English versjon: Preliminary Result 2017, SpareBank 1 Alliance

1. SpareBank 1 Gruppen
Preliminary result 2017
1

2. Another good year for SpareBank 1 Gruppen
653
393
580
773
Q4 2017Q4 2016Q4 2015Q4 2014
Pre-tax operating profit in Q4 (MNOK)
Return on equity (%)
28,0
17,2 19,3
20152014 2017
22,7
2016
*
2
2017
2.210
2016
2.019
2015
1.617
2014
2.406
Pre-tax operating profit (MNOK)
Solvency II ratio
(Without transitional rules)
SpareBank 1 Gruppen (consolidated): 166 %
SpareBank 1 Skadeforsikring AS (P&C): 192 %
SpareBank 1 Forsikring AS (Life): 167 %

3. 517
1 447
836
1 311
121106
Receivables
management *)
82
ODIN fund management
85
Non-life insuranceLife insurance
20172016
Pre-tax profit subsidiaries (MNOK)
3*) SpareBank 1 Factoring AS, SpareBank 1 Portefølje AS
and Conecto AS.
Record result for the life insurance company. Continued high insurance profitability, despite somewhat
higher claims and cost. High financial income in the insurance companies, partly due to a revaluation of real
estate. Profit improvement for all other subsidiaries.

4. Insurance
4

5. SpareBank 1 Forsikring AS (life insurance)
Record profit of NOK 836 million. High financial income and strong premium growth.
The market value adjustment fund amounted to NOK 2,297 million at the end of 2017,
an increase of NOK 400 million in the last year.
Key figures 2017 (2016) in MNOK
Pre-tax operating profit (MNOK)
145 177 200
313
Q2 2017Q1 2017Q4 2016 Q3 2017
33
Q4 2017
578 610
309
521
836
20142013 201720162015
5
Pre-tax operating profit for the quarter (MNOK)
 Gross premium income: 6,237 (4,986)
 Risk result: 334 (372)
 Administration result: -35 (-97)
 Interest result: 753 (287)
 Pre-tax profit: 836 (521)
 Solvency II ratio: 167 % (171 %)

6. SpareBank 1 Forsikring AS (life insurance)
• The weaker risk result is mainly due to weaker risk earnings within disability pension.
• The administration result was NOK 62 million better than in the same period last year. However,
the result was NOK 20 million weaker than in 2016 when you take into account the net effect of
provisions made in 2016. Operating expenses were NOK 691 million in 2017. This is an increase of
NOK 57 million compared with 2016, of which one-time effect on change of the pension plans
amounted to NOK 7 million.
• Net financial income to the owner of the collective portfolios amounted to NOK 231 million. The
corresponding amount in 2016 was NOK 81 million. There was a strong return on all asset classes.
The real estate portfolio was written up by NOK 490 million in December 2017.
• The financial return on the corporate portfolio was NOK 310 million, which was NOK 117 million
higher than in 2016. The return on the portfolio was 5.4%, compared with 4.1% in 2016. The
company portfolio consists of fixed income securities and real estate.

7. Key figures 2017 (2016) in MNOK
SpareBank 1 Skadeforsikring (non-life insurance)
Continued strong insurance profitability and very good financial
return
660
282 273 296
460
Q2 2017Q1 2017Q4 2016 Q4 2017Q3 2017 2017
1.311
2016
1.447
2015
1.279
2014
1.829
2013
1.244
7
 Gross premium income: 5,530 (5,359)
 Insurance result: 776 (1.047)
 Run-off gains (gross) 434 (453)
 Net financial result: 526 (403)
 Pre-tax profit: 1.311 (1.447)
 Solvency II: 192 % (196 %)
Pre-tax operating profit for the quarter (MNOK) Pre-tax operating profit (MNOK)

8. • The weaker insurance result is due to an increase in the
claims ratio in the retail market, lower run-off gains and
an increase in operating expenses. The claims ratio has
risen from 56.3% to 58.7% compared to 2016. The claim
ratios have risen within the retail market, while there
has been a slight decrease in the commercial market.
Natural perils amounted to NOK 88 million, against NOK
66 million in 2016.
• The cost ratio has increased from 21.6% to 24.3% due
to both increased operating and commission costs. The
latter is due to increased sales.
• Financial income of NOK 526 million, which
corresponds to a return of 5.7% versus 3.9% in 2016. A
good year for commercial real estate combined with
good projects resulted in a value adjustment of real
estate of NOK 138 million.
• Run-off gains of NOK 434 million, of which annual
planned reserve releases amounts to NOK 188 million.
The reserve release plan, which was established in
2016, has been updated with new models, increasing
annual releases by NOK 84 million to NOK 188 million.
SpareBank 1 Skadeforsikring (non-life insurance)
Insurance result
Insurance result (MNOK)
Combined ratio (%)
20,9 21,6 24,3
57,8 56,3 58,7
78,7
2016
77,9
2015 2017
83,0
Cost ratioClaims ratio
761
474
776
20172016
1.047
Insurance result, excl. run-off gains and nature
Insurance result
8

