Storebrand ASA — Interim / Quarterly Report 2015

Feb 17, 2016

Supplementary Information (unaudited)

Important notice:

This document may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may be beyond the Storebrand Group's control. As a result, the Storebrand Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in these forward-looking statements. Important factors that may cause such a difference for the Storebrand Group include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) market related risks such as changes in equity markets, interest rates and exchange rates, and the performance of financial markets generally. The Storebrand Group assumes no responsibility to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make.

OVERVIEW4
REPORTING AND LEGAL STRUCTURE 4
REPORTING STRUCTURE 4
LEGAL STRUCTURE 4 KEY FIGURES5
SHAREHOLDER STRUCTURE6
ACCOUNTING PRINCIPLES6
FINANCIAL RESULTS7
RESULT – STOREBRAND GROUP7
SAVINGS (NON-GUARANTEED)9
RESULTS9
KEY FIGURES9
RESULTS BY PRODUCT 10 SALES AND MARKETS11
RETURNS 12
RESERVES DEVELOPMENT12
INSURANCE13
RESULTS13
KEY FIGURES 14
RESULTS BY PRODUCT 14
GUARANTEED PENSION16
RESULTS16
RESULTS BY PRODUCT 17
INVESTMENT RETURN 18
BALANCE SHEET19
SALES AND MARKETS19 RESERVES AND BUFFERS 20
OTHER24
RESULTS24 KEY FIGURES25
RESULTS PER PRODUCT 26
STOREBRAND GROUP27
RESULTS27 BALANCE SHEET 28
STOREBRAND LIFE GROUP (IFRS-LEGAL)29
RESULTS - STOREBRAND LIFE GROUP 29
BALANCE SHEET – STOREBRAND LIFE GROUP30
RESULTS - SPP31
BALANCE SHEET - SPP 32
STOREBRAND ASSET MANAGEMENT GROUP (IFRS-LEGAL)33
RESULTS33 BALANCE SHEET 33
STOREBRAND HELSEFORSIKRING AS (IFRS-LEGAL 100%)34
RESULTS34
BALANCE SHEET 34
STOREBRAND FORSIKRING AS (IFRS-LEGAL)35
RESULTS35
BALANCE SHEET 35

STOREBRAND BANK GROUP (IFRS-LEGAL)36
RESULTS36 BALANCE SHEET 36
STOREBRAND ASA (IFRS-LEGAL) 39
RESULTS39
BALANCE SHEET 39
SOLIDITY40

Overview

Storebrand is the leading provider of life insurance and pensions in the Nordic region. The group provides both guaranteed and non-guaranteed savings, as well as insurance, to retail customers, corporate customers, municipalities and to the public sector. Storebrand's vision is: Recommended by our customers.

Reporting and legal structure

Storebrand's reporting structure deviates from the legal structure. The main lines in the reporting structure are shown below. The supplementary information is structured around Savings (nonguaranteed), Guaranteed pension, Insurance and Other.

Storebrand consists of a number of legal entities. Result and Balance sheet of these legal entities can be found in the last part of this document. Separate interim reports for Storebrand Life Insurance and Storebrand Bank can also be downloaded at www.storebrand.no/ir.

Reporting structure

Key figures

Table 1: Key Figures

	2015				2014
NOK million	4Q	3Q	2Q	1Q	4Q	3Q	2Q
Storebrand Group
Earnings per ordinary share (after tax) 1)	2,63	1,25	1,12	0,55	4,61	3,06	2,22
Equity	26 946	25 982	25 275	24 745	24 741	23 618	23 5 28
ROE, annualised	15,6 %	2,8 %	5,9 %	6,0%	15,1 %	8,9%	11,2 %
Savings - non guaranteed
Premium income Unit Linked	3 185	3 1 7 0	3 0 6 3	2 9 0 5	2 5 9 4	2 4 8 3	2 3 4 7
Unit Linked reserves	128 117	118 695	117 452	115 816	105 369	93 976	92 899
AuM Asset Management	571 425	562 136	551 587	557 989	534 523	502 840	501 539
Retail lending	26 861	25 417	24 833	24 100	24 441	24 391	24 103
Insurance
Total portfolio premiums	4 3 2 7	4 2 7 5	4 176	4 0 5 3	3 6 9 9	3 6 5 7	3 588
Claims ratio	85 %	78 %	72 %	75 %	76 %	73 %	73 %
Cost ratio	16 %	14 %	15 %	15 %	1%	16 %	17 %
Combined ratio	101 %	92 %	87 %	90 %	78 %	89 %	90 %
Guaranteed pension
Guaranteed reserves	266 979	263 198	258 825	261 277	264 290	257 425	263 370
Guaranteed reserves in % of total reserves	67,6 %	68,9 %	68,8%	69,3%	71,5 %	73,3 %	73,9%
Net transfer of guaranteed reserves	$-398$	$-855$	$-1438$	$-5037$	$-2229$	$-5452$	- 72
Buffer capital in % of customer reserves Norway 2)	5,8%	5,4 %	5,7 %	6,5%	6,6 %	4,8%	4,6 %
Buffer capital in % of customer reserves Sweden 3)	7,6 %	11,1 %	12,4 %	12,5 %	11,7%	15,0 %	14,6 %
Solidity
Solvency II (estimate)	168 %	146 %
Capital adequacy (Storebrand Group)	14,3 %	13,6 %	13,6 %	12,9 %	13,0 %	13,3 %	14,1%
Solidity capital (Storebrand Life Group) 4)	61 011	64 020	62 293	66 052	64 664	61 904	60 850
Capital adequacy (Storebrand Life Group)	15,1 %	14,5 %	14,6 %	13,8%	13,5 %	14,1 %	14,1 %
Solvency margin (Storebrand Life Group)	191 %	179 %	183 %	173 %	175 %	182 %	178 %
Solvency margin (SPP Pension & Försäkring AB)	197 %	179 %	188 %	153 %	171 %	209 %	211 %
Total capital ratio (Storebrand Bank Group)	17,1 %	16,7 %	16,3%	15,8 %	15,0 %	17,9 %	15,7 %
Tier 1 capital ratio (Storebrand Bank Group)	15,2 %	14,9 %	14,5 %	14,0 %	13,3 %	16,2 %	14,8%
CET1 capital ratio (Storebrand Bank Group)	13,8 %	13,4 %	13,0 %	12,5 %	11,9 %	13,4 %	12,5 %

2 ) Additional statutory reserves + market value adjustment reserve 3 ) Conditional bonuses

4 ) The term solidity capital encompasses equity, subordinated loan capital, the risk equalisation fund, the market value adjustment reserve, additional statutory reserves, conditional bonuses, excess value/deficit related to bonds at amortised cost and accrued profit.

Shareholder structure

Shares in Storebrand ASA are quoted on the Oslo Stock Exchange (OSE) with the ticker code STB. Storebrand ASA share capital at the start of 2015 was NOK 2 249.5 million. There are 449 909 891 shares with a par value of NOK 5.

As of 31.12.2015 the shareholder structure as registered with the VPS (The Norwegian Central Securities Depository) was as follows:

Shareholder Account ty pe Total % FOLKETRYGDFONDET 0 9,69 % J.P. Morgan Chase Ba NORDEA TREATY ACCOUN NOM 4,15 % J.P. Morgan Chase Ba A/C US RESIDENT NON NOM 3,13 % Skandinav iska Enskil A/C CLIENTS ACCOUNT NOM 2,70 % CLEARSTREAM BANKING NOM 2,50 % PRUDENTIAL ASSURANCE HSBC Bank Plc 0 2,22 % J.P. MORGAN BANK LUX JPML SA RE CLT FRANK NOM 2,10 % The Bank of New York BNY MELLON NOM 1,91 % DnB NOR MARKETS, AKS DNB Bank ASA 0 1,66 % STATE STREET BANK AN A/C CLIENT OMNIBUS F NOM 1,65 % nex t 10 largest shareholders 12,91 % Total - 20 largest shareholders 44,62 % Table 2: Shareholder structure NORWAY 36 % USA 24 % UK 15 % LUXEMBOURG 9 % SWEEDEN 4 % OTHERS 12 %

Fig. 1: Geographical dispersion

* Nom - nominee account

Table 3: Rating

	Rating company
	Moody 's	S&P
Storebrand ASA	Ba1 (S)	BBB- (S)	P=positiv e outlook
Storebrand Liv sforsikring AS	Baa1 (S)	BBB+ (S)	S=stable outlook
Storebrand Bank ASA	Baa1 (S)	BBB+ (N)	N=negativ e outlook
Storebrand Boligkreditt AS	Aaa	na

Accounting principles

Storebrand ASA's group accounts are presented in accordance with the International Financial Reporting Standards (IFRS) approved by the European Union.

