Download presentation from press conference August 12th 2009. Last ned kvartalspresentasjonen for SpareBank 1 Gruppen AS - Q1/2009.

1. 1st half-year (H1) 2009
Presentation of results
SpareBank 1 Gruppen
Kirsten Idebøen, CEO
12 August 2009

2. Highlights H1 2009
• The rise of the stock market in the 2nd quarter contributed to historically strong
quarterly profit
• SpareBank 1 Gruppen has commenced a broad-based restructuring programme that
will create lasting and enhanced profitability and boost its competitiveness
• The 24.5% stake in First Securities has been sold
• Focus on new business within the securities area through Argo Securities and debt
collection through SpareBank 1 Gruppen Finans Holding
• On 10 July 2009 SpareBank 1 Livsforsikring signed an agreement to sell its group
defined-benefit pension portfolio to Gabler Pensjonsforsikring. The sale is subject to a
successful share issue in Gabler, together with the approval of the authorities
2
2

3. Historically strong quarterly profit
Pre-tax profit group
• Pre-tax profit for H1 was MNOK 541
(297).The profit for Q2 was MNOK
500
441 441 (197)
450
• Profit after tax for H1 was MNOK 296
400 350 (211). The high tax cost is owing to
350
the calculated effect of the tax
300
exemption method in SpareBank 1
MNOK
236
250
197 Livsforsikring
200
• Return on equity year-to-date is
150
100 100 12.3% (7.9%) p.a.
100
• At the end of June, total assets were
50
NOK 59.7 billion, up NOK 3.3 billion
0
from 31 December 2008.
2007 2008 2009
• Core and capital adequacy ratio of
9.9% and 14.6% respectively as at
Pre-tax profit - Q1 Pre-tax profit - Q2
30 June 2009, against 9.4% and
12.6% at year-end
3
3

4. Very good quarterly profit from the subsidiaries
Pre-tax profit in subsidiaries
• Overall profit before tax for the 250 233
230
subsidiaries in H1 was MNOK 548
(338). The profit for Q2 was MNOK 423 200 179
(207)
• Strong investment and net risk result in 150
the life insurance company. The
MNOK
company is financially sound 100 81
66 60
• Very good financial return year-to-date
counterbalances a lower insurance 50
result in the P&C insurance company -8 2
0
• Decline in profit as a result of lower
ODIN
Livsfors.
Skadefors.
konsern
Bank 1
Oslo
volumes under management in ODIN
SB1
SB1
-50
Forvaltning
• Increased commission and financial
income in Bank 1 Oslo Pre-tax profit - half year 2008
Pre-tax profit - half year 2009
4
4

5. SpareBank 1 Gruppen group
Profit/loss for H1 2009
Q2 Q1 Q2 Half year
Figures in MNOK 2009 2009 2008 2009 2008
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 205.6 24.4 43.7 230.0 -8.1
- Additional provisions recognised as
income in consolidated accounts -42.0 42.0 -41.7 0.0 20.9
- SpareBank 1 Skadeforsikring 184.9 48.1 125.0 233.0 179.1
- Bank 1 Oslo group 67.6 13.1 34.4 80.7 66.3
- ODIN Forvaltning 9.6 -7.5 29.2 2.2 59.5
- Argo Securities -11.9 -12.9 0.0 -24.8 0.0
- SpareBank 1 Medlemskort 4.1 5.6 4.2 9.7 8.2
- SpareBank 1 Gruppen Finans Holding 11.0 5.3 5.4 16.3 7.1
- Correction subsidiaries - pro forma IFRS -6.0 7.4 7.0 1.4 5.1
Net result before tax from subsidiaries 423.0 125.4 207.2 548.3 338.2
Total operating costs holding -12.1 -13.3 -11.9 -25.4 -22.7
Net investment charges holding -7.0 -17.3 -12.9 -24.3 -36.5
Gains from sale of companies 29.2 0.0 0.0 29.2 0.0
Share of associated company - First Securities 8.4 5.1 16.4 13.5 20.6
Net result before amortisation 441.4 99.9 198.8 541.3 299.6
Amortisation 0.0 0.0 -1.3 0.0 -2.6
Pre-tax result 441.4 99.9 197.5 541.3 297.0
Taxes -150.7 -94.8 -50.0 -245.5 -85.9
Net result for the period 290.7 5.2 147.4 295.9 211.1
Majority interest 292.9 7.5 147.0 300.3 210.6
Minority interest -2.1 -2.3 0.4 -4.5 0.5
5
5

