New group organisation at Storebrand

With effect from 1 March 2011, organisational changes will be made to the Storebrand Group.

In connection to this changes are made to Storegbrand's Executive Management. Odd Arild Grefstad is appointed Managing Director of Storebrand Livsforsikring AS. Mr. Grefstad is today Group CFO. Lars Aa. Løddesøl, is appointed Group CFO and COO.

The new organisation structure will ensure a holistic customer interface, consolidate areas of competence and facilitate efficient balance sheet management.

- The main objective of the reorganisation is to make it easier to be customer in Storebrand. We will streamline our internal processes, strengthen our position in the retail market and increase our sales of fund based products, says CEO Idar Kreutzer.

Storebrand's Executive management will after the reorganisation have the following composition:

· Group CEO and Managing Director Storebrand ASA, Idar Kreutzer

· CFO and COO, Lars Aa. Løddesøl

· Managing Director Storebrand Livsforsikring AS, Odd Arild Grefstad

· Managing Director SPP Livförsäkring AB, Sarah McPhee

· Managing Director Storebrand Kapitalforvaltning AS, Hans Aasnæs

· Executive Vice President Insurance, Gunnar Rogstad

Roar Thoresen will conclude his position as COO, and will leave Storebrand during 2011. Thoresen will work as an advisor to the CEO before leaving the company. Elin Myrmel-Johansen, who holds the position as Executive Vice President Corporate Responsibility will commence another position within the group.

Truls Nergarard will continue as Managing Director in Storebrand Bank and Egil Thompson will continue as Executive Vice President for Corporate Communication. They will both report to the CEO.

Lysaker, 24 January 2011

Contacts:

EVP Corporate Communications Egil Thompson: Mobile (+47) 93 48 00 12

Head of Investor Relations Trond Finn Eriksen: Mobile (+47) 99 16 4135

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