Storebrand ASA — Management Reports 2015

Oct 28, 2015

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.

OVERVIEW4
REPORTING AND LEGAL STRUCTURE 4
REPORTING STRUCTURE 4
LEGAL STRUCTURE 4 KEY FIGURES5
SHAREHOLDER STRUCTURE6
ACCOUNTING PRINCIPLES6
FINANCIAL RESULTS7
RESULT – STOREBRAND GROUP7
SAVINGS (NON-GUARANTEED)9
RESULTS9
KEY FIGURES9
RESULTS BY PRODUCT 10 SALES AND MARKETS11
RETURNS 12
RESERVES DEVELOPMENT12
INSURANCE13
RESULTS13
KEY FIGURES 14
RESULTS BY PRODUCT 14
GUARANTEED PENSION16
RESULTS16
RESULTS BY PRODUCT 17
INVESTMENT RETURN 18
BALANCE SHEET19
SALES AND MARKETS19 RESERVES AND BUFFERS 20
OTHER24
RESULTS24
KEY FIGURES24 RESULTS PER PRODUCT 26
STOREBRAND GROUP27
RESULTS27 BALANCE SHEET 28
STOREBRAND LIFE GROUP (IFRS-LEGAL)29
RESULTS - STOREBRAND LIFE GROUP 29 BALANCE SHEET – STOREBRAND LIFE GROUP30
RESULTS - SPP31
BALANCE SHEET - SPP 32
STOREBRAND ASSET MANAGEMENT GROUP (IFRS-LEGAL)33
RESULTS33 BALANCE SHEET 33
STOREBRAND HELSEFORSIKRING AS (IFRS-LEGAL 100%)34
RESULTS34
BALANCE SHEET 34
STOREBRAND FORSIKRING AS (IFRS-LEGAL)35
RESULTS35
BALANCE SHEET 35

STOREBRAND BANK GROUP (IFRS-LEGAL)36
RESULTS36 BALANCE SHEET 36
STOREBRAND ASA (IFRS-LEGAL)39
RESULTS39
BALANCE SHEET 39
SOLIDITY40

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.

Key figures

Table 1: Key Figures

	2015			2014
NOK million	3Q	2Q	10	4Q	30	20	10
Storebrand Group
Earnings per ordinary share (after tax) 1)	1,25	1,12	0,55	4,61	3,06	2,22	1,13
Equity	25 982	25 27 5	24 745	24 741	23 618	23 5 28	23 080
ROE, annualised	2,8%	5,9%	6,0%	13,6 %	8,9%	11,2 %	11,4 %
Savings - non guaranteed
Premium income Unit Linked	3 1 5 3	3 0 3 5	2871	2 5 9 4	2 4 8 3	2 3 4 7	2 4 6 3
Unit Linked reserves	118 695	117 452	115 816	105 369	93 976	92 899	87 105
AuM Asset Management	562 136	551 587	557 989	534 523	502 840	501 539	495 244
Retail lending	25 417	24 833	24 100	24 441	24 391	24 103	23 743
Insurance
Total portfolio premiums	4 2 7 5	4 1 7 4	4 0 5 3	3699	3 6 5 7	3 5 8 8	3 5 5 2
Claims ratio	78 %	72 %	75 %	76 %	73 %	73 %	64 %
Cost ratio	14 %	15 %	15 %	1 %	16 %	17 %	16 %
Combined ratio	92 %	87 %	90 %	78 %	89 %	90 %	80 %
Guaranteed pension
Guaranteed reserves	263 198	258 825	261 277	264 290	257 425	263 370	259 799
Guaranteed reseves in % of total reserves	68,9%	68,8%	69,3%	71,5 %	73,3 %	73,9%	74,9 %
Net transfer out of quaranteed reserves	815	1 4 3 2	5 0 3 1	2 2 2 9	5 4 5 2	72	7 0 7 0
Buffer capital in % of customer reserves Norway 2)	5,4 %	5,7%	6,5%	6,6%	4,8%	4,6 %	4,2%
Buffer capital in % of customer reserves Sweden 37	11,1%	12,4 %	12,5 %	11,7 %	15,0 %	15,1 %	14,6 %
Solidity
Capital adequacy (Storebrand Group)	13,6 %	13,6 %	12,9 %	13,0 %	13,3 %	14,1 %	14,4 %
Solidity capital (Storebrand Life Group) 4)	64 020	62 293	66 052	64 664	61 904	60 850	55 472
Capital adequacy (Storebrand Life Group)	14,5 %	14,6 %	13,8 %	13,5 %	14,1 %	14,1 %	14,8 %
Solvency margin (Storebrand Life Group)	179 %	183 %	173 %	175 %	182 %	178 %	182 %
Solvency margin (SPP Pension & Försäkring AB)	179 %	188 %	153 %	171 %	209 %	211 %	230 %
Capital adequacy (Storebrand Bank)	16,7 %	16,3%	15,8%	15,0%	17,9%	15,7%	15,0%
Core Capital adequacy (Storebrand Bank)	14,9 %	14,5 %	14,0%	13,3 %	16,2%	14,8%	14,1 %

1) Accumulated accounting year

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 2015 was NOK 2 249.5 million. There are 449 909 891 shares with a par value of NOK 5.

As of 30.09.2015 the shareholder structure as registered with the VPS (The Norwegian Central Securities Depository) was as follows:

FOLKETRYGDFONDET 0 9,41 % J.P Morgan Chase Ba A/C US Resident Non. 0 2,90 % Clearstream Banking NOM 2,65 % Skandinav iska Enskil A/C CLIENTS ACCOUNT NOM 2,64 % Prudential Asurance HSBC Bank Plc 0 2,29 % J.P. MORGAN BANK LUX JPML SA RE CLT FRANK NOM 2.27 % UBS Sw itzerland AG A/C Omnibus-Disclose NOM 1,90 % Goldman Sachs & Co E Goldman Sach & Co NOM 1,78 % State Teaachers Retir C/O Citibank NOM 1,67 % Franklin Mutual Seri BNY Mellon SA/NV 0 1,62 % nex t 10 largest shareholders 15,53 % Total - 20 largest shareholders 42,39 % NORWAY 37 % USA 22 % UK 11 % LUXEMBOURG 9 % SVERIGE 5 % OTHERS 16 %

Table 2: Shareholder structure

* Nom - nominee account

Table 3: Rating

	Rating company
	Moody's	S&P
Storebrand ASA	Ba1 (S)	BBB- (S)	P=positive outlook
Storebrand Liv sforsikring AS	Baa1 (S)	$BBB+ (S)$	S=stable outlook
Storebrand Bank ASA	Baa1 (S)	$BBB+ (N)$	N=negative outlook
Storebrand Boligkreditt AS	Ааа	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

Please note that some historical figures are adjusted compared to earlier quarterly reports. The adjustments made are according to material published on June 3, 2015. Please see storebrand.com/ir for more information.

Result – Storebrand Group

Table 4: Group result

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	1 046	1 065	1 044	1 116	1 045	3 155	3 044	4 160
Risk result life & pensions	40	54	9	323	37	103	157	480
Insurance premiums f.o.a.	894	947	867	802	773	2 708	2 313	3 115
Claims f.o.a.	-697	-683	-652	-613	-564	-2 031	-1 614	-2 226
Operational cost	-755	-799	-803	-207	-732	-2 357	-2 238	-2 446
Financial result	-90	76	81	-21	95	68	370	349
Result before profit sharing and loan losses	440	661	546	1 400	655	1 646	2 032	3 431
Net profit sharing and loan losses	-167	-51	59	-356	67	-159	348	-8
Prov ision longev ity	-96	-151	-154	-121	-90	-402	-270	-391
Result before amortisation and write-downs	176	459	450	923	632	1 085	2 110	3 032
Amortisation and w rite-dow ns of intangible assets	-108	-103	-105	-105	-108	-316	-326	-431
Result before tax	67	356	346	818	524	768	1 783	2 601
Tax	-3	-97	-87	-115	-147	-187	-401	-516
Sold/liquidated business	-0	-0	-0	-0	-0	-0	-1	-1
Profit after tax	64	258	258	703	376	581	1 382	2 085

Table 5: Group result by result area

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Sav ings - non-guaranteed	264	237	218	469	240	720	622	1 091
Insurance	120	192	159	159	135	471	516	675
Guaranteed pension	-76	32	81	227	233	37	847	1 074
Other result	-133	-3	-8	68	24	-143	124	193
Result before amortisation and write-downs	176	459	450	923	632	1 085	2 110	3 032

Table 6: Earnings per share

	2015			2014		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Profit for the y ear (majority )	59	255	246	694	377	560	1 368	2 063
Earnings per share	0,13	0,57	0,55	1,55	0,84	1,25	3,06	4,61
Av erage number of shares (millions)	-	-	-	-	-	447,6	447,3	447,4
Earnings per share adjusted for amortisation
of intangible assets	0,37	0,80	0,78	1,78	1,08	1,96	3,79	5,57

Table 7: Exchange rates SEK/NOK

	2015			2014
	3Q	2Q	1Q	4Q	3Q
Result	0,9910	0,9443	0,9350	0,9186	0,9160
Balance	1,0170	0,9482	0,9345	0,9578	0,8910

Savings (non-guaranteed)

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.

