Slide 1: Results 3rd Quarter 2008 Analyst Presentation
Storebrand Results 3rd Quarter 2008 October 2008 Analyst presentation Analyst Presentation 3rd Quarter 2008 Page # Slide # • Storebrand Group Group CEO Idar Kreutzer 2-15 3-29 Back-up: • Storebrand Group 16-22 31-44 • Storebrand ASA 23-24 45-48 • Storebrand Life Group 25-30 49-60 • Storebrand Life I
Slide 2: Highlights Q3 2008
Storebrand Results Q3 2008 29 October 2008 Idar Kreutzer Group CEO Highlights Q3 2008 RESULT Group loss before write-downs and amortisation of NOK 1,205 mill in Q3 and loss of NOK 478 mill year to date. Write-down of SPP NOK 2.5 bn BALANCE SHEET Risk reducing measures for balance sheet impleme
Slide 3: Storebrand Group result and Storebrand Livsforsikring AS
RESULT BALANCE OPERATIONS Storebrand Group Q3 Year to date Full year NOK million 2008 2007 2008 2007 2007 Storebrand Life (excl SPP) -611 307 -53 1041 1.635 SPP -606 na -586 na na Storebrand Investments 21 6 122 101 138 Storebrand Bank 25 54 122 188 235 Other -33 -9 -82 14 12 Group profit/loss -1.20
Slide 4: SPP incl. Euroben and Storebrand Life Insurance drivers
RESULT BALANCE OPERATIONS SPP incl. Euroben - financial instability gives poor financial return Guaranteed Company Total Total NOK million products Unit Linked Euroben portfolio* Q3 01.01-30.09 Administration result -12 8 3 -4 -6 1 Risk result 60 -2 1 0 59 192 Finance result -615 0 4 0 -611 -844 Oth
Slide 5: Storebrand Investments and Storebrand Bank
RESULT BALANCE OPERATIONS Storebrand Investments - resultat affected by international financial instability Q3 1.1-30.9 Full year NOK million 2008 2007 2008 2007 2007 Total income 64 49 271 247 331 Total costs -62 -46 -203 -156 -256 Net financial / other 19 3 54 10 66 Profit 21 5 122 101 140 Amortis
Slide 6: Storebrand Livsforsikring AS - risk reducing measures
RESULT BALANCE OPERATIONS Storebrand Livsforsikring AS - risk reducing measures 100 % 4,0 % 5,8 % 5,0 % 4,0 % 7,0 % 4,3 % 4,5 % 4,3 % 90 % 15,0 % 16,0 % 16,7 % 16,7 % 80 % 70 % 28,0 % 60 % 29,6 % 29,7 % 31,6 % 50 % 5,0 % 40 % 8,2 % 10,7 % 18,0 % 18,6 % 30 % 17,5 % 17,7 % 20 % 18,8 % 26,0 % 10 % 16,7
Slide 7: Acquisition financing, refinancing and customer buffers
RESULT BALANCE Storebrand Livsforsikring OPERATIONS – acquisition financing and refinancing EUR 300mm UT2 NOK 1.5bn HT1 NOK 1.7bn UT2 iTraxx Eur Sub Fin 5Y Acquisition financing in place in difficult financial markets Q1/2008 Q2/2008 Q3/2008 6,4 Hybrid Tier 1 Lower Tier 2 Upper Tier 2 Manageable ref
Slide 8: SPP - risk reducing measures and write-down
RESULT BALANCE OPERATIONS SPP - risk reducing measures 3,0 % 3,0 % 3,0 % 4,5 % 100 % 0,0 % 1,0 % 1,0 % 0,6 % 90 % 80 % 70 % 57,0 % 64,0 % 60 % 74,0 % 74,6 % 50 % 40 % 30 % 20 % 40,0 % 32,0 % 10 % 22,0 % 20,3 % 0% 4. kv 2007 1. kv 2008 2. kv 2008 3. kv 2008 Equity Fixed income Real estate Other Runni
Slide 9: SPP Guarantee Groups and Storebrand Bank liquidity
RESULT BALANCE OPERATIONS SPP - Guarantee Groups introduced Pre GG P250 P300 P520 5% 10 % 5% 3% 4% 18 % 24 % Equity 32 % Fixed income Alternative investments 71 % 58 % 77 % 93 % Expected 6.0% 6.5% 6.0% 5.3% return Market High proportion of All new sales in this "Run-off" – closed for new business re
Slide 10: Storebrand ASA liquidity and Group solidity
