Storebrand ASA — Investor Presentation 2016

May 13, 2016

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.

Speakers

Odd Arild Grefstad 15.09.1965 CEO Has worked for the Storebrand Group since 1994. His roles have included Group CFO, Head of sales and marketing unit, and Managing Director of Storebrand Livsforsikring AS.

Staffan Hansèn 19.11.1965 Executive Vice President Customer Area Sweden Has worked for the Storebrand Group since 2006, primarily as Investment Director at SPP and Executive Vice President of Storebrand Asset Management and Storebrand Bank. He previously worked at Alfred Berg and Svenska Handelsbanken.

Heidi Skaaret 19.11.1961 COO Joined the Storebrand Group in the autumn of 2012. She previously held the roles of Managing Director at Lindorff Group AB, Country Manager at Ikano Bank SE, Senior Vice President at DNB, and Financial Services Officer at Bank of America.

Trond Finn Eriksen 09.05.1977 Head of Economic Capital Management Has worked for the Storebrand Group since 2006. He has held various positions within Storebrand CFO area, including Head of Investor Relations. He previously worked with Financial Management Consulting with EY.

Tørres Trovik 17.04.1964 CIO

Has worked for the Storebrand Group since 2010, in current role since 2012. He previously worked as a portfolio manager in NBIM, on strategic asset allocation at Norges Bank and advising on sovereign wealth funds and pension funds with The World Bank.

Lars Løddesøl 25.10.1964

CFO Has worked for the Storebrand Group since 2001, including Managing Director at Storebrand Livsforsikring AS, Deputy Managing Director at Storebrand Bank ASA, and Group Finance Director.

Agenda

Time	Topic	Speaker
09:00-09:20	Strategy update	CEO Odd Arild Grefstad
09:20-09:35	Group commercial strategy	CCO Staffan Hansén
09:35-09:50	Transforming operations for a digital cost efficient business model	COO Heidi Skaaret
09:50-10:10	Q&A and break	Storebrand management
10:10-10:25	Solvency capital position and economic capital model	Head of Economic capital Trond Finn Eriksen
10:25-10:40	Liability driven investments	CIO Tørres Trovik
10:40-11:00	Capital management framework and financial position	CFO Lars Løddesøl
11:00-11:10	Closing remarks	CEO Odd Arild Grefstad
11:10-11:30	Q&A	Storebrand management

Group Strategy

Odd Arild Grefstad CEO

Storebrand – an Integrated Financial Services Group

The Storebrand Investment Case

Entered S2 without raising capital – set to resume dividends ^>150% Solvency target¹ 2016 Planned dividend payout 1 2 3 ^~5-10% Normalised solvency generation²

From capital intensive to capital light

53% Of AuM³ non guaranteed

2018

Estimated back book peak capital consumption <0%

Growth in high quality earnings continues

#1 Occupational pensions⁴

12%

Growth in Savings and Insurance⁵ with high RoE

Cost development

¹ Including transitional rules.

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² Solvency generation (%) on Solvency II ratio without transitional rules.

³ Total assets under management Storebrand Group.

⁴ Norway defined contribution private sector (gross premiums with and without investment choice), 4Q 2015. Source: Finance Norway. ⁵ Annual growth 2012-15 in Savings fee- and administration income + Insurance premiums f.o.a.

Healthy Growth in Nordic Pension Market Supported by Solid Macro Environment

¹Norway: Finance Norway statistics - written pension premiums (table 2b) Unit linked. Sweden: Insurance Sweden statistics - segment Other occupational pensions, includes Unit linked and Depot.

² OECD Economic Outlook No. 98, November 2015. 2015 estimated.

Record Low Interest Rates

Delivering on Business Transformation

¹ Fee- and administration income in Savings, and insurance premiums f.o.a. in Insurance.

² Fee- and administration income, risk result life & pension and net profit sharing and loan losses, adjusted for special items. ³ Operational costs, adjusted for special items.

⁴ 2012: Storebrand Life Group Solvency I capital requirement. Q1 2016: Storebrand Group Solvency II capital requirement.

