Storebrand ASA — Investor Presentation 2014

Oct 29, 2014

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.

OVERVIEW3
REPORTING AND LEGAL STRUCTURE3
REPORTING STRUCTURE3
LEGAL STRUCTURE3
KEY FIGURES 4
SHAREHOLDER STRUCTURE5
ACCOUNTING PRINCIPLES 5
FINANCIAL RESULTS6
RESULT – STOREBRAND GROUP6
SAVINGS (NON-GUARANTEED)8
RESULTS 8
KEY FIGURES 8
RESULTS BY PRODUCT 9
SALES AND MARKETS10
RESERVES DEVELOPMENT 12
INSURANCE13
RESULTS 13
KEY FIGURES14
RESULTS BY PRODUCT 14
GUARANTEED PENSION16
RESULTS 16
KEY FIGURES 16
RESULTS BY PRODUCT 17
INVESTMENT RETURN 19
BALANCE SHEET 19
SALES AND MARKETS20
RESERVES AND BUFFERS21
SENSITIVITIES SPP GUARANTEED PORTFOLIO24
OTHER25
RESULTS 25
KEY FIGURES 25
RESULTS PER PRODUCT 26
STOREBRAND ASA 27
SOLIDITY28
STOREBRAND LIFE GROUP 30
BALANCE SHEET – STOREBRAND LIFE GROUP 30
STOREBRAND BANK 33

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

	2014			2013
NOK million	3Q	2Q	1Q	4Q	3Q	2Q	1Q
Storebrand Group
Earnings per ordinary share (after tax) 1)	3.06	2.22	1.13	4.41	3.52	1.99	0.80
Equity	23 618	23 528	23 080	22 775	22 520	21 547	20 939
ROE, annualised	8.9 %	11.2 %	11.4 %	10.5 %	16.9 %	11.9 %	9.6 %
Savings - non guaranteed
Premium income Unit Linked	2 483	2 347	2 463	2 273	2 296	2 768	2 318
Unit Linked reserves	93 976	92 899	87 105	85 452	79 341	73 542	70 458
AuM Asset Management	502 840	501 539	495 244	487 384	471 278	455 701	453 828
Retail lending	24 286	23 939	23 537	23 906	24 110	24 036	23 922
Insurance
Total portfolio premiums	3 657	3 588	3 552	3 569	3 509	3 448	3 366
Claims ratio	73 %	73 %	64 %	71 %	49 %	61 %	75 %
Cost ratio	16 %	17 %	16 %	10 %	16 %	19 %	17 %
Combined ratio	89 %	90 %	80 %	81 %	65 %	80 %	92 %
Guaranteed pension
Guaranteed reserves	257 425	263 370	259 799	264 125	262 468	259 048	261 502
Guaranteed reseves in % of total reserves	73.3 %	73.9 %	74.9 %	75.6 %	76.8 %	77.9 %	78.8 %
Transfer out of guaranteed reserves	5 506	104	7 192	967	710	998	7 279
Buffer capital in % of customer reserves Storebrand 2)	4.8 %	4.6 %	4.2 %	4.8 %	4.0 %	3.7 %	4.1 %
Buffer capital in % of customer reserves SPP 3)	15.0 %	15.1 %	14.6 %	15.1 %	14.5 %	13.5 %	13.1 %
Solidity
Capital adequacy (Storebrand Group)	13.3 %	14.1 %	14.4 %	13.4 %	13.4 %	13.1 %	12.8 %
Solidity capital (Storebrand Life Group) 4)	61 904	60 850	55 472	54 102	51 717	49 718	49 513
Capital adequacy (Storebrand Life Group)	14.1 %	14.1 %	14.8 %	13.6 %	13.9 %	13.7 %	13.5 %
Solvency margin (Storebrand Life Group)	182 %	178 %	182 %	176 %	178 %	174 %	165 %
Solvency margin (SPP Life Insurance AB)	209 %	211 %	230 %	254 %	285 %	262 %	250 %
Capital adequacy (Storebrand Bank)	17.9 %	15.7 %	15.0 %	13.6 %	13.1 %	12.9 %	11.9 %
Core Capital adequacy (Storebrand Bank)	16.2 %	14.8 %	14.1 %	12.8 %	12.4 %	12.2 %	11.2 %

1) Accumulated

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 2014 was NOK 2 249.5 million. There are 449 909 891 shares with a par value of NOK 5.

As of 30.06.2014 the shareholder structure as registered with the VPS (The Norwegian Central Securities Depository) was as follows:

Shareholder structure
Shareholder	Account ty	pe Total %
FOLKETRYGDFONDET	0	9.34 %
FRANKLIN TEMPLETON E LENDING ACCOUNT 2	0	4.31 %
ILMARINEN MUTUAL PEN BNY MELLON	0	3.07 %
CLEARSTREAM BANKING	Nominee	3.04 %
VARMA MUTUAL PENSION COMPANY	0	2.94 %
J.P. Morgan Chase Ba A/C US RESIDENT NON	Nominee	2.72 %
ELO MUTUAL PENSION I C/O HANDELSBANKEN CU	0	2.54 %
PRUDENTIAL ASSURANCE HSBC Bank Plc	0	2.45 %
Skandinav iska Enskil A/C CLIENTS ACCOUNT	NOM	2.40 %
SKAGEN GLOBAL	0	2.36 %
nex t 10 largest shareholders		13.55 %
Total - 20 largest shareholders		48.72 %

* Nom - nominee account

Rating

		Rating company
	Moody 's	S&P
Storebrand ASA	Baa3 (N)	BBB (N)
Storebrand Liv sforsikring AS	A3 (N)	A- (N)
Storebrand Bank ASA	Baa1 (N)	BBB+ (N)
Storebrand Boligkreditt AS	Aaa	na

