Download presentation from press conference April 28th 2009. Last ned kvartalspresentasjonen for SpareBank 1 Gruppen AS - Q1/2009.

1. Quarter 1 2009
Presentation of results
SpareBank 1 Gruppen
Kirsten Idebøen, acting CEO
28 April 2009

2. Highlights 1st quarter 2009
• Profit was hit by the turbulent financial markets. SpareBank 1 Livsforsikring has a
shareholding of 11 % in the group portfolio as at 31 March 2009. The group is
financially sound
• The profit after tax is strongly affected by the calculated effect of the tax exemption
method and tax rules for investments in foreign equity funds linked to SpareBank 1
Livsforsikring
• SpareBank 1 Gruppen has commenced a profitability and cost cutting programme that
will create lasting and enhanced profitability
• Focus on new business within the securities area through Argo Securities and debt
collection through SpareBank 1 Gruppen Finans Holding
2
2

3. Satisfactory profit before tax, considering the
current market conditions
Pre-tax profit group
• Pre-tax profit in Q1 was MNOK 99.9
(99.5)
• Profit after tax in Q1 was MNOK 5
250 236
(64). The high tax cost is owing to
200
the calculated effect of the tax
exemption method in SpareBank 1
137
150
MNOK
Livsforsikring
122
100
100
• At the end of March, assets under
100
management were NOK 58.3 billion,
up NOK 1.8 billion from 31
50
December 2008
0
• Core and capital adequacy ratio of
2005 2006 2007 2008 2009
9.8 % and 14.5 % respectively as at
31 March 2009, against 9.4 % and
Pre-tax profit - Q1
12.6 % last year
3
3

4. Product companies hit by financial crisis
Pre-tax profit/loss in subsidiaries
• Overall profit before tax for the
70 66*
subsidiaries in Q1 was MNOK 125 (131) 54
• Positive growth and improvement in net 48
50
risk result. The life insurance company 32 30
is financially sound 30
• Healthy financial return to date this year 13 11* 24
counterbalances a weaker insurance 10
MNOK
-8
result in the P&C insurance company
ODIN
Livsfors.*
Bank 1 Oslo
Skadefors.
-10
• Reduced volumes under management
konsern
SB1
in ODIN Forvaltning yield negative
SB1
-30
result
• Increased commission and financial
-50
income in Bank 1 Oslo. Profit in first
-52
quarter dominated by higher loan loss
-70
provisions and reduced net interest
Pre-tax profit Q1 2008
income
Pre-tax profit Q1 2009
* In the consolidated accounts, MNOK 42.0 (62.6) of the loss on interests is covered by the customer’s additional provisions
in Q1 2009. Allowing for this, the pre-tax profit would have been MNOK 66.4 (10.8) from the life insurance company.
4
4

5. SpareBank 1 Gruppen group
Profit/loss for Q1 2009
Q1 Year
Figures in MNOK 2009 2008 2008
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 24.4 -51.8 -990.5
- Additional provisions recognised as
income in consolidated accounts 42.0 62.6 0.0
- SpareBank 1 Skadeforsikring 48.1 54.1 217.7
- Bank 1 Oslo konsern 13.1 31.9 3.1
- ODIN Forvaltning -7.5 30.3 115.2
- Argo Securities -12.9 0.0 -4.0
- SpareBank 1 Medlemskort 5.6 4.0 12.1
- Share of other companies * 5.3 1.7 15.4
- Correction subsidiaries - pro forma IFRS 7.4 -1.8 -5.6
Net result before tax from subsidiaries 125.4 131.0 -636.6
Total operating costs holding -13.2 -10.8 -47.8
Net investment charges holding -17.4 -23.6 -67.8
Gains from sale of companies holding 0.0 0.0 21.1
Share of associated company - First Securities 5.1 4.2 17.7
Net result before amortisation 99.9 100.8 -713.4
Amortisation 0.0 -1.3 -18.2
Pre-tax result 99.9 99.5 -731.6
Taxes -94.8 -35.9 -126.2
Net result for the period 5.2 63.7 -857.7
Majority interest 7.5 63.5 -858.1
Minority interest -2.3 0.1 0.4
* Other companies comprise SpareBank 1 Gruppen Finans Holding AS (parent company), Actor Fordringsforvaltning AS, SpareBank 1 LTO AS and
Verdigjenvinning AS
5
5