RESULT BALANCE OPERATIONS Storebrand ASA – satisfactory liquidity Fnding maturities next 12 months: NOK 1.4 bn Liquid assets as per 29 October: NOK 1.4* bn Undrawn credit facility as at 29 Ocober: EUR 75 mill Maturity structure Storebrand ASA debt as per 29 October NOK bn Senior debt Credit fa
Slide 11: Satisfactory operations - increasing market shares
RESULT BALANCE OPERATIONS Satisfactory operations Strong market position Growth in premium income Synergy realisation in SPP ahead of schedule Cost cutting programs are being implemented 21 RESULT BALANCE OPERATIONS Storebrand Livsforsikring AS - increasing market shares Premiums written Yte
Slide 12: Growth in premium income and SPP synergies
RESULT BALANCE OPERATIONS Storebrand Livsforsikring AS - growth in premium income Group DB* 10.000 +13% 9.500 Total new premiums written 9.000 (APE) NOK 1.4 bn year to date 8.500 8.000 Premium income group DB up 7.500 13% measured on 12 month 7.000 rolling basis 6.500 6.000 Premiums written fo
Slide 13: SPP competitive return and sales development
RESULT BALANCE OPERATIONS SPP - competitive return Return as per Q3 Nordea Trygg 0,7 % Storebrand filial -0,4 % SEB Nya -1,3 % SPP DB -4,8 % SHB Liv -5,6 % SPP DC -5,8 % AMF -7,1 % Alecta -7,4 % Nordea Tilväxt -9,3 % SEB Gamla -10,2 % Alecta Optimal -13,5 % -6,7% average 25 RESULT BALANCE OPERATIONS
Slide 14: Health insurance market position and Summary
RESULT BALANCE OPERATIONS Storebrand health insurance - improved market position Storebrand Health insurance Insured in thousand 17,500 new customers year to date 50 45 40 35 Premium income: +21% 30 25 20 15 48% market share in Norway* 10 5 0 2004 2005 2006 2007 2008 Oct 2008 11% market shar
Slide 15: Storebrand's objective
Storebrand's objective is to be the leading and most respected institution in the Nordic market for long-term savings and insurance 29 (Page intentionally left blank) 30 15
Slide 16: Storebrand Group - 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. 32 16
Slide 17: Group profit by sub-group and operating profit
Storebrand Group Group profit by sub-group Q3 1.1 - 30.09 1.1 - 31.12 NOK million 2008 2007 2008 2007 2007 Life activities -1.219 307 -639 1 041 1 635 Investment activities 21 6 122 101 138 Storebrand Bank 25 53 122 188 235 Other activities -33 -9 -82 14 12 Group profit before amortizatio -1.205 357
Slide 18: Group operating profit and earnings per share
Storebrand Group Operating Profit Q3 1.1 - 30.09 1.1 - 31.12 NOK million 2007 2007 2007 Net premiums - insurance 4 317 15 050 19 744 Interests income 108 303 413 Financial income 1 108 9 062 12 407 Other income 308 788 834 Operating income 5 841 25 202 33 397 Insurance benefits, reserve allocations
Slide 19: Group balance sheet
Storebrand Group Balance sheet Share of NOK million 30.09.08 total assets Intangible assets- company 7 693 2% Shares in associated companies - company 81 0% Loans - company 38 236 10 % Bonds held to maturity - company 24 652 7% Other assets - comapny 13 187 4% Bonds held to maturity - customers 45 9
Slide 20: Capital adequacy and profit by sub-group
Storebrand Group Capital adequacy Minimum Net Primary Capital Net Primary Capital Ratio NOK million 30.09.2008 Capital 30.09.08 30.09.08 31.12.07 Storebrand ASA 1 335 15 099 90,5 % 89,4 % Storebrand Life insurance 9 227 15 491 13,4 % 10,0 % Storebrand Non-life insurance 13 121 77,0 % 135,4 % Storebr
Slide 21: Other activities and shareholder structure
