Download presentation from press conference August 10th 2011. Presented by CEO Kirsten Idebøen.

1. 1st half-year and 2nd quarter
2011
Q2
Presentation of results
From SpareBank 1 Gruppen
Kirsten Idebøen, CEO
August 10th 2011

2. Good underlying earnings improvement marred
by weak equity markets and flood damage
Group pre-tax profit* (MNOK) quarterly
(MNOK), • Pre-tax profit for 1st half-year was MNOK 308 (295).
Pre tax half year
Pre-tax profit for Q2 was MNOK 145 (164)
– Non-recurring effects in 2010 related to pensions, as
373.8 a result of winding up surviving spouse and
children’s pension and the discontinuation of the old
Q1 Q2 early retirement pension (AFP), totalling MNOK 45.8
and MNOK 38.5, respectively, MNOK 69 of which
was in Q2
163.1 163.9 162
145.4 • Profit after tax for 1st half-year was MNOK 249 (248)
131
Profit after tax in Q2 was MNOK 97 (156)
87
68 • Annualised return on equity: 10.1 (11.9) %
• Capital adequacy ratio of 16.2 (17.8) %
Core capital adequacy ratio of was 13.9 (12.7) %
2008 2009 2010 2011
• Group's total assets were NOK 41.5 billion, compared
with NOK 40.7 billion at year-end 2010
* Comparison figures for 2008 and 2009 have been restated and do not include the Bank 1 Oslo Group
2

3. Improved profit in life and P&C insurance companies
Pre-tax profit by subsidiary (MNOK) • Significantly improved administration result
and good investment result for life insurance
238
• Good portfolio growth provides increased
192 premium income for P&C insurance.
Improved financial result, but weaker
1H2010 1H 2011 insurance result
107 • High non-recurring costs in ODIN
Forvaltning. T t l assets under management
F lt i Total t d t
declined by NOK 2.2 billion
80
31 24 • Factoring and the debt recovery business
7 10 -5 -26 performed well, but marred by increasing
pressure on margins
ts
SB1 Liv
SB1 Skade
SB1G Finans
• Higher
Hi h costs i SB1 M k t as a
t in Markets
SB1 Market
ODIN
consequence of planned new recruitment
S
3

4. SpareBank 1
Skadeforsikring Group
Good portfolio growth in 1st half-year.
Improved financial results
4

5. SpareBank 1 Skadeforsikring Group
Good po t o o g o t in 1st half-year. Improved financial results
portfolio growth a yea p o ed a c a esu ts
Pre-tax profit
Pre tax profit, quarterly (MNOK)
• Total portfolio of NOK 5 billion. A growth of
207 MNOK 277, or 5.9 %, since end of 2010
– MNOK 97 from Unison Forsikring
Q11 k Q2 2 k
1.kv 2.kv – MNOK 180 from SpareBank 1 Skadeforsikring
125
• Pre-tax profit was MNOK 107 (80) for 1st
54
50
56 half-year and MNOK 56 (43) i Q2
h lf d in
48
43 – Insurance result*: MNOK -22 (23) and MNOK
36 8 (75) in Q2
– Financial income: MNOK 162 (83) and MNOK
67 (-15) in Q2
– Financial return of 1.8 (1.0) % year to date
2008 2009 2010 2011
* Insurance result for 2011 includes Unison Forsikring and Skandia Lifeline
5

6. SpareBank 1 Skadeforsikring Group
Fewer winter-related claims this year, marked, however,
winter related
by large claims in Q1 and flood damage in Q2
Net combined ratio – quarterly (%) Net combined ratio – annual (%)
108.6 %
105.5 % 101.9 % 96.2 % 97.7 %
99.6 % 100.3 % 94.6 % 94.0 %
20.2 %
89.9 %
21.0 %
21.9 %
93.9 %
22.5 %
92.9 % 87.2 %
20.7 %
22.4 %
90.9 %
21.9 %
23.8 %
24.8 %
89.8 %
20.6 %
17 %
22.2 %
20.5 %
21.8 %
22.7 %
7.1
2
5
2
8
2
2
88 %
83 %
79.4 %
76.6 %
75.9 %
74.8 %
8.3
71.7 %
3.6
69.2 %
67.1 %
4
6
9
8
76.7 %
73.9 %
73.8 %
72.1 %
69.3 %
66.7 %
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2009 2009 2009 2010 2010 2010 2010 2011 2011
Net claims ratio Net cost ratio
Adjusted for recognition of income from a non-recurring effect related to 2005 2006 2007 2008 2009 2010
pensions in 2010, 1.0 percentage point of the increase in the cost ratio is
2010 1 0
attributed to the investment in Unison Forsikring Net claims ratio Net cost ratio
Extensive profit-improvement measures implemented with regard to pricing, quality
of the insurance portfolio and operating costs
6

