2010 Market Consistent Embedded Value: strong new business value

• Embedded value earnings of NOK 3.2 billion in 2010.
• Value of new business doubled to 841 million.
• Improved quality of earnings with increased proportional value of unit linked business.
• Embedded value of Life Group of NOK 30.6 billion at year-end 2010.
• Group MCEV of NOK 74.7 per share.

  
Result development in 2010
Total embedded value earnings for 2010 were NOK 3.2 billion, representing 11.1% return for the year. Operational improvements and good investment performance contributed positively to the result. Total operating earnings amounted to NOK 2.3 billion, while economic variances contribute positively in the order of NOK 0.8 billion.

The value of new business written in 2010 is NOK 841 million. This represents a doubling of the value of new business compared to last year. The Swedish operations show a particular strong development with almost three times the value from new business in 2010.

The trend towards increased proportional value of non-guaranteed business increases the quality of earnings. Unit linked products now represents 40% of the total value of in-force.

Other
Storebrand will today hold a press and analyst conference at Hotel Opera (Dronning Eufemias gate 4, Oslo), at 08.30 CET.

The MCEV presentation and disclosure document is available at http://www.newsweb.no

Lysaker, 9 March 2011

Contacts:

EVP Corporate Communications Egil Thompson: Mobile (+47) 93 48 00 12
Head of Investor Relations Trond Finn Eriksen: Mobile (+47) 99 16 41 35

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