Q33rd Quarter 2011

Q3Q

Presentation of results from SpareBank 1 Gruppen

Kirsten Idebøen, CEO

28 October 201128 October 2011

Profits down due to market turmoil and high claims ratio

Group pre-tax profit* (MNOK) quarterlyGroup pre-tax profit (MNOK), quarterly

• Pre-tax profit as at Q3: MNOK 248 (643).Pre-tax loss in Q3: MNOK -60 (347).

374358 347

Q1Q2 • Profit after tax as at Q3: MNOK 245 (508).

Net result in Q3: MNOK -4 (259).

• Annualised return on equity: 6 7 (15 8) %

Q2Q3

• Annualised return on equity: 6.7 (15.8) %

• Capital adequacy ratio: 16.3 (16.7) %Core capital adequacy ratio: 14.0 (11.5) %

6887

131162163 164

145

24Core capital adequacy ratio: 14.0 (11.5) %

• The Group had total assets of NOK 41.3 billion, as compared to NOK 40.7 billion at

d 2010

24

-60year-end 2010.

2008 2009 2010 2011

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

Result improvement within life insurance, but significant weakening in results within P&C insuranceweakening in results within P&C insurance

Pre-tax profit per subsidiary (MNOK) • Significantly improved administration result and good investment result in life insurance and good investment result in life insurance. Profit influenced to a minor extent by market unrest in Q3.

278

334316

YTD 2010

YTD 2011

• Strong portfolio growth provides increased premium income in P&C insurance. Negative return on shares and large claims reduced the result YTD.

• Drop in stock markets contributed to reduced earnings for ODIN.48

18 3022

• Good development in factoring and the debt collection business, with focus on consolidation and continuous improvement.

2-34

18 22

-77

p

• Weaker results in SB1 Markets due to large, planned investments linked to building up a leading capital market environment

SB1

Liv

SB1

Skad

e

OD

IN

SB1G

Fin

ans

SB1

Mar

kets

3

leading capital market environment.S S

SpareBank 1 SpareBank 1 Skadeforsikring Group

Negative return on shares and high claims ratio Good portfolio growth

4

SpareBank 1 Skadeforsikring GroupNegative return on shares and high claims ratio. Good Negative return on shares and high claims ratio. Good portfolio growth

P e ta p ofit q a te l (MNOK) • Total portfolio growth of MNOK 409, of which MNOK 160 from Unison Forsikring. Portfolio of NOK 5.1 billion YTD. The increase equated to 8 7 % from year-end 2010

Pre-tax profit, quarterly (MNOK)

207

251 254Q1Q2 8.7 % from year-end 2010.

– Portfolio growth of MNOK 132 in the quarter.– Market share has increased from 9.8 % to

10.9 % in the past 12 months as at Q2 2011.125

207Q3

• Pre-tax profit as at Q3: MNOK 18 (334) and MNOK -89 (254) in Q3.

54 48 365043

5658

– Insurance result*: MNOK -21 (144) and MNOK 0.5 (121) in Q3.

– Net financial income: MNOK 100 (232) and MNOK -62 (149) in Q3

-89

2008 2009 2010 2011

MNOK 62 (149) in Q3.– Financial return of 1.1 (2.7) % YTD.

5

* Insurance result in 2011 includes Unison Forsikring and medical treatment insurance.

SpareBank 1 Skadeforsikring Group Weakened natural perils-result and high proportion of large claims

Combined ratio for own account – quarterly (%) Combined ratio for own account (%)

108.6 10 105 8

21.8 24

.8

20.2

17.1

22.7 23

.8 21.9

22.4 21

.090.999.6

108.6

92.9 89.8

100.3105.5 101.9 105.8

20.5 20.6 20

.7

21.9 22

.5 21.0 21

.8

87.2 89.994.6 94.0 96.2 97.7

104.4

69.2 74.8 88

.3

75.9

67.1 76

.6 83.6

79.4 84.7

9 1 8 7 2.7

2

Q32009

Q42009

Q12010

Q22010

Q32010

Q42010

Q12011

Q22011

Q32011

66.7

69.3 73

.9

72.1

73.8

76. 82

High proportion of large claims within central product groups in the Corporate Market portfolio has meant a significant increase in claims ratio in Q3

2009 2009 2010 2010 2010 2010 2011 2011 2011

Net claims ratio Net cost ratio 2005 2006 2007 2008 2009 2010 YTD 2011

Net claims ratio Net cost ratio

claims ratio in Q3.

