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Download presentation from press conference on 10th of February 2010. Last ned presentasjonen for SpareBank 1 Gruppen AS - Årsresultat 2009.
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Preliminary accounts for 2009
Presentation of results from SpareBank 1 Gruppen
Kirsten Idebøen, CEO
10 February 2010
22
Highlights
• Historically strong annual profit before tax for the Group SpareBank 1 Gruppen, including SpareBank 1 Livsforsikring, SpareBank 1 Skadeforsikring and Bank 1 Oslo
• The profitability project Delta is on schedule
• SpareBank 1 Skadeforsikring AS has bought Skandia Lifeline Norge’s entire health insurance business from Skandia Insurance Company Ltd with a 15 % market share
• Bank 1 Oslo AS is being spun off from SpareBank 1 Gruppen and is now owned directly by the SpareBank 1 banks (90 %) and the Norwegian Confederation of Trade Unions LO (10 %) with effect from 1 January 2010
33
Historically strong annual pre-tax profit
• Pre-tax profit for the year was MNOK 1,192 (-732). Profit in Q4 of MNOK 218 (-1,046)
• Profit after tax for 2009 was MNOK 881 (-858)
• Return on equity capital in 2009 of 17.1 % (-16.3 %)
• At year-end, total assets were NOK 61.4 billion, up NOK 5.0 billion from 31.12.08
• Core and capital adequacy ratio of 11.6 % and 16.1 % at 31.12.09, compared with 9.4 % and 12.6 % at year-end 2008
Pre-tax profit group per quarter
100
350
197
441
17
432
236
100
353
218240
-200
-100
0
100
200
300
400
500
2007 2008 2009
MN
OK
-1 046-1 200
-1 000
-800
-600
-400
-200
0
200
400
600
2007 2008 2009
Resultat før skatt 1. kvartal Resultat før skatt 2. kvartal
Resultat før skatt 3. kvartal Resultat før skatt 4. kvartal
-1,200
-1,000
-800
-600
-400
-200
0
200
400
600
2007 2008 2009
Pre-tax profit - Q1 Pre-tax profit - Q2
Pre-tax profit - Q3 Pre-tax profit - Q4
,
44
218115
-991
3
392
197
42
621
-1,200
-1,000
-800
-600
-400
-200
0
200
400
600
800
Ba
nk
1O
slo
ko
ns
ern
SB
1S
ka
de
fors
.
OD
IN
MN
OK
Pre-tax profit - year 2008
Pre-tax profit - year 2009
Record-high pre-tax profit for life insurance, P&C insurance and banking
• Overall profit before tax for the subsidiaries in 2009 was MNOK 1,243 (-637). Profit in Q4 of MNOK 247 (-1,009)
• Strong investment and risk results in the insurance company. Substantially strengthened buffer capital. Very strong value adjusted return and recognised return
• Very good financial return and strong portfolio growth in the P&C insurance company
• Increasing assets under management in ODIN Forvaltning
• High net interest income and good financial income for Bank 1 Oslo
Pre-tax profit / loss in subsidiaries
SB
1L
ivs
fors
.
55
SpareBank 1 Gruppen group
Profit/loss for 2009Q4 Q3 Q2 Q1 Q4
Figures in MNOK 2009 2009 2009 2009 2008 2009 2008
Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 81.0 81.2 205.6 24.4 -647.6 392.2 -990.5 - Additional provisions recognised as income in consolidated accounts 0.0 0.0 -42.0 42.0 -307.7 0.0 0.0 - SpareBank 1 Skadeforsikring 115.3 272.8 184.9 48.1 -19.3 621.1 217.7 - Bank 1 Oslo group 41.2 74.7 67.6 13.1 -57.1 196.6 3.1 - ODIN Forvaltning 24.0 16.0 9.6 -7.5 30.0 42.1 115.2 - Argo Securities -6.9 -14.6 -11.9 -12.9 -4.0 -46.3 -4.0 - SpareBank 1 Medlemskort 1.2 1.8 4.1 5.6 -0.3 12.6 12.1 - SpareBank 1 Gruppen Finans Holding 1.8 3.9 11.0 5.3 4.7 22.1 15.4 - Correction subsidiaries - pro forma IFRS -10.6 12.0 -6.0 7.4 -7.4 2.8 -5.6Net result before tax from subsidiaries 247.0 447.8 423.0 125.4 -1,008.6 1,243.1 -636.6Total operating costs (parent company) -15.5 -13.2 -12.1 -13.3 -16.3 -54.1 -47.8Net investment charges (parent company) -10.5 -2.1 -7.0 -17.3 -15.4 -37.0 -67.8Gains from sale of companies 0.0 0.0 29.2 0.0 -0.6 29.2 21.1Share of associated company -2.8 0.0 8.4 5.1 -3.7 10.7 17.7Net result before amortisation 218.1 432.4 441.4 99.9 -1,044.6 1,191.9 -713.4Amortisation 0.0 0.0 0.0 0.0 -1.3 0.0 -18.2Pre-tax result 218.1 432.4 441.4 99.9 -1,046.0 1,191.9 -731.6Taxes -34.7 -30.9 -150.7 -94.8 -33.3 -311.1 -126.2Net result for the period 183.4 401.5 290.7 5.2 -1,079.3 880.7 -857.7