7. SpareBank 1
p
Livsforsikring
Significant improvement in the administration result
7

8. SpareBank 1 Livsforsikring
Significant improvement in y
g p year-to-date administration result
Pre-tax profit (MNOK), quarterly
Risk result trend (MNOK)
206
352 Year-end
Q1 Q2 325
1st half year
half-year
129
109
100 210
92
190 189
44 140
24
92
-52 2008 2009 2010 2011
2008 2009 2010 2011
• Pre-tax profit of MNOK 238 (
p (192) for 1st half-
) • Risk result after technical provisions reduced by
year and MNOK 109 (100) in Q2 higher disability compensations:
− MNOK 140 (189) for 1st half-year
• Administration result: MNOK -43 (-81) for 1st − MNOK 70 (97) for Q2
half-year
half year and MNOK -24 ( 40) in Q2
24 (-40)
• Gross premium income: MNOK 1,758 (1,719)
• Investment result: MNOK 314 (198) for 1st half- − CM: MNOK 1,119 (1,076)
year and MNOK 108 (129) in Q2 − RM: MNOK 639 (643)
( )
– Value of real estate assets reduced by MNOK 41 in Q2
8

9. SpareBank 1 Livsforsikring
Solid buffers
Buffer capital trend, quarterly (%)
16.1 %
Securities adjustment reserve, annual (MNOK)
15.4 % 14.6 % 15.2 %
14.0 %
617
327 326
Q2 Q3 Q4 Q1 Q2
2010 2010 2010 2011 2011
2009 2010 1H2011
Core capital in excess of minimum Interim profit
Additional provisions Securities adjustment reserve
• Capital adequacy ratio: 17 1 (22.1) %
17.1 (22 1)
• Buffer capital including quarterly profit: 14.0 − Term subordinated loan capital of
(15.4) % MNOK 200 was redeemed in June
− The net liable capital consists of
• Total assets: NOK 26.2 billion, NOK 0.3 billion core capital
lower than at the end of 2010
• Estimated solvency margin: 268 (322) %
• Securities adjustment reserve: MNOK 326
(221)
9

10. SpareBank 1 Forsikring
Allocation of financial assets by portfolio as at 30/06/11 ( / / )
yp / / (31/12/10)
SB 1 Livsforsikring SB 1 Skadeforsikring Group
Group portfolio Company portfolio
0.1 (0.1) %
-3.3 (-1.6) %
14.7 (14.8) % 0.1 (0.1) % 9.2 (9.4) % 13.2 (13.6) %
10.5 (10.6) %
34.9 (34.8)
34 9 (34 8) % 0.9 (0.9)
0 9 (0 9) %
24.3 (21.0) %
27.9 (28.0) % 21.6 (21.5) % 59.8 (48.4) % 19.0 (28.8) % 67.1 (66.3) %
Stocks Other Stocks Other Stocks Other
Real estate Bonds - amortized cost Real estate Bonds - amortized cost Real estate Bonds - amortized cost
Bonds - market value Bonds - market value Bonds - market value
NOK 15.6 (16.0) billion NOK 2.6 (2.8) billion NOK 9.2 (8.9) billion
10