• Claims have been incurred for a total of MNOK 44 in conjunction with the terrorist attack on 22 July 2011.• Gross combined ratio YTD was 104.4 % (claims ratio of 82.9 % and cost ratio of 21.5 %) Including personal insurance, the combined ratio YTD is reduced to 96.3 %, of which the claims ratio constitutes 74.9 % and the cost ratio 21.4 %.

6

the combined ratio YTD is reduced to 96.3 %, of which the claims ratio constitutes 74.9 % and the cost ratio 21.4 %.

SpareBank 1 pLivsforsikring

Significant improvement in administration result Significant improvement in administration result Solid Buffers

7

SpareBank 1 LivsforsikringSignificant improvement in administration resultg p

• Pre-tax profit as at Q3: MNOK 316 (278) and MNOK 78 (86) in Q3.

f ( O ) l( ) Q

• Administration result: MNOK -63 (-125) as at Q3 and MNOK -20 (-45) in Q3.- Corrected for revenue recognition, linked to the

Pre-tax profit (MNOK), quarterly

129

206Q1Q2Q3 Corrected for revenue recognition, linked to the

discontinuation of the early retirement pension (AFP) in 2010, the underlying improvement amounts to MNOK 78.

• Investment result: MNOK 365 (269) as at Q3 and 24

92

129

44

100 10981 86 78

Investment result: MNOK 365 (269) as at Q3 and MNOK 52 (71) in Q3

• Risk result MNOK 203 (260) as at Q3 and MNOK 64 (72) in Q3

-52

24

(72) in Q3.- Higher costs in conjunction with disability compensation.

• As a consequence of the securities adjustment reserve now coming under Norway's Taxes Act's

-335

2008 2009 2010 2011

reserve now coming under Norway's Taxes Act's regulation on entitlement to make deductions for insurance-related provisions, and because of the exemption method, there will be major fluctuations in tax costs in the future

8

tax costs in the future.

SpareBank 1 LivsforsikringSolid buffersSolid buffers

Buffer capital trend, per quarter (%) Securities adjustment reserve (MNOK)16.1 %

14.6 %15.2 %

14 0 % 14 1 % 61714.6 % 14.0 % 14.1 %

327

617

13

Q32010

Q42010

Q12011

Q22011

Q32011

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

2009 2010 YTD 2011

• Buffer capital including profit for the year: 14.1 (16.1) %

• Total assets: NOK 25.7 billion, NOK 0.8 billion lower than at year-end 2010., y- Redemption of term subordinated loan capital and market development.

• Capital adequacy ratio: 18.5 (20.1) %- The entire net liable capital consists of core capital

9

- The entire net liable capital consists of core capital.

SpareBank 1 ForsikringAsset allocation per portfolio as at 30.09.11 (31.12.10)

SB1 Skadeforsikring GroupSB1 Livsforsikring

Asset allocation per portfolio as at 30.09.11 (31.12.10)

Group portfolio Company portfolio

7.7 (9.4) %

0.0 (0.1) %

13 2 (13 6) %

10.6 (10.6) %13.1 (14.8) %

2 2 (0 9) %

-10.3 (-1.6) %0.0 (0.1) %

21 1 (21 0) %

Investment choice portfolio

( ) 13.2 (13.6) %35.1 (34.8) %

2.2 (0.9) % 21.1 (21.0) %45.8 (61.0) %

68.5 (66.3) %

28.4 (28.0) % 21.2 (21.5) % 61.2 (48.4) %28.0 (28.8) %

53.2 (39.0) %1.1 (0.0) %

Stocks Other Stocks Other

NOK 15.5 (16.0) billion NOK 2.5 (2.8) billion NOK 9.2 (8.9) billionNOK 6.5 (6.7) billion

Stocks OtherReal estate Bonds - amortized costBonds - market valueStocks Other Bonds

Stocks OtherReal Estate Bonds at amortised costBonds at Market value

10

SpareBank 1 ForsikringMarket unrest – consequences and initiatives

SB1 Skadeforsikring GroupSB1 Livsforsikring

Market unrest consequences and initiatives

• The company has built up solid buffers and the securities adjustment reserve has, in its entirety, covered the fall in prices and rates so far this year

• The company has no opportunity to build up buffers, so the fall in prices and rates has had a direct impact on profits.

year.

