Storebrand ASA — Investor Presentation 2014

Feb 12, 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
FINANCIAL RESULTS6
STOREBRAND GROUP6
SAVINGS (NON-GUARANTEED)7
RESULTS 7
KEY FIGURES 7
RESULTS BY PRODUCT 8
SALES AND MARKETS9
RESERVES DEVELOPMENT 10
INSURANCE11
RESULTS 11
KEY FIGURES11
RESULTS BY PRODUCT 12
GUARANTEED PENSION13
RESULTS 13
KEY FIGURES 13
RESULTS BY PRODUCT 14
RETURNS15
BALANCE SHEET 15
SALES AND MARKETS16
RESERVES AND BUFFERS17
KEY FIGURES GUARANTEED PORTFOLIOS18
OTHER21
KEY FIGURES 21
RESULTS 22
SOLIDITY23
STOREBRAND LIFE GROUP 24
STOREBRAND BANK 27
OLD REPORTING SEGMENTS28
STOREBRAND GROUP28
STOREBRAND ASA 29
STOREBRAND LIFE INSURANCE 30
SPP31
ASSET MANAGEMENT33
BANKING34
INSURANCE36

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 (non-guaranteed), 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

	2013				2012
NOK million	4Q	3Q	2Q	1Q	4Q	3Q	2Q
Storebrand Group
Earnings per ordinary share (after tax ) 1)	4,41	3,52	1,99	0,80	2,25	2,10	1,47
Equity	22 514	22 274	21 301	20 696	19 936	19 706	19 335
ROE, annualised	10,5 %	17,0 %	11,9 %	9,6 %	3,7 %	8,6 %	5,1 %
Savings - non guaranteed
Premium income Unit Linked	2 273	2 296	2 768	2 318	2 480	837	1 284
Unit Linked reserv es	85 452	79 341	73 542	70 458	63 387	35 724	33 951
AuM Asset Management	487 384	471 278	455 701	453 828	442 162	438 878	423 872
Retail lending	23 906	24 110	24 036	23 922	23 734	23 256	22 910
Insurance
Total w ritten premiums	3 199	3 140	3 080	2 995	2 933	2 851	2 732
Claims ratio	76 %	71 %	67 %	78 %	81 %	66 %	68 %
Cost ratio	8 %	16 %	18 %	17 %	18 %	22 %	18 %
Combined ratio	85 %	87 %	86 %	94 %	99 %	88 %	86 %
Guaranteed pension
Guaranteed reserv es	263 776	262 126	258 654	261 502	259 858	259 671	254 063
Guaranteed resev es in % of total reserv es	75,5 %	76,8 %	77,9 %	78,8 %	80,4 %	87,9 %	88,2 %
Transfer out of guaranteed reserv es	967	710	998	7 279	1 360	654	1 640
Buffer capital in % of customer reserv es Storebrand 2)	4,8 %	4,0 %	3,7 %	4,1 %	4,0 %	4,6 %	3,9 %
Buffer capital in % of customer reserv es SPP 3)	15,1 %	14,5 %	13,5 %	13,1 %	11,9 %	11,7 %	11,1 %
Solidity
Capital adequacy (Storebrand Group)	13,4 %	13,4 %	13,1 %	12,8 %	11,7 %	11,5 %	11,9 %
Solidity capital (Storebrand Life Group) 4)	54 102	51 717	49 718	49 513	46 860	48 938	43 210
Capital adequacy (Storebrand Life Group)	13,6 %	13,9 %	13,7 %	13,5 %	12,2 %	11,9 %	11,7 %
Solv ency margin (Storebrand Life Group)	176 %	178 %	174 %	165 %	162 %	153 %	152 %
Solv ency margin (SPP Life Insurance AB)	254 %	285 %	262 %	250 %	222 %	216 %	225 %
Capital adequacy (Storebrand Bank)	13,6 %	13,1 %	12,9 %	11,9 %	11,8 %	12,0 %	12,7 %
Core Capital adequacy (Storebrand Bank)	12,8 %	12,4 %	12,2 %	11,2 %	11,2 %	10,7 %	11,3 %
1) Accumulated 2) Additional statutory reserves + market v alue adjustment reserve

3) Conditional bonuses

4) The term solidity capital encompasses equity, subordinated loan capital, the risk equalisation fund, the market v alue 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 2013 was NOK 2 249.5 million. There are 449 909 891 shares with a par value of NOK 5.

As of 31.12.2013 the shareholder structure as registered with the VPS (The Norwegian Central Securities Depository) was as follows:

Shareholder structure
Shareholder	Account ty pe	Total %
GJENSIDIGE FORSIKRING		20,11 %
FOLKETRYGDFONDET		6,10 %
FRANKLIN TEMPLETON		3,95 %
VARMA MUTUAL PENSION		2,78 %
CLEARSTREAM BANKING	Nominee	2,76 %
SKANDINAVISKA ENSKILDA	Nominee	2,58 %
LOCAL TAPIOLA MUTUAL		2,22 %
J.P. MORGAN CHASE BA	Nominee	1,99 %
THE NORTHERN TRUST C	Nominee	1,78 %
MSF-MUTUAL EUROPEAN		1,70 %
nex t 10 largest shareholders		12,86 %
Total - 20 largest shareholders		58,83 %
* Nom - nominee account

Credit rating

Rating
	Rating company
	Moody 's
Storebrand ASA	Baa3 (N)	BBB (N)	P=positiv e outlook
Storebrand Liv sforsikring AS	A3 (N)	A- (N)	S=stable outlook
Storebrand Bank ASA	Baa1 (N)	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

Storebrand Group

Result – Storebrand Group

Group result by result area

	2013				2012	Full year Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Sav ings - non-guaranteed	296	146	138	90	145	670	288
Insurance	150	136	132	74	88	492	417
Guaranteed pension	481	474	306	403	287	1 665	1 193
Other result	126	53	-58	-14	-32	108	62
Result before amortisation and write-downs	1 054	810	518	552	489	2 935	1 960