11. SpareBank 1 Forsikring
Market unrest - consequences
SB 1 Livsforsikring SB 1 Skadeforsikring Group
• The fall in prices and rates up to now is • The insurance company's investment
completely covered by the securities strategy has been stable in recent years. The
adjustment reserve, and the fall will only have share percentage was 9.2 %, or MNOK 844,
a limited effect on the results in the financial as at 30 June 2011
statements. The share percentage was 14.7 %
or NOK 2.3 billion as at 30 June 2011 • No changes to the insurance company's
investment strategy have been considered,
• No adjustments have y been made to the
j yet and the company has therefore not made
p y
portfolio any special adjustments after the recent
turbulence in the market
• The company's buffer capital situation is still
good, and the company can withstand a fall in
share prices of around 50 % before the
additional provisions, which can be used in the
accounts for 2011, are fully exploited
• Whether th
Wh th the portfolio should be adjusted is
tf li h ld b dj t d i
assessed on an ongoing basis. Taking the
owner's profit and equity into account is a key
component of these assessments
11

12. ODIN Forvaltning
g
Good new sales of combination funds
12

13. ODIN Forvaltning
Good new sales of combination funds
• Pre-tax profit for 1st h lf
P t fit f t half-year: MNOK 24 (30)
Pre-tax profit (MNOK), quarterly – Results are still affected by high non-recurring
30 costs, most of which were recognised in Q1
29 Q1 Q2
• Profit in Q2 of MNOK 12 (17)
17
14
12 12 • Total assets of NOK 30 1 billion
30.1
10
- Down NOK 2.2 billion since the end of 2010
• Equity fund market share of 9 9 % as of June,
9.9 June
compared with 10.7 % at the end of 2010
-7
2008 2009 2010 2011
• Combination fund market share of 3.5 % for
35
1 st half-year
13

14. SpareBank 1 Gruppen
p pp
Finans Group
Growth in factoring and the debt recovery business, but
pressure on the margins
14

15. SpareBank 1 Gruppen Finans Group
Growth in factoring and the debt recovery business, but pressure on
the margins
Pre-tax profit year to date (MNOK)
• Pre tax
Pre-tax profit for 1st half-year: MNOK 9.8
half year:
(6.9)*
― Reduced losses in 1st half-year have contributed
to improved profit in BA Factoring, but the
Factoring
12.2 company is experiencing pressure on the
margins
9.4 9.8
1H2010 1H2011
― BA Portfolio had a total portfolio volume of
6.9 MNOK 964 as of June, compared with MNOK 620
at the end of 2010. Book value of MNOK 55
4.9
3.7
― Conecto AS s volume of business has shown a
AS's
1.6 slightly rising trend over the past 12 months
1.0
ery)
p**
ng
SB1G F
io
o*
Conecto
Factorin
(debt recove
Portfoli
Group
*Conecto was acquired with accounting effect from 10 September 2010 The profit up until the acquisition date has been entered directly against the Group s equity.
Conecto 2010. Group’s equity
**Pre-tax profit for SpareBank 1 Gruppen Finans Group also includes overhead costs and excess value amortisation.
15

16. SpareBank 1 Markets
Building up a leading capital market environment is progressing
according to plan
16

17. SpareBank 1 Markets
Reason for this initiative
Income as a percentage of total assets Composition of DnB NOR Markets'
from the capital market in 2010: income for 2010:*
Other market
DnB Nor 0.29
0,29 % 7% 72% making/trading revenues
Nordea 0.26
0,26 % Income from the liquidity
17% 25% p
portfolio
Handelsbanken 0.22
0,22 % FX, interest rate and
commodity derivatives
Danske bank 0.21
0,21 % 4% Securities service
p
SpareBank 1 Alliance 0,07 %
0.07% 0.25 %
22% Corporate Finance
- Potential for over NOK 1 billion given the 25%
level of Nordic peers Investment products
- Mi i
Minimum of 72 % of the income can be
f f th i b
attributed to the bank's comparative
”
The SpareBank 1 Alliance, which is
advantages; use of its balance sheet
Norway's second largest financial ”
A bank balance sheet has a comparative
group, has a significant earnings
advantage, which may entail a restruc-
potential in the capital market area
turing of the broker industry over time
” ”
17 * Source: Annual Accounts 2010, DnB NOR

