Storebrand ASA — Earnings Release 2009

Feb 17, 2010

Q4 2009: Good result for customers and owners

· Group result of NOK 596 million for Q4 and

NOK 1,276 million for the full year

· Solid financial position - increased buffer

capital and stronger solvency margin

· Good customer growth in life and pensions

· The board will prioritise financial

flexibility and proposes that no dividend be paid for

2009

The Board of Director's interim report for Q4 2009,

Q4 2009 result presentation and Supplementary

Information are attached on http://www.newsweb.no

Storebrand will today host a press and analyst

conference in Storebrands head office at Lysaker,

Professor Kohts vei 9, at 0900 CET (in Norwegian). An

international conference call will be hosted at 1500

CET. To participate in the conference call please use

link on http://www.storebrand.no/ir, or call in and

register 10 minutes before the presentation starts.

Dial: +47 80080119 (from Norway) or +47 3184501 (from

Norway or abroad).

------------------------------------------------------

---

Press release:

Q4 2009: Good result for customers and owners

Group result of NOK 596 million for Q4 and NOK 1,276

million for the full year

Solid financial position - increased buffer capital

and stronger solvency margin

Good customer growth in life and pensions

"In a year characterised by major market

fluctuations, Storebrand delivered a good result for

its customers and owners. The group's position in

life and pensions in Norway and Sweden has

strengthened. The work on streamlining business

operations continues at full strength," says CEO Idar

Kreutzer.

Results driven by good value creation

The quarter's result was characterised by good value

creation in both life and pensions and the asset

management business. The returns on the customers'

assets were higher than the average guaranteed

interest in all portfolios. This provided a good

financial result and allowed the customers' buffer

capital to be strengthened by NOK 1.3 billion in the

Norwegian business. The quarter's result in SPP was

characterised by good returns and profit sharing for

the owner.

Good value creation resulted in high performance-

based fees in the asset management business. Income

within the asset management business increased in

2009 due to the takeover of SPP's customer assets,

increased market values and strong new sales.

Storebrand Bank's result for the quarter was

characterised by weak net interest income due to high

funding costs. The development of losses and defaults

is considered satisfactory, and the bank's other

income is developing positively.

Strong customer growth

Storebrand Life Insurance experienced a strong inflow

of customers in the occupational pensions market in

Q4. Reported net sales in Q4 were NOK 2.5 billion for

group pensions. The sales will mostly be booked in Q1

2010. Sales of the guarantee account product in the

retail market were very good, with net sales of NOK

0.9 billion in Q4 and around NOK 1.6 billion for the

full year.

SPP's total new sales measured in new premiums (APE)

increased by 6% in a declining total market. The

increase in new sales was largely due to sales

through broker channels.

Net new sales in the asset management business

(external discretionary assets and mutual funds)

amounted to NOK 1.8 billion for Q4. The company saw

total positive net subscriptions of NOK 3.4 billion

in the year. Total net subscriptions to mutual funds

via the retail market channels amounted to NOK 679

million in 2009.

Insurance policy sales in the P&C insurance business

remain good. The annual premium rose by 10% in Q4 to

NOK 346 million, and by a total of 54% in the full

year.

Solid financial position

Storebrand is in a strong financial position at the

start of 2010. The Storebrand Life Insurance Group's

solvency margin at the close of Q4 was 170% and

capital adequacy was 14.9%.

The bank's core (tier 1) capital ratio was 10.4% at

the close of Q4 and therefore satisfies the internal

core (tier 1) capital ratio target of 10%. As

announced in October 2009, a NOK 200 million capital

increase in Storebrand Bank from Storebrand ASA was

carried out in Q4.

In 2009, the board focused on building up customer

buffers, strengthening the solvency margin, and

reducing the net debt ratio. Therefore, it is

recommended that no dividend be paid for 2009.

Lysaker, 17 February 2010

Contact people:

EVP Corporate Communications Egil Thompson: Mobile

(+47) 93 48 00 12

Head of Investor Relations Trond Finn Eriksen: Mobile

(+47) 99 16 41 35

Enclosure: Board's Interim Report for Q4 2009

This information is subject of the disclosure

requirements acc. to §5-12 vphl (Norwegian Securities

Trading Act)