Effects from implementing IFRS 17

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The new accounting rules for the recognition, measurement and presentation of insurance contracts (IFRS 17) was mandatory for the reporting 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. Meaning there will be no changes related to IFRS 17 in the fourth quarter report 9 February 2023.

The IFRS 17 rules are effective only for the DNB Group’s accounts; that is, the rules are not being introduced in the company accounts for DNB Livsforsikring. The transition to IFRS 17 does not therefore affect DNB Livsforsikring’s capitalisation, tax base or dividend capacity. 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, maximum distributable amount (MDA) or dividend capacity.

The full implementation effect of IFRS 17, as well as the effect of the changed measurement of financial instruments, is estimated to be in the order of NOK 10 billion after tax, and will reduce the Group’s equity at the transition date. The one-time effect on equity will be compensated for by positive results in future periods.

For further information, please contact:

Rune Helland, head of Investor Relations, tel. (+47) 23 26 84 00 / (+47) 977 13 250