Please note that some historical figures are adjusted compared to earlier quarterly reports. The adjustments made are according to material published on June 3, 2015. Please see storebrand.com/ir for more information.

Results

Table 8: Savings - non-guaranteed

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	646	627	628	679	588	1 902	1 696	2 375
Risk result life & pensions	-5	4	-4	-10	7	-4	-1	-11
Operational cost	-381	-394	-408	-214	-354	-1 183	-1 075	-1 289
Financial result	0	0	0	0	0	0	0	0
Result before profit sharing and loan losses	261	238	216	455	240	715	620	1 075
Net profit sharing and loan losses	3	-0	2	14	-1	5	2	16
Prov ision longev ity	-	-	-	-	-	-	-	-
Result before amortisation	264	237	218	469	240	720	622	1 091

Table 9: Savings - by non-guaranteed product

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Unit Linked Storebrand	71	40	53	74	63	163	131	205
Unit Linked SPP	41	48	24	25	32	113	74	99
Asset Management segment	116	101	89	273	87	306	240	513
Retail Banking	36	49	52	97	57	137	177	274
Result before amortisation	264	237	218	469	240	720	622	1 091

Key figures

Table 10: Savings - non-guaranteed

	2015			2014
NOK million	3Q	2Q	1Q	4Q	3Q
Unit linked Reserv es	118 695	117 452	115 816	105 369	93 976
Unit linked Premiums	3 153	3 035	2 871	2 594	2 483
AuM Asset Management	562 136	551 587	557 989	534 523	502 840
Retail Lending	25 417	24 833	24 100	24 441	24 391

Results by product

Table 11: Unit Linked Norway

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	154	138	153	128	136	445	370	498
Risk result life & pensions	-1	1	-1	-8	8	-1	-2	-10
Operational cost	-83	-99	-99	-46	-80	-281	-237	-283
Financial result	0	0	0	0	0	0	0	0
Result before profit sharing and loan losses	71	40	53	74	63	163	131	205
Net profit sharing and loan losses	-	-	-	-	-	-	-	-
Prov ision longev ity	-	-	-	-	-	-	-	-
Result before amortisation	71	40	53	74	63	163	131	205
Reserv es	50 071	49 430	46 786	41 893	38 575	50 071	38 575	41 893

Table 12: Unit linked Sweden

	2015			2014		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	175	172	166	159	141	513	412	572
Risk result life & pensions	-4	3	-3	-2	-1	-4	1	-1
Operational cost	-130	-127	-140	-132	-109	-397	-339	-472
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	41	48	24	25	32	113	74	99
Net profit sharing and loan losses	-	-	-	-0	0	-	-0	-0
Prov ision longev ity	-	-	-	-	-	-	-	-
Result before amortisation	41	48	24	25	32	113	74	99
Reserv es	68 624	68 022	69 030	63 476	55 401	68 624	55 401	63 476

Table 13: Asset Management segment

	2015			2014		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	228	219	202	279	198	649	578	856
Risk result life & pensions	-	-	-	-	-	-	-	-
Operational cost	-117	-119	-116	-13	-114	-351	-345	-358
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	111	101	86	265	85	298	233	498
Net profit sharing and loan losses	4	0	3	7	2	8	7	15
Prov ision longev ity	-	-	-	-	-	-	-	-
Result before amortisation	116	101	89	273	87	306	240	513
Reserv es	562 136	551 587	557 989	534 523	502 840	562 136	502 840	534 523

Table 14: Retail Banking

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	89	98	107	113	112	294	336	449
Risk result life & pensions	-	-	-	-	-	-	-	-
Operational cost	-51	-49	-53	-23	-52	-153	-153	-176
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	38	49	53	91	60	140	182	273
Net profit sharing and loan losses	-2	-0	-1	7	-3	-3	-5	1
Prov ision longev ity	-	-	-	-	-	-	-	-
Result before amortisation	36	49	52	97	57	137	177	274
Retail lending	25 417	24 833	24 100	24 441	24 391	25 417	24 391	24 441
Net interest margin retail banking	1,21 %	1,23 %	1,36 %	1,35 %	1,39 %	1,26 %	1,36 %	1,39 %
Net interest income banking	90	88	96	98	99	274	295	393

Sales and Markets

Table 15: New sales

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Unit Linked premiums 1) Norw ay	75	1 045	104	99	63	1 224	242	341
- of w hich annual premiums	39	1 010	52	70	40	1 101	154	224
- of w hich single premiums	36	35	52	29	23	123	88	117
Unit Linked premiums 1) Sw eden	205	283	242	248	215	730	736	984
- of w hich annual premiums	189	239	215	212	176	643	598	811
- of w hich single premiums	16	43	27	36	39	86	137	173
Sav ings (non.guaranteed) premiums 1)	280	1 328	346	347	278	1 954	978	1 325
- of w hich annual premiums	227	1 250	267	282	215	1 744	752	1 035
- of w hich single premiums	52	79	79	65	62	210	225	290

1) Annual premium equivalent

Table 16: Unit Linked - Premiums (excluding transfers)

	2015			2014			01.01 - 30.09
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Unit Linked (occupational pension) Norw ay	1 868	1 709	1 489	1 416	1 287	5 066	3 801	5 217
Unit Linked (retail) Norw ay	240	256	278	167	110	774	346	513
Unit Linked Sw eden	1 045	1 070	1 104	1 011	1 087	3 219	3 146	4 157
Total	3 153	3 035	2 871	2 594	2 483	9 059	7 293	9 887

Table 17: Unit Linked - Transfer balance

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Premium reserv es receiv ed
Unit Linked Norw ay	944	1 378	1 996	1 055	131	4 318	667	1 722
Unit Linked Sw eden	178	199	197	259	255	574	1 071	1 330
Total received	1 121	1 578	2 193	1 313	386	4 892	1 739	3 052
Premium reserv es transferred
Unit Linked Norw ay	-243	-265	-290	-322	-297	-798	-1 054	-1 375
Unit Linked Sw eden	-438	-364	-384	-400	-338	-1 186	-1 199	-1 599
Total transferred	-681	-629	-674	-722	-634	-1 984	-2 253	-2 975
Net transfers	441	948	1 519	591	-248	2 908	-514	77

Returns

Table 18: Return Defined Contribution - standard profiles Norway

	2015		2014			01.01 - 30.09	Full year
	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Ex tra low risk	0,3 %	0,0 %	0,7 %	1,2 %	0,8 %	1,0 %	3,3 %	4,5 %
Low risk	-1,2 %	0,2 %	2,1 %	2,2 %	0,9 %	1,1 %	5,2 %	7,4 %
Balanced	-3,6 %	-0,1 %	4,1 %	3,4 %	1,0 %	0,4 %	7,5 %	10,9 %
High risk	-5,6 %	-0,1 %	5,8 %	4,6 %	0,7 %	0,1 %	8,8 %	13,4 %
Ex tra high risk	-7,2 %	-0,4 %	6,9 %	5,0 %	-0,1 %	-0,7 %	8,7 %	13,7 %

Reserves development

Table 19: Development customer funds, quarter

Table 20: Development customer funds, YTD

NOK million	Reserves Unit Linked - Norway	Reserves Unit Linked - Sweden
Funds at 30.06.2015	49 430	68 022
Premium income	3 052	1 223
Asset return	-1 802	-4 275
Insurance claims	-499	-1 022
Other	-110	4 676
Funds at 30.09.2015	50 071	68 624

	Reserves	Reserves
	Unit Linked	Unit Linked
NOK million	- Norway	- Sweden
Funds at 31.12.2014	41 893	63 476
Premium income	10 158	3 793
Asset return	-202	64
Insurance claims	-1 568	-2 516
Other	-210	3 807
Funds at 30.09.2015	50 071	68 624

Insurance

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, sickness insurance, one-year life assurance and survivor insurance at SPP have been transferred from the Guaranteed Pension segment to Insurance. From 1 January 2014 the result for these products are reported under Insurance. In addition, the new accounting standards IFRS 10 and IFRS 11 have been implemented. Figures for previous periods have been restated.

