Storebrand ASA: Q3 Interim Result 2018 - Growth in Savings volumes continues
Storebrand ASA, Q3 2018
· Group result of NOK 853 million for the 3rd quarter and NOK 2 595 million
year to date
· Good growth in savings volume
· Result positively affected by strong insurance results and low costs
· Increased Solvency II ratio to 169%
- Strengthened solvency, strong insurance results and a good underlying
operating result describe the numbers for the third quarter. Strong returns to
our customers and increased savings drive top line growth, says Group CEO Odd
Arild Grefstad.
Growth in operating profit
The operating profit for the third quarter was NOK 685 million, an increase of
9% compared to the third quarter last year. Income grew by 6% compared to the
same period last year (adjusted for currency changes and effects stemming from
the acquisition of Skagen). Growth in savings volume, combined with cost control
and strong insurance results contribute positively to the result.
Asset management grows with NOK 99 billion (16%) compared to the same period
last year. Defined contribution pension continues with 18% annual growth and
Storebrand is the Norwegian market leader with 31% market share.
Strengthened solvency margin
The Solvency II margin is 169% per Q3 2018. Strong results and increasing
interest rates affect the solvency margin positively.
Launching Norway’s largest fund platform for equity based savings account (ASK)
With a portfolio of approximately 600 equity funds, Skagen will be offering
Norway’s largest fund platform for equity based savings account (ASK). Our award
-winning fund selection team will handpick their best recommendations within
each fund category for customers who prefer a curated selection.
Making pension easier to understand
Storebrand’s business in Sweden, SPP, has developed a chatbot named Gajda. In a
smart manner, the chatbot helps the employers by educating and informing
employees about their pension scheme. Fifteen Swedish companies have been
involved in developing and testing the chatbot. Gajda won the “Guldkanten”
pension award for making pension fun, quick and intuitive.
- SPP has delivered 25% premium growth over the last year. New digital tools
like Gajda and sustainable savings offerings drive growth, says Odd Arild
Grefstad.
Savings solutions adapted to a sustainable world
Storebrand releases results on the United Nations Day. Storebrand recognizes the
interdependence between long-term value creation for shareholders and the UN
Sustainable Development Goals:
- The UN climate report, published in October, affirmed that Storebrand made the
right choice several years ago, when we integrated the UN Sustainable
Development Goals in all core activities. We see an increased demand for
sustainability enhanced savings solutions. The mutual fund family “Bolge”, which
allows our customers to invest directly in the UN Sustainable Development Goals,
is good example, says Grefstad.
Events in connection with the result release
The investor and analyst presentation Wednesday, 24 October 2018 10:00 CET will
be webcasted at Storebrand.com/ir. Questions addressed to ir@storebrand.no will
be answered during the Q&A session if time permits.
The analyst conference call will be hosted at 14:00 CET. To attend the
conference call we kindly ask you to dial in 10 minutes in advance by calling
+44 (0) 20 3003 2666 for international participants, or 21 56 33 18 from Norway.
The password is “Storebrand”.
For further inquiries, please contact:
Head of Investor Relations, Kjetil Ramberg Krøkje:
kjetil.r.krokje@storebrand.no or (+47) 934 12 155
Communications Director, Vibeke Hansen:
Vibeke.hansen@storebrand.no or (+47) 990 13 349
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 more than NOK 700bn 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 announcement is subject to information pursuant to the Securities Trading
Act §
Ekstern link: http://www.newsweb.no/index.jsp?messageId=461830
Nyheten er levert av OBI.
