October 24, 2017 / 2:44 PM / a year ago

BRIEF-Storebrand to acquire Silver's insurance portfolio for NOK 520 mln

Oct 24 (Reuters) - Storebrand ASA

* ‍has signed an agreement to take over silver’s insurance portfolio for nok 520 mln

* The purchase is financed by the company portfolio in Storebrand Livsforsikring AS

* Silver’s 21,000 policies and NOK 10 bln in pension assets will be transferred to Storebrand​

* ‍It is expected that purchase will provide an operating result before tax of approximately nok 60m a year​

* ‍In 2018 a negative result effect of approximately nok 45m is expected to align assumptions in new insurance portfolio and other financial effects

* ‍A deferred tax asset of nok 300m will be recognized on balance sheet to reflect tax loss carried forward loss in silver​

* ‍The agreement presupposes that no more than 20 pct of silver’s customers object to solution by deadline set by silver and public approvals

* ‍Transaction is expected to be completed during january 2018​ Source text for Eikon: Further company coverage: (Reporting By Nerijus Adomaitis)

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