Downloaf the English version. http://investor.sparebank1.no/in-english/

1. Q2
1st half-year and 2nd quarter 2012
Presentation of results
from SpareBank 1 Gruppen
Kirsten Idebøen, CEO
9 August 2012

2. Year-to-date profit in line with last year
Pre-tax profit Group quarterly (MNOK) • Pre-tax profit for 1st half-year: MNOK 296 (308)
Pre tax half year:
Q1 Q2 • Net profit for 1st half-year: MNOK 263 (249)
173
162
• Annualised return on equity:
145
10.5 (10.5) %
123
•G
Group’s total assets were NOK 45.2 billi
’ t t l t 45 2 billion,
compared to NOK 42.0 billion at year-end 2011
• Good solvency:
– Capital adequacy ratio: 15.9 % against 16.2
% as at 31.12.2011
2011 2012 – Core capital adequacy ratio: 14.5 % against
14.6
14 6 % as at 31.12.2011
t 31 12 2011
– Well capitalised to satisfy the new, stricter
capital requirements upon introduction of the
Solvency II regulations
y g
2

3. Financial performance per business area
• SpareBank 1 Livsforsikring has built up
Pre-tax profit per subsidiary (MNOK) further reserves during 1st half-year.
Administration result continued to improve.
238 236 236
1H2011
1H2012
• Good financial result and improved
insurance result contributed to a
significantly improved profit for Sparebank
g y p p p
1 Skadeforsikring.
107
• A decrease in total assets under
management in ODIN Fo altning gave
Forvaltning ga e
24 reduced management fees.
10 14
-2
• SB1G Finans: strong pressure on margins in
-26
factoring and weaker performance in debt
-90
collection market, but good growth in
portfolio business.
ans
ade
ets
SB1 Liv
L
SB1 Marke
SB1G Fina
SB1 Ska
ODIN
• Higher turnover in SpareBank 1 Markets,
despite reduced activity in the financial
markets. Strengthened market share in
bond
b d market during the course of Q2.
k d h f Q2
3

4. SpareBank 1
Livsforsikring
Improved administration result and
increased b ffe
inc eased buffer capital
4

5. SpareBank 1 Livsforsikring
Improved administration result and increased buffer
capital
• Pre-tax profit: MNOK 236 (238) for 1st half-year and
MNOK 142 (109) in Q2
P t
Pre-tax profit (MNOK) quarterly
fit (MNOK), t l
Q1 • Administration result: MNOK -26 (-43) for 1st half-year
Q2 and MNOK -19 (-24) in Q2
Q3 – Stable ope at g costs a d increased income from fees
Stab e operating and c eased co e o ees
Q4 142
129
• Risk result: MNOK 122 (140) for 1st half-year and MNOK
109 93 (70) in Q2
100 98
92 94 – Strong risk result in Q2 after Q1 saw some large compensation
86 payments
78
72
– Increased reserves in connection with disability compensation
reduced year-to-date risk result
• Investment result: MNOK 120 (314) for 1st half-year and
MNOK 47 (108) in Q2
– MNOK 42 allocated to strengthen provisions for longer life
2010 2011 2012 expectancy
– Net foreign exchange loss of MNOK 11 has been realised in the
year-to-date. In comparison last year saw a total gain on
forward exchange of MNOK 156
– At the end of 1st half-year 2012, the securities adjustment
reserve totalled MNOK 390, against MNOK 185 at year-end 2011
5

6. SpareBank 1 Livsforsikring
The company built up further buffers during 1st half-year
half year
Buffer capital trend, per quarter (%)
Buffer capital trend, per quarter (%) Securities adjustment reserve (MNOK)
14.6 % 15.2 % 14.8 %
14.0 % 14.1 % 617
12.8 %
11.0 %
390
327
185
Q4 Q1 Q2 Q3 Q4 Q1 Q2
2010 2011 2011 2011 2011 2012 2012
Core capital in excess of minimum Interim profit 2009 2010 2011 1H2012
Additional provisions Securities adjustment reserve
• Total assets: NOK 28 (27) billion • From the securities adjustment reserve:
– MNOK 182 belongs to the ordinary group
portfolio
• Capital adequacy ratio: 20.0 % against 18.5 % as
Cap ta at o 0 0 aga st 8 5 – MNOK 76 belongs to paid up policy portfolio
paid-up
at 31.12.2011
– MNOK 131 belongs to the portfolio for
– The entire subordinated loan comprises core capital previously established individual savings
– Estimated solvency margin of 320.5 %, compared to products
303.5 % at year-end 2011
year end
6