Strategic Response

Manage the guaranteed balance sheet 1 2

• Continued transfer out of guaranteed reserves
• Further cost reductions through automation and outsourcing
• Manage for future capital release

Continued growth in Savings and Insurance

• Leading position in occupational pensions
• Asset gatherer with strong Insurance offering
• Continued retail growth

>150% SII margin

Capital-light and profitable growth

We work hard to reach our vision: Recommended by our customers

Transition into a Solvency II based Regime has Required Discipline and Targeted Measures

¹ Including Bank and Life balance sheets.

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² Group IFRS equity adjusted for intangible assets.

³ Leverage ratio = subordinated liabilities/(group IFRS equity + subordinated liabilities).

⁴ Market value adjustment reserve, excess value of bonds at amortised cost and additional statutory reserve.

Group Capital Management Policy

Capital Generation will Increase over Time and is Sufficient to Pay Dividends

Annual estimated solvency generation (%)¹

Storebrand will generate sufficient capital:

• (1) To stay in the targeted solvency range of 150-180%
• (2) To cover dividend payment with current interest rate curve

And the run off of guaranteed liabilities will increase the level of capital generation to more than 10pp

• Expected annual capital generation next 5 years will be between 5-10pp of improved solvency ratio, further management actions have the potential to further improve solvency
• We expect that unwinding of transitional capital will mostly be offset by a decrease in guaranteed liabilities and an increased value of in-force of the non-guaranteed business. The need to build more tangible capital will be limited and achieved through retained earnings after dividend payments

Revised Financial Targets

	Target	Status 1Q 2016
Return on equity1	> 10%	7%
Dividend ratio1	> 35%	n/a
Solvency II margin Storebrand Group (revised)2	> 150%	175%

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Our Business Logic is built on Relations to Corporations and Individuals through Occupational Pension Schemes

Front Book has Strong Customer and Capital Synergies

Growth in Savings and Insurance

Note: All growth figures are Compound Annual Growth Rates (CAGR).

Customer Satisfaction Builds Shareholder Value

How many recommendations the customers have made, on average, in the past year:¹

Percentage of customers who have increased the number of Storebrand products in the past year:¹

Customer satisfaction gives clear effects And Storebrand has a strong track record

Best customer satisfaction for Norwegian corporates >20 employees 2004-2015

Best customer service in Sweden 2012-13 and 2015

1 sustainable insurer 2015, presented at WEF, Davos

¹ Source: Internal analysis of Storebrand's Customer Net Loyalty Scores from May 2013 to May 2015 (Norway). Net Loyalty Score: "How likely are you to recommend Storebrand to family and friends?" 0-6 = "Detractor", 7-8 = "Passive", 9-10 = "Promoter."

Continued Growth in Savings and Insurance

• 1 Maintain market leader role in growing occupational pensions market
• 2 Convert employees to loyal and profitable retail customers
• 3 Accelerate retail growth through strong product offering, innovation and digitization

Group Commercial Strategy

Staffan Hansèn CCO

Key Takeaways

• On a transition from capital consuming guarantees to capitallight asset gatherer
• Unit linked assets expected to grow with ~15% annually next three years
• Growth in Savings and Insurance to increase top line despite reduction in income from back book
• Ambition to at least keep costs nominally flat

Attractive and Growing Occupational Pensions Market

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¹Norway: Guaranteed and Unit Linked written pension premiums, segment 'private occupational pensions'. Source: Finance Norway (table 2b). Sweden: Guaranteed, Unit Linked and Depot written pension premiums, segment 'Other occupational pensions.' Source: Insurance Sweden.

Main Commercial Challenge

Substitute capital consumptive guaranteed income with capital efficient growth from Savings and Insurance

¹ Pension premiums in Guaranteed products and Unit Linked products, Storebrand Group.

