Q21st half-year and 2nd quarter2011

Q2Presentation of results From SpareBank 1 Gruppen

Kirsten Idebøen, CEO

August 10th 2011August 10 2011

Good underlying earnings improvement marred by weak equity markets and flood damageby weak equity markets and flood damage

Group pre-tax profit* (MNOK) quarterly • Pre-tax profit for 1st half-year was MNOK 308 (295).Group pre-tax profit* (MNOK), quarterly Pre tax profit for 1 half year was MNOK 308 (295). Pre-tax profit for Q2 was MNOK 145 (164)

– Non-recurring effects in 2010 related to pensions, as a result of winding up surviving spouse and children’s pension and the discontinuation of the old

373.8

early retirement pension (AFP), totalling MNOK 45.8 and MNOK 38.5, respectively, MNOK 69 of which was in Q2

162163.1 163.9

Q1 Q2

• Profit after tax for 1st half-year was MNOK 249 (248)Profit after tax in Q2 was MNOK 97 (156)

• Annualised return on equity: 10.1 (11.9) %6887

131145.4

• Capital adequacy ratio of 16.2 (17.8) %Core capital adequacy ratio of was 13.9 (12.7) %

2008 2009 2010 2011• Group's total assets were NOK 41.5 billion, compared

with NOK 40.7 billion at year-end 2010

2008 2009 2010 2011

2* Comparison figures for 2008 and 2009 have been restated and do not include the Bank 1 Oslo Group

Improved profit in life and P&C insurance companies

Pre-tax profit by subsidiary (MNOK) • Significantly improved administration result and good investment result for life insurance

• Good portfolio growth provides increased premium income for P&C insurance. Improved financial result, but weaker

192

238

Improved financial result, but weaker insurance result

• High non-recurring costs in ODIN F lt i T t l t d t

107

1H2010 1H 2011

Forvaltning. Total assets under management declined by NOK 2.2 billion

• Factoring and the debt recovery business

80

31 24 Factoring and the debt recovery business performed well, but marred by increasing pressure on margins

Hi h t i SB1 M k t

7 -510 -26

v e s ts • Higher costs in SB1 Markets as a consequence of planned new recruitment

SB

1 Li

SB

1 S

kad

OD

IN

SB

1G F

inan

SB

1 M

arke

t

3

S

SpareBank 1 SpareBank 1 Skadeforsikring Group

Good portfolio growth in 1st half-year.Improved financial results

4

SpareBank 1 Skadeforsikring GroupGood portfolio growth in 1st half-year. Improved financial resultsGood po t o o g o t a yea p o ed a c a esu ts

Pre tax profit quarterly (MNOK)

207

1 k 2 k

• Total portfolio of NOK 5 billion. A growth of MNOK 277, or 5.9 %, since end of 2010 – MNOK 97 from Unison Forsikring

Pre-tax profit, quarterly (MNOK)

125

1.kv 2.kv

56

Q1 Q2 – MNOK 180 from SpareBank 1 Skadeforsikring

• Pre-tax profit was MNOK 107 (80) for 1st

h lf d MNOK 56 (43) i Q25448

36

5043

56 half-year and MNOK 56 (43) in Q2– Insurance result*: MNOK -22 (23) and MNOK

8 (75) in Q2– Financial income: MNOK 162 (83) and MNOK

2008 2009 2010 2011

Financial income: MNOK 162 (83) and MNOK 67 (-15) in Q2

– Financial return of 1.8 (1.0) % year to date

2008 2009 2010 2011

5

* Insurance result for 2011 includes Unison Forsikring and Skandia Lifeline

SpareBank 1 Skadeforsikring GroupFewer winter-related claims this year, marked, however, Fewer winter related claims this year, marked, however, by large claims in Q1 and flood damage in Q2

Net combined ratio – quarterly (%) Net combined ratio – annual (%)

