Storebrand Asa · OSL:STB
Storebrand Asa — Q1 2001 Earnings Presentation
94 slides from Storebrand Asa's earnings presentation, May 10, 2001
Slide 1: Storebrand 1Q2001 Analyst Presentation
................................................................................................................................................................ ......... Storebrand May 10, 2001 Espen Klitzing 1Q2001 Analyst 1
Slide 2: Storebrand 1st quarter 2001 results summary
................................................................................................................................................................ ......... Storebrand 1 quarter 2001 results summary Book group result minus NOK 189m due to low investment return 1 quarter Reduced sale of
Slide 3: Positive development in core business, but influenced by weak equity markets
................................................................................................................................................................ ......... Positive development in core business 1 quarter ...but influenced by weak equity markets Net new inflow external assets under man
Slide 4: Storebrand Life
................................................................................................................................................................ ......... Storebrand Life Increased sale to large corporate segment First orders in defined contribution pensions received Euroben operatio
Slide 5: Storebrand Asset Management
................................................................................................................................................................ ......... Storebrand Asset Management Development influenced by negative equity markets Assets under management reduced by 3% to NOK 146 bi
Slide 6: Storebrand Fondene
................................................................................................................................................................ ......... Storebrand Fondene Positive net inflow in 1 quarter 2001 Development in market share 1997 1 quarter 2001 25 22 • Market winner in
Slide 7: Storebrand Bank 1st quarter 2001
................................................................................................................................................................ ......... Storebrand Bank 1 quarter 2001 ◆Despite negative conditions in the financial markets in 1 quarter, Storebrand has maintained high
Slide 8: Finansbanken
................................................................................................................................................................ ......... Finansbanken Project financing Private Banking Capital market Core business: Real Professional Manage and develop estate and secu
Slide 9: Continued improvement in technical result
................................................................................................................................................................ ......... Continued improvement in technical result Combined ratio - development 129 130 114 111 ♦ Combined ratio improved from 120 112 111
Slide 10: Revolving credit-facility Storebrand ASA
................................................................................................................................................................ ......... Revolving credit-facility Storebrand ASA Refinanced USD 150 mill revolving credit-facility with 5 year Euro 225 million revolving
Slide 11: Storebrand positioned for growth
................................................................................................................................................................ ......... Storebrand positioned for growth Positive development in the Group to date in 2 quarter, accumulating reserves, NOK 1.180 million
Slide 12: Result 1st quarter 2001
................................................................................................................................................................ ......... Result 1 quarter 2001 Lars Løddesøl Finance Director 1Q2001 Analyst 12
Slide 13: Storebrand Group: Main aspects 1st quarter 2001
................................................................................................................................................................ ......... Storebrand Group Main aspects 1 quarter 2001 • Operating profit reduced from NOK 2.444 million to NOK 102 million compared to 1 q
Slide 14: Storebrand Group: Operating result
................................................................................................................................................................ ......... Storebrand Group Operating result showing non-life insurance at own line. 01.01.- 01.01 - 31.03 31.12. NOK million 2001 2000 2000
Slide 15: Storebrand Group: Group profit by sub-group
................................................................................................................................................................ ......... Storebrand Group Group profit by sub-group 01.01 - 31.03 01.01.- 31.12. NOK million 2001 2000 2000 Life activities 117 263 830 St
Slide 16: Storebrand Group: Profit for the year
................................................................................................................................................................ ......... Storebrand Group Profit for the year 01.01 - 31.03 01.01.- 31.12. NOK million 2001 2000 2000 Group profit -189 296 523 Changes in
Slide 17: Storebrand Group: Earnings per share
................................................................................................................................................................ ......... Storebrand Group Earnings per share 01.01 - 31.03 01.01.- 31.12. NOK million 2001 2000 2000 Profit for the year -153 229 706 - Ch
Slide 18: Storebrand Group: Balance sheet
................................................................................................................................................................ ......... Storebrand Group Balance sheet 31.03 Share of total assets NOK million 2001 31.03.01 31.12.00 * Intangible assets 718 0% 0% Real
Slide 19: Storebrand Group: Capital adequacy
