Storebrand ASA — Earnings Release 2020

Oct 21, 2020

STOREBRAND ASA: Results for the 3d Quarter 2020

STOREBRAND ASA: Results for the 3d Quarter 2020

Strong Growth in Core Business and Assets under Management

· Group profit of NOK 1,012m in the 3rd quarter NOK 1,486 YTD

· Record high Assets under Management (AuM): NOK 921 bn, 17% growth y/y

· 22% growth in Unit Linked reserves y/y

· 15% growth in insurance portfolio premiums y/y, Combined Ratio 88%

· Solvency II ratio 179%

- The Storebrand Group delivers strong profit development in the third quarter.

Underlying growth within the Savings and the Insurance segment, combined with

rebounding financial markets and cost control contribute to the growth in

profits. Financial market returns also contribute to significant increases in

the buffer capital, and we now have a record NOK 921 billion in assets under

management, says CEO Odd Arild Grefstad.

- The Storebrand Group has taken several steps which further strengthen our

position in our core Savings and Insurance business in the third quarter.

Storebrand will be the new provider of public occupational pensions for Vestland

County, a contract that includes more than 11 000 current and former employees

and an expected transfer of NOK 3.7 billion in assets. In addition, Storebrand

has successfully entered into an agreement with Insr Insurance Group ASA to

acquire insurance portfolios, potentially adding 2% market share within P&C

Insurance, says CEO Odd Arild Grefstad.

Strong Growth in Core Business

Assets under management increased by NOK 134 billion to NOK 921 billion,

compared to the corresponding period last year. This is a 17% growth. Market

returns and net flows from pension customers and institutional customers drive

growth.

The Savings segment reported a profit of NOK 394 million in the quarter, an

increase from NOK 303 million compared to last year. The growth is driven by

increased assets under management and strong cost control. The Insurance segment

had a premium growth of 15% compared to last year and a strong result

development, reporting a combined ratio of 88%.

Robust Solvency Ratio

The solvency ratio was 179% at the end of third quarter, an increase of 16

percentage points from the last quarter. This is well above targeted level of

more than 150%. The increase is due to positive returns on credit bonds and

equities, as well as repricing measures in parts of the guaranteed business.

Strong Position on Sustainable Investments

Storebrand continues to strengthen the position as a leading provider of

sustainable investment solutions. In the quarter, a new wide-ranging climate

policy for investments was launched to intensify action on climate and quicken

the green transition.

- With this investment policy we further improve our position as a sustainable

asset manager contributing to reduced carbon emissions - leading to reduced

climate risk and securing long term returns. The policy strengthens our methods,

including increased investments in solutions, active ownership and divestments,

says CEO Odd Arild Grefstad.

Capital Markets Day

Storebrand will host a virtual capital markets day 10 December 2020, at 14:00 -

16:00 CET. More information and a formal invitation will follow.

Key Figures in the Quarter:

(Q3-2019 in brackets)

· Solvency ratio 179% (177%)

· Earnings per share, adjusted for amortisation NOK 1.90 (NOK 1.22)

· Equity NOK 35,181m (NOK 32,680m)

· Assets under management NOK 921bn (NOK 786bn)

Activities related to the 3d Quarter 2020

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

report and analyst presentation will be available at www.storebrand.no/ir.

10.00 CET: Live press and analyst conference in English in a combined webcast

and conference call. The presentation will be available on demand afterwards.

Participants who would like to ask questions at the end of the presentation must

dial-in to the conference call, or alternatively submit their written questions

in the provided form in the webcast. We kindly ask media with separate interview

requests to contact SVP Communications, Margrethe Assev, in advance. Reporters

will be contacted after the conference.

To join the call, please click the link below to pre-register. Once registered,

you will receive dial in number(s) and your conference and user PINs ready for

the call.

Link to webcast (https://events.webcast.no/storebrand-asa/quarterly

-reports/a0FHqvCKtU49MYBwsLRI)

Link to conference call

registration (https://event.loopup.com/SelfRegistration/registration.aspx?booking

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-9efec2c17aac)

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

Head of Investor Relations and Rating Daniel Sundahl:

daniel.sundahl@storebrand.no or (+47) 913 61 899

Media requests:

SVP Communications, Margrethe Assev:

margrethe.assev@storebrand.no or (+47) 951 55 056

Storebrand's ambition is to provide our customers with financial freedom and

security by being the best provider of long-term savings and insurance.

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 NOK 921 bn and is one of the largest asset managers

in the Nordics. 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.