6. Bank 1 Oslo
Increased commission and financial income
6
6

7. Bank 1 Oslo (group)
Increased commission and financial income
Pre-tax profit per quarter
50
• Pre-tax profit of MNOK 13 (32)
32
for Q1 27
30
• The decline in profit is largely 13
attributable to higher loan loss 10
write-downs, combined with
MNOK
reduced net interest income -10 2007 2008 2009
• Losses on loans MNOK 35 (-4)
in Q1 -30
• Gross non-performing and
impaired loans amount to 2.1 -50
% (0.9 %) of gross loans as at
31 March 2009 -70
Pre-tax profit - Q1
7
7

8. Bank 1 Oslo (parent bank)
Good lending growth, but reduced net interest
income
Net interest income per quarter
120.0 2.0 %
105.3
1.9 %
• Lending growth of 17.4 % last 12 97.0 96.7 95.9
100.0 90.4 89.9 88.8 1.8 %
months. RM rose by 23.5 % and CM 83.0
1.7 %
80.0
by 4.6 % 1.6 %
MNOK
• Net interest income of MNOK 89 60.0 1.5 %
1.4 %
(97) in Q1, down 8.2 % 40.0 1.3 %
• Net interest income for first quarter 1.2 %
20.0
of 1.41 % (1.86 %) 1.1 %
0.0 1.0 %
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2007 2007 2008 2008 2008 2008 2009
Net interest income Net interest income measured
against average total assets
8
8

9. Bank 1 Oslo (parent bank)
Margin and volume growth
2.17 %
22,000 2.30 %
20,000
1.80 %
18,000 1.64 % 1.27 %
1.25 %
MNOK
1.15 % 1.51 %
1.50 % 1.49 % 1.30 %
1.05 % 1.37 %
1.33 % 0.90 %
1.20 0.78 %
16,000 0.81 %
0.71 %0.72 % 0.69 %
1.04 % 0.62 %
0.98 % 0.80 %
0.91 %
0.83 %
14,000
0.30 %
12,000
-0.19 % -0.20 %
10,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009
Lending Spread for ordinary Spread for deposits
lending to custom ers from custom ers
The reference interest rate used in the margin calculation is 3 months NIBOR + 0.10 bp (the bank’s intra-group interest rate)
9
9

10. Bank 1 Oslo (parent bank)
Increase in non-performing loans
%
MNOK Per cent
1. kv 2008
2.5
500.0
450.0
2.0
400.0
350.0
1.5
300.0
250.0
459.2
1.0
200.0 400.6
150.0
246.1
240.9
203.6 220.0 214.0 0.5
100.0
165.8 162.7
113.1
50.0
-
0.0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2006 2007 2007 2007 2007 2008 2008 2008 2008 2009
Total non-performing loans
as % of gross loans
Non-performing loans = Total of overdue claims over 90 days and impaired non-overdue claims over 90 days
10
10

11. Bank 1 Oslo (parent bank)
Increase in losses on loans
MNOK
Net loan
Net write-offs
Collective
Individual
losses
and incomings on
impairment
write-downs
10.0 previous write-offs
5.0
3.8
5.0 -34.9
-1.1 -9.3 0.3
-25.9 -0.1
0.0
-5.0
-10.0
-15.0
-20.0
-25.0
-30.0
-35.0
Q1 2008 Q1 2009
-40.0
11
11

12. Bank 1 Oslo (group)
Increased commission and financial income
• Net commission income and other Other income per quarter
income of MNOK 88 (52) for Q1
• Commission income from real estate
100
agency up 44.4 % to MNOK 29 (20)
80
• Positive result from EM1 Oslo &
60
Akershus of MNOK 0.1 (-5.9). The
MNOK
improvement is owing to: 40
20
– comprehensive restructuring in 2008
0
– link between the public’s expectations of
interest rates and home purchases -20
– recovery in the market -40
– EM1 has increased its market share from Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2007 2007 2007 2008 2008 2008 2008 2009
7.1 % as at 31 December 2008 to 8.2 %
• Income from financial investments was
Guarantee commissions/others
MNOK 21 (-5) and is owing to: Real estate agency commission
– value change of bonds and primary Revenue from financial investments
Payments system
capital certificates
Commission revenues from insurance and savings
– currency and derivatives income
– dividend received from shares and
primary capital certificates
12
12

13. Bank 1 Oslo (group)
Profit/loss for Q1 2009
Q1
Figures in MNOK 2009 2008
Net interest income 88.5 96.9
Other operating income 86.4 52.1
Operating costs 127.4 120.9
Operating result before losses 47.5 28.1
Net loan loss provisions 34.9 -3.8
Share of associated company 0.6
Pre-tax operating profit 13.1 31.9
Taxes 2.2 8.9
Net profit/loss for the period 10.9 23.0
Key figures Q1
Figures in percentage 2009 2008
Net interest margin 1.41 % 1.86 %
Cost/income ratio
excl. equity investment portfolio (parent bank) 70.9 % 70.3 %
Cost/income ratio
incl. equity investment portfolio 72.9 % 81.1 %
Return on equity (parent bank) 4.7 % 9.5 %
Return on equity 4.4 % 8.1 %
Deposit coverage ratio 75.7 % 72.7 %
Capital adequacy ratio (parent bank) 11.6 % 11.4 %
13
13