Majority interest 184.6 404.1 292.9 7.5 -1,078.9 889.1 -858.1Minority interest -1.2 -2.6 -2.1 -2.3 -0.4 -8.3 0.4
Year
66
Bank 1 OsloHistoric annual profit with high net interest income and good financial income
77
Bank 1 Oslo (group)Historic annual profit with high net interest income and good financial income
• Pre-tax profit of MNOK 197 (3) in 2009. Result for Q4 was MNOK 41 (-57)
• Profit growth is attributable to higher income from financial investments and higher net interest income
• Losses on loans MNOK 123 (65) in 2009, of which MNOK 32 (50) in Q4
• Gross commitments in default and doubtful commitments amounted to 2.1 % (1.9 %) of gross lending at 31.12.09
• Pre-tax profit from EiendomsMegler 1 Oslo & Akershus of MNOK 7 (-55)
Pre-tax profit per quarter
27 32
13
33 3439
75
32
-57
41
68
-6
-80
-60
-40
-20
0
20
40
60
80
100
2007 2008 2009
MN
OK
Pre-tax profit - Q1 Pre-tax profit - Q2Pre-tax profit - Q3 Pre-tax profit - Q4
88
Bank 1 Oslo (parent bank)
Higher net interest income in second half-year
• Lending growth incl. Boligkreditt of 11.6 % in 2009, of which RM rose by 15.3 % and CM by 2.6 %
• Net interest income of MNOK 408 (388) in 2009. In Q4 net interest income was MNOK 119 (90)
• Net interest income at 31.12.09 of 1.59 % (1.71 %)
Netto renteinntekter og rentenetto
96.7 95.9105.3
89.9 88.8 89.9
110.6119.0
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
Q12008
Q22008
Q32008
Q42008
Q12009
Q22009
Q32009
Q42009
MN
OK
1.0 %
1.1 %
1.2 %
1.3 %
1.4 %
1.5 %
1.6 %
1.7 %
1.8 %
1.9 %
2.0 %
Net interest income Net interest income measuredagainst average total assets
99
2.21 %2.31 %
2.09 %
-0.13 %
0.11 %
0.88 %0.86 %0.87 % 0.77 %0.84 %
1.42 %
2.32 %
0.91 %1.05 %1.10 %
1.23 %1.35 %
1.49 %
1.22 %1.34 %1.36 %
0.68 %
-0.35 %
0.44 %
10,000
12,000
14,000
16,000
18,000
20,000
22,000
Q12007
Q22007
Q32007
Q42007
Q12008
Q22008
Q32008
Q42008
Q12009
Q22009
Q32009
Q42009
-0.50 %
0.00 %
0.50 %
1.00 %
1.50 %
2.00 %
2.50 %
Lending Spread for ordinarylending to customers
Spread for depositsfrom customers
Bank 1 Oslo (parent bank)
Improved deposit margin in second half-year
The reference interest rate used in the margin calculation is 3 months NIBOR
MN
OK
1010
Bank 1 Oslo (parent bank)
Greater losses on loans compared with last year – loss as percentage of gross lending 0.59 %
MNOK Individual write-downs
Group write-downs
Net write-offs and incomings
on previous write-offs
Total loss on loans
Total loss on loans Q4
-50.2-52.3-65.13.5-16.3 -32.3-123.2-35.0-65.9 -22.3
-140.0
-120.0
-100.0
-80.0
-60.0
-40.0
-20.0
0.0
20.0
2008 2009
1111
Bank 1 Oslo (group)
Increased commission and financial income
• Income from financial investments was MNOK 137 (-66) in 2009
– Bond portfolio: MNOK 50 (-15)– Shares and primary capital
certificates: MNOK 72 (-59)
• Net commission and other income of MNOK 305 (255) for 2009
– Commission income from real estate agency up 34.6 % to MNOK 127 (94)
Other income per quarter
-40
-20
0
20
40
60
80
100
120
140
Q12008
Q22008
Q32008
Q42008
Q12009
Q22009
Q32009
Q42009
MN
OK
Guarantee commissions/othersReal estate agency commissionRevenue from financial investmentsPayments systemCommission revenues from insurance and savings
1212
EiendomsMegler 1 – back on top
Source: Dagens Næringsliv. Tuesday 26 January
Market share Market shareGrowth 2009 2008
PRIVATmegleren 3 % 13 % 10 %EiendomsMegler 1 2 % 9 % 7 %OBOS 2 % 8 % 6 %Ihus 1 % 6 % 5 %DnB NOR 1 % 15 % 14 %Fokus Krogsveen 0 % 9 % 9 %Ring 0 % 4 % 4 %Postbanken 0 % 3 % 3 %Nordvik og partn 0 % 1 % 1 %Aktiv -1 % 12 % 13 %
1313
SpareBank 1 LivsforsikringHistoric annual profit with strong investment and risk results
1414
SpareBank 1 Livsforsikring
Historic annual profit with strong investment and risk results
• Pre-tax profit was MNOK 392 (-1.039) for 2009. Profit of MNOK 81 (-696) in Q4
