Lunch presentation Arctic Securities

20 August 2015

Traditional Life

Anders Skjævestad

CEO DNB Livsforsikring AS

Traditional Life separated from new business within DNB

Maximising value Profitable growth

Traditional Life Wealth Management

& Insurance

CAGR* 30.6 2015 2012 2013 2014

Development in premium income 2012-2014

3

Wealth Management

Traditional Life

Insurance

Premium income

(NOK bn)

6.4 8.8 9.9 24 % 3.2

11.1 10.1 9.3 -8 % 4.1

1.0 1.2 1.3 14 % 0.7

* 2012-2014

Strong results marked by longevity provisions

403

1,320

2,134

1,844

913

186

56 852

315

2011 2012 2013 2014 30/06/2015

Result before tax DNB Livsforsikring AS (NOK million)

Highlights as at 30 June 2015

Satisfactory investment returns

5 per cent nominal decrease in costs

9 per cent growth in AuM for Defined

Contribution

Wind-up of Public Sector on track

Longevity provisions,

owner’s share

Strong results and declining guaranteed reserves for Traditional Life*

* Defined benefit, paid-ups, old individual contracts and public sector

** Ex. public sector

*** Additional statutory reserves and market value adjustment reserves

212

194 182

31.12.2013 31.12.2014 30.06.2015

8.5 %

reduction

Guaranteed reserves reduced

Strong value creation in 2014**

Amounts in NOK million 2014 30.06.2015

Longevity – customer’s share 2,057 484

Longevity – owner’s share 852 249

Allocation to buffers*** 1,079 365

Result after tax 1,112 594

Total value created 5,100 1,692 394

1,211

1,600

1,204

583

186

56 852

315

2011 2012 2013 2014 30/06/2015

Result before tax Traditional Life (NOK million)

Longevity provisions,

owner’s share 6.0 %

reduction

Profitability

measures

Reduce

growth De-risk

Longevity

provisions

Optimal

capitalisation

Building

buffers

Solvency II toolbox for traditional back book

Approaching Solvency II with sound management actions

Targeted asset allocation in the paid-up portfolios* (per cent)

5.2

13.6

51.3

13.4

8.8 7.7 7.7

13.6

51.3

.4.3

15.3

7.8

Equity Current bonds HTM Bonds Money Market Real Estate Other

Paid-ups fully reserved Paid-ups under longevity reservation

* Asset allocation as at 30.06.2015

Covering the guaranteed interest rate and longevity - Hold to maturity bonds and real estate are key

3.2

2.3

4.2

2.4

6.7

2.9

1.1

1.4

Other* Equity HTM Bonds Real Estate Interest rate

guarantee

Longevity Allocated to buffers Allocated to

customers

7 * Incl. money market, current bonds and other investments

Investment income common portfolio 2014 (NOK bn)

Earned Allocated

Expected return on paid-ups

4.51 4.49 4.34

4.54 4.51 4.46

3.87 3.85 3.73

3.93 3.90 3.85

2015 2016 2017 2018 2019 2020

Paid-ups under longevity reservation Paid-ups fully reserved

8

Expected return paid-up policies 2015-2020 (per cent)

Q4

201516-year duration of transitional measures

Solvency Capital requirement Projected Solvency capital incl. Omnibus II measures Projected Solvency capital excl. Omnibus II measures

DNB’s solvency capital versus capital requirement

Sufficiently capitalised under Solvency II - Omnibus II measures curbs the effects of a persistent low interest rate level

Illustration

The standard model under Solvency II

10

What is standard and what is not?

Mathematics Stress Principles

Company

specific Profit Model Volatility

Diversity Nationality

Standard: Explicitly described in the standard model

Not standard: Not explicitly described in the standard model or dependent on individual factors

Well on track with longevity provisions

7.4

11.7

17.9 4.3

Reserved

2011- 2014

Remaining Total provisioning

requirement*

Available buffers**

Total reserve strengthening requirement is

NOK 11.7 bn

Reserved NOK 0.8 bn in 2015

Owner’s share of 0.3 bn

Longevity provisions as at Q2 2015 (NOK bn)

Key aspects

* Will be influenced by new premiums, reserve growth and transfers

** Incl. statutory reserves, market value adjustment reserve and overvalue bond at amortised cost as at 31.12.2014