Financial results

Result – Storebrand Group

Table 4: Group result

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	1 160	1 046	1 065	1 046	1 116	4 317	4 160
Risk result life & pensions	-23	40	54	9	323	80	480
Insurance premiums f.o.a.	934	894	947	867	802	3 642	3 115
Claims f.o.a.	-791	-697	-683	-652	-613	-2 822	-2 226
Operational cost	-912	-755	-799	-803	-207	-3 268	-2 446
Financial result	178	-90	76	79	-21	244	349
Result before profit sharing and loan losses	547	440	661	546	1 400	2 193	3 431
Net profit sharing and loan losses	-271	-167	-51	59	-356	-431	-8
Result before amortisation and longevity	275	272	610	605	1 044	1 762	3 423
Prov ision longev ity	-1 362	-96	-151	-154	-121	-1 764	-391
Amortisation and w rite-dow ns of intangible assets	-120	-108	-103	-105	-105	-437	-431
Result before tax	-1 207	67	356	346	818	-438	2 601
Tax	2 008	-3	-97	-87	-115	1 821	-516
Sold/liquidated business	-0	-0	-0	-0	-0	-0	-1
Profit after tax	801	64	258	258	703	1 382	2 085

Table 5: Group result by result area

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Sav ings - non-guaranteed	301	264	237	218	469	1 020	1 091
Insurance	17	120	192	159	159	488	675
Guaranteed pension	-110	20	183	236	348	329	1 465
Other result	68	-133	-3	-8	68	-75	193
Result before amortisation and longevity	275	272	610	605	1 044	1 762	3 423

Table 6: Earnings per share

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Profit for the y ear (majority )	618	59	255	246	694	1 178	2 063
Earnings per share	1,38	0,13	0,57	0,55	1,55	2,63	4,61
Av erage number of shares (millions)	-	-	-	-	-	447,6	447,4
Earnings per share adjusted for amortisation
of intangible assets	1,65	0,37	0,80	0,78	1,78	3,61	5,57

Table 7: Exchange rates SEK/NOK

	2015				2014
	4Q	3Q	2Q	1Q	4Q
Result	0,9559	0,9910	0,9443	0,9350	0,9186
Balance	1,0499	1,0170	0,9482	0,9345	0,9578

Savings (non-guaranteed)

Savings (non-guaranteed) comprises Defined Contribution in Norway and Sweden, Asset Management and Bank products to the retail market. The report on Savings (non-guaranteed) consequently includes results from Storebrand Life Insurance, SPP, Storebrand Asset Management and Storebrand Bank.

Results

Table 8: Savings - non-guaranteed

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	761	646	627	628	679	2 662	2 375
Risk result life & pensions	1	-5	4	-4	-10	-3	-11
Operational cost	-455	-381	-394	-408	-214	-1 638	-1 289
Financial result	0	0	0	0	0	0	0
Result before profit sharing and loan losses	307	261	238	216	455	1 022	1 075
Net profit sharing and loan losses Prov ision longev ity	-6 -	- 3	-0 -	- 2	-14	-1 -	-16
Result before amortisation	301	264	237	218	469	1 020	1 091

Table 9: Savings - by non-guaranteed product

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Unit Linked Storebrand	38	71	40	53	74	201	205
Unit Linked SPP	26	41	48	24	25	139	99
Asset Management segment	179	116	101	89	273	485	513
Retail Banking	57	36	49	52	97	195	274
Result before amortisation	301	264	237	218	469	1 020	1 091

Key figures

Table 10: Savings - non-guaranteed

	2015				2014
NOK million	4Q	3Q	2Q	1Q	4Q
Unit linked Reserv es	128 117	118 695	117 452	115 816	105 369
Unit linked Premiums	3 185	3 170	3 063	2 905	2 594
AuM Asset Management	571 425	562 136	551 587	557 989	534 523
Retail Lending	26 861	25 417	24 833	24 100	24 441

Results by product

Table 11: Unit Linked Norway

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	155	154	138	153	128	600	498
Risk result life & pensions	-0	-1	1	-1	-8	-1	-10
Operational cost	-117	-83	-99	-99	-46	-398	-283
Financial result	0	0	0	0	0	0	0
Result before amortisation	38	71	40	53	74	201	205
Fee Margin on reserv es	1,15 %	1,23 %	1,12 %	1,31 %	1,22 %	1,11 %	1,19 %
Reserv es	53 894	50 071	49 430	46 786	41 893	53 894	41 893

Table 12: Unit linked Sweden

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	178	175	172	166	159	692	572
Risk result life & pensions	1	-4	3	-3	-2	-2	-1
Operational cost	-153	-130	-127	-140	-132	-550	-472
Financial result	-	-	-	-	-	-	-
Result before amortisation	26	41	48	24	25	139	99
Fee Margin on reserv es	0,96 %	1,02 %	1,01 %	0,96 %	1,00 %	0,93 %	0,90 %
Reserv es	74 223	68 624	68 022	69 030	63 476	74 223	63 476

Table 13: Asset Management segment

2014
856
-
-358
-
498
15
513
0,16 %
534 523

Table 14: Retail Banking

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	114	89	98	107	113	408	449
Risk result life & pensions	-	-	-	-	-	-	-
Operational cost	-55	-51	-49	-53	-23	-208	-176
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	60	38	49	53	91	200	273
Net profit sharing and loan losses	-3	-2	-0	-1	7	-5	1
Result before amortisation	57	36	49	52	97	195	274
Retail lending	26 861	25 417	24 833	24 100	24 441	26 861	24 441
Net interest margin retail banking	1,19 %	1,21 %	1,23 %	1,36 %	1,35 %	1,24 %	1,36 %
Net interest income banking	92	90	88	96	98	366	393

Sales and Markets

Table 15: New sales

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Unit Linked premiums 1) Norw ay	79	75	1 045	104	99	1 303	341
- of w hich annual premiums	63	39	1 010	52	70	1 164	224
- of w hich single premiums	15	36	35	52	29	139	117
Unit Linked premiums 1) Sw eden	238	205	283	242	248	967	984
- of w hich annual premiums	210	189	239	215	212	853	811
- of w hich single premiums	28	16	43	27	36	114	173
Savings (non guaranteed) premiums 1)	316	280	1 328	346	347	2 270	1 325
- of w hich annual premiums	273	227	1 250	267	282	2 017	1 035
- of w hich single premiums	43	52	79	79	65	253	290

1) Annual premium equivalent

Table 16: Unit Linked - Premiums (excluding transfers)

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Unit Linked (occupational pension) Norw ay	1 817	1 868	1 709	1 489	1 416	6 883	5 217
Unit Linked (retail) Norw ay	308	240	256	278	167	1 082	513
Unit Linked Sw eden	1 060	1 062	1 098	1 138	1 011	4 359	4 157
Total	3 185	3 170	3 063	2 905	2 594	12 324	9 887

Table 17: Unit Linked - Transfer balance

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Premium reserv es receiv ed
Unit Linked Norw ay	323	944	1 378	1 996	1 055	4 641	1 364
Unit Linked Sw eden	174	160	171	163	259	668	702
Total receiv ed	497	1 104	1 549	2 158	1 313	5 309	2 066
Premium reserv es transferred
Unit Linked Norw ay	-232	-243	-265	-290	-322	-1 030	-804
Unit Linked Sw eden	-292	-438	-364	-384	-400	-1 479	-1 599
Total transferred	-524	-681	-629	-674	-722	-2 509	-2 403
Net transfers	-28	423	920	1 485	591	2 800	-337

