Q2 2009: Satisfactory development in results>
Q2 2009: Satisfactory development in results
(Thomson Reuters ONE) - * Group result[1] of NOK 505 million in Q2 and minus NOK 228 million for the first half of 2009 * Stronger investment returns produce positive results for Life and Pensions * Satisfactory financial position: solvency margin of 154% for life insurance activities * Good sales growth in the Norwegian and Swedish businesses in the first half of 2009The Board of Director's 1st half report 2009 and the analystpresentation are attached on http://www.newsweb.noStorebrand will today host a press and analyst conference in Oslo atVika Kino, Ruseløkkveien 14, at 1000 CET (in Norwegian) and ananalyst conference in London at Chartered Insurance Institute, 20Aldermanbury, at 0900 UK time. An international conference call willbe hosted at 15:00 CET. To participate in the conference call pleaseuse link on http://www.storebrand.no/ir, or call in and register 10minutes before the presentation starts. Dial: +47 80080119 (fromNorway) or +47 23000400 (from Norway or abroad).--------------------------------------Press release:Q2 2009:Satisfactory development in results * Group result[1] of NOK 505 million in Q2 and minus NOK 228 million for the first half of 2009 * Stronger investment returns produce positive results for Life and Pensions * Satisfactory financial position: solvency margin of 154% for life insurance activities * Good sales growth in the Norwegian and Swedish businesses in the first half of 2009- "Storebrand delivers a satisfactory result in a volatile market.The result for the quarter is improved by NOK 312 million compared tothe same quarter of last year. The group's financial position isreassuring, and development in sales so far this year is good"comments Group CEO Idar Kreutzer.Improved financial marketsThe Norwegian life insurance business shows a positive development in Q2 with returns above the average interest rate guarantee. Thisreduces the charge to equity and additional statutory reserves fromQ1.The Q2 result for the Swedish business is positively affected byhigher bond interest rates that reduce the value of liabilities,whilst the return on the investment portfolio was affected by thegood development in equity and credit markets. Developments in Q2reduced the total charge on the profit allocated to the owner for thefirst half of 2009, but the result for the first half of 2009 wasstill affected by returns on investments being weaker than thedevelopment in the value of liabilities.Strong market positionPremium income developed well in the occupational pensions market.The total net booked inflow of customer assets from competitorsamounted to almost NOK 1 billion in the first half of 2009. Sales oflife savings products in the retail market remained slow.The improvement in the financial markets resulted in returns fromrecommended investment choices for defined contribution pensionsimproving strongly in Q2. The returns in Q2 were 4.2% for a carefulprofile, 9.9% for a balanced profile and 15.2% for an aggressiveprofile respectively. The returns for the first half of 2009 were3.8% for a careful profile, 6.6% for a balanced profile and 8.9% foran aggressive profile, respectively.New sales in SPP continued to develop positively. Total new premiums(APE) increased by 21% in the first half of 2009 compared with thesame period in 2008.Storebrand Investments had NOK 336 billion under management at theclose of Q2. This represents an increase of NOK 107 billion in thefirst half of 2009. The growth is due to Storebrand Investmentshaving now taken over management of SPP's customer funds. Net newsales in the asset management business (external discretionary assetsand mutual funds) amounted to NOK 2.2 billion in the first half of2009. 90% and 64% of the mutual funds in Storebrand Fondene and SPPFonder respectively have outperformed their benchmark indices(calculated before management fees) in the last 12 months.Storebrand Bank has prioritised deposit growth, and increased thedeposit-to-loan ratio from 47% to 53% in the first half of 2009.Total lending in the period decreased by just over 3% to NOK 38billion. The bank's result for the quarter is affected by lower netinterest income.Insurance policy sales in the new P&C insurance business remain good.Total premiums increased by 12% in Q2 to NOK 284 million, andincreased by 26% in the first half of 2009.Financing and capital situationStorebrand made a number of adjustments to the group's capitalstructure and financing in Q2. During the quarter Storebrand ASAissued NOK 550 million in a new 5-year senior bond in the NorwegianmarketStorebrand Life Insurance redeemed subordinated loans totalling EUR245 million, EUR 70 million of which was a subordinated loan providedby Storebrand ASA. The life insurance business also repaid SEK 1.6billion of perpetual subordinated loans during the period. StorebrandLife Insurance issued NOK 1 billion in a new perpetual subordinatedloan in JuneThe modifications to the capital structure were in line with thecommunicated plan. The changes have an overall positive effect on thegroup's financing structure and liquidity.Storebrand was in a satisfactory financial position at the close ofQ2. The Storebrand Life Insurance Group's solvency margin at theclose of Q2 was 154%Oslo, 17 July 2009Contact people:EVP Corporate Communications Egil Thompson: Mobile (+47) 93 48 00 12Head of Investor Relations Trond Finn Eriksen: Mobile (+47) 99 16 4135Enclosure: Board's Interim Report for First half 2009[1] Group result before the amortisation and write-down of intangibleassets.http://hugin.info/169/R/1329446/313872.pdfhttp://hugin.info/169/R/1329446/313873.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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