• Positive development in net risk result: MNOK 352 (210) to date this year
• The investment profit was MNOK 557 (-906) for 2009 and MNOK 125 (-573) in Q4
• Total assets as at 31.12.09 were NOK 24.3 billion, up 14.5 % from 31.12.08
Pre-tax profit per quarter
44
206
-335
81
-648
24
-52
93129111 81
47
-700-600
-500-400
-300-200-100
0100
200300
2007 2008 2009
MN
OK
Pre-tax profit/loss - Q1 Pre-tax profit/loss - Q2Pre-tax profit/loss - Q3 Pre-tax profit/loss - Q4
1515
SpareBank 1 Livsforsikring
Strengthened buffer capital in the life insurance company
• Core capital and capital adequacy ratio of 16.1 % and 19.0 % at 31.12.09, compared with 11.2 % and 14.3 % the previous year
• Buffer capital after application of the profit for the year was 11.7 % (5.8 %)* at 31.12.09
• Estimated solvency margin at the end of 2009 was 264 % (223 %)
• Additional provisions amounted to MNOK 289 (172) at year-end 2009
• The securities adjustment reserve was MNOK 327 (0) at 31.12.09
Growth in buffer capital
*) Buffer capital incl. profit for the year was 15.1 % (5.8 %)
11.7 %
6.0 %
11.7 %
5.8 %
5.8 %
13.7 %
-4 %
-2 %
0 %
2 %
4 %
6 %
8 %
10 %
12 %
14 %
16 %
Q32008
Q42008
Q12009
Q22009
Q32009
Q42009
Pe
rce
nt
Securities adjustment reserveAdditional provisionsInterim profitCore capital in excess of minimum
1616
Investment choice portfolio
Stocks Other Bonds
Company portfolio
Stocks OtherReal estate Bonds held to maturityBonds
Group portfolio
Stocks OtherReal estate Bonds held to maturityBonds
SpareBank 1 Livsforsikring Rising shareholding in the group portfolio
NOK 15.5 (14.7) billion NOK 2.5 (1.3) billion NOK 5.6 (4.0) billion
At 31.12.2009 *)
34.2 (31.4) %
24.3 (30.3) %
14.5 (12.4) %
21.7 (22.9) %
5.2 (3.0) %
19.4 (1.0) %0.1 (7.3) %
48.7 (26.9) % 14.7 (32.6) %
17.0 (32.2) %
31.5 (28.9) %61.4 (54.4) %
7.1 (16.7) %
* Figures in brackets are as at 31.12.08
1717
SpareBank 1 Livsforsikring
Good value-adjusted return on customer portfolios with
guarantee (excl. change in value construction)
4.7
7.1
3.13.5
6.25.4
9.5
0
1
2
3
4
5
6
7
8
9
10
11
12
SpareBank 1 Storebrand Vital Nordea
Pe
r c
en
t
Q32009
Q42009
Q32009
Q42009
Q32009
Q42009
Q32009
Q42009
NA
Source: company presentations
1818
SpareBank 1 SkadeforsikringHistoric results with high financial return and good portfolio growth
1919
SpareBank 1 SkadeforsikringHistoric results with high financial return and good portfolio growth
• Pre-tax profit was MNOK 621 (218) for 2009. Profit in Q4 of MNOK 115 (-19)
• Net financial income in 2009 was MNOK 535 (37). Financial return at 31.12.09 was 6.6 % (0.5 %)
• The insurance result for 2009 was MNOK 114 (216). In Q4 this was MNOK -2 (72)
• The claims ratio for own account totals 73.8 % (72.1 %) and the combined ratio for own account is 96.2 % (94.0 %) at 31.12.09
• Strong portfolio growth of 6.7 % (2.9 %)
Pre-tax profit per quarter
125121
58
273
115
66 54 48
139
185
134
-19
-50
0
50
100
150
200
250
300
2007 2008 2009
MN
OK
Pre-tax profit - Q1 Pre-tax profit - Q2Pre-tax profit - Q3 Pre-tax profit - Q4
2020
SpareBank 1 Skadeforsikring Major claims in Q1 and Q4 push up combined ratio for own account
Combined ratio for own account per quarter Combined ratio for own account per year
87.2 %89.9 %
94.6 % 96.2 %94.0 %
24.8 %
74.0 % 74.2 %70.3 %
74.1 % 69.7 %79.5 %
73.5 % 67.5 % 74.8 %
23.5 % 20.9 %21.8 % 19.7 % 23.3 %
21.1 %22.1 %
21.9 %
99.6 %
89.3 %95.6 %
100.6 %93.1 %95.1 %93.8 %93.9 %95.9 %
0 %
20 %
40 %
60 %
80 %
100 %
Q42007
Q12008
Q22008
Q32008
Q42008
Q12009
Q22009
Q32009
Q42009
Claims ratio Cost ratio
66.7 %73.8 %72.1 %73.9 %69.3 %
20.7 % 21.9 %20.5 % 20.6 %
22.5 %
0 %
20 %
40 %
60 %
80 %
100 %
2005 2006 2007 2008 2009
Claims ratio Cost ratio
2121
SpareBank 1 Skadeforsikring has bought Skandia Lifeline Norge and is establishing a strong market position in health insurance
• On 23 Dec. 2009 SpareBank 1 Skadeforsikring AS signed a contract to buy Skandia Lifeline Norge’s entire health insurance business from Skandia Insurance Company Ltd.