Results

Table 21: Insurance

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Insurance premiums f.o.a.	894	947	867	802	773	2 708	2 313	3 115
Claims f.o.a.	-697	-683	-652	-613	-564	-2 031	-1 614	-2 226
Operational cost	-122	-136	-128	-9	-122	-387	-378	-387
Financial result	45	64	72	-22	48	181	195	173
Contribution from SB Helseforsikring AS	12	6	-5	14	8	13	11	25
Result before profit sharing and loan losses	120	192	159	159	135	471	516	675
Net profit sharing and loan losses	-	-	-	-	-	-	-	-
Result before amortisation	120	192	159	159	135	471	516	675
Claims ratio Cost ratio	78 % 14 %	72 % 15 %	75 % 15 %	76 % 1 %	73 % 16 %	75 % 14 %	70 % 17 %	71 % 13 %
Combined ratio	92 %	87 %	90 %	78 %	89 %	89 %	86 %	84 %

Table 22: By lines of business

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
P&C & Indiv idual life 1)	62	115	78	106	89	255	234	340
Health & Group life 2)	41	88	19	78	40	148	112	190
Pension related disability insurance Nordic 3)	18	-11	62	-25	7	69	169	144
Result before amortisation	120	192	159	159	135	471	516	675

1) Individual life and disability, property and casualty insurance

2) Group life and workers comp. including contribution from health insurance (consolidated under Financial result)

3) DC disability risk result Norway and disability risk Sweden

Key Figures

Table 23: Portfolio Premiums

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
P&C & Indiv idual life	1 657	1 607	1 531	1 407	1 375	1 657	1 375	1 407
Health & Group life 1)	1 477	1 471	1 451	1 235	1 228	1 477	1 228	1 235
Pension related disability insurance Nordic	1 141	1 096	1 071	1 057	1 054	1 141	1 054	1 057
Total written premiums	4 275	4 174	4 053	3 699	3 657	4 275	3 657	3 699
Inv estment portfolio	6 512	6 124	6 080	5 683	5 415	6 512	5 415	5 683

1) Includes all written premiums in Storebrand Helseforsikring AS (50/50 joint venture with Munich Health)

Table 23b: Company portfolio* Storebrand Insurance segment

Asset class	2015
Share	3Q
Credit bonds*	30 %
Gov ernment bonds	7 %
Bonds at amortised cost	24 %
Money market	26 %
Real Estate	8 %
Other	4 %
Total	100 %
*) Average rating AA

Fig. 1: Company portfolio Storebrand Insurance segment

Results by product

Table 24: P&C & Individual life

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Insurance premiums f.o.a.	400	390	360	339	332	1 149	972	1 311
Claims f.o.a.	-284	-231	-236	-226	-198	-751	-604	-830
Operational cost	-62	-67	-63	-11	-61	-192	-182	-194
Financial result	8	24	17	4	16	49	49	53
Result before profit sharing and loan losses	62	115	78	106	89	255	234	340
Net profit sharing and loan losses	-	-	-	-	-	-	-	-
Result before amortisation	62	115	78	106	89	255	234	340
Claims ratio Cost ratio	71 % 16 %	59 % 18 %	65 % 18 %	67 % 4 %	60 % 19 %	65 % 17 %	62 % 19 %	63 % 15 %
Combined ratio	87 %	77 %	83 %	70 %	78 %	82 %	81 %	79 %

Table 25: Health & Group life

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Insurance premiums f.o.a.	215	282	205	181	184	702	547	728
Claims f.o.a.	-180	-196	-190	-112	-155	-567	-466	-578
Operational cost	-20	-24	-23	22	-18	-67	-60	-38
Financial result	26	26	28	-13	28	80	92	79
Contribution from SB Helseforsikring AS	12	6	-5	14	8	13	11	25
Result before profit sharing and loan losses	41	88	19	78	40	148	112	190
Net profit sharing and loan losses	-	-	-	-	-	-	-	-
Result before amortisation	41	88	19	78	40	148	112	190
Claims ratio	84 %	70 %	93 %	62 %	84 %	81 %	85 %	79 %
Cost ratio	9 %	9 %	11 %	-12 %	10 %	10 %	11 %	5 %
Combined ratio	93 %	78 %	104 %	50 %	94 %	90 %	96 %	85 %

Table 26: Pension related disability insurance Nordic

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Insurance premiums f.o.a.	280	275	302	281	258	856	795	1 076
Claims f.o.a.	-232	-255	-226	-274	-210	-713	-543	-818
Operational cost	-40	-45	-42	-19	-44	-127	-136	-155
Financial result	11	15	27	-13	3	52	54	41
Result before profit sharing and loan losses	18	-11	62	-25	7	69	169	144
Net profit sharing and loan losses	-	-	-	-	-	-	-	-
Result before amortisation	18	-11	62	-25	7	69	169	144
Claims ratio	83 %	93 %	75 %	97 %	82 %	83 %	68 %	76 %
Cost ratio Combined ratio	14 % 97 %	16 % 109 %	14 % 88 %	7 % 104 %	17 % 99 %	15 % 98 %	17 % 85 %	14 % 90 %

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

Table 27: Guaranteed pension

	2015		2014		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	428	457	432	457	471	1 317	1 384	1 842
Risk result life & pensions	20	47	16	331	26	83	152	483
Operational cost	-266	-281	-277	-84	-275	-824	-837	-921
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	182	223	171	705	222	576	699	1 404
Net profit sharing and loan losses	-162	-40	64	-357	101	-137	418	61
Prov ision longev ity	-96	-151	-154	-121	-90	-402	-270	-391
Result before amortisation	-76	32	81	227	233	37	847	1 074

Table 28: By guaranteed product

	2015	2014		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Defined benefit (fee based)	74	90	77	161	148	241	431	592
Paid-up policies, Norw ay	-35	-98	-93	3	-66	-227	-121	-117
Indiv idual life and pension, Norw ay	2	4	-	-	-	5	-	-
Guaranteed products, Sw eden	-117	37	98	62	151	18	537	599
Result before amortisation	-76	32	81	227	233	37	847	1 074

Key figures

Table 29: Guaranteed pension

NOK million	2015	2014				01.01 - 30.09		Full year
	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Guaranteed reserv es	263 198	258 825	261 277	264 290	257 425	263 198	257 425	264 290
Guaranteed reserv es in % of total reserv es	68,9 %	68,8 %	69,3 %	71,5 %	73,3 %	68,9 %	73,3 %	71,5 %
Net transfers	-815	-1 432	-5 031	-2 229	-5 452	-9 926	-10 188	-9 926
Buffer capital in % of customer reserv es Norw ay	5,4 %	5,7 %	6,5 %	6,6 %	4,8 %	5,4 %	4,8 %	6,6 %
Buffer capital in % of customer reserv es Sw eden	11,1 %	12,4 %	12,5 %	11,7 %	15,0 %	11,1 %	15,0 %	11,7 %

Results by product

Table 30: Defined benefit (fee based)

