Results. Third quarter. 2018

Transcription

1 Results. Third quarter November 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 Property owning subsidiaries Corporate customers Personal customers Asset management

4 Good return on investments. The group s result was NOK 276m (NOK 270m) in the third quarter of Result from pension insurance: NOK 144m in q3 and NOK 332m accumulated. Life and non-life insurance: NOK 35m in q3 and NOK 54m accumulated. Financial income: NOK 97m in q3 and NOK 228m accumulated. Value-adjusted return on customer funds was 3.9 (6.8) per cent. Solvency capital ratio was 532 per cent for the parent company and 445 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 445 per cent as of 30 September % Solvency capital ratio 600% 500% 400% 411% 433% 445% 507% 533% 532% 591% 593% 580% 300% 269% 235% 241% 200% 100% 0% OPF Group OPF (standard model) OPF (incl transitional rules) Oslo Forsikring 31 Dec Jun Sep

7 Solvency capital and capital requirement stable in the third quarter OPF. Solvency capital, capital requirement and coverage ratio. NOK million and per cent. Standard model % 532% Jun Sep 2018 Capital Requirement Solvency capital ratio (rhs) 534% 533% 533% 532% 532% 531%

8 Pension insurance: 1.7 per cent value adjusted return in the Common Portfolio in the third quarter 8% Value adjusted return. Annual average. Common Portfolio. 7.2 % Value adjusted return. 12 months avg. last ten years. Common Portfolio. 15% 7% 6.6 % 10% 6% 5.8 % 5% 5% 4% 3.9 % 0% 3% 2% -5% 1% -10% 0% per Q3

9 Pension insurance: Stable allocation in the Common Portfolio Allocation and returns in per cent Allocation 30 Sept 2018 Return 30 Sept 2018 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 3 165m per 30 September NOK million 30 Sept Sept 2017 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 0 0 Unallocated surplus funds to pension customers

11 Life and non-life insurance: Combined ratio of 76 per cent per 30 September NOK million Total 30 Sept 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 ,6 9.8 Business area result Combined ratio net of reinsurance 76 % 58 % 104 % 56 %

12 Non-life insurance: Oslo Forsikring s result was NOK 16.7m in the third 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 137 % 254 % 53 % 143 % 26 % 110 % Combined ratio net of reinsurance 36 % 214 % 66 % 60 % 73 % 89 %

13 The Corporate Portfolio returned 2.8 (4.1) per cent per 30 September Corporate Portfolio. Asset allocation in per cent. 30 September 2018 Financial income on capital. 23,0 3,7 19,3 NOK million 30 Sept Financial income Corporate Portfolio ,7 Other income ,0 9,0 21,3 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 Financial income on capital

14 Total assets of NOK 94bn and equity of NOK 8.4bn per 30 September 2018 OPF AS. NOK million 30 Sept 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