Download presentation from press conference February 11th 2011. Presented by CEO Kirsten Idebøen.

1. Annual accounts 2010
Presentation of results from
SpareBank 1 Gruppen
Kirsten Idebøen, CEO
February 11th 2011
y
Updated version: May 13th 2011

2. Highlights
SPAREBANK 1 GRUPPEN
18.7 %
15.8 %
11.9 %
• Solid earnings performance in 2010
8.9 %
• Improvements in Return on Equity 18.7 (18.1) %
Q1 Q2 Q3 Q4
2010 2010 2010 2010
• Well-capitalised to meet the expected requirements under the Solvency II
regulations
2

3. Solid earnings performance in 2010
Pre-tax profits per subsidiary (MNOK)
641 • Pre-tax profit in 2010: MNOK 985 (
p (996)
)
621
• Pre-tax profit in Q4 was MNOK 343 (177)
392
350
• SpareBank 1 Skadeforsikring made a major
contribution towards the overall result
− A negative goodwill of MNOK 118 was recorded in the
accounts in Q4 in connection with the acquisition of
65 Unison Forsikring
42 18
5
-14 • The life insurance company has built up solid
-38
buffers throughout 2010
g
subsidiaries
s
n
correction
SB1 Liv
v
SB1 Skade
e
ODIN
N
Group
Other
• The Group's total assets: NOK 40.7 (36.5) billion
2009*
• Core capital adequacy ratio of 12.5 (11.8) % and
12 5 (11 8)
s
2010
capital adequacy ratio of 16.1 (16.3) %
* Comparison figures for 2009 have been restated and do not include Bank 1 Oslo Group
3

4. The Delta profitability project has been completed with an estimated
annual profitability effect of MNOK 400 from 2011
(against the baseline as at 31 December 2008)
Results of implemented measures by company (MNOK)
400
360 +40
Planned
Result of implemented measures
225
191
84 94
56 55
30 27
Liv Skade Gruppen Other Total Delta
• The Delta profitability project has resulted in a staff reduction of 147 fulltime equivalents (SpareBank
1 Gruppen had 1,162 fulltime equivalents as at 31.12.2010)
• The life insurance company: Outsourcing of the defined benefit pension (YTP) portfolio, market
adjustment of fees for defined contribution pensions (ITP), unit link and group life, reduction of IT
costs, mainly through renegotiation of IT contracts
• P&C insurance: Reorganisation and rationalisation of the claims settlement unit
4

5. The Delta profitability project contributed to a net result
effect of MNOK 140 in 2010
Profit effect from the Delta profitability project in 2010 (MNOK)
221 81*
Other companies
Oth i 7
77
SB1 Skade
140
SB1 Liv 137
Permanent profit Non-recurring Net profit effect as at
improvement implementation costs 31.12.2010
as at 31.12.2010 as at 31.12.2010
* Expenses related mainly to IT development and the use of consultants. Costs of MNOK 26 were
recognised i Q4 2010
i d in 2010.
5

6. SpareBank 1
Livsforsikring
Li f ik i
Built up solid buffers
6

7. SpareBank 1 Livsforsikring
Good risk result
Pre-tax profit, quarterly (MNOK) Development in Risk result (MNOK)
206
352
325
100
81 81 92 86 72
44
24
210
-52
-335
-696
2008 2009 2010 2008 2009 2010
Q1 Q2 Q3 Q4
• Administration result in 2010: MNOK -187 (-193)
( )
• Pre-tax profit in 2010: MNOK 350 (392).
MNOK 72 (81) in Q4 • Gross due premium income NOK 3.3 (3.1) billion
− CM: NOK 2.0 (1.9) billion
• Investment result: MNOK 317 (557) i 2010
I t t lt in − RM:
RM NOK 1.3 (1.2) billion
1 3 (1 2) billi
and MNOK 49 (125) in Q4
– Provisions for increased life expectancy: • Total assets: NOK 26.5 billion  up NOK 2.2 billion
MNOK 45 in 2010 and MNOK 9 in Q4 from year-end 2009
7

8. SpareBank 1 Livsforsikring
Built up solid buffers
Buffer capital trend, per quarter (%)
15.4 %
16.1 % Securities adjustment reserve per year
14.6 %
13.7
13 7 % (MNOK)
13.0 % 617
11.7 % 11.7 %
401
6.0
6 0% 327
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2009 2009 2009 2010 2010 2010 2010 2007 2008 2009 2010
Core capital in excess of minimum Interim profit
Additional provisions Securities adjustment reserve
• Buffer capital after allocation of the
• Additional provisions amounted to MNOK 379.
profit for 2010: 14.6 (11.7) %
MNOK 125 regarding additional provisions have
been allocated under paid-up policies and group
paid up
• Buffer capital including the profit for pensions in 2010
2010: 17.9 (15.1) %
• Securities adjustment reserve: MNOK 617
• Capital adequacy: 19.3 (19.0) % (327)
8

