Storebrand ASA divests its shares in Fair Insurance
Storebrand ASA divests the company's 50 per cent ownership stake in the Danish non-life company Fair Insurance to Gjensidige Forsikring. The transaction, which is conditioned upon regulatory approvals, is carried out by divesting Storebrand's 50 per cent of the shares in the holding company Fair Financial Ireland Ltd.
The transaction is based on a value for the whole of Fair Insurance of DKK 425 million, and involves a capital gain in the Storebrand Group's accounts of approx. NOK 40 million before tax (based on book values as of Q3 05). The transaction is expected to be completed in the 1st half of 2006Contact persons: <br> Egil Thompson, Director of Corporate Communications <br> Tel: +47 22 48 95 86 Mobile +47 93 48 00 12 <br> Nils Robert Hodnesdal, Investor Relations <br> Tel: +47 22 31 55 33 Mobile +47 93 40 38 13