CORRECTION: Q4 2009: Good result for customers and owners
(Thomson Reuters ONE) -
This is a correction of the announcement from 07:30 17.02.2010 CET.
* Group result of NOK 596 million for Q4 and NOK 1,276 million for the full
year
* Solid financial position - increased buffer capital and stronger solvency
margin
* Good customer growth in life and pensions
* The board will prioritise financial flexibility and proposes that no
dividend be paid for 2009
The Board of Director's interim report for Q4 2009, Q4 2009 result presentation
and Supplementary Information are attached on http://www.newsweb.no
Storebrand will today host a press and analyst conference in Storebrands head
office at Lysaker, Professor Kohts vei 9, at 0900 CET (in Norwegian). An
international conference call will be hosted at 1500 CET. To participate in the
conference call please use link on http://www.storebrand.no/ir, or call in and
register 10 minutes before the presentation starts. Dial: +47 80080119 (from
Norway) or +47 3184501 (from Norway or abroad).
---------------------------------------------------------
Press release:
Q4 2009: Good result for customers and owners
Group result of NOK 596 million for Q4 and NOK 1,276 million for the full year
Solid financial position - increased buffer capital and stronger solvency margin
Good customer growth in life and pensions
"In a year characterised by major market fluctuations, Storebrand delivered a
good result for its customers and owners. The group's position in life and
pensions in Norway and Sweden has strengthened. The work on streamlining
business operations continues at full strength," says CEO Idar Kreutzer.
Results driven by good value creation
The quarter's result was characterised by good value creation in both life and
pensions and the asset management business. The returns on the customers' assets
were higher than the average guaranteed interest in all portfolios. This
provided a good financial result and allowed the customers' buffer capital to be
strengthened by NOK 1.3 billion in the Norwegian business. The quarter's result
in SPP was characterised by good returns and profit sharing for the owner.
Good value creation resulted in high performance-based fees in the asset
management business. Income within the asset management business increased in
2009 due to the takeover of SPP's customer assets, increased market values and
strong new sales.
Storebrand Bank's result for the quarter was characterised by weak net interest
income due to high funding costs. The development of losses and defaults is
considered satisfactory, and the bank's other income is developing positively.
Strong customer growth
Storebrand Life Insurance experienced a strong inflow of customers in the
occupational pensions market in Q4. Reported net sales in Q4 were NOK 2.5
billion for group pensions. The sales will mostly be booked in Q1 2010. Sales of
the guarantee account product in the retail market were very good, with net
sales of NOK 0.9 billion in Q4 and around NOK 1.6 billion for the full year.
SPP's total new sales measured in new premiums (APE) increased by 6% in a
declining total market. The increase in new sales was largely due to sales
through broker channels.
Net new sales in the asset management business (external discretionary assets
and mutual funds) amounted to NOK 1.8 billion for Q4. The company saw total
positive net subscriptions of NOK 3.4 billion in the year. Total net
subscriptions to mutual funds via the retail market channels amounted to NOK
679 million in 2009.
Insurance policy sales in the P&C insurance business remain good. The annual
premium rose by 10% in Q4 to NOK 346 million, and by a total of 54% in the full
year.
Solid financial position
Storebrand is in a strong financial position at the start of 2010. The
Storebrand Life Insurance Group's solvency margin at the close of Q4 was 170%
and capital adequacy was 14.9%.
The bank's core (tier 1) capital ratio was 10.4% at the close of Q4 and
therefore satisfies the internal core (tier 1) capital ratio target of 10%. As
announced in October 2009, a NOK 200 million capital increase in Storebrand Bank
from Storebrand ASA was carried out in Q4.
In 2009, the board focused on building up customer buffers, strengthening the
solvency margin, and reducing the net debt ratio. Therefore, it is recommended
that no dividend be paid for 2009.
Lysaker, 17 February 2010
Contact people:
EVP Corporate Communications Egil Thompson: Mobile (+47) 93 48 00 12
Head of Investor Relations Trond Finn Eriksen: Mobile (+47) 99 16 41 35
Enclosure: Board's Interim Report for Q4 2009
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1385226]
Analyst presentation Q4 2009: http://hugin.info/169/R/1385226/343996.pdf
Q4 Quarter report 2009: http://hugin.info/169/R/1385226/343994.pdf
Supplementary information: http://hugin.info/169/R/1385226/343995.pdf
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Datum: 17.02.2010 - 03:04 Uhr
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