• Shareholding as at 30.09.11 constituted 13.1 %, or NOK 2.0 billion.

• The shareholding as at 30.09.11 constituted 7.7 %, or MNOK 711.

• The company's buffer capital situation is still good. The company can withstand a considerable drop in share prices before additional provisions,

• For a lengthy period, the company has had a stable investment portfolio.

h h b d kdrop in share prices before additional provisions, which can be used in the accounts for 2011, are fully utilised.

St t t b i d t k t f

• The assessment has been made not to make changes to the current investment strategy in the P&C insurance company.

• Stress tests are being undertaken as part of ongoing risk management, as are assessments of whether portfolio adjustments should be made. Taking the owner's profit and equity into account i k t f th t

11

is a key component of these assessments

ODIN ForvaltningO o a gNegative market development has led to reduced management fees

12

ODIN ForvaltningNegative market development has led to reduced Negative market development has led to reduced management fees

• Pre-tax profit as at Q3: MNOK 30 (48)– Result characterised by high one-off costs and

lower management fees.

Pre-tax profit (MNOK), quarterly

3029

Q1Q2

• Profit in Q3 was MNOK 6 (17)

14

29

17

26

16 17

Q2Q3

• Total assets of NOK 22.5 billion YTD.- Down NOK 9.8 billion since year-end 2010.

1412

1012

6

• Equity fond market share of 8.8 % as at September, compared with 10.7 % at year-end 2010.

-72008 2009 2010 2011

• Market share of 3.8 % for combination fund YTD, up from 3.5 % as at Q2.

13

SpareBank 1 Gruppen p ppFinans GroupGood growth in factoring and the portfolio-business in the Good growth in factoring and the portfolio business in the past year

14

SpareBank 1 Gruppen Finans groupGood growth in factoring and the portfolio-business in the past year

Pre-tax profit YTD (MNOK)

P e ta p ofit as at Q3 MNOK 22 0 (2 0)*• Pre-tax profit as at Q3: MNOK 22.0 (2.0)*.

― Reduced loss and loss provisions YTD has contributed to increased profits in BA Factoring.

21.5 22.0YTD 2010

YTD 2011

― The company is the country's third largest factoring business as at Q3 2011.

― BA Portfolio had a total portfolio volume of NOK 1 0 billion YTD as compared to MNOK 620 at

12.611.0

1.0 billion YTD, as compared to MNOK 620 at year-end 2010.

― The debt collection business is rigged for growth through focus on further development quality

to*

on)g G

F

p**

io

through focus on further development, quality and capacity improvement.― The company is the country's third largest debt

collection business.-0.5

1.4 2.02.5

Con

ect

(deb

t co

llect

i o

*Conecto was acquired with accounting effect from 10 September 2010 The profit up to the acquisition date has been recognised directly against equity in the Group

Fact

orin

g

SB1G

Gro

up

Port

foli

15

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

SpareBank 1 MarketsSpareBank 1 MarketsThe establishment of a leading capital market environment is progressing according to plan

16

SpareBank 1 MarketsThe establishment of a leading capital market environment is g pprogressing according to plan

Th it t k h b i d tOperational matters

• The recruitment work has been carried out.- With focus on establishing leading expertise and placement capacity combined with the ability to guarantee capital acquisitions.

•Macroeconomic uncertainty has generally led to reduced •Macroeconomic uncertainty has generally led to reduced activity in the market. Profitability for the entire industry has been weakened.

• Pre-tax loss as at Q3: MNOK -77 (-34).• Pre-tax loss in Q3: MNOK -52 (-29).

Results

Q ( )• Revenue:- Commission income on stocks and derivatives: MNOK 28 (27).- Debt capital markets: MNOK 7 (12).- Corporate Finance: MNOK 27 (17).

Chief economist Shakeb Syed in SpareBank 1 Markets

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

17

s g ca t ea g pote t a o t e Spa e a a ce

SpareBank 1 GruppenS i d Starting-up a card company

• In recent years, via a series of acquisitions and structural changes, SpareBank 1 has taken strategic control of important product areas, most recently involving debt collection, factoring and y g gmarkets. The aim is control of the product and value chain, to do the best for both customers and owners.

