Leading the Way in Sustainable Value Creation - record strong operating profit1, continued growth and solid solvency ratio
- Group profit2 of
NOK 912m , operating profit ofNOK 762m -
Total assets under management amounting to
NOK 1,058bn , up 15% y/y - Less than 50% guaranteed reserves as a share of total pension reserves
- 18% growth in insurance portfolio premiums, 17% growth in bank lending y/y
- Solvency II ratio of 178%
"This quarter marked an important milestone with a full reopening of the Norwegian society and high economic activity.
Strong Progress on Strategic Growth Ambitions
P&C and Individual life insurance grew 47% compared to last year, partly due to strong contribution from distribution partnerships and the acquisition of customer portfolios from Insr, which has transferred policies amounting to
Storebrand also continued its growth within occupational pensions. Pension premium payments grew 7% compared to the year before. Within the new growth area public occupational pensions, a new municipality mandate was won, which will add
In the Norwegian retail market, lending volume in the bank amounted to
"Over the last decade with record low interest rates, we have seen a strong and increasing demand for alternative asset classes, such as Private Equity, Real Estate and Infrastructure. As a long-term investor of pensions, Storebrand has a long experience in alternative asset classes, which has contributed to good returns for our pension savers. We are very pleased that we can offer even more asset management clients an opportunity to invest into these asset classes. Alternative asset classes have grown 20% annually over the last years in Storebrand Asset Management. This is a key growth area for us and the acquisition of the Danish real estate manager
Storebrand's solvency ratio strengthened 6 percentage points from last quarter to 178%. The increase is due to rising long-term interest rates and strong Group profit in the quarter. The transformation towards a more capital light Group progresses according to plan. The growth area defined contribution pensions now exceed 50% of the balance sheet and the runoff of guaranteed business is expected to free up capital over time.
(Q3-2020 in brackets)
- Solvency Ratio 178% (179%)
-
Earnings per share, adjusted for amortisation
NOK 1.56 (NOK 1.90 ) -
Equity
NOK 36,735m (NOK 35,181m ) -
Assets under management
NOK 1,058bn (NOK 921bn )
Activities related to the 3rd Quarter 2021
Link to webcast
To join the call, please dial your preferred number five minutes before the presentation starts and quote "Storebrand Q3" when prompted by the operator.
Dial in number(s):
+47 2 156 3318 | |
+44 (0) 33 0551 0200 | |
+45 3272 9273 | |
+358 9 2319 5437 | |
+33 (0) 1 7037 7166 | |
+49 (0) 30 3001 90612 | |
+46 (0) 8 50520424 | |
+1 212 999 6659 |
For further inquiries, please contact:
Head of Investor Relations & Rating,
daniel.sundahl@storebrand.no or (+47) 913 61 899
Group Head of Strategy, Finance and M&A Kjetil Ramberg Krøkje:
kjetil.r.krokje@storebrand.no or (+47) 934 12 155
Media Requests:
margrethe.assev@storebrand.no or (+47) 951 55 056
Storebrand's ambition is to provide our customers with financial freedom and security by being the best provider of long-term savings and insurance. Storebrand will deliver sustainable solutions adapted to the customer's individual situation. Storebrand has about 40,000 corporate customers and 2 million individual customers, and has its headquarter at Lysaker outside of
1 Record strong underlying operating profit when adjusting for performance related results.
2 Earnings before amortisation and tax. www.storebrand.no/ir provides an overview of APMs used in financial reporting.
https://news.cision.com/storebrand-asa/r/storebrand-asa--results-for-the-3rd-quarter-2021,c3441012
https://mb.cision.com/Public/6558/3441012/a63bfcd0c60116d7.pdf
https://mb.cision.com/Public/6558/3441012/9a6046b5b0f57792.pdf
https://mb.cision.com/Public/6558/3441012/94f000a7439fe33c.pdf
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