7. Asset allocation per portfolio as at 30/06/2012
(31/12/11)
SB1 Livsforsikring SB1 Skadeforsikring Group
Investment choice portfolio Group portfolio Company portfolio
0.0 (0.0) %
12.9 (13.8) % 1.0 (-4.5) % 10.3 (10.4) %
( )
0.0 (0.0) %
38.9 (37.4) % 0.5 (-0.2) % 20.9 (18.8) % 8.2 (7.9) % 12.2 (12.7) %
45.7 (45.9) %
54.3 (54.2) % 61.1 (60.9) %
19.8 (21.0) %
27.9 (28.0) % 16.9 (24.8) %
0.0 (-0.1) %
69.3 (69.0) %
Stocks Stocks
Other Other Stocks Other
Stocks Other Bonds Real estate Real estate Real Estate Bonds at amortised cost
Bonds - amortized cost Bonds - amortized cost
Bonds at Market value
Bonds - market value Bonds - market value
NOK 7.5 (6.9) billion NOK 16.4 (15.7) billion NOK 2.8 (2.9) billion NOK 10.0 (9.6) billion
7

8. SpareBank 1 Livsforsikring
New occupational p
p pension pproducts are expected as of 01/01/2014
p / /
Basic model Standard model
• Maximum premiums: 7% of salary up to 7.1G* and • Maximum premiums: 8% of salary up to 7.1G* and
25.1% of salary from 7.1G-12G 26.1% of salary from 7.1G-12G
• The company must guarantee an annual adjustment of • No guaranteed return, meaning employees bear some
the saved capital equal to wage inflation against it return risk. Returns are paid to employees.
receiving the returns on pension capital
• Slightly more advanced on the return side than the
• Similar to the current defined contribution pension in basic model
SpareBank 1 Livsforsikring with the exception of
mortality inheritance
SpareBank 1 Livsforsikring views the new occupational pension models positively
• Lower Solvency II requirements than under current regulations
• 0% annual guarantee and reduced risk due to longer life expectancy (life expectancy
adjustment)
• The transition from current defined benefit pensions to the hybrid product will require
advisory services because there are many options when it comes to the choice of model,
size of premiums and guarantees. The SpareBank 1-alliance will have a greater
opportunity to strengthen its role within the pensions area
*G= National insurance basic amount
8

9. SpareBank 1
Skadeforsikring Group
Good fi
G d financial result and improved insurance result
i l lt di di lt
9

10. SpareBank 1 Skadeforsikring Group
Good financial result and improved insurance result
Pre tax profit
Pre-tax profit, quarterly (MNOK)
308 Q1 • Pre-tax profit: MNOK 236 (107) for 1st half-year
254
Q2 and MNOK 70 (56) in Q2
Q3
Q4
• Insurance result*: MNOK 12 (-22) for 1st half-year
168 166
and MNOK 31 (8) in Q2
– Lower claims ratio for both PM and BM in the parent
company
70
50 56
36 43
• Net financial income: MNOK 245 (162) for 1st half-
year and MNOK 51 (67) in Q2
– Financial return: 2.5 (1.8) %
-89
2010 2011 2012 • Portfolio growth in 1st half year 2012 of 4 0 %, to
half-year 4.0 %
NOK 5.4 billion.
* Insurance result in 1st half-year 2011 and 2012 includes
Unison F
U i Forsikring
ik i
10

11. SpareBank 1 Skadeforsikring Group
Good underlying profitability in main products and lower
proportion of large claims
Combined ratio for own account – quarterly (%) Combined ratio for own account (%)
105.5 105.8 103.5 96.9*
100.3 101.9 100.7 101.6 97.7 99.0 93.4*
96.5 94.0 96.2
92.9 21.1
89.8 21.9 22.9
23.8 22.4 21.3 21.0 21.8
26.0 22.3 22.5
17.1 21.9
22.7
22 7
83.6 79.4
79 4 84.7 80.4
75.9
75 9 76.6
76 6 74.7
74 7 74.1
74 1
67.1 76.7 80.6
72.1 73.8 77.2
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2010 2010 2010 2011 2011 2011 2011 2012 2012
2008 2009 2010 2011 1H2012
Net claims ratio Net cost ratio
Net claims ratio Net cost ratio
- Lower total claims ratio in both PM and BM in the parent company
- Lower proportion of large claims in BM portfolio in year-to-date * Combined ratio for own account for respectively 2011 and 1st
half-year 2012 including personal insurance
Gross combined ratio for 1st half-year was 99.8% (claims ratio of 78.5% and cost ratio of 21.3%). Including personal
insurance, the combined ratio in 1st half-year is reduced to 93.2%, of which the claims ratio accounts for 72.0% and the
cost ratio 21.2%
11

