Sparebank 1 Ostlandet · OSL:SPOL
Sparebank 1 Ostlandet — SpareBank 1 Gruppen — Q1 2012 Earnings Presentation
33 slides from Sparebank 1 Ostlandet's earnings presentation, Apr 26, 2012
Slide 1: 1st Quarter 2012 Presentation of results
1st Quarter 2012 Presentation of results Q1 from SpareBank 1 Gruppen Kirsten Idebøen, CEO 26 April 2012
Slide 2: Good development in results for the group
Good development in results for the group - Best Q1 result in the past five years • Pre-tax profit: MNOK 173 (162) Pre-tax profit for the group for Q1 (MNOK) • Profit after tax: MNOK 200 (152) 162 173 3 • Annualised return on equity: 15.9 (12.9) % 131 • Total assets in the g group p were NOK 44.5 87
Slide 3: Result development per business area
Result development per business area Pre-tax profit per subsidiary (MNOK) • Improved administration result in life insurance. The company has continued to build up buffers throughout the quarter. 166 Q1 2011 Q1 2012 • Lower occurrences of large claims and good 129 development in financial income con
Slide 4: SpareBank 1 Livsforsikring
SpareBank 1 Livsforsikring Improved administration result Good bbuffer ffe capital 4
Slide 5: Improved administration result. Good buffer capital
SpareBank 1 Livsforsikring Improved p administration result. Good buffer capital p • Pre-tax profit for Q1: MNOK 94 (129) P t Pre-tax profit fit (MNOK), (MNOK) quarterly t l • Administration result: MNOK -7 7 (-19) ( 19) – Stable cost base and increased income from fees Q1 Q2 • Investment result: MN
Slide 6: The company has continued to build up buffers throughout the quarter
SpareBank 1 Livsforsikring The company has continued to build up buffers throughout the quarter Buffer capital trend, per quarter (%) Securities adjustment reserve (MNOK) 14.6 % 15.2 % 14.0 % 14 1 % 14.1 617 12.8 % 11.0 % 466 327 185 Q4 Q1 Q2 Q3 Q4 Q1 2010 2011 2011 2011 2011 2012 2009 2010 2011 Q1
Slide 7: Asset allocation per portfolio as of 31/03/2012
Asset allocation per portfolio as of 31/03/2012 (31/12/11) SB1 Livsforsikring SB1 Skadeforsikring Group Investment choice portfolio Group portfolio Company portfolio 0.0 (0.0) % 13.4 (13.8) % 0.0 (-4.5) % 10.1 ((10.4)) % 0.0 (0.0) % 37.2 (37.4) % 1.0 (-0.2) % 20.6 (18.8) % 8.4 (7.9) % 12.2 (12.7) %
Slide 8: SpareBank 1 Skadeforsikring Group
SpareBank 1 Skadeforsikring Group Significantly Si ifi tl iimproved d claims l i ratio ti and good financial return 8
Slide 9: Significantly improved claims ratio and good financial return
SpareBank 1 Skadeforsikring Group Significantly improved claims ratio and good financial return Pre-tax Pre tax profit, profit quarterly (MNOK) • Pre Pre-tax tax profit for Q1: MNOK 166 (50) 308 Q1 Q2 • Insurance result*: MNOK -19 (-30) 254 Q3 – Lower proportion of large claims and milder winter Q4
Slide 10: Lower proportion of large claims in Q1 2012
SpareBank 1 Skadeforsikring Group Lower proportion of large claims in Q1 2012 Combined ratio for own account – quarterly (%) 108 6 108.6 105.5 10 8 105.8 Combined ratio for own account (%) 100.3 101.9 100.7 101.6 103.5 20.2 92.9 89.8 21.9 21.1 96.2 97.7 22.4 21.3 94.6 94.0 23.8 26.0 89.9 17.1 87.2 2
Slide 11: Positive portfolio growth in Q1 2012
SpareBank 1 Skadeforsikring Group Positive portfolio growth in Q1 2012 G o th in po Growth portfolio tfolio pe per year ea (MNOK) • Total portfolio growth of MNOK 130 to NOK 5.3 billion 5,328 – Combined portfolio growth in Unison Forsikring and the LO segment of MNOK 125.0 125 0 – Market share of 11