14. SpareBank 1
Livsforsikring
Positive increase in profit before tax
14
14

15. SpareBank 1 Livsforsikring
Positive increase in profit before tax
Pre-tax profit/loss per quarter
• Pre-tax profit of MNOK 24 (-52) in Q1
• Positive development in net risk result;
150
MNOK 87 (63) to date this year
• The investment result reflects the
93
financial crisis and is MNOK -51 (-59) 100
• Total assets as at 31 March 2009 are
NOK 21.2 billion, up NOK 0.1 billion 50
from 31.12.08
MNOK
24
• The return on the company’s assets so
far this year totals MNOK 34 (-16) and 0
is due to the company being out of 2007 2008 2009
shares in the company portfolio, as well -50
as one-off factors
-52
• Additional provisions may not be
utilised during the year in the company, -100
but are recognised as income in the Pre-tax profit/loss - Q1
consolidated accounts in SpareBank 1
Gruppen by MNOK 42 in Q1
15
15

16. SpareBank 1 Livsforsikring
The life insurance company financially sound
Growth in buffer capital
9.3 %
10 %
• Core capital and capital adequacy ratio of 8.2 %
5.8 %
8%
11.7 % (9.7 %) and 15.1 % (12.5 %) 6.3 %
6.0 %
5.8 %
respectively as at first quarter 6%
• The buffer capital with additional
Percent
4%
provisions within a one year interest rate
guarantee equals 6.0 % (6.3 %) at the 2%
end of March 0%
• Estimated solvency margin at the end of Q4 Q1 Q2 Q3 Q4 Q1
Q1 was 191 % (238 %) -2 % 2007 2008 2008 2008 2008 2009
-4 %
Securities adjustment reserve
Additional provisions
Interim profit
Core capital in excess of minimum
16
16

17. SpareBank 1 Livsforsikring
Continued high shareholding in the group portfolio
As at 31 March 2009
Company portfolio
Group portfolio Investment choice portfolio
11 % 5 % 0% 6%
36 % 34 %
35 % 32 %
23 % 53 %
26 %
26 % 13 %
Stocks Other
Stocks Other Stocks Other Bonds
Real estate Bonds held to maturity
Real estate Bonds held to maturity
Bonds
Bonds
NOK 14.8 billion NOK 3.9 billion
NOK 1.4 billion
17
17

18. SpareBank 1 Livsforsikring
Value-adjusted return on customer portfolios with guarantee (excl.
value change bonds held to maturity)
Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1
2008 2009 2008 2009 2008 2009 2008 2009
1 0,5
0,3
N/A N/A
N/A
0
-0,2
-1
Percent
-2
-2,1
-3
-4
-5
-4,9
-6
SpareBank 1 Storebrand Vital Nordea
18
18 Source: company presentations

19. SpareBank 1 Livsforsikring
Profit/loss for Q1 2009
Q1
Figures in MNOK 2009 2008
Insurance risk income 310.4 289.6
Insurance risk claims -211.8 -207.2
Risk result 98.6 82.4
Tecnical allocations -11.7 -19.6
Risk result after tecnical allocations 86.9 62.8
Fees 149.6 137.7
Expenses, exclusive comissions -139.8 -123.7
Comissions -47.0 -48.0
Administration result -37.3 -34.0
Net investment income 59.3 49.3
Guaranteed interest to policyholders -110.1 -107.9
Investment result -50.8 -58.6
Result before allocations -1.1 -29.8
Allocation to additional provisions 0.0 0.0
Transferred to policyholders -8.9 -5.8
Return on company's assets 34.4 -16.2
Net profit to owner before tax 24.4 -51.8
Taxes * 0.0 0.0
Net profit/loss for the period 24.4 -46.1
Key figures Q1
2009 2008
Capital adequacy ratio 15.1 % 12.5 %
Buffer capital in % of insurance provisions 6.0 % 6.3 %
* The company’s accounts do not show the tax cost because deferred tax advantages are not recognised in accordance with accounting
standard IAS 12. The company’s tax cost of MNOK 76 to date this year is included in SpareBank 1 Gruppen’s consolidated tax
19
19

