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Storebrand ASA (STB.OL)

STB.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Storebrand closes Skagen takeover
Thursday, 7 Dec 2017 

Dec 7 (Reuters) - Storebrand Asa ::‍IN ACCORDANCE WITH SHARE PURCHASE AGREEMENT ENTERED INTO, STOREBRAND HAS TODAY ACQUIRED ALL OF A-SHARES AND 10,000 OF B-SHARES IN SKAGEN AS​.  Full Article

‍Storebrand Liv issues SEK 1 bln tier 2 bond
Tuesday, 7 Nov 2017 

Nov 7 (Reuters) - Storebrand Asa :‍storebrand livsforsikring as - successful placement of new tier 2 bond​.‍storebrand livsforsikring as has today successfully issued a new SEK 1 billion solvency ii compliant tier 2 bond issue with a coupon of 3m stibor + 2.00 per cent.The transaction was substantially oversubscribed. The bonds will be applied for listing on the Oslo Bourse.Danske Bank and Nordea acted as joint lead managers for the bond issue​.  Full Article

Storebrand q3 group result above forecast
Wednesday, 25 Oct 2017 

Oct 25 (Reuters) - Storebrand Asa :Storebrand q3 group result NOK ‍773​ million (Reuters poll nok 661 million) vs NOK 676 mln in Q3 2016.  Full Article

Norway's Storebrand to buy asset manager Skagen
Wednesday, 25 Oct 2017 

Oct 25 (Reuters) - Storebrand Asa :Storebrand acquires SKAGEN and strengthens its position in a growing savings market.The acquisition increases the Storebrand Group's share of the of NOK 221 bn private fund savings market from 4% to 17%.SKAGEN has approximately 140,000 unit holders.Storebrand will acquire all of the A-shares, and 10 000 of the B-shares in SKAGEN, equivalent to 90.95% of the share capital in the company and 99.9% of the voting rights in the company‍.Will pay selling skagen shareholders a sum of NOK 1.6 billion for shares at time of transaction​.‍75% of price will be new issued shares in storebrand asa and 25% will be in cash​.‍in addition, there is a possibility of an additional earnout based on positive development in skagen's results and income, and a share of performance fees as a result of excess return relative to skagen funds' relevant benchmarks​.‍cash payment will be financed by sale of short-term bonds in storebrand asa's liquidity portfolio, which will amount to nok 1.5bn after transaction​.‍in addition to liquidity portfolio, storebrand asa has an unused credit facility of eur 240m​.‍transaction is expected to have an immediate 2 percentage point negative impact on storebrand's solvency margin​.‍it is expected that transaction will strengthen group's solvency margin and dividend capacity going forward​.  Full Article

Storebrand to acquire Silver's insurance portfolio for NOK 520 mln
Tuesday, 24 Oct 2017 

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​.  Full Article

Storebrand's Q2 group result above forecast
Thursday, 13 Jul 2017 

July 13 (Reuters) - Storebrand Asa :Storebrand q2 group result nok 878 million (Reuters poll nok 713 million) vs nok 788 mln in q2 2016.Storebrand reports a solvency ratio of 163 pct for the quarter.The operating result shows a positive development due to growth within savings and good cost control.Cost target on track to reduce costs nominally.Pleased that Norwegians now get access to individual pension savings (IPS) with good tax incentives.  Full Article

Insurer Storebrand ends engagement of Moody's
Tuesday, 19 Jul 2016 

: Storebrand asa says due to cost reduction program, storebrand has initiated a process targeting to end engagement of Moodys . Storebrand asa says S&P global will continue to cover all funding identities, programs and issues in group where credit rating is or will be desired Further company coverage: [STB.OL] (Reporting By Stine Jacobsen) ((stine.jacobsen@thomsonreuters.com;)).  Full Article

Insurer Storebrand sees minimum half dividend in 2016, little Brexit effect
Thursday, 14 Jul 2016 

Storebrand says: Q2 group result NOK 798 million (Reuters poll NOK 506 million) . Solvency ratio at the end of the second quarter was 172 pct. A minimum level for dividend payments is a solvency ratio excluding transition rules of 110 pct. The solvency ratio excluding transition rules by the end of the second quarter was 122 pct . dividends will normally represent over 35 pct of group profit before amortization after tax. Minimum half dividend is expected for 2016 . A gradual improvement is expected in the underlying solvency margin in the coming years . The greatest impact from Brexit has been the fall in European interest rates. This has consequences for guaranteed pension portfolios, but is counteracted by the building up of buffer capital and adjustments in the investment portfolio .To reduce costs with NOK 3-400 million by the end of 2018.  Full Article

Storebrand CFO: Return on equity to be below target in 2016-17
Friday, 13 May 2016 

Storebrand Asa : CFO Lars Loeddesoel told an investor conference: return on equity is expected to be below the company's 10 percent target in 2016 and 2017 Further company coverage: [STB.OL] ((terje.solsvik@thomsonreuters.com;)).  Full Article

Storebrand says to resume dividends, cut costs
Friday, 13 May 2016 

Storebrand Asa : Says targets dividend ratio above 35 pct (after tax adjusted for amortisation). Minimum half dividend is expected for 2016 . Says "we have reached our goal of entering Solvency II without raising new equity capital, and we are now set to resume dividend payments" . Targets return on equity above 10 pct (after tax adjusted for amortisation) . Annual operational costs to be reduced by nok 300 million-400 million in 2018 . Says targets solvency II margin Storebrand group above 150% (revised from 130 pct) . Says dividends linked to group solvency ratio . Says no dividend if solvency ratio without transition rules is below 110 percent .Capital consumption from guaranteed products expected to peak within approximately two years.  Full Article

BRIEF-Storebrand says regulator consents to Silver transfer

* SILVER - APPROVAL FROM NORWEGIAN FINANCIAL SUPERVISORY AUTHORITY