• SpareBank 1 also wishes to offer products and services within the • SpareBank 1 also wishes to offer products and services within the card and payment business through a specific company. Such services could be delivered from 1 July 2014.

• Today, SpareBank 1 has an agreement with EnterCard concerning the delivery of card products, an agreement that will run until the summer of 2014. The volume from the SpareBank 1 Alliance as at 30 09 11 in this portfolio was 400 000 cards 30.09.11 in this portfolio was 400,000 cards.

• Arrangements are being made for continued close collaboration with EnterCard throughout the period of the agreement.

18

Outlook

SPAREBANK 1 GRUPPEN

• Increased volatility in the financial markets entails increased uncertainty linked to the financial results, which constitute a significant portion of value generation in SpareBank 1 Gruppen.

• SpareBank 1 Gruppen is well equipped to face the new capital requirements in relation to the introduction of Solvency IIrelation to the introduction of Solvency II.

• There will be an increased focus on cooperation right across the companies to extract efficiency gains within costs, income and know-how.

19

The nation's savings bank20

20

The nation 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 CooperationSpareBank 1 Livsforsikring

(100%)

ODIN Forvaltning

(100%)

SpareBank 1 Markets(97.2%)

SpareBank 1Skadeforsikring

(100%)

SpareBank 1 Gruppen Finans

(100%)

SpareBank 1Medlemskort

(100%) Broad cooperation

- Technology- Brand/communication- Expertise

Conecto(100%)

- Common processes and use of best practice- Procurement

Regional competence centres

- Payment services: Trondheim(Bank-owned companies)

Unison Forsikring

(100%)

- Credit: Stavanger- Training: TromsøSpareBank 1 Boligkreditt

EiendomsMegler 1BNbank

SpareBank 1 Oslo og Akershus

22

SpareBank 1 GruppenProfit year to date 2011

YearYear to date

Profit year to date 2011

Figures in MNOK 2011 2010 2010

Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 316.1 277.9 350.4 - SpareBank 1 Skadeforsikring Group 17.7 333.6 641.1 ODIN F lt i 30 4 48 2 64 6 - ODIN Forvaltning 30.4 48.2 64.6 - SpareBank 1 Markets -77.3 -33.6 -57.6 - SpareBank 1 Medlemskort 7.6 9.3 11.1 - SpareBank 1 Gruppen Finans Group 22.0 2.0 8.6 - Correction Group 30.6 23.9 17.6Net result before tax from subsidiaries 347.0 661.4 1,036.0Net result before tax from subsidiaries 347.0 661.4 1,036.0Total operating costs (parent company) -59.2 8.8 -7.6Net investment charges (parent company) -40.1 -27.6 -43.2Pre-tax result 247.7 642.6 985.1Taxes -2.8 -135.1 -153.6Net result for the period 244.8 507.5 831.6

Majority interest 247.3 513.1 841.0Minority interest -2.4 -5.6 -9.5

YearKey figures 2011 2010 2010

Year to dateKey figures 2011 2010 2010Annualised return on equity 6.7 % 15.8 % 18.7 %

23

SpareBank 1 GruppenQuarterly profitsQuarterly profits

Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3Figures in MNOK 2011 2011 2011 2010 2010 2010 2010 2009 2009

P t f lt f b idi i b f tPart of result from subsidiaries before tax - SpareBank 1 Livsforsikring 77.7 109.0 129.4 72.5 85.8 100.3 91.9 81.0 81.2 - SpareBank 1 Skadeforsikring Group -88.8 56.2 50.3 307.5 253.9 43.4 36.3 115.3 272.8 - ODIN Forvaltning 6.3 12.2 11.9 16.5 17.0 16.7 14.4 24.0 16.0 - SpareBank 1 Markets -51.8 -22.1 -3.4 -24.0 -29.0 -1.9 -2.7 -9.5 -14.6 - SpareBank 1 Medlemskort 2.0 2.5 3.1 1.9 2.7 3.3 3.4 0.7 1.8 SpareBank 1 Medlemskort 2.0 2.5 3.1 1.9 2.7 3.3 3.4 0.7 1.8 - SpareBank 1 Gruppen Finans Group 12.2 3.0 6.8 6.6 -4.9 7.0 -0.1 2.3 3.9 - Correction Group 16.4 15.1 -0.9 -6.3 -7.4 16.3 15.1 -8.6 12.0Net result before tax from subsidiaries -26.1 175.9 197.1 374.6 318.1 185.1 158.2 205.2 373.1Total operating costs (parent company) -16.0 -15.6 -27.7 -16.5 40.7 -11.9 -20.0 -15.5 -13.2Net investment charges (parent company) -18.0 -15.0 -7.1 -15.6 -11.4 -9.3 -6.9 -9.8 -2.1Pre-tax result -60.1 145.4 162.4 342.5 347.4 163.9 131.3 177.2 357.7Taxes 55.8 -48.1 -10.5 -18.5 -88.4 -8.3 -38.5 -9.3 -27.3Net result for the period -4.3 97.2 151.9 324.0 259.1 155.6 92.8 167.9 330.4

