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It's Not Flying That's Important, but Making the Best Impression.” Annual Report 2004 ”It's not flying that's Business address: important, but making Vital Forsikring ASA Vital Forsikring, Trondheim Vital Forsikring, Oslo Postal adress: P.O.Box 7500, N-5020 Bergen Postal adress: 7469 Trondheim Postal adress: P.b. 250, 1326 Lysaker Visiting address: Folke Bernadottesv. 40 Visiting address: Beddingen 16 Visiting address: Vollsveien 17A the best impression.” NO-5147 Fyllingsdalen NO-7014 Trondheim NO-1366 Lysaker Business Register Number: 914782007 – a company in the DnB NOR Group Contents Vital – Norway’s largest life and pension company, 1 Three things at once – Managing Director, 3 2004 in brief, 4 Principal Figures / Key Figures (pro forma), 5 Changes in the law, 7 Asset Management – low interest rates and buoyant stock markets, 8 Corporate market – high net infl ow of transfers, 9 Retail market – upsurge in sales, 10 Public sector – largest among the private companies, 11 Management, 12 Organisation, 15 Governing bodies, 16 Annual Report & Accounts, 19 (See separate table of contents) Statements / Reports, 50 Embedded Value at 31 December 2004, 53 From life to pension Technical insurance matters, 54 Defi nitions, 56 Looking ahead is a matter of uncertainty, Branches, 58 but there is much to be said about 2004. The photos in this year’s annual report come from this year’s Vital Calendar. As well as presenting calendar year 2005 from January to December, it takes us on a visual tour through all of life’s phases – from the fi rst steps we take, to our fi nal period of time on earth. From the fi rst signs of life until retirement age. Vital – Norway’s largest life and pension company Vital Forsikring ASA is Norway’s largest company in the area of life insurance and pension saving and Vital Link AS is the country’s undisputed leader in unit-linked insurance. Vital Forsikring and its subsidiaries Vital Eiendom and Vital A strategic platform for Vital Pekon, along with the associated company Vital Link, together Vital’s strategic platform consists of its vision, business concept represent the life insurance and pension business area of the and brand values. DnB NOR Group. Vision: Vital makes the future simpler. Together, the Vital companies have total assets of more than NOK 175 billion, a workforce of around 930 and almost 950 000 Vital’s vision is to make the future simpler, primarily for the customers. The main functions are in Bergen and Trondheim, customers, but also within the organisation and in the life with important sales and market functions in Oslo. The company and pension industry. Vital has an important social role to play is represented throughout Norway through its own sales outlets helping to ensure that the policyholders have a sound fi nancial and DnB NOR’s branch network, and through independent distri- base through saving and insurance, so that life in the future is as butors and the Internet (vital.no). simple as possible for them when they reach retirement age or become disabled. Similarly, Vital helps to ensure that survivors Vital Forsikring was founded in 1990 on the merger of Hygea have a simpler fi nancial life when someone passes away. Vital’s (estab lished 1884) and Norsk Kollektiv Pensjonskasse (estab- vision is also to make saving and insurance easier to understand lished 1938). In 1996 Vital became part of the DnB Group. The through well presented products and services, good advice and merger of DnB and Gjensidige NOR which resulted in DnB NOR clear communication. in December 2003 was the reason why Vital Forsikring and Gjensidige NOR Spareforsikring merged on 9 March 2004 under Business concept: Vital’s function is to ensure that the the name of Vital Forsikring ASA. customers have fi nancial security and fl exibility. Bård Benum has been managing director of Vital Forsikring ASA Through Vital’s competence, attitudes and presentations the since December 2003. Gunnar Gullaksen is managing director of customers’ fi nancial security and fl exibility shall be ensured Vital Link AS. throughout each phase of life. Vital’s expertise in matter related to the national insurance, occupational pension schemes and Vital Forsikring offers group pension insurance to the commer- individual insurance shall be combined with sound advice and cial and public sectors, tailored to meet individual requirements, the ability to understand the customers’ needs. The custom- whether based on defi ned benefi ts or defi ned contributions. In ers shall perceive Vital’s products and services as simple and the individual market, long-term savings products are provided comprehensible, making a major contribution to their future in a number of areas, including individual pension agreements, fi nancial security. annuities, saving with a choice of investment profi le (unit-linked