In historical reporting, performance-related cost in the asset management business was recognised continuously, while performance-related income was fully recognised in the 4th quarter. Starting from the 1st quarter of 2024, Storebrand will record performance-related income on continuous basis to align the timing of performance-related income and costs. This change will not impact the annual result. The adjustment will reduce the complexity in Storebrand's reporting. It also leads to a stronger alignment between the earnings reported in the alternative income statement and the underlying value creation.      

Restated comparable numbers for 2023 is provided in the attached excel file[1]. The restated information has been compiled and presented in accordance with the principles as described in the Guide to Alternative Performance Measures, provided at Storebrand.com/ir (https://www.storebrand.no/en/investor-relations/reporting-changes-and-special-effects). The restated financial information has not been audited.

The alternative income statement is based on the statutory accounts of all the main subsidiaries in the Group and is an approximation of the cash generated in the reporting period. It contains Alternative Performance Measures as defined by the European Securities and Market Authority (ESMA). The result[2] in the alternative income statement can deviate significantly from the IFRS result, as IFRS includes profit-and-loss effects from updated estimates and assumptions about the timing of future cash flows and insurance services provided.[3]

Lysaker, 12 April 2024