9. SpareBank 1 Livsforsikring
Value adjusted return for customer portfolios with guarantee at year end
(excluding property value change)
Q3 Q4* Q3 Q4 Q3 Q4 Q3 Q4
2010 2010 2010 2010 2010 2010 2010 2010
7.1
71
6.8
6.4
5.7
4.6
4.1 4.0
3.7
N/A
SpareBank 1 Storebrand Vital Nordea
* Recognised return in Q4 was 5.2 %
9 Source: company presentations

10. SpareBank 1
Skadeforsikring Group
Strong profit improvement throughout the year and
profitable growth
10

11. SpareBank 1 Skadeforsikring Group
Strong profit improvement throughout the year and
profitable growth
Pre tax
Pre-tax profit, quarterly (MNOK)
308 • Pre-tax profit for 2010 was MNOK 641 (621)
251 254
– MNOK 118 negative goodwill recognised in the
207 accounts i Q4 in connection with the acquisition
t in i ti ith th i iti
of Unison Forsikring
125
115 – Profit on sale of property in Q4 of MNOK 21
58
54 48
36 43 • Pre-tax profit in Q4 was MNOK 308 (115)
2008 2009 2010
• Financial return in 2010 of 4,9 (6.8) %
4 9 (6 8)
-19
Q1 Q2 Q3 Q4
• Good cost performance in 2010. Net cost ratio
of 21.0 (22.5) %
( )
11

12. SpareBank 1 Skadeforsikring Group
Profitable portfolio growth
Portfolio growth 2005–2010 (MNOK)
g ( )
629 4,712
• Total portfolio growth of MNOK 629,
258
125
84 109 corresponding to 15.4 %
149
3,358 − MNOK 311 from Unison Forsikring and
Skandia Lifeline
• Premium income for own account NOK 4.2
(3.8) billion,
(3 8) billion corresponding to a growth of
8.9 %
• Market share in Q3 2010 including Unison
Forsikring: 10.5 %. Market share in 2009
k 0 % k h
was 9.8 %.
12

13. SpareBank 1 Skadeforsikring Group
Winter-related
Winter related claims triggered an increased claims ratio
in 2010
Net combined ratio – quarterly (%) Net combined ratio – cumulative (%)
96.2 % 97.7 %
94.6 % 94.0 %
108.6 % 89.9 %
21. %
22.5 %
87.2 %
20.7 %
100.6 %
21.9 %
99.6 %
.0
20.2 %
100.3
100 3 %
5
20.6 %
7
93.9
93 9 %
20.5 %
90.9 % 92.9 % 89.8 %
21.1 %
23.8 %
24.8 %
17.1 %
22.2 %
21.8 %
22.7 %
88.3 %
76.7 %
73.9 %
73.8 %
72.1 %
79.5 %
76.6 %
69.3 %
75.9 %
74.8 %
66.7 %
71.7 %
69.2 %
67.1 %
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2009 2009 2009 2009 2010 2010 2010 2010 2005 2006 2007 2008 2009 2010
Net claims ratio Net cost ratio
Net claims ratio Net cost ratio
13

14. SpareBank 1 Skadeforsikring Group
Growth through acquisition of new companies
• Bought 100 % of the shares in Unison
B ht f th h i U i • Took
T k over Sk di Lifeline's portfolio of
Skandia Lif li ' tf li f
Forsikring AS on 19 July 2010 for MNOK private healthcare insurance and child
56.4 insurance in Norway from 1 November 2010
• Boosted equity through a share issue of • Operations from the former Skandia Lifeline
MNOK 150 NUF have been integrated into SpareBank 1
Skadeforsikring AS
• Unison Forsikring will continue as an
independent company with respect to • 1,200 customers and 16,000 insured
the corporate market
• Total portfolio of approximately MNOK 30
• Total portfolio of approximately MNOK
l f l f l O
280
14

