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Research Tree provides access to ongoing research coverage, media content and regulatory news on STOREBRAND ASA. We currently have 8 research reports from 1 professional analysts.
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08 Feb 17
Storebrand’s Q4 16 net premiums income increased by 3.7% to NOK5,670m, bringing the full-year sales to NOK25,829m, a slight 1.4% increase relative to 2015. The Q4 16 result before amortisation came to NOK912m (vs. NOK-1,101m in the same period in 2015) and NOK2,913m ytd (vs. €-42m in 2015). Operating costs decreased by 16.6% to NOK11,314m but the FY 16 total costs increased by 30.6% to NOK54,772m. Net profit stood at NOK676m in Q4 16, a 15.6% decline but the full-year performance was good with a 55% improvement to NOK2,143m. The group’s solvency margin stood at 170% at the end of 2016. Capital adequacy and core capital adequacy reached 17.7% and 15.7%, respectively. The board proposed a divided of NOK1.55/share.
Shareholders will, finally, be remunerated
27 Oct 16
Storebrand announced a group profit after tax of NOK441m for Q3 16, a significant jump relative to the same period in 2015 (NOK64m). The 9M 16 earnings reached NOK1,466m, +152.3% yoy. The group’s results before amortisation and longevity for Q3 was NOK690m vs. NOK272m in Q3 15 (NOK2,034m for the 9M 16 vs. NOK1,487m in 9M 15). These good figures were driven by the Guaranteed pension, which recorded a new surprisingly good Q3 with huge growth in its underlying earnings to NOK126m. However, since the beginning of the year, this business is still recording a drop of 13.9% to NOK378m. The Savings (non-guaranteed) business posted a decline of 6.8% in underlying profit relative to Q3 16 to NOK246m (+6.3% to NOK766m ytd). Premiums reached NOK3,444m (+7.4% yoy) and total reserves stood at NOK131,571m. AuM grew to NOK570.3bn. The lending portfolio in the retail market is developing positively and grew by NOK5.4bn ytd. The Insurance segment showed a significant 35.8% increase in underlying earnings to NOK163m (-7% to NOK438m in 9M 16), with a combined ratio of 91%. Premiums were up by 5.5% to NOK4,511m in the Q3 16. The Other segment’s result has also contributed to the improvement in the insurer’s performance with a new excellent Q3 16 underlying earnings (NOK453m in the 9M 16). Efficiency was enhanced, with a limited increase in the operational cost in Q3 16 by 5.5% to NOK797m (-2.4% ytd to NOK2,299m) and an excellent financial result (NOK542m ytd). The Storebrand Life Insurance Group’s solvency II margin was 165% with transitional rules. Without them, the capital position is weaker with a solvency II ratio of 131%. Dividends will normally be more than 35% of the group result before amortisation and after tax. A minimum half dividend is expected for 2016. Share buy-backs could also be implemented.
The insurer did not miss its targets
14 Jul 16
Storebrand today announced a group profit after tax of NOK715m for Q2 16, a 177.1% improvement relative to the same period in 2015. The H1 16 earnings reached NOK1,025m, +98.2% yoy. The group’s results before amortisation and longevity for Q2 was NOK798m vs. NOK610m in Q2 15 (NOK1,344m for the H1 16 vs. NOK1,215m in H1 16). These good figures were driven by a resilient Savings (non-guaranteed) business which recorded a modest 1.7% growth in underlying profit relative to Q2 16 to NOK241m (+14.3% to NOK520m in H1 16) and the Guaranteed pension which recorded a surprisingly good Q2 with 29.5% growth in its underlying earnings to NOK237m. However, since the beginning of the year, the Guaranteed business has still recorded a drop of 39.8% to NOK252m. The Insurance segment continues to suffer with a new decrease in underlying earnings of 20.3% to NOK153m (-21.7% to NOK275m in H1 16). The Other segment’s result has also contributed to the improvement in the insurer’s performance with an excellent Q2 16 underlying earnings (NOK297m in the H1 16). Efficiency was improved, with a double-digit decrease in operational cost in Q2 16 to NOK698m (-13% yoy) and a resilient financial result (NOK200m). The Storebrand Life Insurance Group’s solvency II margin was 172% with transitional rules. Without them, the capital position is weaker with a solvency II ratio of 122%.
Promising Q1 16
27 Apr 16
Storebrand today announced a group profit after tax of NOK311m for Q1 16, a 20.5% improvement relative to the same period in 2015. The Q1 result before amortization amounted to NOK546m, an increase of 21.3% year-on-year. However, these good figures were driven by Savings (non-guaranteed) business which recorded 27.9% growth in underlying profit relative to Q1 15 while all other business areas recorded a drop, especially guaranteed pension (NOK15m in Q1 16 vs. NOK236m in Q1 15) and Insurance (NOK122m in Q1 16 vs. NOK159m in Q1 15). For the latter, premium income rose by 9.2% to NOK947m, while the combined ratio stood at 92% (90% a year before). Despite relatively resilient sales (-6.4% to NOK404m) and cost control (-2.1% to NOK271m), guaranteed pensions recorded a weak performance given the fall in interest rates caused by the negative impact on the Swedish business. The Storebrand Life Insurance Group’s solvency II margin was 175% in Q1 16 vs. 168% in December 2015.
Shareholders likely to wait until 2016 for the dividend
17 Feb 16
Storebrand’s Q4 15 net premiums income decreased by 5.3% to NOK5,465m, but the insurer succeeded in ending the year with a slight 0.9% increase to NOK25,220m. The Q4 15 result before amortisation came to NOK-1,087m (vs. a NOK923m in the same period in 2014) and NOK-438m ytd (vs. €2,601m in 2014). If we do not take the impact of reserve strengthening into account, the result would have been NOK275m in Q4 15 and NOK1,044m for the full year. Operating costs reduced by 9.6% in Q4 15 to NOK14,652m, allowing ytd costs to stand at NOK41,947m (-30.8% yoy). Net profit recorded a 13.9% increase in Q4 15 to NOK801m but a 33.7% decline ytd to NOK1,382m. The group’s solvency margin stood at 168% at the end of 2015. Capital adequacy and core capital adequacy reached 14.3% and 11.9%, respectively. At the end of 2015, NOK1.8bn has been allocated to reserves for increased longevity. The board proposed that no dividend should be paid for 2015, but plans to pay a dividend for 2016.
A zero-sum game ?
29 Jan 16
Storebrand announced that it implemented several measures in 4Q 15 aimed at strengthening its Solvency II margin but with a neutral effect on the Group’s profit after tax. The estimated Solvency II margin as of year-end 2015 is about 160% with transition rules (120% without). The Norwich insurer has also changed the interest rate curve used to discount the liabilities in its Swedish neutral effect on net earnings subsidiary SPP to one similar to the interest rate curve used in the pan-European Solvency II regulation. The expected negative accounting effect of this change, combined with other assumption changes, is approximately NOK300m. Another important decision has been taken by the insurer concerning the strengthening of its longevity reserve. In Q3 15, the remaining direct result contribution for this purpose was estimated at NOK1.4bn until 2020. Storebrand has decided to charge the entire amount to the 4Q 15 result, alongside restructuring costs caused by previously-announced staff reductions in Norway and Sweden (NOK100m) and the negative effect of weak disability results (NOK100m). p=. !impact.bmp!
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
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N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.