................................................................................................................................................................ ......... Storebrand Group Capital adequacy Risk weighted Net primary Capital ratio NOK million assets capital 31.03.01 31.12.00 Storebrand
Slide 20: Storebrand ASA: Profit for the year
................................................................................................................................................................ ......... Storebrand ASA Profit for the year 01.01. - 31.03 01.01.-31.12. NOK million 2001 2000 2000 Group contributions and transfers 4 0
Slide 21: Storebrand Life Group: Summary profit and loss account
................................................................................................................................................................ ......... Storebrand Life Group Summary profit and loss account 01.01. - 31.03 Changes 01.01- NOK Million 2001 2000 in % 31.12.00 Premiums
Slide 22: Storebrand Bank Group: Income statement
................................................................................................................................................................ ......... Storebrand Bank Group Income statement Storebrand Storebrand Bank AS Bank Consolidated 31.03.00 31.03.01 NOK mill. 31.03.01 31.03
Slide 23: Storebrand Group: Investment activities
................................................................................................................................................................ ......... Storebrand Group Investment activities 01.01 - 31.03 01.01.- 31.12. NOK million 2001 2000 2000 Storebrand Kapitalforvaltning ASA
Slide 24: Finansbanken Group: Profit and loss account
................................................................................................................................................................ ......... Finansbanken Group Profit and loss account 1.1-31.12 Q4 Q1 (NOK mill.) 2000 2000 2001 Interest income etc. 1.393,7 415,4 423,9 In
Slide 25: If Group Result Highlights (MSEK)
................................................................................................................................................................ ......... If Group Result Highlights (MSEK) Group result highlights (MSEK) Q1 2001 Q1 2000 2000 1999 Premiums earned 4 940 4 215 17 545 15
Slide 26: Life activities 1st quarter 2001
................................................................................................................................................................ ......... Storebrand Life activities 1 quarter 2001 Espen Klitzing Managing Director 1Q2001 Analyst 26
Slide 27: Storebrand Life
................................................................................................................................................................ ......... Storebrand Life • Strong sales within large corporate segment, sales organisation established • Market winner, Unit Linked sales
Slide 28: Market share – total
................................................................................................................................................................ ......... Market share – total Premium written* including Unit Linked MNOK 20 692 23 359 28 985 33 443 33 838 38 373 15 875 Sparebank 1 3 1
Slide 29: Market share – corporate market
................................................................................................................................................................ ......... Markt share – corporate market Premium written * MNOK 14 819 17 143 17 746 22 496 22 519 25 301 13 033 3 1% 2 3% 3 4% 2 3% 2 3% 2
Slide 30: Market share – individual market
................................................................................................................................................................ ......... Markt share – individual market Premium written* including Unit Linked MNOK 5 873 6 216 11 240 10 947 11 319 13 072 2 842 4% 3% 4
Slide 31: Market share Unit Linked – written premium
................................................................................................................................................................ ......... Market share Unit Linked – written premium 1.657 425 mill 1.135 mill 2.308 mill 4.398 mill 1.834 mill 3.655 mill 5.278 mill 7.433
Slide 32: Storebrand Life and Fondsforsikring: Premium
................................................................................................................................................................ ......... Storebrand Life and Fondsforsikring Premium (incl. transferred reserves) MNOK 31.03.00 31.03.01 Group pensions 2.592 2.786 - of w
Slide 33: Net transfers of premium reserves incl. Unit Linked
................................................................................................................................................................ ......... Storebrand Net transfers of premium reserves incl. Unit Linked MNOK 31.03.01 31.03.00 Received reserves Group pension 365 384 Ind
Slide 34: Risk products without profit sharing
................................................................................................................................................................ ......... Risk products without profit sharing Written premium (MNOK) 107* 72 37 30 8 0 1996 1997 1998 1999 2000 Q1 2001 * Estimated based
Slide 35: Total cost as % of average policyholders' funds
................................................................................................................................................................ ......... Total cost as % of average policyholders’ funds 1,2 1,10 1,02 1,0 0,94 0,96 0,94 0,9 0,91 0,86 0,8 0,6 0,4 0,2 0,0 1994 1995 1996
Slide 36: Profit to the owner
................................................................................................................................................................ ......... Profit to the owner MNOK 31.03.2001 Return on equity capital of the life company 33 Management fee charged from policyholders’ fu
Slide 37: Status, defined contribution products
................................................................................................................................................................ ......... Status, defined contribution products • Sales and market • Sales organisation has been trained • Large demand for quotes and offe
Slide 38: Status Euroben Life & Pension Ltd.
