Storebrand ASA — Earnings Release 2015

Jan 28, 2016

STOREBRAND LIVSFORSIKRING AS: Solvency and accounting effects 4Q 2015

STOREBRAND LIVSFORSIKRING AS: Solvency and accounting effects 4Q 2015

Storebrand has implemented several measures in 4Q 2015 as part of its long-term

adaptation to Solvency II. Overall, it is expected that these measures are

strengthening the Solvency II margin by approximately 15 percentage points in

the quarter. It is expected that the measures, in combination with other

material special items, overall will have a neutral effect on profit after tax

for the Storebrand Group in 4Q.

Solvency II position strengthened by implemented measures

Risk reduction, enhanced risk management, and model changes improve solvency.

Modeling of the tax dampening effect of losses carried forward on the Group's

capital requirement contributes significantly to strengthening solvency. The

estimated Solvency II margin as of year-end 2015 is about 160 percent with

transition rules and about 120 percent without transition rules.

Storebrand completes direct result contribution for longevity reserve

strengthening

In 3Q 2015, Storebrand's estimated remaining direct result contribution for

longevity reserve strengthening was NOK 1.4bn for the period 4Q 2015-2020.

Storebrand has decided to charge the entire remaining contribution to the 4Q

2015 result. This represents a NOK 1.2bn deviation for the quarter compared with

earlier estimates. The accelerated reserve strengthening is merely an accrual

effect, and does not represent a change in the estimated total direct result

contribution. During 2015, 776 NOK million has been used from the Risk

Equalization Fund to strengthen reserves. Increased estimate certainty implies

that Storebrand considers its direct result contribution for longevity reserve

strengthening to be completed.

Valuation of insurance liabilities adapted to Solvency II

In 4Q 2015, Storebrand has decided to change the interest rate curve used for

discounting of liabilities in its Swedish subsidiary SPP to one similar to the

interest rate curve used in the pan-European Solvency II regulation. The

expected negative accounting effect of the changed interest rate curve, combined

with other assumption changes, is approximately NOK 300m. The change better

adapts risk management to the Solvency II regulation, and will strengthen the

company's Solvency II position. It is expected that indexation fees will not be

recognized in the coming years as a result of the changed interest rate curve.

Restructuring costs for staff reductions

The 4Q 2015 result is charged with restructuring costs of NOK 100m caused by

previously announced staff reductions in Norway and Sweden.

Weak disability results in Insurance

Weak disability results will have a negative effect on earnings of about NOK

100m due to reserve strengthening.

Tax realization of Storebrand Eiendom Holding AS

Storebrand has reduced its real estate exposure in client portfolios in recent

years. To streamline operations and improve risk management on the remaining

property exposure, Storebrand Eiendom Holding AS has been dissolved. The taxable

loss from the dissolution of the company causes, in isolation, a tax income of

NOK 1.7bn for Storebrand Livsforsikring AS in 4Q 2015.

Please see the attached table for details on the accounting effects. Storebrand

will provide further comments on the presentation of 4Q 2015 results on 17

February 2016.

Lysaker 28. January 2016

Contact

Kjetil Ramberg Krøkje, Head of Investor Relations. Kjetil.r.krokje@storebrand.no

T: +47 934 12 155

Storebrand's ambition is to be the best provider of saving for pensions.

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.

Storebrand (STB) is listed on Oslo Stock Exchange and a member of Dow Jones

Sustainability Index since 1999.

Visit us at www.storebrand.no and follow us on twitter: @Storebrand_no

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.