-
Group profit [1] of
NOK 2,249 million in the second quarter - and a total ofNOK 3,331 million in the first half of the year - Operating profit growth of 38 percent driven by strong top-line growth and cost control
-
Financial result boosted by gain related to the sale of shares in
Storebrand Health Insurance - Solvency margin of 191 per cent, stable development from the previous quarter
- Increased ownership stake in the Danish infrastructure manager AIP Management
- Completed acquisition of corporate headquarter at Lysaker
"I am pleased that we are once again delivering double-digit growth across the board in pension, asset management, insurance and banking, while maintaining cost control", says CEO
"The insurance business is on the right track, but the claims rate in P&C insurance is still too high. We are continuing to work towards achieving the target of a 90-92 per cent combined ratio in 2025. Overall, I am very pleased with the 38 per cent improvement in operating profit compared to last year", says CEO
"It has been an eventful quarter. The sale of
Strong growth in operating profit
Fee and administrative income amounted to
Group profit was
Storebrand consolidates its position as
The insurance result is marginally better than last year, with
During the quarter,
Value-creating transactions
In June, Storebrand entered into an agreement to acquire the shares in Lysaker Park Eiendom, which owns Storebrand's head office. The purpose of the acquisition was to land a long-term solution when the current lease agreement expires in 2027.
Storebrand also entered into an agreement to acquire 50 percent of the shares in the Danish infrastructure manager AIP Management. AIP has about
Solid capital position
Storebrand still has a strong capital position with a solvency ratio of 191 per cent, well above the threshold for overcapitalisation of 175 per cent. During the quarter, Storebrand submitted an application for the use of an internal solvency model.
- Solvency ratio: 191% (196%)
-
Earnings per share, adjusted for amortisation
NOK 4.59 (NOK 2.16 [2]) -
Equity
NOK 29,986m (NOK 28,902m ) -
Assets under management
NOK 1,298bn (NOK 1,143bn )
Activities Related to the 2nd Quarter 2024
07:30: Release of stock exchange notification. Press release, quarterly report and analyst presentation will be available on www.storebrand.no/ir
10:00: Live investor and analyst conference in English. A webcast will be available at www.storebrand.no/ir. The presentation will be available on demand afterwards. Analysts who would like to ask questions at the end of the presentation must register for and participate in the MS Teams Webinar.
Link: https://www.storebrand.no/en/investor-relations/quarterly-reporting/programme
For further inquiries, please contact:
Kjetil Ramberg Krøkje, Head of Strategy & Finance: kjetil.r.krokje@storebrand.no or (+47) 934 12 155
Stig-Øyvind Blystad, Director of Communications: stig-oyvind.blystad@storebrand.no or (+47) 918 47 226
About Storebrand
Storebrand is a Nordic financial group, delivering increased security and financial wellness for people and companies. We offer sustainable solutions and encourage our customers to take good economic decisions for the future. Our purpose is clear: we create a brighter future.
Storebrand has about 55,000 corporate customers, 2.2 million individual customers and manages
This is information is pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This information is based on the
[1] Cash equivalent earnings before amortisation and tax. http://www.storebrand.no/ir provides an overview of APMs used in financial reporting.
[2] EPS for 2023 not adjusted for changed periodisation of performance-related income from the first quarter 2024.
https://news.cision.com/storebrand-asa/r/storebrand-asa--results-for-the-2nd-quarter-2024,c4014262
https://mb.cision.com/Public/6558/4014262/874c7141f2a17f4d.pdf
https://mb.cision.com/Public/6558/4014262/bfa6ae2fdfa66518.pdf
https://mb.cision.com/Public/6558/4014262/8c966c5992ce8a30.pdf
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