20. SpareBank 1
Skadeforsikring
Good financial return and
portfolio growth to date this year
20
20

21. SpareBank 1 Skadeforsikring
Good financial return and portfolio growth to date this year
Pre-tax profit per quarter
• Pre-tax profit for Q1 was MNOK 48 66
70
(54)
60
• Net financial income as at March was 54
MNOK 66 (8). The financial return to 48
50
date this year equals 0.7 % (0.1 %)
MNOK
40
• The insurance result for Q1 totals
MNOK -13 (48) 30
• The claims ratio for own account
20
totals 79.5 % (74.2 %). The increase
is owing to major claims within CM 10
• Combined ratio for own account is
100.6 % (93.9 %) as at 31 March 0
2009 2007 2008 2009
• Positive portfolio growth within both
Pre-tax profit - Q1
CM and RM in Q1. Total portfolio
increase of MNOK 68 (15)
21
21

22. SpareBank 1 Skadeforsikring
Two major claims in Q1 push up combined ratio for own
account
Combined ratio for own account shown by Combined ratio for own account per
quarter annum
94.6 % 93.7 %
100 % 91.1 % 89.9 %
110 % 87.2 %
90 %
100.6 %
97.9 %
95.9 % 95.1 %
93.8 %
93.9 %
92.7 % 93.1 % 20.7 % 21.6 %
91.9 %
22.1 %
80 % 20.6 %
90 % 21.1 % 20.5 %
21.2 % 20.9 %
21.8 % 19.7 % 23.5 % 70 %
20.2 % 19.5 % 23.3 %
60 %
70 %
50 %
50 % 40 %
73.9 % 72.1 %
69.3 %
69.0 % 66.7 %
79.5 %
72.5 %
76.7 % 74.0 % 74.2 % 74.1 %
70.3 % 69.7 % 30 %
72.4 %
30 %
20 %
10 %
10 %
0%
2004 2005 2006 2007 2008
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
-10 %
Claims ratio Cost ratio
2007 2007 2007 2007 2008 2008 2008 2008 2009
Claims ratio Cost ratio
22
22

23. SpareBank 1 Skadeforsikring
Allocation of financial assets
As at 31 March 2009
Bonds held to
Real estate
Bank deposits maturity
15.0 %
3.6 % 11.8 %
Hedge funds Stocks
4.2 % 4.5 %
Bonds
60.9 %
Total: NOK 7.8 billion
23
23

24. SpareBank 1 Skadeforsikring
Profit/loss for first quarter 2009
Q1
Figures in MNOK 2009 2008
Gross written premium 1,237.9 1,191.2
Net earned premium 919.2 902.6
Net incurred claims -730.5 -669.7
Net insurance operating costs -194.2 -177.7
Changes in other technical reserves -7.9 -7.0
Operating result before finance -13.3 48.3
Net financial income 65.8 8.4
Other costs -0.3 0.8
Result before changes in security reserve 52.2 57.5
Changes in security reserve -4.1 -3.4
Pre-tax profit 48.1 54.1
Taxes -13.5 -15.1
Net profit/loss for the period 34.6 39.0
Key figures Q1
Figures in percentage 2009 2008
Claims ratio, net 79.5 % 74.2 %
Cost ratio, net 21.1 % 19.7 %
Combined ratio, net 100.6 % 93.9 %
Capital adequacy ratio 28.2 % 27.3 %
24
24

25. ODIN Forvaltning
Reduced assets under management
25
25

26. ODIN Forvaltning
Reduced assets under management
Pre-tax profit as at Q1
80
67
70
60
• Pre-tax loss of MNOK -7 (30) in Q1 50
• The decline in profits is owing to a 40
MNOK
30
lower level of assets under 30
20
management than in Q1 2008 10 -7
• Assets under management fell NOK 0
1.7 billion in Q1 to NOK 17.5 billion. 2007 2008 2009
-10
• Equity fund market share equalled Growth in profit for the year before tax
13.1 %, down from 13.8 % at the
beginning of the year
350.0
300.0 299.5
250.0
232.1
MNOK
200.0
150.0 146.4
83.2
100.0 115.2
60.6
50.0
15.6 20.4 30.3 24.0 4.8 3.4
0.0
97
98
99
00
01
02
03
04
05
06
07
08
19
19
19
20
20
20
20
20
20
20
20
20
26
26

27. ODIN Forvaltning
Profit/loss for Q1 2009
Q1
Figures in MNOK 2009 2008
Management fees 46.3 82.5
Subscription and redemption fees 6.2 14.7
Total operating income 52.5 97.2
Salaries 19.2 27.0
Depreciations 4.1 3.4
Other operating costs 31.7 41.0
Total operating costs 55.0 71.4
Operating profit -2.5 25.8
Net financial income -5.0 4.5
Pre-tax profit -7.5 30.3
Taxes -1.9 8.5
Net profit -5.6 21.8
27
27

