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New customers result in growth in pension business

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Storebrand's long-term effort in the public sector group pension market has this fall resulted in several new customers and significant growth in assets under management.

Oslo Sporveier (Oslo's municipal public transport company) has decided to move its group pension scheme to Storebrand. Pension reserves in the scheme exceed NOK 2 billion. Additionally, four municipalities (Fjell, Frogn, Lier, Øvre Eiker), Lyse Energi and Trondhjems Hospital have decided to move their group pension schemes to Storebrand. In total these customers represent reserves of more than NOK 1.3 billion. Another 15 municipalities are in the process of evaluating their pension provider this fall, and the decisions are expected before December 1.

The large number of new customers gives Storebrand a growth of approx. 30% in assets from public sector pension schemes.

Storebrand has a positive net transfer balance against all its main competitors in the group pension market, and has won above NOK 4 billion in net transfers so far in the second half of 2005. The major part of this will be accounted for in 1st quarter 2006.

A declaration of trust
- The fact that public sector companies like Oslo Sporveier selects Storebrand is a result our long-term effort in the public sector group pension market, says Lars Aa Loddesol, Head of Corporate Life Insurance. It is a declaration of trust that no municipality has ever moved away from Storebrand, whilst all municipalities moving their pension schemes have chosen Storebrand so far this fall. The main reason for our success is our ability to deliver quality, and consistency between our offering and service. Reliability is a core value for Storebrand, and we will do our utmost to ensure that all our new customers and their employees are satisfied with Storebrand as their pension provider.
 
Oslo, November 21, 2005

Contact persons: <br> Egil Thompson, Director of Corporate Communications <br> Tel: +47 22 48 95 86 Mobile +47 93 48 00 12 <br> Nils Robert Hodnesdal, Investor Relations <br> Tel: +47 22 31 55 33 Mobile +47 93 40 38 13

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