................................................................................................................................................................ ......... Status Euroben Life & Pension Ltd. • Euroben is Storebrand’s and SPP Life’s joint venture with head office in Dublin • Focus on p
Slide 39: Corporate customers: Distribution – corporate market
................................................................................................................................................................ ......... Distribution – corporate market Sales people 90 7 82 80 8 7 Other channels 70 41 60 • Brokers 50 40 19 30 20 10 0 Total Corporate
Slide 40: Financial advisors: Distribution – individual market
................................................................................................................................................................ ......... Distribution – individual market Sales people 250 20 233 46 Other channels 200 168 • Independent 150 financial advisors 100 • Ass
Slide 41: Profit to shareholders
................................................................................................................................................................ ......... Profit to shareholders The operating result consists of interest, risk-, and administration result − The interest result is after
Slide 42: Stress test as a measure of risk
................................................................................................................................................................ ......... Stress test as a measure of risk What buffers do we What happens if… have if it occurs? • Norwegian stock market drops 30% Market
Slide 43: Controlling the risk capital utilisation
................................................................................................................................................................ ......... Controlling the risk capital utilisation The sensitivity of risk bearing capacity is expressed as risk capital utilisation The ri
Slide 44: Development of risk capital and share of equities
................................................................................................................................................................ ......... Development of risk capital and share of equities 16.000 35,0 % 14.000 30,0 % 12.000 25,0 % 10.000 Market price adjustment 20,0 %
Slide 45: Development in the market price adjustment reserves
................................................................................................................................................................ ......... Development in the market price adjustment reserves MNOK 2 998 + 4 645 + 546 0 -2 715 - 5 474 2 e it s s wn 3 1.1 alu rof lo o 1.
Slide 46: Illustration of profit sharing – owners view
................................................................................................................................................................ ......... Illustration of profit sharing – owners view Owner’s return Probability distribution, return on investment Rate of return Buffer
Slide 47: Storebrand Life – return 1st quarter 2001
................................................................................................................................................................ ......... Storebrand Life - return 1 quarter 2001 Booked investment yield 1,44 % annualised 5,89 % Value adjusted investment yield -1,25 %
Slide 48: Storebrand Investments 1st quarter 2001
................................................................................................................................................................ ......... Storebrand Investments 1 quarter 2001 1Q2001 Analyst 48
Slide 49: International equity markets
................................................................................................................................................................ ......... International equity markets MSCI WORLD – Net Dividend, indexed 105 100 95 +1,9% -8,5% -6,6% +7,4% 90 85 80 29-Dec-00 29-Jan-01 1
Slide 50: International equity markets – ytd by country
................................................................................................................................................................ ......... International equity markets – ytd* (31.03.01) By country JAPAN 0.5% PACIFIC -0.8% NORWAY -4.8% PACIFIC EX JAPAN -5.6% UNITED KIN
Slide 51: International equity markets – ytd by sector
................................................................................................................................................................ ......... International equity markets - ytd (31.03.01) By sector ENERGY -1.8% CONSUMER DISCRETIONARY -1.9% MATERIALS -3.6% UTILITIES -7.5%
Slide 52: International bond markets
................................................................................................................................................................ ......... International bond markets JPM GLOBAL GOVT BOND IN LOCAL CURR. - TOT RETURN IND 104 103 102 101 100 HIGH 103.0408 22/ 3/01 LOW 10
Slide 53: International bond markets – ytd
................................................................................................................................................................ ......... International bond markets - ytd (31.03.01) Japan 2.9 USA 2.3 World 2.2 Germany/ Euro 2.0 Norway 1.0 UK 0.7 INTERNATIONAL BOND YI
Slide 54: Storebrand Investments 1st quarter 2001 Highlights
................................................................................................................................................................ ......... Storebrand Investments 1 quarter 2001 Highlights • Early positioning for a rebound in Development of total assets under managemen
Slide 55: Storebrand Livsforsikring 1st quarter 2001
................................................................................................................................................................ ......... Storebrand Livsforsikring 1 quarter 2001 Absolute return of -1,35%* influenced by equity allocation Asset allocation 31.03.01 **
Slide 56: Storebrand Livsforsikring: Outperformance in portfolios
................................................................................................................................................................ ......... Storebrand Livsforsikring 1 quarter 2001 Outperformance in 5 out of 7 portfolios Return in % Outperformance Total -1,35 -0,21% •
Slide 57: Storebrand Fondene: Subscription and redemption in equity funds
................................................................................................................................................................ ......... Storebrand Fondene Subscription and redemption in equity funds Large share of net new subscriptions NOK millions STOREBRAND * 528
Slide 58: Profit & Loss
................................................................................................................................................................ ......... Profit & Loss 1 quarter influenced by falling equity markets NOK millions 01.01. - 31.03. 01.01. - 31.12. • Low increase in costs
Slide 59: Back up
................................................................................................................................................................ ......... Back up 1Q2001 Analyst 59
Slide 60: Storebrand Group: Operating profit
................................................................................................................................................................ ......... Storebrand Group Operating profit 01.01 - 31.03 01.01.- 31.12. NOK million 2001 2000 2000 Premiums for own account - insurance 3.