15. NAF chose Unison Forsikring
• The Norwegian Automobile Federation NAF chose Unison Forsikring over several other bidders
as its future partner for insurance solutions for its members
• The contract was signed on 3 January 2011
• Long-term agreement, initial period: 5 years
The Norwegian Automobile Federation (NAF)
• Founded in 1924
• Norway's largest private consumer
organisation
NAF Key figures Norway
• Annual revenue of approx. MNOK 750 Population 4,852,200 ”Market share” 10.3 %
• Number of members: 530,000 Population > 18 years 3,683,000 ”Market share” 13.6 %
• Politically neutral and financially independent Registered cars< 3 5 t
3.5 2,241,000 Market share 22.4
2 241 000 ”Market share” 22 4 %
• Owned by the members
• Number of employees: 500 + approx. 2,000
union representatives
• Nationwide
15

16. NAF establishing NAF Forsikring AS
• NAF's members want insurance to be included in membership
• NAF has a strong focus on the further development of membership and wants to coordinate
insurance with other membership benefits to a greater degree
• NAF wants to exploit the commercial and strategic value that a membership represents to their
members' advantage
• NAF is following the lead of its sister organisations in Europe where insurance is an integral
part of the membership benefits
• NAF wants to play a key role in the value chain and wishes to front the services it offers to its
members
– NAF Forsikring is therefore being established as a separate insurance agency
f
– NAF Forsikring will offer specially adapted insurance policies to NAF members
– NAF insurance is being launched in spring 2011
16

17. ODIN Forvaltning
Increased assets under management
17

18. ODIN Forvaltning
Increased assets under management
Pre-tax profit, quarterly (MNOK)
30 30
29
• Pre-tax profit for 2010 was MNOK 65 ( )
p (42)
26
24
• Pre-tax profit in Q4 was MNOK 16 (24)
16 17 17 16
14
10 • NOK 32.3 (28.0) billion in assets under
management
• 10.7 (11.6) % market share for equity funds
2008 2009 2010
-7
• 18.0 (19.2) % market share for equity funds
Q1 Q2 Q3 Q4 for private banking customers in Norway
18

19. ODIN Forvaltning
Strategic focus areas in 2010
Combination funds: ODIN Konservativ, ODIN Flex, ODIN Horisont
, ,
• Signed an agreement for the acquisition of SpareBank 1 SR-Fondsforvaltning in September 2010
• Start-up 2 February 2011
• Both equity and bonds
• Higher expected rate of return than bank deposits and fixed income funds
ODIN Emerging Markets ODIN Eiendom I
• Index-independent global fund
Index independent • Index-independent Nordic industry fund
Index independent
• Took over the management responsibilities on • Invests in shares in real estate companies and real
1 December 2010 estate related activities
• Minimum one off subscription amount is NOK 3 000
one-off 3,000 • Minimum one off subscription amount is NOK 3 000
one-off 3,000
• Investors can enter into agreements to save at least • Investors can enter into agreements to save at least
NOK 300 per month NOK 300 per month
19

20. Argo Securities
Strong commitment through “SpareBank 1 Markets”
20

21. Argo Securities
Strong commitment through “SpareBank 1 Markets”
SpareBank Markets
• Result in 2010: Proactive recruitment in Argo Securities
− Pre-tax: MNOK -58
− After tax: MNOK -41
• Martin Hagen appointed new CEO
• Further recruitment ensures Argo Securities expertise w
• Increased revenue
− Commission income on stocks and
within defined business areas
derivatives: MNOK 37 (25)
− Debt capital markets: MNOK 15 (12)
− Corporate Finance: MNOK 18 (6) SpareBank 1 Markets
• The goal is to create a leading centre of expertise for
capital market services
• Phase I was established through a pooled ledger balance of
NOK 2.4 billion, which will be used to guarantee equity and
debt
d b capital transactions
l
• A project group has been established to work on the next
phase
21