P=positiv e outlook
S=stable outlook
N=negativ e outlook

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

Group result

	2014			2013			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	1 096	1 028	1 057	1 114	1 067	3 182	3 139	4 253
Risk result life & pensions	37	45	75	17	-35	157	-0	17
Insurance premiums f.o.a.	773	770	770	796	773	2 313	2 237	3 034
Claims f.o.a.	-564	-558	-492	-569	-375	-1 614	-1 371	-1 940
Operational cost	-768	-795	-785	-494	-798	-2 348	-2 444	-2 938
Financial result	85	150	121	10	93	356	87	97
Result before profit sharing and loan losses	660	640	747	875	725	2 047	1 647	2 522
Net profit sharing and loan losses	62	200	71	180	86	333	236	416
Provision longevity	-90	-90	-90	-	-	-270	-	-
Result before amortisation and write-downs	632	750	728	1 055	811	2 110	1 883	2 938
Amortisation and write-downs of intangible assets	-108	-108	-111	-417	-112	-326	-322	-739
Result before tax	524	642	617	638	699	1 783	1 561	2 199
Tax	-147	-146	-108	-236	-10	-401	28	-209
Sold/liquidated business	-0	-0	-0	-2	0	-1	-2	-4
Profit after tax	376	496	509	400	689	1 382	1 587	1 987

Group result by result area

Group result by result area	2014		2013			01.01 - 30.09	Full year
	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Sav ings - non-guaranteed	241	184	186	296	146	612	373	670
Insurance	135	154	226	182	315	516	592	774
Guaranteed pension	233	313	302	448	293	847	928	1 376
Other result	23	99	14	128	56	135	-10	119
Result before amortisation and write-downs	632	750	728	1 055	811	2 110	1 883	2 938

Earnings per share

	2014			2013			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Profit for the y ear (majority )	377	485	506	397	685	1 368	1 574	1 971
Earnings per share	0.84	1.08	1.13	0.89	1.53	3.06	3.52	4.41
Av erage number of shares (millions)	-	-	-	-	-	447.4	447.1	447.1
Earnings per share adjusted for amortisation
of intangible assets	1.08	1.33	1.38	1.82	1.78	3.79	4.24	6.06

Group result - legal

	2014			2013			01.01 - 30.09
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Storebrand Liv sforsikring Group	544	625	684	713	716	1 852	1 723	2 437
Storebrand Asset Management AS	54	56	43	146	22	153	53	199
Storebrand Bank Group	28	74	29	105	74	131	180	285
Storebrand Forsikring AS	37	38	13	28	38	88	72	100
Storebrand Helseforsikring AS	8	0	3	-0	9	11	16	15
Storebrand ASA/Other	-39	-43	-45	62	-48	-126	-161	-99
Result before amortisation and write-downs	632	750	728	1 055	811	2 110	1 883	2 938
Amortisation and w rite-dow ns of intangible assets	-108	-108	-111	-417	-112	-326	-322	-739
Result before tax	524	642	617	638	699	1 783	1 561	2 199
Tax	-147	-146	-108	-236	-10	-401	28	-209
Sold/liquidated business	-0	-0	-0	-2	0	-1	-2	-4
Profit after tax	376	496	509	400	689	1 382	1 587	1 987

Savings (non-guaranteed)

Storebrand's business is divided into Savings (non-guaranteed), Insurance and Guaranteed pension. 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

Savings - non-guaranteed

	2014			2013					01.01 - 30.09
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	554	522	509	489	490	1 585	1 399	1 888
Risk result life & pensions	7	-7	-2	3	0	-1	4	7
Operational cost	-314	-325	-321	-294	-328	-960	-985	-1 279
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	248	191	186	199	162	624	418	616
Net profit sharing and loan losses	-6	-6	-0	98	-16	-13	-44	54
Prov ision longev ity	-	-	-	-	-	-	-	-
Result before amortisation	241	184	186	296	146	612	373	670

By non-guaranteed product

	2014	2013			01.01 - 30.09
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Unit Linked Storebrand	68	32	31	30	27	130	77	106
Unit linked Sw eden	40	18	36	28	26	94	50	78
Asset Management	87	86	67	177	46	240	136	313
Retail Banking	46	48	53	62	47	147	111	173
Result before amortisation	241	184	186	296	146	612	373	670

Key figures

Savings - non-guaranteed

	2014			2013
NOK million	3Q	2Q	1Q	4Q	3Q
Unit Linked Reserv es	93 976	92 899	87 105	85 452	79 341
Unit Linked Premiums	2 483	2 347	2 463	2 273	2 296
AuM Asset Management	502 840	501 539	495 244	487 384	471 278
Retail Lending	24 286	23 939	23 537	23 906	24 110

Results by product

Unit Linked Storebrand

	2014			2013			01.01 - 30.09
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	118	94	90	82	84	301	236	319
Risk result life & pensions	8	-7	-3	1	0	-2	0	1
Operational cost	-57	-55	-57	-53	-57	-169	-160	-213
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	68	32	31	30	27	130	77	106
Net profit sharing and loan losses	-	-	-	-	-	-	-	-
Prov ision longev ity	-	-	-	-	-	-	-	-
Result before amortisation	68	32	31	30	27	130	77	106
Reserv es	38 575	37 803	35 279	34 103	31 868	38 575	31 868	34 103

Unit linked Sweden

	2014		2013 01.01 - 30.09					Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	141	136	135	135	123	412	336	471
Risk result life & pensions	-1	1	1	3	-0	1	4	7
Operational cost	-101	-118	-100	-109	-97	-319	-291	-400
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	40	18	36	28	26	94	50	78
Net profit sharing and loan losses	0	0	-0	0	-0	-0	-0	0
Prov ision longev ity	-	-	-	-	-	-	-	-
Result before amortisation	40	18	36	28	26	94	50	78
Reserv es	55 401	55 095	51 826	51 349	47 473	55 401	47 473	51 349

Asset Management

	2014			2013			01.01 - 30.09
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	197	193	184	183	176	574	530	713
Risk result life & pensions	-	-	-	-	-	-	-	-
Operational cost	-107	-104	-116	-88	-122	-327	-374	-462
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	90	89	68	95	54	248	157	252
Net profit sharing and loan losses	-3	-3	-1	82	-8	-8	-21	61
Prov ision longev ity	-	-	-	-	-	-	-	-
Result before amortisation	87	86	67	177	46	240	136	313
Reserv es	502 840	501 539	495 244	487 384	471 278	502 840	471 278	487 384

