Storebrand ASA — M&A Activity 2018

Dec 21, 2018

Storebrand ASA: Sale of Nordben Life and Pension Insurance Co. Limited

Storebrand ASA: Sale of Nordben Life and Pension Insurance Co. Limited

BenCo Insurance Holding B.V., which is majority owned by Storebrand

Livsforsikring AS, has entered into an agreement with Monument Re Limited to

sell all of the shares in Nordben Life and Pension Insurance Co. Limited.

"I am very pleased with this solution regarding Nordben. Storebrand, as the

majority owner of BenCo, see the acquisition of Nordben as a very positive step

for the company going forward. Over the last years, Storebrand has established a

partnership model for international solutions and this transaction is the

natural next step. The customers and employees will be taken good care of by

Monument Re, which has been an important consideration for us during the

process. Monument Re has a strong track record of investing in European

insurance companies, they know the business well, and will continue to use

Guernsey as a location. We look forward to continue working with Nordben under

new ownership," says Geir Holmgren, CEO of Storebrand Livsforsikring AS.

Nordben was established in Guernsey in 1985 and was a market leader in the

provision of international pension plans to the Nordic industry. The company has

been closed to new business in recent years and has a closed portfolio of around

7,500 policies with assets of SEK 6 billion.

Monument Re is a Bermuda based reinsurer established to operate as an asset

intensive reinsurer and acquirer principally in Europe. Monument Re is backed by

high quality shareholders which include Hannover Re, the world's third largest

reinsurer, NYSE listed Enstar, a leading P&C run-off consolidator, and E-L

Financial, the parent company of Canadian life insurer Empire Life.

The transaction is expected to have a positive impact of 0.8 percentage points

on Storebrand Group's solvency margin and limited result impact.

Completion of the transaction is subject to regulatory approvals and is expected

to conclude in Q1 2019.

Lysaker, 21 December 2018

Contact persons:

CFO, Lars Aa. Løddesøl:

lars.loddesol@storebrand.no

(+47) 934 80 151

CEO Storebrand Livsforsikring AS, Geir Holmgren:

geir.holmgren@Storebrand.no

(+47) 934 80 151

Head of Investor Relations, Kjetil Ramberg Krøkje:

kjetil.r.krokje@storebrand.no

(+47) 934 12 155

Storebrand's ambition is to be the best provider of saving for pensions.

Storebrand will deliver sustainable solutions adapted to the customer's

individual situation, so that each person receives a better pension in a more

sustainable world. Storebrand has about 40.000 corporate customers and 2 million

individual customers, and is headquartered in Lysaker outside of Oslo, Norway.

Storebrand manages more than NOK 700 bn and is Norway's largest asset manager.

We work hard to reach our vision: Recommended by our customers. Storebrand (STB)

is listed on Oslo Stock Exchange.

Visit us at www.storebrand.no and follow us on twitter: @Storebrand_no

This announcement is subject to information pursuant to the Securities Trading

Act § 5-12