Storebrand ASA — Earnings Release 2017

Jul 13, 2017

Storebrand ASA 2nd Quarter 2017: Increased results and new growth opportunities

Storebrand ASA 2nd Quarter 2017: Increased results and new growth opportunities

· Group result of NOK 878 mill. in 2Q 2017, NOK 1 549 mill. year to date

· 18 percent growth within defined contribution and strong financial result

· Solvency margin 163 percent

- The operating result shows a positive development due to growth within savings

and good cost control. In addition, a strong financial result characterizes the

overall result for the quarter. It is strong growth within defined contribution

pension savings and I am pleased that Norwegians now get access to individual

pension savings (IPS) with good tax incentives, says CEO Odd Arild Grefstad.

Finally, tax-favorable individual pension savings for Norwegian customers

In connection with revised national budget in 2017, The Norwegian Parliament

adopted a new scheme for tax-favourable individual pension savings (IPS). The

IPS scheme is effective as of 1 November 2017. Savings of up to NOK 40,000 per

year are tax deductible in ordinary income. In addition, tax on return is

deferred and savings are exempt from wealth tax.

- We have to save more for pensions. The government has now enabled private

pension savings with real tax benefits. Storebrand is well positioned for

individual pension savings with our pension expertise, sustainability focused

asset management and mutual funds with good historical return, says Odd Arild

Grefstad.

Storebrand strengthens the focus on asset management in Sweden

Storebrand Asset Management passed NOK 620bn in asset under management during

the quarter. The Swedish mutual fund company SPP Fonder has grown more than 20%

annually in recent years, and overall, the Swedish business accounts for over

30% of Storebrand Asset Management's revenues. The business in Sweden is

strengthened by offering a full range of asset classes in the Swedish market.

- Storebrand operates sustainable, highly cost-effective asset management with

good return for customers. We are now strengthening our efforts in the Swedish

market, says Odd Arild Grefstad.

New digital partners

During the quarter, new partnerships have been formed to further digitize the

business model. Storebrand has partnered with the fin tech company Dreams for

savings. The app was launched in Sweden in 2016 and currently has 80,000

registered users. Launch of Dreams in Norway in cooperation with Storebrand will

take place in the autumn of 2017.

Storebrand also signed co-operation agreement with Propr in the 2 Quarter. Propr

offers self-service solutions for sale of real estate property without the use

of real estate agents. Propr customers' receive favorable prices and terms on

banking and insurance.

Insurance for full electric cars

The Norwegian Electric Vehicle Association and Storebrand have collaborated to

develop Norway's first and only electric car insurance. This is a unique product

for electric cars. The insurance gives you, among other things, benefits of loss

of charging cable, car hire with electric car warranty and reduced charge if you

run "out of power". Purchase requires membership in the Norwegian Electric

Vehicle Association, and the product will launch in August 2017.

Strengthened solidity

Storebrand reports a solvency ratio of 163% for the quarter. Good results and

robust risk management provide strengthened equity and strong returns to

customers.

Lysaker, 13 July 2017

Contact person:

Head of Investor Relations, Kjetil Krøkje: kjetil.r.krokje@storebrand.no eller

(+47) 934 12 155

Storebrand's ambition is to deliver better 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 NOK

620bn and is Norway's largest asset manager. We work hard to reach our vision:

Recommended by our customers. The Storebrand share (stb) is traded on the Oslo

Stock Exchange and the company has been listed on Dow Jones Sustainability Index

since its inception in 1999.

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