Retail Banking

	2014			2013		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	98	99	100	89	107	297	296	385
Risk result life & pensions	-	-	-	-	-	-	-	-
Operational cost	-49	-48	-48	-43	-52	-145	-161	-204
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	49	51	52	46	55	152	134	180
Net profit sharing and loan losses	-3	-3	1	16	-8	-5	-23	-7
Prov ision longev ity	-	-	-	-	-	-	-	-
Result before amortisation	46	48	53	62	47	147	111	173
Retail lending	24 286	23 939	23 537	23 906	24 110	24 286	24 110	23 906
Net interest margin	1.19 %	1.23 %	1.25 %	1.25 %	1.27 %	1.22 %	1.19 %	1.21 %
Net interest income banking	85	86	86	89	90	257	251	340

Sales and Markets

New sales (APE)

	2014		2013			01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Unit Linked Storebrand	63	76	103	37	101	242	239	276
- of w hich annual premiums	40	51	63	16	66	154	128	144
- of w hich single premiums	23	25	40	21	35	88	111	132
Unit Linked SPP	215	262	259	303	216	736	700	1 003
- of w hich annual premiums	176	211	212	247	181	598	533	780
- of w hich single premiums	39	51	46	56	36	137	167	224
Sav ings (non-guaranteed) APE	278	338	362	340	318	978	939	1 280
- of w hich annual premiums	215	262	275	263	247	752	661	924
- of w hich single premiums	62	76	86	77	71	225	278	356

Premiums (excluding transfers)

	2014		2013			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Unit Linked (occupational pension) Storebrand	1 287	1 238	1 276	1 159	1 147	3 801	3 322	4 480
Unit Linked (retail) Storebrand	110	142	94	156	143	346	687	843
Unit Linked SPP	1 087	967	1 092	959	1 006	3 146	3 373	4 332
Total	2 483	2 347	2 463	2 273	2 296	7 293	7 382	9 655

Transfer balance

	2014		2013			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Premium reserv es receiv ed
Unit Linked Storebrand	131	179	358	99	144	667	592	692
Unit Linked SPP	255	414	402	490	286	1 071	1 428	1 918
Total received	386	593	760	590	431	1 739	2 020	2 610
Premium reserv es transferred
Unit Linked Storebrand	-297	-186	-571	-185	-187	-1 054	-593	-778
Unit Linked SPP	-338	-379	-483	-279	-299	-1 199	-829	-1 108
Total transferred	-634	-565	-1 054	-464	-486	-2 253	-1 423	-1 886
Net transfers	-248	28	-294	126	-55	-514	597	723

Returns

Return defined contribution - standard	2014			2013		01.01 - 30.09		Full year
profiles Storebrand	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Ex tra low risk	0.8 %	1.4 %	1.1 %	0.8 %	0.6 %	3.3 %	1.5 %	2.3 %
Low risk	0.9 %	2.9 %	1.4 %	2.7 %	2.2 %	5.2 %	5.0 %	7.7 %
Balanced	1.0 %	4.8 %	1.7 %	5.9 %	4.7 %	7.5 %	10.8 %	16.7 %
High risk	0.7 %	6.4 %	1.7 %	8.7 %	6.7 %	8.8 %	15.3 %	24.0 %
Ex tra high risk	-0.1 %	7.4 %	1.4 %	10.2 %	7.8 %	8.7 %	17.3 %	27.5 %

Reserves development

Development customer funds 3Q

NOK million	Reserves Unit Linked Storebrand	Reserves Unit Linked SPP
Funds at 30.06.2014	37 803	55 095
Premium income	1 528	1 342
Asset return	208	1 253
Insurance claims	-620	-583
Other	-344	-1 706
Funds at 30.09.2014	38 575	55 401

Development customer funds 01.01 - 30.09

	Reserves	Reserves
	Unit	Unit
	Linked	Linked
NOK million	Storebrand	SPP
Funds at 31.12.2013	34 103	51 349
Premium income	4 815	4 217
Asset return	2 189	5 308
Insurance claims	-2 378	-1 944
Other	-154	-3 529
Funds at 30.09.2014	38 575	55 401

Insurance

Storebrand's business is divided into Savings (non-guaranteed), Insurance and Guaranteed pension. 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.

Beginning 1 January 2014, certain follow-ups including sickness insurance, one-year life assurance and survivor insurance at SPP have been transferred from the Guaranteed Pension segment to Insurance. The result for these products will beginning 1 January 2014 be reported under Insurance. In addition, new the accounting standards IFRS 10 and IFRS 11 have been implemented. Figures for previous periods have been reworked.

Results

Insurance

	2014			2013			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Insurance premiums f.o.a.	773	770	770	796	773	2 313	2 237	3 034
Claims f.o.a.	-564	-558	-492	-569	-375	-1 614	-1 371	-1 940
Operational cost	-122	-131	-125	-77	-126	-378	-386	-463
Financial result	48	74	74	31	44	195	112	143
Contribution from SB Helseforsikring AS	8	0	3	-0	9	11	16	15
Result before profit sharing and loan losses	135	154	226	182	315	516	592	774
Net profit sharing and loan losses	-	-	-	-	-	-	-	-
Result before amortisation	135	154	226	182	315	516	592	774
Claims ratio	73 %	73 %	64 %	71 %	49 %	70 %	61 %	64 %
Cost ratio	16 %	17 %	16 %	10 %	16 %	17 %	17 %	15 %
Combined ratio	89 %	90 %	80 %	81 %	65 %	86 %	79 %	79 %
By lines of business
	2014			2013			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
P&C & Indiv idual life*	89	76	69	108	71	234	206	314
Health & Group life**	40	25	48	61	50	112	165	225
Pension related disability insurance Nordic***	7	53	109	13	194	169	221	234

* Indiv idual life and disability , property and casualty insurance

*** DC disability risk result Norw ay and disability risk Sw eden ** Group life and w orkers comp. including contribution from health insurance (consolidated under Financial result)

