STOREBRAND ASA: Capital Update presentation today at 09:00 CET

08 Dec 2022 07:30 CET

Capital Update 2022: Enhanced Shareholder Value in a Higher Interest Rate
Environment

Storebrand is hosting a Capital Update presentation today at 09:00 CET, focusing
on what today's higher interest rate environment means for Storebrand's
investments in guaranteed products, the balance sheet and solvency position, and
capital and cash generation. Storebrand will also provide a high level
introduction to IFRS 17 and what it means for the company's financial reporting.

"The Storebrand of the future is growing rapidly and profitably. We are well on
track to deliver on the growth targets we set out for 2021-2023, and our profit
ambition of NOK 4 billion in 2023, despite a period with a challenging macro
environment in the world. Our business mix is diverse and robust, and is
becoming ever more capital light. At the same time, today's higher interest rate
level is helpful for our customers with guaranteed pension products, which is
positive for our business. We expect increased capital and free cash flow
generation going forward, which we will deploy in a disciplined manner to
increase returns to shareholders," says CEO Odd Arild Grefstad.

Higher capital and cash generation is expected, with a compelling combination of
earnings growth, and capital release from the run-off of guaranteed business.
Storebrand therefore reaffirms its commitment to deliver growing ordinary
dividends to shareholders. In addition, the ambition is to return NOK 10 billion
through share buybacks by 2030, subject to a solvency ratio above 175%, while
simultaneously generating additional capital.

With the continued shift in business mix, Storebrand announces an updated
dividend policy today, which lowers the solvency threshold for
overcapitalisation to 175%.

Storebrand's new dividend policy is:

Storebrand aims to pay an ordinary dividend of more than 50% of Group profit
after tax. The Board of Directors' ambition is to pay ordinary dividends per
share of at least the same nominal amount as the previous year. Ordinary
dividends are subject to a sustainable solvency ratio above 150%. If the
solvency ratio is above 175%, the Board of Directors intends to propose special
dividends or share buybacks.

During the presentation, Storebrand will also address new accounting standards
that will be implemented next year for insurance contracts (IFRS 17) and
financial instruments (IFRS 9). This does not change Storebrand's business, or
underlying value creation, but provides an additional source of information and
disclosure. Storebrand will simultaneously continue its current reporting,
focusing on cash earnings, solvency capital generation, and the ability to
convert earnings to free cash flow for shareholders.

The presentation is expected to last for approximately 45 minutes, followed by a
Q&A session until 10.30.

The presentation and participation details can be found on
https://www.storebrand.no/en/investor-relations/capital-update-2022

Lysaker, 8 December 2022

For further inquiries, please contact:

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

Head of Investor Relations and Rating, Daniel Sundahl:
daniel.sundahl@storebrand.no or (+47) 913 61 899

Media requests:
Senior Communications Advisor, Stig-Øyvind Blystad:
stig-oyvind.blystad@storebrand.no or (+47) 918 47 226

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 1,001
billion. The Group has its headquarter at Lysaker outside of Oslo, Norway.
Storebrand (STB) is listed on Oslo Stock Exchange.

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.

More information:
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