Group result 2013 2013 2013 2013 2012 4Q 4Q 4Q

	2013				2012	Full year	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	1 141	1 093	1 077	1 045	974	4 355	3 907
Risk result life & pensions	50	143	42	63	95	298	335
Insurance premiums f.o.a.	754	731	665	717	671	2 868	2 510
Claims f.o.a.	-577	-517	-448	-556	-544	-2 098	-1 774
Operational cost	-503	-809	-843	-828	-939	-2 983	-3 647
Financial result	10	83	-30	16	53	79	177
Result before profit sharing and loan losses	874	724	463	457	309	2 519	1 508
Net profit sharing and loan losses	180	86	55	95	180	416	451
Result before amortisation and write-downs	1 054	810	518	552	489	2 935	1 960
Amortisation and w rite-dow ns of intangible assets	-417	-113	-106	-105	-101	-741	-401
Result before tax	637	697	412	447	388	2 194	1 558
Tax	-237	-13	124	-89	-320	-214	-550
Sold/liquidated business	-2	0	-2	-1	1	-4	3
Profit after tax	398	685	535	357	69	1 976	1 012

Earnings per share

	2013				2012	Full year Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Profit for the y ear (majority )	397	685	533	357	68	1 971	1 006
Earnings per share	0,89	1,53	1,19	0,80	0,15	4,41	2,25
Av erage number of shares (millions)	-	-	-	-	-	447,1	446,7
Earnings per share adjusted for
amortisation of intangible assets	1,82	1,78	1,43	1,03	0,38	6,06	3,15

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 2013 2013 2013 2013 2012 4Q 4Q 4Q

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	489	490	461	448	424	1 888	1 638
Risk result life & pensions	3	0	4	0	2	7	3
Operational cost	-294	-328	-322	-335	-361	-1 279	-1 417
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	199	162	143	113	65	616	224
Net profit sharing and loan losses	98	-16	-5	-24	80	54	63
Result before amortisation	296	146	138	90	145	670	288

By non-guaranteed product

	2013				2012	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Unit Linked Storebrand	30	27	33	17	2	106	17
Unit Linked SPP	28	26	9	15	10	78	41
Asset Management	177	46	44	46	99	313	144
Retail Banking	62	47	52	12	34	173	85
Result before amortisation	296	146	138	90	145	670	288

Key figures

Savings - non-guaranteed

	2013				2012
NOK million	4Q	3Q	2Q	1Q	4Q
Unit Linked Reserv es	85 452	79 341	73 542	70 458	63 387
Unit Linked Premiums	2 273	2 296	2 768	2 318	2 480
AuM Asset Management	487 384	471 278	455 701	453 828	442 162
Retail Lending	23 906	24 110	24 036	23 922	23 734

Results by product

Unit Linked Storebrand

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	82	84	72	80	70	319	275
Risk result life & pensions	1	0	2	-2	1	1	1
Operational cost	-53	-57	-41	-61	-69	-213	-259
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	30	27	33	17	2	106	17
Net profit sharing and loan losses	-	-	-	-	-	-	-
Result before amortisation	30	27	33	17	2	106	17
Reserv es	34 103	31 868	30 012	28 969	26 906	34 103	26 906

Unit Linked SPP

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	135	123	111	103	96	471	352
Risk result life & pensions	3	-0	2	3	1	7	2
Operational cost	-109	-97	-104	-91	-87	-400	-313
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	28	26	9	15	10	78	41
Net profit sharing and loan losses	0	-0	-	-	-	0	-
Result before amortisation	28	26	9	15	10	78	41
Reserv es	51 349	47 473	43 530	41 489	36 481	51 349	-

Asset Management

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	183	176	179	176	166	713	671
Risk result life & pensions	-	-	-	-	-	-	-
Operational cost	-88	-122	-125	-127	-143	-462	-590
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	95	54	54	49	22	252	81
Net profit sharing and loan losses	82	-8	-10	-3	77	61	62
Result before amortisation	177	46	44	46	99	313	144
Reserv es	487 384	471 278	455 701	453 828	442 162	487 384	442 162

Retail Banking

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	89	107	100	89	92	385	339
Risk result life & pensions	-	-	-	-	-	-	-
Operational cost	-43	-52	-53	-56	-61	-204	-254
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	46	55	47	33	31	180	84
Net profit sharing and loan losses	16	-8	5	-21	3	-7	1
Result before amortisation	62	47	52	12	34	173	85
Retail lending	23 906	24 110	24 036	23 922	23 734	23 906	23 734
Net interest margin	1,25 %	1,27 %	1,23 %	1,08 %	1,09 %	1,21 %	0,99 %

Sales and Markets

New sales (APE)

2013				2012		Full year
4Q	3Q	2Q	1Q	4Q	2013	2012
37	101	44	94	161	276	411
16	66	20	42	64	144	195
21	35	24	51	98	132	216
303	216	235	249	195	1 003	677
247	181	172	180	160	780	612
56	36	63	68	35	224	65
340	317	279	342	356	1 280	1 088
263	247	192	223	224	924	807
77	71	87	119	133	356	281

Premiums (excluding transfers)

	2013				2012		Full year Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Unit Linked (occupational pension) Storebrand	1 159	1 147	1 089	1 085	1 018	4 480	3 840
Unit Linked (retail) Storebrand	156	143	272	273	722	843	1 419
Unit Linked SPP	959	1 006	1 407	960	740	4 332	3 699
Total	2 273	2 296	2 768	2 318	2 480	9 655	8 959

Transfer balance

	2013				2012		Full year Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Premium reserv es receiv ed
Unit Linked Storebrand	99	144	122	326	299	692	909
Unit Linked SPP	490	286	519	623	276	1 918	427
Total received	590	430	641	949	575	2 610	1 336
Premium reserv es transferred
Unit Linked Storebrand	-185	-187	-199	-208	-120	-778	-744
Unit Linked SPP	-279	-299	-314	-217	-147	-1 108	-830
Total transferred	-464	-486	-512	-425	-267	-1 886	-1 575
Net transfers	126	-56	129	524	308	723	-239

Return defined contribution -	2013				2012	Full year
standard profiles Storebrand	4Q	3Q	2Q	1Q	4Q	2013	2012
Ex tra low risk	0,8 %	0,6 %	0,2 %	0,7 %	1,1 %	2,3 %	5,3 %
Low risk	2,7 %	2,2 %	0,4 %	2,4 %	1,2 %	7,7 %	7,7 %
Balanced	5,9 %	4,7 %	1,0 %	5,1 %	1,9 %	16,7 %	11,6 %
High risk	8,7 %	6,7 %	1,4 %	7,2 %	1,9 %	24,0 %	12,9 %
Ex tra high risk	10,2 %	7,8 %	1,5 %	8,0 %	1,7 %	27,5 %	13,4 %

Reserves development

Development customer funds 4Q

	Reserves Unit	Reserves Unit
NOK million	Linked Storebrand	Linked SPP
Funds at 30.09.2013	31 868	47 473
Premium income	1 562	1 560
Asset return	1 546	2 663
Insurance claims	-684	-544
Other	-189	196
Funds at 31.12.2013	34 103	51 349

Development customer funds Full year

	Reserves Unit	Reserves Unit
NOK million	Linked Storebrand	Linked SPP
Funds at 31.12.2012	26 906	36 481
Premium income	6 691	6 502
Asset return	4 152	6 932
Insurance claims	-2 812	-2 022
Other	-834	3 456
Funds at 31.12.2013	34 103	51 349

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.