Result before amortisation 135 154 226 182 315 516 592 774

Key Figures

Portfolio Premiums

	2014			2013		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
P&C & Indiv idual life	1 375	1 341	1 314	1 297	1 275	1 375	1 275	1 297
Health & Group life	1 228	1 206	1 212	1 227	1 221	1 228	1 221	1 227
Pension related disability insurance Nordic	1 054	1 041	1 027	1 046	1 012	1 054	1 012	1 046
Total written premiums	3 657	3 588	3 552	3 569	3 509	3 657	3 509	3 569
Reserv es	5 095	4 938	4 871	4 794	4 737	5 095	4 737	4 794

Results by product

P&C & Individual life

	2014			2013		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Insurance premiums f.o.a.	332	323	317	313	305	972	887	1 200
Claims f.o.a.	-198	-202	-205	-187	-186	-604	-529	-716
Operational cost	-61	-61	-61	-34	-61	-182	-189	-224
Financial result	16	16	18	16	13	49	38	54
Result before profit sharing and loan losses	89	76	69	108	71	234	206	314
Net profit sharing and loan losses	-	-	-	-	-	-	-	-
Result before amortisation	89	76	69	108	71	234	206	314
Claims ratio	60 %	62 %	65 %	60 %	61 %	62 %	60 %	60 %
Cost ratio	19 %	19 %	19 %	11 %	20 %	19 %	22 %	19 %
Combined ratio	78 %	82 %	84 %	71 %	81 %	81 %	81 %	79 %

Health & Group life

	2014			2013		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Insurance premiums f.o.a.	184	179	184	201	203	547	579	781
Claims f.o.a.	-155	-157	-154	-132	-157	-466	-414	-545
Operational cost	-18	-22	-20	-7	-20	-60	-61	-69
Financial result	28	25	38	-1	24	92	60	59
Contribution from SB Helseforsikring AS	8	0	3	-0	9	11	16	15
Result before profit sharing and loan losses	40	25	48	61	50	112	165	225
Net profit sharing and loan losses	-	-	-	-	-	-	-	-
Result before amortisation	40	25	48	61	50	112	165	225
Claims ratio	84 %	88 %	84 %	66 %	77 %	85 %	71 %	70 %
Cost ratio	10 %	12 %	11 %	4 %	10 %	11 %	11 %	9 %
Combined ratio	94 %	100 %	95 %	69 %	87 %	96 %	82 %	79 %

Pension related disability insurance Nordic

	2014			2013			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Insurance premiums f.o.a.	258	268	270	283	264	795	771	1 054
Claims f.o.a.	-210	-199	-133	-250	-32	-543	-428	-678
Operational cost	-44	-47	-45	-36	-45	-136	-135	-170
Financial result	3	32	18	16	6	54	13	29
Result before profit sharing and loan losses	7	53	109	13	194	169	221	234
Net profit sharing and loan losses	-	-	-	-	-	-	-	-
Result before amortisation	7	53	109	13	194	169	221	234
Claims ratio	82 %	75 %	50 %	88 %	12 %	68 %	56 %	64 %
Cost ratio	17 %	18 %	17 %	13 %	17 %	17 %	17 %	16 %
Combined ratio	99 %	92 %	66 %	101 %	29 %	85 %	73 %	81 %

Guaranteed pension

Storebrand's business is divided into Savings (non-guaranteed), Insurance and 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

Guaranteed pension

	2014			2013			01.01 - 30.09
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	471	439	474	535	491	1 384	1 478	2 013
Risk result life & pensions	26	48	78	16	-31	152	-9	7
Operational cost	-275	-281	-281	-199	-272	-837	-818	-1 016
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	222	206	272	352	188	699	651	1 003
Net profit sharing and loan losses	101	197	120	96	105	418	276	373
Provision longevity	-90	-90	-90	-	-	-270	-	-
Result before amortisation	233	313	302	448	293	847	928	1 376

By guaranteed product

	2014			2013		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Defined benefit (fee based)	148	135	149	303	208	431	665	968
Storebrand Paid-up policies	-66	-35	-20	13	47	-121	6	19
Storebrand Indiv idual life and pension	-	1	-1	21	0	-	-	21
SPP Guaranteed products	151	212	174	110	38	537	256	366
Result before amortisation	233	313	302	448	293	847	928	1 376

Key figures

Guaranteed pension

2014		2013			01.01 - 30.09			Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Guaranteed reserves	257 425	263 370	259 799	264 125	262 468	257 425	259 858	264 125
Guaranteed reserves in % of total reserves	73.3 %	73.9 %	74.9 %	75.6 %	76.8 %	73.3 %	80.4%	75.6 %
Transfer out of guaranteed reserves	5 506	104	7 192	967	710	12 802	8 987	9 955
Buffer capital in % of customer reserves Storebrand	4.8 %	4.6 %	4.2 %	4.8 %	4.0 %	4.8 %	4.0 %	4.8 %
Buffer capital in % of customer reserves SPP	15.0 %	15.1 %	14.6 %	15.1 %	14.5 %	15.0 %	14.5 %	15.1 %

Results by product

Defined benefit (fee based)

	2014			2013		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	270	244	268	324	286	782	868	1 192
Risk result life & pensions	13	31	20	31	21	64	101	132
Operational cost	-95	-100	-100	-38	-99	-295	-304	-342
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	188	175	189	316	208	551	665	982
Net profit sharing and loan losses	-	-	-	-13	-	-	-	-13
Prov ision longev ity	-40	-40	-40	-	-	-120	-	-
Result before amortisation	148	135	149	303	208	431	665	968
Reserv es	69 742	76 187	76 576	82 604	83 615	69 742	83 615	82 604
Fee, interest rate guarantee SBL	169	136	162	183	152	468	497	680

Storebrand Paid-up policies

	2014			2013		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	68	65	71	69	67	204	196	265
Risk result life & pensions	-13	17	43	2	45	47	2	4
Operational cost	-71	-75	-76	-41	-67	-222	-208	-249
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	-16	7	39	30	45	29	-10	20
Net profit sharing and loan losses	0	8	-8	-16	2	0	16	-0
Prov ision longev ity	-50	-50	-50	-	-	-150	-	-
Result before amortisation	-66	-35	-20	13	47	-121	6	19
Reserv es	90 555	87 996	84 809	80 348	77 711	90 555	77 711	80 348