• This gives the company 20,000 new insurance customers and a market share of 15 % of the Norwegian health insurance market
• The health insurance market has had an annual growth of 46 % from 2003 to 2008, and continued growth is expected in the years to come
• The transaction is subject to approval by the Norwegian and Swedish authorities
2222
ODIN ForvaltningRemoving subscription and redemption fees
2323
ODIN Forvaltning
Removing subscription and redemption fees
• Pre-tax profit was MNOK 42 (115) for 2009. Profit in Q4 of MNOK 24 (30)
• Assets under management rose in 2009 by NOK 8.8 billion to NOK 28.0 billion
• 9 out of 11 self-managed equity funds achieved a better return than their benchmark portfolios on 31.12.09
• Effective from 21 December 09, ODIN has removed subscription and redemption fees. There will only be an annual management fee
Pre-tax profit per quarter
74
29
10
85
2616
74
3024
-7
30
67
-20
0
20
40
60
80
100
2007 2008 2009
MN
OK
Pre-tax profit/loss - Q1 Pre-tax profit/loss - Q2Pre-tax profit/loss - Q3 Pre-tax profit/loss - Q4
2424
Argo SecuritiesThe foundations have been laid
2525
Argo Securities:
The foundations have been laid
• In 2009 Argo Securities (73.25 %) expanded its workforce from 37 to 70 employees and is now a fully fledged brokerage house
• Designed for growth, the company is now taking market shares in a number of areas, as can be seen in the brokerage statistics for January
• The result for 2009 reflects the desire to expand and improve expertise– Pre-tax loss of MNOK -46.3
• The owners and the company are determined to achieve a profit in 2010
Source: Finansavisen Monday 1 February 2010
2626
SpareBank 1 Gruppen Finans Holding groupSolid performance in the first year of operation for the receivables management company
Actor Fordrings-forvaltning
(100% )
Actor Fordrings-forvaltning
(100% )
Actor Portefølje(100% )
Actor Portefølje(100% )
SpareBank 1 Factoring(100% )
SpareBank 1 Factoring(100% )
ActorVerdigjenvinning
(100% )
ActorVerdigjenvinning
(100% )
SpareBank 1 Gruppen Finans
Holding AS(100% )
SpareBank 1 Gruppen Finans
Holding AS(100% )
2727
SpareBank 1 Gruppen Finans Holding groupSolid performance in the first year of operation for the receivables management company
• SpareBank 1 Gruppen Finans Holding group had an overall pre-tax profit of MNOK 22
• Actor Fordringsforvaltning (receivables management) had a pre-tax profit of MNOK 26 (15)
• SpareBank 1 Factoring had a pre-tax profit of MNOK 9 in 2009
– The company increased its market share by 1.4 % to 9.1 %
– The overall factoring market shrank by 13.6 %
• Actor Portefølje (portfolio acquisition) and its subsidiary Actor Verdigjenvinning (debt collection of old claims) had a total loss of MNOK 3 in 2009
– In Q4 the company bought several portfolios that ensure both companies good prospects for 2010
*)
*) In the group result, the profit for the first three months, MNOK 3.2, has been recognised directly in equity
Pre-tax profit for 2009
MNOK
8.9
22.125.8
-1.0-1.9
-5
0
5
10
15
20
25
30
Act
or
Fo
rdri
ng
s-fo
rval
tnin
g
Sp
areB
ank
1F
acto
rin
g
Act
or
Po
rtef
ølje
Act
or
Ver
di-
gje
nvi
nn
ing
Gro
up
2828
The profitability project Delta is ahead of schedule in terms of realisation of profitability effects and staff cutbacks - The 2009 accounts have been charged with restructuring costs of MNOK 70
REALISED EFFECTS AT 31 DECEMBER 2009
Realisation of profitability effects over time (MNOK, cumulative annual rate)
Realisation of staff rationalisation over time (FTEs, cumulative)
• An implemented measure qualifies for full-year effect. This method ensures a focus on implementation
• Of the reduction in FTEs, a large percentage comes from natural wastage and a reduction in the use of temps
• Bank1 is still included in the figures. See the Appendix for figures excluding Bank1
450
332
125
29
182
35
2H 20101H 20102H 20091H 2009
Realised to date
Plan
177
135
82
31
105
36
2H 20101H 20102H 20091H 2009
Realised to date
Plan
2929
SpareBank 1 Gruppen
- well equipped for further growth
3030
Bank. Insurance. And you.
3131
Appendix
3232
SpareBank 1 Alliance
SpareBank 1 Gruppen AS
SpareBank 1SR-Bank (19,5 %)
SpareBank 1SMN
(19,5 %)
SpareBank 1Nord-Norge
(19,5 %)
SparebankenHedmark
(12 %)
SamarbeidendeSparebanker
(19,5 %)
Norwegian Confederation
of Trade Unions (LO) (10 %)
The AllianceSpareBank 1Skadeforsikring AS
(100%)
SpareBank 1Livsforsikring AS
(100%)
ODIN Forvaltning AS
(100%)
Argo Securities AS
(73,25%)
Bank-owned operation:
SpareBank 1 Boligkreditt AS
EiendomsMegler 1
BNbank ASA
SpareBank 1 Oslo & Akershus
SpareBank 1 Gruppen Finans
Holding AS(100%)
SpareBank 1Medlemskort AS
(100%)
Broad alliance - Brands - Technology - Expertise - Shared processes / best practise - Purchasing
Regional centres of expertise - The Payments Sector: Trondheim - Credit: Stavanger - Teaching: Tromsø
SpareBank 1 Factoring AS
(100 %)
Actor Fordrings-forvaltning AS
(100 %)
Actor Portefølje AS
(100 %)
Actor Verdigjenvinning AS
(100 %)
3333
Bank 1 Oslo spun off from SpareBank 1 Gruppen with effect from 1 January 2010
• Bank 1 Oslo will be directly owned by the SpareBank 1 banks (90%) and LO (10%) with the same ownership stake as in SpareBank 1 Gruppen AS
• Establishing a clearer division between production and distribution in SpareBank 1 Alliansen was an important consideration in the decision to change the ownership model for Bank 1 Oslo
• Bank 1 Oslo will continue to be a part of SpareBank 1 Alliansen, which will involve a stronger commitment to the market in Oslo and Akershus
• Estimated effects for SpareBank 1 Gruppen as at 31 December 2009
– Core capital adequacy: +3.3 percentage points
– Capital adequacy: +4.1 percentage points
– Total assets: NOK -25.6 billion.
Products:- Life insurance- P&C insurance- Unit trusts- Securities trading- Receivables management- Factoring- Member cards- etc.