.2 %

8 %

24.8

% 20.2

%

7.1

%

% 23.8

%

21.9

%

22.4

%

93.9 % 90.9 %99.6 %

108.6 %

92.9 %89.8 %

100.3 %105.5 % 101.9 %

5 % .6 %

20.7

%

21.9

%

22.5

%

21.0

%87.2 % 89.9 %94.6 % 94.0 % 96.2 % 97.7 %

% % 8 % 8.3

%

9 % % 6 %

3.6

%

4 %

22 21.8 2 17

22.7 2

20.5 20

2 2

71.7

69.2

%

74.8 88

75.9

67.1

%

76.6 83 79.4

66.7

%

69.3

%

73.9

%

72.1

%

73.8

%

76.7

%

Adjusted for recognition of income from a non-recurring effect related to pensions in 2010 1 0 percentage point of the increase in the cost ratio is

Q22009

Q32009

Q42009

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Net claims ratio Net cost ratio2005 2006 2007 2008 2009 2010

pensions in 2010, 1.0 percentage point of the increase in the cost ratio is attributed to the investment in Unison Forsikring

Extensive profit-improvement measures implemented with regard to pricing, quality of the insurance portfolio and operating costs

Net claims ratio Net cost ratio

6

of the insurance portfolio and operating costs

SpareBank 1 pLivsforsikring

Significant improvement in the administration resultSignificant improvement in the administration result

7

SpareBank 1 LivsforsikringSignificant improvement in year-to-date administration result

352325

Year-end1st half year

206

Q1 Q2

g p yPre-tax profit (MNOK), quarterly Risk result trend (MNOK)

210190 189

1st half-year

92

129

100 109

92

14024

44

2008 2009 2010 2011-522008 2009 2010 2011

• Pre-tax profit of MNOK 238 (192) for 1st half- • Risk result after technical provisions reduced by p ( )year and MNOK 109 (100) in Q2

• Administration result: MNOK -43 (-81) for 1st

half year and MNOK 24 ( 40) in Q2

higher disability compensations:− MNOK 140 (189) for 1st half-year− MNOK 70 (97) for Q2

half-year and MNOK -24 (-40) in Q2

• Investment result: MNOK 314 (198) for 1st half-year and MNOK 108 (129) in Q2

• Gross premium income: MNOK 1,758 (1,719)− CM: MNOK 1,119 (1,076)− RM: MNOK 639 (643)

8

– Value of real estate assets reduced by MNOK 41 in Q2( )

SpareBank 1 LivsforsikringSolid buffers

15.4 % 16.1 %14.6 % 15.2 %

14.0 %

Solid buffersBuffer capital trend, quarterly (%)

Securities adjustment reserve, annual (MNOK)

327

617

326

Q2 Q3 Q4 Q1 Q2

327 326

Q22010

Q32010

Q42010

Q12011

Q22011

Core capital in excess of minimum Interim profitAdditional provisions Securities adjustment reserve

• Capital adequacy ratio: 17 1 (22 1) %

2009 2010 1H2011

• Buffer capital including quarterly profit: 14.0 (15.4) %

• Capital adequacy ratio: 17.1 (22.1) %− Term subordinated loan capital of

MNOK 200 was redeemed in June− The net liable capital consists of

• Total assets: NOK 26.2 billion, NOK 0.3 billion lower than at the end of 2010

• Securities adjustment reserve: MNOK 326

core capital

• Estimated solvency margin: 268 (322) %

9

(221)

SpareBank 1 ForsikringAllocation of financial assets by portfolio as at 30/06/11 (31/12/10)y p / / ( / / )

SB 1 Livsforsikring SB 1 Skadeforsikring Group

34 9 (34 8) %14.7 (14.8) %

0 9 (0 9) %

-3.3 (-1.6) %0.1 (0.1) %

Group portfolio Company portfolio

9.2 (9.4) %

0.1 (0.1) %

13.2 (13.6) % 10.5 (10.6) %34.9 (34.8) % 0.9 (0.9) % 24.3 (21.0) %

27.9 (28.0) % 21.6 (21.5) % 59.8 (48.4) % 19.0 (28.8) % 67.1 (66.3) %

NOK 15.6 (16.0) billion NOK 2.6 (2.8) billion NOK 9.2 (8.9) billion

Stocks OtherReal estate Bonds - amortized costBonds - market value

Stocks OtherReal estate Bonds - amortized costBonds - market value

Stocks OtherReal estate Bonds - amortized costBonds - market value

10

SpareBank 1 ForsikringMarket unrest - consequencesMarket unrest consequencesSB 1 Livsforsikring SB 1 Skadeforsikring Group

