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Storebrand to start sale of P&C insurance products


WEBWIRE

Oslo, 29 March 2006 , On 28 March 2006 the Board of Directors of Storebrand ASA approved plans for Storebrand to start sale of P&C insurance products to the retail market. The products will be distributed through Storebrandís wholly owned subsidiary Storebrand Skadeforsikring AS.

Head of the new P&C company will be Gunnar Rogstad, formerly head of Ifís Nordic retail market section from 2002 to 2005, and with a total of more than 20 yearsí experience from Storebrand and If.

With the start of P&C insurance sales, Storebrand enhances its product range and reaffirms its commitment to the retail market. When If was established in 1999, Storebrand focused its efforts in the market for long-term savings and life insurance. Seven years later we see that the Storebrand brand is still strongly linked to P&C, with three out of four Norwegians associating Storebrand with P&C insurance products.

- ďThe re-establishment of the P&C company is Storebrandís answer to our customersí wish to have all their financial needs covered by Storebrand. By starting up a new in-house company we can build on our position and long experience in P&C insurance whilst at the same time tailoring products to selected parts of the market. It also gives us the opportunity to choose solutions that ensure a high level of customer satisfaction and profitabilityĒ comments Group CEO Idar Kreutzer.

New transfer rules now allow Norwegian P&C customers to transfer their insurance policy mid-term. Storebrand P&C (Storebrand Skade) will be ready to offer its products to the market before the end of 2006.

Storebrandís P&C operations will focus on gradual and profitable growth, and is expected to show a profit (before tax and transfers to security reserves) within three years. Capital investment in the venture will be financed from Storebrandís existing non-life activities in Storebrand Skadeforsikring (including Oslo Re).

Storebrand has a return of capital requirement of 15% on group profit after tax, and has previously communicated that this target will be met before 2007. The re-establishment of P&C insurance products does not change this target.



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