Storebrand Group Other activities Q3 1.1 -30.09 1.1-31.12 NOK million 2008 2007 2007 2006 2007 1) Storebrand ASA -50 -21 583 1.062 1.057 Storebrand Skadeforsikring 17 12 2 -19 -18 2) Other companies/elimintations 0 0 -667 -1.029 -1.027 Total profit other activities -33 -9 -82 14 12 Amortization inta
Slide 22: Rating for Storebrand and key figures
Rating for Storebrand as at 29 October 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+ (S) P=positive outlook, S=stable outlook, N=negative outlook 43 Storebrand Group Key figures Q3 1.1 - 30.09
Slide 23: Storebrand ASA profit for the year
Storebrand ASA Storebrand ASA Profit for the year *) Q3 1.1 - 30.09 1.1 - 31.12 NOK million 2008 2007 2008 2007 2007 Group contributions and transfers 0 0 672 1 033 1 033 Interest income 46 28 242 76 117 Interest expense - 50 - 28 - 220 - 77 - 114 Realised/unrealised gains/losses on securiti - 29 -5
Slide 24: Storebrand ASA quarterly development and balance sheet
Storebrand ASA Quartely development 2008 2007 2006 NOK million Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Group contributions and transfers 0 0 672 0 0 0 1 033 0 Interest income 46 90 106 41 28 30 19 18 Interest expense - 50 - 79 - 91 - 37 - 28 - 26 - 23 - 22 Realised/unrealised gains/losses on securities - 29 - 11 -7
Slide 25: Life Group result per line of business
Storebrand Life Group Storebrand Life Group - Result per line of business Q3 01.01 - 30.09 Full year NOK mill. 2008 2007 2007 Storebrand Livsforsikring AS -589 300 -31 1.030 1.622 SPP Group -607 -588 Other subsidiaries (inclusive Storebrand Helse) -22 8 -20 12 13 Profit life group before amortisiati
Slide 26: Life Group profit and loss and profit analysis
Storebrand Life Group Profit and loss Q3 01.01 - 30.09 Full year NOK Million. 2008 2007 2008 2007 2007 Premiums written 5.186 3.750 20.008 12.731 16.578 Net transfers of premium reserve 6.831 -1.095 9.909 658 1.056 Net income of financial investments 1.488 9.211 11.932 Net income of common portfolio
Slide 27: Per line of business Q3 2008
Storebrand Livsforsikring - per line of business Q3 2008 Storebrand SPP Other Total NOK Millon Livsforsikring AS Group Group Group Interest result -3.416 -610 -4.026 Administration result -6 -6 -12 Risk result 163 59 223 Other results -135 -51 -22 -208 Profit before additional statutory allocations
Slide 28: Life Group satisfactory solidity
Storebrand Life Group satisfactory solidity Capital ratio of 13.4% and solvency margin of 129% Solidity capital of NOK 32 billion, equivalent to 14.1% of insurance fund excl. additional statutory reserves Solidity capital in % of insurance fund excl. Add. statutory reserves and cond. bonus 25 %
Slide 29: Life Group balance sheet
Storebrand Life Group Balance sheet Share of Share of total assets total assets NOK Million 30.09.08 30.09.08 31.12.07 31.12.07 Immaterial assets 6.850 2% 9.611 3% Real estate 23.432 7% 22.364 7% Long term shares and interests from group companies 52 0% 146 0% Bonds held to maturity 45.924 14 % 40.3
Slide 30: Premium due and new premiums APE
Storebrand Livsforsikring - Premium due Q3 01.01 - 30.09 Full year NOK Million 2008 2007 2008 2007 2007 Storebrand Livsforsikring AS 3.357 3.749 12.824 12.731 16.578 SPP Group 1.830 7.185 Storebrand Helse 62 51 180 148 199 Total 5.249 3.801 20.189 12.879 16.777 Premium income for SPP Group includes
Slide 31: Life Group Norwegian activities highlights
