Reference is made to Storebrand's stock exchange announcement of 29 January 2026 regarding the entry into a letter of intent with Knif AS ("Knif") and Knif Trygghet Forsikring AS ("Knif Trygghet"). Storebrand ASA has now negotiated an agreement to acquire up to 100 percent of the shares in Knif Trygghet, a Norwegian non-life insurer serving the non-profit and voluntary sector, as well as a partnership agreement with Knif to offer insurance, pension and asset management products to the market for non-profit and Christian organisations. It is now up to the owners of Knif and Knif Trygghet to decide whether they wish to enter into the agreements negotiated by the parties.
- Over time, Knif has built a strong position in its market. For Storebrand, Knif's customer base, core portfolio, and employees are all valuable and important. We hope that Knif's owners see the value of merging, and we look forward to a long and productive collaboration, says Trond Fladvad, CEO of Storebrand Forsikring AS.
It is now up to the owners behind Knif and Knif Trygghet to decide whether they wish to accede to the agreements negotiated by the parties.
- If the owners of Knif Trygghet endorse the agreement, we will take good care of the employees. The employees' unique expertise and the strong customer relationships Knif has built are an important part of what we wish to carry forward. It will also be crucial to take good care of Knif's customers, and we will maintain the insurance coverages, says Fladvad.
The consideration for 100 percent of the shares in Knif Trygghet amounts to NOK 560 million and will be settled entirely in new shares in Storebrand ASA. The final number of consideration shares will be determined at the time of completion. The owners behind Knif Trygghet consist of around 50 non-profit and voluntary organisations, with Knif AS as the largest shareholder. Knif Trygghet will be merged with Storebrand Forsikring AS following completion of the transaction. The merger strengthens Storebrand's position within non-life insurance in the Norwegian corporate and retail markets. The transaction is not expected to have a material effect on Storebrand's financial position or results.
Completion of the transaction is conditional upon sufficient accession from the shareholders of Knif Trygghet and the required approvals from the Financial Supervisory Authority of Norway and the Norwegian Competition Authority.
Lysaker, 11 June 2026