28. Argo Securities
New securities business
28
28

29. Argo Securities
New securities business
Q1
Figures in MNOK 2009
• The company was established in Commission income on stocks & derivatives 4.5
Debt Capital Markets 0.6
October 2008 Net trading result 0.3
Fee income Corporate finance 0.2
• SpareBank 1 Gruppen AS owns 75 % Total operating income 5.7
of Argo Securities AS Salaries, bonus etc. -14.0
Depreciations -1.1
• The group’s share of profit after tax is Losses on accounts receivable 0.0
Other operating costs -4.8
a loss of MNOK 7.0, owing to start-up Operating profit -14.2
costs Net financial income 1.3
Pre-tax profit -12.9
Taxes 3.6
Profit after tax -9.3
29
29

30. SpareBank 1 Gruppen Finans Holding
New value chain within debt collection
30
30

31. SpareBank 1 Gruppen Finans Holding
New value chain within debt collection
• Consists of factoring, debt collection SpareBank 1
Gruppen Finans
and acquisition of non-performance Holding AS
(100%)
portfolio
• Target group: Banks, insurance
SpareBank 1 Actor Fordrings-
companies, card companies and other SpareBank 1
Factoring forvaltning LTO
finance companies (100%) (100%) (100%)
– Demand for this type of product
supplied by established finance Verdigjenvinning
institution (100%)
• Strengthens Sparebank 1 Gruppen as a
supplier of financial products and Financial information:
strengthens the Group’s financial • The parent company’s equity
foundations approx MNOK 225
– Supplements the Group’s traditional
• Approx. 90 employees (group)
products
• Expected overall turnover 2009: MNOK
– The products have historically been
137
profitable, and shown increasing
• Expected overall EBIT 2009: MNOK 32
earnings
– Partly counter-cyclical
31
31

32. Other factors
32
32

33. New profitability programme at SpareBank 1 Gruppen
which commenced in first quarter is expected to yield
significant bottom line effect
• The programme will create lasting and enhanced profitability for SpareBank
1 Gruppen
• Broad involvement of the organisation
– Assess potential for cost savings within all parts of the group
– Assess the opportunities to increase revenues through initiatives to realise
synergies between the companies in the group and as a supplier to the alliance
banks
• Implementation and realisation of initiatives will take place between Q3
2009 and Q2 2010
33
33

34. Bank. Insurance. And you.
34
34

35. Appendix
35
35

36. SpareBank 1 Gruppen group
Quarterly results
Q1 Q4 Q3 Q2 Q1 Q4
Figures in MNOK 2009 2008 2008 2008 2008 2007
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 24.4 -647.6 -334.9 43.7 -51.8 46.6
- Additional provisions recognised as
income in consolidated accounts 42.0 -307.7 286.8 -41.7 62.6 0.0
- SpareBank 1 Skadeforsikring 48.1 -19.3 58.0 125.0 54.1 133.6
- Bank 1 Oslo konsern 13.1 -57.1 -6.2 34.4 31.9 32.4
- ODIN Forvaltning -7.5 30.0 25.7 29.2 30.3 73.7
- Argo Securities -12.9 -4.0 0.0 0.0 0.0 0.0
- SpareBank 1 Medlemskort 5.6 -0.3 4.2 4.2 4.0 2.2
- Share of other companies * 5.3 4.7 3.6 5.4 1.7 2.6
- Correction subsidiaries - pro forma IFRS 7.4 -7.4 -3.3 7.0 -1.8 -41.0
Net result before tax from subsidiaries 125.4 -1,008.6 33.8 207.2 131.0 250.1
Total operating costs holding -13.2 -16.3 -8.8 -11.9 -10.8 -17.7
Net investment charges holding -17.4 -15.4 -15.9 -12.9 -23.6 -15.2
Gains from sale of companies holding 0.0 -0.6 21.7 0.0 0.0 2.8
Share of associated company - First Securities 5.1 -3.7 0.9 16.4 4.2 21.8
Net result before amortisation 99.9 -1,044.6 31.6 198.8 100.8 241.7
Amortisation 0.0 -1.3 -14.2 -1.3 -1.3 -1.3
Pre-tax result 99.9 -1,046.0 17.4 197.5 99.5 240.4
Taxes -94.8 -33.3 -7.0 -50.0 -35.9 89.2
Net result for the period 5.2 -1,079.3 10.4 147.4 63.7 329.5
Majority interest 7.5 -1,078.9 10.2 147.0 63.5 329.3
Minority interest -2.3 -0.4 0.3 0.4 0.1 0.2
* Other companies comprise SpareBank 1 Gruppen Finans Holding AS (parent company), Actor Fordringsforvaltning AS, SpareBank 1 LTO AS and
Verdigjenvinning AS
36
36

