Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Storebrand ASAGlobal Credit Research - 05 Mar 2021London, 05 March 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Storebrand ASA and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 25 February 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.Storebrand ASA's Baa2 senior unsecured debt rating and the A3 insurance financial strength rating (IFSR) of its main operating subsidiary (Storebrand Livsforsikring AS) are based on Storebrand Liv's leading position in the Norwegian defined contribution market and its consistently low leverage, the expectation of greater and more stable profitability as a result of a more diversified revenue stream, as well as the relatively strong macroeconomic environment in Norway. These positive credit factors are tempered by significant exposure to highly capital-consumptive paid-up policies, which make Storebrand Liv's economic capitalisation vulnerable to reductions in interest rates given the duration mismatch within this legacy book of business.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Life Insurers Methodology published in November 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Brandan Holmes VP - Senior Credit Officer Financial Institutions Group Moody's Investors Service Ltd. One Canada Square Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Simon Ainsworth Associate Managing Director Financial Institutions Group JOURNALISTS: 44 20 7772 5456 Client Service: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. 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