Storebrand Life Group Norwegian Activities Storebrand Life Group – Highlights as at 30.09.2008 Total premium income (excluding net transfers) increased by 1 % as at 30.09.2008 compared to the same periode last year and has decreased by 10% in Q3 Positiv net transfer balance for life insurance as
Slide 32: Storebrand Livsforsikring profit analysis
Storebrand Livsforsikring - Profit analysis Q3 01.01 - 30.09 Full year NOK Million 2008 2007 2007 Interest result -3.416 748 -3.601 4.703 7.887 Administration result -6 -9 -167 -261 -669 Risk result 163 103 574 301 244 Other results -135 -1 246 -18 -3.042 Profit before additional statutory allocatio
Slide 33: Profit to owner Q3 2008 and insurance fund reserves
Storebrand Livsforsikring - Profit to owner Q3 2008 Individual Group and paid- pension and up polices, Group pension unit linked Risk profit- Company NOK Million. fee based fee based products charing portfolio Total Administration result 9 - 17 - 16 12 -12 Interest result -6 - 216 -222 Risk result 5
Slide 34: Asset allocation
Storebrand Livsforsikring AS - Asset allocation 30.09 Full year NOK million 2008 2007 2007 Equity Norwegian *) 10.245 10.238 10.977 Equity Foreign *) 21.681 33.920 40.916 Real Estate 23.229 19.217 22.262 Money market 8.841 8.422 11.880 Bonds held to maturity 53.944 41.234 40.380 Bonds 44.639 44.073
Slide 35: Company portfolio and policyholders' solidity capital
Storebrand Livsforsikring AS - company portfolio 2%2% Equity Value adjusted return Bonds 31 % 0,3 % year to date Real Estate AuM NOK 11,5 bn Alpha 46 % Money market Other 17 % 2% 69 69 Storebrand Livsforsikring AS - Policyholders’ solidity capital 30.09 Full year NOK Million 2008 2007 2007 Addit
Slide 36: Policyholders' solidity capital
Storebrand Livsforsikring AS - Policyholders’ solidity capital as at 30.09.2008 Group Individual policies and NOK million pension paid-up policies Total Additional statutory allocations 1.288 1.275 2.564 Market value adjustment reserve Total 1.288 1.275 2.564 71 Storebrand Livsforsikring AS - Change
Slide 37: Unrealised gains and premiums
Storebrand Livsforsikring AS Unrealised gains Change Change NOK Million Q3 30.09.2008 2008 Shares -2.779 -1.269 -5.635 Fixed interest investments 72 -2.084 -1.572 Short term investments -2.707 -3.353 -7.207 Bonds held to maturity 1.021 -353 -393 Total -1.686 -3.706 -7.599 73 Storebrand Livsforsikrin
Slide 38: Net transfers of premium reserves
Storebrand Livsforsikring AS Net transfers of premium reserves in NOK million Q3 01.01 - 30.09 Full year NOK Million 2008 2007 2008 2007 2007 Premium reserves recieved Group pensions -48 513 4.254 2.084 2.870 Individual life insurance 22 53 104 158 215 Unit Linked 105 23 229 162 195 Total 79 589 4.5
Slide 39: New premiums APE and yearly premium
Storebrand Livsforsikring AS - new premiums APE Q3 01.01 - 30.09 Full year NOK mill 2008 2007 2008 2007 2007 Fee based business, 20/80 and 35/65 portfoli 19 na 779 na 890 Defined Contribution and Unit Linked 178 na 430 na 248 Risk business 40 na 162 na 49 SUM 236 na 1.371 na 1.187 New premiums consi
Slide 40: New single premiums and bond portfolio
Storebrand Livsforsikring AS - new single premiums Q3 01.01 - 30.09 Full year NOK mill 2008 2007 2008 2007 2007 Fee based business, 20/80 and 35/65 portfoli (143) na 5.051 na 4.958 Defined Contribution and Unit Linked 207 na 1.048 na 512 Risk business - na - na - SUM 64 na 6.099 na 5.470 The negativ
Slide 41: Bond portfolio (cont.)
