Storebrand announced a result before amortisation of NOK853m in Q3 18 (+10.3% yoy) and NOK2,595m ytd (+11.7% yoy). No changes were observed in the earnings structure, with a higher than expected operating earnings from the Guaranteed pension business that was behind the difference with our estimates. The improved capital position with a lower gap with Solvency II ratio without transitional rules are a guarantee for a 50% dividend payout. Our target price will be revised slightly up.
24 Oct 2018
The 50% dividend payout is confirmed
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The 50% dividend payout is confirmed
Storebrand announced a result before amortisation of NOK853m in Q3 18 (+10.3% yoy) and NOK2,595m ytd (+11.7% yoy). No changes were observed in the earnings structure, with a higher than expected operating earnings from the Guaranteed pension business that was behind the difference with our estimates. The improved capital position with a lower gap with Solvency II ratio without transitional rules are a guarantee for a 50% dividend payout. Our target price will be revised slightly up.