22. SpareBank 1 Gruppen
p pp
Finans Group
Strategic focus within receivables management
22

23. SpareBank 1 Gruppen Finans Group
Reorganisation of SpareBank 1 Gruppen Finans From
From 10 September 2010 1 January 2011
Prior to 9 September 2010
to 31 December 2010
SpareBank 1 SpareBank 1 Gruppen
Gruppen SpareBank 1 Gruppen
Finans AS
Finans Holding Finans AS
-BA Factoring *
- BA Factoring
- BA Portfolio
- BA Portfolio
SpareBank 1 Actor
Actor Portefølje
Factoring Fordringsforvaltning Actor
(100 %)
(100 %) (100 %) Conecto AS Fordringsforvaltning AS
Conecto AS
(100 %) - Dept. Verdigjenvinning
Actor (100 %)
(100 %)
Verdigjenvinning
(100 %)
* Business area
Pre-tax profit/loss 2010 (MNOK)
2009 2010
25
23*
23 • Pre-tax profit of MNOK 9 (23)
• Pre tax
Pre-tax profit in Q4 MNOK 7 (2)
9
7 • Loss provision of MNOK 10.5 in the Factoring
2
business area
2
Mandatory reduction in debt recovery fees within
B1G Finans
Group
•
Factoring
Forvaltning
Fordrings-
Portefølje
-2
the debt collection business
onecto**
-4
Actor
BA
BA
SB
F
Co
* Pre-tax profit/loss for Actor Fordringsforvaltning includes Actor Verdigjenvinning from September 2010
**Conecto was acquired with accounting effect from 10 September 2010. The profit up to the acquisition date has been
23 recorded directly against equity.

24. SpareBank 1 Gruppen Finans Group
SpareBank 1 Factoring is Norway's third largest factoring company
SpareBank 1 Factoring: Third largest factoring company in Norway in Q4 2010 (%)
43.9 % 43.4 %
42.1 % 41.5 % 40.5 % 41.1 %
39.5 %
37.7
37 7 %
37.2 % 36.5 %
35.3 % 35.5 % 36.2 %
35.1 % 34.3 %
32.2 %
13.9 % 13.7 %
11.6 % 12.2 % 12.1 % 12.0 %
10.7 % 9.8 %
13.0 %
11.0
11 0 % 11.5
11 5 %
9.8 % 10.4 %
8.9 % 9.0 % 8.5 %
Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
DnB SG Nordea SB1F
• 13.7 % market share of ordinary factoring revenue in Q4
• Client revenue: NOK 11 (8) billion
• Volume of new sales: NOK 6 (1) billion
24

25. SpareBank 1 Gruppen Finans Group
Conecto is Norway's third largest debt collection company
y g p y
172
156
Ranking Revenue
31.12.2009 Company MNOK 121
1 Lindorff 870
2 Kredinor 370 77 87
3 Conecto/Actor Fordringsforvaltning 157* 61
79
4 Aktiv Kapital 102 60 85
5 Gothia AS 100
6 Intrum Justitia 78
7 Sergel 70 2008 2009 2010
8 Creno 60
Fordringsforvaltning
F di f lt i Conecto
C t Total
T t l revenue
• It is expected that the consolidated company will still be the third largest in 2010
p p y g
• Combined revenue in 2010: MNOK 172 (157)
• Combined pre-tax profit in 2010: MNOK 32** (25)
* Revenues for Actor Fordringsforvaltning as of 31 December 2009 include Actor Verdigjenvinning
25 ** Includes the pre-tax profit for Conecto AS that has been recognised directly against equity

26. 26

27. SpareBank 1 Gruppen still on top in terms of return on equity among
selected Nordic financial institutions
Year 2010 Q3 2010 Year 2009
SpareBank 1 Gruppen 18.7 % 15.8 % 17.5 %*
DnB NOR 13.6 % 12.2 % 10.6 %
Gjensidige1 13.1 % 10.8 % 11.3 %
Handelsbanken 12.9
12 9 % 12.9
12 9 % 12.6 %
12 6
Nordea 11.5 % 11.0 % 11.3 %
Storebrand 10.8 % 3.9 % 5.6 %
Danske Bank 3.6 % 3.4 % 1.0 %
1Calculatedas result after tax divided by average shareholders’ equity for the period
shareholders period.
* The Group’s annualised return on equity for 2009 includes Bank 1 Oslo Group.
Source: Companies' interim reports for 2010 and annual reports for 2009
27

28. Outlook
SPAREBANK 1 GRUPPEN
Well positioned, operationally and strategically, for profitable growth
Well-capitalised to meet the expected requirements under the Solvency II
regulations
The unique and robust business model in the SpareBank 1 Alliance gives
a strategic advantage
d
28

29. The nation s savings bank
nation's
29
29

30. Appendix
A di
30

31. 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
Argo SpareBank 1 ODIN
Securities Livsforsikring Forvaltning
(76.75 %) (100 %) (100 %)
Alliance Cooperation
SpareBank 1 SpareBank 1 SpareBank 1
Medlemskort Gruppen Finans Skadeforsikring Broad cooperation
(100 %) (100 %) (100 %)
- Technology
- Brand/communication
- Expertise
UNISON - Joint processes and best practice
Conecto
(100 %) - Purchasing
(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
31

