Storebrand ASA — Earnings Release 2010

May 5, 2010

Q1 2010: Good investment return - customer buffers strengthened

· Group result of NOK 278 million

· Good return on customers' assets

· Efficiency measures having expected effect

· Solid financial position and strengthened customer buffers

· Synergies SPP realised ahead of plan

The Board of Director's interim report for Q1 2010, Q1 2010 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 1000 CET (in Norwegian). An

international conference call will be hosted at 1600 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 23184501 (from Norway or abroad).

Full press release:

Q1 2010: Good investment return - customer buffers strengthened

· Group result of NOK 278 million

· Good return on customers' assets

· Efficiency measures having expected effect

· Solid financial position and strengthened customer buffers

· Synergies SPP realised ahead of plan

"Good returns for our customers, increased buffer capital and growth in new

sales sum up the first quarter. The improvement work in the group continues at

full strength, and will produce a gradually increasing effect over the year,"

says CEO Idar Kreutzer.

Sound value creation

The quarter's result was characterised by a good return on the customers' assets

within Life and Pensions. The customers' buffer capital was strengthened in the

quarter and amounted to NOK 5.9 billion and NOK 9.5 billion in the Norwegian and

Swedish life and pensions businesses, respectively.

The booked return in the quarter exceeded the average interest guarantee in all

customer portfolios in the Norwegian life and pensions business, and a NOK 1.3

billion market value adjustment reserve has also been built up.

The returns in the recommended investment choices for defined contribution

pensions in the Norwegian life and pensions business in Q1 were 2.1 per cent for

careful profile, 3.4 per cent for balanced profile, and 4.3 per cent for bold

profile, respectively. All profiles achieved higher returns than their

benchmarks.

SPP's result was positively affected by the implemented streamlining measures

and a good risk result in the quarter. The returns on investments in the

customer portfolios were good, which resulted in profit sharing between

customers and the owner. The financial result in the period was weakened by the

development of the interest rate market with the associated increase in the

value of insurance liabilities.

In connection with the acquisition of SPP annual synergies of NOK 470 million

related to revenue, costs, investments and tax were communicated. The synergies

are realised above target, 9 months ahead of plan.

The result in Storebrand Investments developed positively compared with the same

period last year, and was driven by an increase in assets under management from

internal and external customers, as well as the good development of the

financial markets.

The margins of Storebrand Bank's main products developed positively, but an

increased proportion of long-term funding and high liquidity costs weakened net

interest income. The development of losses and defaults in banking was

satisfactory, and the level of losses was substantially lower compared to 2009.

P&C insurance's result was negatively influenced by the segment's high claims

costs associated with the winter's extraordinary cold period.

Good customer growth

The net booked inflow of customer assets to Storebrand Life Insurance was NOK

1.6 billion in Q1 compared to NOK 1.1 billion in the same period last year.

Total new premiums (APE) in the Norwegian life and pensions business amounted to

NOK 826 million in the quarter, double the level in the same period last year.

New sales measured in APE in SPP increased by 3 per cent in relation to the same

period last year. New sales within unit-linked insurance increased by 7 per

cent. The increase in new sales took place at the same time as the number of

salespeople was reduced due to efficiency measures and restructuring in the

business.

SPP's strength within unit-linked insurance was confirmed by its naming as the

best unit-linked insurance company in Söderberg & Partners' annual ranking. This

is the second year in a row SPP has topped the list.

The net volume of new sales in the asset management business (external

discretionary assets and mutual funds) was negative in Q1. This development was

due to the fact that the company has lost some large interest rate mandates in

the institutional market. Sales are expected to develop positively in the rest

of the year.

Solid financial position

Storebrand was in a solid financial position at the close of Q1. The Storebrand

Life Insurance Group's solvency margin was 167 per cent at the close of the

quarter.

Storebrand ASA carried out new bond issues during Q1 worth a total of NOK 600

million with terms to maturity of 3 years. The company also repaid EUR 110

million of its credit facility meaning that this is now fully undrawn. The

company has also entered into an agreement concerning a new EUR 210 million

credit facility, which replaces the existing agreement. Overall the adjustments

increase the company's financial flexibility.

Norwegian pension reform

On 5 May, the Banking Law Commission will present proposed amendments to the

legislation regulating occupational pension schemes in the private sector. The

amendments lay the groundwork for the flexible drawing of pensions from

occupational pension schemes from the age of 62, at the same time as pension

points will continue to be earned if people keep working. The changes, which

will come into effect on 1 January 2011, will thus first focus on employees and

their options.

Storebrand is prepared for a higher inflow and greater need for advice from both

companies and employees, and has developed a new online advice tool.

Comprehensive information is also being provided to companies and employees with

occupational pension schemes in Storebrand.

Lysaker, 05 May 2010

Contacts:

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 Q1 2010

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1411876]