Adjustments in Storebrand's management structure

To enhance market and customer orientation, increase efforts in the retail market and improve efficiency in the group, Storebrand has initiated a process to adjust its management structure. It is planned that the new management structure will be implemented with effect from 1st September.

In the new model, Storebrand group will consist of five business units: Retail Market, Corporate Market Life, Life Production & Service, Banking and Investments.
Group CEO Idar Kreutzer will be managing director of Storebrand ASA (holding company) and Storebrand Life Insurance. Reference is made to a separate press release announcing that Espen Klitzing, managing director of Storebrand Life Insurance, has resigned with effect from 1st September.
The main features of the new management structure will be:
  • Storebrand Life Insurance will consist of a retail market unit, a corporate market unit, and a shared production and service unit.
  • The new management structure will have limited effect on the banking and investments (asset management) areas, and the group is fully committed these operations. The efforts within these areas continue with undiminished force.
  • Storebrand ASA (holding company), will continue to be the stock exchange listed company. Staff functions will be integrated with Storebrand Life Insurance to improve efficiency in the group.
  • The Retail Distribution unit, currently owned by Storebrand Bank, may be sold to Storebrand Life Insurance as part of the reorganisation. The new retail market unit in the life company will be the group's core centre for the retail market.
Oslo, 1st June 2004

Contact persons: <br> <br> Egil Thompson, Director of Corporate Communications <br> <br> Tel: +47 22 48 95 86, Mob: +47 93 48 00 12 <br> <br> Lars Aa Løddesøl, Group Finance Director <br> <br> Tel: +47 22 31 56 24, Mob: +47 93 48 01 51 <br> <br> Nils Robert Hodnesdal, Investor Relations <br> <br> Tel: +47 22 31 55 33, Mob: +47 93 40 38 13 <br> <br> <br>