Majority interest -3.1 98.0 152.4 327.9 263.9 155.9 93.3 169.6 333.1Minority interest 1 1 0 8 0 5 3 9 4 8 0 3 0 5 1 7 2 6Minority interest -1.1 -0.8 -0.5 -3.9 -4.8 -0.3 -0.5 -1.7 -2.6

24

Annualised return on equity among selected Nordic financial institutions year to date 2011y

Q3 2011 Year 2010 Year 2009

Handelsbanken 13.8 % 12.9 % 12.6 %DnB NOR 10 6 % 13 6 % 10 6 %

Q

Nordea 10.0 % 11.5 % 11.3 %

Handelsbanken 7.4 % 10.8 % 8.2 %

DnB NOR 10.6 % 13.6 % 10.6 %

Gjensidige N/A 13 1 % 11 1 %

Danske Bank 1.7 % 3.6 % 1.7 %

SpareBank 1 Gruppen 6.7 % 18.7 % 18.1 %

Gjensidige N/A 13.1 % 11.1 %

25

* Calculated as profit for the period (after taxes) over average equity

Source: Companies' interim reports for 2011

SpareBank 1 LivsforsikringProfit year to date 2011

Q3 Q2 Q1 Q3 YearFigures in MNOK 2011 2011 2011 2010 2011 2010 2010 Insurance risk income 321.6 333.0 335.8 327.3 990.4 964.3 1,292.6

Year to date

Profit year to date 2011

Insurance risk claims -249.9 -252.6 -255.5 -250.1 -758.1 -672.8 -939.0Risk result 71.7 80.4 80.2 77.1 232.3 291.5 353.6 Tecnical allocations -8.2 -10.3 -10.8 -5.5 -29.3 -31.3 -28.2Risk result after tecnical allocations 63.5 70.1 69.4 71.6 203.0 260.1 325.4 Fees 168.3 172.8 170.7 161.1 511.9 471.4 637.9 E penses e cl si e comissions 128 0 138 6 129 7 147 0 396 3 422 6 589 2 Expenses, exclusive comissions -128.0 -138.6 -129.7 -147.0 -396.3 -422.6 -589.2 Comissions -60.1 -58.5 -59.8 -58.7 -178.3 -174.0 -235.6Administration result -19.8 -24.2 -18.7 -44.6 -62.7 -125.2 -186.9 Net investment income 151.0 207.3 319.1 177.0 677.4 587.4 764.3 Guaranteed interest to policyholders -99.4 -99.2 -113.3 -106.3 -311.9 -318.8 -447.0Investment result 51.6 108.0 205.8 70.8 365.4 268.6 317.3 Reserves 0.0 0.0 -33.0 -12.0 -33.0 -36.0 -45.3Investment result after reserves 51.6 108.0 172.8 58.8 332.4 232.6 272.0 Compensation guaranteed interest 5.7 5.9 5.4 7.5 17.0 22.4 29.9Result before additional provisions 101.0 159.8 228.8 93.2 489.6 389.9 440.4 Undistributed profits to customers -44.7 -60.0 -118.9 -39.6 -223.6 -161.0 -161.7 R ' 21 4 9 2 19 5 32 1 50 0 49 1 71 6 Return on company's assets 21.4 9.2 19.5 32.1 50.0 49.1 71.6Net profit to owner before tax 77.7 109.0 129.4 85.8 316.1 277.9 350.4 Taxes 36.9 -35.3 0.5 -24.9 2.1 -42.7 -60.2Net profit/loss for the period 114.6 73.8 129.9 60.9 318.2 235.2 290.2

