Storebrand: Embedded Value (MCEV) for 2011 reduced to due low interest rates and high market volatility

* 2011 embedded value earnings of minus NOK 5.4 billion
* NOK 5.6 billion negative contribution from lower interest rates and
increased market volatility
* Strong growth in existing business. Value of new business (VNB) reduced to
NOK 385 million
* Embedded Value (MCEV) of NOK 25 billion FY 2011, the value of Unit Linked
based products increases in proportion of the Group's value
* Group MCEV per share NOK 63.0


About embedded value
Embedded value (EV) is an actuarially determined estimate of the value of a
company excluding any value attributable to future new business. The calculation
of embedded value requires the use of a number of assumptions with respect to
the business, economic conditions and financial markets.

Storebrand provides a separate EV report with detailed information. The EV
report from Storebrand has been prepared using a market consistent approach
(MCEV).

Result development 2011
The MCEV result is affected by turbulent financial markets. Lower interest rate
level and increased market volatility reduces the value of expected future
profits. Changes in the macro environment gives a net negatve contribution of
NOK 5,6 billion.

Operational effects and management actions have increased the value of the
business with NOK 467 million. The change is mainly caused by lower transfers
and stronger growth of employees in existing contracts than expected. Costs has
also been reduced and give a positive effect.

Estimated 'Value of new business' (VNB) of NOK 385 million. Previously
communicated transferred customers in the municipal markets explains most of the
reduction from 2010.

Unit Linked based products increases in proportion of the Group's value. This
trend increases the quality of earnings going forward. The value of traditional
guaranteed products have decreased due to fall in interest rates and market
volatility, while the value of Unit Linked based products have increased in
2011.

Additional information
Storebrand will arrange a press and analyst conference (in Norwegian) at
Storebrand's head office in Professor Kohts vei 9, Lysaker 10:00 CET today. An
international Analyst conference call in English will be held at 14:00 CET. It
is possible to attend the conference by calling +47-23184536, or by listen to
the conference by using the link
onwww.storebrand.com/ir.

MCEV presentation and disclosure document is enclosed
http://www.newsweb.no.These documents are also available at www.storebrand.com
.

Oslo, 7. March 2012

Contact persons:

Director of Public Affairs Jan Otto Risebrobakken: (+47) 48 08 26 02
Head of Investor Relations Trond Finn Eriksen: (+47) 99 16 41 35

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


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