12. SpareBank 1 Skadeforsikring Group
Good portfolio growth in 1st half-year 2012
half year
Portfolio growth per year (MNOK)
5 407
• Total portfolio growth of MNOK 209 (277) to
NOK 5.4 (5.0) billion as at 30/06/2012,
equivalent to a growth of 4.0 %
3 358
– Unison Forsikring saw growth in 1st half-year of
MNOK 69 (97)
– Portfolio growth in the Group in Q2 alone amounted
to MNOK 79 (161)
• Net earned premium of NOK 2 5 (2.2) billion,
2.5 (2 2) billion
04
30.06.20 12
2011
05
06
07
08
09
10
31.12.200
200
200
200
200
200
201
corresponding to a growth of 11.3 %
12

13. SpareBank 1 Markets
Visible effects from result-oriented work
13

14. SpareBank 1 Markets
Visible effects from result-oriented work
Results SB1 Markets - Market share bond issues
• Total turnover 12 %
• 1st half-year: MNOK 73 (58), up 25 %
• Q2: MNOK 40 (24), up 70 %
• Pre tax
Pre-tax profit 5%
• 1st half-year: MNOK -90 (-26)
3% 3%
2%
• Q2: MNOK -45 (-22) 1%
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012
MARKET SHARE
Q2 2012
BOND ISSUE
DNB 23%
Swedbank / First Securities 20%
Nordea 14%
Operational matters SEB Merchant Banking 13%
SpareBank 1 Markets 12%
• Goal of profitable operations from Q4 stand firm Danske Bank 5%
provided normalised markets. AGB Sundal Collier 5%
Handelsbanken 4%
• Cooperation with SpareBank 1 SMN on rated
SpareBank 1 can, through SpareBank 1
balance sheet is operative and has had Markets, provide the entire capital
immediate effects on the company's market structure, from bank loans to bonds and
share and in the bond market. equity
Source: Norsk Tillitsmann
14

15. O
ODIN Forvaltning
o a g
Nine out of twelve equity funds performed better
than their benchmark in 1st half-year
15

16. ODIN Forvaltning
Nine out of twelve equity funds performed better than
their benchmark in 1st half-year
• Pre-tax profit for 1st half-year: MNOK -2 (24)
Pre tax half year: 2
Pre-tax profit (MNOK), quarterly – Management fees totalled MNOK 131 (172)
17 17 16
14 Q1
• Pre-tax profit for Q2: MNOK -1.5 (12)
Pre tax 1.5
12 12 Q2
Q3 • Total assets under management of NOK 23.5
6
Q4 / /
billion as at 30/06/2012
– Reduced by NOK 6.6 billion from 30/06/2011
– Increased by NOK 0.1 billion from 31/12/2011
-0.5
-1.5 • 8.4 % market share for equity funds in 1st
half-year 2012, down 0.5 percentage points
-9
from year-end 2011
2010 2011 2012
• 4.1 % market share for combination funds
for 1st half-year 2012, up 0.3 percentage
points from 31/12/2011
16

17. ODIN Forvaltning
Nine out of twelve equity funds performed better than
their benchmark in 1st half-year. New CEO
Return on equity fund as at 30/06/2012 (%)
q y / / ( )
11.6 Fund Benchmark
8.8 8.2 8.8
7.1 6.9
6.2 5.7 5.8
5.3 5.4 5.3
4.7 4.6
3.9
2.8 2.9 3.0
1.9 1.8
18
-0.6
-2.2 -1.6
-7.5
ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN Rune S l
R Selmar h been appointed the
has b i t d th
new CEO of ODIN Forvaltning
Norden Finland Norge Sverige Maritim Offshore Eiendom I Europa Europa Global Global Emerging
SMB SMB Markets
• ODIN has signed up to the UN's Principles for Responsible Investment (PRI)
− The UN's Principles for Responsible Investment set out six rules for a sustainable,
socially responsible and owner-managed i
i ll ibl d d investment philosophy
t t hil h
− The goal of signing up to the principles is to promote sustainable value creation
through active corporate governance and by increasing value for the company and
society's investments
17