Storebrand Livsforsikring - Bond portfolio (cont.) Issuer Hold to Maturity bonds as at 31 September 2008 NOK Billion Issuer AAA AA A Unrated Total Banking 0,9 3,9 - 1,0 5,8 Finance & Investment 2,3 0,5 0,5 - 3,3 Government Guaranteed 18,5 - - - 18,5 Local-Authority 2,0 0,4 - - 2,4 Local-Authority Gu
Slide 42: SPP (Swedish activities) highlights
SPP (Swedish activities) SPP including Euroben – Highlights as at 30.09.2008 Based on the challenging financial markets the SPP investment has been written down by 2.5 bn NOK Challenging financial markets have contributed to a weak financial result in Q3 A new risk management model in DC has b
Slide 43: SPP including Euroben - Result
SPP including Euroben - Result Q3 01.01-30.09 Full year NOK million 2008 2007 2008 2007 2007 Adm. Result -7 45 1 97 102 Risk Result 59 31 192 141 185 Financial Result -610 -163 -844 -158 -377 Other -49 65 65 216 284 Profit SPP group before amortisation -607 -21 -586 296 194 Amortisation intangible a
Slide 44: SPP administration result and risk result
SPP including Euroben - Administration result Q3 01.01-30.09 Full year NOK million 2008 2007 2008 2007 2007 Fee income 168 187 527 570 756 Other income 12 18 52 40 83 Net fee and commission 10 6 30 25 33 Total income 190 211 608 635 872 Provision cost -6 -12 -9 -44 -59 Operating expence -191 -153 -5
Slide 45: SPP financial result
SPP including Euroben - Financial result Q3 01.01-30.09 Full year NOK million 2008 2007 2008 2007 2007 Profit sharing 3 NA 11 NA 17 Change in deferred capital contribution -1.361 NA -2.005 NA 354 Hedge result 735 NA 1.116 NA -608 Other 14 NA 35 NA -140 Financial result -610 NA -844 NA -377 2007 Q3 R
Slide 46: SPP other income and claims reserves
SPP including Euroben - Other income Q3 01.01-30.09 Full year NOK million 2008 2007 2008 2007 2007 Return on company portfolio -25 86 136 274 364 Interest cost subordinated debt -25 -20 -71 -58 -80 Other result -49 65 65 216 284 2007 Q3 Rate SEK/NOK 0.8823 2007 Q4 Rate SEK/NOK 0.8668 2008 Q3 Rate SE
Slide 47: SPP claims reserves and company portfolio
SPP including Euroben - Claims reserves pr line of business Guaranteed Unit Euroben Total NOK million products Linked Claims reserves 61.834 21.805 5.500 89.138 Conditional bonuses 6.259 0 1.891 8.150 Other 1.300 0 103 1.403 Total claims reserves 69.393 21.805 7.493 98.691 whereas Deferred capital c
Slide 48: SPP asset allocation per line of business
SPP including Euroben - asset allocation pr line of business Guaranteed Unit Euroben Total NOK million products Linked Swedish Equity 3.752 0 488 4.240 International Equity 9.361 0 741 10.102 Nominal Bonds 43.437 0 5.496 48.934 Real interest Bonds 4.793 0 760 5.553 Real estate 411 0 0 411 Other 2.92
Slide 49: SPP allocation Defined Contribution and balance sheet
SPP - allocation Defined Contribution (GG) P250 P300 P520 9% 1% 4% 0% 1% 4% 2% 18 % Bonds and money market instruments Shares 32 % Real Estate 58 % Other 77 % 94 % Interest rate 2.5 % 3% 5.2 % guarantee p.a. AuM (incl cond. NOK 6.6 bn NOK 16.6 bn NOK 14.9 bn bonuses) Conditional bonuses NOK 1.2 bn N
Slide 50: SPP Group balance sheet and premium income
SPP Group* - Balance sheet Share of Share of total assets total assets NOK millions 30.09.08 30.09.08 31.12.07 31.12.07 Equity 2.928 2,4% 6.971 5,0% Minority interests' share in equity 0 0,0% 0,0% Subordinated loan capital 8.310 6,7% 8.286 6,0% Premium reserve for own account 68.736 55,2% 65.963 47,