	2015	2014		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	178	229	220	256	270	628	782	1 038
Risk result life & pensions	11	11	5	-23	13	28	64	42
Operational cost	-84	-92	-91	38	-95	-267	-295	-257
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	106	148	134	271	188	388	551	822
Net profit sharing and loan losses	-	-	-	-	-	-	-	-
Prov ision longev ity	-32	-58	-57	-110	-40	-147	-120	-230
Result before amortisation	74	90	77	161	148	241	431	592
Reserv es	57 748	59 865	60 659	67 737	69 742	57 748	69 742	67 737
Fee, interest rate guarantee SBL	126	132	137	158	169	395	468	626

Table 31: Paid-up policies, Norway

	2015	2014				01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	108	80	82	70	68	270	204	274
Risk result life & pensions	1	0	2	-36	-13	2	47	11
Operational cost	-79	-86	-79	-19	-71	-244	-222	-240
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	29	-6	5	16	-16	28	29	45
Net profit sharing and loan losses	0	1	-1	-1	0	-0	0	-1
Prov ision longev ity	-64	-93	-97	-11	-50	-254	-150	-161
Result before amortisation	-35	-98	-93	3	-66	-227	-121	-117
Paid-up policies (retail)	99 319	98 402	97 783	92 563	90 555	99 319	90 555	92 563

Table 32: Individual life and pension, Norway

	2015	2014			01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	2	4	-	-	-	5	-	-
Risk result life & pensions	-	-	-	-	-	-	-	-
Operational cost	-	-	-	-	-	-	-	-
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	2	4	-	-	-	5	-	-
Net profit sharing and loan losses	0	0	-	-	-	0	-	-
Prov ision longev ity	-	-	-	-	-	-	-	-
Result before amortisation	2	4	-	-	-	5	-	-
Reserv es	15 674	15 873	16 108	16 302	16 435	15 674	16 435	16 302

Table 33: Guaranteed pension, Sweden

	2015		2014		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	140	145	129	132	133	415	398	530
Risk result life & pensions	8	35	9	389	26	53	41	430
Operational cost	-103	-103	-107	-103	-109	-312	-321	-424
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	46	77	32	418	50	155	119	536
Net profit sharing and loan losses	-162	-40	66	-356	101	-137	418	62
Prov ision longev ity	-	-	-	-	-	-	-	-
Result before amortisation	-117	37	98	62	151	18	537	599
Reserv es	90 458	84 685	86 727	87 688	80 693	90 458	80 693	87 688

Investment return

Table 34: Value adjusted return guaranteed products, Norway

	2015	2014				01.01 - 30.09		Full year
	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Paid-up policies	0,7 %	1,1 %	1,4 %	1,8 %	1,5 %	3,2 %	4,6 %	6,4 %
Indiv idual	0,9 %	0,9 %	1,2 %	1,6 %	1,4 %	3,0 %	4,1 %	5,8 %
Group defined benefit	0,0 %	0,7 %	1,5 %	1,5 %	1,4 %	2,3 %	4,7 %	6,2 %
Group defined benefit - public (low )	-0,6 %	0,3 %	0,9 %	0,3 %	1,1 %	0,6 %	3,9 %	4,2 %
Group defined benefit - priv ate (balanced)	0,1 %	0,7 %	1,6 %	1,7 %	1,4 %	2,4 %	4,8 %	6,6 %
Average return guaranteed products	0,5 %	0,9 %	1,4 %	1,7 %	1,4 %	2,8 %	4,6 %	6,3 %

Table 35: Booked return guaranteed products, Norway

	2015			2014		01.01 - 30.09		Full year
	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Paid-up policies	1,0 %	1,6 %	1,4 %	0,9 %	1,3 %	4,0 %	4,5 %	5,4 %
Indiv idual	0,9 %	1,4 %	1,1 %	0,3 %	1,1 %	3,4 %	3,7 %	4,0 %
Group defined benefit	0,6 %	1,4 %	1,5 %	0,1 %	1,6 %	3,5 %	5,1 %	5,2 %
Group defined benefit - public (low )	0,4 %	0,6 %	0,6 %	0,0 %	1,5 %	1,5 %	4,2 %	4,3 %
Group defined benefit - priv ate (balanced)	0,6 %	1,5 %	1,6 %	0,2 %	1,6 %	3,8 %	5,2 %	5,4 %
Average booked return guaranteed products	0,8 %	1,5 %	1,4 %	0,5 %	1,4 %	3,8 %	4,6 %	5,2 %

Table 36: Value adjusted return guaranteed products1), Sweden

	2015 Q3	Q2	Q1	2014 4Q	3Q	01.01 - 30.09 2015	2014	Full year 2014
DB	0,6 %	-2,9 %	3,0 %	2,5 %	2,4 %	0,6 %	8,8 %	11,6 %
P250	-1,0 %	-2,3 %	4,2 %	3,6 %	2,6 %	0,7 %	10,0 %	14,0 %
P300	1,1 %	-2,8 %	2,5 %	3,0 %	2,6 %	0,7 %	9,7 %	13,0 %
P520	1,8 %	-3,5 %	2,7 %	3,5 %	3,2 %	0,8 %	11,5 %	15,4 %
IF/AP	0,2 %	-0,5 %	1,0 %	0,7 %	0,9 %	0,6 %	3,4 %	4,2 %

1) Portfolio names "P250", "P300" and "P520" indicates level of interest rate guarantees (basis points)

Balance Sheet

Table 37: Guaranteed pension

	2015			2014
NOK million	3Q	2Q	1Q	4Q	3Q
Defined Benefit (fee based), Norw ay	57 748	59 865	60 659	67 737	69 742
Paid-up policies (retail), Norw ay	99 319	98 402	97 783	92 563	90 555
Indiv idual life and pension, Norw ay	15 674	15 873	16 108	16 302	16 435
Guaranteed Products, Sw eden	90 458	84 685	86 727	87 688	80 693
Guaranteed Reserves	263 198	258 825	261 277	264 290	257 425

Sales and Markets

Table 38: New sales guaranteed products 1)

	2015	2014				01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Guaranteed products*, Norw ay	1	-12	44	12	9	33	36	47
- of w hich annual premiums	-3	-12	32	5	6	17	18	24
- of w hich single premiums	4	-0	12	6	4	16	17	24
Guaranteed products*, Sw eden	39	38	42	33	29	119	133	166
- of w hich annual premiums	30	31	38	28	23	99	103	131
- of w hich single premiums	9	7	5	5	6	20	30	35
Guaranteed pension*	39	26	87	45	38	152	169	214
- of w hich annual premiums	27	20	70	33	28	116	122	155
- of w hich single premiums	12	7	17	11	10	36	47	59

1) Annual premium equivalent

Table 39: Premiums Norway (excluding transfers)

	2015			2014		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Defined Benefit (fee based), Norw ay	833	1 162	2 783	1 183	1 066	4 779	6 154	7 337
Paid-up policies, Norw ay	20	13	65	16	18	98	85	101
Indiv idual life and pension, Norw ay	69	67	68	76	69	205	211	287
Guaranteed products, Sw eden	480	449	487	482	479	1 417	1 646	2 127
Total	1 402	1 692	3 403	1 757	1 632	6 498	8 095	9 852

Table 40: Transfer balance (Guaranteed)

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Premium reserv es receiv ed
Norw ay 1)	-706	-1 184	-1 554	-734	49	-3 445	96	-638
Sw eden	47	8	6	1	5	16	-	-
Total received	-660	-1 176	-1 548	-733	54	-3 429	96	-638
Premium reserv es transfeerd
Norw ay	-85	-169	-3 389	-1 063	-5 242	-3 643	-10 284	-11 347
Sw eden	-71	-87	-95	-433	-265	-2 854	-	-
Total transferred	-156	-256	-3 483	-1 496	-5 506	-6 497	-10 284	-11 347
Net transfers	- 815	-1 432	-5 031	-2 229	-5 452	-9 926	-10 188	-11 985

1) This line includes paid-up policies with investment choice.