Slide 61: Storebrand Group: Booked gains and losses on securities
................................................................................................................................................................ ......... Storebrand Group Booked gains and losses on securities Realized gains and Urealized gains and 1. KVARTAL 01.01. - 31.03. losses o
Slide 62: Storebrand Group: Group profit by sub-group
................................................................................................................................................................ ......... Storebrand Group Group profit by sub-group: 1 quarter 1nd quarter NOK million 2001 2000 Life activities 117 263 Storebrand Bank g
Slide 63: Storebrand Group: Finansbanken Group
................................................................................................................................................................ ......... Storebrand Group Finansbanken Group 01.01 - 31.03 01.01.- 31.12. NOK million 2001 2000 2000 Finansbanken 37 77 18 Depreciation go
Slide 64: Storebrand Group: Other activities
................................................................................................................................................................ ......... Storebrand Group Other activities 01.01 - 31.03 01.01.- 31.12. NOK million 2001 2000 2000 Storebrand ASA -132 -130 -344 Storebran
Slide 65: Storebrand ASA: Balance sheet
................................................................................................................................................................ ......... Storebrand ASA Balance sheet 31.03 Share of total assets NOK million 2001 31.03.01 31.12.00 * Deferred tax assets 15 0% 0% Real e
Slide 66: Storebrand Life Group: Main features of the quarter
................................................................................................................................................................ ......... Storebrand Life Group Main features of the 1 quarter 2001 report • Booked investment yield excluding change in value adjusted all
Slide 67: Group profit Life
................................................................................................................................................................ ......... Storebrand Group profit Life 01.01-31.03 NOK mill. 2001 2000 Storebrand Liv 129 270 Storebrand Fondsforsikring -7 -1 Storebrand H
Slide 68: Storebrand Livsforsikring AS: Profit analysis
................................................................................................................................................................ ......... Storebrand Livsforsikring AS Profit analysis 01.01.-31.03 NOK Million 2001 2 000 31.12.00 31.12.99 Interest result 45 2,334 4,836
Slide 69: Storebrand Livsforsikring AS: Key figures
................................................................................................................................................................ ......... Storebrand Livsforsikring AS Key figures 01.01.-31.03 01.01- 2001 2000 31.12.00 Return on capital - year-to-date *) 1.44% 3.27% R
Slide 70: Storebrand Livsforsikring AS: Unrealized gains
................................................................................................................................................................ ......... Storebrand Livsforsikring AS Unrealized gains NOK Million 31.03.2001 31.12.2000 Change Shares -652 3,061 -6,66 Fixed interest inv
Slide 71: Operating costs in % of average policyholders funds
................................................................................................................................................................ ......... Storebrand Livsforsikring AS Operating costs in % of average policyholders funds 1,2 1,10 1,02 1,0 0,94 0,96 0,94 0,9 0,91 0,86 0
Slide 72: Storebrand Life Group: Balance sheet (assets)
................................................................................................................................................................ ......... Storebrand Life Group Balance sheet S hare of S hare of total assets total assets NOK Million 31.03.01 31.03.01 31.12.00 Immateri
Slide 73: Storebrand Life Group: Balance sheet (liabilities)
................................................................................................................................................................ ......... Storebrand Life Group Balance sheet Share of Share of total assets total assets NOK Million 31.03.01 31.03.01 31.12.00 Equity 3,2
Slide 74: Storebrand Life Group: Premium
................................................................................................................................................................ ......... Storebrand Life Group Premium (inc. reserves transferred to the Company) 01.01. - 31.03 01.01- NOK Million 2001 2000 31.12.00 Col
Slide 75: Storebrand Livsforsikring AS: Real estate fund
................................................................................................................................................................ ......... Storebrand Livsforsikring AS Real estate fund Geographic allocation 01.01.- 31.03. Key figures 2001 2000 31.12.00 Shopping centre
Slide 76: Storebrand Livsforsikring AS: Loan fund
................................................................................................................................................................ ......... Storebrand Livsforsikring AS Loan fund Loans with security in real estate by valuation limits 01.01.- 31.03. Key figures 2001 200
Slide 77: Storebrand Fondsforsikring AS: Summary profit and loss account
................................................................................................................................................................ ......... Storebrand Fondsforsikring AS Summary profit and loss account NOK Million 31.03.01 31.03.00 Premiums written 316,5 543,5 Income o
Slide 78: Storebrand Fondsforsikring AS: Balance sheet
................................................................................................................................................................ ......... Storebrand Fondsforsikring AS Balance sheet NOK Million 31.03.01 31.12.00 Deferred tax allowances 39,4 37,8 Assets - Unit Link 2.