Results

Insurance 2013 2013 2013 2013 2012 4Q 4Q

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Insurance premiums f.o.a.	754	731	665	717	671	2 868	2 510
Claims f.o.a.	-577	-517	-448	-556	-544	-2 098	-1 774
Operational cost	-60	-114	-120	-118	-116	-413	-470
Financial result	33	37	34	31	78	135	150
Result before profit sharing and loan losses	150	136	132	74	88	492	417
Net profit sharing and loan losses	-	-	-	-	-	-	-
Result before amortisation	150	136	132	74	88	492	417
Claims ratio	76 %	71 %	67 %	78 %	81 %	73 %	71 %
Cost ratio	8 %	16 %	18 %	17 %	18 %	15 %	19 %
Combined ratio	85 %	87 %	86 %	94 %	99 %	88 %	90 %
By lines of business
	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
P&C & Indiv idual life*	108	71	70	65	77	314	255
Health & Group life**	62	53	86	32	39	233	147
Pension related disability insurance***	-20	12	-25	-23	-28	-55	15
Result before amortisation	150	136	132	74	88	492	417
* Indiv idual life and disability , property	and casualty	insurance

** Group life, w orkers comp. and health insurance (consolidated by 50% due to joint v enture) *** DC disability risk result Norw egian line of business

Key Figures

Written Premiums

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
P&C & Indiv idual life	1 297	1 275	1 250	1 197	1 155	1 297	1 155
Health & Group life	1 227	1 221	1 197	1 184	1 182	1 227	1 182
Pension related disability insurance	675	644	634	614	596	675	596
Total written premiums	3 199	3 140	3 080	2 995	2 933	3 199	2 933
Reserv es	5 144	5 079	5 148	4 458	3 894	5 144	3 894

Results by product

P&C & Individual life

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Insurance premiums f.o.a.	313	305	296	286		275 1 200	1 049
Claims f.o.a.	-187	-186	-174	-169	-162	-716	-622
Operational cost	-34	-61	-68	-61	-62	-224	-232
Financial result	16	13	16	9	26	54	60
Result before profit sharing and loan losses	108	71	70	65	77	314	255
Net profit sharing and loan losses	-	-	-	-	-	-	-
Result before amortisation	108	71	70	65	77	314	255
Claims ratio	60 %	61 %	59 %	59 %	59 %	60 %	59 %
Cost ratio	11 %	20 %	23 %	22 %	23 %	19 %	23 %
Combined ratio	71 %	81 %	82 %	81 %	82 %	79 %	82 %

Health & Group life

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Insurance premiums f.o.a.	256	259	250	228	251	993	925
Claims f.o.a.	-178	-192	-149	-179	-219	-698	-711
Operational cost	-16	-32	-32	-34	-33	-113	-143
Financial result	1	17	17	17	40	52	77
Result before profit sharing and loan losses	62	53	86	32	39	233	147
Net profit sharing and loan losses	-	-	-	-	-	-	-
Result before amortisation	62	53	86	32	39	233	147
Claims ratio Cost ratio	70 % 7 %	74 % 12 %	60 % 13 %	79 % 15 %	87 % 13 %	70 % 12 %	77 % 16 %
Combined ratio	76 %	86 %	72 %	94 %	101 %	82 %	93 %

Pension related disability insurance

	2013				2012	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Insurance premiums f.o.a.	186	167	120	204	145	675	536
Claims f.o.a.	-212	-139	-125	-208	-164	-684	-441
Operational cost	-10	-22	-21	-23	-22	-76	-94
Financial result	16	6	1	5	12	29	13
Result before profit sharing and loan losses	-20	12	-25	-23	-28	-55	15
Net profit sharing and loan losses	-	-	-	-	-	-	-
Result before amortisation	-20	12	-25	-23	-28	-55	15
Claims ratio Cost ratio	114 % 5 %	83 % 13 %	104 % 17 %	102 % 11 %	113 % 15 %	101 % 11 %	82 % 18 %
Combined ratio	119 %	96 %	122 %	114 %	128 %	112 %	100 %

Financial results – Insurance

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. On average the interest rate guarantees given are 3.4% in both Storebrand and SPP. Storebrand offers a limited amount of guaranteed products, and measures have been implemented in order to reduce the extent of these products. Norwegian legislation will stop the accumulation of new premiums in traditional guaranteed benefit plans during the course of the next few years.

Results

Guaranteed pension 2013 2013 2013 2013 2012 4Q 4Q 4Q

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	561	517	522	515	456	2 115	1 861
Risk result life & pensions	49	147	32	60	88	288	318
Operational cost	-225	-295	-299	-292	-354	-1 111	-1 375
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	385	369	254	283	190	1 292	804
Net profit sharing and loan losses	96	105	52	119	97	373	389
Result before amortisation	481	474	306	403	287	1 665	1 193

By guaranteed product

	2013				2012	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Defined benefit (fee based)	303	208	232	225	165	968	582
Storebrand Paid-up policies	13	47	-35	-6	-16	19	13
Storebrand Indiv idual life and pension	21	0	-0	0	8	21	-1
SPP Guaranteed products	143	220	109	183	131	656	598
Result before amortisation	481	474	306	403	287	1 665	1 193

Key figures

Guaranteed pension

2013				2012	Full year
4Q	3Q	2Q	1Q	4Q	2013	2012
263 776	262 126	258 654	261 502	259 858	263 776	178 966
75,5 %	76,8 %	77,9 %	78,8 %	80,4 %	75,5 %	86,9 %
967	710	998	7 279	1 360	9 955	4 074
4,8 %	4,0 %	3,7 %	4,1 %	4,0 %	4,8 %	4,0 %
15,1 %	14,5 %	13,5 %	13,1 %	11,9 %	15,1 %	0,0 %

Results by product

Defined benefit (fee based)
	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	324	286	288	294	237	1 192	983
Risk result life & pensions	31	21	45	35	67	132	161
Operational cost	-38	-99	-101	-104	-138	-342	-561
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	316	208	232	225	165	982	582
Net profit sharing and loan losses	-13	-	-	-	-	-13	-
Result before amortisation	303	208	232	225	165	968	582
Reserv es	82 255	83 273	83 259	84 844	88 449	82 255	88 449