18. SpareBank 1 Gruppen Finans Group
Continued focus on growth and cost-efficiency
18

19. SpareBank 1 Gruppen Finans Group
Continued focus on growth and cost-efficiency
cost efficiency
Pre-tax profit (MNOK)
• SpareBank 1 Gruppen Finans Group reported a p
p pp p p pre-tax
14.2 profit for 1st half-year of MNOK 14.2 (9.8)
1H2011 12.2
11.6 • Higher costs in the factoring business area reduced the
y
year-to-date result somewhat, MNOK 4.4 (4.9)
, ( )
1H2012
9.8 − Good growth in turnover in Q2 helped to improve pre-tax profit in
the quarter of MNOK 2.7 (2.1)
− Factoring's market share continued to grow; market share as at
Q2 2012 of 14.6 % against 14.1 % as at 31/12/2011
4.9
4.4 • Good growth in portfolio (long-term monitoring) due to
3.8 new portfolio acquisitions in 1st half-year
− Pre-tax profit: MNOK 3.8 (1.6) in 1st half-year and MNOK 1.2
1.6 (0.4)
(0 4) in Q2
• Weak growth in the debt collection market
factoring portfolio Conecto SB1G Finans − Pre-tax profit: MNOK 11.6 (12.2) in 1st half-year and MNOK 7.0
(debt Group (5.1) in Q2
collection)
− Low debt collection income in year-to-date, but improved result
in Q2 alone due to the sale of a larger portfolio
Pre tax
Pre-tax profit for SpareBank 1 Gruppen Finans Group also includes
management and amortisation.
19

20. Outlook
SPAREBANK 1 GRUPPEN
• SpareBank 1 Skadeforsikring has started a number of measures aimed at improving
profitability.
profitability The effect of the measures has been satisfactory so far and is expected to
increase throughout 2nd half-year.
• SpareBank 1 Livsforsikring is well positioned with respect to the opportunities that will
open up in the pension market in the future due to the new occupational pension
policy that will take effect from 01/01/2014.
• The Group will continue its work on cooperation right across the companies to extract
efficiency gains within costs, income and know-how.
• At the start of 2nd half-year, considerable uncertainty exists concerning the
macroeconomic trends in Europe and how this will affect the financial markets.
SpareBank 1 Gruppen is exposed to the securities market through its various
subsidiaries, and the development of equity prices and interest rates will have a major
effect on the Group s earnings
Group's earnings.
• SpareBank 1 Gruppen is well equipped to face new capital requirements in relation to
the introduction of the Solvency II.
20

21. The nation s savings bank
nation's
21
21

22. Appendix
A di
22

23. 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
(97.47%)
(100%) (100%)
Alliance Cooperation
SpareBank 1 SpareBank 1 SpareBank 1
Medlemskort Gruppen Finans Skadeforsikring
(100%) (100%) (100%)
Broad cooperation
- Technology
/
- Brand/communication
Conecto
Unison Forsikring - Expertise
(100%) - Common processes and use of best practice
(100%)
- Purchasing
Regional competence centres
(Bank-owned companies)
- Payment services: Trondheim
SpareBank 1 Boligkreditt
EiendomsMegler 1 - Credit: Stavanger
BNbank - Training: Tromsø
SpareBank 1 Oslo og Akershus
23

24. Return on equity after tax among selected Nordic
financial institutions
Average
1H2012 2011 2010 2009 2009-2011
Gjensidige* 17.7% 11.9% 13.1% 11.1% 12.0%
Handelsbanken 14.0% 13.5% 12.9% 12.6% 13.0%
Nordea 12.1% 10.6% 11.5% 11.3% 11.1%
DNB 10.7% 11.4% 13.6% 10.6% 11.9%
SpareBank 1 Gruppen 10.5% 11.1% 18.7% 18.1% 16.0%
Storebrand 9.1% 6.0% 10.8% 8.2% 8.3%
Danske Bank 3.6% 1.4% 3.6% 1.7% 2.2%
* Calculated as net profit distributed over average equity.
Source: The companies' interim reports for 1st half-year 2012
24