Storebrand Individual life and pension

	2014			2013		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	-	-	-	-	-	-	-	-
Risk result life & pensions	-	-	-	-	-	-	-	-
Operational cost	-	-	-	-	-	-	-	-
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	-	-	-	-	-	-	-	-
Net profit sharing and loan losses	-	1	-1	21	0	-	-	21
Prov ision longev ity	-	-	-	-	-	-	-	-
Result before amortisation	-	1	-1	21	0	-	-	21
Reserv es	16 435	16 597	16 775	17 017	17 229	16 435	17 229	17 017

SPP Guaranteed products

	2014			2013		$01.01 - 30.09$		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	133	130	135	142	138	398	414	556
Risk result life & pensions	26	0	15	$-17$	$-97$	41	$-112$	$-129$
Operational cost	$-109$	$-107$	$-105$	$-120$	$-106$	$-321$	$-305$	$-425$
Financial result	$\overline{\phantom{a}}$				٠	$\overline{\phantom{a}}$
Result before profit sharing and loan losses	50	24	45	6	$-65$	119	$-4$	2
Net profit sharing and loan losses	101	188	129	105	103	418	260	365
Prov ision longey ity	$\overline{\phantom{a}}$
Result before amortisation	151	212	174	110	38	537	256	366
Reserves	80 693	82 590	81 639	84 157	83 913	80 693	80 892	84 157

Investment return

Value adjusted return guaranteed	2014			2013		01.01 - 30.09		Full year
products Storebrand	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Paid-up policies	1.5 %	1.8 %	1.3 %	1.4 %	1.1 %	4.6 %	2.7 %	4.0 %
Indiv idual	1.4 %	1.4 %	1.3 %	2.1 %	1.4 %	4.1 %	3.4 %	5.4 %
Group defined benefit	1.4 %	2.0 %	1.3 %	1.5 %	1.4 %	4.7 %	3.6 %	5.0 %
Group defined benefit - public (low )	1.1 %	1.6 %	1.1 %	1.6 %	0.9 %	3.9 %	2.6 %	4.2 %
Group defined benefit - priv ate (balanced)	1.4 %	2.0 %	1.4 %	1.4 %	1.5 %	4.8 %	3.9 %	5.3 %
Average return guaranteed products	1.4 %	1.8 %	1.3 %	1.5 %	1.2 %	4.6 %	3.1 %	4.6 %

Booked return guaranteed products	2014			2013		01.01 - 30.09		Full year
Storebrand	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Paid-up policies	1.3 %	1.2 %	2.0 %	-0.2 %	0.8 %	4.5 %	2.4 %	2.2 %
Indiv idual	1.1 %	1.3 %	1.3 %	1.4 %	1.1 %	3.7 %	3.5 %	4.9 %
Group defined benefit	1.6 %	1.5 %	2.0 %	0.6 %	0.7 %	5.1 %	2.9 %	3.4 %
Group defined benefit - public (low )	1.5 %	1.4 %	1.4 %	1.2 %	0.7 %	4.2 %	2.6 %	3.8 %
Group defined benefit - priv ate (balanced)	1.6 %	1.5 %	2.1 %	0.4 %	0.7 %	5.2 %	3.0 %	3.3 %
Average booked return guaranteed products1.4 %		1.3 %	1.9 %	0.3 %	0.8 %	4.6 %	2.7 %	3.0 %

Value adjusted return guaranteed products	2014			2013		01.01 - 30.09		Full year
SPP	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
DB	2.4 %	3.4 %	2.8 %	1.4 %	1.2 %	8.9 %	0.0 %	1.4 %
P250	2.6 %	4.3 %	2.8 %	2.7 %	2.1 %	10.0 %	3.7 %	6.5 %
P300	2.6 %	3.7 %	3.1 %	1.1 %	0.9 %	9.8 %	-0.7 %	0.4 %
P520	3.2 %	4.1 %	3.8 %	0.7 %	0.5 %	11.5 %	-2.5 %	-1.8 %
AP	0.9 %	1.5 %	1.0 %	1.0 %	0.7 %	3.5 %	1.7 %	2.7 %
Average return guaranteed products	2.3 %	3.4 %	2.7 %	1.4 %	1.1 %	8.7 %	0.5 %	1.9 %

Balance Sheet

Guaranteed pension

	2014			2013
NOK million	3Q	2Q	1Q	4Q	3Q
Defined Benefit (fee based) Storebrand	69 742	76 187	76 576	82 604	83 615
Paid-up policies (retail) Storebrand	90 555	87 996	84 809	80 348	77 711
Individual life and pension	16 435	16 597	16 775	17 017	17 229
SPP Guaranteed Products	80 693	82 590	81 639	84 157	83 913
Guaranteed Reserves	257 425	263 370	259 799	264 125	262 468

Sales and Markets

New sales (APE)

	2014			2013		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Guaranteed products Storebrand	9	8	18	64	68	36	411	475
- of w hich annual premiums	6	5	8	20	56	18	193	213
- of w hich single premiums	4	4	10	43	12	17	218	262
Guaranteed products SPP	29	45	60	62	51	133	174	236
- of w hich annual premiums	23	32	48	55	35	103	137	192
- of w hich single premiums	6	12	12	8	16	30	36	44
Guaranteed pension APE	38	53	78	126	119	169	585	711
- of w hich annual premiums	28	37	56	75	91	122	330	405
- of w hich single premiums	10	16	21	51	28	47	254	306

Premiums (excluding transfers)

	2014 2013				01.01 - 30.09
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Defined Benefit (fee based) Storebrand	1 066	1 575	3 513	1 205	1 559	6 154	6 983	8 189
Paid-up policies Storebrand	18	14	53	16	16	85	73	89
Individual life and pension	69	69	72	85	68	211	220	306
SPP guaranteed products	479	576	591	544	614	1 646	1 776	2 320
Total	1 632	2 234	4 229	1 851	2 257	8 095	9 053	10 903