18. SpareBank 1 Markets
Building up a leading capital market environment is p g
g p g p progressing
g
according to plan
Operative matters
• A go Sec ities changed its name to
Argo Securities
SpareBank 1 Markets
• The recruitment work has basically been completed
and the organisation will be operative in 2011
– The acquisition of UB Securities in London provides
access to international investment environments
Results
• Pre-tax loss for 1st half-year: MNOK -26 (-5)
• Pre-tax loss in Q2: MNOK -22 (-2)
• Revenue:
R
- Commission income on stocks and derivatives: MNOK 21 (20)
- Debt capital markets: MNOK 8 (9)
- Corporate Finance: MNOK 22 (15)
A leading capital market environment is strategically important - and has a significant
earnings potential for the SpareBank 1 Alliance
18

19. Future outlook
SPAREBANK 1 GRUPPEN
• A ti i t continued good growth for the most important companies in
Anticipates ti d d th f th ti t t i i
SpareBank 1 Gruppen
• Growth increases the costs in the short term, but it also provides a good
, p g
foundation for increased future earnings
• Increased volatility in the financial markets entails greater uncertainty for the
financial results, which represent a significant part of SpareBank 1 G ppen's
es lts hich ep esent pa t Spa eBank Gruppen's
value creation
• SpareBank 1 Gruppen is well equipped to meet the new capital requirements
p pp q pp p q
with regard to the introduction of Solvency II
• There will be an increased focus on interaction across the companies in order to
realise efficiency gains on both cost and income
19

20. Norway s
Norway's savings bank
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
(96.1%)
(100%) (100%)
Alliance Cooperation
SpareBank 1 SpareBank 1 SpareBank 1
Medlemskort Gruppen Finans Skadeforsikring Broad cooperation
(100%) (100%) (100%)
- Technology
- Brand/communication
- Expertise
- Common processes and application of best practices
Unison Forsikring - Purchasing
Conecto
(100 %)
(100%)
Regional competence centres
- Payment services: Trondheim
(Bank-owned companies) - Credit: Stavanger
-T i i
Training: T
Tromsø
SpareBank 1 Boligkreditt
EiendomsMegler 1
BNbank
SpareBank 1 Oslo og Akershus
22

23. SpareBank 1 Gruppen
Profit for 1st half-year 2011
half year
Half year Year
Figures in MNOK 2011 2010 2010
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 238.4 192.2 350.4
- SpareBank 1 Skadeforsikring Group 106.5 79.7 641.1
- ODIN Forvaltning 24.1
24 1 31.1
31 1 64.6
64 6
- SpareBank 1 Markets -25.5 -4.6 -57.6
- SpareBank 1 Medlemskort 5.6 6.6 11.1
- SpareBank 1 Gruppen Finans Group 9.8 6.9 8.6
- Correction Group 14.2 31.3 17.6
Net result before tax from subsidiaries 373.1 343.3 1,036.0
Total operating costs (parent company) -43.2 -31.9 -7.6
Net investment charges (parent company) -22.1 -16.2 -43.2
Pre- tax result 307.7 295.2 985.1
Taxes -58.6 -46.8 -153.6
Net result for the period 249.1 248.4 831.6
Majority interest 250.4 249.2 841.0
Minority interest -1.3 -0.8 -9.5
Half year Year
Key figures 2011 2010 2010
Annualised return on equity 10.1 % 11.9 % 18.7 %
23

