Storebrand simplifies its management structure

Following the reorganisation, President and Chief Executive Officer Åge Korsvold will use the title Managing Director of the stock exchange listed company Storebrand ASA. From the current group management team, Hans Henrik Klouman, Idar Kreutzer and Grete Faremo will join the holding company's management group, while Jon M. Hippe and Rolf Corneliussen will go to Storebrand Livsforsikring's management group where they will be responsible for business development and IT respectively.

The four independent business units will be:

Storebrand Livsforsikring AS - Espen Klitzing, Managing Director
Storebrand Kapitalforvaltning Holding AS - Allan Åkerstedt, Managing Director
Finansbanken ASA - Geir Andersen, Managing Director
Storebrand Bank AS - Kai G. Henriksen, Managing Director

"We are experiencing considerable changes in our markets, both with regard to products and distribution. The adaptations we are making are natural developments of the current management model with four market areas and will give us a better basis on which to realise the potential for growth that Storebrand has as a major player in the extended savings market", says Åge Korsvold.

The changes will have no impact on the number of employees or on costs.

The plan is to implement the changes with effect from August 20000, assuming that Storebrand's governing bodies give their consent, and approval, if necessary, is obtained from the Norwegian authorities.

<br>For further details please contact: <br> <br>Egil Thompson, Director of Corporate Communications, telephone + 4722489586 – mobile 93480012 <br> <br>