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Defined Contribution - Leading Position in Norway and Strong Contender in Sweden

Sweden – growing in defined contribution (private sector)²

Storebrand with clear value proposition in the corporate market

…We want to be recommended by our customers

Best customer satisfaction for Norwegian corporates >20 employees 2004-2015

competence

Norwegian fund selector of the year five times in 2010-15

Swedish Unit Linked provider of the year five times in 2008-14

…Unique Nordic pension …Leading sustainability offering

7 analysts, 90 indicators, 2,500 companies

All assets screened and given a sustainability score

¹ Finance Norway. Gross premiums defined contribution with and without investment choice. 4Q 2015 ²Insurance Sweden. Segment Unit Linked pensions 'Other occupational pensions' (written premiums) 4Q 2015

Continued Growth in Unit Linked Reserves Driven by Premiums and Expected Market Return

• Majority of premiums come from existing Unit Linked business
• Underlying growth through salary inflation and increased savings rates
• Conversion from guaranteed pension and new sales further boost growth

¹ Unit Linked Norway and Sweden.

² Assumed market return defined by Finance Norway industry standard.

Capital Efficient Guarantees and Insurance Adds to the Corporate Offering

Increased demand for capital efficient guarantees

• Capital light
• Nominal guarantees
• Future potential in public sector

Norway - Hybrid pensions Sweden – Capital efficient guarantees

• 85% of premium w/ 1.25% guarantee¹
• Strong returns
• Expected growth product

Corporate insurance complements occupational pensions offering

Health & Group life

Portfolio premiums:² 1,493 MNOK

• 23% market share in fast growing health insurance market
• 26% market share in group life and workers compensation
• Good profitability

Pension rel. disability insurance

Portfolio premiums:² 1,159 MNOK

• 34% market share in Norway
• 9% market share in Sweden
• Challenging profitability

27 ¹ Per contract. ² As of 4Q 2015.

Source market shares: Finance Norway and Insurance Sweden as of 4Q 2015.

Asset Management has Undergone a Turnaround and is Positioned for Further Growth

Revenues: Excluding performance fees. Cost: Adjusted for one-off costs, excluding amortisation & FM bonus.

Moving Towards a Simpler Business Model with Long Term Asset Management as a Hub in the Group

Comments

• 16% growth in external revenues since last CMD
• Share of external revenues increased from 31% to 36% since last CMD
• External AuM increased from 21% to 24%
• Guaranteed AuM declined from 51% to 47%
• AuM in Unit linked increased from 15% to 17%

Efficient and Diversified Retail Distribution

Distributed via cost efficient internal distribution…

…and cost efficient external distribution

A Growing Share of Employees Becoming Profitable and Loyal Retail Customers

Growing Retail Sales through Customer Centric Innovation 1) Streamlining our Processes

Growing Retail Sales through Customer Centric Innovation 2) Solutions that Engage Customers to Take Action

Personalized advice on each customer's 'next best activity'

• Customer-centric and personalized recommendations
• Predictive and quantitative models based on customer behaviours
• Across all customer channels

Next Best Activity: Results from pilot:

• Sales success rate 15%
• Net Loyalty Score increase 11%

Customer-friendly online tools for personal financial planning

My Pension Plan Results

• Pension forecast compared with desired level
• Buy extra savings directly in solution

• To be complemented with My Insurance Plan in 2H 2016

• >200,000 customers

• Drives ~50% of personal pension savings sales¹

1 Paid-up policies with investment choice, inflow of pension certificates and private UL savings products.

Growth Ambitions 2018

Unit Linked

• Maintain #1 market position in occupational pensions Norway

• Build #1 position in occupational pensions Sweden¹

• Maintain long term ~10% annual top line growth²

• Combined ratio 90-92%

Asset management

• Keep #1 position in Norway and strengthen position in Sweden resulting in ~NOK 150m in net revenue growth
• Profit growth of ~NOK 100m

Insurance Retail bank

• Double retail loan book
• RoE >10%³

² Lower growth expected in 2016 due to change in distribution. ³ RoE Retail banking only.

¹Within segment 'Other occupational pensions'.