37. SpareBank 1 Gruppen’s ownership structure
SpareBank 1
SpareBank 1 SpareBank 1 Sparebanken Samarbeidende
LO
Nord-Norge (19.89 %)
SR-Bank SMN Hedmark Sparebanker (19.89 %) (9.29%)
(19.89 %) (19.89 %) (11.14%)
SpareBank 1 Gruppen AS
SpareBank 1 SpareBank 1 ODIN
Oslo Skadeforsikring Forvaltning
The Alliance
(100%) (100%) (100%)
SpareBank 1 SpareBank 1 SpareBank 1
Boligkreditt Medlemskort Livsforsikring
- Broad alliance
(100%) (100%)
- Brands
EiendomsMegler 1
- Technology
BNbank
- Expertise
Argo First
Securities - Shared processes and utilisation of best practise
Securities
(Bank-owned
(75%) (24.5%)
operation) - Purchasing
- Regional centres of expertise
*SpareBank 1
Gruppen Finans
- The Payments Sector: Trondheim
Holding AS
- Credit: Stavanger
(100%)
- Teaching: Tromsø
SpareBank 1 Actor Fordrings- SpareBank 1
Factoring forvaltning LTO
(100%) (100%) (100%)
Verdigjenvinning
(100%)
37
37

38. Bank 1 Oslo (parent bank)
Increasing non-performing loans in CM
500.0
450.0
109.8
400.0
350.0 117.5
300.0
MNOK
250.0
47.6 67.4
200.0 50.8 57.0
42.8 349.4
150.0 283.1
63.6 58.0
100.0 193.3 49.3 178.7
160.8 169.2 157.1
102.3 104.7
50.0
63.8
0.0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2006 2007 2007 2007 2007 2008 2008 2008 2008 2009
Corporate market Retail market
38
38

39. SpareBank 1 Livsforsikring
Balance sheet for Q1 2009
Q1
Figures in MNOK 2009 2008
Intangible assets 78 356
Investments 1,366 1,648
Reinsurance's part of insurance obligations 213 70
Accounts receivable 520 428
Other assets 219 160
Prepayed liabilities and accrued income 0 3
Investments group portfolio 14,894 15,561
Investments options portfolio 3,947 4,683
Total assets 21,237 22,909
Paid in capital 830 530
Other equity 329 858
Subordinated loan capital 525 525
Insurance obligations - contractual 14,922 15,484
Insurance obligations - investment options 3,991 4,683
Provisions for obligations 87 53
Premium deposits from reinsurance companies 119 0
Other obligations 356 690
Accrued liabilities, prepaied income 77 86
Total liabilities and equity 21,237 22,909
39
39

40. SpareBank 1 Livsforsikring
Return ordinary customer portfolio with guarantee as at 31 March
2009
Percent
Norwegian shares -0,1
Foreign shares -8,7
Money market 1,4
Norwegian bonds 2,1
Foreign bonds 1
Held to maturity 1,4
Real estate 1,6
-10 -8 -6 -4 -2 0 2 4
40
40

41. SpareBank 1 Livsforsikring
Booked return for customer portfolios with guarantee
3
2,0 1,9
2
1 0,5
0,3
N/A N/A N/A
Percent
0
-1
-2
-3 -2,8
Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1
-4
2008 2009 2008 2009 2008 2009 2008 2009
SpareBank 1 Storebrand Vital Nordea
Nordea
SpareBank 1 Storebrand Vital
41
41 Source: company presentations

42. SpareBank 1 Livsforsikring
Growth in premium income
Q1
Figures in MNOK 2009 2008
Individual annuity and pension insurance 62.8 50.3
Individual endowment insurance 119.2 115.3
Group pension insurance 273.4 377.6
Individual life insurance 41.7 40.7
Group life insurance 212.1 194.6
Unit Linked - Annuity 11.8 10.0
Unit Linked - Endowment 44.6 71.1
Defined contribution pension 190.9 159.8
Total gross due premium income 956.5 1,019.4
Premium reserves transferred from other companies 65.7 228.5
Reinsurance ceded -39.7 -26.4
Premium income for own account 982.4 1,221.5
42
42

