Storebrand ASA: Change in methodology for consolidated solvency for Storebrand Life Insurance Group

Storebrand has on the 24th of June received a letter
from Finanstilsynet regarding the interpretation of
the regulation of capital ratios on a consolidated
basis. The subject matter is how Storebrand
Livsforsikring AS's Swedish subsidiary SPP
Livförsäkring AB, shall be treated in solvency and
capital adequacy calculations for Storebrand Life
Insurance Group under the Solvency I regulation.
Reported profit and balance sheet figures are not
affected.

Storebrand's view has been built on a different
interpretation of the regulation than Finanstilsynet
has communicated in the letter of 24th of June.
Storebrand Life Insurance Group will going forward
report according to Finanstilsynets method. Based on
the new method the solvency ratio of Storebrand Life
Insurance Group would have been 146 per cent,
compared to reported 163 per cent as of 31st of March
2012. Internal target of a solvency ratio of 150 per
cent is confirmed. This is materially above the
regulator minimum requirement of a Solvency ratio of
100 per cent.

Estimated comparable figures for 2009-2011is stated
in the table below. The estimates only reflect a
change in method of consolidated solvency ratios.

Reported solvency ratio New method solvency
ratio(estimate)
2009 170 % 170 %
2010 164 % 163 %
2011 161 % 134 %
1Q 2012 163 % 146 %

Storebrand reports solvency ratios both for
Storebrand Livsforsikring AS and SPP Livförsäkring
AB. Solvency calculation at the company level is not
affected by the change in interpretation of the
regulation. However, the reported volatility in the
solvency ratio in SPP will to a larger extent
influence the consolidated solvency ratio for
Storebrand Life Insurance Group. The Swedish
regulators announced introduction of a floor to the
interest rate, which is used in solvency
calculations, establish also a floor for how much
Swedish interest rates going forward can negatively
influence Storebrand's consolidated solvency ratio.

Storebrand reports, in addition to the solvency
ratio, the Norwegian capital ratio according to Basel
I, which is expected to be phased out when Solvency
II is introduced. If Finanstilsynets method had been
used on the 31st of March 2012, the capital ratio for
Storebrand Life Insurance Group would have been
approximately one percentage point lower.

Storebrand Life Insurance Group will going forward
report according to the method of Finanstilsynet.
Storebrand reports 1st half 2012 on the 13th of July.



Lysaker, 25th of June 2012

Contacts:
Communications Director Jan Otto Risebrobakken:
Mobile +47 48 08 26 02
Head of Investor Relations Trond Finn Eriksen: Mobile
+47 99 16 41 35



This information is subject of the disclosure
requirements acc. to §5-12 vphl (Norwegian Securities
Trading Act)