Slide 12: ODIN Forvaltning
ODIN Forvaltning O o a g Good management results 12
Slide 13: Good management results
ODIN Forvaltning Good management results Pre-tax profit (MNOK), quarterly • Pre-tax profit for Q1: MNOK -0.5 (12) f – Management fees ll d MNOK totalled O 667 (8 (87)) Q1 17 17 16 Q2 • Total assets under management of NOK 26.2 billion in 14 Q3 Q1 Q Q4 – Increased by NOK 2.7 billion from year-end 201
Slide 14: All equity funds performed better than the benchmark portfolio
ODIN Forvaltning All equity q y funds performed p better than the benchmark portfolio p Fund return as at 31/03/2012 (%) 22.6 Fond Indeks 17 0 17.0 15.3 13.5 13.3 13.6 12.9 13.0 12.8 12.9 10.9 10.5 10.9 10.9 10.8 10.4 9.4 8.0 8.2 6.6 6.2 4.8 5.3 3.2 ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN ODIN
Slide 15: SpareBank 1 Markets
SpareBank 1 Markets P fit bl operations Profitable ti from f Q4 2012 15
Slide 16: Profitable operations from Q4 2012
SpareBank 1 Markets Profitable operations from Q4 2012 Results • Pre-tax profit for Q1: MNOK -45 (-3) • Profit after tax for Q1: MNOK -33 (-2) • Total revenue: MNOK 33 (35) Operational matters • SpareBank 1 Market has now acquired expertise and market clout through new recruitment. The necessary inf
Slide 17: SpareBank 1 Gruppen Finans Group
SpareBank 1 Gruppen Finans Group C ti Continued d ffocus on growth th and d cost-efficiency t ffi i 17
Slide 18: Continued focus on growth and cost-efficiency
SpareBank 1 Gruppen Finans Group Continued focus on growth and cost-efficiency Pre-tax profit (MNOK) • Good growth in factoring operations, but pressure on margins p g − The country's third largest factoring operation with 7 7 7 a market share of 14.2 (13.8) % in Q1 2012 Q1 2011 − Factoring saw grow
Slide 19: Gruppen top in terms of return on equity among Nordic financial institutions
SpareBank 1 Gruppen top in terms of return on equity after tax amongg selected Nordic financial institutions Average Q1 2012 2011 2010 2009 2009-2011 SpareBank 1 Group 15.9 % 11.1 % 18.7 % 18.1 % 16.0 % Handelsbanken 13.8 % 13.5 % 12.9 % 12.6 % 13.0 % Nordea 11.7 % 10.6 % 11.5 % 11.3 % 11.1 % Gjensi
Slide 20: The nation's savings bank
The nation nation's s savings bank 20 20
Slide 21: Appendix
Appendix SpareBank 1)
Slide 22: SpareBank 1 Alliance
SpareBank 1 Alliance SpareBank 1 SpareBank 1 SpareBank 1 Sparebanken Samarbeidende LO (Trade Union) SR-Bank SMN Nord-Norge Hedmark Sparebanker (10 %) (19.5 %) (19.5 %) (19.5 %) (12 %) (19.5 %) SpareBank 1 Gruppen AS SpareBank 1 ODIN SpareBank 1 Markets Livsforsikring Forvaltning (97.47%) (100 %) (10
Slide 23: Key figures
SpareBank 1 Gruppen Key figures Q1 Q4 Q3 Q2 Q1 Year 2012 2011 2011 2011 2011 2011 Group Net result for the period (MNOK) 199.9 281.5 -4.8 97.2 151.9 525.8 Return on equity (%) 15.9 % 23.2 % -0.3 % 8.1 % 12.9 % 11.1 % Capital adequacy ratio, cumulative (%) 14.8 % 16.2 % 16.3 % 16.2 % 16.1 % 16.2 % Co
Slide 24: Results for Q1 2012
SpareBank 1 Gruppen Results for Q1 2012 Q1 Year Fi Figures iin MNOK 2012 2011 2011 Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 94.1 129.4 414.1 - SpareBank 1 Skadeforsikring Group 165.5 50.3 185.3 - ODIN Forvaltning -0 0.5 5 11 9 11.9 21 8 21.8 - SpareBank 1 Markets -44.
