· Group profit [1] of NOK 2,249 million in the second quarter - and a total of
NOK 3,331 million in the first half of the year
  · Operating profit growth of 38 percent driven by strong top-line growth and
cost control
  · Financial result boosted by gain related to the sale of shares in Storebrand
Health Insurance
  · Solvency margin of 191 per cent, stable development from the previous
quarter
  · Increased ownership stake in the Danish infrastructure manager AIP
Management
  · Completed acquisition of corporate headquarter at Lysaker

"I am pleased that we are once again delivering double-digit growth across the
board in pension, asset management, insurance and banking, while maintaining
cost control", says CEO Odd Arild Grefstad.

"The insurance business is on the right track, but the claims rate in P&C
insurance is still too high. We are continuing to work towards achieving the
target of a 90-92 per cent combined ratio in 2025. Overall, I am very pleased
with the 38 per cent improvement in operating profit compared to last year",
says CEO Odd Arild Grefstad.

"It has been an eventful quarter. The sale of Storebrand Health Insurance
contributes to one of the best quarterly results in history. We are also very
pleased with the acquisition of our own head office, Lysaker Park, and we have
increased our exposure to the fast-growing infrastructure segment by increasing
our ownership in Danish AIP. We invest in the future, as we help our customers
do every single day", says CEO Odd Arild Grefstad.

Strong growth in operating profit

Fee and administrative income amounted to NOK 1,888 million in the 2nd quarter,
representing an increase of 13 percent compared to the same period last year.
Together with firm cost control, this led to a 38 percent increase in operating
profit compared to the same quarter last year.

Group profit was NOK 2,249 million in the 2nd quarter, compared to NOK 856
million in the same period last year. In addition to the gain from the sale of
Storebrand Heealth Insurance, asset management, pensions and the bank delivers
strong results.

Storebrand consolidates its position as Norway's largest private asset manager.
Total assets under management reached a new record level at the end of the 2nd
quarter with NOK 1,298 billion, up by more than 14 per cent over the past year.

The insurance result is marginally better than last year, with NOK 396 million
for the quarter and NOK 763 million year-to-date. Group life and disability
insurance show improved profitability, while high frequency and claims inflation
led to increased claims in P&C. In total, the combined ratio ended at 97 percent
in the quarter.

During the quarter, TIME Magazine ranked the world's most sustainable companies
in collaboration with the data firm Statista. Storebrand was ranked number one
in Norway and number 41 globally.

Value-creating transactions

Storebrand Health Insurance was sold to Ergo International in September last
year. Storebrand owned 50 per cent of the company and booked a gain of NOK 1,047
million from the sale of shares in the second quarter.

In June, Storebrand entered into an agreement to acquire the shares in Lysaker
Park Eiendom, which owns Storebrand's head office. The purpose of the
acquisition was to land a long-term solution when the current lease agreement
expires in 2027.

Storebrand also entered into an agreement to acquire 50 percent of the shares in
the Danish infrastructure manager AIP Management. AIP has about NOK 90 billion
in committed capital from its clients. In total Storebrand now has 60 percent
ownership in AIP.

Solid capital position

Storebrand still has a strong capital position with a solvency ratio of 191 per
cent, well above the threshold for overcapitalisation of 175 per cent. During
the quarter, Storebrand submitted an application for the use of an internal
solvency model.

Key Figures in the Quarter: (Q2-2023 in brackets)

  · Solvency ratio: 191% (196%)
  · Earnings per share, adjusted for amortisation NOK 4.59 (NOK 2.16 [2])
  · Equity NOK 29,986m (NOK 28,902m)
  · Assets under management NOK 1,298bn (NOK 1,143bn)

Activities Related to the 2nd Quarter 2024

07:30: Release of stock exchange notification. Press release, quarterly report
and analyst presentation will be available on www.storebrand.no/ir

10:00: Live investor and analyst conference in English. A webcast will be
available at www.storebrand.no/ir. The presentation will be available on demand
afterwards. Analysts who would like to ask questions at the end of the
presentation must register for and participate in the MS Teams Webinar.

Link: https://www.storebrand.no/en/investor-relations/quarterly
-reporting/programme

For further inquiries, please contact:

Johannes Narum, Head of Investor Relations: johannes.narum@storebrand.no or
(+47) 993 33 569

Kjetil Ramberg Krøkje, Head of Strategy & Finance: kjetil.r.krokje@storebrand.no
or (+47) 934 12 155

Stig-Øyvind Blystad, Director of Communications: stig
-oyvind.blystad@storebrand.no or (+47) 918 47 226

About Storebrand

Storebrand is a Nordic financial group, delivering increased security and
financial wellness for people and companies. We offer sustainable solutions and
encourage our customers to take good economic decisions for the future. Our
purpose is clear: we create a brighter future.

Storebrand has about 55,000 corporate customers, 2.2 million individual
customers and manages NOK 1,298 billion. The Group is headquartered at Lysaker
outside of Oslo, Norway. Storebrand (STB) is listed on Oslo Stock Exchange.
Visit us on www.storebrand.no

This is information is pursuant to the EU Market Abuse Regulation and subject to
the disclosure requirements pursuant to Section 5-12 the Norwegian Securities
Trading Act.

This information is based on the Storebrand Group's alternative income statement
and contains Alternative Performance Measures as defined by the European
Securities and Market Authority (ESMA). The alternative income statement is
based on reported IFRS results for the individual group companies. The statement
differs from the official accounts layout. An overview of APMs used in financial
reporting is available on storebrand.com/ ir.

[1] Cash equivalent earnings before amortisation and tax.
http://www.storebrand.no/ir provides an overview of APMs used in financial
reporting.

[2] EPS for 2023 not adjusted for changed periodisation of performance-related
income from the first quarter 2024.