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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.