STB 2Q 2011: Good operations - stronger result

• Group result of NOK 1,056 million for the first half of 2011 and NOK 542 million for the quarter
• Administration results NOK 63 million higher in Nordic life and pensions in the first half of 2011
• Good financial position: solvency margin of 162 per cent for life and pensions

The Board of Director's First Half 2011 report, 2Q 2011 result presentation and Supplementary Information are attached on http://www.newsweb.no

Storebrand will today host a press and analyst conference in Storebrands head office at Lysaker, Professor Kohts vei 9, at 1000 CET (in Norwegian). An international conference call will be hosted at 1400 CET. To participate in the conference call please use link on http://www.storebrand.no/ir, or call in and register 10 minutes before the presentation starts. Dial: +47 80080119 (from Norway) or +47 23184501 (from Norway or abroad).

2Q 2011: Good operations - stronger result

• Group result of NOK 1,056 million for the first half of 2011 and NOK 542 million for the quarter
• Administration results NOK 63 million higher in Nordic life and pensions in the first half of 2011
• Good financial position: solvency margin of 162 per cent for life and pensions

"Storebrand is delivering good returns in an unstable financial market. Together with the improvements to operations, this produced substantial growth in the result compared with the same period last year. The programme for improving operations will continue at full strength," says CEO Idar Kreutzer.

Strong result in SPP
A strong financial result produced a strong overall result for SPP. SPP's administration result improved by NOK 13 million in 2Q and NOK 49 million in 1H. The risk result was slightly lower than the year before, as expected.

SPP's premium income reflects a planned transition from traditional to fund-based business. Unit linked business has increased by 8 per cent in the year-to-date, and traditional business is down by 26 per cent.

NOK 1.4 billion for life customers
Investment returns produced a result for customers in excess of the interest guarantees of NOK 0.5 billion in 2Q and NOK 1.4 billion as per 1H.

The return in Storebrand Life Insurance in the quarter was good given the performance of the market, and sufficient to cover the interest guarantee in every portfolio. The result allocated to the owner was charged with NOK 60 million due to the build up of reserves for longevity. The work on improving operations is producing positive administration results, and the risk result is developing as expected.

Result growth for asset management
Asset management's result improved by NOK 11 million in the quarter and by NOK 34 million in the year-to-date due to higher management fees. Net new sales in asset management (external discretionary assets and mutual funds) totalled NOK 0.9 billion for the quarter and NOK 3.5 billion for the year-to-date.

Improvement for the bank
Storebrand Bank's half-year result improved by NOK 45 million compared to the same period last year due to higher net interest income and low losses. The bank's loan portfolio has a stable development.

Strong result growth for insurance
Storebrand Insurance was established as a separate business area on 1 March and comprises the areas P&C and health insurance, as well as personal risk insurance. The result from the insurance area improved by NOK 28 million in the quarter and NOK 75 million in the first half of 2011 compared with last year. Both the costs and the claims ratio have decreased.

Solid financial position
The Storebrand Group has a sound financial position. The solvency margin of the Storebrand Life Insurance Group (Life and Pensions Norway and Life and Pensions Sweden) was 162 per cent and its capital adequacy was 13.6 per cent at the end of the quarter.

Lysaker, 14 July 2011

Contact persons:

EVP Corporate Communications Egil Thompson: Mobile (+47) 93 48 00 12
Head of Investor Relations Trond Finn Eriksen: Mobile (+47) 99 16 41 35

Enclosure: The Board's First Half 2011 report

The Storebrand Group is a leading company in the Nordic market for life insurance, pensions and long-term savings. The Group consists of the following business areas: life and pensions, asset management, bank, and insurance.

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