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What Is Your Pension Figure? What is your pension figure? Annual report Storebrand ASA STOREBRAND ASA | 1 ANNUAL REPORT 2012 1954: The acquisition department (sales department) in Kirkegata 24. 2012: Everyone sits in an open floor plan at Storebrand's offices at Lysaker. The 35,000 m2 building is interconnected by lifts, stairs and walkways. 1767–1919: ROOTS ”Christiania Almindelige Forsikrings-Aksje- 1990–1999: CRISIS AND CHANGE 2007 2012: Recommended BY our customers History of selskap” (renamed in 1915) to ”Christiania Storebrand acquires SPP, the Swedish life 1767 Almindelige Forsikrings-Aksjeselskap 1990 insurance and pensions provider, from Storebrand launches its new vision in Storebrand ”Den almindelige Brand-Forsikrings- Storebrand”. This name is kept until 1971. Storebrand and UNI Forsikring agree to Handelsbanken and forms the leading life January: "Recommended by our cus- Anstalt” is established in Copenhagen. merge, and the merger receives official insurance and pensions provider in the tomers". Six customer promises, a new 1936 permission in January 1991. Nordic region. position and adjusted core values are also 1814 Storebrand acquires Europeiske, the lead- introduced. Following the split from Denmark, man- ing travel insurance company in Norway. 1992 2008 agement of the fire insurance scheme is UNI Storebrand’s negotiations with Skan- The financial crisis in the USA spreads to Storebrand's CEO for 12 years, Idar transferred to Christiania, as the capital of 1962 dia concerning establishing a major Nordic the global financial markets and during Kreutzer, resigns to become the new Norway was called at that time. In 1913 Storebrand initiates a new wave of acquisi- company fail to reach agreement. 2008 the New York Stock Exchange (Dow Managing Director of Finance Norway the scheme is converted into a public tions and mergers by acquiring Norrøna, Jones DJIA) falls by 34 per cent and the (FNO). Odd Arild Grefstad is appointed sector company called Norges Brannkasse. which was experiencing financial problems. 1996 Oslo Stock Exchange by 54 per cent. as the acting CEO of Storebrand and is The company changes its name to subsequently appointed permanently to 1847 1963 Storebrand ASA and establishes 2009 the position. 1767 On 4 May 1847, the P&C insurance Storebrand acquires Norske Fortuna. Brage Storebrand Bank ASA. Storebrand confirms it has been in talks The beginning of Store- company ”Christiania Almindelige Brand- and Fram merge to become the country’s about a possible merger with Gjensidige. Two new external executive vice brand's history. forsikrings-Selskab for Varer og Effecter” largest life insurance company. Storebrand 1999 The talks conclude without result. presidents are recruited in the autumn. is incorporated by private subscription. The and Idun move into their own new prem- Storebrand, Skandia and Pohjola consoli- Heidi Skaaret is responsible for Staff company is referred to as Storebrand. ises in the restored Vest-Vika area of Oslo. date their P&C insurance activities in the 2010 Functions and Robin Kamark for Business Brage-Fram and Norske Folk follow their new Nordic, Swedish registered company, Storebrand emerges from the financial Support and Sales, Marketing and 1861 lead. If Skadeförsäkring AB. Storebrand sells its crisis in good shape. Storebrand works Business Development. Storebrand’s owners establish Idun, the stake five years later. hard to prepare both employees and first privately owned life insurance 1970–1989: GROUP FORMATION customers for the new pensions reform The year 2012 can be summed up by 2012 company in Norway. 2000–2011: NEW CHALLENGES which comes into effect on 1 January 2011. capital effectiveness, cost reductions, New vision: «Recom- 1978 customer orientation and commercial- mended by our custom- 1867 Storebrand changes its logo and intro- 2000 Storebrand’s new energy efficient head isation. These initiatives will ensure that ers». Six customer The P&C insurance company Norden is duces “the link” as an easily recognisable Norwegian and international stock office gains a lot of attention.T he building Storebrand creates value for its custom- promises implemented. established as a competitor to Storebrand. trademark. The formal name of the holding markets fall sharply from September 2000 is awarded the acclaimed 2010 City Prize ers, employees and shareholders. company is changed to A/S Storebrand- to February 2003. by the real estate industry. The head office 1917 gruppen. receives eco-lighthouse certification. The life insurance company Norske Folk is 2005 established. 1983 The Storting, the Norwegian parliament, 2011 The Norden Group and Storebrand merge. rules that all companies must have an A new group organisation lays the 1920–1969: GROWTH AND CONSOLIDATION occupational pension scheme in place by ground¬work to make it easier to be a 1984 2007. Storebrand responds to the customer in Storebrand. 