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Gjensidige Bank Investor Presentation Q1 2017

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Gjensidige Bank Investor Presentation Q1 2017 Gjensidige Bank Investor Presentation Q1 2017 4. May 2017 Disclaimer The information contained herein has been prepared by and is the sole responsibility of Gjensidige Bank ASA and Gjensidige Bank Boligkreditt AS (“the Company”). Such information is confidential and is being provided to you solely for your information and may not be reproduced, retransmitted, further distributed to any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. The information and opinions presented herein are based on general information gathered at the time of writing and are therefore subject to change without notice. While the Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness. These materials contain statements about future events and expectations that are forward-looking statements. Any statement in these materials that is not a statement of historical fact including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management for future operations is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the environment in which the Company will operate in the future. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. This presentation does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness. The information in this presentation is subject to verification, completion and change. The contents of this presentation have not been independently verified. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its owners, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. None of the Company, any selling equity holder, any member of the underwriting syndicate, or any of their respective affiliates, advisors or representatives or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. Investors and prospective investors in securities of any issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in an offering circular or prospectus published in relation to such an offering. 2 GB strategically important for Gjensidige Insurance Group - strengthen position in the Norwegian household market Gjensidige Insurance Group - Leading Nordic general insurance company with 200 years history - S&P A rating with strong enterprise risk management - Market leader in Norway with 25.4% market share1) - Earned premiums ~ NOK 22bn in 2016 Gjensidige Insurance Group - Pre-tax profit NOK 6.1bn in 2016 - Market Capitalization ~ NOK 66bn2) Norway Nordic Baltics Gjensidige Bank General Insurance General Insurance General Insurance - Established in 2007 - Fully owned by Gjensidige Forsikring ASA Retail Bank - Online retail bank with Norwegian presence only Pension - Day-to-day banking services, mortgages, savings & investments products and car and consumer financing - Distribution via call center, mobile, tablet, group portal, and the Group’s 20 financial offices - Approximately 157,000 customers 3) - Customer Assets ~ NOK 42.9bn (Total Assets ~ NOK 47.1bn) 3) 1) Source: Finance Norway, 3rd quarter 2016 2) as of 2.5.2017 3) as of March 2017 3 Financials targets and outcome TARGET FY 2015 FY 2016 Q1’16 Q1’17 Support the Groups Pre-Tax Earnings NOK 304m NOK 428m NOK 79m NOK 103m target for return on & After-Tax ROE 10.3% 11.7% 9.3% 10.4% equity YoY C/I Ratio 50% 43% 53% 44% Improvement YoY Customer Above average Assets 33% Assets 12% Assets 29% Assets 14% Footings Growth1) market growth Deposits 16% Deposits 10% Deposits 20% Deposits 7% Capital Adequacy >16.0% 16.1% 17.1% 15.8%2) 16.6%2) 3) Ratio (CET 12.5%) (CET1 12.6%) (CET1 13.5%) (CET1 12.5%) (CET1 13.1%) Standard & Poor's >A A- A A A Rating (Covered Bond Program AAA) (Covered Bond Program AAA) (Covered Bond Program AAA) (Covered Bond Program AAA) (Covered Bond Program AAA) 1) Customer Footings = Total of Customer Assets and Customer Deposits. 2) Excluding retained earnings 3) Year end 2017 target for capital adequacy ratio is 17.5% and CET 1 14.0% 4 Customer assets 14 per cent growth in customer asset YoY Customer assets (NOKbn) Household lending growth (%) Market Growth (household) Gjensidige Bank 45 42.9 42 41.2 40 36.7 35 34 14% 30 27.5 24.2 12% 25 20 33% 17.3 15.0 14 14.1 15 14% 11.6 10 7 6.7 40% 5 - J-11 J-11 J-12 J-12 J-13 J-13 J-14 J-14 J-15 J-15 J-16 J-16 J-17 A-12 A-13 A-14 A-15 A-16 2008 2009 2010 2011 2012 2013 2014 2015 2016 Mar'17 A-11 O-11 O-12 O-13 O-14 O-15 O-16 LTV 61% for the Mortgage portfolio Source: Statistics Norway, Household 12 months percentage growth 91% of the portfolio is secured lending primarily sourced from members of Tekna, NITO & YS 5 Total income YTD 2017 income up by NOK 55m or 29 per cent from prior year Total income (NOKm) Full year 2016 total income by type NII Fees Other Income Financial Instruments Net Interest Income 92% 42 293 (ex MtM 91%) 19 18 22 3 29 21 29 20% 9 9% 12 NOK 872m 23 11% 797 23% 721 614 546 443 9 Fees 3 0% Other Income 222 3% 179 Financial Instruments 2012 2013 2014 2015 2016 YTD-16 YTD-17 5% 6 Development in net interest income and interest rate spreads Average interest rate spreads (%) Net interest income (NOKm) 3.4 3.3 3.4 222 211 2.9 207 2.7 2.7 201 2.6 2.6 2.6 191 2.5 2.4 2.4 2.3 2.2 Lending 181 179 173 174 175 2.0 2.0 2.0 2.0 1.9 1.9 1.9 1.7 146 NIM1) (0.0) (0.1) (0.2) (0.4) (0.4) (0.5) (0.5) (0.4) (0.9) Deposit (1.1) (1.1) Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Lending & Deposit Spread Definition: Average customer interest rate against 3-month moving average for 3-month NIBOR. 7 1) NIM = Total net interest income in per cent of average total asset Total expenses YTD 2017 expenses NOK 8m or 8 per cent higher than prior year, mainly driven by the merger with Gjensidige Investeringsrådgivning AS Total expenses (NOKm) Cost/Income ratio (%) 374 358 359 341 68 66 63 306 57 54 50 43 44 107 98 2012 2013 2014 2015 2016 YTD YTD 2010 2011 2012 2013 2014 2015 2016 YTD 2016 2017 2017 YTD figures are as of March 2016 & 2017 8 Non-performing loans Improved NPL ratio and prudent reserve-building NPL ratio (%) NPL coverage (%) 1) 2) Gross Outstanding (BNOK) 90 DPD % 90 DPD (MNOK) NPL Coverage % 50.0 1.8 450 140.0 45.0 1.6 400 120.0 40.0 1.4 350 35.0 100.0 1.2 300 30.0 1.0 250 80.0 25.0 0.8 200 60.0 20.0 NOK M ! ! BNOK 0.6 150 - - 15.0 40.0 NPL NPL Ratio 0.4 100 Coverage 10.0 1.0% 96% 20.0 5.0 0.2 50 90 days pastduedays 90 90+ Ratio % Ratio90+ NPL Coverage % NPL Coverage Gross OutstandingGross - - - - 9 1) NPL Ratio: Non-performing loans / Gross outstanding loans. Non-performing loans are loans >90 days past due, NPL Coverage: Loan loss reserves / Non-performing loans Gross outstanding loans & loan loss development per 31.3.2017 Gross outstanding by product Loan losses (%) 76% of the gross lending are with shared customers from Gjensidige Insurance Secured 0.84 (car finance) 10% 0.65 Unsecured 9% NOK 42.9bn 0.43 S&P Rating A 0.32 0.32 (covered bond program AAA) 0.20 0.20 0.18 Secured In the first quarter of 2016, the bank sold NOK 14.6 million of impaired customer loans, which led to (mortgage) the release of the provisions for this group of loans. Total write-downs and losses increased 81% compared to the previous year as a result of portfolio growth and changes in credit policy, driving decreased expectations of repayments from delinquent customers.
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