24. SpareBank 1 Gruppen
Quarterly profits
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
Figures in MNOK 2011 2011 2010 2010 2010 2010 2009 2009 2009
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 109.0
109 0 129.4
129 4 72.5
72 5 85.8
85 8 100.3
100 3 91.9
91 9 81.0
81 0 81.2
81 2 205.6
205 6
- SpareBank 1 Skadeforsikring Group 56.2 50.3 307.5 253.9 43.4 36.3 115.3 272.8 184.9
- ODIN Forvaltning 12.2 11.9 16.5 17.0 16.7 14.4 24.0 16.0 9.6
- SpareBank 1 Markets -22.1 -3.4 -24.0 -29.0 -1.9 -2.7 -9.5 -14.6 -11.9
- SpareBank 1 Medlemskort 2.5 3.1 1.9 2.7 3.3 3.4 0.7 1.8 4.1
- SpareBank 1 Gruppen Finans Group 3.0 6.8 6.6 -4.9 7.0 -0.1 2.3 3.9 11.0
- Correction Group 15.1 -0.9 -6.3 -7.4 16.3 15.1 -8.6 12.0 -6.0
Net result before tax from subsidiaries 175.9 197.1 374.6 318.1 185.1 158.2 205.2 373.1 355.4
Total operating costs (parent company) -15.6 -27.7 -16.5 40.7 -11.9 -20.0 -15.5 -13.2 -12.1
Net investment charges (parent company) -15.0 -7.1 -15.6 -11.4 -9.3 -6.9 -9.8 -2.1 -7.0
Pre- tax result 145.4 162.4 342.5 347.4 163.9 131.3 177.2 357.7 373.8
Taxes -48.1 -10.5 -18.5 -88.4 -8.3 -38.5 -9.3 -27.3 -131.4
Net result for the period 97.2 151.9 324.0 259.1 155.6 92.8 167.9 330.4 242.4
Majority interest 98.0 152.4 327.9 263.9 155.9 93.3 169.6 333.1 244.6
Minority interest -0.8 -0.5 -3.9 -4.8 -0.3 -0.5 -1.7 -2.6 -2.1
24

25. SpareBank 1 Livsforsikring
Profit for 1st half-year 2011
half year
Q2 Q1 Q2 Half year Year
Figures in MNOK 2011 2011 2010 2011 2010 2010
Insurance risk income 333.0 335.8 321.7 668.7 637.0 1,292.6
Insurance risk claims -252.6
-252 6 -255.5
-255 5 -213.4
-213 4 -508.2
-508 2 -422.7
-422 7 -939.0
-939 0
Risk result 80.4 80.2 108.3 160.6 214.3 353.6
Tecnical allocations -10.3 -10.8 -11.6 -21.1 -25.8 -28.2
Risk result after tecnical allocations 70.1 69.4 96.7 139.5 188.5 325.4
Fees 172.8 170.7 164.1 343.5 310.3 637.9
Expenses, exclusive comissions
p , -138.6 -129.7 -144.5 -268.2 -275.7 -589.2
Comissions -58.5 -59.8 -59.4 -118.2 -115.3 -235.6
Administration result -24.2 -18.7 -39.8 -42.9 -80.6 -186.9
Net investment income 207.3 319.1 234.0 526.4 410.3 764.3
Guaranteed interest to policyholders -99.2 -113.3 -105.5 -212.5 -212.5 -447.0
Investment result 108.0 205.8 128.5 313.8 197.8 317.3
Reserves 0.0 -33.0 -12.0 -33.0 -24.0 -45.3
Investment result after reserves 108.0 172.8 116.5 280.8 173.8 272.0
Compensation guaranteed interest 5.9 5.4 9.7 11.3 14.9 29.9
Result before additional provisions 159.8 228.8 183.1 388.7 296.6 440.4
Undistributed profits to customers -60.0 -118.9 -79.3 -178.9 -121.5 -161.7
Return on company's assets 9.2
92 19.5
19 5 -3.5
35 28.7
28 7 17.0
17 0 71.6
71 6
Net profit to owner before tax 109.0 129.4 100.3 238.4 192.2 350.4
Taxes -35.3 0.5 -17.8 -34.7 -17.8 -60.2
Net profit/loss for the period 73.8 129.9 82.5 203.6 174.3 290.2
Key figures Half year Year
2011 2010 2010
Capital adequacy ratio 17.1 % 22.1 % 19.3 %
Buffer capital in % of insurance provisions 14.0 % 15.4 % 14.6 %*
* Buffer capital for the year is shown after the profit has been allocated
25