Transfer balance

	2014			2013		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Premium reserv es receiv ed
Storebrand	49	28	19	398	124	96	2 026	2 424
SPP	5	4	6	4	9	15	30	34
Total received	54	32	25	401	132	111	2 057	2 458
Premium reserv es transferred
Storebrand	-5 242	290	-5 332	-304	-204	-10 284	-6 503	-6 806
SPP	-265	-394	-1 762	-512	-405	-2 421	-1 684	-2 196
Total transferred	-5 506	-104	-7 095	-816	-609	-12 705	-8 187	-9 003
Net transfers	-5 452	- 72	-7 070	- 415	- 477	-12 594	-6 130	-6 545

Reserves and buffers

Development customer funds 3Q

	Defined Benefit	Paid-up policies	Individu	SPP guaranteed
NOK million	1)	2)	al 2)	products 2)
Funds at 30.06.2014	72 264	84 916	15 652	71 752
Premium income	1 102	27	72	489
Asset return	969	1 256	233	2 045
Insurance claims	-6 042	-854	-417	-1 331
Other	-2 345	1 934	-92	-2 803
Funds at 30.09.2014	65 949	87 280	15 448	70 153

1) Fee based

2) Profit sharing

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

Development customer funds 01.01 - 30.09

NOK million	Defined Benefit 1)	Paid-up policies 2)	Individu al 2)	SPP guaranteed products 2)
Funds at 31.12.2013	78 255	77 441	16 066	73 147
Premium income	6 216	110	216	1 639
Asset return	3 519	3 790	685	7 082
Insurance claims	-12 625	-2 482	-1 339	-6 200
Other	-9 416	8 421	-179	-1 347
Funds at 30.09.2014	65 949	87 280	15 448	70 153

1) Fee based

2) Profit sharing

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

Buffer capital 1)

	2014			2013
NOK million	3Q	2Q	1Q	4Q	3Q
Market v alue adjustment reserv e	3 812	3 701	2 793	3 823	1 761
Ex cess v alue of bonds at amortised cost	10 117	8 866	6 698	5 160	4 686
Additional statutory reserv e	4 298	4 310	4 443	4 458	5 133
Prov isions for new mortality tables 2)	4 138	4 196	4 096	4 558	4 305
Unallocated results	3 552	2 687	1 762	-	636
Prov isions for new mortality tables,
shareholders direct contribution	270	180	90	-	-
Conditional bonuses SPP	10 540	10 838	10 417	11 010	10 611
Total	36 727	34 778	30 299	29 008	27 132

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

2) Based on solidarity principles, will be restated during the year

Key figures guaranteed portfolios

Key terms sub portfolio Storebrand

NOK million	DB	Paid-up	Individual
Booked return YTD	5.1 %	4.5 %	3.7 %
Interest rate guarantee p.a.	2.9 %	3.4 %	3.7 %
Funds	65 949	87 280	15 448
Additional Statutory Reserve	2 016	1 502	780
Market Value Adjustment Reserve	1 777	1 773	207
Risk Equalisation Fund	761	125	-
Expected return 1)	4.2 %	4.4 %	4.1 %
1) Expected return is calculated based on current asset allocation using normal risk premiums

Asset allocation Guaranteed pension SPP

Key terms portfolio SPP

NOK million	DB	P250	P300	P520	AP
Investment return (YTD)	8.9 %	10.0 %	9.8 %	11.5 %	3.5 %
Interest rate guarantee	3.50 %	0.50 % - 2.50 %	2.75 % - 4.00 %	4.50 % - 5.20 %	4.50 % - 5.20 %
Prospective reserve	37 834	11 171	13 165	10 615	4 347
Conditional Bonuses	5 623	2 695	890	46	350
Deferred Capital Contribution	42	7	462	2 168	40
Expected return 1)	1.9 %	2.8 %	1.8 %	1.5 %	1.6 %
Duration liabilities	5.9	4.8	5.4	5.6	1.5
Discount rate	1.4 %	1.4 %	1.4 %	1.4 %	0.8 %
Consolidation ratio 2)	113 %

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

using forward rates

2) Consolidation largest subportfolio

Sensitivities SPP guaranteed portfolio

The sensitivities shown below are based on internal risk modeling. 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.

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

	2014	2013			01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	71	67	74	90	86	212	262	353
Risk result life & pensions	4	3	-1	-2	-4	6	5	3
Operational cost	-56	-58	-58	75	-71	-172	-256	-180
Financial result	38	76	47	-21	49	161	-25	-46
Result before profit sharing and loan losses	56	89	62	143	60	207	-13	129
Net profit sharing and loan losses	-33	9	-48	-14	-3	-72	4	-11
Result before amortisation	23	99	14	128	56	135	-10	119

Key figures

Company portfolios

	2014			2013
NOK million	3Q	2Q	1Q	4Q	3Q
Storebrand ASA	2 057	2 159	2 160	1 790	1 337
Storebrand Livsforsikring AS	11 955	11 663	13 264	10 006	9 774
SPP	6 776	7 020	7 783	8 534	6 807
Total invested assets	20 788	20 842	23 207	20 331	17 918

Debt

	2014			2013
NOK million	3Q	2Q	1Q	4Q	3Q
Subordinated loan capital	6 852	6 884	7 849	6 829	6 620
Bonds Storebrand ASA	3 445	3 476	3 492	3 476	3 008
Bank loan Storebrand ASA	-	-	-	-	-
Total debt	10 297	10 359	11 341	10 305	9 628

* Storebrand ASA hav e a MEUR 240 undraw ed mulicurrency rev olv ing credit facility Subordinated loan capital is held by Storebrand Liv sforsikring AS

Company portfolios held in Insurance and Bank, are reported under Insurance and Bank

Results per product

Corporate Banking

	2014			2013		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	33	38	44	60	58	115	177	237
Operational cost	-20	-23	-22	-4	-28	-65	-117	-120
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	13	15	22	56	30	50	60	116
Net profit sharing and loan losses	-31	11	-46	-13	-2	-66	9	-4
Result before amortisation	-18	26	-23	44	27	-15	69	113
Lending Corporate Banking	4 636	6 925	7 585	9 810	10 675	4 636	10 675	9 810
Net interest margin Corporate Banking	1.70 %	1.59 %	1.50 %	1.58 %	1.61 %	1.57 %	1.53 %	1.55 %