32. SpareBank 1 Gruppen
Profit for 2010
Year
Figures in MNOK 2010 2009*
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 350.4 392.2
- SpareBank 1 Skadeforsikring Group 641.1 621.1
- ODIN Forvaltning 64.6 42.1
- Argo Securities -57.6 -48.9
- SpareBank 1 Medlemskort 11.1
11 1 12.1
12 1
- SpareBank 1 Gruppen Finans Group 8.6 22.5
- Correction Group 17.6 4.8
Net result before tax from subsidiaries 1,036.0 1,046.0
Total operating costs (parent company) ** -7.6 -54.1
Net investment charges (parent company)
N i h ( ) -43.2
43 2 -36.3
36 3
Gains from sale of companies 0.0 29.2
Share of associated company 0.0 10.8
Pre- tax result 985.1 995.5
Taxes -153.6 -260.5
Net result for the period 831.6 735.1
Majority interest 841.0 743.9
Minority interest -9.5 -8.8
Year
Key figures 2010 2009
Annualised return on equity 18.7 % 18.1 %
* Comparison figures for 2009 have been restated and do not include the Bank 1 Oslo Group.
** MNOK 43 was recognised as income in Q3 2010 in connection with employer's National Insurance contributions associated with a ten year-old court case that
as ecognised ith emplo e 's Ins ance cont ib tions ith ea old co t
SB1 Gruppen AS had previously covered on behalf of First Securities
32

33. SpareBank 1 Gruppen
Quarterly results
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Figures in MNOK 2010 2010 2010 2010 2009 2009 2009 2009
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 72.5 85.8 100.3 91.9 81.0 81.2 205.6 24.4
- SpareBank 1 Skadeforsikring Group
p g p 307.5 253.9 43.4 36.3 115.3 272.8 184.9 48.1
- ODIN Forvaltning 16.5 17.0 16.7 14.4 24.0 16.0 9.6 -7.5
- Argo Securities -24.0 -29.0 -1.9 -2.7 -9.5 -14.6 -11.9 -12.9
- SpareBank 1 Medlemskort 1.9 2.7 3.3 3.4 0.7 1.8 4.1 5.6
- SpareBank 1 Gruppen Finans Group 6.6 -4.9 7.0 -0.1 2.3 3.9 11.0 5.3
- Correction Group -6.3 -7.4 16.3 15.1 -8.6 12.0 -6.0 7.4
Net result before tax from subsidiaries 374.6
374 6 318.1
318 1 185.1
185 1 158.2
158 2 205.2
205 2 373.1
373 1 355.4
355 4 112.3
112 3
Total operating costs (parent company) -16.5 40.7 -11.9 -20.0 -15.5 -13.2 -12.1 -13.3
Net investment charges (parent company) -15.6 -11.4 -9.3 -6.9 -9.8 -2.1 -7.0 -17.3
Gains from sale of companies 0.0 0.0 0.0 0.0 0.0 0.0 29.2 0.0
Share of associated company 0.0 0.0 0.0 0.0 -2.8 0.0 8.4 5.1
Pre- tax result 342.5 347.4 163.9 131.3 177.2 357.7 373.8 86.8
Taxes -18.5
18 5 -88.4
88 4 -8.3
83 -38.5
38 5 -9.3
93 -27.3
27 3 -131.4
131 4 -92.5
92 5
Net result for the period 324.0 259.1 155.6 92.8 167.9 330.4 242.4 - 5.7
Majority interest 327.9 263.9 155.9 93.3 169.6 333.1 244.6 -3.4
Minority interest -3.9 -4.8 -0.3 -0.5 -1.7 -2.6 -2.1 -2.3
33