Reserves and buffers

Table 41: Development customer funds - single quarter

NOK million	Defined Benefit 1) - Norway	Paid-up policies 2) - Norway	Individual 2) - Norway	Guaranteed products - Sweden 2)
Funds at 30.06.2015	55 618	94 303	14 702	75 350
Premium income 3)	849	-693	71	527
Asset return	332	904	131	322
Insurance claims 3)	-591	-978	-381	-1 403
Other4)	-2 341	1 906	-24	6 526
Funds at 30.09.2015	53 867	95 441	14 500	81 322

1) Fee based

2) Profit sharing

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

4) Development in customer funds in Defined Benefit and Paid-up policies are mostly related to transfer between those two products.

Table 42: Development customer funds - YTD

NOK million	Defined Benefit 1) - Norway	Paid-up policies 2) - Norway	Individual - Norway 2)	Guaranteed products - Sweden 2)
Funds at 31.12.2014	62 553	88 190	15 014	78 541
Premium income 3)	4 900	-3 418	210	1 478
Asset return	2 059	3 728	527	2 025
Insurance claims 3)	-5 423	-2 884	-1 188	-4 119
Other	-10 018	9 825	-63	3 397
Funds at 30.09.2015	54 071	95 441	14 500	81 322

1) Fee based

2) Profit sharing

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

Table 43: Buffer capital 1)

	2015			2014
NOK million	3Q	2Q	1Q	4Q	3Q
Market v alue adjustment reserv e	4 352	4 930	5 856	5 814	3 812
Ex cess v alue of bonds at amortised cost	11 122	9 695	12 836	13 364	10 117
Additional statutory reserv e	4 479	4 505	4 881	5 118	4 298
Prov isions for new mortality tables	3 833	3 850	3 964	4 125	4 138
Unallocated results	1 905	1 964	1 100	-	3 552
Prov isions for new mortality tables, shareholders direct contribution	245	180	90	360	270
Conditional bonuses Sw eden	9 065	9 335	9 597	9 147	10 540
Total	35 001	34 460	38 324	37 928	36 727

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

Additional info guaranteed portfolios

Table 44 a: Key terms products, Norway

NOK million		Paid-up Individual
	DB
Booked return YTD	3,5 %	4,0 %	3,4 %
Interest rate guarantee p.a.	2,7 %	3,5 %	3,7 %
Funds	54,071	95,441	14,500
Additional Statutory Reserv e	1 693	1 959	810
Market Value Adjustment Reserv e	1 984	1 919	364
Risk Equalisation Fund	28	484	-
Ex pected return 1)	3,5 %	4,2 %	3,7 %

1) Expected return is calculated based on current asset allocation using normal risk premiums for the next 12 months

Fig. 2: Asset allocation Guaranteed pension, Norway

A

Table 44 b: Key terms portfolio Sweden1)

NOK million	DB	P250	P300	P520	AP
Inv estment return (YTD)	0,6 %	0,7 %	0,7 %	0,8 %	0,6 %
Interest rate guarantee	3,50 %	0.50 % -	2.75 % - 4.00	4.50 % -	4.50 % -
		2.50 %	%	5.20 %	5.20 %
Prospectiv e reserv e	42 310	12 888	14 281	11 403	4 627
Conditional Bonuses	4 719	2 355	593	10	364
Deferred Capital Contribution	62	13	712	3 019	66
Ex pected return Assets 2)	1,3 %	2,7 %	1,3 %	1,0 %	1,2 %
Duration liabilities	5,8	4,9	5,6	5,5	1,4
Discount rate	0,8 %	0,8 %	0,8 %	0,8 %	0,1 %
Consolidation ratio 3)	108 %

1) Portfolio names "P250", "P300" and "P520" indicates level of interest rate guarantees (basis points)

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

using forward rates

3) Consolidation largest subportfolio

Fig. 3: Asset allocation Guaranteed pension, Sweden

Table 45: Allocation Sweden1)

ASSET ALLOCATION	DB	IF/AP	DC/P250	DC/P300 DC/P520
Sw edish equity	1 %	-	5 %	1 %	0 %
International equity	5 %	0	21 %	3 %	0 %
Gov ernment bonds	24 %	15 %	18 %	28 %	41 %
Index linked bonds	10 %	-	0 %	0 %	-
Credit bonds	31 %	39 %	34 %	34 %	25 %
Sw edish mortgage	24 %	35 %	12 %	27 %	28 %
Alternativ e inv estments	6 %	11 %	9 %	6 %	6 %

1) Portfolio names "P250", "P300" and "P520" indicates level of interest rate guarantees (basis points)

Sensitivities Sweden - guaranteed portfolio financial result

Excluding potential indexation fee in the defined benefit portfolio and effect of the macro model used to discount liabilities. (See description below).

The sensitivities shown below are based on internal risk modelling. 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. The Interest rate sensitivity is based on a parallel shift in the interest rate curve.

The insurance liabilities are valued using a macro extrapolation model for interest rates. In the current interest rate environment long dated interest rates are lower than the discount rate used in the macro model. This is estimated to give a negative result contribution of approximately NOK 50m pr. quarter at the current Swedish interest rate level. Note that the estimate is based on internal actuarial and market assumptions and that the actual result contribution from this element will vary.

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.

Please note that some historical figures are adjusted compared to earlier quarterly reports. The adjustments made are according to material published on June 3, 2015. Please see storebrand.com/ir for more information.

Results

Table 46a: Other 1)

	2015			2014			01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	31	35	45	59	57	111	174	233
Risk result life & pensions	25	3	-4	2	4	25	6	8
Operational cost	-46	-43	-48	20	-51	-137	-158	-138
Financial result	-144	12	9	0	48	-122	175	175
Result before profit sharing and loan losses	-134	8	2	81	57	-123	197	278
Net profit sharing and loan losses	-8	-11	-8	-13	-33	-27	-72	-85
Result before amortisation	-142	-3	-6	68	24	-150	124	193

1) Ex cluding group eliminations (detailed in Table 46b). To get full segment results, please summarize tables 46a and 46b.

Table 46b: Eliminations

	2015			2014		01.01 - 30.09		Full y ear
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	-60	-55	-61	-80	-71	-176	-210	-289
Operational cost	60	55	59	80	71	174	210	289
Financial result	9	-	-	-	-	9	-	-
Result before profit sharing and loan losse	9	-	-2	-	-	7	-	-

Key figures

Table 47: Storebrand group Company portfolios - excl. bank and insurance

	2015			2014
NOK million	3Q	2Q	1Q	4Q	3Q
Storebrand ASA	2 303	2 308	2 258	1 666	2 057
Storebrand Liv sforsikring AS	12 384	13 163	12 533	11 268	11 955
SPP AB	8 228	8 578	9 418	8 509	7 460
Total	22 915	24 049	24 208	21 443	21 472

Table 47a: Company portfolio SPP

Asset class	2015
Share	3Q
Gov ernment Guaranteed	50 %
Credit Bonds*	25 %
Money Market	25 %
Sum	100 %
*) AA average rating

Fig. 8: Company portfolio Storebrand Liv AS

Table 47b: Company portfolio Storebrand Liv AS

Asset class	2015
Share	3Q
Credit bonds*	76 %
Gov ernment bonds	0 %
Bonds at amortised cost	14 %
Money market	1 %
Real Estate	8 %
Other	0 %
Total	100 %

*) AA average rating

Table 48: Storebrand group debt - excl. bank

	2015			2014
NOK million	3Q	2Q	1Q	4Q	3Q
Subordinated loan capital - STB Life (Group)	7 376	7 004	7 953	7 324	6 852
Bonds Storebrand ASA	3 149	3 138	3 132	3 128	3 445
Bank loan Storebrand ASA 1)	-	-	-	-	-
Total debt	10 525	10 142	11 085	10 451	10 297

1) Storebrand ASA have a MEUR 240 undrawed multicurrency revolving credit facility

Results per product

Table 49: Storebrand Bank ASA - Corporate Banking

	2015			2014		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	3	8	9	0	19	20	77	77
Operational cost	-8	-8	-11	8	-17	-27	-57	-48
Financial result	-23	-	-	-	-	-23	-	-
Result before profit sharing and loan losses	-28	-0	-1	9	2	-30	20	29
Net profit sharing and loan losses	-6	-10	-6	-10	-31	-22	-66	-76
Result before amortisation	-34	-10	-8	-1	-29	-51	-46	-47
Lending Corporate Banking	2 703	3 083	3 458	3 968	4 532	6 761	7 378	9 327
Net interest margin Corporate Banking	1,06 %	1,18 %	0,80 %	1,12 %	0,97 %	0,94 %	1,17 %	1,25 %