Returns

Table 18: Return Defined Contribution - standard profiles Norway

2015					Full year
4Q	3Q	2Q	1Q	4Q	2015	2014
0,4 %	0,3 %	0,0 %	0,7 %	1,2 %	1,4 %	4,5 %
2,0 %	-1,2 %	0,2 %	2,1 %	2,2 %	3,1 %	7,4 %
3,7 %	-3,6 %	-0,1 %	4,1 %	3,4 %	4,1 %	10,9 %
5,3 %	-5,6 %	-0,1 %	5,8 %	4,6 %	5,4 %	13,4 %
5,5 %	-7,2 %	-0,4 %	6,9 %	5,0 %	4,8 %	13,7 %
					2014

Reserves development

Table 19: Development customer funds, quarter

	Reserves	Reserves
	Unit Linked	Unit Linked
NOK million	- Norway	- Sweden
Funds at 30.09.2015	50 071	68 624
Premium income	2 448	1 234
Asset return	1 868	3 794
Insurance claims	-451	-471
Other	-42	1 042
Funds at 31.12.2015	53 894	74 223

Table 20: Development customer funds, YTD

	Reserves	Reserves
	Unit Linked	Unit Linked
NOK million	- Norway	- Sweden
Funds at 31.12.2014	41 893	63 476
Premium income	12 606	5 027
Asset return	1 666	3 858
Insurance claims	-2 019	-2 986
Other	-252	4 848
Funds at 31.12.2015	53 894	74 223

Insurance

Insurance is an operational and reporting unit consisting of Storebrand Insurance, Storebrand Health Insurance and the majority of risk products written within life and pension in Norway (Storebrand Livsforsikring AS), with the exception of risk coverage bundled to the guaranteed life products.

Storebrand Insurance offers standard property and casualty insurance products, one-year risk products and health insurance in the Norwegian retail market and workers' compensation and group life insurance for the corporate market.

Results

Table 21: Insurance

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Insurance premiums f.o.a.	934	894	947	867	802	3 642	3 115
Claims f.o.a.	-791	-697	-683	-652	-613	-2 822	-2 226
Operational cost	-151	-122	-136	-128	-9	-538	-387
Financial result	25	45	64	72	-22	206	173
Contribution from SB Helseforsikring AS	1	12	6	-5	14	14	25
Result before amortisation	17	120	192	159	159	488	675
Claims ratio	85 %	78 %	72 %	75 %	76 %	77 %	71 %
Cost ratio	16 %	14 %	15 %	15 %	1 %	15 %	13 %
Combined ratio	101 %	92 %	87 %	90 %	78 %	92 %	84 %

Table 22: By lines of business

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
idual life 1) P&C & Indiv	72	62	115	78	106	327	340
Health & Group life 2)	17	41	88	19	78	165	190
insurance Nordic 3) Pension related disability	-72	18	-11	62	-25	-3	144
Result before amortisation	17	120	192	159	159	488	675

1) Individual life and disability, property and casualty insurance

2) Group life and workers comp. including contribution from health insurance (consolidated under Financial result)

3) DC disability risk result Norway and disability risk Sweden

Key Figures

Table 23a: Portfolio Premiums

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
P&C & Indiv idual life	1 675	1 657	1 607	1 531	1 407	1 675	1 407
Health & Group life 1)	1 493	1 477	1 471	1 451	1 235	1 493	1 235
Pension related disability insurance Nordic	1 159	1 141	1 098	1 071	1 057	1 159	1 057
Total written premiums	4 327	4 275	4 176	4 053	3 699	4 327	3 699
Inv estment portfolio	6 399	6 512	6 124	6 080	5 683	6 399	5 683
1) Includes all written premiums in Storebrand Helseforsikring AS (50/50 joint venture with M unich Health)

Table 23b: Company portfolio* Storebrand Insurance segment

Asset class	2015
Share	4Q
Credit bonds*	26 %
Gov ernment bonds	6 %
Bonds at amortised cost	26 %
Money market	28 %
Real Estate	10 %
Other	4 %
Total	100 %
*) Average rating AA

Results by product

Table 24: P&C & Individual life

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Insurance premiums f.o.a.	394	400	390	360	339	1 543	1 311
Claims f.o.a.	-235	-284	-231	-236	-226	-986	-830
Operational cost	-71	-62	-67	-63	-11	-264	-194
Financial result	-15	8	24	17	4	33	53
Result before amortisation	72	62	115	78	106	327	340
Claims ratio	60 %	71 %	59 %	65 %	67 %	64 %	63 %
Cost ratio	18 %	16 %	18 %	18 %	4 %	17 %	15 %
Combined ratio	78 %	87 %	77 %	83 %	70 %	81 %	79 %

Table 25: Health & Group life

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Insurance premiums f.o.a.	197	215	282	205	181	899	728
Claims f.o.a.	-176	-180	-196	-190	-112	-743	-578
Operational cost	-25	-20	-24	-23	22	-92	-38
Financial result	22	26	26	28	-13	102	79
Contribution from SB Helseforsikring AS		1 12	6	-5	14	14	25
Result before amortisation	17	41	88	19	78	165	190
Claims ratio	90 %	84 %	70 %	93 %	62 %	83 %	79 %
Cost ratio	13 %	9 %	9 %	11 %	-12 %	10 %	5 %
Combined ratio	102 %	93 %	78 %	104 %	50 %	93 %	85 %

Table 26: Pension related disability insurance Nordic

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Insurance premiums f.o.a.	344	280	275	302	281	1 200	1 076
Claims f.o.a.	-380	-232	-255	-226	-274	-1 093	-818
Operational cost	-55	-40	-45	-42	-19	-182	-155
Financial result	18	11	15	27	-13	71	41
Result before amortisation	-72	18	-11	62	-25	-3	144
Claims ratio	110 %	83 %	93 %	75 %	97 %	91 %	76 %
Cost ratio	16 %	14 %	16 %	14 %	7 %	15 %	14 %
Combined ratio	126 %	97 %	109 %	88 %	104 %	106 %	90 %

Guaranteed pension

Guaranteed pension comprises products associated with an explicit or implicit interest rate guarantee. Storebrand offers a limited amount of guaranteed products, and measures have been implemented in order to reduce the extent of these products.

Results

Table 27: Guaranteed pension

		Full year
4Q	2015	2014
457	1 777	1 842
331	89	483
-84	-1 156	-921
-	-	-
705	711	1 404
-357	-382	61
348	329	1 465
-121	-1 764	-391
0,69 %	0,67 %	0,70 %
264 290	266 979	264 290
	2014

Table 28: By guaranteed product

	2015					2014 Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Defined benefit (fee based)	124	106	148	134	271	512	822
Paid-up policies, Norw ay	-27	29	-6	4	15	1	44
Indiv idual life and pension, Norw ay	40	2	4	-	-	45	-
Guaranteed products, Sw eden	-248	-117	37	98	62	-230	599
Result before amortisation and longevity	-110	20	183	236	348	329	1 465

Key figures

Table 29: Guaranteed pension

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Guaranteed reserv es	266 979	263 198	258 825	261 277	264 290	266 979	264 290
Guaranteed reserv es in % of total reserv es	67,6 %	68,9 %	68,8 %	69,3 %	71,5 %	67,6 %	71,5 %
Net transfers	-398	-855	-1 438	-5 037	-2 229	-7 729	-14 823
Buffer capital in % of customer reserv es Norw ay	5,8 %	5,4 %	5,7 %	6,5 %	6,6 %	5,8 %	6,6 %
Buffer capital in % of customer reserv es Sw eden	7,6 %	11,1 %	12,4 %	12,5 %	11,7 %	7,6 %	11,7 %