- Banking- Real estate agency- Distribution of products
SpareBank 1 banks LO
90% 10%
SpareBank 1 Gruppen AS
Bank 1 Oslo AS
3434
SpareBank 1 Gruppen group Quarterly results
Q4 Q3 Q2 Q1 Q4 Q3Figures in MNOK 2009 2009 2009 2009 2008 2008
Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 81.0 81.2 205.6 24.4 -647.6 -334.9 - Additional provisions recognised as income in consolidated accounts 0.0 0.0 -42.0 42.0 -307.7 286.8 - SpareBank 1 Skadeforsikring 115.3 272.8 184.9 48.1 -19.3 58.0 - Bank 1 Oslo group 41.2 74.7 67.6 13.1 -57.1 -6.2 - ODIN Forvaltning 24.0 16.0 9.6 -7.5 30.0 25.7 - Argo Securities -6.9 -14.6 -11.9 -12.9 -4.0 0.0 - SpareBank 1 Medlemskort 1.2 1.8 4.1 5.6 -0.3 4.2 - SpareBank 1 Gruppen Finans Holding 1.8 3.9 11.0 5.3 4.7 3.6 - Correction subsidiaries - pro forma IFRS -10.6 12.0 -6.0 7.4 -7.4 -3.3Net result before tax from subsidiaries 247.0 447.8 423.0 125.4 -1,008.6 33.8Total operating costs (parent company) -15.5 -13.2 -12.1 -13.2 -16.3 -8.8Net investment charges (parent company) -10.5 -2.1 -7.0 -17.4 -15.4 -15.9Gains from sale of companies 0.0 0.0 29.2 0.0 -0.6 21.7Share of associated company -2.8 0.0 8.4 5.1 -3.7 0.9Net result before amortisation 218.1 432.4 441.4 99.9 -1,044.6 31.6Amortisation 0.0 0.0 0.0 0.0 -1.3 -14.2Pre-tax result 218.1 432.4 441.4 99.9 -1,046.0 17.4Taxes -34.7 -30.9 -150.7 -94.8 -33.3 -7.0Net result for the period 183.4 401.5 290.7 5.2 -1,079.3 10.4
Majority interest 184.6 404.1 292.9 7.5 -1,078.9 10.2Minority interest -1.2 -2.6 -2.1 -2.3 -0.4 0.3
3535
Bank 1 Oslo (group)Profit/loss for 2009
Q4 Q3 Q2 Q1 Q4Figures in MNOK 2009 2009 2009 2009 2008 2009 2008
Net interest income 119.5 110.2 89.7 88.5 91.6 407.9 391.7Other operating income 99.7 130.7 125.8 87.0 43.4 443.2 188.4Operating costs 145.7 135.3 123.0 127.4 141.9 531.4 511.9Operating result before losses 73.5 105.6 92.6 48.0 -6.9 319.8 68.1Net loan loss provisions 32.3 30.9 25.0 34.9 50.2 123.2 65.1Pre-tax operating profit 41.2 74.7 67.6 13.1 -57.1 196.6 3.1Taxes 5.9 14.1 8.9 2.2 -1.5 31.1 15.4Net profit/ loss for the period 35.3 60.6 58.7 10.9 -55.6 165.5 -12.3
Key figures Q4 Q3 Q2 Q1 Q4Figures in percentage 2009 2009 2009 2009 2008 2009 2008Net interest margin 1.82 % 1.71 % 1.41 % 1.41 % 1.48 % 1.59 % 1.73 %Cost/ income ratioexcl. equity investment portfolio (parent bank) 63.5 % 65.1 % 74.5 % 70.9 % 79.3 % 68.1 % 70.2 %Cost/ income ratioincl. equity investment portfolio 66.5 % 56.2 % 57.0 % 72.6 % 104.5 % 62.4 % 88.3 %Return on equity (parent bank) 14.7 % 0.2 %Return on equity 15.7 % -1.5 %Deposit coverage ratio 69.8 % 77.0 %Capital adequacy ratio (parent bank) 12.1 % 8.0 %Core capital adequacy ratio (parent bank) 9.1 % 7.9 %
Year
Year
3636
165.8 162.7113.1
246.1
400.6459.2
358.0416.7 439.6
214.0
% 1. kv 2008
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
Q32007
Q42007
Q12008
Q22008
Q32008
Q42008
Q12009
Q22009
Q32009
Q42009
MNOK
-
0.5
1.0
1.5
2.0
2.5
Total non-performing loans
as % of gross loans
Bank 1 Oslo (parent bank)Stable development in non-performing loans in 2009, but higher than in 2008
Percent
Non-performing loans = Total of overdue claims over 90 days and impaired non-overdue claims over 90 days
3737
Bank 1 Oslo (parent bank) Stable development in non-performing loans
102.3 104.763.8
178.7
283.1349.4
233.9308.7 303.0
63.6
67.4
117.5
109.8
124.1
108.0 136.6
157.1
57.0
49.3
58.0
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
400.0
450.0
500.0
Q32007
Q42007
Q12008
Q22008
Q32008
Q42008
Q12009
Q22009
Q32009
Q42009
MN
OK
Corporate market Retail market
3838
SpareBank 1 Livsforsikring Profit/loss for 2009
*
* 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 158 year-to-date is included in SpareBank 1 Gruppen’s consolidated tax