43. SpareBank 1 Livsforsikring
Profit/loss per portfolio
Previously
Group established Investment choice Company
portfolio individual products portfolio portfolio Total
Figures in MNOK
89.8 -2.6 -0.3 0.0 86.9
Risk result
10.7 -11.5 -36.5 0.0 -37.3
Administration result
-28.5 -22.2 0.0 0.0 -50.8
Net investment result
-8.4 0.0 -0.5 0.0 -8.9
Transferred to policyholders
0.0 0.0 0.0 34.4 34.4
Return on company's assets
63.5 -36.3 -37.3 34.4 24.4
Sum
43
43

44. Tax matters I - SpareBank 1 Livsforsikring
– Realised gains and losses
• The tax exemption method (Section 2-38 of the Tax Act (Norway)):
For investments in shares and share-related securities, realised gains are
exempt from tax and losses are not deductible
• For investments in companies resident in a low tax EEA country, income is
nevertheless liable for taxation if the company ”is not established in real
terms and in real terms conducts financial activity in the country”
(Section 2-38 of the Tax Act, 3rd subsection, letter a – amendment to the law applicable from 1
January 2008)
- Means that for SICAV funds registered in Luxemburg and Ireland,
income is taxed, whilst losses are not deductible
• As a consequence, the tax cost is higher than the normal rate of 28 % in
the event of losses in the share portfolio and lower tax cost than the
normal rate in the event of gains in the share portfolio (with the exception
of SICAV funds).
(In 2007 the tax cost was reduced by MNOK 285 as a result of the tax
exemption method)
44
44

45. Tax matters II - SpareBank 1 Livsforsikring
– Unrealised gains and losses
• Within the group portfolio (traditional life assurance):
- If the company has a securities adjustment reserve (the market value is
greater than cost price for assets measured at fair value)
unrealised value changes will not have any effect for tax purposes,
because there will be a reverse entry in the securities adjustment reserve
- If there is no securities adjustment reserve, the value change will have to
be treated as a ”permanent difference” (because later
realisation at current value will not entail any change in the tax
basis – as would have been the case for a ”temporary
difference”)
The consequence is that an impairment in value entails a higher tax cost
and an increase in value entails a lower tax cost than the normal rate of 28
%
• Within the investment choice portfolio (unit linked and ITP):
- Value changes have no effect for tax purposes because there will be a
reverse entry in the size of the insurance liabilities
45
45

46. Tax cost in SpareBank 1 Gruppen’s consolidated
accounts as at 31 March 2009
Skatt e-
Tax costs
MNOK i mill.kr.) Taxkatte-
S base
(Beløp kostnad
g runnlag -28 %
Resultat før skatt i Liv 2 4,4 6,8
Pre-tax profit in SpareBank 1 Livsforsikring
Group and o g selskap spo rteføljen :
Kolle kt iv- company portfolio:
Realiserte t ap 7 8,9 22,1
Realised losses
Urealisert value changes (tap)
Unrealised verdie ndrin g (loss) 9 9,9 28,0
Investering svalgporte føljen:
Investment choice company portfolio:
Realiserte t ap 6 6,9 18,7
Realised losses
27 0,1 75,6
In consolidated accounts:
I konsernreg nska pet:
Brukof additional provisions
Use av tilleggsavsetninger 4 2,3 11,8
31 2,4 87,4
46
46

47. SpareBank 1 Skadeforsikring
Portfolio growth of 4.0 % last 12 months
Portfolio RM (excl. group home) Portfolio CM
654
660 19.2
2,740 2,725
34,5
650
2,720 15.6 11.6
640
-10,6
2,700 30.5 630 16.7
2,680 620
MNOK
MNOK
2,655 12.6
2,660 610
593
600
2,640
590
2,620
580
2,600 570
2,580 560
Q1 Change Change Change Change Q1 Q1 Change Change Change Change Q1
2008 Q2 Q3 Q4 Q1 2009 2008 Q2 Q3 Q4 Q1 2009
2008 2008 2008 2009 2008 2008 2008 2009
Total CM portfolio Change in CM portfolio
Total RM portfolio Change in RM portfolio
10.1 % growth last 12 months
2.6 % growth last 12 months
* Overall portfolio growth incl. group home last 12 months equals 2.9 %
47
47

