Storebrand ASA — Earnings Release 2019

May 8, 2019

Storebrand ASA: Q1 Interim Result 2019 - Group result of NOK 733 million

Storebrand ASA: Q1 Interim Result 2019 - Group result of NOK 733 million

·  Group result of NOK 733 million in the first Quarter

·  Solvency II 173%

·  Strong cost control

- Storebrand presents a first Quarter result with strong cost control, growth in

Unit linked savings and increased Assets under Management. The operating profit

is weaker in the first Quarter compared to the first Quarter in 2018, mainly due

to extraordinary strong insurance results last year, Odd Arild Grefstad, CEO of

Storebrand Group, said.

The operating profit in the first Quarter was NOK 531 million, from NOK 635

million in the first Quarter last year. The operating profit is weaker than

first Quarter 2018, mainly because of the extraordinary strong insurance results

of last year. Assets under management grew to NOK 729 billion and Storebrand

keeps the position as Norway's largest asset manager.

Assets under management increase to NOK 729 billion

The financial markets regained a strong footing in the first Quarter. Assets

under Management increased to NOK 729 billion, from NOK 707 billion in the

previous quarter.

Assets under management in the Unit Linked business in Norway and Sweden

increased by NOK 19bn (11%) relative to the same period in 2018. The growth in

Unit linked savings is driven by both investment returns and increased savings

rates.

Storebrand has acquired Cubera and strengthened the position as a leading

provider within private equity, and launched a sustainable mutual funds offering

in selective European markets.

- Storebrand Asset Management has introduced selected sustainable fund solutions

in several European markets, included the UK, Denmark and the Netherlands. The

introduction to European markets is an important step in making our fund

offering available to an expanded customer base, Grefstad said.

Strong cost control and robust solidity

Total fee and administration income amounted to NOK 1.215 million in the first

Quarter, from NOK 1.220 million last year. This is an increase of 0.5% compared

to the same period last year, when adjusted for currency effects.

Income within the segment Guaranteed Pension decreased in line with the run-off

of the Guaranteed Pension schemes. This reduction was compensated by increased

income from the Savings segment.

The underlying cost control is strong and the Group maintains the target of

reduced costs in 2020 compared to 2015.

Solidity in the Group is robust. The solvency margin was 173% at the end of the

1st Quarter 2019, unchanged from year-end 2018.

KEY FIGURES IN THE QUARTER:

(Q1-18 in brackets)

·  Solvency II 173% (165%)

·  Earnings per share adj amortsation 1.26 (1.69)

·  Equity 33,177 (31,140)

Activity related to the first Quarter, 2019

07:30 CET: Release of stock exchange notification. Press release, quarterly

report and analyst presentation will be available here.

10:00 CET: Combined press and analyst conference (in Norwegian) at Storebrand's

head office, Lysaker Park. Main entrance: Professor Kohts vei 9, Lysaker.

Web-TV: The presentation (in Norwegian) will be available on web

-TV (https://events.webcast.no/storebrand-asa/quarterly-reports/storebrand-q1

-2019) (live and on demand).

14:00 CET: Analyst conference call (https://events.webcast.no/storebrand

-asa/conference-calls/analyst-conference-call-q1-2019) in English. To attend the

conference call we kindly ask you to dial in 10 minutes before start by

calling +44 (0) 20 3003 2666 for international participants or 21 56 33 18 from

Norway. Passcode is Storebrand.

For further inquiries, please contact:

Group Head of Strategy, Finance and M&A Kjetil Ramberg Krøkje:

kjetil.r.krokje@storebrand.no or (+47) 934 12 155

SVP Communications, Vibeke Hansen:

vibeke.hansen@storebrand.no or (+47) 990 13 349

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 2 million

individual customers, and has its headquarter at Lysaker outside of Oslo,

Norway. Storebrand manages more than NOK 729 bn and is Norway's largest private

asset manager. We work hard to fulfil our vision: Recommended by our customers.

Storebrand (STB) is listed on Oslo Stock Exchange. Visit us at www.storebrand.no

and follow us on Twitter: @Storebrand_no This announcement is subject to

information pursuant to the Securities Trading Act § 5-12