BenCo

2014	2013				Full year
3Q	2Q	1Q	4Q	3Q	2014	2013	2013
37	30	30	30	28	97	86	116
4	3	-1	-2	-4	6	5	3
-19	-17	-17	-17	-17	-53	-49	-66
-	-	-	-	-	-	-	-
22	16	11	11	7	50	41	52
-2	-1	-3	-2	-1	-6	-5	-7
20	15	9	10	6	43	36	46
16 813	16 280	15 967	16 671	17 148	16 813	17 148	16 671
							01.01 - 30.09

Holding company costs and net financial results in company portfolios

	2014			2013		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Fee and administration income	-	-	-	-	-	-	-	-
Operational cost	-17	-18	-19	96	-26	-54	-90	6
Financial result	38	76	47	-21	49	161	-25	-46
Result before profit sharing and loan losses	21	58	28	75	23	107	-114	-39
Net profit sharing and loan losses	-	-	-	-	-	-	-	-
Result before amortisation	21	58	28	75	23	107	-114	-39

Storebrand ASA

Result Storebrand ASA

	2014			2013			01.01 - 30.09
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Group contributions and transfers	-	-	524	-	100	524	334	334
Interest income	13	17	13	12	10	42	33	45
Interest ex pense	-32	-37	-36	-36	-32	-106	-100	-136
Realised/unrealised gains/losses on securities	-1	-2	2	-145	-1	-1	-1	-146
Other financial income/costs	-4	-4	-6	-4	-4	-14	-15	-19
Net financial items	-24	-27	-28	-173	-27	-78	-83	-256
Total operating ex penses	-17	-18	-19	96	-26	-54	-90	6
Pre-tax profit/loss	-41	-44	478	-77	47	392	162	85

Balance sheet Storebrand ASA

		30.09.2014	31.12.2013
NOK million	Amount	Share in %	Amount	Share in %
Shares in subsidiary	17 261	87 %	17 209	87 %
Financial assets at market v alue	2 057	10 %	1 790	9 %
Other assets	635	3 %	685	3 %
Total assets	19 952	100 %	19 685	100 %
Equity	16 291	82 %	15 966	81 %
Bond loan and other loans	3 445	17 %	3 476	18 %
Other liabilities	217	1 %	243	1 %
Total liabilities and equity capital	19 952	100 %	19 685	100 %

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.

Balance sheet - Storebrand Group

		30.09.2014	31.12.2013
NOK million	Amount	Share in %	Amount	Share in %
Assets company portfolio
Intangible assets	5 429	1 %	5 988	1 %
Shares in associated companies	365	0 %	333	0 %
Loans	29 073	6 %	33 790	7 %
Bonds at amortised cost	3 186	1 %	3 400	1 %
Real estate assessed at fair v alue	8 269	2 %	3 581	1 %
Financial assets at fair v alue	26 780	6 %	24 466	5 %
Bank deposits	3 602	1 %	4 067	1 %
Other assets	18 546	4 %	15 096	3 %
Assets customer portfolio
Bonds at amortised cost	79 391	17 %	78 692	17 %
Loans	5 729	1 %	3 508	1 %
Real estate assessed at fair v alue	17 312	4 %	20 856	5 %
Financial assets at fair v alue	259 138	56 %	258 816	56 %
Bank deposits	4 487	1 %	3 619	1 %
Other assets	5 348	1 %	7 157	2 %
Total assets	466 654	100 %	463 367	100 %
Equity	23 618	5 %	22 775	5 %
Subordinated loan capital	7 607	2 %	7 409	2 %
Buffer capital 1)	20 697	4 %	22 447	5 %
Technical reserv es	351 645	75 %	348 204	75 %
Liabilities to financial institutions	10	0 %	1 028	0 %
Deposits from and liabilities to customers	19 814	4 %	20 728	4 %
Deriv ativ es	1 922	0 %	2 543	1 %
Other allocations and liablilities	41 342	9 %	38 233	8 %
Total liabilities and equity capital	466 654	100 %	463 367	100 %

1) Includes conditional bonuses BenCo

Capital adequacy

	Minimum	Net primary
	requirement	capital		Capital Ratio
NOK million	30.09.2014	30.09.2014	30.09.2014	31.12.2013
Storebrand ASA	1 428	15 839	88.7 %	87.4 %
Storebrand life insurance	10 753	18 997	14.1 %	13.6 %
Storebrand non-life insurance	44	232	42.5 %	51.2 %
Storebrand Bank	1 468	2 875	15.7 %	13.6 %
Storebrand Group	12 265	21 555	14.1 %	13.4 %

Storebrand Life Group

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:

Balance sheet – Storebrand Life Group

		Share of		Share of
		total assets		total assets
NOK million	30.09.2014		31.12.2013
Intangible assets	5 113	1 %	5 516	1 %
Inv estments company portfolio	30 002	7 %	18 980	5 %
Inv estments guaranteed portfolio	273 407	66 %	275 225	73 %
Inv estments non-guaranteed portfolio	95 281	23 %	67 047	18 %
Other assets	11 296	3 %	8 387	2 %
Total assets	415 100	100 %	375 155	100 %
Equity 1)	20 562	5 %	17 114	5 %
Minority interests' share in equity	403	0 %	148	0 %
Subordinated loan capital 2)	6 852	2 %	6 643	2 %
Buffer capital 3)	20 697	5 %	18 037	5 %
Customer fund	350 864	85 %	323 363	86 %
Other debts	15 722	4 %	9 850	3 %
Total equity and liabilities	415 100	100 %	375 155	100 %

Statement of financial positions Storebrand Life Group

1) Includes risk equalisation fund and profit for the period

2) Includes accrued interest

3) Includes conditional bonuses BenCo

Solidity capital

NOK million	30.09.2014	2013	2012	2011	2010
Equity	18 806	16 467	15 385	15 031	15 069
Subordinated loan capital 1)	6 731	6 632	6 468	6 630	6 642
Risk equalisation fund	887	776	640	469	287
Market v alue adjustment reserv e	3 812	3 823	1 027	0	1 971
Additional statutory reserv es (ASR)	4 298	4 458	5 746	5 442	5 439
Conditional bonus (CB)	12 588	14 167	11 264	10 038	11 503
Ex cess v alue/deficit related to bonds at amortised cost	10 117	5 160	5 225	1 757	732
Accrued profit 2)	4 665	2 619	1 105	742	1 067
Total	61 904	54 102	46 860	40 109	42 710
Customer fund ex cl. ASR and CB	249 369	255 569	252 501	243 892	235 379
Solidity capital as % of customer funds	24.8 %	21.2 %	18.6 %	16.4 %	18.1 %
1) Ex clusiv e accrued interest