products from Vital Link), fund-based saving (DnB NOR Kapital- Brand values: Credible - Helpful - Sporty forvaltning) and share-index-linked bonds (DnB NOR Markets). Credible – Along with DnB NOR, Vital Forsikring offers reasonable personal Vital shall be sound and safe company that inspires confi dence. insurance to members of professional organisations with pay- A company to trust. A company that keeps its promises. ment on death or disability, fl exible pension schemes, non-life insurance and attractively priced housing loans. Helpful – Vital shall be accessible and versatile, characterised by friend- liness and attentiveness. Contact us and we will get it done. Sporty – in the athletic sense of making every possible effort . 1 ”A baby in the house is the perfect example of minority government.” Knut-Are, aged 31 Three things at once Doing three things at once is demanding. But we managed it. When it became known that Vital and Gjensidige NOR Spare- forsikring were to merge and become Norway’s largest life insurance and pension company, there were no doubt some who relished the thought that we would be easy prey in an intensely competitive market. But they were wrong. The results for 2004 are the proof Vital’s managers and personnel did three over a three-year period. The workforce has been reduced by 77, things at once in 2004: while the target for the three-year period is 150. It has been a • They gave priority to the customers, in priority to extract synergies as quickly as is appropriate. sales, service and follow-up. • They carried out the fi rst phase of inte- Through the establishment of Vital’s strategic platform* in 2004 grating the merged companies. we have drawn up clear guidelines for Vital’s development in • They established a strategic platform the period ahead. The platform comprises a vision, a business showing the company’s long-term concept and brand values, and sets out the general direction of ambitions . the company’s objectives and strategies. The changes brought by the pension reform and a new regulatory framework for the life The latest market share fi gures from the Norwegian Financial industry as a whole will be fundamental elements of Vital’s long- Services Association show that Vital strengthened its market term and ambitious goals and strategies. position in 2004. A number of companies established a new customer relationship with Vital and almost none left us. At the As well as focusing on customers and integration, we have been same time, the number of new pension schemes established by equally aware of the need to look ahead. I am proud of what has individuals was so great that sales of both guaranteed and unit been achieved in Vital’s fi rst year of activity following the merger. linked products were at a record level. Altogether, net pension There is no doubt that we are well placed to meet the future. funds transferred to Vital in 2004 totalled NOK 3.7 billion. The company’s management, organisation and location had already been clarifi ed as the year started. We were thus able to concentrate on the practical work of integration, establishing common standards and work processes, and choosing systems Bård Benum and solutions. By year-end, we had extracted synergies worth Managing Director NOK 50 million from a total of NOK 200 million to be realised * Further information about Vital’s strategic platform appears on page 1 3 2004 in brief The merger of Vital Forsikring and Gjensidige NOR Sparefor- Vital reinforced its position as market leader in the fi eld of life sikring ASA was formally registered in the Register of Business and pension insurance in Norway, with more than 35 per cent of Enterprises on 9 March 2004. The management, organisation the market for managed customer funds. and location were already in place, while other integration work was ongoing throughout 2004 and will continue in 2005. In the corporate market, Vital is one of the two largest provid- ers of pensions with total assets of NOK 82 billion and premium The merger made Vital the largest life and pension company in income of NOK 9.9 billion in 2004. Norway with total assets of NOK 175 billion, a workforce of 930 and almost 950 000 customers at the end of 2004. The company In the individual market Vital is by far the leading company with has main functions in Bergen and Trondheim and important premium income of NOK 9.5 billion in 2004, an increase of 42 per sales and market functions in Oslo, as well as branches and sales cent on the previous year. representatives throughout Norway. Vital is the largest private insurance company in the public The profi t for allocation was NOK 3 126 million. NOK 2 033 million sector with a total of 55 municipal clients is being allocated to policyholders, while the allocation to owner and taxes amounts to NOK 1 236 million.
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