34. SpareBank 1 Livsforsikring
Profit for 2010
Q4 Q3 Q2 Q1 Q4 Year
Figures in MNOK 2010 2010 2010 2010 2009 2010 2009
Insurance risk income 328.3 327.3 321.7 315.3 301.6 1,292.6 1,220.6
Insurance risk claims -266.2 -250.1 -213.4 -209.3 -218.9 -939.0 -829.4
Risk result 62.1 77.1 108.3 106.0 82.7 353.6 391.2
Tecnical allocations 3.2 -5.5 -11.6 -14.2 -7.8 -28.2 -38.9
Risk result after tecnical allocations 65.3 71.6 96.7 91.8 74.9 325.4 352.3
Fees 166.5 161.1 164.1 146.3 140.1 637.9 563.2
Expenses, exclusive comissions -166.6 -147.0 -144.5 -131.2 -150.0 -589.2 -554.7
Comissions -61.6 -58.7 -59.4 -55.9 -57.3 -235.6 -201.6
Administration result
Ad i i t ti lt -61.7
61 7 -44.6
44 6 -39.8
39 8 -40.8
40 8 -67.2
67 2 -186.9
186 9 -193.1
193 1
Net investment income 177.0 177.0 234.0 176.3 237.0 764.3 1,002.4
Guaranteed interest to policyholders -128.2 -106.3 -105.5 -107.0 -111.8 -447.0 -445.0
Investment result 48.7 70.8 128.5 69.3 125.2 317.3 557.4
Reserves -9.3 -12.0 -12.0 -12.0 -74.5 -45.3 -74.5
Investment result after reserves 39.5 58.8 116.5 57.3 50.7 272.0 482.9
Compensation guaranteed interest 7.5 7.5 9.7 5.2 3.7 29.9 14.6
Result before additional provisions 50.6 93.2 183.1 113.6 62.1 440.4 656.7
Allocation to additional provisions -125.3 0.0 0.0 0.0 28.9 -125.3 -127.9
Transferred to policyholders 124.7 -39.6 -79.3 -42.2 -50.2 -36.3 -209.5
Return on company's assets 22.6 32.1 -3.5 20.5 40.3 71.6 73.0
Net profit to owner before tax 72.5
72 5 85.8
85 8 100.3
100 3 91.9
91 9 81.0
81 0 350.4
350 4 392.2
392 2
Taxes -17.5 -24.9 -17.8 0.0 0.0 -60.2 0.0
Net profit/loss for the period 55.0 60.9 82.5 91.9 81.0 290.2 392.2
Key figures Year
2010 2009
Capital adequacy ratio 19.3 % 19.0 %
Buffer capital in % of insurance provisions after allocation of profits 14.6 % 11.7 %
Buffer capital in % of insurance provisions 17.9 % 15.1 %
The company's accounts did not show the tax cost in 2009 since the tax benefit was not included in accordance with the IAS 12 accounting standard. The company's
tax cost in 20 0 amounted to MNOK 60 2 Calculations according to the tax exemption model entailed a reduction in tax cost of MNOK 38.1, as compared to a
2010 d O 60.2. C l l d h d l l d d f O 38 d
calculation using 28 % tax charge
34

35. SpareBank 1 Livsforsikring
Profits by portfolio for 2010
Previously
Group established Investment choice Company
Figures in MNOK portfolio individual products portfolio portfolio Total
Risk result 323.3 2.9 -0.7 0.0 325.5
Administration result 17.6 -61.8 -142.7 0.0 -186.9
Net investment result 208.3 105.0 2.2 1.9 317.3
Reserves - long life 0.0 -45.3 0.0 0.0 -45.3
Compensation interest guarantee 29.9 0.0 0.0 0.0 29.9
Transferred to policyholders -160.5 -0.9 -0.3 0.0 -161.7
Return on company's assets 0.0 0.0 0.0 71.6 71.6
Sum 418.5 0.0 -141.7 73.5 350.4
35

36. SpareBank 1 Livsforsikring
Premium income trends
Q4 Q3 Q2 Q1 Q4 Year
Figures in MNOK 2010 2010 2010 2010 2009 2010 2009
Individual annuity and pension insurance 79.8 68.6 83.1 75.2 77.5 306.7 269.6
Individual endowment insurance 133.7 129.5 128.9 126.9 125.5 519.1 486.7
Group pension insuranc e 120.0 105.4 72.1 252.1 87.2 549.5 564.1
Individual life insurance 47.1 46.1 45.4 44.5 43.9 183.1 171.0
Group life insurance 122.0 130.1 125.8 209.8 118.1 587.7 575.0
Unit Linked - Annuity 11.6 10.4 10.8 13.7 14.0 46.6 47.9
Unit Linked - Endowment 68.8 53.9 55.4 59.0 69.6 237.0 258.3
Defined contribution pension 223.0 224.6 216.6 200.0 184.7 864.2 753.7
Total gross due premium income 805.9 768.6 737.9 981.3 720.5 3,293.8 3,126.4
Premium reserves transferred from other companies 126.4 64.8 80.5 80.8 45.0 352.5 285.4
Reinsurance ceded -32.3 -34.2 -42.0 -43.5 -39.0 -152.0 -157.7
Premium income for own account 900.0 799.2 776.4 1,018.6 726.5 3,494.2 3,254.1
36

