Storebrand ASA

STOREBRAND ASA: Minor adjustment to group reporting

In connection with the release of the results for Q1 2024, Storebrand will

implement a minor adjustment to its alternative income statement.

In historical reporting, performance-related cost in the asset management

business was recognised continuously, while performance-related income was fully

recognised in the 4th quarter. Starting from the 1st quarter of 2024, Storebrand

will record performance-related income on continuous basis to align the timing

of performance-related income and costs. This change will not impact the annual

result. The adjustment will reduce the complexity in Storebrand's reporting. It

also leads to a stronger alignment between the earnings reported in the

alternative income statement and the underlying value creation.

Restated comparable numbers for 2023 is provided in the attached excel file[1].

The restated information has been compiled and presented in accordance with the

principles as described in the Guide to Alternative Performance Measures,

provided at Storebrand.com/ir (https://www.storebrand.no/en/investor

-relations/reporting-changes-and-special-effects). The restated financial

information has not been audited.

The alternative income statement is based on the statutory accounts of all the

main subsidiaries in the Group and is an approximation of the cash generated in

the reporting period. It contains Alternative Performance Measures as defined by

the European Securities and Market Authority (ESMA). The result[2] in the

alternative income statement can deviate significantly from the IFRS result, as

IFRS includes profit-and-loss effects from updated estimates and assumptions

about the timing of future cash flows and insurance services provided.[3]

Lysaker, 12 April 2024

For further inquiries, please contact:

Johannes Narum, Head of Investor Relations:

[email protected] or (+47) 993 33 569

Storebrand is a Nordic financial group, delivering increased security and

financial wellness for people and companies. We offer sustainable solutions and

encourage our customers to take good economic decisions for the future. Our

purpose is clear: we create a brighter future. Storebrand has about 55.000

corporate customers, 2.2 million individual customers and manages NOK 1,212

billion. The Group has its headquarter at Lysaker outside of Oslo, Norway.

Storebrand (STB) is listed on Oslo Stock Exchange.

www.storebrand.no

1) Table 4, 5, 8, 9 and 13 are directly affected

2) This result is named cash equivalent earnings in Storebrand's alternative

reporting

3) For more information on APM's see

Storebrand.com/ir (https://www.storebrand.no/en/investor-relations/reporting

-changes-and-special-effects)

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