Storebrand ASA ("Storebrand") has entered into an agreement with ERGO
International AG ("EI"), a wholly-owned subsidiary of ERGO Group AG ("ERGO") to
sell its 50% stake in Storebrand Helseforsikring AS ("SBH" or the "Company").
ERGO currently owns the remaining 50% of the Company.
SBH is a health insurance joint-venture in which ERGO International AG and
Storebrand ASA each previously held a 50 percent stake. The Company is
headquartered at Lysaker in Norway and offers medical expense insurance in the
corporate and retail markets in Norway and Sweden.
"We have had a successful history of developing SBH together with ERGO for many
years. After a strategic review we believe that it is in the company's best
interest to be further developed under the ownership of one owner. We are
therefore pleased to have reached an agreement with our long-term partner ERGO,
that enables us to continue as a distributor of health insurance in the
Norwegian and Swedish market." says Odd Arild Grefstad, CEO Storebrand Group.
The closing of the transaction is expected in the first quarter of 2024, with an
estimated positive impact of approximately NOK 1.1 billion on Storebrand's Group
results.
Completion of the transaction is subject to approval from the Norwegian
Financial Supervisory Authority (NFSA) and the Norwegian Competition Authority.
Lysaker, 21 September 2023
For further inquiries, please contact:
Head of Investor Relations, Johannes Narum:
Johannes.narum@storebrand.no or (+47) 993 33 569
For media requests:
Director of Communication, Stig-Øyvind Blystad:
stig-oyvind.blystad@storebrand.no eller (+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 1,143
billion. The Group has its headquarter at Lysaker outside of Oslo, Norway.
Storebrand (STB) is listed on Oslo Stock Exchange.
www.storebrand.no
ERGO International AG (EI) is a wholly-owned subsidiary of ERGO Group AG and is
headquartered in Dusseldorf, as ERGO Group AG. EI is managing international
portfolio of companies of ERGO Group AG and is present in around 25 countries
worldwide, focusing on Europe and Asia.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.