25. SpareBank 1 Gruppen
Key figures
Q2 Q1 Q4 Q3 Q2 Q1 Year
2012 2012 2011 2011 2011 2011 2011
Groupp
Net result for the period (MNOK) 63.4 199.9 281.5 -4.8 97.2 151.9 525.8
Return on equity (%) 10.5 % 15.9 % 23.2 % -0.3 % 8.1 % 12.9 % 11.1 %
Capital adequacy ratio, cumulative (%) 15.9 % 14.8 % 16.2 % 16.3 % 16.2 % 16.1 % 16.2 %
Core capital adequacy ratio, cumulative (%) 14.5 % 13.1 % 14.6 % 14.0 % 13.9 % 12.6 % 14.6 %
SB1 Livsforsikring
Risk result (MNOK) 92.6 29.4 38.5 63.5 70.1 69.4 241.4
Administration result (MNOK) -19.0 -7.5 -3.2 -19.8 -24.2 -18.7 -65.9
Investment result (MNOK)
I t t lt 47.0
47 0 73.2
73 2 3.1
31 51.6
51 6 108.0
108 0 205.8
205 8 368.5
368 5
Net result for the period (MNOK) 89.1 125.8 193.7 114.6 73.8 129.9 511.9
Buffer capital in % of insurance provisions*, cumulative (%) 14.8 % 12.8 % 11.0 % 14.1 % 14.0 % 15.2 % 11.0 %
Capital adequacy ratio, cumulative (%) 20.0 % 17.5 % 18.5 % 18.5 % 17.1 % 19.2 % 18.5 %
Securities adjustment reserve, cumulative (MNOK) 389.6 465.9 184.9 13.0 326.3 448.2 184.9
SB1 Skadeforsikring Group
Operating result before finance (MNOK) 31.1 -19.5 -15.5 0.0 8.2 -29.9 -37.3
Net financial income (MNOK) 51.0
51 0 194.0
194 0 160.8
160 8 -62 3
62.3 66.8
66 8 95.1
95 1 260.3
260 3
Net result for the period (MNOK) 42.2 139.5 90.8 -81.7 41.8 39.8 90.7
Claims ratio, net (%) 74.1 % 80.4 % 74.7 % 84.7 % 79.4 % 83.6 % 80.6 %
Cost ratio, net (%) 22.3 % 21.3 % 26.0 % 21.1 % 22.4 % 21.9 % 22.9 %
Combined ratio, net (%) 96.5 % 101.6 % 100.7 % 105.8 % 101.9 % 105.5 % 103.5 %
Portfolio (MNOK) 5,407 5,328 5,198 5,092 4,986 4,825 5,198
ODIN Forvaltning
Management fees (MNOK)
a age e t ees ( O ) 63
63.4 6
67.2 6 8
61.8 69
69.4 85 5
85.5 86 8
86.8 303 5
303.5
Net result for the period (MNOK) -1.0 -0.3 -7.0 4.3 8.9 8.6 14.8
Total assets under management, cumulative (MNOK) 23,541 26,173 23,433 22,539 30,101 33,348 23,433
Market share equity fund, cumulative (%) 8.4 % 8.9 % 8.9 % 8.8 % 9.9 % 10.6 % 8.9 %
Market share combination fund, cumulative (%) 4.1 % 3.8 % 3.8 % 3.8 % 3.5 % 3.2 % 3.8 %
SB1 Markets
Total operating income (MNOK) 40.0 32.9 15.3 12.6 23.5 34.8 86.3
Net result for the period (MNOK) -32.6 -32.5 -57.4 -37.3 -15.9 -2.4 -113.1
SB1G Finans Group
Net result for the period SB1G Finans Group (MNOK) 5.4 4.9 4.4 8.4 1.8 4.5 19.1
Net result for the period SB1G Finans - parent company (MNOK) 1.0 2.2 4.1 3.7 0.1 1.4 9.3
Net result for the period Conecto (MNOK) 5.0 3.3 2.2 6.7 3.7 5.1 17.7
*) Buffer capital as at Q4 is shown after profits have been allocated
25