37. SpareBank 1 Livsforsikring
Asset allocation by portfolio
As at 31.12.2010 (31 12 09)
31 12 2010 (31.12.09)
Group portfolio Company portfolio Investment choice portfolio
0.1 (0.1) %
34.8 (34.2) % 14.8 (14.5) %* 39.0 (31.5) %
50.1 (48.7) % 17.0 (19.4) %
7.1 (5.2) %
21.5 (21.7) % 21.7 (17.0) %
21.8 (24.3) %
11.1 (14.7)
11 1 (14 7) % 0.0 (7.1) % 61.0 (61.4)
61 0 (61 4) %
Stocks Other
Real estate Bonds held to maturity Stocks Other
Bonds Real estate Bonds held to maturity Stocks Other Bonds
Bonds
NOK 16.0 (15.5) billion NOK 2.8 (2.5) billion NOK 6 (5.6) billion
O 6.7 ( 6) billi
* The reduction came as a result of reducing shareholding in Group Pension Insurance to 10 % in 1st half-year 2010
37

38. SpareBank 1 Livsforsikring
Return on ordinary customer portfolio with guarantee
R t di t tf li ith t
Norwegian shares 20.5
Foreign shares 12.5
Money market 2.5
Norwegian bonds 4.9
Foreign bonds 6.9
Held to maturity 5.4
Real estate 10.0
38

39. SpareBank 1 Livsforsikring
Booked return on customer portfolios with guarantee
Q3 Q4 Q3 Q4 Q3 Q4 Q3 Q4
2010 2010 2010 2010 2010 2010 2010 2010
6.2
5.2
4.9 4.8
4.0
40
3.8
3.2 3.1
SpareBank 1 Storebrand Vital Nordea
39 Source: company presentations

40. SpareBank 1 Livsforsikring
Balance sheet for 2010
Year
Figures in MNOK 2010 2009
Intangible assets 42 38
Investments 2,862 2,498
Reinsurance s
Reinsurance's part of insurance obligations 221 221
Accounts receivable 153 90
Other assets 335 241
Prepayed liabilities and accrued income 0 0
Investments group portfolio 16,169 15,629
Investments options portfolio 6,701
6 701 5,576
5 576
Total assets 26,483 24,294
Paid in capital 1,602 1,243
Other equity 386 397
Subordinated loan capital 400 525
Insurance obligations - contractual
I bli ti t t l 16,127
16 127 15,513
15 513
Insurance obligations - investment options 6,805 5,658
Provisions for obligations 144 88
Premium deposits from reinsurance companies 134 129
Other obligations 764 658
Accrued liabilities, prepaied income 120 83
Total liabilities and equity 26,483 24,294
40

41. SpareBank 1 Skadeforsikring
Profit for 2010
Q4 Q3 Q2 Q1 Q4 Year
Figures in MNOK 2010 2010 2010 2010 2009 2010 2009
Gross written premium 1,175.6 1,059.1 1,171.9 1,325.2 1,004.4 4,731.8 4,271.2
Net earned premium 1,135.1 1,077.0 1,007.0 965.4 983.1 4,184.4 3,814.3
Net incurred claims -869.2 -722.7 -764.0 -852.5 -735.8 -3,208.5 -2,813.1
Net insurance operating costs -269.6 -244.1 -171.8 -195.1 -243.8 -880.6 -858.0
Other insurance income/costs 115.4 17.4 -0.5
0.5 -0.4
0.4 1.0 132.0 0.8
Changes in other technical reserves 11.4 -6.3 4.6 29.9 -6.3 39.6 -27.5
Operating result before finance 123.0 121.3 75.3 -52.8 -1.9 266.9 116.6
Net financial income 201.1 149.0 -15.0 97.6 128.1 432.7 532.6
Other costs 0.0 -0.7 -1.0 -1.0 -1.1 -2.7 -5.8
Result before changes in security reserve 324.1 269.7 59.4 43.8 125.1 696.9 643.3
Changes in security reserve -16.5 -15.8 -15.9 -7.5 -9.8 -55.8 -22.2
Pre-tax profit 307.5 253.9 43.4 36.3 115.3 641.1 621.1
Taxes 0.7 -54.0 -12.2 5.4 6.3 -60.1 -118.1
Net profit/loss for the period 308.2 199.9 31.2 41.7 121.7 581.1 503.0
Key figures Q4 Q3 Q2 Q1 Q4 Year
Figures in percentage 2010 2010 2010 2010 2009 2010 2009
Claims ratio, net 76.6 % 67.1 % 75.9 % 88.3 % 74.8 % 76.7 % 73.8 %
Cost ratio, net 23.8 % 22.7 % 17.1 % 20.2 % 24.8 % 21.0 % 22.5 %
Combined ratio net
ratio, 100.3
100 3 % 89.8
89 8 % 92.9
92 9 % 108.5
108 5 % 99.6
99 6 % 97.7
97 7 % 96.2
96 2 %
Capital adequacy ratio 32.5 % 34.2 %
41

