Slide 1: Results 2nd Quarter 2008 Analyst Presentation
Storebrand Results 2nd Quarter 2008 August 2008 Analyst presentation Analyst Presentation 2nd Quarter 2008 Page # Slide # • Storebrand Group Group CEO Idar Kreutzer 2-14 3-28 Back-up: • Storebrand Group 15-21 29-42 • Storebrand ASA 22-23 43-46 • Storebrand Life Group 24-29 47-58 • Storebrand Life In
Slide 2: Highlights Q2 2008
Storebrand Results Q2 2008 13 August 2008 Idar Kreutzer Group CEO Highlights Q2 2008 Group profit of NOK 193 million in Q2 and NOK 728 million for the first six months Weak financial return due to volatile financial markets Robust buffer capital and strengthened solvency margin Integration of SPP pr
Slide 3: Storebrand Group profit and Storebrand Livsforsikring result
Storebrand Group Q2 01.01-30.06 Full year NOK mill. 2008 2007 2008 2007 2007 Storebrand Life (excl SPP) 176 463 561 734 1.635 SPP -44 na 19 na na Storebrand Investments 52 64 100 95 138 Storebrand Bank 46 55 97 134 235 Other -37 17 -49 24 12 Group profit 193 599 728 987 2.020 Amortisation* -135 -268
Slide 4: Storebrand Livsforsikring AS guaranteed and company portfolio
Storebrand Livsforsikring AS - guaranteed portfolio* 15 % Value adjusted return of Shares 8% 1%, -0.6% year to date Bonds 18 % Hold to maturity 8% Booked return of 1%, Real Estate 1.7% year to date 5% Alpha Average guaranteed Money market return of 1.7% year to 17 % date Other 29 % NOK 157.6 billion
Slide 5: Solvency margin and higher interest rates
Storebrand Livsforsikring AS – robust buffer capital 15 155 % Solvency margin 150 % 9,9 145 % 10 NOK bn 7,5 140 % 135 % 5 130 % 125 % 0 120 % 31.03.2008 30.06.2008 AdditionalQ1 2005reserves* statutory Market valueQ1 adj.2006 res. Core capital margin Profit carried forw ard Solvency margin Solvency m
Slide 6: Net transfer balance and SPP weak financial result
Storebrand Livsforsikring AS – positive net transfer balance for group pensions 3.116 10.000 8.000 1.056 NOK mill 6.000 5.260 4.000 2.000 564 0 2005 2006 2007 1. halvår 2008 10 consecutive quarters with positive net transfer balance. NOK 10 billion in total Q2 2008 11 SPP incl. Euroben - weak financ
Slide 7: SPP allocation of guaranteed portfolios and conditional bonus reserves
SPP - allocation guaranteed portfolios 3% 22 % Value adjusted return 1% -5.3% year to date Shares Guaranteed return from Fixed Income 2.5% to 5.2% p.a. Real Estate Other Assets under management NOK 68.1 billion (including 74 % conditional bonuses) *Average of all investments in lines of business wit
Slide 8: SPP synergies being realised
SPP - synergies being realised 500 400 Expected annual realisation Original Adjusted 300 NOK mill. MNOK target target 400 470 200 Per Q4-08 140 35% 179 38% 100 Per Q4-09 300 75% 367 78% Per Q4-10 400 100% 470 100% 0 Q4 Q4 Q4 2008 2009 2010 Adjusted target Original target Q2 2008 15 SPP - income syne
Slide 9: SPP cost and investment return synergies
SPP - cost synergies Preparing to move asset management to Storebrand Cost synergies Investments NOK Million 160 Preparing transfer to 140 common platform for IT 120 Infrastructure 100 80 Nordic procurement project 60 40 Storebrand branch merged 20 with SPP 0 20 Q1 20 Q2 20 Q3 20 Q4 20 Q1 20 Q2 20 Q
Slide 10: Asset return synergies and tax synergies
Asset return synergies - introduction of Guarantee Groups (GG) DC portfolio to be split in three: 7% 6% - Improved competitiveness 5% - Allocation adjusted to fit risk 4% 3% - Reduced need for hedging 2% portfolio 1% 0% Implementation 1 October . 01 2 . 03 . 04 . 05 6 . 07 . 08 .0 .0 ja n ja n ja n