Storebrand Paid-up policies

	2013				2012	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	69	67	67	62	58	265	242
Risk result life & pensions	2	45	-44	0	-7	4	10
Operational cost	-41	-67	-72	-69	-66	-249	-234
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	30	45	-48	-7	-15	20	18
Net profit sharing and loan losses	-16	2	13	1	-1	-0	-5
Result before amortisation	13	47	-35	-6	-16	19	13
Reserv es	80 348	77 711	76 430	75 242	71 788	80 348	71 788

Storebrand Individual life and pension

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
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	21	0	-0	0	8	21	-1
Result before amortisation	21	0	-0	0	8	21	-1
Reserv es	17 017	17 229	17 486	18 053	18 729	17 017	18 729
SPP Guaranteed products
	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	168	164	167	159	162	658	637
Risk result life & pensions	16	81	30	25	29	152	147
Operational cost	-146	-129	-126	-119	-150	-520	-580
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	39	117	71	65	40	291	204
Net profit sharing and loan losses	105	103	39	118	90	365	395
Result before amortisation	143	220	109	183	131	656	598
Reserv es	84 157	83 913	81 479	83 362	80 892	84 157	-

Returns

Value adjusted return guaranteed products	2013				2012	Full year
Storebrand	4Q	3Q	2Q	1Q	4Q	2013	2012
Paid-up policies	1,4 %	1,1 %	0,5 %	1,1 %	1,6 %	4,0 %	5,7 %
Indiv idual	2,1 %	1,4 %	0,8 %	1,1 %	1,7 %	5,4 %	6,0 %
Group defined benefit	1,5 %	1,4 %	0,7 %	1,6 %	1,7 %	5,0 %	6,7 %
Group defined benefit - public (low )	1,6 %	0,9 %	0,6 %	1,1 %	1,5 %	4,2 %	6,1 %
Group defined benefit - priv ate (balanced)	1,4 %	1,5 %	0,7 %	1,7 %	1,7 %	5,3 %	6,8 %
Average return guaranteed products	1,5 %	1,2 %	0,6 %	1,3 %	1,7 %	4,6 %	6,2 %

Booked return guaranteed products	2013				2012	Full year
Storebrand	4Q	3Q	2Q	1Q	4Q	2013	2012
Paid-up policies	-0,2 %	0,8 %	0,6 %	1,0 %	2,1 %	2,2 %	5,4 %
Indiv idual	1,4 %	1,1 %	1,4 %	1,0 %	2,1 %	4,9 %	5,7 %
Group defined benefit	0,6 %	0,7 %	1,3 %	0,8 %	3,0 %	3,4 %	5,8 %
Group defined benefit - public (low )	1,2 %	0,7 %	1,1 %	0,8 %	2,9 %	3,8 %	5,9 %
Group defined benefit - priv ate (balanced)	0,4 %	0,7 %	1,4 %	0,8 %	3,0 %	3,3 %	5,8 %
Average booked return guaranteed products	0,3 %	0,8 %	1,0 %	0,9 %	2,5 %	3,0 %	5,6 %

Value adjusted return guaranteed products	2013				2012	Full year
SPP	4Q	3Q	2Q	1Q	4Q	2013	2012
DB	1,4 %	1,2 %	-1,5 %	0,4 %	1,8 %	1,5%	6,6 %
P250	2,7 %	2,1 %	-0,6 %	2,2 %	2,4 %	3,1%	9,0 %
P300	1,1 %	0,9 %	-1,4 %	-0,1 %	1,8 %	1,7%	6,8 %
P520	0,7 %	0,5 %	-2,0 %	-1,0 %	1,7 %	1,6%	6,4 %
AP	1,0 %	0,7 %	0,4 %	0,6 %	1,4 %	0,5%	3,7 %
Average return guaranteed products	1,4 %	1,1 %	-1,0 %	0,4 %	1,8 %	1,7%	6,5 %

Balance Sheet

Guaranteed pension
	2013				2012
NOK million	4Q	3Q	2Q	1Q	4Q
Defined Benefit (fee based) Storebrand	82 255	83 273	83 259	84 844	88 449
Paid-up policies (retail) Storebrand	80 348	77 711	76 430	75 242	71 788
Indiv idual life and pension	17 017	17 229	17 486	18 053	18 729
SPP Guaranteed Products	84 157	83 913	81 479	83 362	80 892
Guaranteed Reserves	263 776	262 126	258 654	261 502	259 858

Sales and Markets

New sales (APE)

2013				2012		Full year
4Q	3Q	2Q	1Q	4Q	2013	2012
64	68	- 15	358	61	475	377
20	56	16	120	34	213	125
43	12	-32	238	27	262	252
62	51	91	31	71	236	315
55	35	84	18	62	192	268
8	16	7	13	9	44	47
126	119	76	390	132	711	693
75	91	100	139	96	405	393
51	28	-25	251	36	306	300

Premiums (excluding transfers)

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Defined Benefit (fee based) Storebrand	1 205	1 559	1 578	3 846	1 913	8 189	9 104
Paid-up policies Storebrand	16	16	14	43	13	89	79
Indiv idual life and pension	85	68	76	77	92	306	377
SPP guaranteed products	544	614	536	626	513	2 320	2 422
Total	1 851	2 257	2 204	4 592	2 531	10 903	11 983

Transfer balance

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Premium reserv es receiv ed
Storebrand	398	124	-352	2 254	240	2 424	2 340
SPP	4	9	8	13	7	34	45
Total received	401	133	-343	2 267	247	2 458	2 385
Premium reserv es transferred
Storebrand	-304	-204	-139	-6 159	-119	-6 806	-1 992
SPP	-512	-405	-602	-677	-313	-2 196	-752
Total transferred	-816	-609	-741	-6 836	-432	-9 003	-2 744
Net transfers	- 415	- 477	-1 085	-4 569	- 186	-6 545	- 359

Reserves and buffers

Development customer funds 4Q

				SPP guaranteed
NOK million		Defined Benefit 1) Paid-up policies 2)	Individual 2)	products 2)
Funds at 30.09.2013	79 447	75 356	16 536	73 301
Premium income	1 525	22	87	590
Asset return	1 209	1 016	349	1 178
Insurance claims	-1 050	-740	-606	-1 921
Other	-3 226	1 787	-300	-1
Funds at 31.12.2013	77 905	77 441	16 066	73 147
1) Fee based

