Storebrand ASA Capital Markets Day 2018: Financial Targets Confirmed, Updated Projections on Capital

Today Storebrand hosts a Capital Markets Day in London with the theme 'Compelling combination of self-funded savings growth and capital return from maturing guaranteed back-book'.

Storebrand confirms the current financial targets and presents updated projections on capital and new operational ambitions.

Storebrand's financial targets confirmed

  • Return on equity > 10% (after tax adjusted for amortisation)
  • Dividend ratio > 50% (after tax). Ambition to pay ordinary dividends per share of at least the same nominal amount as the previous year
  • Solvency II margin Storebrand Group > 150%

Updated guidance on capital

  • Solvency ratio expected to reach 180% in 2021
  • Back book expected to release NOK 10 billion next 10 years

Storebrand publishes new operational ambitions

  • Pension: No. 1 position in fast growing Norwegian market for occupational pension. Double digit premium growth in Swedish market
  • Retail Norway: Double digit growth in savings and 10% RoE Bank
  • Asset Management: Maintain no. 1 position in Norway with European presence
  • Insurance: 5% premium growth, Combined ratio 90-92%
  • Cost: Reduced cost by keeping costs in existing business nominally flat

- Norwegians are becoming increasingly aware of the need to save both more and smarter than before in order to maintain their desired standard of living when they retire. All arrows point towards growth in the Norwegian savings market. With the acquisition of Skagen, Storebrand is the second-largest player in the individual Norwegian savings market and we are well positioned for double-digit growth in the market for savings going forward, says Odd Arild Grefstad.

Webcast from today's presentations will be available on www.storebrand.com/ir from 09:00 BST/ 10:00 CET.

Please find the CMD presentation attached, and on Storebrand's web page: www.storebrand.com/ir

Lysaker, May 31 2018.

Contact information

Kjetil Ramberg Krøkje, Head of Investor Relations. Kjetil.r.krokje@storebrand.no T: +47 934 12 155

Executive Vice President Communications, Karin Greve-Isdahl: karin.greve-isdahl@storebrand.no or +47 411 92 329

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 707bn 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.com and follow us on twitter: @Storebrand_no

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