26. SpareBank 1 Gruppen
Result for 1st half-year 2012
half year
Q2 Q1 Q2 Half year Year
Figures in MNOK
Fi i 2012 2012 2011 2012 2011 2011
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 141.8 94.1 109.0 235.8 238.4 414.1
- SpareBank 1 Skadeforsikring Group 70.4 165.5 56.2 235.9 106.5 185.3
- ODIN Forvaltning -1.5
-1 5 -0.5
-0 5 12.2
12 2 -2.0
-2 0 24.1
24 1 21.8
21 8
- SpareBank 1 Markets -44.9 -44.8 -22.1 -89.7 -25.5 -154.8
- SpareBank 1 Medlemskort 2.4 2.8 2.5 5.2 5.6 12.1
- SpareBank 1 Gruppen Finans Group 7.5 6.8 3.0 14.2 9.8 27.9
- Correction Group -9.0 0.0 15.1 -9.0 14.2 28.6
Net result before tax from subsidiaries 166.6 223.8 175.9 390.5 373.1 535.1
Total operating costs (parent company) -26.1 -33.5 -15.6 -59.6* -43.2 -88.6
Net investment charges (parent company) -17.7 -16.8 -15.0 -34.5 -22.1 -59.3
Share of associated company 0.0 0.0 0.0 0.0 0.0 0.2
Pre-tax result 122.9 173.5 145.4 296.4 307.7 387.3
Taxes -59.5 26.4 -48.1 -33.1 -58.6 138.5
Net result for the period 63.4 199.9 97.2 263.3 249.1 525.8
Majority interest 64.2 200.7 98.0 264.9 250.4 529.8
Minority interest -0.8 -0.8 -0.8 -1.6 -1.3 -4.0
Half year Year
Key figures 2012 2011 2011
Annualised return on equity 10.5 % 10.5 % 11.1 %
*Of the total operating costs in the year-to-date 2012, MNOK 19 was due to the project aimed at establishing the Group's own card company, which is currently being run as project in the parent company.
Once the company is established, SpareBank 1 Gruppen AS will be refunded the project costs it has incurred.
26

27. SpareBank 1 Gruppen
Quarterly results
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Figures in MNOK 2012 2012 2011 2011 2011 2011 2010 2010 2010 2010
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 141.8 94.1 98.1 77.7 109.0 129.4 72.5 85.8 100.3 91.9
- SpareBank 1 Skadeforsikring Group 70.4 165.5 168.1 -89.3 56.2 50.3 307.5 253.9 43.4 36.3
- ODIN Forvaltning -1.5 -0.5 -8.5 6.3 12.2 11.9 16.5 17.0 16.7 14.4
- SpareBank 1 Markets -44.9 -44.8 -77.5 -51.8 -22.1 -3.4 -24.0 -29.0 -1.9 -2.7
- SpareBank 1 Medlemskort
p 2.4 2.8 4.5 2.0 2.5 3.1 1.9 2.7 3.3 3.4
- SpareBank 1 Gruppen Finans Group 7.5 6.8 5.9 12.2 3.0 6.8 6.6 -4.9 7.0 -0.1
- Correction Group -9.0 0.0 -1.9 16.4 15.1 -0.9 -6.3 -7.4 16.3 15.1
Net result before tax from subsidiaries 166.6 223.8 188.6 - 26.6 175.9 197.1 374.6 318.1 185.1 158.2
Total operating costs (parent company) -26.1 -33.5 -29.4 -16.0 -15.6 -27.7 -16.5 40.7 -11.9 -20.0
Net investment charges (parent company) -17.7 -16.8 -19.2 -18.0 -15.0 -7.1 -15.6 -11.4 -9.3 -6.9
Share of associated company
p y 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Pre- tax result 122.9 173.5 140.1 - 60.6 145.4 162.4 342.5 347.4 163.9 131.3
Taxes -59.5 26.4 141.4 55.8 -48.1 -10.5 -18.5 -88.4 -8.3 -38.5
Net result for the period 63.4 199.9 281.5 - 4.8 97.2 151.9 324.0 259.1 155.6 92.8
Majority interest 64.2 200.7 283.1 -3.6 98.0 152.4 327.9 263.9 155.9 93.3
Minority interest -0.8 -0.8 -1.6 -1.1 -0.8 -0.5 -3.9 -4.8 -0.3 -0.5
27