Key figures Year to date Year2011 2010 2010

Capital adequacy ratio 18.5 % 20.1 % 19.3 %Buffer capital in % of insurance provisions 14.1 % 16.1 % 14.6 %*

26

*Buffer capital for the year 2010 is shown after profits have been distributed

SpareBank 1 LivsforsikringProfit by portfolio year to date 2011Profit by portfolio year to date 2011

Figures in MNOKGroup

portfolio

Previouslyestablished

individual productsInvestment choice

portfolioCompanyportfolio Total

Risk result 196.3 8.6 -1.9 0.0 203.0Administration result 47 1 27 8 81 9 0 0 62 7Administration result 47.1 -27.8 -81.9 0.0 -62.7Net investment result 270.6 88.7 4.4 1.8 365.4Reserves - long life 0.0 -33.0 0.0 0.0 -33.0Compensation interest guarantee 17.0 0.0 0.0 0.0 17.0Transferred to policyholders -193.2 -30.2 -0.2 0.0 -223.6Return on company's assets 0 0 0 0 0 0 50 0 50 0Return on company s assets 0.0 0.0 0.0 50.0 50.0Sum 337.8 6.3 -79.8 51.8 316.1

27

SpareBank 1 LivsforsikringPremium income trendsPremium income trends

Q3 Q2 Q1 Q3 YearFigures in MNOK 2011 2011 2011 2010 2011 2010 2010

Year to dateFigures in MNOK 2011 2011 2011 2010 2011 2010 2010 Individual annuity and pension insurance 68.7 71.1 73.1 68.6 212.8 226.9 306.7 Individual endowment insurance 143.3 141.1 138.5 129.5 422.9 385.4 519.1 Group pension insurance 73.3 55.2 242.7 105.4 371.1 429.5 549.5 Individual life insurance 50.0 49.0 48.0 46.1 147.0 136.0 183.1 Group life insurance 130.5 131.5 217.5 130.1 479.5 465.7 587.7 Unit Linked - Annuity 8.3 9.5 10.7 10.4 28.4 34.9 46.6 Unit Linked - Endowment 38.4 46.6 51.6 53.9 136.6 168.2 237.0 Defined contribution pension 256.6 235.6 236.2 224.6 728.4 641.2 864.2Total gross due premium income 769.0 739.5 1,018.2 768.6 2,526.8 2,487.9 3,293.8 Premium reserves transferred from other companies 189.1 113.5 142.0 64.8 444.6 226.1 352.5 R i d d 42 9 40 8 40 2 34 2 123 9 119 7 152 0 Reinsurance ceded -42.9 -40.8 -40.2 -34.2 -123.9 -119.7 -152.0Premium income for own account 915.2 812.1 1,120.0 799.2 2,847.4 2,594.2 3,494.2

28

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

Value-adjusted return l di h i l t ti Booked return:excluding change in value construction: Booked return:

Q22011

Q32011

Q22011

Q32011

Q22011

Q32011

Q22011

Q32011

Q22011

Q32011

Q22011

Q32011

Q22011

Q32011

Q22011

Q32011

2.5

1 7

2.7

2.1

3.5

4.6

1.6

0.6

1.7

1.0

Perc

ent

3.53.03.0 3.0

2.6

3.3

Perc

ent

SpareBank 1 Storebrand Vital Nordea

N/A

SpareBank 1 Storebrand Vital Nordea

N/A

29 Source: company presentations

SpareBank 1 LivsforsikringR t di t tf li ith t t d tReturn on ordinary customer portfolio with guarantee year to date

P t

-25.5Norwegian shares

Percent

2.7

-14.1

Money market

Foreign shares

6 2

4.0

Foreign bonds

Norwegian bonds

3.9

6.2

Held to maturity

Foreign bonds

3.8Real Estate

30

SpareBank 1 LivsforsikringBalance sheet year to date 2011

YY t d t

Balance sheet year to date 2011

YearFigures in MNOK 2011 2010 2010 Intangible assets 93 28 42 Investments 2,558 2,837 2,862 Reinsurance's part of insurance obligations 222 228 221

