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STB - Internal transaction

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30th December 2002 Storebrand ASA entered into an agreement to buy the share in If Property & Casualty (22.47%) from its subsidiary Storebrand Skadeforsikring AS. The main purpose of the transaction is to cultivate the group's activities within property and casualty business, to enable further restructuring and increased focus on the group's core activities. By moving the ownership of If to Storebrand ASA, all of Storebrand's active operations will be owned directly by the holding company. The group's remaining run-off business (P&C and reinsurance), including the ownership of Oslo Reinsurance Company ASA, will be held in Storebrand Skadeforsikring AS. The Ministry of Finance and the Bank, Insurance and Security Commission have approved the transaction.

The price is NOK 3,213 million. Storebrand ASA will pay for the transaction through offsetting unpaid group contribution of NOK 1,068 million and group contribution and dividend payments for 2002 from Storebrand Skadeforsikring AS. The transaction will not require any cash transfer from Storebrand ASA to Storebrand Skadeforsikring AS.
 
Through the transaction Storebrand Skadeforsikring AS will realise a tax loss of NOK 3,700 million. The transaction will have no direct accounting impact on Storebrand's consolidated results or book equity.
 
Contact persons:
            Egil Thompson, Information Director, Tel: + 47 2248 9586
            Lars Løddesøl, Finance Director, Tel: +47 2231 5624
            Nils Robert Hodnesdal, Investor Relations, Tel: +47 2231 5533

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