Slide 51: SPP premium income - yearly and single premiums
SPP including Euroben - Premium income – yearly premium Q3 01.01-30.09 Full year NOK Million 2008 2007 2008 2007 2007 Guaranteed products 581 583 1.851 1.835 2.502 Unit Link 586 558 2.141 1.987 2.620 Euroben 72 47 210 70 133 Total 1.238 1.187 4.201 3.892 5.255 2007 Q3 Rate SEK/NOK 0.8823 2007 Q4 Rat
Slide 52: SPP new subscription APE
SPP including Euroben - New subscription APE Q3 01.01-30.09 Full year NOK Million 2008 2007 2008 2007 2007 Guaranteed products 80 54 271 215 281 Unit Link 84 56 306 218 298 Euroben 10 43 63 147 216 Total 173 153 640 580 795 2007 Q3 Rate SEK/NOK 0.8823 2007 Q4 Rate SEK/NOK 0.8668 2008 Q3 Rate SEK/NOK
Slide 53: SPP new subscription and bond portfolio
SPP including Euroben - New subscription – single premiums (APE) Q3 01.01-30.09 Full year NOK Million 2008 2007 2008 2007 2007 Guaranteed products 18 12 60 48 65 Unit Link 4 5 18 15 22 Euroben 5 2 28 78 83 Total 26 19 106 140 169 2007 Q3 Rate SEK/NOK 0.8823 2007 Q4 Rate SEK/NOK 0.8668 2008 Q3 Rate S
Slide 54: Storebrand Investments highlights Q3
Storebrand Investments Storebrand Investments Highlights Q3 Profit before tax NOK 20 million compared to NOK 5 million 3rd quarter last year. Turmoil in financial markets causes poor investment results in mutual funds and Storebrand Life portfolio 33% of Storebrand’s mutual funds have outperfo
Slide 55: Profit before tax and profit development
Profit before tax Q3 2008 Q3 Year to date 01.01-31.12 NOK million 2008 2007 2008 2007 2007 Total income 64 49 271 247 331 Total costs -62 -46 -203 -156 -256 Net financial income/ other 19 3 54 10 66 Profit before amortisation 21 5 122 101 140 Amortisation intangible assets -1 0 -2 0 -2 Profit before
Slide 56: Stable profit development and cost control
Stable profit development in falling financial markets 600 500 Cost/income ratio 63 percent* as of Q3 (65 NOK million 400 percent1 as of Q4, 63 300 percent as of Q3 2007). 200 100 - Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 2005 2005 2006 2006 2007 2007 2008 2008 Rolling 12 months income* Rolling 12 months costs *)
Slide 57: Contribution to Storebrand Life portfolio YTD
Contribution to Storebrand Life portfolio YTD Relative performance -12,7 % Equity Norway -13,1 % 0,4 % -18,3 % Equity Global Qvant -4,0 % -14,3 % 5,1 % Equity Europe L/S** 2,9 % 2,2 % -14,7 % Equity Technology L/S** 2,0 % -16,7 % Internally managed portfolios -5,0 % Equity Energy L/S** -7,0 % 2,0 %
Slide 58: Sales development
Sales development Net sales of NOK 1,1 billion in Q3 2008 compared to NOK -0,1 billion in Q3 20071 Nett subscriptions in Norwegian registered equityfunds NOK billion 40 40 30 30 20 20 10 10 0 0 -10 -10 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 03 03 03 04 04 04 04 05 05 05 05
Slide 59: Storebrand Bank Group highlights 3rd quarter
Storebrand Bank Group Storebrand Bank Group Highlights 3rd quarter 2008 Storebrand Bank achieves a group pre-tax profit of NOK 19.2 million in Q3 and NOK 100 million for the year to date The profit before losses in the banking group amounts to NOK 45.9 million in Q3 and NOK 136.4 million for the
Slide 60: Bank profit and loss