Results by product

Table 30: Defined benefit (fee based), Norway

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	207	178	229	220	256	835	1 038
Risk result life & pensions	13	11	11	5	-23	40	42
Operational cost	-95	-84	-92	-91	38	-362	-257
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	124	106	148	134	271	512	822
Net profit sharing and loan losses	-	-	-	-	-	-	-
Result before amortisation and longevity	124	106	148	134	271	512	822
Prov ision longev ity	-683	-32	-58	-57	-110	-830	-230
Fee margin on reserv es	1,48 %	1,24 %	1,53 %	1,45 %	1,51 %	1,49 %	1,53 %
Reserv es	55 898	57 748	59 865	60 659	67 737	55 898	67 737
Fee, interest rate guarantee SBL	134	126	132	137	158	529	626

Table 31: Paid-up policies, Norway

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	72	108	80	82	70	342	274
Risk result life & pensions	5	1	0	2	-36	7	11
Operational cost	-104	-79	-86	-79	-19	-348	-240
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	-27	29	-6	5	16	1	45
Net profit sharing and loan losses	0	0	1	-1	-1	-0	-1
Result before amortisation and longevity	-27	29	-6	4	15	1	44
Prov ision longev ity	-679	-64	-93	-97	-11	-934	-161
Fee margin on reserv es	0,28 %	0,43 %	0,33 %	0,34 %	0,30 %	0,33 %	0,30 %
Reserv es	103 833	99 319	98 402	97 783	92 563	103 833	92 563

Table 32: Individual life and pension, Norway

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	42	2	4	-	-	47	-
Risk result life & pensions	-	-	-	-	-	-	-
Operational cost	-	-	-	-	-	-	-
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	42	2	4	-	-	47	-
Net profit sharing and loan losses	-2	0	0	-	-	-2	-
Result before amortisation	40	2	4	-	-	45	-
Prov ision longev ity	-	-	-	-	-	-	-
Fee margin on reserv es	1,08 %	0,04 %	0,09 %	0,00 %	0,00 %	0,30 %	0,00 %
Reserv es	15 475	15 674	15 873	16 108	16 302	15 475	16 302

Table 33: Guaranteed pension, Sweden

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	140	140	145	129	132	554	530
Risk result life & pensions	-11	8	35	9	389	42	430
Operational cost	-133	-103	-103	-107	-103	-446	-424
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	-5	46	77	32	418	150	536
Net profit sharing and loan losses	-243	-162	-40	66	-356	-380	62
Result before amortisation	-248	-117	37	98	62	-230	599
Prov ision longev ity	-	-	-	-	-	-	-
Fee margin on reserv es	0,61 %	0,62 %	0,68 %	0,60 %	0,60 %	0,60 %	0,60 %
Reserv es	91 773	90 458	84 685	86 727	87 688	91 773	87 688

Investment return

Table 34: Value adjusted return guaranteed products, Norway

	2015				2014		Full year
	4Q	3Q	2Q	1Q	4Q	2015	2014
Paid-up policies	1,6 %	0,7 %	1,1 %	1,4 %	1,8 %	4,8 %	6,4 %
Indiv idual	1,4 %	0,9 %	0,9 %	1,2 %	1,6 %	4,4 %	5,8 %
Group defined benefit	1,6 %	0,0 %	0,7 %	1,5 %	1,5 %	3,8 %	6,2 %
Group defined benefit - public (low)	1,6 %	-0,6 %	0,3 %	0,9 %	0,3 %	2,2 %	4,2 %
Group defined benefit - private (balanced)	1,6 %	0,1 %	0,7 %	1,6 %	1,7 %	4,0 %	6,6 %
Average return guaranteed products	1,5 %	0,5 %	0,9 %	1,4 %	1,7 %	4,3 %	6,3 %

Table 35: Booked return guaranteed products, Norway

	2015 2014				Full year
	4Q	3Q	2Q	1Q	4Q	2015	2014
Paid-up policies	1,4 %	1,0 %	1,6 %	1,4 %	0,9 %	5,4 %	5,4 %
Indiv idual	1,5 %	0,9 %	1,4 %	1,1 %	0,3 %	4,9 %	4,0 %
Group defined benefit	1,6 %	0,6 %	1,4 %	1,5 %	0,1 %	5,1 %	5,2 %
Group defined benefit - public (low)	1,7 %	0,4 %	0,6 %	0,6 %	0,0 %	3,2 %	4,3 %
Group defined benefit - private (balanced)	1,6 %	0,6 %	1,5 %	1,6 %	0,2 %	5,3 %	5,4 %
Average booked return guaranteed products	1,5 %	0,8 %	1,5 %	1,4 %	0,5 %	5,2 %	5,2 %

Table 36: Value adjusted return guaranteed products1), Sweden

	2015				2014		Full year
	Q4	Q3	Q2	Q1	Q4	2015	2014
DB	-0,5 %	0,6 %	-2,9 %	3,0 %	2,5 %	0,1 %	11,6 %
P250	0,6 %	-1,0 %	-2,3 %	4,2 %	3,6 %	1,4 %	14,0 %
P300	-0,7 %	1,1 %	-2,8 %	2,5 %	3,0 %	0,0 %	13,0 %
P520	-1,4 %	1,8 %	-3,5 %	2,7 %	3,5 %	-0,6 %	15,4 %
IF/AP	0,1 %	0,2 %	-0,5 %	1,0 %	0,7 %	0,7 %	4,2 %

1) Portfolio names "P250", "P300" and "P520" indicates level of interest rate guarantees (basis points)

Balance Sheet

Table 37: Guaranteed pension

	2015				2014
NOK million	4Q	3Q	2Q	1Q	4Q
Defined Benefit (fee based), Norway	55 898	57 748	59 865	60 659	67 737
Paid-up policies (retail), Norway	103 833	99 319	98 402	97 783	92 563
Individual life and pension, Norway	15 475	15 674	15 873	16 108	16 302
Guaranteed Products, Sweden	91 773	90 458	84 685	86 727	87 688
Guaranteed Reserves	266 979	263 198	258 825	261 277	264 290

Sales and Markets

Table 38: New sales guaranteed products 1)

	2015 2014						Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Guaranteed products*, Norway	6	1	-12	44	12	40	47
- of which annual premiums	3	-3	- 12	32	5	20	24
- of which single premiums	4	4	0	12	6	20	24
Guaranteed products*, Sweden	49	39	38	42	33	168	166
- of which annual premiums	41	30	31	38	28	140	131
- of which single premiums	9	9	7	5	5	28	35
Guaranteed pension*	56	39	26	87	45	208	214
- of which annual premiums	43	27	20	70	33	160	155
- of which single premiums	12	12	7	17	11	48	59

1) Annual premium equivalent

Table 39: Premiums Norway (excluding transfers)

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Defined Benefit (fee based), Norw ay	699	833	1 162	2 783	1 183	5 477	7 337
Paid-up policies, Norw ay	15	20	13	65	16	113	101
Indiv idual life and pension, Norw ay	73	69	67	68	76	277	287
Guaranteed products, Sw eden	369	440	375	415	482	1 599	2 127
Total	1 155	1 362	1 618	3 331	1 757	7 467	9 852

Table 40: Transfer balance (Guaranteed)

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Premium reserv es receiv ed
ay 1) Norw	-121	-706	-1 184	-1 554	-734	-3 566	-638
Sw eden	3	7	2	0	1	13	16
Total receiv ed	-118	-700	-1 182	-1 554	-733	-3 553	-622
Premium reserv es transfeerd
Norw ay	-89	-85	-169	-3 389	-1 063	-3 732	-11 347
Sw eden	-191	-71	-87	-95	-433	-444	-2 854
Total transferred	-280	-156	-256	-3 483	-1 496	-4 176	-14 201
Net transfers	- 398	- 855	-1 438	-5 037	-2 229	-7 729	-14 823

1) This line includes paid-up policies with investment choice.

