VITAL

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• VITAL
• Accounts 1st quarter 2007

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Highlights of 1Q 2007

• Profit for allocation NOK 2.4bn, of which NOK
  2.1bn to policyholders and NOK 0.4bn to owner and
  tax
• Value-adjusted return 1.4
  Return on book values 2.2
• Positive net transferals of NOK 223 million
• Improved risk- and administration result, up from
  minus 54 million NOK to minus 7 million NOK
• During 1st quarter 2007 Vital Forsikring ASA and
  Vital Link AS merged. Last years figures for the
  merged company is proforma

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Highlights of 1Q 2007

• Total assets NOK 223.4bn, up 0.5 since year-end
• Share of COP (compulsory occupational pensions)
  29.6 measured by membership at 31 March 2007
• Rise in surrenders of individual market products
  due to higher interest rates and uncertainty
  regarding changes in regulatory framework
• Capital base NOK 24.2bn, up NOK 0.3bn since
  year-end

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Results - Vital
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Results - Vital
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Premium income

• Total premium income of NOK 8.9bn 10 down on
  2006
• Premium income from group pensions up 6 to NOK
  6.5bn
• Premium income in individual short-time
  savingproducts down 35 to NOK 2.4bn

NOK mill.
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Total premiums group pension business
Mill. kr

• Premium income 6.5bn, a growth of 6.4
• Premium reserves received NOK 1.9bn, against NOK
  1.2bn in 1Q 2006
• Annual premium income from corporate market down
  due to a net outflow in 2006
• Positive net transfers in 2007

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Strong growth in defined contribution based
pensions

• Customers funds 2.6bn, growth of 82 on 1Q 06
• Market share 34.2 at 31.12.06 against 33.1 at
  31.12.05
• Winner in COP market with market share of 29.6
  measured by membership at 31.03.07(Source NFSA)

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Total premiums individual market
million NOK

• Market share for premiums written 54.1 per 31.
  December 2006 for guaranteed products, and 45.2
  for products with choice of investment profile
• Reduction in premium income of NOK 1.3bn from 1st
  quarter last year
• increased interest level
• uncertainty regarding changes in regulatory
  framework

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Positive net transfers

• Local authorities which transferred from KLP
  during 2006, chose Vital. Received premium
  reserves are booked 1st quarter 2007
• Several major corporate clients transferred to
  Vital

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Total assets up 0.5 since year-end
Mill. kr

• Positive net transfers
• Sound growth in group pension business
• Surrenders of loan-financed guaranteed capital
  products NOK 3.5bn against NOK 0.3bn in same
  period last year

Norways largest pension saving and life
insurance company
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Value-adjusted return 1.4

• Financial result of NOK 2 719m, against NOK 5
  261m at 1Q2006
• Norwegian equities up 6.8 and international
  equities up 1.8 at end of 1Q 07. Corresponding
  figures per 1Q 06 of respectively 19.7 per cent
  and 3.7 per cent
• Tactical mandates show higher return than
  benchmark

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Total assets incl. derivatives in common
portfolio
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Rate of return by asset class at 31.03.07
Return compared with benchmark, in basis points
7 5 24 290 0 133
The overall return in excess of benchmark was
around NOK 350m. Foreign equities measured in
local currency
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Capital base up NOK 0.3bn
Mill. kr
24 179
23 860
Buffer capital 15 300
15 276
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Recorded return
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Value-adjusted return
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Administration result

• The administration result was a loss of NOK 20m,
  which was an improvement of NOK 4m on last year
• The administration result for guaranteed products
  was a loss of NOK 3m

NOK mill.
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Development of operating costs - Vital (incl.
Vital Link)
Ratio of costs to customer funds

• Vitals cost ratio down from 0.21 to 0.19 for
  1Q alone

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Risk result
NOK mill.

• The risk result was a profit of NOK 13m, against
  a loss of NOK 35m at the same time last year

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Profit and Loss Account - Vital Forsikring
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Balance Sheet - Vital Forsikring