1923 Norske Folk and Norges Brannkasse challenge with its new product, Store- Storebrand acquires nearly all of the market themselves as a single entity brand Folkepensjon. The debt crisis and uncertainty in the shares in Idun. The rest, with a couple of under the name UNI Forsikring. eurozone are causing considerable anxiety exceptions, are acquired during the 1970s. 2006 and turbulence in the financial markets. Storebrand decides to return to Storebrand’s results for the year have 1925 P&C-insurance. been affected by these disturbances. Storebrand changes its name from 3 | STOREBRAND ASA STOREBRAND ASA | 4 ANNUAL REPORT 2012 Content ABout storeBRAND 2012 Accounts AND notes 2009 What is Key figures 2 Content accounts and notes 65 your History of Storebrand 3 What is your pension figure? 5 StoreBRAND group In brief 6 Profit and loss account 66 pension figure? Important events in 2012 7 Statement of total comprehensive income 67 A changing pension market - interview with the CEO 8 Statement of financial position 68 New occupational pensions in the private sector 11 Reconciliation of equity 70 Vision and values 12 Cash flow analysis 72 Business areas 14 Notes 74 Sustainability 16 Sustainable investments 17 StoreBRAND ASA The responsibility of individuals to save number of years. Changes to the Norwe- Practical sustainability 18 Profit and loss account 142 for their pension has increased in recent gian pension system entail that you have a Microfinance 19 Statement of financial position 143 years. For individuals and companies this greater responsibility now for your pension Sustainable investments - recommended by our customers 20 Cash flow analysis 144 will require more knowledge of savings figure.T he choices you make throughout Customer promises 21 Notes 145 and economics. However, it will also your life will affect the size of your pension require that the industry describe savings figure the day you retire. Do you know the Shareholder matters 22 and pensions in a simpler manner that size of the pension you will receive and are Declaration of the Board and the CEO 157 everyone can understand. you doing anything to affect your pension report OF THE Board AND corporate goVERNANCE Independent auditor's report 158 figure? Report of the Board of Directors 24 Statement of the Control Comittee and the Board of Representatives 160 Your pension figure is the sum total of the money you have to live off of when you Find your pension figure at Corporate Governance 50 retire – which is to be distributed over a storeband.no today. Management 58 Auditor's report on corporate sustainability 161 Board of Directors 60 Scorecard for sustainability 162 Corporate bodies 62 Terms and expressions 166 Storebrand Group companies 168 Key figures NOK MILLION 2012 2011 2010 2009 2008 Group result before amortisation and tax1 1,960 1,279 1,612 1,245 1,310 Storebrand Life Insurance 652 481 783 759 348 SPP 803 291 410 487 831 Asset Management 144 293 333 240 218 Bank 238 213 162 63 68 Insurance 402 281 155 -49 0 Other activities -279 -278 -231 -255 -155 Return on equity2 8% 6% 11% 8% -9% Solvency margin 162% 161% 164% 170% 160% Total assets 420,182 401,442 390,414 366,159 372,212 Equity capital 19,936 18,777 18,417 17,217 16,158 Earnings per ordinary share (NOK) 2.25 1.51 3.30 2.08 -5.01 Dividend per ordinary share (NOK) 0.00 0.00 1.10 0.00 0.00 1) Figures for 2010 and 2011 are translated as a result of adjustments in the group structure. 2) Adjusted for write-downs and amortisation of intangible assets, after tax. 3,4% 14. Sick leave in the At the end of 2012 Storebrand qualified for All the investments in Storebrand Group was there were 2,250 the Dow Jones Sustain- Storebrand’s funds 3.4 per cent in 2012, a employees in Store- ability Index for the and portfolios are reduction of 0,4% from brand. This corresponds 14th year in a row. continuously assessed last year. to an increase of 1 per in accordance with our cent during 2011. sustainability criteria. 2 | STOREBRAND ASA STOREBRAND ASA | 5 ANNUAL REPORT 2012 In brief Important events in 2012 The Storebrand Group is made up of the business areas life 100 000 st nd and pension, asset mangement, bank and insurance. The 1 quarter 2 quarter Storebrand marks group’s head office is in Norway and the company has also health insurance customer number NEW VISION AND customer promises Customer-DRIVEN improVement established life insurance, asset management and health 100,000. Storebrand starts 2012 by launching a new vision, "Recommended Storebrand introduces the Net Promoter Score (NPS) as a insurance activities in Sweden. Storebrand is the Nordic by our customers" and six customer promises. management tool. NPS is just one of several measures that show how Storebrand works in a focused manner with our vision. region’s leading provider of life insurance and pensions, and SustainaBILITY – SECURITY for our customers offers a comprehensive range of products to retail customers, Storebrand qualifies once again for the important sustainability Idar KREUTZER resigns indices Dow Jones Sustainability Index and Global 100.
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