28. SpareBank 1 Livsforsikring
Result for 1st half-year 2012
half year
Q2 Q1 Q2 Half year Year
Figures in MNOK
g 2012 2012 2011 2012 2011 2011
Insurance risk income 369.1 361.2 333.0 730.3 668.7 1,338.7
Insurance risk claims -266.2 -340.4 -252.6 -606.6 -508.2 -1,061.7
Risk result 102.9 20.7 80.4 123.6 160.6 277.0
Tecnical alloc ations -10.3 8.7 -10.3 -1.6 -21.1 -35.6
Risk result after tecnical allocations 92.6 29.4 70.1 122.0 139.5 241.4
Fees 180.9
180 9 184.8
184 8 172.8
172 8 365.7
365 7 343.5
343 5 708.6
708 6
Expenses, exclusive comissions -137.4 -128.6 -138.6 -265.9 -268.2 -527.2
Comissions -62.5 -63.7 -58.5 -126.2 -118.2 -247.3
Administration result -19.0 -7.5 -24.2 -26.4 -42.9 -65.9
Net investment income 153.1 188.6 207.3 341.7 526.4 791.1
Guaranteed interest to policyholders -106.1 -115.4 -99.2 -221.5 -212.5 -422.6
Investment result 47.0 73.2 108.0 120.2 313.8 368.5
Reserves -10.3 -31.3 0.0 -41.6 -33.0 -187.3
Investment result after reserves 36.7 41.9 108.0 78.6 280.8 181.2
Compensation guaranteed interest 6.1 6.3 5.9 12.4 11.3 22.6
Result before additional provisions 116.6 70.1 159.8 186.6 388.7 379.4
Undistributed profits to customers
p -27.7 -15.2 -60.0 -42.9 -178.9 -61.5
Return on company's assets 52.9 39.2 9.2 92.1 28.7 96.2
Net profit to owner before tax 141.8 94.1 109.0 235.8 238.4 414.1
Taxes -52.6 31.7 -35.3 -20.9 -34.7 97.8
Net profit/loss for the period 89.1 125.8 73.8 214.9 203.6 511.9
Key figures Half year Year
2012 2011 2011
Capital adequacy ratio 20.0 % 17.1 % 18.5 %
Buffer c apital in % of insurance provisions 14.8 % 14.0 % 11.0 %
Buffer capital for the year 2011 is shown after profits have been allocated
28

29. SpareBank 1 Livsforsikring
Profit per portfolio for 1st half-year 2012
Previously
P i l
Group established Investment choice Company
Figures in MNOK portfolio individual products portfolio portfolio Total
Risk result 123.8 -2.9 1.1 0.0 122.0
Administration result 33.8 -20.6 -39.6 0.0 -26.4
Net investment result 84.4
84 4 33.1
33 1 1.8
18 1.0
10 120.2
120 2
Reserves - long life -41.6 0.0 0.0 0.0 -41.6
Compensation interest guarantee 12.4 0.0 0.0 0.0 12.4
Transferred to policyholders -33.6 -6.5 -2.8 0.0 -42.9
Return on company's assets 0.0 0.0 0.0 92.1 92.1
Sum 179.2
179 2 3.2
32 -39.6
39 6 93.1
93 1 235.8
235 8
29

30. SpareBank 1 Livsforsikring
Premium income trend for 1st half-year 2012
half year
Q2 Q1 Q2 Half year Year
Figures in MNOK 2012 2012 2011 2012 2011 2011
Individual annuity and pension insurance 72.3 72.3 71.1 144.6 144.1 284.9
Individual endowment insurance 150.2 147.9 141.1 298.1 279.6 570.6
Group pension insurance 74.4 244.3 55.2 318.7 297.9 465.6
Individual life insurance 55.1 53.8 49.0 108.9 97.0 199.0
Group life insurance 132.2 239.1 131.5 371.3 348.9 604.4
Unit Linked - Annuity 8.5 9.3 9.5 17.9 20.2 39.0
Unit Linked - Endowment 35.2 36.7 46.6 71.9 98.2 181.1
Defined contribution pension 273.1 265.1 235.6 538.2 471.8 980.7
Total gross due premium income 801.1 1,068.5 739.5 1,869.6 1,757.7 3,325.5
p
Premium reserves transferred from other companies 194.7 102.4 113.5 297.0 255.5 660.8
Reinsurance ceded -41.2 -28.6 -40.8 -69.8 -81.1 -160.4
Premium income for own account 954.5 1,142.3 812.1 2,096.8 1,932.1 3,825.9
30

31. SpareBank 1 Livsforsikring
Return on customer portfolio with guarantee as at 30/06/2012
Value-adjusted return
excluding change i value construction:
l di h in l t ti Booked return:
Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2
2012 2012 2012 2012 2012 2012 2012 2012 Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2
2012 2012 2012 2012 2012 2012 2012 2012
3.5
3.0 2.8
2.8
2.6
2.4
2.2 2.2
ent
2.1
nt
Perce
Percen
1.9 1.8
1.7
1.3
1.2
0.9 1.0
SpareBank 1 Storebrand DNB Livsforsikring Nordea SpareBank 1 Storebrand DNB Livsforsikring Nordea
Source: company presentations
31

32. SpareBank 1 Livsforsikring
Return on ordinary customer portfolio with guarantee as at
30/06/2012
Percent
Norwegian shares 7.8
78
Foreign shares 7.5
Money market 1.8
Norwegian bonds 3.6
Foreig bonds 4.5
Held to maturity 2.6
26
Real estate 3.5
32