Reserves and buffers

Table 41: Development customer funds - single quarter

NOK million	Defined Benefit 1 ) - Norway	Paid-up policies 2 ) Norway -	Individual - 2 ) Norway	Guaranteed products - Sweden 2)
Funds at 30.09.2015	54 071	95 441	14 500	81 322
Premium income 3)	701	-108	74	372
Asset return	861	1 335	225	-634
Insurance claims 3)	-580	-1 043	-396	-1 500
Other4)	-3 286	4 046	-209	5 683
Funds at 31.12.2015	51 767	99 671	14 194	85 243

1) Fee based

2) Profit sharing

3) Premium income and Insurance claims include transfer balance. Funds exclude buffer capital.

4) Development in customer funds in Defined Benefit and Paid-up policies are mostly related to transfer between those two products.

Table 42: Development customer funds - YTD

NOK million	Defined Benefit 1) - Norway	Paid-up policies 2) - Norway	Individual - Norway 2)	Guaranteed products - Sweden 2)
Funds at 31.12.2014	62 553	88 190	15 014	78 541
Premium income 3)	5 601	-3 527	284	1 612
Asset return	2 920	5 063	752	1 391
Insurance claims 3)	-6 003	-3 927	-1 584	-5 619
Other	-13 304	13 871	-272	9 318
Funds at 31.12.2015	51 767	99 671	14 194	85 243

1) Fee based

2) Profit sharing

3) Premium income and Insurance claims include transfer balance. Funds exclude buffer capital.

Table 43: Buffer capital 1)

	2015				2014
NOK million	4Q	3Q	2Q	1Q	4Q
Market v alue adjustment reserv e	4 520	4 352	4 930	5 856	5 814
Ex cess v alue of bonds at amortised cost	10 581	11 122	9 695	12 836	13 364
Additional statutory reserv e	5 160	4 479	4 505	4 881	5 118
Prov isions for new mortality tables	4 872	2 474	2 944	3 511	4 125
Unallocated results	382	1 905	1 964	1 100	-
Prov isions for new mortality tables, shareholders direct contribution	988	393	180	90	360
Conditional bonuses Sw eden	6 457	9 065	9 335	9 597	9 147
Total	32 959	33 790	33 554	37 871	37 928

1) The term Buffer capital in this table is not consistent with the definition of buffer capital made in the IFRS accounting

Additional info guaranteed portfolios

Table 44 a: Key terms products, Norway

Table 44 a: Key terms products, Norway
NOK million	D B	Paid-up Individual
Booked return YTD	5,1 %	5,4 %	4,9 %
Interest rate guarantee p.a.	2,9 %	3,5 %	3,8 %
Funds	52	100	14
Additional Statutory Reserv e	2 160	2 055	927
Market Value Adjustment Reserv e	1 972	2 107	354
Risk Equalisation Fund	40	102	-
pected return 1) Ex	3,9 %	4,3 %	3,6 %

1) Expected return is calculated based on current asset allocation using normal risk premiums for the next 12 months

Fig. 2: Asset allocation Guaranteed

Table 44 b: Key terms portfolio Sweden1)

NOK million	D B	P250	P300	P520	A P
Inv estment return (YTD)	0,1 %	1,4 %	0,0 %	-0,6 %	0,7 %
	3,50 %	0.50 % -	2.75 % -	4.50 % -	4.50 % -
Interest rate guarantee		2.50 %	4.00 %	5.20 %	5.20 %
Prospectiv e reserv e	42 471	13 340	14 360	11 348	4 610
Conditional Bonuses	2 430	2 498	458	4	368
Deferred Capital Contribution	137	11	721	3 311	69
pected return Assets 2) Ex	1,4 %	2,9 %	1,4 %	1,2 %	1,3 %
Duration liabilities	7,2	5,6	6,4	6,5	1,4
Discount rate	0,9 %	0,8 %	0,9 %	0,9 %	0,2 %
Consolidation ratio 3)	107 %

1) Portfolio names "P250", "P300" and "P520" indicates level of interest rate guarantees (basis points)

2) Calculated based on current asset allocation for a period of next 12 months using normal risk premiums, using forward rates

3) Consolidation largest subportfolio

Fig. 3: Asset allocation Guaranteed pension, Sweden

Table 45: Allocation Sweden1)

ASSET ALLOCATION	D B	IF/AP	DC/P250	DC/P300 DC/P520
Sw edish equity	1 %	-	5 %	1 %	0 %
International equity	5 %	0	21 %	3 %	0 %
Gov ernment bonds	24 %	15 %	18 %	28 %	41 %
Index linked bonds	10 %	-	0 %	0 %	-
Credit bonds	31 %	39 %	34 %	34 %	25 %
Sw edish mortgage	24 %	35 %	12 %	27 %	28 %
Alternativ e inv estments	6 %	11 %	9 %	6 %	6 %

1) Portfolio names "P250", "P300" and "P520" indicates level of interest rate guarantees (basis points)

Sensitivities Sweden - guaranteed portfolio financial result

Excluding potential indexation fee in the defined benefit portfolio and effect of the macro model used to discount liabilities. (See description below).

The sensitivities shown below are based on internal risk modelling. The sensitivities are a point in time estimate on the risk associated with market movements in the disclosed markets factors. Important assumptions behind the sensitivities are amongst others instantaneous change in the disclosed market factors and change in one market factor at a time.

The financial result may vary significantly from what the sensitivities indicate throughout a period based on amongst others: management action based on market movements throughout the period, several market factors moving simultaneously and indexes not giving a precise approximation of actual investment portfolio. For example the credit portfolio is constructed to be robust versus the liabilities and has a low correlation to ITRAXX. The Interest rate sensitivity is based on a parallel shift in the interest rate curve.

The insurance liabilities are valued using a macro extrapolation model for interest rates. In the current interest rate environment long dated interest rates are lower than the discount rate used in the macro model. This is estimated to give a negative result contribution of approximately NOK 50m pr. quarter at the current Swedish interest rate level. Note that the estimate is based on internal actuarial and market assumptions and that the actual result contribution from this element will vary.

Other

Other consists of the result from Storebrand ASA, corporate banking within Storebrand Bank, the life and pension company BenCo, as well as the return on financial assets held in the company portfolios in the life and pension business in Storebrand and SPP.

Results

Table 46a: Other 1)

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	17	31	35	45	59	129	233
Risk result life & pensions	-31	25	3	-4	2	-6	8
Operational cost	-50	-46	-43	-48	20	-188	-138
Financial result	153	-135	12	7	0	38	175
Result before profit sharing and loan losses	89	-124	8	0	81	-27	278
Net profit sharing and loan losses	-21	-8	-11	-8	-13	-48	-85
Result before amortisation	68	-133	-3	-8	68	-75	193

1) Excluding group eliminations (detailed in Table 46b). To get full segment results, please summarize tables 46a and 46b.

Table 46b: Eliminations

Table 46b: Eliminations
	2015				2014	Full y	ear
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	-78	-60	-55	-59	-80	-251	-289
Operational cost	78	60	55	59	80	251	289
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	-	-	-	-	-	-	-

Key figures

Table 47: Storebrand group Company portfolios - excl. bank and insurance

	2015				2014
NOK million	4Q	3Q	2Q	1Q	4Q
Storebrand ASA	2 259	2 303	2 308	2 258	1 666
Storebrand Liv sforsikring AS	12 378	12 384	13 163	12 533	11 268
SPP AB	8 530	8 228	8 578	9 418	7 460
Total	23 168	22 915	24 049	24 208	20 394

Table 47a: Company portfolio SPP

Asset class	2015	100 %
Share	4Q	90 %	25 %
Gov ernment Guaranteed	50 %	80 %
		70 %
Credit Bonds*	25 %	60 %	25 %
Money Market	25 %	50 %
Sum	100 %	40 %
*) AA average rating		30 %	50 %

Fig. 9: Company portfolio SPP

Money Market

Credit Bonds*

Government Guaranteed

Fig. 8: Company portfolio Storebrand

Table 47b: Company portfolio

*) AA average rating

Table 48: Storebrand group debt - excl. bank

	2015				2014
NOK million	4Q	3Q	2Q	1Q	4Q
Subordinated loan capital - STB Life (Group)	7 489	7 376	7 004	7 953	7 324
Bonds Storebrand ASA	3 261	3 149	3 138	3 132	3 128
Bank loan Storebrand ASA 1)	-	-	-	-	-
Total debt	10 750	10 525	10 142	11 085	10 451
1) Storebrand ASA have a M EUR 240 undrawed multicurrency revolving credit facility