6. Bank 1 Oslo
High financial income and
lower operating costs
6
6

7. Bank 1 Oslo (group)
High financial income and lower operating costs
Pre-tax profit per quarter
• Pre-tax profit of MNOK 81 (66)
for H1.The profit for Q2 was 80
MNOK 68 (34) 68
70
• The main reasons for the
improved performance are 60
higher income from financial
50
investments and lower
MNOK
operating costs 40 33 32 34
• Loan losses MNOK 60 (-17) in 30 27
H1, of which MNOK 25 (-13) in
Q2 20 13
• Gross non-performing and 10
impaired loans amounted to
1.7% (0.6%) of gross loans as 0
at 30 June 2009 2007 2008 2009
• Positive result before tax from
EM1 Oslo & Akershus of MNOK Pre-tax profit - Q1 Pre-tax profit - Q2
3 (-13)
7
7

8. Bank 1 Oslo (parent bank)
Good lending growth, but reduced net interest
income
Net interest income per quarter
110.0 2.0 %
105.3
• Lending growth of 17.9% last 12 105.0
1.9 %
1.8 %
months. Growth year-to-date was
1.7 %
7.1%, of which RM increased by 100.0
97.0 96.7 95.9 1.6 %
7.2% and CM by 6.7%
MNOK
95.0 1.5 %
• Net interest income of MNOK 178 90.4 89.9 89.9 1.4 %
88.8
(193) in H1. In Q2 net interest 90.0 1.3 %
income was MNOK 90 (96), down 85.0
1.2 %
7.0% 1.1 %
80.0 1.0 %
• Net interest income for H1 of
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
1.40% (1.81%) 2007 2007 2008 2008 2008 2008 2009 2009
Net interest income Net interest income measured
against average total assets
8
8

9. Bank 1 Oslo (parent bank)
Margin and volume growth
22,000
2.32 %2.21 % 2.50 %
20,000
2.00 %
1.49 % 1.42 %
18,000 1.34 % 1.36 % 1.50 %
1.25 % 1.35 %
1.23 % 1.22 %
MNOK
1.15 %1.10 %
16,000 1.00 %
1.05 %
0.94 %0.91 % 0.87 %
0.88 % 0.88 %0.86 % 0.77 %0.84 %
14,000 0.50 %
0.68 %
12,000 0.00 %
-0.13 %
-0.35 %
10,000 -0.50 %
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009
Lending Spread for ordinary Spread for deposits
lending to custom ers from custom ers
The benchmark interest rate used in the margin calculation is 3 months NIBOR
9
9

10. Bank 1 Oslo (parent bank)
Lower non-performing loans in Q2
MNOK 1. kv 2008 %
Per cent
500.0 2.5
450.0
400.0 2.0
350.0
300.0 1.5
250.0
459.2
200.0 400.6 1.0
358.0
150.0
246.1
100.0 203.6 220.0 214.0 0.5
165.8 162.7
50.0 113.1
0.0 -
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2007 2007 2007 2007 2008 2008 2008 2008 2009 2009
Total non-performing loans
as % of gross loans
Non-performing loans = Total of overdue claims over 90 days and impaired non-overdue claims over 90 days
10
10

11. Bank 1 Oslo (parent bank)
Lower losses in Q2, but increase compared with last year
MNOK
Individual Collective Net write-offs Net loan
write-downs impairment and incomings on losses
30.0 previous write-offs
20.0 17.0
10.2
10.0 4.7 -19.5 -9.3 2.2 -31.1 -59.9
0.0
-10.0
-20.0
-30.0
-40.0
-50.0
Half year 2008 Half year 2009
-60.0
-70.0
11
11

12. Bank 1 Oslo (group)
Increased commission and financial income
Other income per quarter
140
120
• Net commission income and other
100
income of MNOK 134 (123) for H1
80
– Commission income from real estate
MNOK
60
agency up 14.8% to MNOK 55 (48)
40
• Income from financial investments 20
was MNOK 77 (-10) in H1 0
– The profit from the bank's bond -20
portfolio increased by MNOK 23 (-6) -40
– Shares and primary capital certificates Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
by MNOK 41 (-9) 2007 2007 2008 2008 2008 2008 2009 2009
Guarantee commissions/others
Real estate agency commission
Revenue from financial investments
Payments system
Commission revenues from insurance and savings
12
12

