Storebrand posted a H1 19 net profit of NOK945m, down 28.1% yoy. Operating profits declined by 21.5% to NOK1,005m. This is the second disappointing quarter for the Norwegian insurer. While lower profitability was expected from the Guaranteed pensions segment (-27.8% in profit before amortisation to NOK460m), the core Savings (non-guaranteed) business was expected to be more resilient. The Insurance segment was hit by a higher combined ratio (89%). The pressure on the bottom line should contin
12 Jul 2019
Pressures confirmed for 2019
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Pressures confirmed for 2019
Storebrand posted a H1 19 net profit of NOK945m, down 28.1% yoy. Operating profits declined by 21.5% to NOK1,005m. This is the second disappointing quarter for the Norwegian insurer. While lower profitability was expected from the Guaranteed pensions segment (-27.8% in profit before amortisation to NOK460m), the core Savings (non-guaranteed) business was expected to be more resilient. The Insurance segment was hit by a higher combined ratio (89%). The pressure on the bottom line should contin