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Sparebank 1 Forsikring AS

PRI reporting framework 2020

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ESG incorporation in actively managed fixed income

Implementation processes

FI 01. Incorporation strategies applied

Indicate (1) Which ESG incorporation strategy and/or combination of strategies you apply to your actively managed fixed income investments; and (2) The proportion (+/- 5%) of your total actively managed fixed income investments each strategy applies to.
SSA
0 Screening alone
0 Thematic alone
0 Integration alone
95 Screening + integration strategies
5 Thematic + integration strategies
0 Screening + thematic strategies
0 All three strategies combined
0 No incorporation strategies applied
100%
Corporate (financial)
0 Screening alone
0 Thematic alone
0 Integration alone
0 Screening + integration strategies
80 Thematic + integration strategies
20 Screening + thematic strategies
0 All three strategies combined
0 No incorporation strategies applied
100%
Corporate (non-financial)
0 Screening alone
0 Thematic alone
0 Integration alone
90 Screening + integration strategies
10 Thematic + integration strategies
0 Screening + thematic strategies
0 All three strategies combined
0 No incorporation strategies applied
100%

01.2. Describe your reasons for choosing a particular ESG incorporation strategy and how combinations of strategies are used.

Our commitment and philosophy are the same for fixed income as for other assets class, but the methodology differs somewhat given the limited opportunity to change the strategic direction of the company. We strongly believe that sustainability risk should be a natural part of the risk- and investment-management process, and we do not accept this as being a separate activity by our managers or by ourselves.

We are committed to conducting our business with respect for all fundamental and internationally recognized treaties and declarations: the Universal Declaration of Human Rights of 1948, the International Labour Organization’s (ILO) conventions, international humanitarian law, and of course the UN Principles for Responsible Investment.

Please refer to the general information provided in the Strategy and Governance module for a detailed description of Sparebank1 Forsikring Integrated as part of risk management.

01.3. Additional information [Optional].

Thematic: renewable energy


FI 02. ESG issues and issuer research (Private)


FI 03. Processes to ensure analysis is robust

03.1. Indicate how you ensure that your ESG research process is robust:

03.2. Describe how your ESG information or analysis is shared among your investment team.

03.3. Additional information. [Optional]

Our investment team actively integrate sustainability in our investment desicions. We actively search for exposure in what we think are important sastainability topics (renewable energy, railroad).


(A) Implementation: Screening

FI 04. Types of screening applied

04.1. Indicate the type of screening you conduct.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
Negative/exclusionary screening
Positive/best-in-class screening
Norms-based screening

04.2. Describe your approach to screening for internally managed active fixed income

We use Norges Bank exclusion list as minimum and UN conventions.It is of fundamental importance that companies we invest in follow international laws and conventions. Therefore, Sparebank1 Forsikring has no tolerance for companies involved in the production of: Biological weapons (Biological and Toxin Weapons Convention 1972), Chemical weapons (Chemical Weapons Convention 1997), Anti-personnel mines (Anti-Personnel Mine Ban Convention 1999), Cluster mines (Convention on Cluster Munitions 2008), Nuclear weapon outside NTP-treaty (Non-Proliferation Treaty 1968)

Positiv screening used to invest in renewable energy and railroads companies

04.3. Additional information. [Optional]


FI 05. Examples of ESG factors in screening process (Not Completed)


FI 06. Screening - ensuring criteria are met

06.1. Indicate which systems your organisation has to ensure that fund screening criteria are not breached in fixed income investments.

Type of screening
Checks
Negative/exclusionary screening
Positive/best-in-class screening
Norms-based screening

06.2. Additional information. [Optional]


(B) Implementation: Thematic

FI 07. Thematic investing - overview (Private)


FI 08. Thematic investing - themed bond processes

08.1. Indicate whether you encourage transparency and disclosure relating to the issuance of themed bonds as per the Green Bonds Principles, Social Bond Principles, or Sustainability Bond Guidelines..

08.2. Describe the actions you take when issuers do not disburse bond proceeds as described in the offering documents.

Meeting with the company and/or targeted initiatives in collaboration with other investors. Possible deinvestment

08.3. Additional information. [Optional]


FI 09. Thematic investing - assessing impact

09.1. Indicate how you assess the environmental or social impact of your thematic investments.

09.2. Additional information. [Optional]


(C) Implementation: Integration

FI 10. Integration overview

10.1. Describe your approach to integrating ESG into traditional financial analysis.

We strongly believe that sustainability risk should be a natural part of the risk- and investment-management process, and we do not accept this as being a separate activity by our managers or by ourselves. Please see the answers given in Strategy and Governance module and our website for full version of Responsible investment policy and Annual report:

https://www.sparebank1.no/nb/bank/om-oss/samfunnsansvar.html

The same commitment, philosophy and process, is applied to equity, property and fixed income, corporate (financial and non-financial).

10.2. Describe how your ESG integration approach is adapted to each of the different types of fixed income you invest in.

SSA

See above

Corporate (financial)

See above

Corporate (non-financial)

See above

10.3. Additional information [OPTIONAL]


FI 11. Integration - ESG information in investment processes

11.1. Indicate how ESG information is typically used as part of your investment process.

Select all that apply
SSA
Corporate (financial)
Corporate (non-financial)
ESG analysis is integrated into fundamental analysis
ESG analysis is used to adjust the internal credit assessments of issuers.
ESG analysis is used to adjust forecasted financials and future cash flow estimates.
ESG analysis impacts the ranking of an issuer relative to a chosen peer group.
An issuer`s ESG bond spreads and its relative value versus its sector peers are analysed to find out if all risks are priced in.
The impact of ESG analysis on bonds of an issuer with different durations/maturities are analysed.
Sensitivity analysis and scenario analysis are applied to valuation models to compare the difference between base-case and ESG-integrated security valuation.
ESG analysis is integrated into portfolio weighting decisions.
Companies, sectors, countries and currency and monitored for changes in ESG exposure and for breaches of risk limits.
The ESG profile of portfolios is examined for securities with high ESG risks and assessed relative to the ESG profile of a benchmark.
Other, specify in Additional Information

11.2. Additional information [OPTIONAL]


FI 12. Integration - E,S and G issues reviewed

12.1. Indicate the extent to which ESG issues are reviewed in your integration process.

Environment
Social
Governance
SSA

Environmental

Social

Governance

Corporate (financial)

Environmental

Social

Governance

Corporate (non-financial)

Environmental

Social

Governance

12.2. Please provide more detail on how you review E, S and/or G factors in your integration process.

SSA

ESG factors are systematically reviewed by our investment team.

Corporate (financial)

ESG factors are systematically reviewed by our investment team.

Corporate (non-financial)

ESG factors are systematically reviewed by our investment team.

12.3. Additional information.[OPTIONAL]


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