April 25, 2018 / 5:41 AM / 6 months ago

BRIEF-Storebrand Q1 group result beats forecast

April 25 (Reuters) - Storebrand ASA:

* Q1 GROUP RESULT NOK 931 MILLION (REUTERS POLL NOK 600 MILLION)

* SOLVENCY II RATIO 165%

* GROWTH IN SAVINGS, COMBINED WITH STRONG RISK AND INSURANCE RESULTS, CONTRIBUTES TO STRONG RESULT IN QUARTER

* STOREBRAND ACQUIRES REMAINING 8 % OF STOCKS IN SKAGEN AS AND NOW OWNS 100% OF COMPANY

* TRANSACTION IS EXPECTED TO BE CLOSED BY END OF APRIL, FUNDED WITH LIQUIDITY FROM SKAGEN

* SUCCEEDS IN SHIFT FROM GUARANTEED TO NON-GUARANTEED BUSINESS, WHILE AT SAME TIME KEEPING STRICT COST CONTROL IN LINE WITH OUR TARGET TO REDUCE COST IN 2018

* THE MARKET FOR DEFINED-CONTRIBUTION PENSIONS IS GROWING, AND STOREBRAND’S TOTAL RESERVES WITHIN UNIT LINKED INCREASED BY 17% IN THE LAST 12 MONTHS, CONTINUED GOOD GROWTH FOR DEFINED-CONTRIBUTION PENSIONS IS EXPECTED IN THE FUTURE

* STOREBRAND - A DIVIDEND OF MORE THAN 50% OF THE GROUP’S RESULT AFTER TAX AND A HIGHER NOMINAL LEVEL THAN THE 2017 ORDINARY DIVIDEND IS EXPECTED FOR 2018 Source text for Eikon: Further company coverage: (Reporting By Camilla Knudsen)

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