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Annual Report 2003 Balance Sheets Dnb NOR Group

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Annual Report 2003 Balance Sheets Dnb NOR Group !NNUALçREPORTç 4HEç'ROUPSçANNUALçREPORTçHASçBEENçAPPROVEDçBYçTHEçç "OARDçOFç$IRECTORSçINçTHEçORIGINALç.ORWEGIANçVERSIONçç 4HISçISçANç%NGLISHçTRANSLATION 3HAREHOLDERSçREGISTEREDçASçOWNERSçINç$N"ç./2ç!3!çWITHçTHEç .ORWEGIANç#ENTRALç3ECURITIESç$EPOSITORYç603 çCANçNOWç RECEIVEçANNUALçREPORTSçELECTRONICALLYçINSTEADçOFçBYçREGULARç MAILç&ORçMOREçINFORMATION çPLEASEçCONTACTçYOURç603çREGISTRARç ORçGOçDIRECTLYçTOçWWWVPSNOERAPPORTHTML #ONTENTS ççç 4HISçISç$N"ç./2çç +EYçFIGURESç ç %STABLISHMENTçOFçTHEç'ROUPçç &ROMçTHEçDESKçOFçTHEç#%/çç $IRECTORSçREPORTç ç #ORPORATEçGOVERNANCEçINç$N"ç./2 ç ç $N"ç./2çSTAKEHOLDERS ç 3HAREHOLDERSç ç ç #USTOMERSç ç ç %MPLOYEESç ç ç 3OCIETYç ç "USINESSçAREASçç !NNUALçACCOUNTS çç ç 2EVIEWçOFçTHEçANNUALçACCOUNTS ç ç ç 2ISKçANDçCAPITALçMANAGEMENT ç ç ç !CCOUNTSçANDçNOTESç ç !UDITORSçANDç#ONTROLç#OMMITTEESçREPORTS ç ç &INANCIALçANALYSES ç ç 3PECIALçARTICLES ç )NTEGRATIONçPROJECTç ç ç .EWçBRANDçnçNEWçCORPORATEçIDENTITYç ç ç (OWçTHINGSçAREçDONEçINç$N"ç./2ç ç ç )&23çnçNEWçINTERNATIONALçACCOUNTINGçRULESçç ç "ASELç))çnçNEWçINTERNATIONALçPARAMETERSç ç 'OVERNINGçBODIESç ç #ONTACTçINFORMATIONç ç $N"ç./2 4HISçISç$N"ç./2 $N"ç./2ç!3!çISç.ORWAYSçLARGESTçlNANCIALçSERVICESçGROUP çWITHçCOMBINEDçTOTALçASSETSçOFçAROUNDç ./+ççççBILLIONç4HEç'ROUPçHASçMOREçTHANççMILLIONçRETAILçCUSTOMERS çAROUNDççç CORPORATEçCUSTOMERSçANDçMOREçTHANçççLIFEçINSURANCEçCUSTOMERSç$N"ç./2SçOPERATIONSç AREçBASEDçONçMOREçTHANççYEARSçEXPERIENCEçASçAçSUPPLIERçOFçlNANCIALçSERVICESçINç.ORWAY 'OALS PRODUCTçPLATFORMSçINçTHEçHOMEçMARKETç ENABLESçTHEçBANKçTOçOFFERçCUSTOMERSçSIMPLEç $N"ç./2çAIMSçTOçBEçTHEçLEADINGçlNANCIALç WHICHçCANçALSOçSERVEçASçAçBASISçFORçGROWTHç NON LIFEçINSURANCEçPRODUCTSç#OOPERATIONç SERVICESçGROUPçINç.ORWAYçANDçAMONGçTHEç INçAç.ORDICçANDçINTERNATIONALçPERSPECTIVEç WITHççREGIONALçSAVINGSçBANKSçINVOLVESçTHEç LEADINGçlNANCIALçSERVICESçGROUPSçINçTHEç )NçADDITION ç$N"ç./2çWILLçMAINTAINçAçLEAD PROVISIONçOFçTECHNOLOGICALçSOLUTIONSçANDç .ORDICçREGION INGçPOSITIONçINçALLçSTRATEGICçPRODUCTçAREAS DISTRIBUTIONçOFçTHEç'ROUPSçPRODUCTSç $N"ç./2SçOVERRIDINGçlNANCIALçTARGETSç 4HROUGHçANçAGREEMENTçWITHç.ORWAYç0OST ç INCLUDEçCREATINGçSHAREHOLDERçVALUEçTHROUGHç THEç'ROUPSçPRODUCTSçANDçSERVICESçAREçDIS ANçATTRACTIVEçANDçCOMPETITIVEçRETURNçANDç -ARKETªLEADER TRIBUTEDçTHROUGHçAROUNDççPOSTçOFlCES ç DISTRIBUTINGçAPPROXIMATELYççPERçCENTçOFç $N"ç./2çISçMARKETçLEADERçINç.ORWAYç SOMEçççIN STOREçPOSTALçOUTLETSçANDç PROlTSçASçDIVIDENDSçPROVIDEDçTHATçCAPITALç WITHINçLENDING çDEPOSITS çLIFEçANDçPENSIONç MOREçTHANçççRURALçPOSTMENç)NçADDI ADEQUACYçREMAINSçATçAçSATISFACTORYçLEVELç INSURANCE çEQUITYçFUNDS çASSETçMANAGE TION ç$N"ç./2çHASçANçINTERNATIONALçNET -OREOVER çTHEç'ROUPçAIMSçTOçHAVEçAçRETURNç MENTçANDçSECURITIESçOPERATIONSç4HEç'ROUPç WORKçOFççBRANCHESçANDçREPRESENTATIVEç ONçEQUITYçINçEXCESSçOFççPERçCENTçBEFOREç HASçAçLEADINGçPOSITIONçINç.ORWAYçWITHINçREALç OFlCES çALONGçWITHçSUBSIDIARIESçINç3WEDEN ç GOODWILLçAMORTISATION çAçCOREçCAPITALçRATIOçOFç ESTATEçBROKINGçANDçTHEçPROVISIONçOFçCREDITç ,UXEMBOURG ç'REATç"RITAIN ç3INGAPOREçANDç AROUNDççPERçCENTçANDçANç!!çLEVELçRATINGç CARDSç$N"ç./2çISçANçIMPORTANTçPARTNERç THEç53 FORçORDINARYçLONG TERMçDEBTçFORçBANKINGç FORç.ORWEGIANçBUSINESSESçABROADçANDçç OPERATIONSç LARGEçINTERNATIONALçCOMPANIESçINç.ORWAYç 4HEç'ROUPçISç.ORWAYSçLEADINGçFOREIGNç ,EGALªSTRUCTUREª EXCHANGEçBANKçANDçONEçOFçTHEçWORLDSçFORE $N"ç./2ç!3!çWASçESTABLISHEDçONç 3TRATEGYª MOSTçSHIPPINGçBANKSç!MONGçTHEçSTRONGç ç$ECEMBERççTHROUGHçTHEçMERGERçOFç $N"ç./2çWILLçCREATEçVALUEçFORçSHARE BRANDSçINCLUDEDçINçTHEç'ROUPçAREç$N"ç $N"ç(OLDINGç!3!çANDç'JENSIDIGEç./2ç HOLDERS çCUSTOMERS çEMPLOYEESçANDçOTHERç ./2 ç6ITAL ç.ORDLANDSBANKEN ç#RESCO ç !3!ç$ENçNORSKEç"ANKç!3!çANDç5NIONç STAKEHOLDERSçBYçREALISINGçIDENTIlEDçSYNER 0OSTBANKEN ç!VANSEçANDç#ARLSON "ANKçOFç.ORWAYç!3!çMERGEDçONçç*ANU GIES çCREATINGçNEWçSOLUTIONSçINçTHEçMERGEDç ARYç çANDç6ITALç&ORSIKRINGç!3!çANDç GROUPçANDçEXPLOITINGçTHEçOPPORTUNITYçFORç 'JENSIDIGEç./2ç3PAREFORSIKRINGç!3!ç STRATEGICçREPOSITIONINGçPROVIDEDçBYçTHEç 2EPRESENTEDªTHROUGHOUTª.ORWAYª MERGEDçONçç-ARCHçç!çNUMBERçOFç MERGER nªANDªABROAD OTHERçGROUPçSUBSIDIARIESçWILLçMERGEçDURINGç $N"ç./2çWILLçBEçTHEçBESTçlNANCIALçPART !FTERçTHEçCOMPLETIONçOFçTHEçMERGERçINçTHEç THEçCOURSEçOFçç3OMEçCOMPANIESçWILLç NERçFORç.ORWEGIANçRETAILçANDçCORPORATEçCUS COURSEçOFç ç$N"ç./2çWILLçHAVEçç BEçSOLD TOMERSçANDçTHEçPREFERREDçPARTNERçINç.ORWAYç BANKçBRANCHESç4HEç'ROUPçHASçAçLONG TERMç 4HEçCHARTçBELOWçILLUSTRATESçTHEçLEGALç FORçINTERNATIONALçCUSTOMERSç4HEç'ROUPçWILLç COOPERATIONçAGREEMENTçWITHç'JENSIDIGEç STRUCTUREçOFçTHEç'ROUPçATçEND -ARCHçç DEVELOPçITSçCUSTOMERçBASEçANDçATTRACTIVEç ./2ç&ORSIKRING çWHICHçAMONGçOTHERçTHINGSç $N"ç./2ç!3! $N"ç./2 $N"ç./2 'JENSIDIGE $N"ç./2 !SSETç 6ITAL 6ITALç 6ITAL +APITAL ./2ç&ONDS "ANK -ANAGEMENT ,INK 3KADE &ORSIKRING FORVALTNING FORSIKRING !3! 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