Year to date

Reinsurance s part of insurance obligations 222 228 221 Accounts receivable 182 119 153 Other assets 431 170 335 Prepayed liabilities and accrued income 0 0 0 Investments group portfolio 15,709 15,978 16,169 Investments options portfolio 6,498 6,256 6,701Total assets 25,693 25,616 26,483 Paid in capital 1,825 1,602 1,602 Other equity 632 622 386 Subordinated loan capital 200 400 400 Subordinated loan capital 200 400 400 Insurance obligations - contractual 15,453 15,843 16,127 Insurance obligations - investment options 6,583 6,348 6,805 Provisions for obligations 214 149 144 Premium deposits from reinsurance companies 138 133 134 Other obligations 549 443 764 Accrued liabilities, prepaied income 99 77 120Total liabilities and equity 25,693 25,616 26,483

31

SpareBank 1 Skadeforsikring GroupProfit year to date 2011

Q3 Q2 Q1 Q3 YearFigures in MNOK 2011 2011 2011 2010 2011 2010 2010

Year to date

Profit year to date 2011

Figures in MNOK 2011 2011 2011 2010 2011 2010 2010Gross written premium 1,142.9 1,380.6 1,553.3 1,059.1 4,076.8 3,556.2 4,731.8Net earned premium 1,230.6 1,137.7 1,100.8 1,077.0 3,469.1 3,049.4 4,184.4Net incurred claims -1,042.8 -903.9 -920.7 -722.7 -2,867.3 -2,339.3 -3,208.5Net insurance operating costs -258.7 -255.2 -241.1 -244.1 -755.0 -611.0 -880.6Other insurance income/costs 17 6 8 2 4 5 17 4 30 3 16 6 132 0Other insurance income/costs 17.6 8.2 4.5 17.4 30.3 16.6 132.0Changes in other technical reserves 53.8 21.4 26.5 -6.3 101.6 28.2 39.6Operating result before finance 0.5 8.2 -29.9 121.3 -21.2 143.9 266.9Net financial income -62.3 66.8 95.1 148.7 99.5 231.7 432.8Other costs 0.0 0.0 0.0 -0.7 0.0 -2.7 -2.7Result before changes in security reserve -61.8 75.0 65.1 269.4 78.3 372.9 697.0Changes in security reserve -27.0 -18.8 -14.8 -15.8 -60.5 -39.2 -55.8Pre-tax profit -88.8 56.2 50.3 253.6 17.7 333.7 641.2Taxes 7.6 -14.4 -10.5 -53.7 -17.3 -60.9 -60.2Net profit/loss for the period -81.2 41.8 39.8 199.9 0.4 272.8 581.1

Key figures Q3 Q2 Q1 Q3 YearFigures in percentage 2011 2011 2011 2010 2011 2010 2010Claims ratio, net 84.7 % 79.4 % 83.6 % 67.1 % 82.7 % 76.7 % 76.7 %Cost ratio, net 21.0 % 22.4 % 21.9 % 22.7 % 21.8 % 20.0 % 21.0 %Combined ratio net 105 8 % 101 9 % 105 5 % 89 8 % 104 4 % 96 8 % 97 7 %

Year to date

Combined ratio, net 105.8 % 101.9 % 105.5 % 89.8 % 104.4 % 96.8 % 97.7 %Capital adequacy ratio 27.6 % 27.2 % 32.5 %

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ODIN ForvaltningProfit year to date 2011Profit year to date 2011

Q3 Q2 Q1 Q3 YearYear to dateFigures in MNOK 2011 2011 2011 2010 2011 2010 2010Management fees 69.4 85.5 86.8 78.0 241.7 235.9 317.9Total operating income 69.4 85.5 86.8 78.0 241.7 235.9 317.9Salaries 26.4 27.5 29.2 27.1 83.0 76.9 104.2Depreciations 5.1 4.4 3.9 3.6 13.4 11.2 14.8Other operating costs 32.5 41.2 42.5 31.1 116.3 101.5 137.8Total operating costs 64.0 73.1 75.6 61.9 212.7 189.6 256.8Operating profit 5.4 12.4 11.2 16.2 29.0 46.3 61.1Net financial income 0.9 -0.2 0.7 0.9 1.4 1.8 3.6Pre-tax profit 6.3 12.2 11.9 17.0 30.4 48.2 64.6Taxes 2.0 3.3 3.3 4.7 8.6 13.2 19.3Net profit/loss for the period 4.3 8.9 8.6 12.3 21.8 34.9 45.3

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