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Better Pension Opportunities for a Better pension. Annual Report of Storebrand ASA 2013 STOREBRAND ASA 1 Content ABOUT STOREBRAND ACCOUNTS AND NOTES History of Storebrand 3 Content accounts and notes 65 Better pension 5 In brief and key figures 6 STOREBRAND GROUP 2013 Highlights 7 Profit and loss account 66 We will make a difference for our customers 8 Statement of total comprehensive income 67 - interview with the CEO Statement of financial position 68 Comprehensive regulatory changes 12 Reconciliation of equity 70 Business areas 14 Cash flow analysis 72 Sustainability 16 Notes 74 Sustainable investments 18 Storebrand Pluss 19 STOREBRAND ASA Shareholder matters 20 Profit and loss account 148 Statement of financial position 149 REPORT OF THE BOARD AND CORPORATE GOVERNANCE Cash flow analysis 150 Notes 151 Report of the Board of Directors 22 Corporate Governance 48 Declaration of the Board and the CEO 165 Storebrand Advantage 57 Independent auditor's report 166 Management 58 Statement of the Control Comittee and 168 Board of Directors 60 the Board of Representatives Corporate bodies 62 Storebrand Pension Figure 63 Auditor's report on corporate sustainability 169 Scorecard for sustainability 170 Terms and expressions 173 Storebrand Group companies 175 STOREBRAND ASA 2 1950: The bookkeeping department History of Storebrand 1767–1919: ROOTS 1920–1969: GROWTH AND CONSOLIDATION “the link” as an easily recognisable trade- mark. The formal name of the holding com- 1767 1923 pany is changed to A/S Storebrand-gruppen. ”Den almindelige Brand-Forsikrings- Storebrand acquires nearly all of the Anstalt” is established in Copenhagen. shares in Idun. The rest, with a couple of 1983 exceptions, are acquired during the 1970s. The Norden Group and Storebrand merge. 1814 Following the split from Denmark, man- 1925 1984 agement of the fire insurance scheme is Storebrand changes its name from Norske Folk and Norges Brannkasse transferred to Christiania, as the capital of ”Christiania Almindelige Forsikrings-Aksje- market themselves as a single entity under Norway was called at that time. In 1913 the selskap” (renamed in 1915) to ”Christiania the name UNI Forsikring. scheme is converted into a public sector Almindelige Forsikrings-Aksjeselskap Store- company called Norges Brannkasse. brand”. This name is kept until 1971. 1990–1999: CRISIS AND CHANGE 1847 1936 1990 On 4 May 1847, the P&C insurance Storebrand acquires Europeiske, the lead- Storebrand and UNI Forsikring agree to company ”Christiania Almindelige ing travel insurance company in Norway. merge, and the merger receives official Brand-forsikrings-Selskab for Varer og permission in January 1991. Effecter” is incorporated by private sub- 1962 scription. The company is referred to as Storebrand initiates a new wave of acquisi- 1992 Storebrand. tions and mergers by acquiring Norrøna, UNI Storebrand’s negotiations with Skan- which was experiencing financial problems. dia concerning establishing a major Nordic 1861 company fail to reach agreement. Storebrand’s owners establish Idun, the 1963 first privately owned life insurance compa- Storebrand acquires Norske Fortuna. Brage 1996 ny in Norway. and Fram merge to become the country’s The company changes its name to Store- largest life insurance company. Storebrand brand ASA and establishes Storebrand 1867 and Idun move into their own new prem- Bank ASA. The P&C insurance company Norden is ises in the restored Vest-Vika area of Oslo. established as a competitor to Storebrand. Brage-Fram and Norske Folk follow their 1999 lead. Storebrand, Skandia and Pohjola consoli- 1917 date their P&C insurance activities in the The life insurance company Norske Folk is 1970–1989: GROUP FORMATION new Nordic, Swedish registered company, established. If Skadeförsäkring AB. Storebrand sells its 1978 stake five years later. Storebrand changes its logo and introduces 3 STOREBRAND ASA ANNUAL REPORT 2013 2013: Everyone sits in an open floor plan at Storebrand's offices at Lysaker. The 35,000 m2 building is interconnected by lifts, stairs and walkways. 2000–2011: NEW CHALLENGES 2010 Storebrand begins comprehensive change Storebrand emerges from the financial work associated with capital effectiveness, 2000 crisis in good shape. Storebrand works cost reductions, customer orientation Norwegian and international stock hard to prepare both employees and cus- and commercialization. The measures will markets fall sharply from September 2000 tomers for the new pensions reform which ensure that the group generates value for to February 2003. comes into effect on 1 January 2011. customers, employees and shareholders. 