Slide 79: Storebrand Bank Group: Main aspects 1st quarter 2001
................................................................................................................................................................ ......... Storebrand Bank Group Main aspects 1 quarter 2001 • Income before tax decreased by NOK 6 million to NOK -4 million compared to 1
Slide 80: Storebrand Bank Group: Balance sheet
................................................................................................................................................................ ......... Storebrand Bank Group Balance sheet Storebrand Storebrand Bank AS Bank Consolidated 31.03.00 31.03.01 NOK mill. 31.03.01 31.03.00
Slide 81: Storebrand Non-life Group: Profit and Loss Account
................................................................................................................................................................ ......... Storebrand Non-life Group Profit and Loss Account NOK million 1Q 2001 1Q 2000 SB Skadeforsikring ex If 27 13 44 % share of result
Slide 82: Storebrand Non-life Group: Balance sheet
................................................................................................................................................................ ......... Storebrand Non-life Group Balance sheet NOK million 03/31/2001 03/31/2000 Ownership interest in If (44%) 3 270 3 371 Financial as
Slide 83: Storebrand Non-life: Change in booked value If
................................................................................................................................................................ ......... Storebrand Non-life Change in booked value If Change in booked value if: Booked value 31.12.00 3.371 44 % share of result If - 22
Slide 84: Oslo Reinsurance Company: Profit and loss account
................................................................................................................................................................ ......... Oslo Reinsurance Company Profit and loss account NOK million 31.3.2001 31.3.2000 Premiums for own account 1 2 Claims for own acco
Slide 85: Oslo Reinsurance Company: Balance sheet
................................................................................................................................................................ ......... Oslo Reinsurance Company Balance sheet NOK million 31.3.2001 31.12.2000 Deferred tax asset 20 20 Financial assets 776 1 082 Recei
Slide 86: Finansbanken Group: Balance sheet at 31.03.01
................................................................................................................................................................ ......... Finansbanken Group Balance sheet at 31.03.01 (NOK mill.) 31.12.00 31.03.01 Change Central banks / credit institutions 1.255 1.284
Slide 87: Finansbanken Group: Loan portfolio distributed by sector
................................................................................................................................................................ ......... Finansbanken Group Loan portfolio distributed by sector NOK bn Real estate 6.3 Real estate 6.2 Shipping 4.2 Shipping 4.2 Private
Slide 88: Finansbanken Group: Key figures
................................................................................................................................................................ ......... Finansbanken Group Key figures 31.12.00 31.03.01 Change Change % Gross lending to customers 16.925 17.029 104 0,6% Deposits from
Slide 89: Finansbanken Group: Results by company
................................................................................................................................................................ ......... Finansbanken Group Results by company (NOK mill.) Parent bank Delphi Index DKB Other Interest income etc. 406,4 0,4 0,8 16,8 0,5
Slide 90: Finansbanken Group: Loan portfolio and loss provisions
................................................................................................................................................................ ......... Finansbanken Group Loan portfolio and loss provisions 31.03. 2001 Loan portfolio Loss provided loans and loss NOK 17.0 bn provisi
Slide 91: Finansbanken Group: Loss provisions 1st quarter 2001
................................................................................................................................................................ ......... Finansbanken Group Loss provisions 1 quarter 2001 MNOK 40 7.1 -0.4 0.7 -13.5 35 30 29.2 25 23.1 20 15 10 5 0 Shipping Real estate
Slide 92: Finansbanken Group Back-up: Loss provided loans and assets acquired
................................................................................................................................................................ ......... Finansbanken Group Back-up Development in loss provided loans and assets aquired (MNOK) 1 600 1 400 1 200 1 000 800 600 400 200 0
Slide 93: Finansbanken Group: Capital adequacy
................................................................................................................................................................ ......... Finansbanken Group Capital adequacy (NOK mill. and %) 31.12.00 31.03.01 Change Core capital 1.085,8 1.307,5 221,7 Subordinated lo
Slide 94: Finansbanken Group: Three platforms for further growth
................................................................................................................................................................ ......... Finansbanken Group Three platforms for further growth Finansbanken Finansbanken Finansbanken Finansbanken Finansbanken Finansbank