• The fall in prices and rates up to now is completely covered by the securities adjustment reserve, and the fall will only have a limited effect on the results in the financial

• The insurance company's investment strategy has been stable in recent years. The share percentage was 9.2 %, or MNOK 844, as at 30 June 2011a limited effect on the results in the financial

statements. The share percentage was 14.7 % or NOK 2.3 billion as at 30 June 2011

• No adjustments have yet been made to the

as at 30 June 2011

• No changes to the insurance company's investment strategy have been considered, and the company has therefore not made j y

portfolio

• The company's buffer capital situation is still good, and the company can withstand a fall in

p yany special adjustments after the recent turbulence in the market

share prices of around 50 % before the additional provisions, which can be used in the accounts for 2011, are fully exploited

Wh th th tf li h ld b dj t d i • Whether the portfolio should be adjusted is assessed on an ongoing basis. Taking the owner's profit and equity into account is a key component of these assessments

11

ODIN ForvaltninggGood new sales of combination funds

12

ODIN ForvaltningGood new sales of combination fundsGood new sales of combination funds

P t fit f 1 t h lf MNOK 24 (30)• Pre-tax profit for 1st half-year: MNOK 24 (30)– Results are still affected by high non-recurring

costs, most of which were recognised in Q1Pre-tax profit (MNOK), quarterly

3029 Q1 Q2

• Profit in Q2 of MNOK 12 (17)

• Total assets of NOK 30 1 billion14

12

17

12 • Total assets of NOK 30.1 billion- Down NOK 2.2 billion since the end of 2010

• Equity fund market share of 9 9 % as of June

1210

12

• Equity fund market share of 9.9 % as of June, compared with 10.7 % at the end of 2010

• Combination fund market share of 3 5 % for

-7

2008 2009 2010 2011• Combination fund market share of 3.5 % for

1st half-year

13

SpareBank 1 Gruppen p ppFinans GroupGrowth in factoring and the debt recovery business, but Growth in factoring and the debt recovery business, but pressure on the margins

14

SpareBank 1 Gruppen Finans GroupGrowth in factoring and the debt recovery business, but pressure on the margins

Pre-tax profit year to date (MNOK)• Pre-tax profit for 1st half-year: MNOK 9.8 Pre tax profit for 1 half year: MNOK 9.8

(6.9)*

― Reduced losses in 1st half-year have contributed to improved profit in BA Factoring but the to improved profit in BA Factoring, but the company is experiencing pressure on the margins

― BA Portfolio had a total portfolio volume of 9.4

12.2

9.81H2010 1H2011 BA Portfolio had a total portfolio volume of

MNOK 964 as of June, compared with MNOK 620 at the end of 2010. Book value of MNOK 55

Conecto AS's volume of business has shown a 3.7

6.9

4.9

o* ery)

ng F p**io

― Conecto AS s volume of business has shown a slightly rising trend over the past 12 months

1.0 1.6

Con

ecto

(deb

t rec

ove

*Conecto was acquired with accounting effect from 10 September 2010 The profit up until the acquisition date has been entered directly against the Group’s equity

Fact

orin

SB1G

G

roup

Port

foli

15

Conecto was acquired with accounting effect from 10 September 2010. The profit up until the acquisition date has been entered directly against the Group s equity.**Pre-tax profit for SpareBank 1 Gruppen Finans Group also includes overhead costs and excess value amortisation.