Slide 11: Storebrand Investments solid result
Storebrand Investments - solid result Q2 1.1-30.6 Full year NOK million 2008 2007 2008 2007 2007 Total income 114 109 207 198 331 Total costs -78 -71 -141 -136 -256 Net financial / other 17 27 34 34 66 Profit 52 65 100 96 140 Amortisation of intangible assets -1 -1 -1 -1 -2 Profit before tax 52 64 9
Slide 12: Storebrand Bank stable development
Storebrand Bank - stable development Q2 1.1-30.6 Full year NOK million 2008 2007 2008 2007 2007 Net interest income 127 102 253 194 413 Net fee and commission income 17 17 35 28 58 Other income 26 14 43 26 46 Total income 171 133 331 249 517 Operating expenses -114 -83 -225 -164 -360 Profit before l
Slide 13: Acquisition financing in place and summary
Acquisition financing in place Hybrid Tier 1 capital issued Perpetual subordinated debt issued EUR 70 million financed by bank loan Bridge being repaid 300 iTraxx Europe Sub Financials 5Y CDS Spread Mid 250 Storebrand Storebrand Livsforsikring AS HT1 Livsforsikring AS UT2 Storebrand 200 Livsforsikri
Slide 14: Storebrand's objective statement
Storebrand's objective is to be the leading and most respected institution in the Nordic market for long-term savings and insurance Q2 2008 27 (Page intentionally left blank) Q2 2008 28 14
Slide 15: IFRS accounting
Storebrand Group IFRS accounting Storebrand ASA’s group accounts are presented in accordance with the International Financial Reporting Standards (IFRS) approved by the European Union. Q2 2008 30 15
Slide 16: Group profit by sub-group and operating profit
Storebrand Group Group profit by sub-group Q2 01.01 - 30.06 01.01 - 31.12 NOK million 2008 2007 2008 2007 2007 Life activities 132 463 580 734 1 635 Investment activities 52 64 100 95 138 Storebrand Bank 46 55 97 134 235 Other activities -37 17 -49 24 12 Group profit before amortization 193 599 728
Slide 17: Group operating profit and earnings per share
Storebrand Group Operating Profit Q2 01.01. - 30.06 01.01 - 31.12 NOK million 2007 2007 2007 Net premiums - insurance 4,398 10,733 19,744 Interests income 102 194 413 Financial income 4,570 7,954 12,407 Other income 313 480 834 Operating income 9,383 19,361 33,397 Insurance benefits, reserve allocat
Slide 18: Storebrand Group balance sheet
Storebrand Group Balance sheet Share of NOK million 30.06.08 total assets Intangible assets- company 10,296 3% Shares in associated companies - company 91 0% Loans - company 38,686 10 % Bonds held to maturity - company 26,008 7% Other assets - comapny 31,101 8% Bonds held to maturity - customers 44,
Slide 19: Capital adequacy and group profit by sub-group
Storebrand Group Capital adequacy Minimum Net Primary Net Primary Capital Ratio NOK million Capital 30.06.2008 Capital 30.06.08 30.06.08 31.12.07 Storebrand ASA 1,388 15,146 87.3 % 89.4 % Storebrand Life insurance 9,925 16,980 13.7 % 10.0 % Storebrand Non-life insurance 12 134 88.9 % 135.4 % Storebr
Slide 20: Other activities and shareholder structure
Storebrand Group Other activities Q2 01.01 -30.06 01.01-31.12 NOK million 2008 2007 2007 2006 2007 1) Storebrand ASA -28 32 633 1,083 1,057 Storebrand Skadeforsikring -10 -17 -15 -31 -18 Other companies/elimintations 2) 0 2 -667 -1,029 -1,027 Total profit other activities -37 17 -49 24 12 Amortisati
Slide 21: Ratings and key figures
Rating for Storebrand as at August 13, 2008 Storebrand ASA Moody’s: Baa2 (S) S&P: BBB+ (N) Storebrand Storebrand Livsforsikring AS Bank ASA Moody’s: A2 (S) Moody’s: A2 (S) S&P: A (N) S&P: BBB+ (P) P=positive outlook, S=stable outlook, N=negative outlook Q2 2008 41 Storebrand Group Key figures Q2 01.
