Oslo, 12th May Financial results Q KLP Group

Transcription

1 Oslo, 12th May 216 Financial results Q1 216 KLP Group

2 Table of contents 1. Main features 2. KLP Group 3. Life and pension 4. KLP Non-Life Insurance 5. Bedriftspensjon 6. Banking and credits 7. KLP Asset Management 8. Summary

3 Main features Q1 216 Q4 215 Q3 215 Q2 215 Total group assets: NOK 553 billion Common portfolio of life company: Book return of 1.1 per cent Value adjusted return of 1. per cent Corporatate portfolio returned 1. per cent Solvency ratio: 197 per cent Common portfolio Booked return Value adjusted return Value adjusted return incl. HTM bonds/bonds booked at amortised costs Investment options portfolio Corporate portfolio Return 8% 7% 6% 5% 4% 3% 2% 1% % Booked Value adjusted Corporate

4 KLP Group results by segment Q1 216 Q4 215 Q3 215 Q2 215 Life insurance Non-life insurance Banking Asset management Other -1 2 Group result before tax

5 KLP Group main figures - results NOK million Pension premiums and incoming transfers of which premium reserves transferred from another company Allocated investment income Minority share of return of financial instruments Claims f.o.a Insurance provisions Operating cost Other income and cost Technical result To/from value adjustment fund life insurance To/from supplementary reserves life insurance Surplus allocated Life insurance clients Group result pre-tax Tax Other profit/loss elements Group result pre-tax

6 KLP Group - Balance NOK million Investment properties Debt instruments held to maturity Debt instruments classified as loans and receivables Assets Lending to municipalities, enterprises and individuals Debt instruments at fair value over P/L Equity instruments at fair value over P/L Other Total NOK million Own funds Hybrid capital and subordinated loans Debt to financial institutions Own funds and liabilities Covered bonds issued Debt to and deposits from clients Insurance reserves Minority interests classified as liabilities Other liabilities Total

7 KLP Life NOK million 35 Premium NOK million Total Assets Q1 216

8 KLP Appropriation of results Nok million Result Customers Result Company Interest result Risk result Premium interest rate guarantee Administration result Net income corporate portfolio Tax Other result elements Total Result to owners 14 % Retur on piad-in equity to clients 86 %

9 NOK million KLP Life - Balance Total assets in corporate portfolio Assets Total assets in common portfolio Assets in investment options portfolio Total assets NOK million Paid-in equity Risk equalization fund Own funds and liabilities Retained earnings Hybrid capital and subordinated debt Insurance liabilities Other liabilities Total: own funds, provisions and debt

10 KLP Life - Solvency Solvency ratio Q1: 197* per cent Minimum solvnecy ratio Q1: 57* per cent *without transitional measures Solvency ratio (scr) 197 % 189 % Kapitaldekning (scr) with transitional measures Minimum solvnecy ratio (mcr) Minimum solvnecy ratio (mcr) with transitional measures 9% 8% 7% 6% 5% 4% 3% 2% 1% % Scr Solvency Ratio Scr with transitional measures Mcr 355 % 298 % 57 % 537 % 811 % 773 % Mcr with transitional measures

11 KLP Life - Common Portfolio Share* Return Share* Return Equities 19.7 % -3.2 % 19.8 % 6. % Bonds 21. % 2.6 % 2.6 % 2. % Bonds held-to-maturity 26.9 % 1.1 % 26.9 % 4.5 % Lending 12.1 %.6 % 12.3 % 2.7 % Property 12.7 % 1.8 % 12.8 % 11. % Other financial assets 7.7 %.5 % 7.6 %.9 % *) Measured by exposure NOK million Allocation Q2 215 Q3 215 Q4 215 Q1 216

12 KLP Life - Allocation NOK bn Equities NOK bn Property NOK bn Bonds Q % 25% 2% 15% 1% 5% % Q % 1% 8% 6% 4% 2% % Q % 8% 7% 6% 5% 4% 3% 2% 1% % NOK bn 12 Value Return Bonds held-to maturity 6% NOK bn 6 Value Lending Return NOK bn 6% 35 Value Return Other financial assets 6% % 4% 3% 2% % 4% 3% 2% 1% % 4% 3% 2% 1% Q % Q1 216 % Q1 216 % Value Return Value Return Value Return

13 KLP Life - Property Property value - by country The portfolio written up by NOK 337 millioner (,6%) in Q1 19 % 4 % Norway New investments / sales in 216: Sold Krambukvartalet in Trondheim Sold Munkedamsveien 53B in Oslo 8 % 69 % Denmark Sweden Europe Property value - by sector 2 % 5 % Offices, education 21 % Shopping centres Hotels 12 % 6 % Other (leasehold land, co-properties, parking) Sites under development