Q4 Q3 Q2 Q1 Q4Figures in MNOK 2009 2009 2009 2009 2008 2009 2008 Insurance risk income 301.6 303.9 304.7 310.4 290.8 1,220.6 1,159.5 Insurance risk claims -218.9 -208.0 -190.7 -211.8 -207.5 -829.4 -895.7Risk result 82.7 95.9 114.0 98.6 83.3 391.2 263.9 Tecnical allocations -7.8 -8.5 -10.9 -11.7 -2.8 -38.9 -53.6Risk result after tecnical allocations 74.9 87.4 103.2 86.9 80.5 352.3 210.2 Fees 140.1 148.2 128.9 146.0 134.3 563.2 559.3 Expenses, exclusive comissions -150.0 -132.7 -132.2 -139.8 -113.6 -554.7 -511.8 Comissions -57.3 -49.7 -47.6 -47.0 -93.8 -201.6 -255.3Administration result -67.2 -34.2 -50.8 -40.9 -73.0 -193.1 -207.8 Net investment income 237.0 241.8 464.4 59.3 -463.2 1,002.4 -468.6 Guaranteed interest to policyholders -111.8 -110.3 -112.9 -110.1 -109.8 -445.0 -436.9I nvestment result 125.2 131.5 351.5 -50.8 -573.0 557.4 -905.6Result before allocations 58.4 184.7 403.8 -4.7 -565.6 642.1 -903.1 Allocation to additional provisions 28.9 -88.6 -68.2 0.0 345.1 -127.9 345.1 Compensation guaranteed interest 3.7 3.7 3.6 3.6 3.8 14.6 13.3 Transferred to policyholders -50.2 -5.1 -145.4 -8.9 7.3 -209.5 5.4 Return on company's assets 40.3 -13.4 11.7 34.4 -486.6 73.0 -499.7Net profit to owner before tax 81.0 81.2 205.6 24.4 -696.0 392.2 -1,038.9 Taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0Net profit/ loss for the period 81.0 81.2 205.6 24.4 -696.0 392.2 -1,038.9
Key figures Year2009 2008
Capital adequacy ratio 19.0 % 14.3 %Buffer capital in % of insurance provisions 15.1 % 5.8 %Buffer capital in % of insurance provisions after allocation of profits 11.7 % 5.8 %
Year
3939
SpareBank 1 Livsforsikring
Return ordinary customer portfolio with guarantee as at 31 December 2009
6.9
70.2
30.2
4.7
6.6
7.5
5.2
0 20 40 60 80
Real estate
Hold to maturity
Foreign bonds
Norwegian bonds
Money market
Foreign shares
Norwegian shares
Percent
4040
SpareBank 1 Livsforsikring
Booked return for customer portfolios with guarantee 2009
3.8
5.4
3.1 3.2
4.94.7
7.1
0
1
2
3
4
5
6
7
8
SpareBank 1 Storebrand Vital Nordea
Pe
rce
nt
NA
Q32009
Q42009
Q32009
Q42009
Q32009
Q42009
Q32009
Q42009
Source: company presentations
4141
SpareBank 1 Livsforsikring Balance sheet as at 31 December 2009
Figures in MNOK 2009 2008 Intangible assets 38 78 Investments 2,498 1,359 Reinsurance's part of insurance obligations 221 211 Accounts receivable 90 394 Other assets 241 322 Prepayed liabilities and accrued income 0 3 Investments group portfolio 15,629 14,808 Investments options portfolio 5,576 4,041Total assets 24,294 21,217 Paid in capital 1,243 1,204 Other equity 397 -67 Subordinated loan capital 525 525 Insurance obligations - contractual 15,513 14,813 Insurance obligations - investment options 5,658 4,080 Provisions for obligations 88 98 Premium deposits from reinsurance companies 129 117 Other obligations 658 372 Accrued liabilities, prepaied income 83 76Total liabilities and equity 24,294 21,217
Year
4242
SpareBank 1 Livsforsikring Growth in premium income
Q4 Q3 Q2 Q1 Q4 YearFigures in MNOK 2009 2009 2009 2009 2008 2009 2008 Individual annuity and pension insurance 77.5 64.1 65.3 62.8 61.4 269.6 224.7 Individual endowment insurance 125.5 121.7 120.3 119.2 116.6 486.7 462.4 Group pension insurance 87.2 109.4 94.1 273.4 125.9 564.1 771.8 Individual life insurance 43.9 43.1 42.3 41.7 41.3 171.0 163.0 Group life insurance 118.1 128.7 116.1 212.1 122.1 575.0 572.4 Unit Linked - Annuity 14.0 11.2 10.8 11.8 19.3 47.9 47.7 Unit Linked - Endowment 69.6 67.8 76.4 44.6 47.0 258.3 225.7 Defined contribution pension 184.7 185.2 193.0 190.9 171.2 753.7 674.6Total gross due premium income 720.5 731.1 718.3 956.5 704.7 3,126.4 3,142.3 Premium reserves transferred from other companies 45.0 90.9 83.8 65.7 77.7 285.4 469.9 Reinsurance ceded -39.0 -39.0 -40.0 -39.7 -39.8 -157.7 -238.6Premium income for own account 726.5 783.0 762.1 982.4 742.6 3,254.1 3,373.6
4343
SpareBank 1 LivsforsikringProfit/loss per portfolio as at 31 December 2009
Figures in MNOKGroup
portfolio
Previouslyestablished
individual productsInvestment choice
portfolioCompanyportfolio Total
Risk result 359.7 -6.0 -1.4 0.0 352.3Administration result 0.0 -49.7 -143.4 0.0 -193.1Net investment result 331.3 224.2 0.0 1.9 557.4Reserves - long life 0.0 -74.5 0.0 0.0 -74.5Compensation interest guarantee 14.6 0.0 0.0 0.0 14.6Transferred to policyholders -267.3 -70.1 0.0 0.0 -337.4Return on company's assets 0.0 0.0 0.0 73.0 73.0Sum 438.2 23.9 -144.7 74.9 392.2
4444
SpareBank 1 Skadeforsikring Profit/loss for 2009
