DNB NOR TO START NON-LIFE INSURANCE COMPANY

DnB NOR will establish its own non-life insurance company, and has an ambition to capture a considerable share of the retail non-life insurance market. The new company will start operations by the end of 2008. Complete statement on www.newsweb.no DnB NOR will establish its own non-life insurance company, and has an ambition to capture a considerable share of the retail non-life insurance market. The new company will start operations by the end of 2008. So far, DnB NOR has delivered non-life insurance in cooperation with external risk bearers. The establishment of the new company means that DnB NOR will control the entire value chain. `DnB NOR wishes to offer customers a full range of financial services. The establishment of our own non-life insurance company will enable us to tailor products to the retail segment. We will take advantage of our extensive distribution power to gain a considerable share of this market,` says Åsmund Skår, group executive vice president, DnB NOR Retail Banking. Since 1999, DnB NOR has offered its customers non- life insurance through Vital Skade. The current portfolio with NOK 700 million in premium income will be incorporated in the new company. `We have extensive experience within non-life insurance, and DnB NOR is at the forefront in the electronic distribution of insurance products through the Internet bank. This ensures very cost- effective operations. Today, 5.8 per cent of our 800 000 Internet banking customers have bought non- life insurance policies. We aim to increase this share to 30 per cent,` says Åsmund Skår. DnB NOR will market non-life insurance in all distribution channels: branch offices, the telephone bank, the Internet bank, the mobile bank and real estate brokerages. Customers will buy and manage their insurance policies in a self-service solution in the Internet bank.