Transforming Operations for a Digital Business Model and Reduced Costs

Heidi Skaaret COO

Nordic Customers are Digitally Mature and Storebrand is a Front Runner in the Global Life & Pension Industry

X-axis: OECD Science, Technology and Industry Scoreboard 2014. Y-axis: European Banking Federation 2014. Bain Digital Insurer of the Future Benchmarking 2015.

Storebrand Digital Business Model – Key to Future Growth Strategy

Increasing customer satisfaction and loyalty – retention and ² cross sales

Increasing cost efficiency – lower distribution and servicing costs

Flexible digital infrastructure to service internal and external distribution

3

Strategic Partnership to Leverage Innovation and Cost Reductions

Enhanced customer experience

Process improvements and automation (Robotics)

Improved cost efficiency

Increased offshoring and global delivery model

Partnership to drive innovation, digitalization and speed to market

Digital transformation Future-ready technology platform

Business Process as a Service, managed services and digital solutions

Committed Plan to Achieve Cost Reductions and Efficiency Gains in Partnership

# Partner FTEs working for Storebrand

Cost Initiatives Successfully Completed

• Several cost actions completed and good cost control with growing business volumes
• 2015 cost/income of 59,6% target reached

¹ Real cost reduction 2012-15 assuming 2.5% inflation. Operational costs are adjusted for restructuring costs in 2012 (NOK 195m) and 2015 (NOK 97m).

Further Cost Reductions to be Realized by 2018

Note: Graph shows expected development in nominal operational costs (NOKm).

Key Takeaways

• On a transition from capital consuming guarantees to capitallight asset gatherer
• Unit linked assets expected to grow with ~15% annually next three years
• Growth in Savings and Insurance to increase top line despite reduction in income from back book
• Ambition to at least keep costs nominally flat

Solvency II and economic capital modelling in Storebrand

Trond Finn Eriksen Head of Economic Capital Management

• Solid Solvency II position with low volatility
• Solvency II requirements on back book is close to peak
• New business written gives positive VNB and contributes with Solvency capital
• Robust and transparent Solvency II calculations

Long History of Economic Capital Modelling in Storebrand

Economic models continuously evaluated by external partners

Solvency II Ratio Storebrand Group March 31, 2016

¹Contribution to Own Funds from products = NPV of future profit – Risk margin. ² Shareholder surplus at market value.

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Key Assumptions in Storebrand's Solvency II Standard Calculation

Contract boundaries

Short contract boundaries: No future premiums are accounted for except for some not material products

Ultimate forward rate & Volatility Adj.

• Storebrand is using the Smith-Wilson extrapolation method to reach a UFR of 4.2%
• Storebrand is using VA as given by EIOPA. As of Q1 2016 VA for NOK was 16bp and 4bp for SEK

Transitional rules

• Storebrand is using transitional rules for the value of the liabilities. Transitional rules equals Solvency II liabilities less Solvency I liabilities. The effect is reduced over 16 years, more during the first years
• Storebrand is using transitional measures on equities. Equities are stressed at 22% instead of 39%. The effects are expected to run out during 2017

Operational assumptions

• Lapse on paid-up policies is set to 0% up until 2021, 1.5% lapses after this. 0% lapses also after 2021 would reduce calculated Solvency II ratio by 3 percentage points
• Reduced margin in Norwegian DC business over time
• Only costs associated with maintaining current reserves are accounted for. A cost increase/decrease of 10% would decrease/increase Solvency II ratio by 4.0 percentage points

Loss absorbing capacity of tax

• Full allowance for loss absorbing capacity of tax
• Methodology proves that the deferred tax asset that arise from adverse market conditions can be utilized within the projection horizon
• Norwegian FSA has been clear on the allowance for loss absorbing capacity of deferred tax
• 13% effect on SCR before diversification

Low Sensitivities in Solvency II Ratio Including Transitionals

1 Estimated solvency position and sensitivities of Storebrand Group as of 10 May 2016.

Front Book Well Adapted to Solvency II, while Back Book is Capital Intensive

High capital consumptive Guarantees: Paid-up policies, Individual Norway and capital consumptive guarantees Sweden. Medium capital consumptive Guarantees: Defined Benefit and medium guaranteed Sweden. Low capital consumptive guarantees: Capital-light guarantees Sweden.