13. Bank 1 Oslo (group)
Profit/loss for H1 2009
Q2 Q1 Q2 Half year
Figures in MNOK 2009 2009 2008 2009 2008
Net interest income 89.7 88.5 96.5 178.2 193.4
Other operating income 125.3 86.4 60.9 211.7 113.0
Operating costs 123.0 127.4 136.2 250.4 257.1
Operating result before losses 92.1 47.5 21.2 139.6 49.3
Net loan loss provisions 25.0 34.9 -13.2 59.9 -17.0
Share of associated company 0.5 0.6 0.0 1.0 0.0
Pre-tax operating profit 67.6 13.1 34.4 80.7 66.3
Taxes 8.9 2.2 9.4 11.1 18.4
Net profit/loss for the period 58.7 10.9 24.9 69.6 47.9
Key figures Q2 Q1 Q2 Half year
Figures in percentage 2009 2009 2008 2009 2008
Net interest margin 1.41 % 1.41 % 1.75 % 1.40 % 1.81 %
Cost/income ratio
excl. equity investment portfolio (parent bank) 74.5 % 70.9 % 73.0 % 72.6 % 71.7 %
Cost/income ratio
incl. equity investment portfolio 57.2 % 72.9 % 86.6 % 64.2 % 83.9 %
Return on equity (parent bank) 21.6 % 4.7 % 10.6 % 13.2 % 10.1 %
Return on equity 23.2 % 4.4 % 9.0 % 13.9 % 8.6 %
Deposit coverage ratio 73.8 % 75.7 % 76.2 % 73.8 % 76.2 %
Capital adequacy ratio (parent bank) 11.7 % 11.7 % 9.7 % 11.7 % 9.7 %
Core capital adequacy ratio (parent bank) 8.4 % 8.3 % 9.1 % 8.4 % 9.1 %
13
13

14. SpareBank 1
Livsforsikring
Strong investment and risk result
14
14

15. SpareBank 1 Livsforsikring
Strong investment and risk result
• Pre-tax profit of MNOK 230 (-8) in H1 Pre-tax profit per quarter
• Positive development in net risk result; MNOK
190 (92) year-to-date
250
• The investment result was MNOK 301 (-1) in 206
H1. In Q2 it amounted to MNOK 351 (58) 200
• Total assets as at 30 June 2009 were NOK
22.9 billion, up 8.1% from 31 December 2008 150 129
• SpareBank 1 Livsforsikring signed an 93
MNOK
100
agreement to sell its approximately NOK 4
billion group defined-benefit pension portfolio 44
50 24
to Gabler Pensjonsforsikring
– The company is expected to post a net gain 0
of approx. MNOK 50 in Q4
2007 2008 2009
– As part of the agreement, SpareBank 1 -50
Livsforsikring will take a 15% stake in Gabler -52
Pensjonsforsikring -100
– The sale is subject to a successful share
issue in Gabler, together with the approval of Pre-tax profit - Q1 Pre-tax profit - Q2
the authorities
15
15

16. SpareBank 1 Livsforsikring
Stronger buffer capital in the life insurance
company
Growth in buffer capital
14 %
11.7 %
12 %
• Core and capital adequacy ratio of 15.6% 10 %
(12.1%) and 18.7% (14.8%) respectively 8.2 %
5.8 %
8%
as at H1 6.3 % 6.0 %
Percent
5.8 %
• The buffer capital with additional 6%
provisions within a one-year interest rate 4%
guarantee equals 11.7% (8.2%) at the 2%
end of June 0%
• Estimated solvency margin at the end of -2 % Q1 Q2 Q3 Q4 Q1 Q2
H1 was 241% (266%) 2008 2008 2008 2008 2009 2009
-4 %
• The securities adjustment reserve was Securities adjustment reserve
MNOK 54 as at 30 June 2009 Additional provisions
Interim profit
Core capital in excess of minimum
16
16

17. SpareBank 1 Livsforsikring
Modest rise in stocks in the group portfolio
As at 30 June 2009 *)
Group portfolio Company portfolio Investment choice portfolio
34.9 (31.4)% 13.1 (12.4)% 0.1 (7.3)% 4.0 (1.0)% 32.1 (28.9)%
58.1 (54.4)%
5.2 (3.0)% 22.2 (32.2)%
17.4 (32.6)%
22.4 (22.9)% 56.2 (26.9)%
24.4 (30.3)% 9.8 (16.7)%
Stocks Other Stocks Other Stocks Other Bonds
Real estate Bonds held to maturity Real estate Bonds held to maturity
Bonds Bonds
NOK 15.0 (14.7) billion NOK 1.9 (1.3) billion NOK 4.7 (4.0) billion
* Figures in parentheses are as at 31 December 2008
17
17

