STOREBRAND LIVSFORSIKRING AS: Moody's Investors Service (Moody's) Upgrades Storebrand's ratings at A2; outlook stable

Moody’s Investors Service (Moody’s) has today announced that they have upgraded the long-term issuer rating of Storebrand ASA (Storebrand; the Group) to Baa1 from Baa2, as well as the insurance financial strength rating (IFSR) of Storebrand Livsforsikring AS (Storebrand Liv) to A2 from A3. Storebrand Livs's subordinated debt rating is upgraded to Baa1 (hyb) from Baa2(hyb). The outlook for both entities remains stable.

The upgrade reflects the Group’s improved business diversification and reduced risk from the guaranteed portfolio.

The stable outlook reflects Moody’s view that the group will continue to grow its non-guaranteed business lines that diversify its sources of income and reduce its exposure to interest rates and financial markets, while maintaining strong capital adequacy and good profitability.

For more information, see the attached press release from Moody's.

Lysaker, 8 September 2023

Contact person:

Group Head of Finance & Strategy, Kjetil R. Krøkje:

kjetil.r.krokje@storebrand.no or (+47) 934 12 155