Non-guaranteed Life: Unit Linked Norway and Sweden.

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Back Book in Run Off, Front Book is Growing Fast

High capital consumptive Guarantees: Paid-up policies, Individual Norway and capital consumptive guarantees Sweden.

Medium capital consumptive Guarantees: Defined Benefit and medium guaranteed Sweden.

Low capital consumptive guarantees: Capital-light guarantees Sweden. Non-guaranteed Life: Unit Linked Norway and Sweden.

50

What Determines the Solvency II Ratio Going Forward

From Solvency II to Economic capital to Reflect More Realistic Business Assumptions

Economic Capital Values Reflect Value of Underlying Business

Strong Sales in 2015 - Value of New Business NOK 1bn

• Solid Solvency II position with low volatility
• Solvency II requirements on back book is close to peak
• New business written gives positive VNB and contributes with Solvency capital
• Robust and transparent Solvency II calculations

Appendix

Calculating Solvency II

Calculating Market Value of Liabilities under Solvency II

From IFRS Values to Solvency II Own Funds

Calculating the Solvency Capital Requirements (SCR)

Liability Driven Investments

Tørres Trovik CIO

Sufficient expected return to grow both buffers and solvency capital

Buffer capital of 5.3% provides low risk for shareholders and reduces net SCR

• Efficient risk management by segmentation
• A strong bonds at amortised cost portfolio providing 65% of required return

Guaranteed Asset Allocation

Liability Driven AM with a Double Purpose

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Norwegian Guaranteed Book:¹ Different Return Targets under Solvency II and IFRS

• Solvency II 1

• The IRR of liabilities (2.1%) is above current swap rate (1.4% at 31.3.16) due to Smith Wilson extrapolation in SII curve when liabilities are marked to market
• We exceed the target for market return with current allocation both in the short end long term
• Building own funds

• IFRS 2

65

• The return target for book return is the annual guarantee (3.2% next year, falling)
• Expected book return is market return + running yield from amortizing bonds portfolio
• In addition we can draw on 5.3% buffer if necessary
• Flexibility to smooth returns low IFRS risk
• Building buffers reducing SCR

Norwegian Guaranteed Book – IFRS perspective: Estimate of Expected Returns and Buffer Development

Expected return and buffer level 2016-2025 (%)

Sufficient return to meet IFRS guarantee and build buffer capital

IFRS perspective

• Book value of liabilities unwinds at guaranteed rate
• Contribution from amortizing bonds is 65% of return estimate
• Buffer capital shields shareholders and reduce SCR

¹Buffer capital is sum of market value adjustment reserve (MVAR) and additional statutory reserves (ASR) 2 Expected book return = expected market return + amortizing of excess value in HTM bonds

What If Interest Rates Go Even Lower?

Interest rate reduction of 50 bps

• The deficit is to a large degree absorbed by buffers
• Effect on financial result is zero or very limited

Norwegian Guaranteed Book - Solvency perspective: Estimate of Expected Return and Liability Development

Expected mark to market return 2016-2025 (%)

Sufficient return generates Solvency II capital

Solvency II perspective

• Market value of liabilities unwinds at market rate
• All assets mark to market, surplus values in amortizing bonds in opening balance
• Asset return > liability return generates solvency capital

Paid up policies in Norway: Segmentation According to Risk Capacity

High Quality Assets I - Characteristics of Bonds at Amortised Cost¹

2025 25 4 21 2024 36 4 32 2023 41 4 37 2022 46 5 41 2021 56 8 48 2020 71 8 63 2019 77 9 67 2018 85 10 75 2017 90 10 80 2016 91 10 81 2016 Q1 96 12 84 Book value Excess value

Market & book value – no reinvestment (NOKbn)

Yield and rating development – no reinvestment

Rating distribution (%)

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1 Norwegian portfolio only.

