Storebrand ASA : 2nd quarter 2012 Stable result development

• Group profit of NOK 1012 million for the first half year and NOK 346 million for the quarter
• 14 percent increase in profits before profit sharing and loan losses for the first half year
• Program adopted to reduce groups costs by at least NOK 400 million before 2014

The Board of Director's Interim report for First Half 2012, 2Q 2012 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 09:00 CET (in Norwegian). An international conference call will be hosted at 11:00 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 in number: +47 23184536.

2^nd quarter 2012:
Stable result development

• Group profit of NOK 1012 million for the first half year and NOK 346 million for the quarter
• 14 percent increase in profits before profit sharing and loan losses for the first half year
• Program adopted to reduce groups costs by at least NOK 400 million before 2014

Group profit before amortisation and write-downs of intangible assets was NOK 346 million for the quarter.

- Storebrand is positive to the new occupational pensions regulations suggested by the Banking Law Commission. Storebrand will follow the upcoming regulatory work closely. We have also identified and will implement a number of initiatives to adapt to the Solvency II framework, states CEO Odd Arild Grefstad.

Storebrand is working actively with adaptations to new solvency regulation, Solvency II. Powerful measures are implemented, among others a cost program, which will reduce the costs in the with more than NOK 400 million within 2014. A price increase to customers in the public sector and reduced risk in the investment portfolios are other measures that have been implemented in the quarter.

Storebrand Life Insurance: Competitive returns
The quarter has been characterized by volatile financial markets. Value adjusted return in guaranteed portfolios was 0,5 percent for the quarter and 2,6 percent for the first half year, which is above the average interest rate guarantee for the first half year. Storebrand has delivered competitive returns in the defined contribution portfolios. Storebrand Balanced Pension has a return of 4.6 percent year to date.

Development in the administration result is satisfactory. The underlying cost development is good, and initiatives under implementation will provide ongoing results. Growth in portfolios, especially within defined contribution pensions, will drive the administration result going forward.

SPP: Financial result affected by market turmoil - stable operations
SPP's financial result is affected by weaker equity markets and fall in the Swedish interest rate levels in the second quarter. Development in operations is stable. Premium income shows a positive development and unit linked insurance is becoming an increasingly important part of the business.

Asset Management: Weaker results
The result in asset management is characterized by investors allocating less to risky assets as the financial turmoil continues. Assets under management are reduced by NOK 1.9 billion and total NOK 424 billion by the end of the first half year. As a part of the group's cost program, there will be implemented initiatives to reduce the costs and increase the profitability in the asset management business.

Storebrand Bank: Growth in deposits and loans
Storebrand Bank has experienced a positive development in the quarter. There has been growth in both deposits and loans, and the quality of the portfolio is good.

Insurance: Positive result development
Storebrand Insurance reports a strong risk result and cost-effective operations. Combined ratio was 84 percent for the quarter, compared to 91 percent for the second quarter in 2011 and for the year 2011. Premium income increased by 6 percent compared to the year before.

Solvency ratio
The solvency ratio of Storebrand Life Insurance Group was 152 percent at the end of the quarter. A new method for consolidated solvency calculation is applied for the second quarter as stated in a stock exchange notification on 25 June 2012. The solvency ratio of SPP Livsforsikring AB was 225 percent at the end of the quarter.

Lysaker, 13 July 2012

Contacts:
Communications Director Jan Otto Risebrobakken: Mobile +47 48 08 26 02
Head of Investor Relations Trond Finn Eriksen: Mobile +47 99 16 41 35

Enclosure: Board of Directors' Interim Report for 1H 2012

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, Banking and Insurance.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act