9. ODIN Fund management
9

10. 9
25
29 31
20
Q3 2017Q2 2017Q1 2017Q4 2016 Q4 2017
Key figures 2017 (2016) in MNOK
ODIN Fund management
Profit growth
Higher operating income due to higher AUM.
10
89 96
85
106
2017201620152014
Pre-tax operating profit for the quarter (MNOK)
Pre-tax operating profit (MNOK)
 Operating income: 390 (338)
 Operating expenses: 286 (247)
 Pre-tax profit: 106 (85)
 AUM: 54,345 (44,445)

11. 11
Receivables management

12. • The portfolio operation was
demerged into a separate company
from SpareBank 1 Gruppen Finans
AS in the third quarter of 2017. The
latter also changed name to
SpareBank 1 Factoring. SpareBank 1
Portfolio AS cooperates with
Conecto which operates in debt
collection. Factoring, portfolio
management and debt collection
are working together to offer the
market a complete set of services in
receivables management.
Receivables management
Growth in both volume and income
44 38
19
101
59
40
23
121
Factoring TotalConecto
(debt collection)
Portfolio
20172016
12
Pre-tax operating profit (MNOK)

13. The SpareBank 1 Alliance
SpareBank 1 Gruppen AS (SB1G)
SpareBank 1 Forsikring AS
(Life insurance)
SpareBank 1 Skadeforsikring AS
(Non-life insurance)
ODIN Forvaltning AS
(Fund management)
SpareBank 1 Medlemskort AS
(LOfavør)
Conecto AS
(Debt collection)
SpareBank 1 Factoring AS
(Factoring)
SpareBank 1 Portefølje AS
(Portfolio)
Banksamarbeidet DA (BS)
EiendomsMegler 1 Norge
AS
SpareBank 1 Kundesenter
AS
SpareBank 1
Verdipapirservice AS
SpareBank 1 ID AS
SpareBank 1 Axept AS
13
SpareBank 1 Næringskreditt AS
(Covered bond issuer)
BN Bank ASA
SpareBank 1 Kredittkort AS
(Credit card)
SpareBank 1Betaling AS
SpareBank 1 Boligkreditt AS
(Covered bond issuer)
SpareBank 1 Markets AS
SAM-SPAR

14. SpareBank 1 Gruppen
14
Q4 Q3 Q2 Q1 Q4
Figures in MNOK 2017 2017 2017 2017 2016 2017 2016
Pre-tax operating result from subsidiaries
- SpareBank 1 Livsforsikring (life insurance) 313,1 200,1 177,0 145,4 32,7 835,5 516,7
- SpareBank 1 Skadeforsikring (non-life insurance) 459,7 296,3 273,4 282,0 660,1 1 311,4 1 447,1
- ODIN Forvaltning (fund management) 20,2 31,1 29,3 25,0 9,0 105,7 84,6
- SpareBank 1 Medlemskort 3,0 1,2 1,2 1,7 -0,9 7,2 5,4
- SpareBank 1 Factoring AS (factoring) 21,6 12,5 14,4 10,1 11,4 58,6 43,8
- SpareBank 1 Portefølje AS (portfolio) 10,5 12,0 8,5 8,7 11,1 39,8 37,9
- Conecto AS (debt collection) 3,4 6,8 6,6 5,7 4,0 22,5 19,2
- Correction Group -33,8 -2,4 -18,4 -2,4 -114,7 -57,0 -11,8
Net result before tax from subsidiaries 797,8 557,6 491,9 476,3 612,7 2 323,6 2 142,8
Total operating costs (parent company) -14,2 -10,6 -31,1 -12,9 -17,5 -68,9 -74,4
Net finance (parent company) -12,8 -14,1 -4,0 -16,1 -15,7 -46,9 -49,7
Share of associated company 1,8 0,0 0,0 0,0 0,7 1,8 0,7
Pre-tax result 772,7 532,9 456,8 447,3 580,2 2 209,7 2 019,4
Income tax expense -84,0 -117,1 -121,5 -75,8 -98,5 -398,4 -444,0
Net result for the period 688,6 415,8 335,3 371,5 481,7 1 811,3 1 575,4
Year

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