Results. Second quarter. 2018

Transcription

1 Results. Second quarter August 2018 Oslo Pensjonsforsikring AS and Oslo Forsikring AS

2 About the group Oslo Pensjonsforsikring AS is a life insurance company owned by the City of Oslo. Oslo Forsikring AS is wholly owned subsidiary of OPF. The OPF group offers Public pension defined benefit schemes. Group life and Occupational injury insurance. all through OPF. and Non-life insurance through Oslo Forsikring AS to the City of Oslo and associated entities. State-owned hospital corporations in Oslo are also pension customers of OPF. Assets corresponding to policy holders funds are managed in the Common Portfolio while equity and capital are managed in the Corporate Portfolio. The company is regulated by the Norwegian FSA.

3 Legal and organizational structure Group legal structure Organizational structure Oslo Pensjonsforsikring AS Group CEO Support functions Oslo Forsikring AS 49 property owning companies Corporate customers Personal customers Asset management

4 Good return on investments. Weak insurance profits in Q2 The group s result was NOK 198m (NOK 249m) in the second quarter of Lower result from pension insurance due to reduced disability premiums and reduced interest guarantee premiums. Deficit in Oslo Forsikring AS due to large insurance claims. Value-adjusted return on customer funds was 2.2 (5.2) per cent. Solvency capital ratio was 533 per cent for the parent company and 433 per cent for the group (standard model, calculated without transitionary measures).

5 Oslo Pensjonsforsikring Group. Quarterly results by business line. NOK million Q Q Q Q Q Result from Pension insurance The company s share of the risk result Administration result Guarantee premiums and risk margin Coverage of loss in customer income Result from life and non-life insurance Personal risk products (OPF) Non-life insurance (Oslo Forsikring AS) Financial income on capital Group result before tax

6 The group s solvency capital ratio (standard model) was 433 per cent as of 30 e % Solvency capital ratio 600% 500% 400% 411% 424% 433% 507% 521% 533% 591% 578% 593% 300% 269% 252% 235% 200% 100% 0% OPF Group OPF (standard model) OPF (incl transitional rules) Oslo Forsikring 31 Dec Mar

7 Solvency capital and capital requirement stable in the second quarter OPF. Solvency capital. capital requirement and coverage ratio. NOK million and per cent. Standard model % 521% % Dec Mar Capital Requirement Solvency capital ratio (rhs) 540% 530% 520% 510% 500% 490%

8 Pension insurance: 1.5 per cent value adjusted return in the Common Portfolio in the second quarter 8,0 % Value adjusted return. Annual average. Common Portfolio. 7,2 % 15,0 % Value adjusted return. 12 months avg. last ten years. Common Portfolio. 7,0 % 6,6 % 10,0 % 6,0 % 5,8 % 5,0 % 5,0 % 4,0 % 0,0 % 3,0 % 2,0 % 2,2 % -5,0 % 1,0 % -10,0 % 0,0 % Q1-Q2

9 Pension insurance: Stable allocation in the Common Portfolio Allocation and returns in per cent Allocation Return H Allocation 31 Dec 2017 Hedging assets Money market Mortgage loans Domestic bonds International bonds Bonds held to maturity Real interest rate bonds Hedge funds Property and infrastructure Return assets Convertible bonds High yield bonds Private Equity Equities Other financial assets Other assets Total

10 Pension insurance Common Portfolio: Financial income of NOK 1 724m in the first half year NOK million H H Financial result Financial income Common portfolio Guaranteed interest on reserves To (-)/from (+) Market value adjustment reserve To (-)/from (+) Additional allocations 0 0 Customers share of the Risk result Contribution from OPF - - Unallocated surplus funds to pension customers

11 Life and non-life insurance: Combined ratio of 94 per cent in the first half year NOK million Total H Personal risk products Non-life Total Insurance result Insurance premiums Total claims Claims paid Changes in technical reserves Operating expenses Net reinsurance result Financial income and other items ,7 9.8 Business area result Combined ratio net of reinsurance 94 % 64 % 139 % 56 %

12 Non-life insurance: Oslo Forsikring s result was negative NOK 13m in the second quarter NOK million Q Q Q Q Q Insurance result Premium income. gross Claims paid. gross Reinsurance result Operating expenses. gross Net financial income Other income and expenses Result before tax Combined ratio gross 153 % 53 % 143 % 26 % 229 % 110 % Combined ratio net of reinsurance 139 % 66 % 60 % 73 % 171 % 89 %

13 The Corporate Portfolio returned 1.7 (3.0) per cent in the first half year Corporate Portfolio. Asset allocation in per cent. 30 e 2018 Financial income on capital. 2,8 NOK million H ,7 18,2 Financial income Corporate Portfolio ,1 Other income ,3 8,8 22,1 Paid interests Financial Income Risk adj. fund Money market Bonds held to maturity Real estate Other Fixed income Equities Housing mortgages Correction Oslo Forsikring AS 7-30 Financial income on capital

14 Total assets of NOK 94bn and equity of NOK 8.2bn per 30 e 2018 OPF AS. NOK million Dec 2017 Assets Corporate Portfolio Common Portfolio Liabilities and Own funds Pension premium reserve Additional allocations Market value adjustment reserve Premium fund Insurance fund personal risk products Unallocated surplus funds to pension customers Other debt and Deferred taxes Subordinated debt Equity

15 Oslo Pensjonsforsikring AS Telephone: Rosenkrantz' gate 22, Oslo, Norway