Results per product

Table 49: Storebrand Bank ASA - Corporate Banking

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	-5	3	8	9	0	16	77
Operational cost	-6	-8	-8	-11	8	-33	-48
Financial result	-3	-23	-	-	-	-26	-
Result before profit sharing and loan losses	-14	-28	-0	-1	9	-43	29
Net profit sharing and loan losses	-18	-6	-10	-6	-10	-40	-76
Result before amortisation	-32	-34	-10	-8	-1	-84	-47
Lending Corporate Banking	2 372	2 703	3 083	3 458	3 968	4 532	6 761
Net interest margin Corporate Banking	1,04 %	1,06 %	1,18 %	0,80 %	1,12 %	0,97 %	0,94 %

Table 50: BenCo

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	22	28	27	36	59	113	156
Risk result life & pensions	-31	25	3	-4	2	-6	8
Operational cost	-15	-18	-16	-16	-7	-66	-60
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	-24	35	15	15	54	42	104
Net profit sharing and loan losses	-2	-2	-1	-2	-3	-7	-10
Result before amortisation	-26	33	14	14	51	34	94
Total reserv es	19 055	19 055	18 385	18 962	18 333	19 055	18 333

Table 51: Operational costs of Storebrand ASA and net financial results in company portfolios (Storebrand ASA, Storebrand Liv AS and SPP AB)

	2015		2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Fee and administration income	-	-	-	-	-	-	-
Operational cost	-29	-20	-19	-21	18	-89	-30
Financial result	156	-112	12	7	0	64	175
Result before profit sharing and loan losses	127	-131	-7	-14	18	-26	145
Net profit sharing and loan losses	-	-	-	-	-	-	-

Storebrand Group

Results

Table 52: Storebrand Group - IFRS-legal result by sub group

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Storebrand Liv sforsikring Group	-1 217	96	335	366	527	-420	2 379
Storebrand Asset Management Group	179	88	82	80	230	430	383
Storebrand Bank Group	25	2	39	45	98	111	229
Storebrand Forsikring AS	34	7	38	16	59	95	148
Storebrand Helseforsikring AS 1)	1	12	6	-5	14	14	25
Storebrand ASA/Other	-110	-30	-41	-52	-6	-233	-132
Result before amortisation and write-downs	-1 087	176	459	450	923	-2	3 032
Amortisation and w rite-dow ns of intangible assets	-120	-108	-103	-105	-105	-437	-431
Result before tax	-1 207	67	356	346	818	-438	2 601
Tax	2 008	-3	-97	-87	-115	1 821	-516
Sold/liquidated business	-0	-0	-0	-0	-0	-0	-1
Profit after tax	801	64	258	258	703	1 382	2 085

1) 50% of result according to owner's share (50%)

Balance sheet

Table 53: Storebrand Group - balance sheet

NOK million	Share in %		31.12.2015 31.12.2014	31.12.2013
Assets company portfolio
Intangible assets	1 %	6 767	5 710	5 988
Shares in associated companies	0 %	385	381	333
Loans	5 %	28 172	27 686	32 501
Bonds at amortised cost	1 %	3 454	2 883	3 400
Real estate assessed at fair v alue	0 %	335	4 456	3 581
Financial assets at fair v alue	6 %	32 167	29 538	25 755
Bank deposits	1 %	3 095	5 266	4 067
Other assets	5 %	26 016	18 926	15 096
Assets customer portfolio
Bonds at amortised cost	17 %	89 082	79 267	78 692
Loans	1 %	6 017	4 679	3 508
Real estate assessed at fair v alue	5 %	24 081	21 963	20 856
Financial assets at fair v alue	55 %	289 116	280 625	258 816
Bank deposits	1 %	4 164	3 405	3 619
Other assets	2 %	8 546	7 503	7 157
Total assets	100 %	521 396	492 287	463 367
Equity	5 %	26 946	24 741	22 775
Subordinated loan capital	1 %	7 766	7 826	7 409
Buffer capital 1)	4 %	19 016	22 213	22 447
Technical reserv es	77 %	400 211	369 963	348 204
Liabilities to financial institutions	0 %	416	19	1 028
Deposits from and liabilities to customers	3 %	17 825	19 358	20 728
Deriv ativ es	1 %	3 351	4 825	2 543
Other allocations and liablilities	9 %	45 865	43 342	38 233
Total liabilities and equity capital	100 %	521 396	492 287	463 367

1) Includes conditional bonuses BenCo

Storebrand Life Group (IFRS-Legal)

The solidity ratio of Storebrand Life Group is often referred to, as it is the largest entity within the Storebrand Group. Storebrand Life Group comprises the consolidated numbers of Storebrand Life Insurance and SPP.

The entities comprising Storebrand Life Group are as follows:

Results - Storebrand Life Group

Table 54: Results - Storebrand Life Group

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014	2013
Fee and administration income	815	828	829	811	873	3 283	3 336	3 252
Risk result life & pensions	-23	40	54	9	323	80	480	17
Insurance premiums f.o.a.	687	640	709	645	603	2 680	2 359	2 360
Claims f.o.a.	-610	-483	-513	-471	-481	-2 076	-1 693	-1 460
Operational cost	-729	-600	-638	-645	-289	-2 613	-2 156	-2 281
Financial result	252	-68	85	109	-21	378	392	183
Whereof interest ex penses	-75	-81	-108	-145	-57	-409	-460	-440
Result before profit sharing and loan
losses	392	357	527	458	1 007	1 733	2 717	2 069
Net profit sharing and loan losses	-247	-164	-41	63	-359	-389	54	368
Prov ision longev ity	-1 362	-96	-151	-154	-121	-1 764	-391	0
Result before amortisation	-1 217	96	335	366	527	-420	2 379	2 437
Amortisation	-102	-93	-94	-96	-93	-384	-380	-375
Result before tax	-1 318	3	241	270	434	-804	1 999	2 062
Tax	2 233	-73	-66	-12	-130	2 082	-359	-70
Result after tax	914	-69	174	259	304	1 278	1 640	1 992

Balance sheet – Storebrand Life Group

Table 55: Balance sheet - Storebrand Life Group

	Share of
NOK million	total	31.12.2015	31.12.2014 31.12.2013
Intangible assets	1 %	5 439	5 391	5 679
Inv estments company portfolio	6 %	27 513	28 335	23 895
Inv estments guaranteed portfolio	62 %	286 575	284 702	280 974
Inv estments non-guaranteed portfolio	28 %	130 279	107 805	87 162
Other assets	2 %	9 187	14 926	10 319
Total assets	100 %	458 994	441 160	408 029
Equity 1)	5 %	23 117	21 512	19 871
Minority interests' share in equity	0 %	576	421	402
Subordinated loan capital 2)	2 %	7 489	7 324	6 829
Buffer capital 3)	4 %	19 016	22 213	22 447
Customer fund	87 %	399 214	369 151	347 475
Other debts	2 %	9 582	20 538	11 005
Total equity and liabilities	100 %	458 994	441 160	408 029

1) Includes risk equalisation fund and profit for the period

2) Includes accrued interest

3) Includes conditional bonuses BenCo

Results - SPP

Table 56: Results - SPP Pension & Försäkring AB Group

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Total administration income	339	335	329	320	303	1 323	1 170
Total administration cost	- 325	- 224	-240	-255	-242	-1 045	- 948
Administration result	14	112	89	64	61	278	222
Premiums w ritten	96	94	91	99	99	380	416
Change in security reserv es	9	- 10	-7	12	-3	3	- 4
Claims paid	- 67	- 66	-62	-61	-61	- 257	- 239
Other	- 22	5	29	-18	364	- 6	353
Risk result	16	22	51	31	399	121	526
Profit sharing	39	2	-56	151	166	136	652
Change in DCC	- 295	- 168	44	-118	-490	- 536	- 594
Hedge result	- 1	- 3	-4	5	-5	- 4	3
Other	14	6	-24	28	-27	24	1
Financial result	- 243	- 162	-40	66	-356	- 380	62
Return on company portfolio	- 11	- 22	-26	22	12	- 38	124
Interest cost subordinated debt	- 4	- 4	-4	-4	-5	- 17	- 18
Other result	- 16	- 26	-30	17	7	- 55	105
Profit before amortisation	- 229	- 54	70	179	111	- 35	916
Amortisation of intangible assets	- 23	- 22	-21	-21	0	- 88	0
Write-dow ns intangible assets	0	0	0	0	0	0	0
Amortisation and write-downs	- 23	- 22	-21	-21	0	- 88	0
Pre-tax profit/loss	- 252	- 77	49	158	111	- 124	916

