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consequence of the Covid-19 pandemic and the unresolved situation in the
financial markets. The AGM is expected to be held in June.
The impact on the Group’s employees and operations has been limited so far. All
business-critical operations work well. The company has good routines for risk
management and for dealing with market volatility and has continuously
implemented measures to safeguard both liquidity, solvency and customers’
returns.
“The extraordinary situation due to the Covid-19 pandemic impacts both the
global and Norwegian economy to an uncertain extent. Acknowledging such
uncertainties and considering the practical difficulties in carrying out the AGM
on the date originally planned, the Board finds it prudent to postpone the AGM.
Our customers should remain confident that Storebrand has a solid balance sheet
with good liquidity, and that we are ready to contribute in the challenging
situation our society is facing”, says Chairman of Storebrand ASA Didrik Munch.
The company’s liquidity, solidity and result prognosis support an ordinary
dividend for 2019 in line with the proposal announced on 12 February 2020 (NOK
3.25 per share). Storebrand does not have any refinancing needs in the coming
year. However, the Board recognises that the extent of the economic crisis the
world is experiencing is still uncertain. The world economy, including the
Norwegian economy, is being negatively impacted and the situation is unclear.
The Board will monitor the situation on an ongoing basis and evaluate the
dividend for 2019 towards the postponed AGM.
A new AGM will be held no later than 30 June 2020. An invitation will be sent
out by the Board at least three weeks before the AGM.
Lysaker, 23 March 2020
Contacts:
Head of Investor Relations, Daniel Sundahl: Tel +47 913 61 899
Head of Strategy, Finance and M&A, Kjetil R. Krøkje: Tel +47 934 12 155
Storebrand’s ambition is to be the best provider of saving for pensions.
Storebrand will deliver sustainable solutions adapted to the customer’s
individual situation, so that each person receives a better pension in a more
sustainable world. Storebrand has about 40.000 corporate customers and 2 million
individual customers, and has its headquarter at Lysaker outside of Oslo,
Norway. Storebrand manages NOK 831 bn and is Norway’s largest private asset
manager. We work hard to fulfil our vision: Recommended by our customers.
Storebrand (STB) is listed on Oslo Stock Exchange. Visit us at www.storebrand.no
and follow us on Twitter: @Storebrand_no
This information is subject of the disclosure requirements acc. to §5-12vphl
(Norwegian Securities Trading Act)
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