18. SpareBank 1 Livsforsikring
Return ordinary customer portfolio with guarantee as at 30
June 2009
Percent
Norwegian shares 28.4
Foreign shares 10.4
Money market 2.7
Norwegian bonds 3.5
Foreign bonds 3.7
Hold to maturity 2.7
Real estate 3.2
0 5 10 15 20 25 30
18
18

19. SpareBank 1 Livsforsikring
Value-adjusted return on customer portfolios with guarantee year-to-date (excl.
value change bonds held to maturity)
Q1 Q2 Q1 Q2 Q1 Q2 Q1 Q2
2009 2009 2009 2009 2009 2009 2009 2009
5
4.1
4
3
Percent
2.5
1.9
2
1.5
0.9
1 0.7
0.5
0.2
0
SpareBank 1 Storebrand Vital Nordea
19
19 Source: company presentations

20. SpareBank 1 Livsforsikring
Profit/loss for H1 2009
Q2 Q1 Q2 Half year
Figures in MNOK 2009 2009 2008 2009 2008
Insurance risk income 304.7 310.4 288.1 615.1 577.8
Insurance risk claims -190.7 -211.8 -243.7 -402.5 -450.9
Risk result 114.0 98.6 44.4 212.6 126.8
Tecnical allocations -10.9 -11.7 -15.3 -22.6 -34.9
Risk result after tecnical allocations 103.2 86.9 29.1 190.1 91.9
Fees 132.5 149.6 150.2 282.1 287.9
Expenses, exclusive comissions -132.2 -139.8 -140.5 -272.0 -264.2
Comissions -47.6 -47.0 -58.8 -94.6 -106.8
Administration result -47.2 -37.3 -49.1 -84.5 -83.1
Net investment income 464.4 59.3 167.4 523.7 216.7
Guaranteed interest to policyholders -112.9 -110.1 -109.7 -223.0 -217.6
Investment result 351.5 -50.8 57.7 300.7 -0.9
Result before allocations 407.4 -1.1 37.7 406.3 7.9
Undistributed profits to customers -213.5 -8.9 -2.2 -222.4 -8.0
Return on company's assets 11.7 34.4 8.2 46.2 -8.0
Net profit to owner before tax 205.6 24.4 43.7 230.0 -8.1
Taxes * 0.0 0.0 0.0 0.0 0.0
Net profit/loss for the period 205.6 24.4 43.7 230.0 -8.1
Key figures Q2 Q1 Q2 Half year
2009 2009 2008 2009 2008
Capital adequacy ratio 18.7 % 14.8 %
Buffer capital in % of insurance provisions 11.7 % 8.2 %
* The company’s accounts do not show the tax cost because deferred tax advantages are not recognised in accordance with accounting
standard IAS 12. The company’s tax cost of MNOK 172 year-to-date is included in SpareBank 1 Gruppen’s consolidated tax
20
20

21. SpareBank 1
Skadeforsikring
Increase in financial income
21
21

22. SpareBank 1 Skadeforsikring
Increase in financial income
Pre-tax profit per quarter
• Pre-tax profit for H1 was MNOK 233
(179)
• Net financial income as at June was 200 185
MNOK 228 (100). The financial return 180
year-to-date equals 3.1% (1.4%) 160
139
• The insurance result for H1 totals 140 125
MNOK 15 (85) 120
MNOK
• The claims ratio for own account 100
totals 76.5% (72.2%). The increase is 80 66
due to major claims in CM in Q1 54
60 48
– The claims ratio for own account was
73.5% (70.3%) in Q2 40
• Combined ratio for own account is 20
98.1% (93.8%) as at 30 June 2009 0
• Positive portfolio growth within both 2007 2008 2009
CM and RM in H1. Total portfolio
increase of MNOK 115 (33), which Pre-tax profit - Q1 Pre-tax profit - Q2
amounts to 3.0% (0.9%)
22
22

