.7 -2,867.3 -2,339.3 -3,208.5
Net insurance operating costs -258.7 -255.2 -241.1 -244.1 -755.0 -611.0 -880.6
Other insurance income/costs 17.6
17 6 8.2
82 4.5
45 17.4
17 4 30.3
30 3 16.6
16 6 132.0
132 0
Changes in other technical reserves 53.8 21.4 26.5 -6.3 101.6 28.2 39.6
Operating result before finance 0.5 8.2 -29.9 121.3 -21.2 143.9 266.9
Net financial income -62.3 66.8 95.1 148.7 99.5 231.7 432.8
Other costs 0.0 0.0 0.0 -0.7 0.0 -2.7 -2.7
Result before changes in security reserve -61.8 75.0 65.1 269.4 78.3 372.9 697.0
Changes in security reserve -27.0 -18.8 -14.8 -15.8 -60.5 -39.2 -55.8
Pre-tax profit -88.8 56.2 50.3 253.6 17.7 333.7 641.2
Taxes 7.6 -14.4 -10.5 -53.7 -17.3 -60.9 -60.2
Net profit/loss for the period -81.2 41.8 39.8 199.9 0.4 272.8 581.1
Key figures Q3 Q2 Q1 Q3 Year to date Year
Figures in percentage 2011 2011 2011 2010 2011 2010 2010
Claims ratio, net 84.7 % 79.4 % 83.6 % 67.1 % 82.7 % 76.7 % 76.7 %
Cost ratio, net 21.0 % 22.4 % 21.9 % 22.7 % 21.8 % 20.0 % 21.0 %
Combined ratio net
ratio, 105.8
105 8 % 101.9
101 9 % 105.5
105 5 % 89.8
89 8 % 104.4
104 4 % 96.8
96 8 % 97.7
97 7 %
Capital adequacy ratio 27.6 % 27.2 % 32.5 %
32

33. ODIN Forvaltning
Profit year to date 2011
Q3 Q2 Q1 Q3 Year to date Year
Figures in MNOK 2011 2011 2011 2010 2011 2010 2010
Management fees 69.4 85.5 86.8 78.0 241.7 235.9 317.9
Total operating income 69.4 85.5 86.8 78.0 241.7 235.9 317.9
Salaries 26.4 27.5 29.2 27.1 83.0 76.9 104.2
Depreciations 5.1 4.4 3.9 3.6 13.4 11.2 14.8
Other operating costs 32.5 41.2 42.5 31.1 116.3 101.5 137.8
Total operating costs 64.0 73.1 75.6 61.9 212.7 189.6 256.8
Operating profit 5.4 12.4 11.2 16.2 29.0 46.3 61.1
Net financial income 0.9 -0.2 0.7 0.9 1.4 1.8 3.6
Pre-tax profit 6.3 12.2 11.9 17.0 30.4 48.2 64.6
Taxes 2.0 3.3 3.3 4.7 8.6 13.2 19.3
Net profit/loss for the period 4.3 8.9 8.6 12.3 21.8 34.9 45.3
33