Storebrand ASA — Earnings Release 2014

Jul 16, 2014

Storebrand Group 2nd quarter 2014: Good result and strengthened balance

Storebrand Group 2nd quarter 2014: Good result and strengthened balance

· Group result of NOK 750 million in second quarter and NOK 1 477

million year to date

· Assets under management exceed NOK 500 billion

· Strong returns to our defined contribution customers

The Board of Director's Interim report for Q2 2014, Q2 2014 result

presentation and Supplementary Information Q2 2014 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 10:00 CET (in

Norwegian). An international conference call will be hosted at 14:00

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 in number: 21 56 33 18 from Norway and +44

20 3003 2666 for international participants.

Full press release:

Storebrand Group 2nd quarter 2014: Good result and strengthened balance

· Group result of NOK 750 million in second quarter and NOK 1 477

million year to date

· Assets under management exceed NOK 500 billion

· Strong returns to our defined contribution customers

- We've had a great start in 2014. We deliver strong returns for our

customers and increases earnings in savings and insurance, while

reducing costs, says Group CEO Odd Arild Grefstad.

Storebrand's Group result was NOK 750 million in the second quarter 2014

and NOK 1 477 million year to date, up from NOK 519 million in second

quarter 2013 and NOK 1 073 million for the first half of 2013.

Competitive returns to our customers

Defined contribution pensions are undergoing strong growth in Norway and

Sweden, and more and more companies choose a transition to defined

contribution-based schemes. Income from fund-based pension saving is 26

per cent higher this quarter than in the second quarter of 2013.

- We succeed in our strategy of growing fund-based savings. We have won

two major pension fund clients in Norway this spring; Tromsø and Bærum

municipalities. In addition, we experience that many companies choose

health insurance and higher saving rates on the pension plan for their

employees. Good investment returns is critical in order to receive a

good pension. I am satisfied with the high returns we deliver this

quarter, says Group CEO Odd Arild Grefstad.

Over 500 billion under management

The asset management business has delivered an excess return of NOK 437

million to our customers in the second quarter and NOK 1.4 billion so

far this year. Overall, assets under management increased by NOK 6.3

billion during the second quarter and is now NOK 502 billion. This gives

an overall growth for the year to date of NOK 14 billion. The growth is

driven by sales, excess returns and underlying positive financial

markets.

- The growth and development within Storebrand asset management is

encouraging. We have focused out fund selection and are transparent when

it comes to pricing and content in our funds. The customers can be sure

that our funds are sustainable, easy to understand and value for money,

says Group CEO Odd Arild Grefstad.

Ready for paid-up policies with investment choice

On June 27, the Ministry of Finance established regulations concerning

payment rules and customer advice with respect to conversion of paid-up

policies into investment choice. The regulations will enter into force

on September 1st, and Storebrand is well prepared.

- This is good news for many paid-up policies customers. For many, the

new rules allow for a better pension, since a more long-term management

of pension funds will give a higher expected pension. We will offer our

customers investment choice this autumn, says Group CEO Odd Arild

Grefstad.

Longevity reserve strengthening follows plan

Storebrand needs to build up reserves of NOK 12.4 billion. In total, NOK

6.3 billion is allocated to future reserve strengthening year to date.

- The final regulations concerning longevity reserve strengthening was

ready on April 2. This means we now have a better picture of the costs

associated with this going forward. NOK 2.1 billion is set aside for

longevity year to date, and we are well on track on our reserve

strengthening plan, says Group CEO Odd Arild Grefstad.

Lysaker, July 16, 2014.

Contact persons:

Communications Director Elin M. Myrmel-Johansen: Mobile (+47) 93 48 05

38

Head of Investor Relations Trond Finn Eriksen: Mobile (+47) 99 16 41 35

Storebrand's ambition is to be the best provider of pension savings. The

group offers a broad range of products within life insurance, property

and casualty insurance, asset management and banking, to companies,

public sector entities and private individuals. The group is divided

into the segments Savings, Insurance and Guaranteed pension and Other.

This information is subject to disclosure under the Norwegian Securities

Act section §5-12.