IFRS 17 Insurance contracts - Restated comparative figures for 2022

20 Apr 2023 14:03 CEST

The new accounting rules for the recognition, measurement and presentation of
insurance contracts (IFRS 17) became mandatory for the period beginning on 1
January 2023, with requirements for comparable figures for 2022. The DNB Group
will report in accordance with IFRS 17 as of the first quarter of 2023. At the
same time, the DNB Group will change classification of some financial
instruments under IFRS 9.

There are no changes in the underlying business model, operations or strategy as
a result of the introduction of IFRS 17. The transition to IFRS 17 does not
affect the DNB Group's common equity Tier 1 (CET1) capital, and thus does not
affect the Group's capital adequacy, leverage ratio, minimum distributable
amount (MDA) or dividend capacity.

The new IFRS 17 rules entail a new measurement method for the Group's life
insurance liabilities, whereby estimated future cashflows in the insurance
contracts will be discounted using a market-based interest rate. This affects
the transition effect as at 1 January 2022, recognised liabilities and future
profit and loss. There will also be a change from the previous presentation of
the income statement, as operating expenses relating to insurance contracts
under the new rules are included in net operating income in the income
statement, whereas they were previously presented under operating expenses.

The IFRS 17 rules are effective only for the DNB Group accounts, which means
that the rules are not being introduced in the company accounts for DNB
Livsforsikring. The transition to IFRS 17 does therefore not affect DNB
Livsforsikring's capitalisation, tax base or dividend capacity.

The full implementation effect of IFRS 17, as well as the effect of the changed
measurement method for financial assets, has reduced the Group's equity at the
time of the transition on 1 January 2022 with NOK 9 836 million after tax.

Certain investment contracts, including unit link contracts and defined
contribution pension schemes, fall outside the scope of the IFRS 17 requirements
and are assessed under the rules for financial instruments in IFRS 9.

See attached for restated comparative figures for 2022 for the DNB Group (for
Excel version see https://www.ir.dnb.no/press-and-reports/press-releases).

For further information, please contact:
Rune Helland, head of Investor Relations, tel. (+47) 23 26 84 00 / (+47) 977 13
250

More information:
Access the news on Oslo Bors NewsWeb site

588095_DNB_Group_restated_figures_for_2022.pdf
588095_DNB_Livsforsikring_Group_restated_figures_for_2022.pdf