26. SpareBank 1 Livsforsikring
Profit by portfolio for 1st half-year 2011
Previously
Group established Investment choice Company
Figures in MNOK portfolio individual products portfolio portfolio Total
Risk result 137.7 8.7 -6.9 0.0 139.5
Administration result 34.2 -19.9 -57.2 0.0 -42.9
Net investment result 222.5
222 5 84.0
84 0 6.1
61 1.2
12 313.8
313 8
Reserves - long life 0.0 -33.0 0.0 0.0 -33.0
Compensation interest guarantee 11.3 0.0 0.0 0.0 11.3
Transferred to policyholders -144.3 -34.5 -0.2 0.0 -178.9
Return on company's assets 0.0 0.0 0.0 28.7 28.7
Sum 261.4
261 4 5.4
54 -58 2
58.2 29.8
29 8 238.4
238 4
26

27. SpareBank 1 Livsforsikring
Premium income trends for 1st half-year 2011
Q2 Q1 Q2 Half year Year
Figures in MNOK 2011 2011 2010 2011 2010 2010
Individual annuity and pension insurance 71.1 73.1 83.1 144.1 158.3 306.7
Individual endowment insurance 141.1 138.5 128.9 279.6 255.9 519.1
Group pension insurance 55.2 242.7 72.1 297.9 324.1 549.5
Individual life insurance 49.0 48.0 45.4 97.0 89.9 183.1
Group life insurance 131.5 217.5 125.8 348.9 335.6 587.7
Unit Linked - Annuity 9.5 10.7 10.8 20.2 24.5 46.6
Unit Linked - Endowment 46.6 51.6 55.4 98.2 114.3 237.0
Defined contribution pension 235.6 236.2 216.6 471.8 416.6 864.2
Total gross due premium income 739.5 1,018.2 737.9 1,757.7 1,719.3 3,293.8
Premium reserves transferred from other companies 113.5 142.0 80.5 255.5 161.3 352.5
Reinsurance ceded
R i d d -40.8
40 8 -40.2
40 2 -42.0
42 0 -81.1
81 1 -85.5
85 5 -152.0
152 0
Premium income for own account 812.1 1,120.0 776.4 1,932.1 1,795.0 3,494.2
27

28. SpareBank 1 Livsforsikring
Asset allocation by portfolio
As at 30/06/11 (31/12/10)
Group portfolio Company portfolio Investment choice portfolio
14.7 (14.8) % -3.3 (-1.6) %
0.1 (0.1) %
34.9 (34.8) % 0.9 (0.9) % 42.3 (39.0) %
24.3 (21.0) %
27.9 (28.0)
27 9 (28 0) % 21.6 (21.5) % 59.8 (48.4) % 19.0 (28.8) % 57.7 (61.0)
57 7 (61 0) %
0.0 (0.0) %
Stocks Other
Real estate Bonds - amortized cost Stocks Other
Bonds - market value Real estate Bonds - amortized cost Stocks Other Bonds
Bonds - market value
NOK 15.6 (16.0) billion NOK 2.6 (2.8) billion NOK 6.8 (6.7) billion
28

29. SpareBank 1 Livsforsikring
Return on customer portfolios with guarantee at the end of the quarter
Value-adjusted return,
excluding property value change:
l di t l h Booked return:
Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2
2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011 2011
2.7 3.5
2.5 3.3
3.0
2.1
2.6
1.7 2.2
ent
1.6
Percen t
Perce
1.5
1.3
1.5 1.5
1.1 1.4
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 as at 30/06/2011
R t di t tf li ith t t
Percent
Norwegian shares -5.9
Foreign shares 0.9
Money market
y 1.6
Norwegian bonds 1.8
Foreign
Fo eign bonds 3.0
30
held to maturity 2.6
Real estate 3.5
30

31. SpareBank 1 Livsforsikring
Balance sheet for 1st half-year 2011
half year
Half year Year
Figures in MNOK 2011 2010 2010
Intangible assets 80 26 42
Investments 2,569 2,929 2,862
Reinsurance's part of insurance obligations 221 226 221
Accounts receivable 117 160 153
Other assets 261 153 335
Prepayed liabilities and accrued income 0 0 0
Investments group portfolio 15,782 15,696 16,169
Investments options portfolio 6,782 5,881 6,701
Total assets 25,811
25 811 25,072
25 072 26,483
26 483
Paid in capital 1,602 1,602 1,602
Other equity 590 561 386
Subordinated loan capital 200 525 400
Insurance obligations - contractual 15,719 15,551 16,127
Insurance obligations - investment options 6,894 5,970 6,805
Provisions for obligations 176 129 144
Premium deposits from reinsurance companies 136 131 134
Other obligations 406 527 764
Accrued liabilities, prepaied income 88 77 120
Total liabilities and equity 25,811 25,072 26,483
31

