- After the divestment of If P&C Insurance, the life insurance operations form the major part of Storebrand group's overall operations. The planned adjustment in the management structure is a natural consequence of this. I have actively contributed in the creation of the new management structure, and fully support the chosen solution. However, after nine years in Storebrand, I have decided that I would now like to face new challenges, states Espen Klitzing. He wishes to emphasize that his decision to resign from Storebrand is not based on internal disagreement, but that it is the right time for the decision.

 

- Espen Klitzing has done a great job for Storebrand, and we will miss him, Group CEO Idar Kreutzer comments.  - As managing director for the life company over the last five years, Espen Klitzing has managed the company through a challenging period. The results created both in marked position and financial terms are impressive, and Espen Klitzing is leaving a strong Storebrand Life Insurance. I have highly appreciated our co-operation, and I wish him all the best with new challenges in the future, Idar Kreutzer says.

 

In the work with implementing the new management structure, Espen Klitzing will be responsible for the corporate market unit. He will not leave his position as managing director before the new structure is implemented. Idar Kreutzer will succeed Espen Klitzing as managing director of the life company.

 

The managing director of Storebrand Life Insurance is entitled to a salary for 18 months after the notice period (6 months), when receiving notice from the company or in the case of significant changes in the employment situation. All forms of work-related income from other sources will be deducted from such payments. The announced change in the management structure involves a significant change in the employment situation.

 

Oslo, 1st June 2004