High Quality Assets II - Characteristics of Mark to Market Fixed Income¹

Rating distribution (%) Geographical distribution (%)

Sector distribution (%)

Sufficient expected return to grow both buffers and solvency capital

Buffer capital of 5.3% provides low risk for shareholders and reduces net SCR

• Efficient risk management by segmentation
• A strong bonds at amortised cost portfolio providing 65% of required return

Capital management framework and financial position

Lars Aa. Løddesøl Group CFO

Key Takeaways

• On a transition from capital consuming guarantees to capitallight asset gatherer
• Growth and profitability from Savings and Insurance replace run-off business
• Back book run off and front book solvency generation enable future capital release
• New capital management policy with >150% SII target ensures clear dividend policy

From Guaranteed to Non-Guaranteed Pension Savings

0 2 000 4 000 6 000 Guaranteed Non-guaranteed SEKm 2010 2011 2012 2013 2014 2015

Share of reserve distributed by age of policy-holder

¹ Guaranteed: Defined Benefit Norway. Non-guaranteed: Unit Linked (occupational pension) Norway, Q1 2016.

² Guaranteed: Defined Benefit Norway and Paid-up policies. Non-guaranteed: Unit Linked (occupational pension) Norway, Q1 2016.

75

Long Term Balance Sheet Shift

76 Company capital and Other: Company portfolios, buffer capital and BenCo. External AuM: Non-life AuM in Storebrand Asset Management. Non-guaranteed Life: Unit Linked Norway and Sweden. Low capital consumption Guarantees: Capital-light guarantees Sweden. Medium capital consumption Guarantees: Defined Benefit and medium guaranteed Sweden. High capital consumption Guarantees: Paid-up policies, Individual Norway and capital consumptive guarantees Sweden.

Guaranteed Back Book: - Expected Capital Consumption Reduced

Estimated reduced capital consumption Why reduction in capital need?

Capital consumption includes sum of solvency capital requirement and sum of VIF for all guaranteed products

Reduced capital consumption will replace transitional capital, and over time improve dividend capacity

• Guaranteed portfolio in run off
• Average policyholder above 61 years
• Retirement benefits > premium income and guaranteed return
• Reduces risk margin and TVOG
• Interest rate guarantee reduced
• Old policies have higher guarantees
• Capital light new sales

Capital Generation will Increase over Time and is Sufficient to Pay Dividends

Annual estimated solvency generation (%)¹

Storebrand will generate sufficient capital:

• (1) To stay in the targeted solvency range of 150-180%
• (2) To cover dividend payment with current interest rate curve

And the run off of guaranteed liabilities will increase the level of capital generation to more than 10pp

• Expected annual capital generation next 5 years will be between 5-10pp of improved solvency ratio, further management actions have the potential to further improve solvency
• We expect that unwinding of transitional capital will mostly be offset by a decrease in guaranteed liabilities and an increased value of in-force of the non-guaranteed business. The need to build more tangible capital will be limited and achieved through retained earnings after dividend payments

What Determines the Solvency II Ratio Going Forward

A Solid and Profitable Company, but Profitability Under Pressure Short Term

NOK mil 416 314 605 277 473 -291 -195 -291 398 Q1 2016 546 -133 2015 1,762 2,219 -166 2014 3,423 2,636 2013 2,935 2,242 2012 1,952 73 1,748 2011 1,279 1,570 2010 1,612 1,454 158

Group result¹

Comments

• Exiting public sector Defined Benefit
• Exiting Corporate Banking
• Lower interest rates
• Profitable Defined Benefit Norway significantly reduced

Non-recurring items

Net profit sharing and loan losses

Result before profit sharing and loan losses

We Maintain >10% RoE Target

Return on IFRS equity Comments

• RoE target: 10% after tax, adjusted for amortisation
• Increase in equity capital in light of higher capital requirements
• Reduced income from guaranteed pension puts pressure on RoE
• Reduced capital consumption combined with capital light growth will bring RoE >10%

Reporting Structure Reflects Different Business Characteristics

Three main segments with close links between value drivers and reported results Transition towards Savings and Insurance

Result before amortisation and longevity reserve strengthening

Segments' share of result before amortisation and longevity reserve strengthening

Other Guaranteed Insurance Savings

Strong Returns on IFRS Equity in Savings and Insurance

The equity in the Group sits within different legal units. This allocation of equity is done on a pro-forma basis to reflect an approximation to the IFRS equity consumed in the different reporting segments after group diversification. The estimated allocation is based on the capital consumption under SII and CRD IV adjusted for positive capital contribution to own funds.

