Storebrand ASA: Positive operational effects on Embedded Value for 2012, offset by new tax rules
(Thomson Reuters ONE) -
* Storebrand life insurance activities show an Embedded Value of NOK 21.8
billion at year-end 2012, a reduction of NOK 3.0 billion in 2012
* Unit linked products increased their share of the group's value
* Value of new business (VNB) increased to NOK 426 million
* Group MCEV of NOK 54.8 per share
About embedded value
Embedded value (EV) is an actuarially determined estimate of the value of an
insurance company excluding any value attributable to future new business. The
calculation of embedded value requires the use of a number of assumptions with
respect to the business, economic conditions and financial markets.
Storebrand provides a separate EV report with detailed information. The EV
report from Storebrand has been prepared using a market consistent approach
(MCEV).
Result development in 2012
Storebrand EV for 2012 does not consider the proposed changes in the Norwegian
occupational pension framework. However, changes in tax regulations and new
mortality tables from the Financial Supervisory Authority have been taken into
account in EV for 2012. The two regulatory changes are the reason behind the
drop in EV from 2011 to 2012. Lower interest rates do also give a negative
contribution.
Strong growth in Unit linked based products due to strong returns and low
customer lapses have increased EV. Storebrand's adaption to Solvency II, by
building customer buffers and reduce investment risks, contributes positively to
the values.
The value of new business written in 2012 is estimated to NOK 426 million. This
is an increase from 2011, reflecting higher sales of Unit linked products in
Norway.
Unit linked product's share of the total value of the company is increasing, and
is represents the majority the majority of both the EV and the value of new
business.
Additional information
Storebrand will today host an Investor and Analyst update in London. A review of
the main changes in the Embedded Value will be discussed in the presentations.
These will be available on www.storebrand.no/ir.
Disclosure document is attached.
Lysaker, 15 March 2013
Contacts:
Head of Investor Relations Trond Finn Eriksen: (+47) 99 16 41 35
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
2012 MCEV Storebrand:
http://hugin.info/169/R/1685515/552194.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Storebrand ASA via Thomson Reuters ONE
[HUG#1685515]
Unternehmensinformation / Kurzprofil:
Datum: 15.03.2013 - 07:31 Uhr
Sprache: Deutsch
News-ID 239739
Anzahl Zeichen: 3371
contact information:
Town:
Oslo
Kategorie:
Business News
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