48. Key figures SpareBank 1 Gruppen with subsidiaries
1) All figures are stated in
Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
1) & 2)
Figures in MNOK 2009 2008 2008 2008 2008 2007 2007 2007 2007
MNOK
Group
2) All figures are quarterly,
Capital adequacy ratio 14.5 % 12.6 % 12.0 % 13.0 % 12.6 % 13.1 % 11.3 % 11.6 % 12.5 %
except for where otherwise
Core capital adequacy ratio 9.8 % 9.4 % 9.0 % 9.0 % 9.2 % 9.6 % 7.9 % 8.1 % 9.0 %
Net profit acc. 5.2 -857.7 221.5 211.1 63.7 309.0 275.6 352.6 241.3
stated
3) Following entry into force of
Life insurance
new activities act on 1
Gross due premium income 956.5 704.7 697.2 721.0 1,019.4 822.9 844.6 1,596.5 1,186.4
Retail 280.1 285.5 267.5 283.1 287.4 413.0 462.6 1,226.9 510.6
January 2008, these
Corporate 676.4 419.2 429.7 437.9 732.0 410.0 382.1 369.6 675.8
benchmark figures are not
Investment result 3) - - - - 0.0 199.0 224.5 407.6 138.6
relevant
Value adjusted return on assets 3) - - - - 0.0 % 0.6 % 0.7 % 3.7 % 1.4 %
Total assets 21,237 21,217 22,287 23,059 22,909 23,998 23,574 23,641 22,711
Capital adequacy ratio 15.1 % 14.3 % 14.8 % 14.8 % 12.5 % 12.5 % 10.8 % 11.3 % 12.0 %
P&C insurance
919.2 935.0 931.5 908.5 902.6 900.0 890.7 872.7 853.4
Net earned premium
804.2 822.8 815.5 798.7 791.2 791 787.44 771.6 755.3
Retail
91.0 89.9 90.5 85 87.6 88.0 85.7 -1444.4 1608.82
Corporate
24.0 22.3 25.5 24.7 23.8 20.0 17.6 1545.5 -1510.72
Reinsurance
Net financial income 65.8 -72.0 8.9 91.8 8.4 102.0 85.2 119.8 70.7
Return on financial assets 0.70 % -0.97 % 0.12 % 1.27 % 0.11 % 1.41 % 1.22 % 1.79 % 1.09 %
Claims Ratio, net 79.5 % 69.7 % 74.1 % 70.3 % 74.2 % 74.0 % 72.4 % 74.6 % 76.7 %
Cost Ratio, net 21.1 % 23.3 % 20.9 % 23.5 % 19.7 % 21.8 % 19.5 % 20.7 % 21.2 %
Bank 1 Oslo
Net interest income 88.8 89.9 105.3 95.9 96.7 97.0 90.4 83.0 77.5
Net loan loss provisions 34.9 50.186 31.8 -13.2 -3.8 -3 -3 -2.6 -1.4
Loans 21,030 20,688 20,261 19,574 18,844 18,089 17,112 16,483 15,655
Retail 14,655 14,340 13,983 13,574 12,745 12,415 11,981 11,602 11,121
Corporate 6,376 6,348 6,279 6,000 6,098 5,674 5,131 4,880 4,534
Deposits 15,914 15,925 14,122 14,681 13,578 13,378 13,550 13,325 13,055
Capital adequacy ratio 11.6 % 8.0 % 9.3 % 9.9 % 11.4 % 10.0 % 9.8 % 9.8 % 10.6 %
Net interest income/average totalt assets 1.41 % 1.48 % 1.82 % 1.81 % 1.86 % 1.92 % 1.85 % 1.78 % 1.76 %
Return on equity acc. (parent bank) 4.7 % 1.7 % 6.7 % 10.1 % 9.5 % 9.3 % 10.2 % 9.5 % 8.0 %
Return on equity acc. (group) 4.4 % -1.2 % 5.3 % 8.7 % 8.1 % 8.10 %
ODIN
Assets under management 17,431 19,163 23,581 30,508 31,400 37,800 45,600 51,100 46,900
Equity fund market share 13.1 % 13.8 % 13.7 % 14.6 % 15.6 % 15.9 % 18.9 % 20.6 % 21.0 %
48
48

49. Premises for calculating the pension liability in SpareBank
1 Gruppen
31.03.2009 31.03.2008 31.12.2008
• SpareBank 1 Gruppen at all times Discount rate 3.80 % 4.80 % 3.80 %
shows the market value of the Basic amount adjustment/inflation 3.75 % 4.25 % 3.75 %
pension liability in the balance Wage adjustment 4.00 % 4.25 % 4.00 %
sheet
Expected return on pension funds 5.80 % 5.80 % 5.80 %
AFP early retirement plan 40 % 40 % 40 %
• SpareBank 1 Gruppen applies a Pension adjustments 1.50 % 2.30 % 1.50 %
new scale K2005 Mortality K2005 K2005
K2005
Disability IR2003 IR2003
IR2003
4 % below 50 4 % below 50 4 % below 50
years and 2 % years and 2 % years and 2 %
Cancellations
above 50 years above 50 years above 50 years
49
49