Table 50: BenCo

	2015			2014		01.01 - 30.09		Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	28	27	36	59	37	91	97	156
Risk result life & pensions	25	3	-4	2	4	25	6	8
Operational cost	-18	-16	-16	-7	-19	-50	-53	-60
Financial result	-	-	-	-	-	-	-	-
Result before profit sharing and loan losses	35	15	15	54	22	66	50	104
Net profit sharing and loan losses	-2	-1	-2	-3	-2	-5	-6	-10
Result before amortisation	33	14	14	51	20	60	43	94
Total reserv es	19 055	18 385	18 962	18 333	16 813	19 055	16 813	18 333

Table 51: Operational costs of Storebrand ASA and net financial results in company portfolios (Storebrand ASA, Storebrand Liv AS, Storebrand Forsikring AS and SPP AB)

	2015		2014				01.01 - 30.09
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Fee and administration income	-	-	-	-	-	-	-	-
Operational cost	-20	-19	-21	18	-15	-60	-48	-30
Financial result	-121	12	9	0	48	-99	175	175
Result before profit sharing and loan losses	-141	-7	-12	18	33	-159	127	145
Net profit sharing and loan losses	-	-	-	-	-	-	-	-
Result before amortisation	-141	-7	-12	18	33	-159	127	145

Storebrand Group

Results

Table 52: Storebrand Group - IFRS-legal result by sub group

	2015		2014				01.01 - 30.09	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014
Storebrand Liv sforsikring Group	96	335	366	527	544	797	1 852	2 379
Storebrand Asset Management Group	88	82	80	230	54	251	153	383
Storebrand Bank Group	2	39	45	98	28	86	131	229
Storebrand Forsikring AS	7	38	16	59	37	61	88	148
Storebrand Helseforsikring AS 1)	12	6	-5	14	8	13	11	25
Storebrand ASA/Other	-30	-41	-52	-6	-39	-123	-126	-132
Result before amortisation and write-downs	176	459	450	923	632	1 085	2 110	3 032
Amortisation and w rite-dow ns of intangible assets	-108	-103	-105	-105	-108	-316	-326	-431
Result before tax	67	356	346	818	524	768	1 783	2 601
Tax	-3	-97	-87	-115	-147	-187	-401	-516
Sold/liquidated business	-0	-0	-0	-0	-0	-0	-1	-1
Profit after tax	64	258	258	703	376	581	1 382	2 085

1) 50% of result according to owner's share (50%)

Table 53: Storebrand Group - balance sheet

NOK million	Share in %	30.09.2015	2014	2013
Assets company portfolio
Intangible assets	1 %	5 873	5 710	5 988
Shares in associated companies	0 %	446	381	333
Loans	5 %	27 287	27 686	32 501
Bonds at amortised cost	1 %	2 806	2 883	3 400
Real estate assessed at fair v alue	0 %	693	4 456	3 581
Financial assets at fair v alue	6 %	31 300	29 538	25 755
Bank deposits	1 %	2 822	5 266	4 067
Other assets Assets customer portfolio	4 %	21 587	18 926	15 096
Bonds at amortised cost	17 %	85 672	79 267	78 692
Loans	1 %	2 556	4 679	3 508
Real estate assessed at fair v alue	4 %	22 545	21 963	20 856
Financial assets at fair v alue	57 %	288 135	280 625	258 816
Bank deposits	1 %	3 700	3 405	3 619
Other assets	2 %	7 725	7 503	7 157
Total assets	100 %	503 147	492 287	463 367
Equity	5 %	25 982	24 741	22 775
Subordinated loan capital	2 %	7 653	7 826	7 409
Buffer capital 1)	4 %	20 933	22 213	22 447
Technical reserv es	77 %	385 046	369 963	348 204
Liabilities to financial institutions	0 %	359	19	1 028
Deposits from and liabilities to customers	4 %	18 492	19 358	20 728
Deriv ativ es	1 %	3 169	4 825	2 543
Other allocations and liablilities	8 %	41 513	43 342	38 233
Total liabilities and equity capital	100 %	503 147	492 287	463 367

1) Includes conditional bonuses BenCo

Storebrand Life Group (IFRS-Legal)

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:

Results - Storebrand Life Group

Table 54: Results - Storebrand Life Group

	2015	2014			01.01 - 30.09		Full year	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014	2013
Fee and administration income	828	829	811	873	856	2 469	2 463	3 336	3 252
Risk result life & pensions	40	54	9	323	37	103	157	480	17
Insurance premiums f.o.a.	640	709	645	603	581	1 993	1 756	2 359	2 360
Claims f.o.a.	-483	-513	-471	-481	-431	-1 467	-1 212	-1 693	-1 460
Operational cost	-600	-638	-645	-289	-610	-1 884	-1 867	-2 156	-2 281
Financial result	-68	85	109	-21	103	126	413	392	183
Whereof interest expenses	-75	-81	-108	-145	-57	-264	-315	-460	-440
Result before profit sharing and
loan losses	357	527	458	1 007	535	1 341	1 709	2 717	2 069
Net profit sharing and loan losses	-164	-41	63	-359	99	-142	412	54	368
Prov ision longev ity	-96	-151	-154	-121	-90	-402	-270	-391	0
Result before amortisation	96	335	366	527	543	797	1 852	2 379	2 437
Amortisation	-98	-93	-94	-96	-93	-284	-284	-380	-375
Result before tax	-2	242	272	431	450	513	1 567	1 999	2 062
Tax	-127	-73	-66	-12	-130	-266	-347	-359	-70
Result after tax	-128	169	206	420	320	247	1 220	1 640	1 992

Balance sheet – Storebrand Life Group

Table 55: Balance sheet - Storebrand Life Group

	Share of
NOK million	total		30.09.2015 31.12.2012 31.12.2013
Intangible assets	1 %	5 360	5 391	5 679
Inv estments company portfolio	6 %	26 133	28 335	23 895
Inv estments guaranteed portfolio	64 %	286 005	284 702	280 974
Inv estments non-guaranteed portfolio	27 %	120 860	107 805	87 162
Other assets	2 %	8 257	14 926	10 319
Total assets	100 %	446 615	441 160	408 029
Equity 1)	5 %	22 348	21 512	19 871
Minority interests' share in equity	0 %	393	421	402
Subordinated loan capital 2)	2 %	7 376	7 324	6 829
Buffer capital 3)	5 %	20 933	22 213	22 447
Customer fund	86 %	384 050	369 151	347 475
Other debts	3 %	11 515	20 538	11 005
Total equity and liabilities	100 %	446 615	441 160	408 029

1) Includes risk equalisation fund and profit for the period

2) Includes accrued interest

3) Includes conditional bonuses BenCo

Results - SPP

Table 56: Results - SPP Pension & Försäkring AB Group

	2015			2014		01.01 - 30.09		Full year	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014	2013
Total administration income	335	329	320	303	293	984	867	1 170	N/A
Total administration cost	- 224	- 240	-255	-242	-231	- 719	- 705	- 948	N/A
Administration result	112	89	64	61	62	265	162	222	N/A
Premiums w ritten	94	91	99	99	102	284	317	416	N/A
Change in security reserv es	- 10	- 7	12	-3	-13	- 5	- 1	- 4	N/A
Claims paid	- 66	- 62	-61	-61	-56	- 189	- 178	- 239	N/A
Other	5	29	-18	364	6	16	- 11	353	N/A
Risk result	22	51	31	399	39	105	127	526	N/A
Profit sharing	2	- 56	151	166	140	97	486	652	N/A
Change in DCC	- 168	44	-118	-490	-50	- 242	- 104	- 594	N/A
Hedge result	- 3	- 4	5	-5	3	- 2	8	3	N/A
Other	6	- 24	28	-27	7	10	28	1	N/A
Financial result	- 162	- 40	66	-356	100	- 137	418	62	N/A
Return on company portfolio	- 22	- 26	22	12	28	- 26	98	124	N/A
Interest cost subordinated debt	- 4	- 4	-4	-5	-6	- 13	0	- 18	N/A
Other result	- 26	- 30	17	7	22	- 39	98	105	N/A
Profit before amortisation	- 54	70	179	111	223	195	805	916	N/A
Amortisation of intangible assets	- 22	- 21	-21	0	0	- 65	0	0	N/A
Write-dow ns intangible assets	0	0	0	0	0	0	0	0	N/A
Amortisation and write-downs	- 22	- 21	-21	0	0	- 65	0	0	N/A
Pre-tax profit/loss	- 77	49	158	111	223	130	805	916	N/A