¹ Result before amortisation and longevity reserve strengthening, FY2015.

Group Equity and Capital Structure – Reduced Leverage

¹ Intangible equity: Brand names, IT systems, customer lists and Value of business-in-force (VIF), and goodwill. VIF and goodwill mainly from acquisition of SPP.

² Specification of subordinated liabilities:

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• Hybrid tier 1 capital, Storebrand Bank ASA and Storebrand Livsforsikring AS

• Perpetual subordinated loan capital, Storebrand Livsforsikring AS

• Dated subordinated loan capital, Storebrand Bank ASA and Storebrand Livsforsikring AS

³(Senior debt – liquidity portfolio) in holding company shown in separate column as it is not part of group capital.

Group Capital Management Policy

Financial Targets

	Target	Status 1Q 2016
Return on equity1	> 10%	7%
Dividend ratio1	> 35%	n/a
Solvency II margin Storebrand Group2	> 130%	175%
Rating Storebrand Life Insurance	A-level	BBB+/Baa1

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Revised Financial Targets

	Target	Status 1Q 2016
Return on equity1	> 10%	7%
Dividend ratio1	> 35%	n/a
Solvency II margin Storebrand Group (revised)2	> 150%	175%

Key Takeaways

• On a transition from capital consuming guarantees to capitallight asset gatherer
• Growth and profitability from Savings and Insurance replace run-off business
• Back book run off and front book solvency generation enable future capital release
• New capital management policy with >150% SII target ensures clear dividend policy

Appendix

Increased Financial Flexibility for the Holding Company

• Net debt in the holding company reduced by NOK 1.6bn since 2011
• Undrawn credit facility of EUR 240m in addition to NOK 2.3bn in liquid assets
• Reduced operational costs in the holding company from NOK 165m in 2011 to NOK 93m in 2015
• Holding company well prepared to recommence dividend payments

Life & Pensions Norway - Balance Sheet Dynamics

² Indication of economic Solvency II capital requirements, from low (~0%; ) to high (12-20%; )

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Life & Pensions Sweden - Balance Sheet Dynamics

• Fee based adm.result
• Risk result

• Profit sharing mechanism

• Fee based adm.result

• Risk result
• High growth

¹ Indication of income margin on reserves, from low (<0,5%; ) to high (>1,50%; )

² Indication of economic Solvency II capital requirements, from low (~0%; ) to high (12-20%; )

Closing remarks

Odd Arild Grefstad Group CEO

The Storebrand Investment Case

Entered S2 without raising capital – set to resume dividends ^&gt;150% Solvency target¹ 2016 Planned dividend payout 1 2 3 ^~5-10% Normalised solvency generation²

From capital intensive to capital light

53% Of AuM³ non guaranteed

2018

Estimated back book peak capital consumption <0%

Growth in high quality earnings continues

#1 Occupational pensions⁴

12%

Growth in Savings and Insurance⁵ with high RoE

Cost development

¹ Including transitional rules.

² Solvency generation (%) on Solvency II ratio without transitional rules.

94 ³ Total assets under management Storebrand Group.

⁴ Norway defined contribution private sector (gross premiums with and without investment choice), 4Q 2015. Source: Finance Norway. ⁵ Annual growth 2012-15 in Savings fee- and administration income + Insurance premiums f.o.a.

Investor Relations contacts

Lars Aa Løddesøl Sigbjørn Birkeland Kjetil R. Krøkje Group CFO Finance Director Head of IR

lars.loddesol@storebrand.no sigbjorn.birkeland@storebrand.no kjetil.r.krokje@storebrand.no

+47 9348 0151 +47 9348 0893 +47 9341 2155