Storebrand ASA: Idar Kreutzer resigns as CEO to become managing director of Finance Norway. Odd Arild Grefstad will be appointed acting CEO of Storebrand.

Idar Kreutzer has accepted the position as managing director of Finance Norway[1], and will leave his position as CEO of Storebrand 1 June 2012. Odd Arild Grefstad is appointed acting CEO from this date. Idar Kreutzer will be available for Storebrand until he takes up his new position in Finance Norway 1 September 2012. The process for recruiting a new CEO will start immediately.

Idar Kreutzer has worked for Storebrand since 1992, the last 12 years as CEO.  

- When leaving Storebrand after all these years I will remember working with competent colleagues in the company. Storebrand is a customer-oriented, dynamic and knowledge based organization, with strong positions in important growth markets.

-The financial sector is important for Norwegian consumers and businesses. The sector faces significant regulatory changes. Finance Norway plays an important role in these processes and I look forward to working with important issues for the financial sector and the Norwegian society, says Idar Kreutzer.

-The Board of Directors wishes to thank Idar Kreutzer for his great work for Storebrand. Storebrand has become a leading Nordic life and pensions provider under his leadership, says Birger Magnus, Chairman of Storebrand ASA's Board of Directors.

Odd Arild Grefstad has long and varied experience from Storebrand. He knows the company and the market. Grefstad will ensure continuity in an important period for the company and continue the strong implementation of Storebrand's plans and strategies, says Birger Magnus.

Odd Arild Grefstad is managing director of Storebrand Life Insurance. He has worked with Storebrand since 1994, and was the company's CFO from 2002 till 2011.

Lysaker, 7 May 2012

Contacts:

Communications Director Jan Otto Risebrobakken (+47 48082602)

Head of Investor Relations Trond Finn Eriksen (+47 99164135)

The Storebrand Group is a leading player in the Nordic market for life insurance, pension and long term savings. The Group is made up of the business areas life and pension, asset management, bank and insurance.

[1]Finance Norway (FNO) is the trade organisation for banks, insurance companies and other financial institutions in Norway.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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