GROUP HIGHLIGHTS Reported highlights New highlights Change

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1 GROUP HIGHLIGHTS Reported highlights New highlights Change Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY DKKm Income Non-life Insurance Life and Pension Banking Investment etc Total income profit/loss Non-life Insurance Life and Pension Banking Other activities Profit/loss before tax, forward-looking activities Banking, winding-up activities Profit/loss before tax Tax Profit/loss after tax Consolidated profit/loss Consolidated profit/loss before tax Tax Consolidated profit/loss after tax Total provisions for insurance contracts Consolidated shareholders' equity Total assets Return on equity before tax p.a. (%) 16,7 8,3 12,4 17,4 14,2 9,0 12,9 14,6 8,1 11,3 17,5 13,3 11,7 12,9-2,1-0,2-1,1 0,1-0,9 2,7 0,0 Return on equity after tax p.a. (%) 12,5 7,7 10,0 13,9 11,3 7,7 10,4 11,2 7,6 9,3 13,5 10,7 9,8 10,4-1,3-0,1-0,7-0,4-0,6 2,1 0,0 Dividend per share 0,0 0,0 0,0 0,0 0,0 1,5 1,5 0,0 0,0 0,0 0,0 0,0 1,5 1,5 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Dividend per share, extraordinary 0,0 0,0 0,0 0,0 0,0 1,5 1,5 0,0 0,0 0,0 0,0 0,0 1,5 1,5 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Earnings per share 0,9 0,6 1,5 1,0 2,5 0,6 3,1 0,9 0,6 1,5 1,0 2,5 0,6 3,1 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Diluted earnings per share 0,9 0,6 1,5 1,0 2,5 0,6 3,1 0,9 0,6 1,5 1,0 2,5 0,6 3,1 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Net asset value per share ,0-1,0-1,0-1,0-1,0 0,0 0,0 Share price 45,3 42,8 42,8 38,4 38,4 48,4 48,4 45,3 42,8 42,8 38,4 38,4 48,4 48,4 0,0 0,0 0,0 0,0 0,0 0,0 0,0 Price/NAV 1,54 1,45 1,45 1,26 1,26 1,60 1,60 1,57 1,48 1,48 1,29 1,29 1,60 1,60 0,0 0,0 0,0 0,0 0,0 0,0 0,0 No. of shares at period-end (in thousands) Average no. of shares (in thousands) No. of shares at period-end, diluted (in thousands) Average no. of shares, diluted (in thousands)

2 Group income statement Reported income statement New income statement Change Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY DKKm Income Premimums Interest income, etc Fee income, etc Other income from investment activities Profit/loss from investments in associates Other income from investment activities Total income Costs Claims expenses Interest expenses Other expenses from investment activities Imaprment of loans, advances and receivables, etc Acquisition costs and administrative expenses Total costs Profit/loss from business ceded Change in life insurance provisions Change in collective bonus potential Value adjustments Tax on pension investment returns Profit/loss before tax Tax Profit/loss after tax

3 GROUP BALANCE SHEET Reported balance sheet New balance sheet Change DKKm Intangible assets Owner-occupies properties Deferred tax assets Investments in associates Rensurers' share of insurance constracts Current tax assets Other assets Loans and advances Investment properties Investment assets Balances due from credit institutions and central banks Cash in hand and balances at call Total assets Share capital Reserves, retained earnings, etc Proposed dividend Consolidated shareholders' equity Subordinated debt Provisions for insurance contracts Other provisions Deferred tax liabilities Issued bonds Current tax liabilities Other liabilities Deposits Payables to credit institutions and central banks Total liabilities and equity