23. SpareBank 1 Skadeforsikring
Two major claims in Q1 push up combined ratio for own
account
Combined ratio for own account shown Combined ratio for own account
by quarter per annum
100.6 % 98.1%
100 % 89.9% 94.6% 94.0%
100 % 92.7 % 91.9 % 95.9 % 93.9 % 93.8 % 95.1 % 93.1 % 95.6 % 87.2%
21.1 % 21.6 %
20.9 %
20.7 % 21.9 %
20.2 % 19.5 %
21.8 % 19.7 % 23.5 % 23.3 %
22.1 % 80 % 20.6 %
80 % 20.5 %
60 %
60 %
40 % 79.5 % 40 % 73.9 % 76.5 %
72.5 % 72.4 % 74.0 % 74.2 % 74.1 % 73.5 % 69.3 % 72.1 %
70.3 % 69.7 % 66.7 %
20 % 20 %
0% 0%
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2005 2006 2007 2008 Half year
2007 2007 2007 2008 2008 2008 2008 2009 2009 2009
Claims ratio Cost ratio
Claims ratio Cost ratio
23
23

24. SpareBank 1 Skadeforsikring
Profit/loss for H1 2009
Q2 Q1 Q2 Half year
Figures in MNOK 2009 2009 2008 2009 2008
Gross written premium 1,033.7 1,237.9 1,034.8 2,271.7 2,226.0
Net earned premium 940.2 919.2 908.5 1,859.4 1,811.1
Net incurred claims -691.2 -730.5 -638.8 -1,421.7 -1,308.5
Net insurance operating costs -207.6 -194.2 -213.4 -401.7 -391.1
Changes in other technical reserves -13.4 -7.9 -19.5 -21.3 -26.4
Operating result before finance 28.0 -13.3 36.8 14.7 85.1
Net financial income 162.6 65.8 91.8 228.4 100.2
Other costs -1.0 -0.3 0.2 -1.3 1.0
Result before changes in security reserve 189.6 52.2 128.8 241.8 186.3
Changes in security reserve -4.7 -4.1 -3.9 -8.8 -7.2
Pre-tax profit 184.9 48.1 125.0 233.0 179.1
Taxes -51.8 -13.5 -35.0 -65.2 -50.1
Net profit/loss for the period 133.2 34.6 90.0 167.8 128.9
Key figures Q2 Q1 Q2 Half year
Figures in percentage 2009 2009 2008 2009 2008
Claims ratio, net 73.5 % 79.5 % 70.3 % 76.5 % 72.2 %
Cost ratio, net 22.1 % 21.1 % 23.5 % 21.6 % 21.6 %
Combined ratio, net 95.6 % 100.6 % 93.8 % 98.1 % 93.8 %
Capital adequacy ratio 28.0 % 27.3 %
24
24

25. ODIN Forvaltning
Increasing assets under management
25
25

26. ODIN Forvaltning
Increasing assets under management
Pre-tax profit per quarter
80 74
• Pre-tax profit of MNOK 2 (59) in H1
67
• The decline in profits is owing to a 70
lower level of assets under 60
management than in H1 2008 50
• Assets under management rose NOK
MNOK
40
3.2 billion in H1 to NOK 22.3 billion. 30 29
30
• Equity fund market share equalled
12.8%, down from 13.8% at the 20
9.6
beginning of the year 10
-7.5
• 9 of 11 equity funds with better return 0
than benchmark index as at 30 June 2007 2008 2009
-10
2009
Pre-tax profit - Q1 Pre-tax profit - Q2
26
26

27. ODIN Forvaltning
Profit/loss for H1 2009
Q2 Q1 Q2 Half year
Figures in MNOK 2009 2009 2008 2009 2008
Management fees 57.0 46.3 84.6 103.3 167.1
Subscription and redemption fees 6.7 6.2 10.4 13.0 25.2
Total operating income 63.8 52.5 95.0 116.3 192.2
Salaries 18.5 19.2 26.3 37.7 53.3
Depreciations 3.9 4.1 3.5 8.0 7.0
Other operating costs 30.9 31.7 38.2 62.6 79.2
Total operating costs 53.4 55.0 68.0 108.4 139.4
Operating profit 10.4 -2.5 27.0 7.9 52.8
Net financial income -0.8 -5.0 2.1 -5.8 6.7
Pre-tax profit 9.6 -7.5 29.2 2.2 59.5
Taxes 0.4 0.2 8.2 0.6 16.7
Net profit/loss for the period 9.2 -7.7 21.0 1.5 42.8
27
27

