Storebrand ASA:  Changed pension statutes for own employees and change in distribution gives result effect in Q4

Changed pension statutes for Storebrands own employees

Storebrand has decided to change the pension statutes for the defined benefit pension plans for employees and former employees in Storebrand in Norway. The change will result in an annual cost reduction, and is a part of the cost program earlier announced by the company. In addition, it will be recognized a non-recurring profit in Q4 of 2013. The full effect will be calculated and reported in connection with the presentation of the results for Q4 2013 (12 February 2014), the non-recurring profit is currently estimated at about NOK 350 million before taxes.

Storebrand will make use of the new mortality tables (K2013) in the calculation of own pension liabilities. This will lead to increased pension liabilities and provide a one-time expense that will be recognized in Other Comprehensive Income (OCI) in Q4 2013. The final impact on the overall result will be calculated and reported in connection with the presentation of the Q4 2013 results. It is expected that the size of this largely counteracts the effects of changes in the pension statues on the reported shareholders equity.

The change in the defined benefit pension statutes is part of an overall change of Storebrand's pension benefits for own employees. The Board of Storebrand ASA works to ensure that employees, who currently have defined benefit plans, shall be on defined contribution plans at the end of 2015. Storebrand will increase the defined contribution saving rates for all its employees

It should be noted that the changes discussed in this release, is related to Storebrand employees and former employees in Storebrand. The changes described above, do not affect corporate customers that have their pension at Storebrand, or employees within these corporates.

Increased focus on digital distribution

Storebrand will for 4th quarter of 2013 set aside about 75 million in one-time expenses, with the company's decision to cease the distribution through some external distributors ("Firmaagenter"), being the major source. The change in distribution is one of several measures to comply with the Group's new distribution strategy to increase focus on digital distribution and will reduce the costs relating to traditional distribution.

Lysaker, 20 December 2013

Contact persons:

Director of Communications, Elin Myrmel-Johansen: (+47) 93 48 05 38

Head of Investor Relations Trond Finn Eriksen: (+47) 99 16 41 35