4 NON-LIFE INSURANCE HIGHLIGHTS Reported highlights New highlights Change Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY DKKm Gross premiums Technical interest Claims expenses Insurance operating expenses Reinsurance profit/loss Technical result Interst and dividends, etc Capital gains and losses Investment management expenses Return on technical provisions Return on investment after return on technical provisions Profit before tax Tax Profit after tax Run-off gains/losses Total provisions for insurance contracts Insurance assets Total shareholders' equity Total assets Gross claims ratio 58,2 61,2 59,7 51,3 56,9 69,3 60,0 59,8 59,9 59,9 51,2 56,9 67,7 59,6 1,6-1,2 0,1-0,1 0,1-1,6-0,4 Net reinsurance ratio 5,6 6,1 5,9 5,6 5,8 2,2 4,8 5,6 6,2 5,9 5,5 5,8 2,1 4,8 0,0 0,0 0,0 0,0 0,0-0,1 0,0 Claims experience 63,8 67,3 65,6 56,9 62,6 71,5 64,8 65,3 66,1 65,7 56,7 62,7 69,8 64,5 1,5-1,2 0,2-0,2 0,0-1,7-0,3 Gross expense ratio 16,3 16,0 16,1 15,5 15,9 16,1 16,0 16,3 16,0 16,1 15,5 15,9 16,1 15,9 0,0 0,0 0,1 0,0 0,0 0,0-0,1 Combined Ratio 80,1 83,3 81,6 72,4 78,6 87,6 80,8 81,6 82,1 81,8 72,2 78,6 85,9 80,4 1,5-1,2 0,2-0,2 0,0-1,7-0,4 Operating Ratio 80,2 83,3 81,8 72,4 78,6 87,6 80,9 81,6 82,1 81,8 72,2 78,6 85,9 80,4 1,4-1,2 0,1-0,2 0,0-1,7-0,5 Return on equity before tax (%) 40,8 30,7 36,5 49,3 40,5 28,7 37,6 37,9 30,7 35,1 49,6 39,6 34,5 38,2-2,9 0,0-1,4 0,3-0,9 5,8 0,6 Return on equity after tax (%) 31,2 23,4 27,9 38,0 31,1 23,1 29,1 29,0 23,6 26,9 38,1 30,4 27,6 29,6-2,2 0,2-1,0 0,1-0,7 4,5 0,5

5 NON-LIFE INSURANCE INCOME STATEMENT Reported income statement New income statement Change Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY DKKm Income Premimums Interest income, etc Fee income, etc Other income from investment activities Profit/loss from investments in associates Other income from investment activities Total income Costs Claims expenses Interest expenses Other expenses from investment activities Imaprment of loans, advances and receivables, etc Acquisition costs and administrative expenses Total costs Profit/loss from business ceded Change in life insurance provisions Change in collective bonus potential Value adjustments Tax on pension investment returns Profit/loss before tax Tax Profit/loss after tax

6 NON-LIFE BALANCE SHEET Reported balance sheet New balance sheet Change DKKm Intangible assets Owner-occupies properties Deferred tax assets Investments in associates Rensurers' share of insurance constracts Current tax assets Other assets Loans and advances Investment properties Investment assets Balances due from credit institutions and central banks Cash in hand and balances at call Total assets Share capital Reserves, retained earnings, etc Proposed dividend Consolidated shareholders' equity Subordinated debt Provisions for insurance contracts Other provisions Deferred tax liabilities Issued bonds Current tax liabilities Other liabilities Deposits Payables to credit institutions and central banks Total liabilities and equity

7 GROUP BALANCE SHEET, 1 JANUARY 2016 DKKm Intangible assets 0 Owner-occupies properties 695 Deferred tax assets 385 Investments in associates 12 Rensurers' share of insurance constracts 242 Current tax assets 28 Other assets Loans and advances Investment properties 939 Investment assets Balances due from credit institutions and central banks 323 Cash in hand and balances at call 313 Total assets Share capital Reserves, retained earnings, etc Proposed dividend 521 Consolidated shareholders' equity Subordinated debt 574 Provisions for insurance contracts Other provisions 34 Deferred tax liabilities 0 Issued bonds 5 Current tax liabilities 0 Other liabilities Deposits Payables to credit institutions and central banks 710 Total liabilities and equity

8 NON-LIFE INSURANCE BALANCE SHEET, 1 JANUARY 2016 DKKm Intangible assets 0 Owner-occupies properties 0 Deferred tax assets 124 Investments in associates 0 Rensurers' share of insurance constracts 227 Current tax assets 0 Other assets 616 Loans and advances Investment properties 18 Investment assets Balances due from credit institutions and central banks 0 Cash in hand and balances at call 58 Total assets Share capital 0 Reserves, retained earnings, etc Proposed dividend Consolidated shareholders' equity Subordinated debt 149 Provisions for insurance contracts Other provisions 24 Deferred tax liabilities 0 Issued bonds 0 Current tax liabilities 132 Other liabilities 619 Deposits 0 Payables to credit institutions and central banks 23 Total liabilities and equity

9 LIFE AND PENSION BALNACE SHEET, 1 JANUARY 2016 Old Change DKKm Intangible assets Owner-occupies properties Deferred tax assets Investments in associates Rensurers' share of insurance constracts Current tax assets Other assets Loans and advances Investment properties Investment assets Balances due from credit institutions and central banks Cash in hand and balances at call Total assets Share capital Reserves, retained earnings, etc Proposed dividend Consolidated shareholders' equity Subordinated debt Provisions for insurance contracts Other provisions Deferred tax liabilities Issued bonds Current tax liabilities Other liabilities Deposits Payables to credit institutions and central banks Total liabilities and equity