Profit and loss Q3 01.01- 30.09 01.01. 31.12 NOK million 2008 2007 2008 2007 2007 Net interest income 149 108 403 303 413 Net fee and commission income 15 15 50 43 58 Other operating income 4 3 47 29 46 Total income 168 126 500 374 517 Operating expenses -116 -83 -341 -247 -360 Operating profit befo
Slide 61: Bank balance sheet and loan portfolio
Balance sheet Share Share Nok million 30.09.08 30.09.08 31.12.07 31.12.07 Cash and deposits with central banks 575 1,3 % 1 062 2,5 % Loans to and deposits with credit institutions 245 0,6 % 374 0,9 % Financial assets designated at fair value through p&l 4 541 10,3 % 3 022 7,2 % Net lending to custom
Slide 62: Customer deposits and non-performing loans
Development in customer deposits NOK mill. Customer deposits have been decreased by NOK 20 52 % 0,2 bn in Q3 18 50 % 16 14 48 % Deposits/gross lending was 12 47.6% at the end of Q3 10 46 % 8 44 % 6 4 42 % 2 0 40 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 06 06 06 06 07 07 07 08 08 08 Customer deposits Depo
Slide 63: Capital adequacy and retail customers
Capital adequacy Requirement for capital Net primary base capital Capital ratio (NOK million) (NOK million) 30.09.2008 31.12.2007 1 993 2 675 10.7% 10.5% Note: Storebrand Bank Group 125 Retail Customers 75.000 70.000 65.000 60.000 stk 55.000 50.000 45.000 40.000 8 'M 4 -M 5 'M 6 6 'J 04 5 'J 07 8 D
Slide 64: Storebrand Kredittforetak balance sheet and P&L
Balance sheet Storebrand Kredittforetak AS NOK million 30.09.2008 31.12.2007 Loans to and deposits with credit institutions 80.6 Financial assets designated at fair value through profit and loss 258.4 Net lending to customers 7 605.1 Derivatives 202.2 Other assets 110.9 Total assets 8 176.5 80.6 Lia
Slide 65: Covered bond programme summary
Covered bond programme summary* Residential/ Commercial 100% prime residential properties Number of Loans 5860* Average Loan Balance NOK 1.300 mn / EUR 156,000 Weighted Average 49% Current LTV Pool Status 0,07% in arrears O/C 106% minimum Weighted Average 32 months Seasoning Weighted Average 19 year
Slide 66: Storebrand Non-Life highlights Q3 2008
Storebrand Non-life Non-Life Highlights Q3 2008 Storebrand Non-Life reports an operating loss of NOK 19 million in Q3 (loss of NOK 19 million) Operating loss in SB Skadeforsikring AS was NOK 33 million in Q3 (loss of NOK 28 million). YTD growth in gross annual premium is 69 percent By the en
Slide 67: Non-Life Group profit and loss and balance sheet
Non-Life Group Profit and loss Q3 01.01- 30.09 01.01- 31.12 NOK million 2008 2007 2008 2007 2007 Storebrand Skadeforsikring AS -3 -1 -33 -28 -34 Oslo Reinsurance Company ASA (run-off) 13 13 14 9 17 Operating result non life insurance 10 12 -19 -19 -18 Change in insurance funds 4 -1 14 3 10 Pre tax r
Slide 68: Storebrand Skadeforsikring profit and loss
Storebrand Skadeforsikring AS Profit and loss Q3 01.01- 30.09 01.01- 31.12 NOK million 2008 2007 2008 2007 2007 Premiums earned, net 48 20 119 38 65 Claims incurred, net -34 -15 -90 -28 -46 Operating expenses -20 -16 -70 -51 -72 Investment result 4 10 8 14 19 Operating result -3 -1 -33 -28 -34 Chang
Slide 69: Oslo Reinsurance Company profit and loss
Oslo Reinsurance Company Profit and loss Q3 01.01- 30.09 01.01- 31.12 NOK million 2008 2007 2008 2007 2007 Premiums earned, net 2 0 3 2 2 Claims incurred, net 16 -2 28 -11 -4 Operating expenses -11 -3 -30 -14 -21 Investment result 6 17 11 27 32 Other income/costs 1 1 2 5 7 Operating result 13 13 14