Slide 22: Storebrand ASA profit for the year
Storebrand ASA Storebrand ASA Profit for the year *) Q2 01.01 - 30.06 01.01 - 31.12 NOK million 2008 2007 2008 2007 2007 Group contributions and transfers 0 0 672 1 033 1 033 Interest income 90 30 196 48 117 Interest expense - 79 - 26 - 170 - 49 - 114 Realised/unrealised gains/losses on securities -
Slide 23: Storebrand ASA quarterly development and balance sheet
Storebrand ASA Quartely development 2008 2007 2006 NOK million Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Group contributions and transfers 0 672 0 0 0 1 033 0 0 Interest income 90 106 41 28 30 19 18 18 Interest expense - 79 - 91 - 37 - 28 - 26 - 23 - 22 - 20 Realised/unrealised gains/losses on securities - 11 -7 2 -5
Slide 24: Storebrand Life Group result per line of business
Storebrand Life Group Storebrand Life Group - Result per line of business Q2 01.01 - 30.06 Full year NOK mill. 2008 2007 2007 Storebrand Livsforsikring AS 176 461 558 730 1 622 SPP Group -44 19 Other subsidiaries (inclusive Storebrand Helse) -1 1 2 4 13 Profit life group before amortisiation cost 13
Slide 25: Life Group profit and loss and profit analysis
Storebrand Life Group Profit and loss Q2 01.01 - 30.06 Full year NOK Million. 2008 2007 2008 2007 2007 Premiums written 5 836 3 548 14 822 8 982 16 578 Net transfers of premium reserve 885 1 370 3 078 1 754 1 056 Net income of financial investments 4 451 7 723 11 932 Net income of common portfolio 5
Slide 26: Storebrand Livsforsikring per line of business
Storebrand Livsforsikring - per line of business Q2 2008 Storebrand SPP Other Total NOK Millon Livsforsikring AS Group Group Group Interest result 304 -164 140 Administration result -60 -10 -70 Risk result 156 62 218 Other results 60 68 -20 108 Profit before additional statutory allocations 459 -44
Slide 27: Life Group satisfactory solidity
Storebrand Life Group Satisfactory solidity Capital ratio of 13.7% and solvency margin of 150% Risk capital of NOK 9.9 billion, equivalent to 6.4% of Norwegian insurance fund excl. additional statutory reserves Solidity capital of NOK 43.5 billion, equivalent to 19.5% of insurance fund excl. additio
Slide 28: Life Group balance sheet
Storebrand Life Group Balance sheet Share of Share of total assets total assets NOK Million 30.06.08 30.06.08 31.12.07 31.12.07 Intangible assets 9 440 3% 9 611 3% Real estate 22 685 7% 22 364 7% Long term shares and interests from group companies 62 0% 146 0% Bonds held to maturity 44 168 13 % 40 3
Slide 29: Premium due
Storebrand Livsforsikring - Premium due Q2 01.01 - 30.06 Full year NOK Million 2008 2007 2008 2007 2007 Storebrand Livsforsikring AS 3 055 3 548 9 467 8 982 16 578 SPP Group 2 780 5 355 Storebrand Helse 60 49 118 96 199 Total 5 896 3 597 14 940 9 078 16 777 Premium income for SPP Group includes prem
Slide 30: Life Group Norwegian activities highlights
Storebrand Life Group Norwegian Activities Storebrand Life Group – Highlights as at 30.06.2008 Strong growth in premium income from occupational pensions in the quarter and for the first six months. There is a decline in the premiums written for retail savings products as a consequence of the upcomi
Slide 31: Storebrand Livsforsikring profit analysis
Storebrand Livsforsikring - Profit analysis Q2 01.01 - 30.06 Full year NOK Million 2008 2007 2007 Interest result 304 3 085 16 3 955 7 887 Administration result -60 -117 -161 -252 -669 Risk result 156 118 377 198 244 Other results 41 -3 214 -17 -3 042 Profit before additional statutory allocations 4
Slide 32: Profit to owner Q2 2008 and insurance fund reserves
Storebrand Livsforsikring - Profit to owner Q2 2008 Individual Group and paid-up Group pension and polices, pension unit linked Risk profit- Company NOK Million fee based fee based products sharing portfolio Total Administration result 1 - 32 - 29 -7 -67 Interest result 16 4 20 Risk result 45 35 5 8