Q4 Q3 Q2 Q1 Q4Figures in MNOK 2009 2009 2009 2009 2008 2009 2008Gross written premium 1,004.4 995.1 1,033.7 1,237.9 917.8 4,271.2 4,044.0Net earned premium 983.1 971.8 940.2 919.2 935.0 3,814.3 3,677.6Net incurred claims -735.8 -655.6 -691.2 -730.5 -652.1 -2,813.1 -2,651.3Net insurance operating costs -243.8 -212.5 -207.6 -194.2 -218.0 -858.0 -804.2Other insurance income/costs 0.5 -4.2 5.7 -3.4 4.4 -1.4 7.5Changes in other technical reserves -6.3 0.1 -13.4 -7.9 2.2 -27.5 -13.9Operating result before finance -2.3 99.7 33.7 -16.7 71.5 114.3 215.8Net financial income 128.6 177.8 158.3 70.1 -74.7 534.8 36.9Other costs -1.1 -1.1 -2.3 -1.3 -1.7 -5.8 -7.2Result before changes in security reserve 125.1 276.4 189.6 52.2 -5.0 643.3 245.5Changes in security reserve -9.8 -3.6 -4.7 -4.1 -14.4 -22.2 -27.8Pre-tax profit 115.3 272.8 184.9 48.1 -19.3 621.1 217.7Taxes -20.7 -59.2 -51.8 -13.5 -25.4 -145.2 -91.8Net profit/loss for the period 94.6 213.5 133.2 34.6 -44.7 475.9 125.9
Key figures Q4 Q3 Q2 Q1 Q4Figures in percentage 2009 2009 2009 2009 2008 2009 2008Claims ratio, net 74.8 % 67.5 % 73.5 % 79.5 % 69.7 % 73.8 % 72.1 %Cost ratio, net 24.8 % 21.9 % 22.1 % 21.1 % 23.3 % 22.5 % 21.9 %Combined ratio, net 99.6 % 89.3 % 95.6 % 100.6 % 93.1 % 96.2 % 94.0 %Capital adequacy ratio 26.5 % 29.2 %
Year
Year
4545
SpareBank 1 Skadeforsikring
Strong portfolio growth of 6.7 % (2.9 %) in 2009
Bestand BM
588634
704
500
550
600
650
700
750
2007 2008 2009
MN
OK
+7.9 %+10.9 %
+2.0 %
+5.8 %
+2.9 %
+6.7 %
Retail Market portfolio Corporate market portfolio Total portfolio
3,1283,191
3,377
3,000
3,100
3,200
3,300
3,400
2007 2008 2009
3,7163,825
4,080
3,5003,6003,7003,8003,9004,0004,1004,200
2007 2008 2009
4646
ODIN Forvaltning Profit/loss for 2009
Q4 Q3 Q2 Q1 Q4Figures in MNOK 2009 2009 2009 2009 2008 2009 2008Management fees 74.5 66.9 57.0 46.3 50.4 244.8 293.6Subscription and redemption fees 6.8 6.1 6.7 6.2 9.2 25.9 42.3Total operating income 81.4 73.0 63.8 52.5 59.6 270.7 336.0Salaries 27.0 23.4 18.5 19.2 23.0 88.1 101.6Depreciations 4.0 4.0 3.9 4.1 3.8 16.0 14.5Other operating costs 33.6 28.0 30.9 31.7 23.2 124.2 134.8Total operating costs 64.6 55.4 53.4 55.0 50.0 228.3 250.9Operating profit 16.8 17.6 10.4 -2.5 9.7 42.4 85.1Net financial income 7.2 -1.7 -0.8 -5.0 20.4 -0.3 30.1Pre-tax profit 24.0 16.0 9.6 -7.5 30.0 42.1 115.2Taxes 4.5 4.4 0.4 0.2 3.8 9.5 27.7Net profit/ loss for the period 19.5 11.5 9.2 -7.7 26.2 32.6 87.5
Year
4747
REALISED EFFECTS PROFITABILITY PROJECT
SUB PROJECT SpareBank 1 Skadeforsikring REPORT DATE 01.02.2010
84
79
47
37
16
2
22
7
Q3-09Q2-09 Q4-10Q1-10Q4-09 Q3-10Q2-10
4949
15
10
4
2
15
9
Q1-10Q4-09Q3-09 Q4-10Q3-10Q2-10Q2-09
Realisation of profitability effects per quarterRealisation of staffing consequences per quarter
(FTEs)
Prognose
Plan
Faktisk realisertRealised year-to date
Prognose
Plan
Faktisk realisertRealised year-to date
4848
REALISED EFFECTS PROFITABILITY PROJECT
SUB PROJECT SpareBank 1 Livsforsikring REPORT DATE 01.02.2010
191
162
150
119
43
1813
81
62
18
Q1-10Q4-09Q3-09Q2-09 Q2-10 Q4-10Q3-10
101
9494
79
68
2420
68
50
25
Q4-10Q3-10Q2-10Q1-10Q4-09Q3-09Q2-09
Realisation of profitability effects per quarterRealisation of staffing consequences per quarter
(FTEs)
Prognose
Plan
Faktisk realisertRealised year-to date
Prognose
Plan
Faktisk realisertRealised year-to date
4949
REALISED EFFECTS PROFITABILITY PROJECT
SUB PROJECT Bank 1 Oslo REPORT DATE 01.02.2010
89
7171
59
46
29
14
44
25
14
Q1-10Q4-09Q3-09Q2-09 Q2-10 Q4-10Q3-10
21
1919
10
777
12
9
7
Q4-10Q3-10Q2-10Q1-10Q4-09Q3-09Q2-09
Realisation of profitability effects per quarterRealisation of staffing consequences per quarter
(FTEs)
Prognose
Plan
Faktisk realisertRealised year-to date
Prognose
Plan
Faktisk realisertRealised year-to date
5050
Strong progress in the profitability project, also without the demerged Bank 1 Oslo
361
262
79
16
138
21
2H 20101H 20102H 20091H 2009
157
116
76
24
92
29
2H 20101H 20102H 20091H 2009
REALISED EFFECTS AS AT 31 DECEMBER 2009 – EXCLUDING BANK 1 OSLO
Realisation of profitability effects Realisation of staffing consequences (FTEs)
Prognose
Plan
Faktisk realisertRealised year-to date
Prognose
Plan
Faktisk realisertRealised year-to date
5151
The 2009 accounts have been charged with restructuring costs of MNOK 70
MNOK
• So far 24 severance packages have been given in the profitability project Delta with a value totaling MNOK 9.5
• The 2009 accounts have been charged with severance packages totaling a value of MNOK 30
26.0
70.0
3.7 2.0
39.0
01020304050607080
Ba
nk
1 O
slo
SB
1L
ivs
fors
.