Balance sheet - SPP

Table 57: Balance sheet - SPP Pension & Försäkring AB Group

	Share of
	total
NOK million	Assets	31.12.2015 31.12.2014
Intangible assets	1 %	1 380	1 322
Longterm shares an interest from
group companies	0 %	424	388
Shares	3 %	6 163	9 256
Bonds	48 %	88 222	82 064
Assets - Unit link	41 %	74 223	63 476
Other financial assets	5 %	8 817	11 175
Other assets	2 %	2 934	737
Total assets	100 %	182 163	168 417
Equity	6 %	11 134	9 104
Minority interests' share in equity	0 %	107	77
Subordinated loan capital	1 %	732	667
Premium reserv e for ow n account	47 %	85 316	78 541
Insurance fund reserv es - defined
contribution and UL	44 %	80 680	72 623
Other liabilities	3 %	4 194	7 405

Storebrand Asset Management Group (IFRS-Legal)

Results

Table 58: Results - Storebrand Asset Management Group

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014	2013
Fee and administration income	295	192	188	185	245	859	670	646
Operational cost	- 118	-102	-100	-101	-17	-420	-282	-455
Financial result	2	-2	-5	-3	2	-9	-5	8
Result before amortisation	180	88	82	81	230	430	383	199
Amortisation	- 22	-4	-4	-4	-2	-35	-9	-8
Result before tax	157	84	78	76	228	396	375	191
Tax	- 51	-22	-20	-20	-62	-113	-102	-55
Result after tax	106	62	58	57	166	283	273	136

Balance sheet

Table 59: Balance sheet - Storebrand Asset Management Group

NOK million	Share in %	31.12.2015	31.12.2014	31.12.2013
Intangible assets	17 %	191	83	114
Inv estments portfolio	70 %	785	587	602
Other assets	13 %	148	104	153
Total assets	100 %	1 123	775	869
Equity	56 %	629	481	443
Other debts	44 %	494	294	426
Total equity and liabilities	100 %	1 123	775	869

Storebrand Helseforsikring AS (IFRS-Legal 100%)

Results

Table 60: Results - Storebrand Helseforsikring AS

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014	2013
Insurance premiums f.o.a.	150	138	137	128	129	553	487	674
Claims f.o.a.	-119	-85	-102	-116	- 93	- 423	- 358	- 480
Operational cost	-22	-20	-20	-22	- 5	- 84	- 68	- 119
Financial result	-6	2	3	0	6	- 1	11	25
Result before amortisation	3	35	17	-10	38	46	72	100
Amortisation	-2	-2	-2	-1	- 1	- 7	- 5	- 5
Result before tax	1	34	15	-11	36	39	66	95
Tax	1	-9	-4	1	-8	-10	-16	-34
Result after tax	3	25	11	-10	28	29	50	61

Balance sheet

Table 61: Balance sheet - Storebrand Helseforsikring AS

NOK million	Share in %	31.12.2015	31.12.2014	31.12.2013
Intangible assets	2 %	15	13	13
Inv estments portfolio	69 %	440	411	385
Other assets	29 %	182	174	135
Total assets	100 %	638	598	532
Equity	41 %	261	276	256
Insurance liabilities	49 %	313	262	221
Other debts	10 %	64	60	56
Total equity and liabilities	100 %	638	598	532

Storebrand Forsikring AS (IFRS-Legal)

Results

Table 62: Results - Storebrand Forsikring AS

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014	2013
Insurance premiums f.o.a.	248	255	238	222	199	962	756	674
Claims f.o.a.	- 181	-214	-170	-181	- 131	- 746	- 533	- 480
Operational cost	- 40	-34	-37	-32	- 16	- 143	- 108	- 119
Financial result	8	-1	7	7	8	21	33	25
Result before amortisation	34	7	38	16	59	95	148	100
Amortisation	- 1	-1	-2	-1	- 1	- 6	- 5	- 5
Result before tax	33	36	14	14	58	89	143	95
Tax	- 9	-1	-7	-4	- 16	- 21	- 38	- 34
Result after tax	23	30	11	11	42	69	105	61

Balance sheet

Table 63: Balance sheet - Storebrand Forsikring AS

NOK million	Share in %	31.12.2015	31.12.2014 31.12.2013
Intangible assets	4 %	64	80	110
Inv estments portfolio	68 %	1 158	997	838
Other assets	28 %	471	377	326
Total assets	100 %	1 694	1 454	1275
Equity	34 %	570	553	460
Insurance liabilities	59 %	998	812	729
Other debts	7 %	126	89	85
Total equity and liabilities	100 %	1 694	1 454	1275

Storebrand Bank Group (IFRS-Legal)

Storebrand Bank is regulated by the Norwegian FSA under the Basel II framework.

Results

Table 64: Results - Storebrand Bank Group

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014	2013
Net interest income	96	92	95	94	110	377	462	547
Net fee and commission income	10	8	9	14	11	41	57	70
Other operating income	0	-31	2	9	- 7	- 20	7	4
Total income	107	69	106	116	113	397	526	621
Operating cost	- 71	- 64	- 62	- 69	- 18	- 267	- 260	- 375
Profit before loan losses	36	5	44	47	96	131	266	246
Loan loss prov ision	- 21	-7	-10	-7	- 3	- 45	- 74	- 11
Pre-tax profit/loss	15	- 3	34	40	92	86	192	235

Balance sheet

Table 65: Balance sheet - Storebrand Bank Group

NOK million	Share in % 31.12.2015		31.12.2014 31.12.2013
Cash and deposits w ith central banks Loans to and deposits w ith credit	1 %	189	181	20
institutions	0 %	123	207	152
Financial assets designated at fair
v alue through P&L	9 %	3 087	3 992	3 486
Bonds at amortised cost	2 %	781	1 007	1 542
Net lending to customers	87 %	29 262	28 465	33 720
Deferred tax assets	0 %	33	26	13
Other assets	0 %	139	125	124
Total Assets	100 %	33 614	34 002	39 056
Liabilities to credit institutions	1 %	416	19	1 028
Deposits from and due to customers	53 %	17 825	19 358	20 728
Other financial liabilities	38 %	12 659	11 544	14 069
Prov ision for accrued ex penses and	0 %	33	43	76
Subordinated loan capital	1 %	277	512	590
Equity	7 %	2 404	2 527	2 565
Total Equity and Liabilities	100 %	33 614	34 002	39 056

Table 66: Storebrand Bank ASA (group) - Key Figures Banking

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014
Gross lendning	29	28	28	28	29	29	29
Customer deposit (bn)	18	19	19	19	20	18	19
Deposit/gross lending	61 %	65 %	67 %	67 %	68 %	61 %	68 %
Loss as % of gross loans	-0,3 %	-0,1 %	-0,1 %	-0,1 %	0,0 %	-0,2 %	-0,2 %
Loan losses	- 21	- 7	- 10	- 7	- 3	- 45	- 74
Non-performing loans w ith ev idence of impairment Non-performing loans w ithout	100	107	104	100	76	100	76
ev idence of impairment	87	80	98	94	76	87	76
Loss prov isions/defaulted loans	58 %	44 %	47 %	42 %	43 %	58 %	43 %
Operating ex penses Banking	61	59	57	64	22	241	224
Cost as % of total assets	0,7 %	0,7 %	0,8 %	0,8 %	0,3 %	0,8 %	0,7 %
Cost/income banking activ ities	67 %	93 %	59 %	60 %	21 %	67 %	57 %

