Storebrand ASA : Storebrand ASA 1Q 2013: Stable growth and improved results oGroup profit of NOK 552 million for 1^st quarter o17 per cent growth in premium income for non-guaranteed pensions o7,4 per cent increase in fee and administration income oCost measures strengthens financial performance The Board of Director's Interim report for 1Q 2013, 1Q 2013 result presentation and Supplementary Information are attached on http://www.newsweb.no Storebrand will today host a press and analyst conference in Storebrands head office at Lysaker, Professor Kohts vei 9, at 1000 CET (in Norwegian). An international conference call will be hosted at 1400 CET. To participate in the conference call please use link on http://www.storebrand.no/ir, or call in and register 10 minutes before the presentation starts. Dial in number: +47 23184536. Full press release: Storebrand ASA 1Q 2013: Stable growth and improved results oGroup profit of NOK 552 million for 1^st quarter o17 per cent growth in premium income for non-guaranteed pensions o7,4 per cent increase in fee and administration income oCost measures strengthens financial performance - We experience good cost control throughout the business. At the same time we successfully manage a shift from products with guarantees to non-guaranteed savings. This is in line with our strategy and valuable for our customers, says CEO in Storebrand Odd Arild Grefstad. Positive sales and market development Unit Linked insurance products show good growth both in Storebrand Life Insurance and in SPP. The Group's premium income for non-guaranteed pension products increased by 17 per cent during the quarter, while premiums for guaranteed pension products declined by 3 per cent. - Storebrand is maintaining its position as market leader within non-guaranteed pensions in the Norwegian occupational pensions market. The increased number of retail customers mainly derives from employees in companies with pension plans in Storebrand. This is strategically important for us. In the Swedish market we have a challenger position and are pleased to see that we succeeded in sales within unit link products, says CEO Odd Arild Grefstad. The net new sales volume in the asset management business (external discretionary funds and mutual funds) totalled NOK 909 million (1.3 billion) for the quarter. There was net redemption in the Norwegian operations, but this was more than offset by strong sales in the Swedish operations. The retail market of the bank continues to develop positively. Good sales performance has resulted in growth in both lending and deposits. Storebrand Insurance reported a 9 per cent growth in premium income during the quarter. A stable winter gives good results for insurance, which achieved a combined ratio of 87 per cent (85 per cent) in the quarter. Strong growth in earnings and good cost management The administration results in the Norwegian and Swedish life business improved as a result of cost measures, price adjustments and an increase in assets under management. The risk results are weaker than the previous year, especially within defined contribution. Profitability improvement measures are being implemented. - Our pension customers have received good returns in the quarter. Defined contribution-customers in the largest investment portfolio have gained 5.1 per cent return in the quarter. Returns from the guaranteed pension portfolios have strengthened the capital buffers with a total of NOK 1.5 billion, says CEO Odd Arild Grefstad. Assets under management have increased by NOK 11.7 billion in the quarter. Storebrand Bank is experiencing positive growth of net interest income. Profits were weakened, however, by the negative change in the market value of fixed-rate loans as a result of an increase in lending rates. However, this will improve the margin going forward. Capital structure and regulatory developments The solvency margin in Storebrand Life Insurance Group (Storebrand Life Insurance and SPP) was 165 per cent at the end of the quarter. This is an increase of 3 percentage points since end of the year and primarily linked with the quarterly results and an increase in interest rates in Sweden. The Financial Supervisory Authority of Norway determined that new mortality tables will be introduced for group pension insurance in life insurance companies and pension funds, effective from 2014 to build reserves for higher life expectancy (see press release 03/11/2013). The required build-up of reserves for group pensions is estimated to be NOK 11.5 billion or around 8 per cent of the premium reserves. Storebrand has set aside a total of NOK 4.3 billion during the period from 2011 to 2012 for future reserves for longevity. In addition, Storebrand has built NOK 0.7 billion in buffers available for longevity provisions during the quarter. Lysaker, 24 April 2013 Contacts: Elin M. Myrmel-Johansen Director of Communications, mob +47 934 80 538 Trond Finn Eriksen Head of Investor Relations, mob +47 991 64 135 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act Storebrand 1Q 2013 supplementary information Storebrand Q1 2013 presentation Storebrand ASA Q1 2013 interim report ------------------------------------------------------------------------------ This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Storebrand ASA via Thomson Reuters ONE HUG#1695561
Storebrand ASA : Storebrand ASA 1Q 2013: Stable growth and improved results
Press spacebar to pause and continue. Press esc to stop.