Balance sheet - SPP

Table 57: Balance sheet - SPP Pension & Försäkring AB Group

	Share of
	total	30.09.201
NOK million	Assets	5	2014	2013
Intangible assets	1 %	1 351	1 322	N/A
Longterm shares an interest from
group companies	0 %	366	388	N/A
Shares	4 %	7 347	9 256	N/A
Bonds	49 %	85 213	82 064	N/A
Assets - Unit link	39 %	68 621	63 476	N/A
Other financial assets	6 %	9 872	11 175	N/A
Other assets	1 %	2 571	737	N/A
Total assets	100 %	175 341	168 417	N/A
Equity	6 %	10 968	9 104	N/A
Minority interests' share in equity	0 %	94	77	N/A
Subordinated loan capital	0 %	709	667	N/A
Premium reserv e for ow n account	46 %	81 390	78 541	N/A
Insurance fund reserv es - defined
contribution and UL	44 %	77 685	72 623	N/A
Other liabilities	3 %	4 495	7 405	N/A
Total equity and liabilities	100 %	175 341	168 417	N/A

Storebrand Asset Management Group (IFRS-Legal)

Results

Table 58: Results - Storebrand Asset Management Group

	2015	2014				01.01 - 30.09		Full year	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014	2013
Fee and administration income	192	188	185	245	145	564	424	670	646
Operational cost	- 102	-100	-101	-5	-93	-303	-277	-282	-455
Financial result	- 2	-5	-3	-10	2	-11	6	-5	8
Result before amortisation	88	82	81	230	54	251	153	383	199
Amortisation	- 4	-4	-4	-2	-2	-13	-6	-9	-8
Result before tax	84	78	76	228	52	238	147	375	191
Tax	- 22	-20	-20	-62	-14	-62	-40	-102	-55
Result after tax	62	58	57	166	37	176	107	273	136

Balance sheet

Table 59: Balance sheet - Storebrand Asset Management Group

NOK million	Share in %	30.09.2015	31.12.2014	31.12.2013
Intangible assets	16 %	149	83	114
Inv estments portfolio	63 %	591	587	602
Other assets	21 %	196	104	153
Total assets	100 %	936	775	869
Equity	57 %	531	481	443
Other debts	43 %	405	294	426
Total equity and liabilities	100 %	936	775	869

Storebrand Helseforsikring AS (IFRS-Legal 100%)

Results

Table 60: Results - Storebrand Helseforsikring AS

	2015			2014		01.01 - 30.09		Full year	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014	2013
Insurance premiums f.o.a.	138	137	128	129	122	403	357	487	674
Claims f.o.a.	-85	-102	-116	-93	- 79	- 304	- 265	- 358	- 480
Operational cost	-20	-20	-22	-5	- 20	- 62	- 64	- 68	- 119
Financial result	2	3	0	6	1	5	5	11	25
Result before amortisation	35	17	-10	38	24	43	34	72	100
Amortisation	-2	-2	-1	-1	- 1	- 5	- 4	- 5	- 5
Result before tax	34	15	-11	36	22	38	30	66	95
Tax	-9	-4	1	-8	-6	-12	-8	-16	-34
Result after tax	25	11	-10	28	16	26	22	50	61

Balance sheet

Table 61: Balance sheet - Storebrand Helseforsikring AS

NOK million	Share in %		30.09.2015 31.12.2014 31.12.2013
Intangible assets	2 %	15	13	13
Inv estments portfolio	73 %	472	411	385
Other assets	24 %	157	174	135
Total assets	100 %	643	598	532
Equity	40 %	256	276	256
Insurance liabilities	49 %	313	262	221
Other debts	11 %	74	60	56
Total equity and liabilities	100 %	643	598	532

Storebrand Forsikring AS (IFRS-Legal)

Results

Table 62: Results - Storebrand Forsikring AS

	2015	2014		01.01 - 30.09		Full year	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014	2013
Insurance premiums f.o.a.	255	238	222	199	193	715	557	756	674
Claims f.o.a.	- 214	-170	-181	-131	- 132	- 564	- 401	- 533	- 480
Operational cost	- 34	-37	-32	-16	- 31	- 102	- 92	- 108	- 119
Financial result	- 1	7	7	8	9	13	25	33	25
Result before amortisation	7	38	16	59	37	61	88	148	100
Amortisation	- 1	-2	-1	-1	- 1	- 4	- 4	- 5	- 5
Result before tax	6	36	14	58	36	57	85	143	95
Tax	- 1	-7	-4	-16	- 10	- 12	- 2	- 38	- 34
Result after tax	4	30	11	42	27	45	82	105	61

Balance sheet

Table 63: Balance sheet - Storebrand Forsikring AS

NOK million	Share in %		30.09.2015 31.12.2014 31.12.2013
Intangible assets	4 %	71	80	110
Inv estments portfolio	65 %	1 121	997	838
Other assets	31 %	527	377	326
Total assets	100 %	1 719	1 454	1275
Equity	32 %	553	553	460
Insurance liabilities	58 %	996	812	729
Other debts	10 %	170	89	85
Total equity and liabilities	100 %	1 719	1 454	1275

Storebrand Bank Group (IFRS-Legal)

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

Results

Table 64: Results - Storebrand Bank Group

	2015	2014				01.01 - 30.09		Full year	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014	2013
Net interest income	92	95	94	110	110	281	352	462	547
Net fee and commission income	8	9	14	11	14	31	46	57	70
Other operating income	- 31	2	9	-7	7	- 21	15	7	4
Total income	69	106	116	113	131	291	413	526	621
Operating cost	- 64	- 62	- 69	- 18	- 81	- 196	- 242	- 260	- 375
Profit before loan losses	5	44	47	96	50	95	171	266	246
Loan loss prov ision	- 7	-10	-7	-3	- 34	- 24	- 71	- 74	- 11
Pre-tax profit/loss	- 3	34	40	92	17	71	99	192	235

Balance sheet

Table 65: Balance sheet - Storebrand Bank Group

NOK million	Share in % 30.09.2015		31.12.2014 31.12.2013
Cash and deposits w ith central banks p	1 %	310	181	20
institutions	1 %	281	207	152
Financial assets designated at fair
v alue through P&L	10 %	3 274	3 992	3 486
Bonds at amortised cost	3 %	1 006	1 007	1 542
Net lending to customers	85 %	28 165	28 465	33 720
Deferred tax assets	0 %	42	26	13
Other assets	0 %	140	125	124
Total Assets	100 %	33 218	34 002	39 056
Liabilities to credit institutions	1 %	359	19	1 028
Deposits from and due to customers	56 %	18 492	19 358	20 728
Other financial liabilities	35 %	11 654	11 544	14 069
Prov ision for accrued ex penses and	0 %	38	43	76
Subordinated loan capital	1 %	277	512	590
Equity	7 %	2 397	2 527	2 565
Total Equity and Liabilities	100 %	33 218	34 002	39 056

Table 66: Storebrand Bank ASA (group) - Key Figures Banking

	2015			2014		01.01 - 30.09
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014
Gross ledning	28	28	28	29	29	28	29
Customer deposit (bn)	18	19	19	19	20	18	20
Deposit/gross lending	65 %	67 %	67 %	68 %	68 %	65 %	68 %
Loss as % of gross loans	-0,1 %	-0,1 %	-0,1 %	0,0 %	-0,4 %	-0,1 %	-0,3 %
Loan losses	- 7	- 10	- 7	- 3	- 34	- 24	- 71
Non-performing loans w ith ev idence of impairment Non-performing loans w ithout	107	104	100	76	263	107	263
ev idence of impairment	80	98	94	76	86	80	86
Loss prov isions/defaulted loans	44 %	47 %	42 %	43 %	58 %	44 %	58 %
Operating ex penses Banking	59	57	64	22	67	180	202
Cost as % of total assets	0,7 %	0,8 %	0,8 %	0,3 %	0,9 %	0,8 %	0,8 %
Cost/income banking activ ities	93 %	59 %	60 %	21 %	62 %	67 %	58 %