2) Profit sharing

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

Development customer funds Full year

				SPP guaranteed
NOK million		Defined Benefit 1) Paid-up policies 2)	Individual 2)	products 2)
Funds at 31.12.2012	84 847	69 481	17 874	72 267
Premium income	10 482	110	310	2 449
Asset return	4 110	3 000	948	1 315
Insurance claims	-10 194	-2 873	-2 826	-7 426
Other	-11 340	7 723	-239	4 543
Funds at 31.12.2013	77 905	77 441	16 066	73 147
1) Fee based

2) Profit sharing

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

Buffer capital 1)

	2013				2012
NOK million	4Q	3Q	2Q	1Q	4Q
Market v alue adjustment reserv e	3 823	1 761	1 028	1 746	1 027
Ex cess v alue of bonds at amortised cost	5 160	4 686	4 999	5 279	5 225
Additional statutory reserv e	4 458	5 133	5 280	5 430	5 746
Prov isions for new mortality tables	4 759	4 305	4 305	4 305	4 305
Unallocated results	-	636	790	187	-
Conditional bonuses SPP	11 010	10 611	9 668	9 615	8 626
Total	29 209	27 132	26 070	26 562	24 929

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

Key figures guaranteed portfolios

Asset allocation Guaranteed pension Storebrand

Key terms sub portfolio Storebrand

NOK million	DB 2)	Paid-up 3)	Individual 3)
Booked return YTD	3,4 %	2,2 %	4,9 %
Interest rate guarantee p.a.	3,0 %	3,5 %	3,6 %
Funds	77 905	77 441	16 066
Additional Statutory Reserv e	2 380	1 270	808
Market Value Adjustment Reserv e	1 969	1 637	143
Risk Equalisation Fund	697	79	-
pected return 1) Ex	4,5 %	4,3 %	4,5 %

1) Expected return is calculated based on current asset allocation using normal risk premiums

2) Fee based

3) Profit sharing

Asset allocation Guaranteed pension SPP

Key terms portfolio SPP

Key terms portfolio SPP
NOK million	D B	P250	P300	P520	A P
Inv estment return (YTD)	1,4 %	6,5 %	0,4 %	-1,8 %	2,7 %
Interest rate guarantee	3,50 %	0.50 % - 2.50 %	2.75 % - 4.00 %	4.50 % - 5.20 %	4.50 % - 5.20 %
Prospectiv e reserv e	37 960	12 084	14 296	11 289	4 728
Conditional Bonuses	5 712	2 835	926	14	356
Deferred Capital Contribution	34	11	490	2 262	31
pected return 1) Ex	3,0 %	4,0 %	2,8 %	2,5 %	2,8 %
Duration liabilities	5,7	4,5	5,0	5,5	1,3
Discount rate	2,2 %	2,1 %	2,1 %	2,2 %	1,6 %
Consolidation ratio 2)	112 %

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

Other result 2013 2013 2013 2013 2012 4Q 4Q 4Q

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	90	86	94	82	94	353	408
Risk result life & pensions	-2	-4	6	2	5	3	14
Operational cost	75	-72	-102	-82	-107	-180	-385
Financial result	-23	46	-64	-16	-26	-57	27
Result before profit sharing and loan losses	141	57	-66	-13	-34	118	63
Net profit sharing and loan losses	-14	-3	8	-1	3	-11	-1
Result before amortisation	126	53	-58	-14	-32	108	62

Key figures

Company portfolios

	2013				2012
NOK million	4Q	3Q	2Q	1Q	4Q
Storebrand ASA	1 790	1 337	1 297	1 301	1 806
Storebrand Liv sforsikring AS	10 006	9 774	9 962	9 283	8 659
SPP	8 534	6 807	6 413	6 660	6 656
Total invested assets	20 331	17 918	17 672	17 244	17 120

Debt

	2013				2012
NOK million	4Q	3Q	2Q	1Q	4Q
Subordinated loan capital	6 829	6 620	6 754	6 643	6 591
Bonds Storebrand ASA	3 476	3 008	3 044	3 019	3 492
Bank loan Storebrand ASA	-	-	-	-	-
Total debt	10 305	9 628	9 798	9 662	10 083
Subordinated loan capital is held by Storebrand Liv sforsikring AS

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

Results

Corporate Banking

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	60	58	63	55	66	237	278
Operational cost	-4	-28	-56	-32	-38	-120	-131
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	56	30	7	23	28	116	146
Net profit sharing and loan losses	-13	-2	8	3	4	-4	7
Result before amortisation	44	27	15	26	32	113	153
Lending Corporate Banking	9 810	10 675	10 844	11 519	11 671	9 810	11 671
Net interest margin Corporate Banking	1,58 %	1,61 %	1,51 %	1,48 %	1,54 %	1,55 %	1,53 %

BenCo

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	30	28	30	27	28	116	130
Risk result life & pensions	-2	-4	6	2	5	3	14
Operational cost	-17	-17	-16	-16	-17	-66	-74
Financial result	-	-	-	-	-	-	-
Result before profit sharing and loan losses	11	7	20	14	16	52	70
Net profit sharing and loan losses	-2	-1	1	-4	-1	-7	-8
Result before amortisation	10	6	21	9	15	46	62
Total reserv es	16 671	17 148	16 897	16 781	16 059	16 671	16 059

Holding company costs and net financial results in company portfolios

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Fee and administration income	-	-	-	-	-	-	-
Operational cost	96	-26	-29	-34	-53	6	-180
Financial result	-23	46	-64	-16	-26	-57	27
Result before profit sharing and loan losses	73	20	-93	-50	-79	-50	-153
Net profit sharing and loan losses	-	-	-	-	-	-	-
Result before amortisation	73	20	-93	-50	-79	-50	-153

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

Balance sheet

	31.12.2013		31.12.2012
NOK million	Amount	Share in %	Amount	Share in %
Assets company portfolio
Intangible assets	5 994	1 %	6 140	1 %
Shares in associated companies	205	0 %	190	0 %
Loans	33 790	8 %	35 561	8 %
Bonds at amortised cost	3 400	1 %	2 369	1 %
Real estate assessed at fair v alue	1 084	0 %	1 208	0 %
Financial assets at fair v alue	24 658	5 %	22 862	5 %
Bank deposits	4 077	1 %	3 297	1 %
Other assets	2 291	1 %	2 746	1 %
Assets customer portfolio
Bonds at amortised cost	78 692	17 %	65 053	15 %
Loans	3 508	1 %	3 842	1 %
Real estate assessed at fair v alue	23 091	5 %	27 515	7 %
Financial assets at fair v alue	258 816	57 %	239 119	57 %
Bank deposits	3 619	1 %	3 859	1 %
Other assets	7 157	2 %	6 422	2 %
Total assets	450 381	100 %	420 182	100 %
Equity	22 514	5 %	19 936	5 %
Subordinated loan capital	7 409	2 %	7 075	2 %
Buffer capital 1)	22 447	5 %	18 037	4 %
Technical reserv es	348 314	77 %	324 089	77 %
Liabilities to financial institutions	1 028	0 %	2 499	1 %
Deposits from and liabilities to customers	20 728	5 %	19 860	5 %
Deriv ativ es	2 543	1 %	1 356	0 %
Other allocations and liablilities	25 397	6 %	27 330	7 %
Total liabilities and equity capital	450 381	100 %	420 182	100 %