33. SpareBank 1 Livsforsikring
Balance sheet as of 30/06/2012
Half year Year
Figures in MNOK 2012 2011 2011
Intangible assets 134 80 107
Investments 2,851 2,569 2,881
Reinsurance's part of insurance obligations 207 221 223
Accounts receivable 90 117 225
Other assets 276 261 368
Prepayed liabilities and accrued income 0 0 0
Investments group portfolio 16,581 15,782 15,909
Investments options portfolio 7,451 6,782 6,896
Total assets 27,589 25,811 26,607
Paid in capital 2,073 1,602 1,825
Other equity 643 590 435
Subordinated loan capital 200 200 200
Insurance obligations - contractual 16,401 15,719 15,812
Insurance obligations - investment options 7,557 6,894 6,993
Provisions for obligations 73 176 88
Premium deposits from reinsurance companies 139 136 139
Other bli ti
Oth obligations 437 406 1,043
1 043
Accrued liabilities, prepaied income 67 88 73
Total liabilities and equity 27,589 25,811 26,607
33

34. SpareBank 1 Skadeforsikring Group
Result for 1st half-year 2012
half year
Q2 Q1 Q2 Half
H lf year Year
Y
Figures in MNOK 2012 2012 2011 2012 2011 2011
Gross written premium 1,431.1 1,713.1 1,380.6 3,144.2 2,933.9 5,358.2
Net earned premium 1,257.3 1,234.5 1,137.7 2,491.8 2,238.5 4,695.9
Net incurred claims -931.7 -992.3 -903.9 -1,924.0 -1,824.6 -3,784.0
Net insurance operating costs -281.0
281 0 -262.4
262 4 -255.2
255 2 -543.4
543 4 -496.3
496 3 -1,074.2
1 074 2
Other insurance income/costs 1.7 1.2 8.2 2.9 12.7 31.8
Changes in other technical reserves -15.1 -0.5 21.4 -15.6 47.9 93.2
Operating result before finance 31.1 -19.5 8.2 11.6 -21.7 -37.3
Net financial income 51.0 194.0 66.8 244.9 161.8 260.3
Result before changes in security reserve 82.1 174.5 75.0 256.6 140.1 223.0
Changes in security reserve -11.7 -9.0 -18.8 -20.7 -33.6 -37.7
Pre-tax profit 70.4 165.5 56.2 235.9 106.5 185.3
Taxes -28.2 -26.0 -14.4 -54.2 -25.0 -94.6
Net profit/loss for the period 42.2 139.5 41.8 181.7 81.6 90.7
Key figures Q2 Q1 Q2 Half year Year
Figures in percentage 2012 2012 2011 2012 2011 2011
Claims ratio, net 74.1 % 80.4 % 79.4 % 77.2 % 81.5 % 80.6 %
Cost ratio, net 22.3 % 21.3 % 22.4 % 21.8 % 22.2 % 22.9 %
Combined ti
C bi d ratio, net t 96.5
96 5 % 101.6
101 6 % 101.9
101 9 % 99.0
99 0 % 103.7
103 7 % 103.5
103 5 %
Capital adequacy ratio 34.1 % 29.0 % 32.8 %
34

35. ODIN Forvaltning
Result for 1st half-year 2012
half year
Q2 Q1 Q2 Half year Year
Figures in MNOK 2012 2012 2011 2012 2011 2011
Management fees
M tf 63.4
63 4 67.2
67 2 85.5
85 5 130.6
130 6 172.3
172 3 303.5
303 5
Total operating income 63.4 67.2 85.5 130.6 172.3 303.5
Salaries -25.9 -24.6 -27.5 -50.5 -56.6 -108.5
Depreciations -6.8 -6.5 -4.4 -13.3 -8.3 -23.5
Other operating costs -32.5 -36.9 -41.2 -69.4 -83.7 -151.1
Total operating costs -65.2 -68.0 -73.1 -133.2 -148.7 -283.1
Operating profit -1.8 -0.8 12.4 -2.6 23.6 20.3
Net financial income 0.4 0.3 -0.2 0.7 0.5 1.5
Pre-tax profit -1.5 -0.5 12.2 -2.0 24.1 21.8
Taxes 0.5 0.2 -3.3 0.6 -6.6 -7.1
Net profit/loss for the period -1.0 -0.3 8.9 -1.3 17.5 14.8
35