32. SpareBank 1 Skadeforsikring Group
Profit for 1st half-year 2011
half year
Q2 Q1 Q2 Half year Year
Figures in MNOK 2011 2011 2010 2011 2010 2010
Gross written premium 1,380.6 1,553.3 1,171.9 2,933.9 2,497.1 4,731.8
Net earned premium 1,137.7 1,100.8 1,007.0 2,238.5 1,972.4 4,184.4
Net incurred claims -903.9 -920.7 -764.0 -1,824.6 -1,616.6 -3,208.5
Net insurance operating costs -255.2 -241.1 -171.8 -496.3 -366.9 -880.6
Other insurance income/costs 8.2 4.5 -0.5
0.5 12.7 -0.8
0.8 132.0
Changes in other technical reserves 21.4 26.5 4.6 47.9 34.5 39.6
Operating result before finance 8.2 -29.9 75.3 -21.7 22.5 266.9
Net financial income 66.8 95.1 -14.6 161.8 83.0 433.1
Other costs 0.0 0.0 -1.0 0.0 -2.0 -2.7
Result before changes in security reserve 75.0 65.1 59.7 140.1 103.5 697.3
Changes in security reserve -18.8 -14.8 -15.9 -33.6 -23.4 -55.8
Pre-tax profit 56.2 50.3 43.8 106.5 80.1 641.5
Taxes -14.4 -10.5 -12.6 -25.0 -7.1 -60.5
Net profit/loss for the period 41.8 39.8 31.2 81.6 73.0 581.1
Key figures Q2 Q1 Q2 Half year Year
Figures in percentage 2011 2011 2010 2011 2010 2010
Claims ratio, net 79.4 % 83.6 % 75.9 % 81.5 % 82.0 % 76.7 %
Cost ratio, net 22.4 % 21.9 % 17.1 % 22.2 % 18.6 % 21.0 %
Combined ratio net
ratio, 101.9
101 9 % 105.5
105 5 % 92.9
92 9 % 103.7
103 7 % 100.6
100 6 % 97.7
97 7 %
Capital adequacy ratio 29.0 % 27.6 % 32.5 %
32

33. SpareBank 1 Skadeforsikring Group
Allocation of financial assets
As at 30/06/2011
(31/12/10)
67.1 (66.3) %
Bonds held as current assets 10.5 (10.6) %
Bonds h ld t
B d held to maturity
t it
Real state
Stocks
Hedgefond 13.2 (13.6) %
9.2 (9.4) %
0.1 (0.1) %
NOK 9.2 (8.9) billion
33

34. ODIN Forvaltning
Profit for 1st half year 2011
half-year
Q2 Q1 Q2 Half year Year
Figures in MNOK 2011 2011 2010 2011 2010 2010
Management fees 85.5 86.8 79.6 172.3 157.8 317.9
Total operating income 85.5 86.8 79.6 172.3 157.8 317.9
Salaries 27.5 29.2 24.1 56.6 49.8 104.2
Depreciations 4.4 3.9 3.7 8.3 7.5 14.8
Other operating costs 41.2 42.5 35.8 83.7 70.4 137.8
Total operating costs 73.1 75.6 63.6 148.7 127.7 256.8
Operating profit 12.4 11.2 16.0 23.6 30.1 61.1
Net financial income -0.2 0.7 0.7 0.5 1.0 3.6
Pre-tax profit 12.2 11.9 16.7 24.1 31.1 64.6
Taxes 3.3 3.3 4.6 6.6 8.5 19.3
Net profit/loss for the period 8.9 8.6 12.1 17.5 22.6 45.3
34