1) Includes conditional bonuses BenCo

Capital adequacy

	Minimum	Net primary
	requirement	capital		Capital Ratio
NOK million	31.12.2013	31.12.2013	31.12.2013	31.12.2012
Storebrand ASA	1 431	15 636	87,4 %	86,9 %
Storebrand life insurance	10 770	18 195	13,5 %	12,2 %
Storebrand non-life insurance	35	223	51,2 %	40,8 %
Storebrand Bank	1 700	2 889	13,6 %	11,8 %
Storebrand Group	12 575	20 849	13,3 %	11,7 %

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

Statement of financial positions Storebrand Life Group

		Share of		Share of
		total assets		total assets
NOK million	31.12.2013	31.12.2013	31.12.2012	31.12.2012
Intangible assets	5 679	1 %	5 516	1 %
Inv estments company portfolio	21 398	5 %	18 980	5 %
Inv estments guaranteed portfolio	283 210	70 %	275 225	73 %
Inv estments non-guaranteed portfolio	87 162	21 %	67 047	18 %
Other assets	9 629	2 %	8 387	2 %
Total assets	407 078	100 %	375 155	100 %
Equity 1)	19 871	5 %	17 114	5 %
Minority interests' share in equity	141	0 %	148	0 %
Subordinated loan capital 2)	6 829	2 %	6 643	2 %
Buffer capital 3)	22 447	6 %	18 037	5 %
Customer fund	347 475	85 %	323 363	86 %
Other debts	10 315	3 %	9 850	3 %
Total equity and liabilities	407 078	100 %	375 155	100 %

1) Includes risk equalisation fund and profit for the period

2) Includes accrued interest

3) Includes conditional bonuses BenCo

Solidity capital

NOK million	31.12.2013	2012	2011	2010	2009
Equity	16 467	15 385	15 031	15 069	14 004
Subordinated loan capital 1)	6 632	6 468	6 630	6 642	6 637
Risk equalisation fund	776	640	469	287	225
Market v alue adjustment reserv e	3 823	1 027		1 971	31
Additional statutory reserv es (ASR)	4 458	5 746	5 442	5 439	4 646
Conditional bonus (CB)	14 167	11 264	10 038	11 503	8 689
Ex cess v alue/deficit related to bonds at amortised cost	5 160	5 225	1 757	732	140
Accrued profit 2)	2 619	1 105	742	1 067	952
Total	54 102	46 860	40 109	42 710	35 324
Customer fund ex cl. ASR and CB	255 569	252 501	243 892	235 379	231 018
Solidity capital as % of customer funds	21,2 %	18,6 %	16,4 %	18,1 %	15,3 %
1) Ex clusiv e accrued interest

2) Includes unallocated profit to insurance contracts

Solvency margin

	Solvency margin	Solvency margin
NOK million	capital	requirement	Solvency margin
Storebrand Life Group	21 054	11 974	175,8 %
Storebrand Liv sforsikring AS	27 107	7 634	355,1 %
SPP Liv försäkring AB	8 534	3 361	253,9 %
SPP Liv Fondförsäkring AB	1 230	513	239,5 %

Solvency calculation Storebrand Life Group

NOK million	31.12.2013	31.12.2012
Equity (NGAAP)	20 011	17 262
Intangible assets	-5 807	-5 589
Eligible hy brid tier 1 capital securities	1 500	1 500
Eligible subordinated loan capital	4 938	4 901
Additional statutory reserv e (ASR) (50%)	2 229	2 873
Other additional funds	455	384
Other adjustments and deductions	-2 272	-2 557
Eligible Solvency capital	21 054	18 775
Solv ency requirement	11 974	11 595
Solvency margin Storebrand Life Group	175,8 %	161,9 %

Capital adequacy position Storebrand Life Group by sub group

		Eligible subordinated	Risk weighted	Core capital	Capital ratio in
NOK million	Core Capital	loan capital	assets	ratio in %	%
Storebrand Liv sforsikring Group	13 354	4 841	134 630	9,9 %	13,5 %
Storebrand Liv sforsikring AS	20 431	4 937	104 481	19,6 %	24,3 %

Capital adequacy calculation Storebrand Life Group

31.12.2013	31.12.2012
20 011	17 262
-5 807	-5 589
1 500	1 500
-2 175	-2 413
13 530	10 760
2 700	4 901
-	-
2 238,23	-
- 97	- 144
4 841	4 757
18 370	15 517
10 770	10 180
10,0 %	8,5 %
13,6 %	12,2 %

Storebrand Bank

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

Balance sheet – Storebrand Bank

Balance sheet		Share
NOK million	31.12.2013	31.12.2013	31.12.2012	31.12.2012
Cash and deposits w ith central banks	20	0 %	9	0 %
Loans to and deposits w ith credit institutions	152	0 %	255	1 %
Financial assets designated at fair v alue through P&L	3 486	9 %	3 872	10 %
Bonds at amortised cost	1 542	4 %	990	2 %
Net lending to customers	33 634	86 %	35 301	87 %
Deferred tax assets	0	0 %	7	0 %
Other assets	222	1 %	237	1 %
Total Assets	39 056	100 %	40 671	100 %
Liabilities to credit institutions	1 028	3 %	2 499	6 %
Deposits from and due to customers	20 728	53 %	19 933	49 %
Other financial liabilities	14 068	36 %	15 258	38 %
Prov ision for accrued ex penses and liabilities	77	0 %	85	0 %
Subordinated loan capital	590	2 %	441	1 %
Equity	2 565	7 %	2 456	6 %
Total Equity and Liabilities	39 056	100 %	40 671	100 %

Old reporting segments

This section shows the results in the old reporting segments used until Q1 2013. The old reporting format is kept for comparison, and will be closed out over the coming quarters.