SpareBank 1 MarketsSpareBank 1 MarketsBuilding up a leading capital market environment is progressing according to plan

16

SpareBank 1 MarketsReason for this initiativeReason for this initiativeIncome as a percentage of total assets from the capital market in 2010:

Composition of DnB NOR Markets' income for 2010:*

Other market making/trading revenues

Income from the liquidity portfolio

0,26

0,29

Nordea

DnB Nor

25%17%

7%0.29 %

0.26 %

72%

p

FX, interest rate and commodity derivatives

Securities service0,07

0,21

0,22

0.25 %

Danske bank

Handelsbanken

SpareBank 1 Alliance

25%

4%

17%0.22 %

0.21 %

0.07%Corporate Finance

Investment products

p

- Potential for over NOK 1 billion given the level of Nordic peers

22%25%

%

Mi i f 72 % f th i b

The SpareBank 1 Alliance, which is Norway's second largest financial

””

- Minimum of 72 % of the income can be attributed to the bank's comparative advantages; use of its balance sheet

Norway's second largest financial group, has a significant earnings potential in the capital market area

”

A bank balance sheet has a comparative advantage, which may entail a restruc-turing of the broker industry over time

”17 * Source: Annual Accounts 2010, DnB NOR

” ”

SpareBank 1 MarketsBuilding up a leading capital market environment is progressing g p g p p g gaccording to plan

A go Sec ities changed its name to Operative matters

• Argo Securities changed its name to SpareBank 1 Markets

• The recruitment work has basically been completed and the organisation will be operative in 2011

– The acquisition of UB Securities in London providesaccess to international investment environments

Results

• Pre-tax loss for 1st half-year: MNOK -26 (-5)• Pre-tax loss in Q2: MNOK -22 (-2)R

Results

• Revenue:- Commission income on stocks and derivatives: MNOK 21 (20)- Debt capital markets: MNOK 8 (9)- Corporate Finance: MNOK 22 (15)

A leading capital market environment is strategically important - and has a significant earnings potential for the SpareBank 1 Alliance

18

Future outlook

A ti i t ti d d th f th t i t t i i

SPAREBANK 1 GRUPPEN

• Anticipates continued good growth for the most important companies inSpareBank 1 Gruppen

• Growth increases the costs in the short term, but it also provides a good , p gfoundation for increased future earnings

• Increased volatility in the financial markets entails greater uncertainty for the financial es lts hich ep esent a significant pa t of Spa eBank 1 G ppen'sfinancial results, which represent a significant part of SpareBank 1 Gruppen'svalue creation

• SpareBank 1 Gruppen is well equipped to meet the new capital requirements p pp q pp p qwith regard to the introduction of Solvency II

• There will be an increased focus on interaction across the companies in order to realise efficiency gains on both cost and incomerealise efficiency gains on both cost and income

19

Norway's savings bank20

20

Norway s savings bank

A diAppendix

21

SpareBank 1 AllianceSpareBank 1

SR-Bank (19.5%)

SpareBank 1SMN

(19.5%)

SpareBank 1Nord-Norge

(19.5%)

SparebankenHedmark (12%)

SamarbeidendeSparebanker

(19.5%)

LO (Trade Union)(10%)

SpareBank 1 Gruppen AS

Alliance Cooperation

SpareBank 1 Livsforsikring

(100%)

ODIN Forvaltning

(100%)

SpareBank 1 Markets(96.1%)

SpareBank 1Skadeforsikring

(100%)

SpareBank 1 Gruppen Finans

(100%)

SpareBank 1Medlemskort

(100%) Broad cooperation- Technology- Brand/communication- Expertise- Common processes and application of best practices

Conecto(100 %)

Common processes and application of best practices- Purchasing

Regional competence centres- Payment services: Trondheim- Credit: Stavanger

T i i T(Bank-owned companies)

Unison Forsikring

(100%)