Slide 25: Quarterly results
SpareBank 1 Gruppen Quarterly results Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Figures in MNOK 2012 2011 2011 2011 2011 2010 2010 2010 2010 Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 94.1 98.1 77.7 109.0 129.4 72.5 85.8 100.3 91.9 - SpareBank 1 Skadeforsikring Group 165.5 168.1 -89.3
Slide 26: Results for Q1 2012 - Livsforsikring
SpareBank 1 Livsforsikring Results for Q1 2012 Q1 Year Figures in MNOK 2012 2011 2011 Insuranc e risk income 361.2 335.8 1 338.7 Insuranc e risk claims -340.4 -255.5 -1 061.7 Risk result 20.7 80.2 277.0 Tecnical allocations 8.7 -10.8 -35.6 Risk result after tecnical allocations 29.4 69.4 241.4 Fees
Slide 27: Results per portfolio for Q1 2012
SpareBank 1 Livsforsikring Results per portfolio for Q1 2012 Previously Group established Investment choice Company Figures in MNOK portfolio individual products portfolio portfolio Total Risk result 35.1 -5.0 -0.6 0.0 29.4 Administration result 21 4 21.4 -9 3 -9.3 -19 5 -19.5 00 0.0 -7 5 -7.5 Net i
Slide 28: Premium income trend
SpareBank 1 Livsforsikring Premium income trend Q1 Year Figures in MNOK 2012 2011 2011 Individual annuity and pension insurance 72.3 73.1 284.9 Indi id al endo Individual endowment ment insurance ins ance 147 9 147.9 138 5 138.5 570 6 570.6 Group pension insurance 244.3 242.7 465.6 Individual life i
Slide 29: Return on customer portfolio with guarantee as at Q1 2012
SpareBank 1 Livsforsikring Return on customer portfolio with guarantee as at Q1 2012 Value-adjusted return excluding l di change h iin value l construction: t ti Booked return: Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Slide 30: Return on ordinary customer portfolio with guarantee as at 31/03/2012
SpareBank 1 Livsforsikring Return on ordinary y customer p portfolio with g guarantee as at 31/03/2012 P Percent t Norwegian shares 14.8 Foreign shares 13.3 Money market 1.1 Norwegian bonds 1.9 Foreign bonds 23 2.3 Hold to maturity 1.2 Real estate 1.6 30
Slide 31: Balance sheet as of 31/03/2012
SpareBank 1 Livsforsikring Balance sheet as of 31/03/2012 Q1 Year Figures in MNOK 2012 2011 2011 Intangible assets 131 53 107 Investments 2 938 3 013 2 881 Reinsurance's part of insurance obligations 207 223 223 Accounts receivable 149 134 225 Other assets 339 215 368 Prepayed liabilities and accrue
Slide 32: Results for Q1 2012 - Skadeforsikring Group
SpareBank 1 Skadeforsikring Group Results for Q1 2012 Q1 Year Figures in MNOK 2012 2011 2011 Gross written premium 1 713.1 1 553.3 5 358.2 Net earned premium 1 234.5 1 100.8 4 695.9 Net incurred claims -992.3 -920.7 -3 784.0 Net insurance operating costs -262.4 -241.1 -1 074.2 Other insurance income
Slide 33: Results for Q1 2012 - ODIN Forvaltning
ODIN Forvaltning Results for Q1 2012 Q1 Year Figures in MNOK 2012 2011 2011 Management fees 67 2 67.2 86 8 86.8 303 5 303.5 Total operating income 67.2 86.8 303.5 Salaries 24.6 29.2 108.5 Depreciations 6.5 3.9 23.5 Other operating costs 36.9 42.5 151.1 Total operating costs 68.0 75.6 283.1 Operating