New insurance terms within defined benefit based pension in SPP

(Thomson Reuters ONE) - The Board of SPP Livförsäkring AB, a company within the StorebrandGroup, has on 26 November approved changes in the insurance terms forthe defined benefit based product (DB), which the company offers inthe Swedish market.The approved changes will give higher expected return on investedcapital and secure increased buffer capital. This will result inincreased expected pension payments to the policyholders and animproved earnings profile for SPP.The new insurance terms enables SPP to better adapt the assetmanagement to the long term nature of the insurance liabilities,which will thus increase the expected return in the investmentportfolios. Compared to the existing practice, insurance liabilitiesin DB insurance contracts will be measured by using a market rateinstead of a guaranteed interest rate.Following the new changes, the present profit sharing of investmentreturn between the policyholder and the insurance company will bereplaced with a model where the insurance company receives a fee whenpensions are indexed.The new insurance terms will be introduced from 1 January 2010. Theapproved changes will not have any impact in the current year.Details regarding the new insurance terms are described in theenclosed document.Oslo, 26 November 2009Contact persons:EVP Corporate Communications Egil Thompson: Mobile (+47) 93 48 00 12Head of Investor Relations Trond Finn Eriksen: Mobile (+47) 99 164135http://hugin.info/169/R/1357443/330230.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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Bereitgestellt von Benutzer: hugin
Datum: 26.11.2009 - 15:56 Uhr
Sprache: Deutsch
News-ID 8897
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