Customer deposit (bn) Deposit/gross lending

Table 67: Results - Storebrand Boligkreditt AS

	2015				2014	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014	2013
Net interest income	35	37	43	54	58	169	242	256
Other operating income	1	0	-1	0	0	0	- 10	- 5
Total income	36	37	41	54	58	168	232	250
Operating cost	- 16	- 4	- 4	- 4	- 4	- 27	- 16	- 16
Profit before loan losses	20	33	38	50	55	141	216	234
Loan loss prov ision	- 1	0	-1	0	1	- 2	0	- 2
Pre-tax profit/loss	19	33	37	50	55	139	216	232

Table 68: Balance sheet - Storebrand Boligkreditt AS

NOK million	Share in % 31.12.2015		31.12.2014 31.12.2013
Cash and deposits w ith central banks	-	-	-	-
Loans to and deposits w ith credit
institutions	1 %	382	412	404
Financial assets designated at fair
v alue through P&L	1 %	173	230	248
Bonds at amortised cost	-	-	-	-
Net lending to customers	43 %	14 288	14 323	14 827
Deferred tax assets	-	-	-	-
Other assets	0 %	12	28	7
Total Assets	44 %	14 855	14 994	15 486
Liabilities to credit institutions	6 %	2 044	2 747	2 148
Deposits from and due to customers	-	-	-	-
Other financial liabilities	35 %	11 837	11 208	12 285
Prov ision for accrued ex penses and
liabilities	-	-	-	-
Deferred tax liabilities	0 %	0	2	4
Subordinated loan capital	-	-	-	-
Equity	3 %	975	1 037	1 048
Total Equity and Liabilities	44 %	14 855	14 994	15 486

Storebrand ASA (IFRS-Legal)

Results

Table 69: Storebrand ASA (holding)

	2015				2014		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2015	2014	2013
Group contributions and transfers	10	-	27	472	-	508	524	334
Interest income	16	13	13	11	13	52	55	45
Interest ex pense	-29	-24	-26	-30	-31	-109	-136	-136
Realised/unrealised gains/losses on securities	-7	-5	-5	-4	-1	-21	-2	-146
Other financial income/costs	-3	-3	-4	-6	-5	-15	-19	-19
Net financial items	-23	-20	-22	-29	-24	-93	-102	-256
Total operating ex penses	-31	-20	-22	-21	17	-93	-38	6
Pre-tax profit/loss	-44	-39	-17	422	-7	322	385	85

Balance sheet

Table 70: Balance sheet - Storebrand ASA (holding)

NOK million			Share in % 31.12.2015 31.12.2014 31.12.2013
Shares in subsidiary	85 %	17 038	17 261	17 209
Financial assets at market v alue	11 %	2 259	1 666	1 790
Other assets	3 %	633	688	685
Total assets	100 %	19 930	19 615	19 685
Equity	82 %	16 440	16 219	15 966
Bond loan and other loans	16 %	3 261	3 128	3 476
Other liabilities	1 %	229	269	243
Total liabilities and equity capital	100 %	19 930	19 615	19 685

Solidity

This section describes the financial position of Storebrand and its subsidiaries. Storebrand reports Solvency I ratios and capital adequacy. The most important solidity ratio to follow is the ratio for the Storebrand Life Group, which is the consolidated solvency ratio for the life and pension operations in SPP and Storebrand, including the subsidiary BenCo.

Table 71: Capital adequacy Storebrand Group

	Minimum	Net primary
	requirement	capital		Capital Ratio
NOK million	31.12.2015	31.12.2015	31.12.2015	31.12.2014
Storebrand ASA	17 887	16 558	92,6 %	90,8 %
Storebrand life insurance	146 006	22 081	15,1 %	13,4 %
Storebrand non-life insurance	709	342	48,2 %	51,1 %
Storebrand Bank	15 179	2 589	17,1 %	15,0 %
Storebrand Group	164 678	23 578	14,3 %	13,0 %

Table 72: Solidity capital Storebrand Life Group

NOK million	31.12.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Equity	22 390	19 302	16 467	15 385	15 031
Subordinated loan capital 1)	7 333	7 117	6 632	6 468	6 630
Risk equalisation fund	142	829	776	640	469
Market v alue adjustment reserv e	4 520	5 814	3 823	1 027	0
Additional statutory reserv es (ASR)	5 160	5 118	4 458	5 746	5 442
Conditional bonus (CB)	9 336	11 281	14 167	11 264	10 038
Ex cess v alue/deficit related to bonds at amortised cost	10 581	13 364	5 160	5 225	1 757
Accrued profit 2)	1 549	1 830	2 619	1 105	742
Total	61 011	64 655	54 102	46 860	40 109
Customer funds ex cl. ASR and CB	257 405	251 625	255 569	252 501	243 892
Solidity capital as % of customer funds	23,7 %	25,7 %	21,2 %	18,6 %	16,4 %

1) Exclusive accrued interest

2) Includes unallocated profit to insurance contracts

Table 73: Capital adequacy calculation Storebrand Life Group

NOK million	31.12.2015	31.12.2014
Equity (NGAAP)	23 693	21 934
Intangible assets	-6 114	-5 519
Eligible hy brid tier 1 capital securities	1 500	1 500
Other adjustments and deductions	-1 336	-3 184
Core capital (tier 1)	17 742	14 731
Eligible perpetual subordinated loan capital	2 100	2 100
Eligible dated subordinated loan capital	2 238	2 238
Other deductions	0	- 1
Supplementary capital (tier 2)	4 338	4 337
Net primary capital	22 081	19 068
Minimum capital requirement	11 680	11 310
Core capital ratio (tier 1)	12,2 %	10,4 %
Capital adequacy ratio	15,1 %	13,5 %

Table 74: Solvency calculation Storebrand Life Group

NOK million	31.12.2015	31.12.2014
Equity (NGAAP)	23 693	21 934
Intangible assets	-6 114	-5 519
Eligible hy brid tier 1 capital securities	1 500	1 500
Eligible subordinated loan capital	4 338	4 338
Additional statutory reserv e (ASR) (50%)	2 580	2 559
Other additional funds	142	483
Other adjustments and deductions	-1 145	-3 184
Eligible Solvency capital	24 994	22 111
Solv ency requirement	13 098	12 632
Solvency margin Storebrand Life Group	190,8 %	175,0 %

Table 75: Solvency margin- Storebrand Life Group

	Solvency	Solvency
	margin	margin	Solvency
NOK million	capital	requirement	margin
Storebrand Life Group	24 995	13 098	190,8 %
Storebrand Liv sforsikring AS	30 657	8 122	377,5 %
SPP Pension & Försäkring AB	8 767	4 441	197,4 %

Table 76: Capital adequacy position - Storebrand Life Group by sub group

NOK million Core Capital loan capital Storebrand Liv sforsikring Group 17 743 4 338	assets	ratio in %	in %
Storebrand Liv sforsikring AS 23 874 4 338	146 006 105 910	12,2 % 22,5 %	15,1 % 26,6 %

Fig. 13: Storebrand Bank ASA (group) - Development in capital adequacy

Financial calender 2016

17 February	Results 4Q 2015
13 April	Annual General Meeting
14 April	Ex dividend date
27 April	Results 1Q 2015
14 July	Results 2Q 2016
26 October	Results 3Q 2016
	February 2017 Results 4Q 2016

Investor Relations

contacts

Kjetil Ramberg Krøkje Head of IR kjetil.r.krokje@storebrand.no +47 9341 2155 Sigbjørn Birkeland Finance Director sigbjorn.birkeland@storebrand.no +47 9348 0893 Lars Løddesøl CFO lars.loddesol@storebrand.no +47 2231 5624

Storebrand ASA Professor Kohtsvei 9, P.O. Box 500, N-1327 Lysaker, Norway Telephone +47 22 31 50 50 www.storebrand.com/ir