Loan losses Loss as % of gross loans

Table 67: Results - Storebrand Boligkreditt AS

	2015		2014	2014		01.01 - 30.09		Full year	Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014	2013
Net interest income	37	43	54	58	57	134	184	242	256
Other operating income	0	-1	0	0	- 1	- 1	- 10	- 10	- 5
Total income	37	41	54	58	57	132	174	232	250
Operating cost	- 4	- 4	- 4	- 4	- 4	- 11	- 12	- 16	- 16
Profit before loan losses	33	38	50	54	52	121	162	216	234
Loan loss prov ision	0	-1	0	1	- 1	- 1	0	0	- 2
Pre-tax profit/loss	33	37	50	55	51	120	161	216	232

Table 68: Balance sheet - Storebrand Boligkreditt AS

NOK million	Share in % 30.09.2015		31.12.2014 31.12.2013
Cash and deposits w ith central banks	-	-	-	-
Loans to and deposits w ith credit
institutions	1 %	414	412	404
Financial assets designated at fair
v alue through P&L	1 %	227	230	248
Bonds at amortised cost	-	-	-	-
Net lending to customers	41 %	13 689	14 323	14 827
Deferred tax assets	-	-	-	-
Other assets	0 %	22	28	7
Total Assets	43 %	14 351	14 994	15 486
Liabilities to credit institutions	6 %	1 952	2 747	2 148
Deposits from and due to customers	-	-	-	-
Other financial liabilities	34 %	11 436	11 208	12 285
Prov ision for accrued ex penses and
liabilities	-	-	-	-
Deferred tax liabilities	0 %	2	2	4
Subordinated loan capital	-	-	-	-
Equity	3 %	961	1 037	1 048
Total Equity and Liabilities	43 %	14 351	14 994	15 486

Storebrand ASA (IFRS-Legal)

Results

Table 69: Storebrand ASA (holding)

	2015			2014			01.01 - 30.09	Full year Full year
NOK million	3Q	2Q	1Q	4Q	3Q	2015	2014	2014	2013
Group contributions and transfers	-	27	472	-	-	498	524	524	334
Interest income	13	13	11	13	13	36	42	55	45
Interest ex pense	-24	-26	-30	-31	-32	-80	-106	-136	-136
Realised/unrealised gains/losses on securities	-5	-5	-4	-1	-1	-14	-1	-2	-146
Other financial income/costs	-3	-4	-6	-5	-4	-12	-14	-19	-19
Net financial items	-20	-22	-29	-24	-24	-70	-78	-102	-256
Total operating ex penses	-20	-22	-21	17	-17	-62	-54	-38	6
Pre-tax profit/loss	-39	-17	422	-7	-41	366	392	385	85

Balance sheet

Table 70: Balance sheet - Storebrand ASA (holding)

NOK million	Share in % 30.09.2015		2014	2013
Shares in subsidiary	86 %	17 038	17 261	17 209
Financial assets at market v alue	12 %	2 303	1 666	1 790
Other assets	3 %	545	688	685
Total assets	100 %	19 886	19 615	19 685
Equity	83 %	16 515	16 219	15 966
Bond loan and other loans	16 %	3 149	3 128	3 476
Other liabilities	1 %	221	269	243
Total liabilities and equity capital	100 %	19 886	19 615	19 685

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.

Table 71: Capital adequacy Storebrand Group

	Minimum	Net primary
	requirement	capital		Capital Ratio
NOK million	30.09.2015	30.09.2015	30.09.2015	31.12.2014
Storebrand ASA	17 919	16 166	90,2 %	90,8 %
Storebrand life insurance	139 517	20 249	14,5 %	13,4 %
Storebrand non-life insurance	762	303	39,8 %	51,1 %
Storebrand Bank	15 113	2 521	16,7 %	15,0 %
Storebrand Group	157 955	21 477	13,6 %	13,0 %

Table 72: Solidity capital Storebrand Life Group

NOK million	30.09.2015	2014	2013	2012	2011
Equity	21 148	19 302	16 467	15 385	15 031
Subordinated loan capital 1)	7 272	7 117	6 632	6 468	6 630
Risk equalisation fund	512	829	776	640	469
Market v alue adjustment reserv e	4 352	5 814	3 823	1 027	0
Additional statutory reserv es (ASR)	4 479	5 118	4 458	5 746	5 442
Conditional bonus (CB)	12 101	11 281	14 167	11 264	10 038
Ex cess v alue/deficit related to bonds at amortised cost	11 122	13 364	5 160	5 225	1 757
Accrued profit 2)	3 035	1 830	2 619	1 105	742
Total	64 020	64 655	54 102	46 860	40 109
Customer funds ex cl. ASR and CB	254 469	251 625	255 569	252 501	243 892
Solidity capital as % of customer funds	25,2 %	25,7 %	21,2 %	18,6 %	16,4 %

1) Ex clusiv e accrued interest

2) Includes unallocated profit to insurance contracts

Table 73: Capital adequacy calculation Storebrand Life Group

NOK million	30.09.2015	31.12.2014
Equity (NGAAP)	22 741	21 934
Intangible assets	-5 485	-5 519
Eligible hy brid tier 1 capital securities	1 500	1 500
Other adjustments and deductions	-2 844	-3 184
Core capital (tier 1)	15 912	14 731
Eligible perpetual subordinated loan capital	2 100	2 100
Eligible dated subordinated loan capital	2 238	2 238
Other deductions	- 1	- 1
Supplementary capital (tier 2)	4 337	4 337
Net primary capital	20 249	19 068
Minimum capital requirement	11 161	11 310
Core capital ratio (tier 1)	11,4 %	10,4 %
Capital adequacy ratio	14,5 %	13,5 %

Table 74: Solvency calculation Storebrand Life Group

NOK million	30.09.2015	31.12.2014
Equity (NGAAP)	22 741	21 934
Intangible assets	-5 485	-5 519
Eligible hy brid tier 1 capital securities	1 500	1 500
Eligible subordinated loan capital	4 338	4 338
Additional statutory reserv e (ASR) (50%)	2 240	2 559
Other additional funds	329	483
Other adjustments and deductions	-2 714	-3 184
Eligible Solvency capital	22 949	22 111
Solv ency requirement	12 812	12 632
Solvency margin Storebrand Life Group	179,1 %	175,0 %

Table 75: Solvency margin- Storebrand Life Group

	Solvency	Solvency
	margin	margin	Solvency
NOK million	capital	requirement	margin
Storebrand Life Group	22 950	12 812	179,1 %
Storebrand Liv sforsikring AS	29 152	7 889	369,5 %
SPP Pension & Försäkring AB	7 851	4 397	178,6 %

Table 76: Capital adequacy position - Storebrand Life Group by sub group

NOK million	Core Capital	Eligible subordinated loan capital	Risk weighted assets	Core capital ratio in %	Capital ratio in %
Storebrand Liv sforsikring Group	15 912	4 337	139 517	11,4 %	14,5 %
Storebrand Liv sforsikring AS	22 640	4 337	101 088	22,4 %	26,7 %

Financial calender 2016

17 February	Results 4Q 2015
13 April	Annual General Meeting
14 April	Ex dividend date
27 April	Results 1Q 2015
14 July	Results 2Q 2016
26 October	Results 3Q 2016
	February 2017 Results 4Q 2016

Investor Relations

contacts

Kjetil Ramberg Krøkje Head of IR kjetil.r.krokje@storebrand.no +47 9341 2155 Sigbjørn Birkeland Finance Director sigbjorn.birkeland@storebrand.no +47 9348 0893 Lars Løddesøl CFO lars.loddesol@storebrand.no +47 2231 5624

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