Slide 33: Asset allocation and policyholders' solidity capital
Storebrand Livsforsikring AS - Asset allocation 30.06 NOK million 2008 2007 Equity Norwegian *) 10 280 9 811 Equity Foreign *) 31 124 39 570 Real Estate 22 670 18 889 Money market 18 336 5 745 Bonds held to maturity 40 154 41 259 Bonds 47 305 44 628 Loans 3 028 2 358 Other fiancial assets 9 301 1 15
Slide 34: Policyholders' solidity capital and unrealised gains
Storebrand Livsforsikring AS - Policyholders’ solidity capital As of 30.06.2008 Individual Group policies and NOK million pension paid-up policies Total Additional statutory allocations 2,572 2,671 5,243 Market value adjustment reserve - - - Total 2,572 2,671 5,243 Change during Q2 2008 Individual G
Slide 35: Profit sharing result to owner and premiums
Storebrand Livsforsikring AS - profitt sharing (finance result) NOK million 2.000 1.500 1.000 Result to owner 500 - Booked return -1 % 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10 % (500) (1.000) (1.500) (2.000) The graph gives an indication of the financial result to owner given different booked returns. In ad
Slide 36: Net transfers of premium reserves
Storebrand Livsforsikring AS Net transfers of premium reserves in NOK million Q2 01.01 - 30.06 Full year NOK Million 2008 2007 2008 2007 2007 Premium reserves recieved Group pensions 1 118 721 4 302 1 571 2 870 Individual life insurance 49 83 82 105 215 Unit Linked 87 66 124 139 195 Total 1 254 869
Slide 37: SPP including Euroben highlights
SPP (Swedish activities) SPP including Euroben – Highlights as at 31.03.2008 Challenging financial markets have contributed to a weak financial result Costs relating to integration and from increased taxes have resulted in a negative administration result Risk result is still good Market share of ne
Slide 38: SPP including Euroben result
SPP including Euroben - Result Q2 01.01-30.06 01.01-31.12 NOK million 2008 2007 2008 2007 2007 Adm. Result -10 26 7 52 102 Risk result 62 96 133 112 188 Financial result -164 15 -234 4 -377 Other 68 64 113 154 281 Profit SPP group before amortisation -44 201 19 322 194 Amortisation intangible assets
Slide 39: SPP administration result and risk result
SPP including Euroben - Administration result Q2 01.01-30.06 01.01-31.12 NOK million 2008 2007 2008 2007 2007 Fee income 189 207 373 390 756 Other income 20 6 40 23 83 Net fee and commission 5 7 12 19 33 Total income 214 220 424 431 872 0 0 0 0 0 Provision cost -5 -21 -3 -32 -59 Operating expence -2
Slide 40: SPP financial result
SPP including Euroben - Financial result Q2 01.01-30.06 01.01-31.12 NOK million 2008 2007 2008 2007 2007 Profit sharing 5 NA 7 NA 15 Change in deffered capital contribution 166 NA -546 NA 300 Hedge result -344 NA 322 NA -515 Other 9 NA 18 NA -119 Financial resut -164 NA -198 NA -319 2007 Q2 Rate NOK
Slide 41: SPP other income and claims reserves
SPP including Euroben - Other income Q2 01.01-30.06 01.01-31.12 NOK million 2008 2007 2008 2007 2007 Return on company portfolio 92 84 160 191 361 Interest cost subordinated debt -23 -19 -46 -38 -80 Other result 69 64 114 154 281 2007 Q2 Rate NOK/SEK 0.8823 2007 Q4 Rate NOK/SEK 0.8668 2008 Q2 Rate N
Slide 42: SPP claims reserves and company portfolio
SPP including Euroben - Claims reserves pr line of business Guaranteed Unit Euroben Sum NOK million products Linked Claims reserves 57,899 23,290 5,612 86,801 Conditional bonuses 7,224 0 1,847 9,071 Deffered capital contribution 1,709 0 6 1,714 Other 1,298 0 78 1,376 Total claims reserves 68,130 23,
Slide 43: SPP asset allocation per line of business
