Storebrand posted positive FY 18 figures but with a modest Q4. The group’s result before amortisation improved by 7.4% yoy to NOK3,158m. The new tax rules allowed it to record a tax income of c. NOK1.4bn in Q4 and propose the distribution of NOK3/share. Savings disappointed but Guaranteed pension saved the performance. To keep solid profitability in the long term, this earnings’ structure needs to change with a higher contribution from the Savings and Insurance segments.