28. Other companies
SpareBank 1 Gruppen Finans Holding
SpareBank 1
Gruppen Finans
Holding AS SpareBank 1 Medlemskort
(100%)
SpareBank 1 Actor Fordrings-
Factoring forvaltning Actor Portefølje
(100%) (100%) (100%)
Actor
Verdigjenvinning
(100%)
• The company was • The subgroup consists of • SpareBank 1 Medlemskort
established in October factoring, debt collection and operates the LO unions'
2008 acquisition of non-performance joint membership database
• SpareBank 1 Gruppen portfolio for delivery of membership
AS owns 75% of Argo • SpareBank 1 Factoring received cards, collection of
Securities AS a licence at the end of Q1 insurance premiums for
• Pre-tax profit for H1 of group insurance, plus
• Pre-tax profit for H1 of MNOK
MNOK (-25) operation of LOfavør, a
(16)
rewards programme
• Strong growth in income in Actor
Fordringsforvaltning, 55.9% last • Pre-tax profit for H1 of
MNOK 9.7 (8.3)
12 months
28
28

29. Other factors
29
29

30. A pro-active restructuring programme that will produce considerable
earnings improvements has been implemented. These improvements
will be derived by 31 December 2010
ESTIMATED PROFITABILITY EFFECT PER SUBPROJECT
(MNOK)
30 450
56
89
84
191
Life insurance P&C insurance Bank 1 Group Other Total recommended
measures
Income measures 47 0 60 1 19 127
Cost-saving measures 144 84 29 55 11 323
Total 191 84 89 56 30 450
FTEs -101 -48 -21 -7 0 -177
30
30

31. Bank. Insurance. And you.
31
31

32. Appendix
32
32

33. SpareBank 1 Gruppen group
Quarterly results
Q2 Q1 Q4 Q3 Q2 Q1
Figures in MNOK 2009 2009 2008 2008 2008 2008
Part of result from subsidiaries before tax
- SpareBank 1 Livsforsikring 205.6 24.4 -647.6 -334.9 43.7 -51.8
- Additional provisions recognised as
income in consolidated accounts -42.0 42.0 -307.7 286.8 -41.7 62.6
- SpareBank 1 Skadeforsikring 184.9 48.1 -19.3 58.0 125.0 54.1
- Bank 1 Oslo group 67.6 13.1 -57.1 -6.2 34.4 31.9
- ODIN Forvaltning 9.6 -7.5 30.0 25.7 29.2 30.3
- Argo Securities -11.9 -12.9 -4.0 0.0 0.0 0.0
- SpareBank 1 Medlemskort 4.1 5.6 -0.3 4.2 4.2 4.0
- SpareBank 1 Gruppen Finans Holding 11.0 5.3 4.7 3.6 5.4 1.7
- Correction subsidiaries - pro forma IFRS -6.0 7.4 -7.4 -3.3 7.0 -1.8
Net result before tax from subsidiaries 423.0 125.4 -1,008.6 33.8 207.2 131.0
Total operating costs holding -12.1 -13.2 -16.3 -8.8 -11.9 -10.8
Net investment charges holding -7.0 -17.4 -15.4 -15.9 -12.9 -23.6
Gains from sale of companies 29.2 0.0 -0.6 21.7 0.0 0.0
Share of associated company - First Securities 8.4 5.1 -3.7 0.9 16.4 4.2
Net result before amortisation 441.4 99.9 -1,044.6 31.6 198.8 100.8
Amortisation 0.0 0.0 -1.3 -14.2 -1.3 -1.3
Pre-tax result 441.4 99.9 -1,046.0 17.4 197.5 99.5
Taxes -150.7 -94.8 -33.3 -7.0 -50.0 -35.9
Net result for the period 290.7 5.2 -1,079.3 10.4 147.4 63.7
Majority interest 292.9 7.5 -1,078.9 10.2 147.0 63.5
Minority interest -2.1 -2.3 -0.4 0.3 0.4 0.1
33
33

34. SpareBank 1 Gruppen’s ownership structure
SpareBank 1 SpareBank 1 SpareBank 1 Sparebanken Samarbeidende Norwegian Confederation of
SR-Bank SMN Nord-Norge (19.5%) Hedmark Sparebanker (19.5%) Trade Unions (LO)
(19.5%) (19.5%) (12%) (10%)
SpareBank 1 Gruppen AS
SpareBank 1 SpareBank 1 ODIN
Oslo Skadeforsikring Forvaltning
(100%) (100%) (100%) The Alliance
SpareBank 1 SpareBank 1 SpareBank 1
Boligkreditt Medlemskort Livsforsikring
(100%) (100%) Broad alliance
EiendomsMegler 1
- Brands
BNbank - Technology
SpareBank 1 - Expertise
Argo
Gruppen Finans - Shared processes and utilisation of best practise
(Bank-owned Securities
Holding AS - Purchasing
operation) (75%)
(100%)
Regional centres of expertise
- The Payments Sector: Trondheim
- Credit: Stavanger
- Teaching: Tromsø
SpareBank 1 Actor Fordrings-
Actor Portefølje
Factoring forvaltning
(100%)
(100%) (100%)
Actor
Verdigjenvinning
(100%)
34
34