Storebrand Group

Group result by sub group

	2013				2012	Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Storebrand Life Insurance	404	282	205	235	161	1 126	637
SPP	157	319	125	217	157	818	803
Asset Management	177	46	44	46	99	313	144
Bank	105	74	67	38	61	285	238
Insurance	150	136	132	74	88	492	417
Storebrand ASA and other	61	- 48	- 55	- 58	- 77	- 100	- 279
Pre-tax profit/loss before amortisation and write-downs	1 054	810	518	552	489	2 935	1 960
Amortisation and w rite-dow ns of intangible assets	- 117	- 113	- 106	- 105	- 101	- 441	- 401
Pre-tax profit/loss	937	697	412	447	388	2 494	1 558
Tax	- 237	- 13	124	- 89	- 320	- 214	- 550
Post tax result sold/liquidated business	- 2	0	- 2	- 1	1	- 4	3
Profit after tax	698	685	535	357	69	2 276	1 012

Historic figures do not reflect that disability insurance is reported under Insurance from 2Q 2013.

Storebrand ASA

Storebrand ASA is the holding company in the Storebrand Group, and is listed on the Oslo Stock Exchange.

Storebrand ASA's result pursuant to IFRS is shown in the table below. The company's official accounts are prepared pursuant to Norwegian accounting law. Information about these accounts is provided in Storebrand ASA's interim report.

Result Storebrand ASA

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Group contributions and transfers		100	14	220	-0,0	334	474
Interest income	12	10	10	13	15	45	75
Interest ex pense	- 36	- 32	- 30	- 38	- 40	- 136	- 170
Realised/unrealised gains/losses on securities	- 145	- 1	- 1	1	- 3	- 146	5
Other financial income/costs	- 4	- 4	- 8	- 3	- 5	- 19	- 17
Net financial items	- 173	- 27	- 29	- 27	- 34	- 256	- 106
Total operating ex penses	96	- 26	- 29	- 34	- 53	6	- 180
Pre-tax profit/loss	- 77	47	- 44	159	- 87	85	188

After IFRS

Balance sheet Storebrand ASA

		31.12.2013		31.12.2012
NOK million	Amount	Share in %	Amount	Share in %
Shares in subsidiary	17 209	87 %	17 228	87 %
Financial assets at market v alue	1 790	9 %	1 806	9 %
Other assets	685	3 %	833	4 %
Total assets	19 685	100 %	19 868	100 %
Equity	15 966	81 %	16 151	81 %
Bond loan and other loans	3 476	18 %	3 492	18 %
Other liabilities	243	1 %	225	1 %
Total liabilities and equity capital	19 685	100 %	19 868	100 %

Storebrand Life Insurance

Storebrand Life Insurance is one of Norway's leading pensions and life insurance companies. The company offers products within occupational pension, private pension savings and life insurance to companies, public sector entities and the retail market.

Storebrand Life Insurance includes the legal entity Storebrand Livsforsikring AS with the exception of results from one-year personal risk and employee insurance policies, which are included in Insurance. SPP is presented separately and the results from Storebrand Eiendom are included in Asset management.

Starting Q2 2013, disability insurance is reported under Insurance. However, historic figures do not reflect this change.

Result – Storebrand Life Insurance

Result to owner
	2013				2012	Full year		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012	2012
Administration income	320	313	283	328	308	916	1 229	1 229
Administration cost	- 150	- 241	- 230	- 273	- 311	- 621	-1 223	-1 223
Administration result to owner	170	72	53	55	- 3	295	5	5
Risk premiums risk products	0	0	0	36	95	0	374	374
Risk claims risk products	0	0	0	- 82	- 164	0	- 440	- 440
Risk result group pension fee based and paid up-polices	34	67	3	35	60	105	172	172
Other	- 3	- 4	7	1	16	- 1	24	24
Risk result to owner	31	63	10	- 10	7	104	131	131
Profit split	12	1	15	- 3	- 1	28	- 12	- 12
Inadequate ASR and DCC	- 22	0	- 2	0	6	- 24	- 2	- 2
Interest result	15	- 16	- 42	- 20	- 7	- 43	- 45	- 45
Finance result to owner	6	- 15	- 28	- 23	- 2	- 38	- 58	- 58
Profit from risk and interest rate guarantee	183	152	172	178	132	506	545	545
Other	14	11	- 1	13	- 2	24	28	28
Pre-tax profit/loss	404	282	205	213	132	891	652	652

Balance sheet - Storebrand Livsforsikring AS

		Share of		Share of
		total assets		total assets
NOK million	31.12.2013	31.12.2013	31.12.2012	31.12.2012
Intangible assets	144	0 %	108	0 %
Inv estments company portfolio	27 253	11 %	24 910	10 %
Inv estments guaranteed portfolio	183 079	73 %	182 358	76 %
Inv estments portfolio non-guaranteed	33 805	14 %	29 073	12 %
Other assets	4 925	2 %	4 119	2 %
Total assets	249 206	100 %	240 568	100 %
Equity	20 245	8 %	18 335	8 %
Subordinated loan capital	6 829	3 %	6 643	3 %
Market v alue adjustment reserv e	3 823	2 %	1 027	0 %
Premium reserv e, premium fund etc for ow n account	209 465	84 %	202 173	84 %
Additional statutory allocations	4 458	2 %	5 746	2 %
Other debts	4 385	2 %	6 644	3 %
Total equity and liabilities	249 206	100 %	240 568	100 %

SPP

SPP offers a wide range of pension and insurance solutions to companies, organisations and private individuals in Sweden. SPP holds a strong position in traditional pension products and unit linked products in the Swedish corporate market.

In the reporting for SPP, the result elements are on Storebrand Holding AB (excluding the subsidiary SPP Fonder AB, which is included in Storebrand Asset Management). Group internal transactions are excluded.