- Training: TromsøSpareBank 1 Boligkreditt

EiendomsMegler 1BNbank

SpareBank 1 Oslo og Akershus

22

SpareBank 1 GruppenProfit for 1st half-year 2011Profit for 1 half year 2011

YearFigures in MNOK 2011 2010 2010

Half yearFigures in MNOK 2011 2010 2010

Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 238.4 192.2 350.4 - SpareBank 1 Skadeforsikring Group 106.5 79.7 641.1 - ODIN Forvaltning 24 1 31 1 64 6 ODIN Forvaltning 24.1 31.1 64.6 - SpareBank 1 Markets -25.5 -4.6 -57.6 - SpareBank 1 Medlemskort 5.6 6.6 11.1 - SpareBank 1 Gruppen Finans Group 9.8 6.9 8.6 - Correction Group 14.2 31.3 17.6Net result before tax from subsidiaries 373.1 343.3 1,036.0Total operating costs (parent company) -43.2 -31.9 -7.6Net investment charges (parent company) -22.1 -16.2 -43.2Pre-tax result 307.7 295.2 985.1Taxes -58.6 -46.8 -153.6Net result for the period 249.1 248.4 831.6

Majority interest 250.4 249.2 841.0Minority interest -1.3 -0.8 -9.5

YearKey figures 2011 2010 2010

Half yearKey figures 2011 2010 2010Annualised return on equity 10.1 % 11.9 % 18.7 %

23

SpareBank 1 Gruppen Quarterly profitsQuarterly profits

Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2Figures in MNOK 2011 2011 2010 2010 2010 2010 2009 2009 2009

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

Majority interest 98.0 152.4 327.9 263.9 155.9 93.3 169.6 333.1 244.6Minority interest -0.8 -0.5 -3.9 -4.8 -0.3 -0.5 -1.7 -2.6 -2.1

24

SpareBank 1 LivsforsikringProfit for 1st half-year 2011Profit for 1 half year 2011

Q2 Q1 Q2 YearFigures in MNOK 2011 2011 2010 2011 2010 2010 Insurance risk income 333.0 335.8 321.7 668.7 637.0 1,292.6 Insurance risk claims -252 6 -255 5 -213 4 -508 2 -422 7 -939 0

Half year

Insurance risk claims -252.6 -255.5 -213.4 -508.2 -422.7 -939.0Risk result 80.4 80.2 108.3 160.6 214.3 353.6 Tecnical allocations -10.3 -10.8 -11.6 -21.1 -25.8 -28.2Risk result after tecnical allocations 70.1 69.4 96.7 139.5 188.5 325.4 Fees 172.8 170.7 164.1 343.5 310.3 637.9 Expenses, exclusive comissions -138.6 -129.7 -144.5 -268.2 -275.7 -589.2p , Comissions -58.5 -59.8 -59.4 -118.2 -115.3 -235.6Administration result -24.2 -18.7 -39.8 -42.9 -80.6 -186.9 Net investment income 207.3 319.1 234.0 526.4 410.3 764.3 Guaranteed interest to policyholders -99.2 -113.3 -105.5 -212.5 -212.5 -447.0Investment result 108.0 205.8 128.5 313.8 197.8 317.3 Reserves 0.0 -33.0 -12.0 -33.0 -24.0 -45.3Investment result after reserves 108.0 172.8 116.5 280.8 173.8 272.0 Compensation guaranteed interest 5.9 5.4 9.7 11.3 14.9 29.9Result before additional provisions 159.8 228.8 183.1 388.7 296.6 440.4 Undistributed profits to customers -60.0 -118.9 -79.3 -178.9 -121.5 -161.7 Return on company's assets 9 2 19 5 3 5 28 7 17 0 71 6 Return on company's assets 9.2 19.5 -3.5 28.7 17.0 71.6Net profit to owner before tax 109.0 129.4 100.3 238.4 192.2 350.4 Taxes -35.3 0.5 -17.8 -34.7 -17.8 -60.2Net profit/loss for the period 73.8 129.9 82.5 203.6 174.3 290.2

*

Key figures Half year Year2011 2010 2010

Capital adequacy ratio 17.1 % 22.1 % 19.3 %Buffer capital in % of insurance provisions 14.0 % 15.4 % 14.6 %