35. Bank 1 Oslo (parent bank)
Increasing non-performing loans in RM in Q2, reduced in
CM
500.0
450.0
400.0 109.8
350.0 117.5
300.0 124.1
MNOK
250.0
67.4
200.0 50.8
42.8 57.0 349.4
150.0 283.1
63.6 58.0
233.9
100.0 49.3 178.7
160.8 169.2 157.1
50.0 102.3 104.7
63.8
0.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2007 2007 2007 2007 2008 2008 2008 2008 2009 2009
Corporate market Retail market
35
35

36. SpareBank 1 Livsforsikring
Booked return for customer portfolios with guarantee year-
to-date
4 3.8
3
2.5
Percent
1.9
2
1.5
0.9
1 0.7
0.5
0.2
0
Q1 Q2
SpareBank 1 Storebrand
Q1 Q2 Q1 VitalQ2 Nordea
Q1 Q2
2009 2009 2009 2009 2009 2009 2009 2009
SpareBank 1 Storebrand Vital Nordea
36
36 Source: company presentations

37. SpareBank 1 Livsforsikring
Balance sheet for H1 2009
Half year
Figures in MNOK 2009 2008
Intangible assets 77 397
Investments 1,955 1,253
Reinsurance's part of insurance obligations 215 167
Accounts receivable 565 461
Other assets 305 192
Prepayed liabilities and accrued income 0 4
Investments group portfolio 15,079 15,527
Investments options portfolio 4,737 4,663
Total assets 22,934 22,666
Paid in capital 1,243 685
Other equity 535 962
Subordinated loan capital 525 525
Insurance obligations - contractual 15,142 15,312
Insurance obligations - investment options 4,811 4,698
Provisions for obligations 96 74
Premium deposits from reinsurance companies 124 94
Other obligations 361 250
Accrued liabilities, prepaied income 98 66
Total liabilities and equity 22,934 22,666
37
37

38. SpareBank 1 Livsforsikring
Growth in premium income
Q2 Q1 Q2 Half year
Figures in MNOK 2009 2009 2008 2009 2008
Individual annuity and pension insurance 65.3 62.8 58.4 128.1 108.7
Individual endowment insurance 120.3 119.2 117.0 239.5 232.2
Group pension insurance 94.1 273.4 135.2 367.5 512.8
Individual life insurance 42.3 41.7 40.1 84.1 80.7
Group life insurance 116.1 212.1 128.3 328.2 322.9
Unit Linked - Annuity 10.8 11.8 9.2 22.6 19.2
Unit Linked - Endowment 76.4 44.6 58.5 120.9 129.6
Defined contribution pension 193.0 190.9 174.4 383.8 334.2
Total gross due premium income 718.3 956.5 721.0 1,674.8 1,740.4
Premium reserves transferred from other companies 83.8 65.7 85.9 149.5 314.5
Reinsurance ceded -40.0 -39.7 -132.2 -79.7 -158.6
Premium income for own account 762.1 982.4 674.7 1,744.6 1,896.2
38
38

39. SpareBank 1 Livsforsikring
Profit/loss per portfolio for H1 2009
Previously
Group established Investment choice Company
Figures in MNOK portfolio individual products portfolio portfolio Total
Risk result 191.9 -1.8 0.0 0.0 190.1
Administration result 15.5 -21.6 -78.3 0.0 -84.5
Net investment result 171.5 128.6 0.0 0.6 300.7
Transferred to policyholders -146.2 -76.2 -0.1 0.0 -222.4
Return on company's assets 0.0 0.0 0.0 46.2 46.2
Sum 232.6 29.0 -78.4 46.8 230.0
39
39