2005 Storebrand’s new energy efficient head 2013 The Storting, the Norwegian parliament, office gains a lot of attention. The building New regulations for private occupational rules that all companies must have an occu- is awarded the acclaimed 2010 City Prize pension in Norway are adopted in 2013, pational pension scheme in place by 2007. by the real estate industry. The head office and will enter into force on 01.01.2014. Storebrand responds to the challenge with receives eco-lighthouse certification. This allows flexible product solutions and its new product, Storebrand Folkepensjon. higher savings rates for defined contribu- 2011 tion pension. This will give both employers 2006 A new group organisation lays the ground- and retail market customers interesting Storebrand decides to return to P&C-in- work to make it easier to be a customer in options in the future. Storebrand works surance. Storebrand. actively to meet the coming changes. Cus- tomer needs, profitability and framework 2007 The debt crisis and uncertainty in the conditions are at the heart of the Group's Storebrand acquires SPP, the Swedish life eurozone are causing considerable anxiety work with a new Norwegian occupational insurance and pensions provider, from and turbulence in the financial markets. pension. Handelsbanken and forms the leading life Storebrand’s results for the year have insurance and pensions provider in the been affected by these disturbances. A new group organisation is presented Nordic region. in June. Nordic units and a split between 2012 business areas experiencing growth and 2008 Storebrand launches its new vision in Jan- a business areas with guarantees is the The financial crisis in the USA spreads to uary: "Recommended by our customers". hallmark of the new organization, with the global financial markets and during Six customer promises, a new position and the business areas Customer Area Norway, 2008 the New York Stock Exchange (Dow adjusted core values are also introduced. Customer Area Sweden, Savings and Asset Jones DJIA) falls by 34 per cent and the Management, Insurance, Guaranteed Pen- Oslo Stock Exchange by 54 per cent. Storebrand's CEO of 12 years, Idar Kreutzer, sion, Business Support and Economics and resigns to become the new Managing Finance. Two new Managing Directors are 2009 Director of the Norwegian Financial introduced: Staffan Hansén becomes the Storebrand confirms it has been in talks Services Association. Odd Arild Grefstad is new head of Savings and Asset Manage- about a possible merger with Gjensidige. appointed as the new CEO. ment and Hege Hodnesdal becomes the The talks conclude without result. new head of Insurance. 4 STOREBRAND ASA Better pension. At Storebrand we work to give our customers the opportunity for a Better pension. For us, pension is a matter of helping companies to find the solutions that suite them, and enable the individual to see the opportunities that are available. In addition to saving solutions we also include risk solutions as a part of achieving a Better pension - security for the occurrence of the unexpected though good risk coverage. We consider it to be our responsibility to enable companies and individuals to make the best choices. Our knowledge of pensions and financial expertise, in conjunction with our focus on the customer's needs inform these efforts. We work to create sustainable solutions and ensuring that we have industry- leading digital tools that enable our costumers to communicate with us in an easy and straightforward manner. We believe that these combined measures give our customers the opportunity for a Better pension. We have launched three different customer concepts that will make it easier to find information, products and services that meet the companies' and their employees requirements. Storebrand Plus Storebrand Advantage Storebrand Pension Figure – for those who are managers – for people with an occupational pension – full overview of your pension • individual pension advice with follow ups with Storebrand • Calculate your pension figure • Keeps the manager informed about • Updated information about your pen- • Gather your pension agreements in one important events sion and the opportunities you have to place to obtain a full overview • Pension meetings for your employees affect your own saving for retirement • Increase your pension figure • Overview of your pension figure • Favourable conditions on many Storebrand products STOREBRAND ASA 5 ANNUAL REPORT 2013 Storebrand in brief The Storebrand Group offers a HISTORY broad range of products with- Storebrand's history can be traced back to 1767. The company has provided occupational in life insurance, property and pensions to Norwegian employees since 1917, the same year that Storebrand's casualty insurance, asset manage- fully-owned subsidiary SPP was established in Sweden. Storebrand Bank ASA was ment and banking, to companies, established in 1996. In 2006,
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