42. SpareBank 1 Skadeforsikring
Allocation of financial assets
As at 31.12.2010 (31.12.09)
65.6 (64.3) %
Bonds held as current assets
Bonds held to maturity 11.1 (11.0) %
Real state
Stocks
Bank
Hedgefond 14.1 (14.4) %
0.1 (0.3) %
0.0 (2.9) % 9.1 (7.1) %
NOK 8.5 (8.2) billion
42

43. ODIN Forvaltning
Profit for 2010
Q4 Q3 Q2 Q1 Q4 Year
Figures in MNOK 2010 2010 2010 2010 2009 2010 2009
Management fees
g 82.0 78.0 79.6 78.3 74.5 317.9 244.8
Subscription and redemption fees 0.0 0.0 0.0 0.0 6.8 0.0 25.9
Total operating income 82.0 78.0 79.6 78.3 81.4 317.9 270.7
Salaries 27.3 27.1 24.1 25.6 27.0 104.2 88.1
Depreciations 3.6 3.6 3.7 3.9 4.0 14.8 16.0
Other operating costs 36.3
36 3 31.1
31 1 35.8
35 8 34.6
34 6 33.6
33 6 137.8
137 8 124.2
124 2
Total operating costs 67.2 61.9 63.6 64.1 64.6 256.8 228.3
Operating profit 14.8 16.2 16.0 14.2 16.8 61.1 42.4
Net financial income 1.7 0.9 0.7 0.3 7.2 3.6 -0.3
Pre-tax profit 16.5 17.0 16.7 14.4 24.0 64.6 42.1
Taxes
T 6.1
61 4.7
47 4.6
46 3.9
39 8.5
85 19.3
19 3 13.5
13 5
Net profit/loss for the period 10.4 12.3 12.1 10.5 15.5 45.3 28.6
43

44. Effect realisation from profitability project Delta
(does not include Bank 1 Oslo)
Realisation of profit effects over time Realisation of staffing consequences over time
(MNOK, cumulative annual effect) (fulltime equivalents, cumulative)
400
156
361 147
Planned
Realised effects
Planned 286 116
Realised effects 262
105
92
76
148
79
29
24
16 21
1H 2009 2H 2009 1H 2010 2H 2010
1H 2009 2H 2009 1H 2010 2H 2010
A completed measure qualifies for full annual effect. A large part of the reduction in fulltime equivalents
This method ensures focus on implementation comes from natural reduction in the use of
temporary staff
44

45. The Delta project:
Slightly smaller staff reductions than estimated. This is due to changes in the order in
which measures were implemented, meaning that measures entailing further staff
implemented
cutbacks will be made after completion of the project
Results of implemented measures per company (FTEs)
156
147 -9
Planned
Effect of implemented measures
101
85
48 49
13
7
Liv Skade Gruppen Totalt Delta
A large part of the reduction in fulltime equivalents comes from natural reduction in the use of temporary staff
45

46. EFFECT REALISATION FROM PROFITABILITY PROJECT
SUB-PROJECT SpareBank 1 Livsforsikring FINAL REPORT 2010
Profit effects realised by quarter Realised staff reduction by quarter
(MNOK) (annual fulltime equivalents)
101
225
Planned Planned
94 94
Effect of implemented measures Effect of implemented measures
85
191
79 78 78
172
166 162 71
68 68
150
137
119 50
86
66
25 24
20
43
18 18
13
Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10
46

47. EFFECT REALISATION FROM PROFITABILITY PROJECT
SUB-PROJECT SpareBank 1 Skadeforsikring FINAL REPORT 2010
Profit effects realised by quarter Realised staff reduction by quarter
(MNOK) (annual fulltime equivalents)
94 49
48 48 48
Planned Planned
84 Effect of implemented measures
Effect of implemented measures
79 80
57
47
37
31 18
15 15
22
16 10
9
6
7 4
2 2
Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10 Q2-09 Q3-09 Q4-09 Q1-10 Q2-10 Q3-10 Q4-10
47