Result – SPP

Result analysis

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Total administration income	303	291	285	267	267	1 147	1 033
Total administration cost	- 270	-239	-253	-226	- 259	- 989	- 935
Administration result	33	51	32	42	8	159	98
Premiums w ritten	113	116	120	96	106	445	448
Change in security reserv es	7	152	26	1	9	185	40
Claims paid	- 62	-60	-61	-58	- 56	- 241	- 224
Other	- 39	-126	-53	-11	- 29	- 229	- 115
Risk result	19	81	32	28	30	159	149
Profit sharing	76	76	51	57	107	260	403
Change in DCC	25	19	16	66	- 27	126	- 6
Hedge result	4	3	2	5	6	14	- 47
Other	- 1	5	-30	-9	4	- 35	45
Financial result	105	103	39	118	90	365	395
Return on company portfolio	1	83	22	29	29	135	161
Interest cost subordinated debt
Other result	1	83	22	29	29	135	161
Profit before amortisation	157	319	125	217	157	818	803
Amortisation of intangible assets	- 96	-95	-92	-91	- 88	- 373	- 356
Write-dow ns intangible assets
Amortisation and write-downs	- 96	-95	-92	-91	- 88	- 373	- 356
Pre-tax profit/loss	61	225	33	126	68	444	447

Balance sheet Holding group

		Share of		Share of
		total assets		total assets
NOK million	31.12.2013	31.12.2013	31.12.2012	31.12.2012
Intangible assets	5 515	4 %	5 350	4 %
Longterm shares an interest from group companies	492	0 %	947	1 %
Shares	11 189	7 %	10 533	8 %
Bonds	78 414	52 %	73 823	55 %
Assets - Unit link	51 349	32 %	36 481	27 %
Other financial assets	6 217	4 %	6 188	5 %
Other assets	1 102	1 %	1 065	1 %
Total assets	154 277	100 %	134 388	100 %
Equity	8 108	5 %	7 186	5 %
Minority interests' share in equity	20	0 %	15	0 %
Subordinated loan capital	7 351	5 %	6 679	5 %
Premium reserv e for ow n account	73 147	49 %	72 266	54 %
Insurance fund reserv es - defined contribution and UL	62 358	39 %	45 106	34 %
Other liabilities	3 294	2 %	3 135	2 %
Total equity and liabilities	154 277	100 %	134 388	100 %

Exchange rates SEK/NOK

	2013				2012
	4Q	3Q	2Q	1Q	4Q
Result	0,9384	0,9189	0,8912	0,8751	0,8589
Balance	0,9446	0,9364	0,9047	0,8970	0,8555

Asset Management

Storebrand Asset Management offers a complete asset management concept with actively managed portfolios of Norwegian, Swedish and international securities. The bulk of the assets stem from the life companies within the Storebrand Group, however external customers are also served both in the institutional and the retail market.

Result – Asset Management

Result

	2013					2012 Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Operating rev enue	183	176	179	176	165	713	671
Operating cost	-88	-122	-125	-127	-143	-462	-590
Operating result	95	54	54	49	22	252	81
Net performance fees 1)	78	-13	-13	-7	75	44	53
Net financial income	4	5	3	4	3	17	10
Pre-tax profit/loss before amortisation	177	46	44	46	99	313	144
Amortisation intangible assets	-2	-3	-3	-2	-2	-10	-5
Pre-tax profit/loss	175	44	41	43	98	303	138

1) Encompasses the following companies: Storebrand Kapitalforvaltning AS, its sister company Storebrand Fondene AS, SPP

Fonder AB Storebrand Eiendom AS and Storebrand Realinvestering AS.

1) Performance fees from funds are booked yearly in 4Q.

Provisions for employee's bonuses are made quarterly

Balance sheet – Asset Management

Assets under management (NOK bn)

Banking

Storebrand Bank offers traditional banking services such as accounts and loans in the retail market and a broad range of financial services to corporate customers within the commercial real estate segment. Storebrand Bank is present only in the Norwegian market.

Result – Storebrand Bank Group

Result

	2013					2012 Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Net interest income	139	140	139	129	133	547	490
Net fee and commission income	18	20	16	16	17	70	71
Other operating income	7	5	8	-16	3	4	55
Total income	164	165	163	129	153	621	616
Operational cost	- 47	-81	-109	-88	-99	-325	-386
Profit before loan losses	117	84	54	41	54	296	231
Loan loss prov isions / loss on inv estment properties	- 12	-10	13	-2	7	-11	8
Pre-tax profit/loss before amortisation and write-downs	105	74	67	38	61	285	238
Amortisation of intangible assets 1)	- 16	-14	-10	-10	-10	-50	-34
Pre-tax profit/loss	89	61	58	28	51	235	204

1) In the consolidated accounts for Storebrand Bank Group amortisation is included under the item "operating expenses".

Operations – Storebrand Bank

Key figures Banking - quarterly numbers

	2013					2012 Full year		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012	2012
Customer deposit (bn)	21	21	22	21	20	22	20	20
Deposit/gross lending	61 %	60 %	62 %	61 %	56 %	62 %	58 %	56 %
Loss as % of gross loans	0,1 %	0,1 %	0,2 %	0,0 %	0,1 %	0,1 %	0,0%	0,0 %
Loan losses	12	10	13	2	7	11	0	8
Non-performing loans w ith ev idence of impairment	356	441	93	126	115	93	162	115
Non-performing loans w ithout ev idence of impairment	111	121	130	117	151	130	195	151
Loss prov isions/defaulted loans	23 %	23 %	70 %	84 %	91 %	74 %	63 %	91 %
Operating ex penses Banking	43	78	106	86	94	191	182	372
Operating ex penses other	4	3	3	3	6	6	7	14
Cost as % of total assets	0,5 %	0,8 %	1,1 %	0,9 %	1,0 %	1,0 %	1,0 %	1,0 %
Cost as % of total assets Banking	0,4 %	0,8 %	1,0 %	0,8 %	0,9 %	0,9 %	1,0 %	0,9 %
Cost/income banking activ ities	32 %	54 %	74 %	73 %	59 %	74 %	66 %	64 %

Insurance

Insurance is a reporting unit which consists of Storebrand Insurance, Storebrand Health Insurance and risk products (from Storebrand Livsforsikring AS) with less than a one-year horizon.

Storebrand Insurance offers standard property and casualty insurance products, one-year risk products and health insurance in the Norwegian retail market and selected products for the corporate market.

Result

	2013				2012		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012
Premiums earned, net	754	731	665	717	671	2 868	2 510
Claims incurred, net	- 577	- 517	- 448	- 556	- 544	-2 098	-1 774
Operating costs	- 60	- 114	- 120	- 118	- 116	- 413	- 470
Insurance result	118	100	97	43	10	357	267
Net financial result	33	37	34	31	78	135	150
Pre-tax profit/loss before amortisation	150	136	132	74	88	492	417
Amortisation intangible assets	- 2	- 2	- 2	- 2	- 2	- 7	- 6
Pre-tax profit/loss	148	134	130	72	86	485	411

	2013				2012	Full year		Full year
NOK million	4Q	3Q	2Q	1Q	4Q	2013	2012	2012
Storebrand Insurance	58	60	85	62	82	266	340	340

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