2) Includes unallocated profit to insurance contracts

Solvency margin

	Solvency	Solvency
	margin	margin	Solvency
NOK million	capital	requirement	margin
Storebrand Life Group	21 941	12 064	181.9 %
Storebrand Liv sforsikring AS	27 436	7 757	353.7 %
SPP Liv försäkring AB	6 859	3 275	209.4 %
SPP Liv Fondförsäkring AB	1 250	554	225.7 %

Solvency calculation Storebrand Life Group

NOK million	30.09.2014	31.12.2013
Equity (NGAAP)	20 964	20 011
Intangible assets	-5 241	-5 807
Eligible hy brid tier 1 capital securities	1 500	1 500
Eligible subordinated loan capital	4 962	4 938
Additional statutory reserv e (ASR) (50%)	2 149	2 229
Other additional funds	516	455
Other adjustments and deductions	-2 909	-2 272
Eligible Solvency capital	21 941	21 054
Solv ency requirement	12 064	11 974
Solvency margin Storebrand Life Group	181.9 %	175.8 %

Capital adequacy position Storebrand Life Group by sub

group

		Eligible	Risk
		subordinated	weighted	Core capital	Capital ratio
NOK million	Core Capital	loan capital	assets	ratio in %	in %
Storebrand Liv sforsikring Group	14 315	4 883	135 734	10.5 %	14.1 %
Storebrand Liv sforsikring AS	20 894	4 337	105 861	19.7 %	23.8 %

Capital adequacy calculation Storebrand Life Group

NOK million	30.09.2014	31.12.2013
Equity (NGAAP)	20 964	20 011
Intangible assets	-5 241	-5 807
Eligible hy brid tier 1 capital securities	1 500	1 500
Other adjustments and deductions	-2 908	-2 175
Core capital (tier 1)	14 315	13 530
Eligible dated subordinated loan capital	2 646	2 700
Eligible hy brid tier 2 capital securities	-	-
Eligible dated subordinated loan capital	2 238	2 238
Other deductions	- 1	- 97
Supplementary capital (tier 2)	4 883	4 841
Net primary capital	19 198	18 370
Minimum capital requirement	10 859	10 770
Core capital ratio (tier 1)	10.5 %	10.0 %
Capital adequacy ratio	14.1 %	13.6 %

Exchange rates SEK/NOK

	2014
	3Q	2Q	1Q	4Q	3Q
Result	0.9160	0.9041	0.9350	0.9384	0.9189
Balance	0.8910	0.9179	0.9234	0.9446	0.9364

Storebrand Bank

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

	Balance sheet

NOK million	30.09.2014		31.12.2013
Cash and deposits w ith central banks	460	1 %	20	0 %
Loans to and deposits w ith credit institutions	280	1 %	152	0 %
Financial assets designated at fair v alue through P&L	4 043	12 %	3 486	9 %
Bonds at amortised cost	1 307	4 %	1 542	4 %
Net lending to customers	28 791	82 %	33 634	86 %
Deferred tax assets	24	0 %	13	0 %
Other assets	149	0 %	209	1 %
Total Assets	35 054	100 %	39 056	100 %
Liabilities to credit institutions	10	0 %	1 028	3 %
Deposits from and due to customers	19 814	57 %	20 728	53 %
Other financial liabilities	11 908	34 %	14 069	36 %
Prov ision for accrued ex penses and liabilities	71	0 %	76	0 %
Subordinated loan capital	765	2 %	590	2 %
Equity	2 487	7 %	2 565	7 %
Total Equity and Liabilities	35 054	100 %	39 056	100 %

Key figures Banking - quarterly numbers

	2014			2013		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2014	2013	2013
Customer deposit (bn)	20	21	21	21	21	20	21	21
Deposit/gross lending	68 %	67 %	66 %	61 %	60 %	68 %	60 %	61 %
Loss as % of gross loans	-0.4 %	0.1 %	-0.5 %	-0.1 %	-0.1 %	-0.3 %	0.0 %	0.0 %
Loan losses	- 34	7	- 45	- 12	- 10	- 71	0	- 11
Non-performing loans with evidence of impairment	263	264	283	356	441	263	441	356
Non-performing loans without evidence of impairment	86	117	105	111	121	86	121	111
Loss provisions/defaulted loans	58 %	46 %	47 %	23 %	23 %	58 %	23 %	23 %
Operating expenses Banking	67	67	67	42	78	202	270	311
Operating expenses other	2	4	3	4	3	9	9	14
Cost as % of total assets	0.8 %	0.8 %	0.7 %	0.5 %	0.8 %	0.8 %	1.1 %	0.8 %
Cost as % of total assets Banking	0.7 %	0.7 %	0.7 %	0.4 %	0.8 %	0.7 %	0.9 %	0.8 %
Cost/income banking activities	55 %	53 %	53 %	32 %	54 %	54 %	67 %	57 %

Development in operating expenses

Cost as % of total assets

Financial calender 2014

12	February	Results 4Q 2013 Embedded Value 2013
9	April	Annual General Meeting
10	April	Ex dividend date

7 May	Results 1Q 2014
16 July	Results 2Q 2014
29 October	Results 3Q 2014
February 2015	Results 4Q 2014

Investor Relations contacts

TROND FINN ERIKSEN Head of IR trond.finn.eriksen@storebrand.no +47 9916 4135 SIGBJØRN BIRKELAND Finance Director sigbjorn.birkeland@storebrand.no +47 9348 0893 LARS LØDDESØL CFO lars.loddesol@storebrand.no +47 2231 5624 KJETIL RAMBERG KRØKJE IR Officer kjetil.r.krokje@storebrand.no +47 9341 2155

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