Storebrand ASA — M&A Activity 2020

Aug 14, 2020

STOREBRAND ASA: Acquisition of portfolios from Insr

STOREBRAND ASA: Acquisition of portfolios from Insr

Storebrand Forsikring AS, a wholly owned subsidiary of Storebrand ASA, has

entered into an agreement with Insr Insurance Group ASA ("Insr") to acquire

specific insurance portfolios from Insr. Storebrand Forsikring AS will acquire

the right and obligation to renew policies within the portfolios.

- We look forward to welcoming many new retail and SME insurance customers to

Storebrand. The acquisition will strengthen Storebrand's position within

insurance, says EVP Retail Market, Heidi Skaaret.

Transfers of customers from Insr to Storebrand will take place gradually and is

expected to commence before the end of 2020. Storebrand will pay Insr 20-30% of

renewed written premiums. Storebrand has guaranteed a minimum payment of NOK 70

million to be paid no later than 6 months after the end of the renewal period.

The total transaction is estimated to marginally reduce Storebrand Group's

solvency ratio of less than one percentage point.

Storebrand Forsikring AS's premiums f.o.a. grew by 14% over the last 12 months

compared to the previous 12 months. Storebrand currently holds a 3.9% market

share in the retail market for property and causality (P&C) insurance, while

Insr holds a market share of 2.2%.

The transaction is subject to the approval from Insr's shareholders at an

extraordinary general meeting to be held by the end of September 2020, as well

as the approval from the Norwegian Financial Supervisory Authority and the

Norwegian Competition Authority.

ABG Sundal Collier acts as financial advisor and Wikborg Rein as legal advisor

to Storebrand in the process.

Lysaker, 14 August 2020

For further inquiries, please contact:

Group Head of Strategy, Finance and M&A, Kjetil Ramberg Krøkje:

kjetil.r.krokje@storebrand.no or (+47) 934 12 155

Head of Investor Relations and Rating, Daniel Sundahl:

daniel.sundahl@storebrand.no or (+47) 913 61 899

Media requests:

Press Relations Manager, Synnøve Halkjelsvik

synnove.hjelle.halkjelsvik@storebrand.no or (+47) 957 45 105

Storebrand's ambition is to provide our customers with financial freedom and

security by being the best provider of long-term savings and insurance.

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 has its headquarter at Lysaker outside of Oslo,

Norway. Storebrand manages NOK 880 bn and is one of the largest asset managers

in the Nordics. We work hard to fulfil our mission: A future to look forward to.

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.