14 KLP Life - Property Fair value total portfolio (NOK million)* Value adjustment in per cent Fair value common portfolio (NOK million)* Value adjustment in per cent common portfolio Total return common portfolio** *Incl exchange-rate hedged and excl. property fund **Incl exchange-rate hedged and property fund ,6 % 5, % 2,3 % 2,6 % ,6 % 4,8 % 2,1 % 2,5 % 1,8 % 11, % 6,6 % 5,2 %

15 KLP Skadeforsikring (non-life insurance) Combined Ratio Operating result Q1: NOK 49.5 million 12,% Total premium: 688 millioner (+8.7%) 1,% Financial result: 1.3 per cent 8,% No injuries over 1 million in Q1 6,% Effekt fra oppløsning av tidligere års reserver, 34,8 millioner kroner 4,% Security provisions increased by 8.7 per cent 2,%,% Claims ratio on own account Cost ratio on own account Combined Ratio for own account

16 KLP Skadeforsikring (non-life insurance) Resultatposter, millioner kroner Q1 216 Q4 215 Q3 215 Q2 215 Premium written f.o.a Claims f.o.a Insurance related expenses Other insurance related income Result from technical activities Result from investment activities Other income Result from ordinary operation Estimated tax expense Other elements Provisions for equity fund Result after provisions for equity fund

17 KLP Skadeforsikring (non-life insurance) Revenues, NOK million Q1 216 Q4 215 Q3 215 Q2 215 Gross premium written Premium income for own account Claims paid for own account Insurance related costs for own account Results Key figure balance sheet, NOK million Financial assets Total assets Equity Provisions in insurance funds for own account

18 KLP Bedriftspensjon main figures NOK million Q1 216 Q4 215 Q3 215 Q2 215 Interest result Risk result Administration result Interest rate guarantee and profit element Non-technical result Other profit elements Total result Of which result to clients Result to owner Reserve Management 2,5 9,8 3,1 4,5,6 -,4-4,5 5,1-7,6-8,2-5,8-6,4 1,8 1,8 1,9 2,1 2,6,3 -,2 -,2-1,1 -,5,9 - -1,2 2,7-4,5 5,1 3,1 9,6 2,1 4,8-5,8-9 -7,9,3 1,5 2 1,4 -

19 KLP Bedriftspensjon return and solvency Per cent Common portfolio Book 1, 4,8 3,4 2,4 Value adjusted 1,1 4,7 2,8 2,5 Investment options portfolio -,2 2,1 -,9 2,5 Corporate portfolio 1,1,9,5, Solvency ratio (scr) 57 % 1 % Kapitaldekning (scr) with transitional measures 32 % 319 % Minimum solvnecy ratio (mcr) 16 % 227 % Minimum solvnecy ratio (mcr) with transitional measures 773 % 855 % NOK million Value adjustment fund Supplementary reserves Solvency capital

20 KLP Bank-group main figures NOK million Q1 216 Q4 215 Q3 215 Q2 215 Retail market: 42 3 clients KLP Boligkreditt AS has issued new covered bonds and had a loan balance at 4. billion at 31. Mars Net interest revenues Net fee and commissions income Management fees Operating cost Value changes financial instruments Pre-tax earnings Total assets Prosent 18,5 18, 17,5 17, 16,5 16, 15,5 15, 14,5 14, 13,5 Kapitaldekning

21 KLP Bank-group main figures KLP Kommunekreditt, NOK million Q1 216 Q4 215 Q3 215 Q2 215 Net interest revenues Operating cost Value changes financial instruments Pre-tax earnings Total assets KLP Banken, NOK million Q1 216 Q4 215 Q3 215 Q2 215 Net interest revenues Net fee and commissions income Management fees Operating cost Value changes financial instruments Pre-tax earnings Total assets KLP Boligkreditt, NOK million Q1 216 Q4 215 Q3 215 Q2 215 Net interest revenues Operating cost Value changes financial instruments Pre-tax earnings Total assets

22 KLP Bank-group lending and deposits Mortage loans KLP Banken AS 7,3 6,9 6,3 5.8 KLP Boligkreditt AS 4 3,7 4,1 3.8 KLP (Management agreement) 3,2 3,4 3,6 3.9 Total 14,5 14, ,9 Public sector loans KLP Kommunekreditt AS KLP (Management agreement) KLP (currency loans) Total Deposits KLP Banken AS Total

23 KLP Kapitalforvaltning (Asset management) NOK bn Total assets under management Total assets under management External assets under management NOK bn External assets under management 5 Number of clients NOK million 5 Result before taxes Number of clients Result before taxes

24 Contacts in KLP Position Name Phone Executive Vice President & CFO Aage E. Schaanning / aes@klp.no Director Finance Oliver Siem sie@klp.no