DnB NOR to start non-life insurance company

DnB NOR will establish its own non-life insurance company, and has an ambition
to capture a considerable share of the retail non-life insurance market. The
new company will start operations by the end of 2008. 
 
So far, DnB NOR has delivered non-life insurance in cooperation with external
risk bearers. The establishment of the new company means that DnB NOR will
control the entire value chain. 
 
"DnB NOR wishes to offer customers a full range of financial services. The
establishment of our own non-life insurance company will enable us to tailor
products to the retail segment. We will take advantage of our extensive
distribution power to gain a considerable share of this market," says Åsmund
Skår, group executive vice president, DnB NOR Retail Banking. 
 
Since 1999, DnB NOR has offered its customers non-life insurance through Vital
Skade. The current portfolio with NOK 700 million in premium income will be
incorporated in the new company. 
 
"We have extensive experience within non-life insurance, and DnB NOR is at the
forefront in the electronic distribution of insurance products through the
Internet bank. This ensures very cost-effective operations. Today, 5.8 per cent
of our 800 000 Internet banking customers have bought non-life insurance
policies. We aim to increase this share to 30 per cent," says Åsmund Skår. 
 
DnB NOR will market non-life insurance in all distribution channels: branch
offices, the telephone bank, the Internet bank, the mobile bank and real estate
brokerages. Customers will buy and manage their insurance policies in a
self-service solution in the Internet bank. 
 
 
Contact persons:
Eivind Grønstad, head of Corporate Communications, telephone +47 920 31 505
Åsmund Skår, group executive vice president, Retail Banking, telephone +47 917
31 345