Storebrand posted a H1 18 net profit of NOK1,315m, up 8.4% yoy. Operating profits increased by 24.5% to NOK1,280m. The major contributor to earnings was Guaranteed pensions, but this is unlikely to be the case by the end of the year. The Savings (non-guaranteed) business, despite the slight decline recorded in the Q2 earnings, is the insurer’s locomotive. We appreciate the performance of the Insurance segment and the improved capital position. A payout of 50% should be confirmed.
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Positive earnings momentum
Storebrand posted a H1 18 net profit of NOK1,315m, up 8.4% yoy. Operating profits increased by 24.5% to NOK1,280m. The major contributor to earnings was Guaranteed pensions, but this is unlikely to be the case by the end of the year. The Savings (non-guaranteed) business, despite the slight decline recorded in the Q2 earnings, is the insurer’s locomotive. We appreciate the performance of the Insurance segment and the improved capital position. A payout of 50% should be confirmed.