SPP including Euroben - asset allocation pr line of business Guaranteed Unit Euroben Sum NOK million products Linked Swedish Equity 4,260 0 834 5,094 International Equity 9,927 0 1,044 10,971 Nominall Bonds 41,895 0 4,941 46,836 Real interest Bonds 5,936 0 705 6,641 Real estate 364 0 0 364 Other 2,2
Slide 44: SPP Group balance sheet
SPP Group* - Balance sheet Share of Share of total assets total assets NOK millions 30.06.08 30.06.08 31.12.07 31.12.07 Intangible assets 9,416 7.0% 9,083 6.5% Longterm shares an interest from group companies 140 0.1% 134 0.1% Shares 21,514 16.0% 30,079 21.6% Bonds 57,583 42.7% 56,841 40.8% Assets -
Slide 45: SPP profit sharing and premium income
SPP including Euroben - profit sharing in guaranteed business 1.000 800 600 MSEK 400 200 0 2,4 3,4 4,4 5,4 6,4 7,4 8,4 9,4 Return % The graph shows an expected financial result to owner, given different yields. The graph does not take into account other results elements as administration result, ris
Slide 46: SPP premium income yearly and single premiums
SPP including Euroben - Premium income – yearly premium Q2 01.01-30.06 01.01-30.12 Nok million 2008 2007 2008 2007 2007 Guaranteed products 553 611 1,267 1,307 2,502 Unit Link 914 888 1,543 1,491 2,620 Euroben 76 21 136 25 133 Total 1,543 1,520 2,947 2,822 5,255 2007 Q2 Rate NOK/SEK 0.8823 2007 Q4 R
Slide 47: SPP new subscription APE
SPP including Euroben - New subscription APE Q2 01.01-30.06 01.01-30.12 Nok million 2008 2007 2008 2007 2007 Guaranteed products 99 75 191 167 281 Unit Link 89 80 222 169 298 Euroben 17 105 53 107 216 Total 205 260 466 444 796 2007 Q2 Rate NOK/SEK 0.8823 2007 Q4 Rate NOK/SEK 0.8668 2008 Q2 Rate NOK/
Slide 48: SPP new subscription single premiums (APE)
SPP including Euroben - New subscription – single premiums (APE) Q2 01.01-30.06 01.01-30.12 Nok million 2008 2007 2008 2007 2007 Guaranteed products 19 13 42 37 65 Unit Link 9 6 13 11 22 Euroben 8 77 23 79 83 Total 36 97 79 127 169 2007 Q2 Rate NOK/SEK 0.8823 2007 Q4 Rate NOK/SEK 0.8668 2008 Q2 Rate
Slide 49: Storebrand Investments highlights Q2
Storebrand Investments Storebrand Investments Highlights Q2 Profit before tax NOK 52 million compared to NOK 64 million 2nd quarter last year. Improved investment results for the Storebrand Life portfolio and mutual funds in 2nd quarter 2008. 62% of Storebrand’s mutual funds have outperformed index
Slide 50: Investments profit before tax and development
Profit before tax Q2 2008 Q2 Year to date 01.01-31.12 NOK million 2008 2007 2008 2007 2007 Total income 114 109 207 198 331 Total costs -78 -71 -141 -136 -256 Net financial income/ other 17 27 34 34 66 Profit before amortisation 52 65 100 96 140 Amortisation intangible assets -1 -1 -1 -1 -2 Profit b
Slide 51: Profit analysis and cost/income efficiency
Profit analysis 600 Cost/income ratio 65%* 500 as of Q2 (65%1 as of Q4, 60% as of Q2 2007). NOK million 400 300 50% in target 200 cost/income ratio for Storebrand Investments 100 by the end of 2009. - Q2 Q4 Q2 Q4 Q2 Q4 Q2 2005 2005 2006 2006 2007 2007 2008 Rolling 12 months income* Rolling 12 months
Slide 52: Internally and externally managed portfolios
Contribution to Storebrand Life portfolio year to date Relative performance Equity Norway -4,7 % 0,4 % -5,1 % Equity Global Qvant -18,7 % -2,6 % -16,1 % Equity Europe L/S** 9,0 % 6,9 % 2,1 % Equity Technology L/S** -11,2 % -12,8 % Internally managed portfolios 1,6 % Equity Energy L/S** -6,2 % -7,8 %
Slide 53: Market share Norwegian mutual funds and sales
Market share Norwegian registered mutual funds All mutual funds (market share in %) Equity funds market in Norway 7,2 6,8 6,9 6,5 7,4 7,1 Nordea Norwegian equity funds exceed 12,8 12,9 11,6 9,2 8,4 8,1 NOK 211 billion in assets under Odin 16,5 19,5 19,3 management. 18,0 19,1 20,7 Skagen The overall
Slide 54: Assets under management