SB
1S
ka
de
fors
.
Gro
up
Su
m
5252
Assumptions for calculating the pension liability in SpareBank 1 Gruppen
• SpareBank 1 Gruppen shows at all times the market value of the pension liability in the balance sheet
• SpareBank 1 Gruppen applies a new scale K2005
31.12.2009 31.12.2008 31.12.2007
Discount rate 4.40 % 3.80 % 4.80 %
Basic amount adjustment/inflation 4.25 % 3.75 % 4.25 %
Wage adjustment 4.50 % 4.00 % 4.25 %
Expected return on pension funds 5.80 % 5.80 % 5.80 %
AFP early retirement plan 40 % 40 % 40 %
Pension adjustments 2.50 % 1.50 % 2.30 %
Mortality K2005 K2005 K2005
Disability IR2003 IR2003 IR2003
Cancellations4 % below 50
years and 2 %above 50 years
4 % below 50years and 2 %
above 50 years
4 % below 50years and 2 %
above 50 years
5353
Key figures SpareBank 1 Gruppen with subsidiariesFigures in MNOK
Q42009
Q32009
Q22009
Q12009
Q42008
Q32008
Q22008
Q12008
Q42007
Group
Capital adequacy ratio 16.1 % 13.9 % 14.6 % 14.5 % 12.6 % 12.0 % 13.0 % 12.6 % 13.1 %
Core capital adequacy ratio 11.6 % 9.3 % 9.9 % 9.8 % 9.4 % 9.0 % 9.0 % 9.2 % 9.6 %
Net profit acc. 880.7 697.3 295.9 5.2 -857.7 221.5 211.1 63.7 1219.8
Return on equity p.a. 17.1 % 18.6 % 12.3 % 0.6 % -16.1 % 5.8 % 7.9 % 4.7 % 26.2 %
Life insurance
Gross due premium income 720.5 731.1 718.3 956.5 704.7 697.2 721.0 1,019.4 822.9
Retail 330.5 307.9 315.2 280.1 285.5 267.5 283.1 287.4 413.0
Corporate 390.0 423.2 403.1 676.4 419.2 429.7 437.9 732.0 410.0
Total assets 24,294 23,783 22,934 21,237 21,217 22,287 23,059 22,909 23,998
Capital adequacy ratio 19.0 % 18.3 % 18.7 % 15.1 % 14.3 % 14.8 % 14.8 % 12.5 % 12.5 %
P&C insurance
Net earned premium 983.1 971.8 940.2 919.2 935.0 931.5 908.5 902.6 900.0
Retail 857.2 847.3 821.8 804.2 822.8 815.5 798.7 791.2 791.0
Corporate 100.2 99.3 93.7 91.0 89.9 90.5 85.0 87.6 88.0
Reinsurance 25.7 25.3 24.7 24.0 22.3 25.5 24.7 23.8 20.0
Net financial income 128.6 177.8 158.3 70.1 -74.7 10.5 92.0 9.1 97.5
Return on financial assets 6.60 % 5.26 % 3.07 % 0.70 % -0.97 % 0.12 % 1.27 % 0.11 % 1.41 %
Claims Ratio, net 74.8 % 67.5 % 73.5 % 79.5 % 69.7 % 74.1 % 70.3 % 74.2 % 74.0 %
Cost Ratio, net 24.8 % 21.9 % 22.1 % 21.1 % 23.3 % 20.9 % 23.5 % 19.7 % 21.8 %
Bank 1 Oslo
Net interest income 119.0 110.6 89.9 88.8 89.871 105.3 95.9 96.7 97
Net loan loss provisions 32.3 30.9 25.0 34.9 50.2 31.8 -13.2 -3.8 -3.0
Loans 20,926 21,247 21,392 21,030 20,688 20,261 19,574 18,844 18,089
Retail 14,407 14,396 14,630 14,655 14,340 13,983 13,574 12,745 12,415
Corporate 6,519 6,851 6,762 6,376 6,348 6,279 6,000 6,098 5,674
Deposits 14,596 15,490 15,786 15,914 15,925 14,122 14,681 13,578 13,378
Capital adequacy ratio 12.1 % 11.0 % 11.7 % 11.6 % 8.0 % 9.3 % 9.9 % 11.4 % 10.0 %
Net interest income/average totalt assets 1.82 % 1.71 % 1.40 % 1.41 % 1.48 % 1.82 % 1.81 % 1.86 % 1.92 %
Return on equity acc. (parent bank) 14.7 % 16.0 % 13.2 % 4.7 % 1.7 % 6.7 % 10.1 % 9.5 % 9.3 %
Return on equity acc. (group) 15.7 % 17.0 % 23.2 % 4.4 % -1.2 % 5.3 % 8.7 % 8.1 % 8.1 %
ODIN
Assets under management 27,981 25,388 22,347 17,431 19,163 23,581 30,508 31,400 37,800
Equity fund market share 11.6 % 12.4 % 12.8 % 13.1 % 13.8 % 13.7 % 14.6 % 15.6 % 15.9 %