25

* Buffer capital for the year is shown after the profit has been allocated

SpareBank 1 LivsforsikringProfit by portfolio for 1st half-year 2011Profit by portfolio for 1 half-year 2011

Figures in MNOKGroup

portfolio

Previouslyestablished

individual productsInvestment choice

portfolioCompanyportfolio Total

Risk result 137.7 8.7 -6.9 0.0 139.5Administration result 34.2 -19.9 -57.2 0.0 -42.9Net investment result 222 5 84 0 6 1 1 2 313 8Net investment result 222.5 84.0 6.1 1.2 313.8Reserves - long life 0.0 -33.0 0.0 0.0 -33.0Compensation interest guarantee 11.3 0.0 0.0 0.0 11.3Transferred to policyholders -144.3 -34.5 -0.2 0.0 -178.9Return on company's assets 0.0 0.0 0.0 28.7 28.7Sum 261 4 5 4 -58 2 29 8 238 4Sum 261.4 5.4 58.2 29.8 238.4

26

SpareBank 1 LivsforsikringPremium income trends for 1st half-year 2011Premium income trends for 1st half-year 2011

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

27

SpareBank 1 LivsforsikringAsset allocation by portfolioAsset allocation by portfolio

As at 30/06/11 (31/12/10)As at 30/06/11 (31/12/10)

Group portfolio Company portfolio Investment choice portfolio

34.9 (34.8) %14.7 (14.8) %

0.9 (0.9) % -3.3 (-1.6) % 0.1 (0.1) %

24.3 (21.0) %42.3 (39.0) %

27 9 (28 0) % 57 7 (61 0) %27.9 (28.0) % 21.6 (21.5) % 59.8 (48.4) % 19.0 (28.8) % 57.7 (61.0) %0.0 (0.0) %

Stocks OtherReal estate Bonds - amortized costBonds - market value

Stocks OtherReal estate Bonds - amortized costBonds - market value

Stocks Other Bonds

NOK 15.6 (16.0) billion NOK 2.6 (2.8) billion NOK 6.8 (6.7) billion

28

SpareBank 1 LivsforsikringReturn on customer portfolios with guarantee at the end of the quarter

Value-adjusted return, l di t l h Booked return:excluding property value change: Booked return:

Q12011

Q22011

Q12011

Q22011

Q12011

Q22011

Q12011

Q22011

Q12011

Q22011

Q12011

Q22011

Q12011

Q22011

Q12011

Q22011

1.71.6

2.7

2.1

2.5

t

2.2

3.5

2.6

3.33.0

ent

1.11.3

1.5

Perc

en

1.51.4 1.5Perc

e

SpareBank 1 Storebrand Vital Nordea SpareBank 1 Storebrand Vital Nordea

29 Source: company presentations

SpareBank 1 LivsforsikringR t di t tf li ith t t 30/06/2011Return on ordinary customer portfolio with guarantee as at 30/06/2011

-5.9Norwegian shares

Percent

1.6

0.9

Money market

Foreign shares

3 0

1.8

Fo eign bonds

Norwegian bonds

y

2.6

3.0

held to maturity

Foreign bonds

3.5Real estate

30

SpareBank 1 LivsforsikringBalance sheet for 1st half-year 2011Balance sheet for 1 half year 2011

YearFigures in MNOK 2011 2010 2010 Intangible assets 80 26 42 Investments 2,569 2,929 2,862 Reinsurance's part of insurance obligations 221 226 221

Half year

Accounts receivable 117 160 153 Other assets 261 153 335 Prepayed liabilities and accrued income 0 0 0 Investments group portfolio 15,782 15,696 16,169 Investments options portfolio 6,782 5,881 6,701Total assets 25 811 25 072 26 483Total assets 25,811 25,072 26,483 Paid in capital 1,602 1,602 1,602 Other equity 590 561 386 Subordinated loan capital 200 525 400 Insurance obligations - contractual 15,719 15,551 16,127 Insurance obligations - investment options 6,894 5,970 6,805 Insurance obligations investment options 6,894 5,970 6,805 Provisions for obligations 176 129 144 Premium deposits from reinsurance companies 136 131 134 Other obligations 406 527 764 Accrued liabilities, prepaied income 88 77 120Total liabilities and equity 25,811 25,072 26,483