40. Key figures SpareBank 1 Gruppen with subsidiaries
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2
Figures in MNOK 2009 2009 2008 2008 2008 2008 2007 2007 2007
Group
Capital adequacy ratio 14.6 % 14.5 % 12.6 % 12.0 % 13.0 % 12.6 % 13.1 % 11.3 % 11.6 %
Core capital adequacy ratio 9.9 % 9.8 % 9.4 % 9.0 % 9.0 % 9.2 % 9.6 % 7.9 % 8.1 %
Net profit acc. 295.9 5.2 -857.7 221.5 211.1 63.7 309.0 275.6 352.6
Return on equity acc. 12.3 % 0.6 % -16.1 % 5.8 % 7.9 % 4.7 % 26.2 % 26.8 % 28.1 %
Life insurance
Gross due premium income 718.3 956.5 704.7 697.2 721.0 1,019.4 822.9 844.6 1,596.5
Retail 315.2 280.1 285.5 267.5 283.1 287.4 413.0 462.6 1,226.9
Corporate 403.1 676.4 419.2 429.7 437.9 732.0 410.0 382.1 369.6
Total assets 22,934 21,237 21,217 22,287 23,059 22,909 23,998 23,574 23,641
Capital adequacy ratio 18.7 % 15.1 % 14.3 % 14.8 % 14.8 % 12.5 % 12.5 % 10.8 % 11.3 %
P&C insurance
Net earned premium 940.2 919.2 935.0 931.5 908.5 902.6 900.0 890.7 872.7
Retail 821.8 804.2 822.8 815.5 798.7 791.2 791.0 787.4 771.6
Corporate 93.7 91.0 89.9 90.5 85.0 87.6 88.0 85.7 -1,444.4
Reinsurance 24.7 24.0 22.3 25.5 24.7 23.8 20.0 17.6 1,545.5
Net financial income 162.6 65.8 -72.0 8.9 91.8 8.4 102.0 85.2 119.8
Return on financial assets 3.07 % 0.70 % -0.97 % 0.12 % 1.27 % 0.11 % 1.41 % 1.22 % 1.79 %
Claims Ratio, net 73.5 % 79.5 % 69.7 % 74.1 % 70.3 % 74.2 % 74.0 % 72.4 % 74.6 %
Cost Ratio, net 22.1 % 21.1 % 23.3 % 20.9 % 23.5 % 19.7 % 21.8 % 19.5 % 20.7 %
Bank 1 Oslo
Net interest income 89.9 88.8 89.9 105.3 95.9 96.7 97.0 90.4 83
Net loan loss provisions 25.0 34.9 50.2 31.8 -13.2 -3.8 -3.0 -3.0 -2.6
Loans 21,392 21,030 20,688 20,261 19,574 18,844 18,089 17,112 16,483
Retail 14,630 14,655 14,340 13,983 13,574 12,745 12,415 11,981 11,602
Corporate 6,762 6,376 6,348 6,279 6,000 6,098 5,674 5,131 4,880
Deposits 15,786 15,914 15,925 14,122 14,681 13,578 13,378 13,550 13,325
Capital adequacy ratio 11.7 % 11.6 % 8.0 % 9.3 % 9.9 % 11.4 % 10.0 % 9.8 % 9.8 %
Net interest income/average totalt asse 1.40 % 1.41 % 1.48 % 1.82 % 1.81 % 1.86 % 1.92 % 1.85 % 1.78 %
Return on equity acc. (parent bank) 13.2 % 4.7 % 1.7 % 6.7 % 10.1 % 9.5 % 9.3 % 10.2 % 9.5 %
Return on equity acc. (group) 23.2 % 4.4 % -1.2 % 5.3 % 8.7 % 8.1 % 8.1 %
ODIN
Assets under management 22,347 17,431 19,163 23,581 30,508 31,400 37,800 45,600 51,100
Equity fund market share 12.8 % 13.1 % 13.8 % 13.7 % 14.6 % 15.6 % 15.9 % 18.9 % 20.6 %
40
40

41. Assumptions for calculating the pension liability in
SpareBank 1 Gruppen
30.06.2009 30.06.2008 31.12.2008
• SpareBank 1 Gruppen shows at all Discount rate 4.00 % 4.80 % 3.80 %
times the market value of the Basic amount adjustment/inflation 3.75 % 4.25 % 3.75 %
pension liability in the balance
Wage adjustment 4.00 % 4.25 % 4.00 %
Expected return on pension funds 5.80 % 5.80 % 5.80 %
sheet AFP early retirement plan 40 % 40 % 40 %
• SpareBank 1 Gruppen applies a Pension adjustments 1.50 % 2.30 % 1.50 %
new scale K2005 Mortality K2005 K2005 K2005
Disability IR2003 IR2003 IR2003
4 % below 50 4 % below 50 4 % below 50
Cancellations years and 2 % years and 2 % years and 2 %
above 50 years above 50 years above 50 years
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41