Storebrand ASA — Earnings Release 2016

Oct 26, 2016

Storebrand Group, Q3 results: Growth through customer-friendly solutions and partnerships

Storebrand Group, Q3 results: Growth through customer-friendly solutions and partnerships

- Storebrand delivers a result characterized by good sales in the retail market,

cost control and strong financial results. We're proud to maintain our position

as the pension provider with the highest customer satisfaction in the corporate

market, says Group CEO Odd Arild Grefstad.

High customer satisfaction

Storebrand succeeds in selling retail products to employees with their pension

plans in Storebrand. Recent figures from Barcode (Norwegian Customer Barometer)

shows that Storebrand has the highest levels of customer satisfaction of all

pension providers in the business market.

- This is a strong vote of confidence from our customers. A leading position in

the corporate market is important for achieving our ambitious growth targets,

says CEO Odd Arild Grefstad.

Partner strategies for growth

Growth in sales is driven by good insurance coverage combined with easily

accessible and relevant products and competitive prices. Partnerships with The

Federation of Norwegian Professional Associations (Akademikerne) and The

Confederation of Unions for Professionals (Unio) contribute strongly to the

growth. In September, multinational supermarket chain Rema launched "Rema

Insurance", with Storebrand as operator.

- The launch of Rema Insurance is exciting. We want to grow in P&C insurance by

offering simple, customer-friendly solutions. The insurance industry is

changing, and sales through third-party vendors is one of several new

opportunities that will drive increased growth, says Grefstad.

Climate-smart funds

In less than six months, our customers have placed nearly 5 billion NOK in SPP's

new fossil free Plus Funds. The funds' strategy is to invest more in companies

with high sustainability rankings.

- Climate change is among our main challenges. It is therefore important to work

systematically to offer attractive savings solutions that support sustainable

development, says Grefstad.

Still no news regarding private pension savings

One of the Norwegian parliament's intentions behind the pension reform (2011)

was to strengthen the system for private savings for retirement. This was

confirmed by the current government in 2013. Therefore, it's disappointing that

the government's budget proposal for 2017 does not contain measures to encourage

private pension savings.

- If the politicians really want people to save more for retirement, then

they'll have to sweeten the pill. What we need are simple and understandable

saving solutions that suits everyone, with tax benefits that make a difference,

says Grefstad.

He says there are several ways to solve this.

- The easiest solution would be to raise the savings limits and introduce tax

symmetry in the current legislation for individual pension savings (IPS).

However, the most effective solution would probably be if employees were allowed

to save within the company's pension scheme, limited by the maximum rates

applicable to employers, he says.

Financial highlights 3rd quarter 2016:

· Group result of NOK 690 million, and NOK 2 034 million year to date (ytd)

· Result characterized by cost control and      strong financial results

· Solvency II-margin of 165 per cent

· 18 per cent unit linked premium growth ytd

· 6 per cent written premium growth in      insurance ytd

· 28 per cent retail bank mortgage growth ytd

Lysaker, October 26th 2016

Contact:

Communications Director Elin M. Myrmel-Johansen: e6m@storebrand.no or (+47) 934

80 538

Head of IR Kjetil Ramberg Krøkje: kjetil.r.krokje@storebrand.no or (+47) 934 12

155

Storebrand's ambition is to deliver better pensions - easy and sustainable.

Storebrand will deliver

sustainable solutions adapted to the customer's individual situation, so that

each person receives a better pension in a more sustainable world. Storebrand

has about 40.000 corporate customers and 1.9 million individual customers, and

is headquartered in Lysaker outside of Oslo, Norway. Storebrand manages more

than NOK 560 bn and is Norway's largest asset manager. We work hard to reach our

vision: Recommended by our customers.