Storebrand Investments Assets under management Total assets under management NOK billion 227 227 217 205 29,7 27,2 3 billion decrease in assets 24,6 20,3 under management in Q2 28,0 33,0 165 29,4 30,3 2008 15,8 20,0 25,6 27,7 14,6 9,7 12,9 1 billion increase in the external discretionary portfolio 1
Slide 55: Storebrand Bank Group highlights
Storebrand Bank Group Storebrand Bank Group Highlights first half 2008 Storebrand Bank achieved group profit of NOK 37 million before tax in Q2 and NOK 81 million for the first six months of 2008. Storebrand Bank ASA's profit before tax was NOK 52 million in Q2 and NOK 94 million for the first six m
Slide 56: Bank profit and loss and quarterly development
Profit and loss Q2 01.01- 30.06 01.01. 31.12 NOK million 2008 2007 2008 2007 2007 Net interest income 127 102 253 194 413 Net fee and commission income 17 17 35 28 58 Other operating income 26 14 43 26 46 Total income 171 133 331 249 517 Operating expenses -114 -83 -225 -164 -360 Operating profit be
Slide 57: Bank balance sheet and loan portfolio
Balance sheet Share Share Nok million 30.06.08 30.06.08 31.12.07 31.12.07 Cash and deposits with central banks 835 1,9 % 1 062 2,5 % Loans to and deposits with credit institutions 509 1,1 % 374 0,9 % Financial assets designated at fair value through p&l 4 406 9,9 % 3 022 7,2 % Net lending to custome
Slide 58: Customer deposits and non-performing loans
Development in customer deposits NOK mill. 20 52 % 18 Customer deposits have 50 % 16 been decreased by NOK 14 48 % 0,2 bn in Q2 12 10 46 % 8 Deposits/gross lending 44 % 6 was 49% at the end of 4 Q2 2 42 % 0 40 % Q1 06Q2 06Q3 06Q4 06Q1 07Q2 07Q3 07Q1 08Q2 08 Customer deposits Deposits/gross lending N
Slide 59: Capital adequacy and retail customers
Capital adequacy Requirement for capital Net primary base capital Capital ratio (NOK million) (NOK million) 30.06.2008 31.12.2007 2 016 2 664 10.6% 10.5% Note: Storebrand Bank Group Q2 2008 117 Retail Customers 75.000 70.000 65.000 60.000 stk 55.000 50.000 45.000 40.000 6 'M 4 -M 5 'M 6 'J 4 'S 4 'J
Slide 60: Storebrand Kredittforetak AS balance sheet
Balance sheet Storebrand Kredittforetak AS NOK million 30.06.2008 31.12.2007 Loans to and deposits with credit institutions 80.6 Financial assets designated at fair value through profit and loss 209.3 Net lending to customers 7 389.6 Other assets 33.5 Total assets 7 632.4 80.6 Liabilities to credit
Slide 61: Storebrand Non-Life highlights Q2 2008
Storebrand Non-life Non-Life Highlights Q2 2008 Storebrand Non-Life reports an operating loss of NOK 24 million in Q2 (loss of NOK 17 million) Operating loss in SB Skadeforsikring AS was NOK 14 million in Q2 (loss of NOK 13 million). YTD growth in gross annual premium is 47% By the end of Q2 Storebr
Slide 62: Non-Life Group profit and loss and balance sheet
Non-Life Group Profit and loss Q2 01.01- 30.06 01.01- 31.12 NOK million 2008 2007 2008 2007 2007 Storebrand Skadeforsikring AS -14 -13 -30 -26 -34 Oslo Reinsurance Company ASA (run-off) -9 -4 1 -5 17 Operating result non life insurance -24 -17 -30 -31 -18 Change in insurance funds 12 4 10 4 10 Pre t
Slide 63: Storebrand Skadeforsikring profit and loss and balance sheet
Storebrand Skadeforsikring AS Profit and loss Q2 01.01- 30.06 01.01- 31.12 NOK million 2008 2007 2008 2007 2007 Premiums earned, net 38 12 71 18 65 Claims incurred, net -30 -9 -57 -14 -46 Operating expenses -25 -18 -50 -35 -72 Investment result 2 2 4 4 19 Operating result -14 -13 -30 -26 -34 Changes
Slide 64: Oslo Reinsurance Company profit and loss and balance sheet
Oslo Reinsurance Company Profit and loss Q2 01.01- 30.06 01.01- 31.12 NOK million 2008 2007 2008 2007 2007 Premiums earned, net - 0 1 1 2 Claims incurred, net -1 -4 12 -9 -4 Operating expenses -10 -6 -19 -11 -21 Investment result 2 5 5 10 32 Other income/costs 0 2 1 4 7 Operating result -9 -4 1 -5 1