31

SpareBank 1 Skadeforsikring GroupProfit for 1st half-year 2011Profit for 1 half year 2011

Q2 Q1 Q2 YearFigures in MNOK 2011 2011 2010 2011 2010 2010

Half yearFigures in MNOK 2011 2011 2010 2011 2010 2010Gross written premium 1,380.6 1,553.3 1,171.9 2,933.9 2,497.1 4,731.8Net earned premium 1,137.7 1,100.8 1,007.0 2,238.5 1,972.4 4,184.4Net incurred claims -903.9 -920.7 -764.0 -1,824.6 -1,616.6 -3,208.5Net insurance operating costs -255.2 -241.1 -171.8 -496.3 -366.9 -880.6Other insurance income/costs 8.2 4.5 -0.5 12.7 -0.8 132.0Other insurance income/costs 8.2 4.5 0.5 12.7 0.8 132.0Changes in other technical reserves 21.4 26.5 4.6 47.9 34.5 39.6Operating result before finance 8.2 -29.9 75.3 -21.7 22.5 266.9Net financial income 66.8 95.1 -14.6 161.8 83.0 433.1Other costs 0.0 0.0 -1.0 0.0 -2.0 -2.7Result before changes in security reserve 75.0 65.1 59.7 140.1 103.5 697.3Changes in security reserve -18.8 -14.8 -15.9 -33.6 -23.4 -55.8Pre-tax profit 56.2 50.3 43.8 106.5 80.1 641.5Taxes -14.4 -10.5 -12.6 -25.0 -7.1 -60.5Net profit/loss for the period 41.8 39.8 31.2 81.6 73.0 581.1

Key figures Q2 Q1 Q2 YearFigures in percentage 2011 2011 2010 2011 2010 2010Claims ratio, net 79.4 % 83.6 % 75.9 % 81.5 % 82.0 % 76.7 %Cost ratio, net 22.4 % 21.9 % 17.1 % 22.2 % 18.6 % 21.0 %Combined ratio net 101 9 % 105 5 % 92 9 % 103 7 % 100 6 % 97 7 %

Half year

Combined ratio, net 101.9 % 105.5 % 92.9 % 103.7 % 100.6 % 97.7 %Capital adequacy ratio 29.0 % 27.6 % 32.5 %

32

SpareBank 1 Skadeforsikring GroupAllocation of financial assetsAllocation of financial assets

As at 30/06/2011 (31/12/10)

67.1 (66.3) %

10.5 (10.6) %Bonds held as current assets

B d h ld t t itBonds held to maturity

Real state

Stocks13.2 (13.6) %

0.1 (0.1) % 9.2 (9.4) %

Hedgefond

NOK 9.2 (8.9) billion

33

ODIN ForvaltningProfit for 1st half year 2011Profit for 1st half-year 2011

Q2 Q1 Q2 YearFigures in MNOK 2011 2011 2010 2011 2010 2010Management fees 85.5 86.8 79.6 172.3 157.8 317.9

Half year

Total operating income 85.5 86.8 79.6 172.3 157.8 317.9Salaries 27.5 29.2 24.1 56.6 49.8 104.2Depreciations 4.4 3.9 3.7 8.3 7.5 14.8Other operating costs 41.2 42.5 35.8 83.7 70.4 137.8Total operating costs 73.1 75.6 63.6 148.7 127.7 256.8Operating profit 12.4 11.2 16.0 23.6 30.1 61.1Net financial income -0.2 0.7 0.7 0.5 1.0 3.6Pre-tax profit 12.2 11.9 16.7 24.1 31.1 64.6Taxes 3.3 3.3 4.6 6.6 8.5 19.3Net profit/loss for the period 8.9 8.6 12.1 17.5 22.6 45.3Net profit/loss for the period 8.9 8.6 12.1 17.5 22.6 45.3

34