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Storebrand Forsikring
Tom Granquist
SEB Skadeforsikringsseminar 21. august 2015
The Storebrand Group
Leading Nordic Life and Pension provider
 40 000 corporate customers
 1.9 million individuals with pensions in Storebrand
 NOK 117 bn in Unit Linked reserves
 NOK 259 bn in Guaranteed reserves
 100% of investments assessed by sustainability criteria
 History of the group dates back to 1767
Supported by:
Asset Management
NOK 552 bn
in assets under
management
2
Insurance
NOK 4.2 bn in
written
Premiums
Bank
Direct retail
bank
NOK 28 bn in
net lending
Transformation of the business model
Solid market fundamentals
Back book challenges
Attractive front book
Dual strategy reiterated and reinforced
Manage the Guaranteed balance sheet
Capital
optimization
Continued growth in Savings and Insurance
Risk
reduction
Retail customers
Employees
Corporate relation
>130%
Solvency II
Margin
Product
optimization
3
Save for
<
retirement
Cost
reduction
We work hard to reach our vision:
Recommended by our customers
Insurance market average combined ratio at <90 %
and smaller players gaining market share
Distribution of market shares* (%)
42
Pr. 1H 2015:
40
38
36
34
32
29,1%
30
28
26
25,1%
24
22,3%
22
20
18
16
13,5%
14
12
10,0%
10
8
6
0
94
95
’96
’97
If
’98
’99
’00
Gjensidige
’01
’02
’03
’04
SpareBank 1
’05
’06
’07
Tryg
’08
’09
’10
’11
Other companies
*All land-based insurance (traditional property and casualty product lines), written premiums
4
Finance Norway (FNO) – market statistics as of 1H 2015
’12
’13
’14
1H
15
Storebrand Insurance: Focused business strategy
Reestablishment
 Quick set up
 Direct
distribution
2006
”Game changer”
 1st mover with complete
web store
 Simple product solutions
 Standardized system
solutions
2007
First operating
year
5
”Storebrand Insurance”
 Operational
improvements and
economics of scale
 United customer interface
and multichannel
distribution
2011
2012
Strong results
 Solid growth, strong risk
results and increased
efficiency
Streamlining Insurance
 Gather all risk- and
insurance business
 Nordic responsibility
2013
Goal: Profitable growth
 Increased competition and
pressure on margins in the
market
Storebrand Insurance
– platform to cross sell corporates and individuals
P&C &
Individual life
Corporate
PP1 1.607 MNOK
Health &
Group life
Corporate
Retail
Main product lines
Pension rel.
insurance
PP1 1.471 MNOK
PP1 1.096MNOK
Total
Insurance
segment
PP1 4.174 MNOK
6
Portfolio premium1
Property and motor
1,002
Ind. life & disability
605
Health
528
943
DC risk NO
772
Total segment
Investment portefolio
Market share
3,7%3
80%
10,8%3
19,6%3
89%
Group life/wcomp
DC risk SE
Combined Ratio2
324
4,176
6,124
20,0%4
31,1%4
98%
7,9%4
As of 1H 2015
As of 1H 2015
3 Source FNO and
Insurance Sweden as of
1H
4 As of 1H 2015
1
88%
2
Strong sales and continued growth in Insurance
Development portfolio premiums
MNOK
+16%
Key takeaways
 Milestone reached during 2Q:
>100 000 P&C customers
4 174
3 588
1 607
1 341
20% premium
growth within P&C &
Individual life
22% premium
1 206
1 471
growth within Health
& Group life
5% premium
1 041
1 096
2Q 2014
2Q 2015
P&C & Individual life
Health & Group life
7
growth in Pension
related disability
Nordic
Disability Insurance
 Double-digit written premium
growth further strengthened
by 'Akademikerne' contract
Insurance
- profitable growth
Profit
2Q
NOK million
2015
01.01 - 30.06
2014
Full year
2015
2014
2014
Insurance premiums f.o.a.
947
770
1 813
1 540
3 115
Claims f.o.a.
-683
-558
-1 334
-1 050
-2 226
Operational cost
-136
-131
-264
-256
-387
Financial result
64
74
136
147
173
192
154
351
381
675
Profit before amortisation
Profit per product line
2Q
Full year
NOK million
2015
2014
2015
2014
2014
P&C & Individual life 1)
115
76
193
145
340
Health & Group life 2)
88
25
107
73
190
Pension related disability insurance Nordic 3)
-11
53
51
163
144
Profit before amortisation
192
154
351
381
675
1
2
3
8
01.01 - 30.06
Individual life and disability, property and casualty insurance
Group life, workers comp and 50% of result in Storebrand Health insurance
DC disability risk result Norwegian line of business and disability risk result from SPP
Well positioned in attractive market
Strong brand recognition and
almost 250 years of insurance
experience
Relation to corporates and
individuals through
occupational pensions
40 000
corporates
Strong cost control through
automation, digitization and
offshoring
15 %
cost ratio 2Q 2015
9
1,9 mill.
employees and
former employees
Capital light growth
- Strong diversification
benefits under Solvency II
Investor Relations contacts
Lars Aa Løddesøl
Sigbjørn Birkeland
Kjetil R. Krøkje
Lars Kramer
Group CFO
Finance Director
Head of IR
VP Capital Management
[email protected]
[email protected]
[email protected]
[email protected]
+47
+47
+47
+47
9348
9348
9341
9006
0151
0893
2155
8287