Storebrand ASA: Capital Markets Day 2016 and updated financial targets
Today Storebrand holds a Capital Markets Day in London, where it will present its commercial strategy, capital management policy, risk management and revised financial targets.
Group CEO Odd Arild Grefstad comments:
- Storebrand has succeeded well in growing the non-guaranteed Savings and Insurance business. At the same time we have reached our goal of entering Solvency II without raising new equity capital, and we are now set to resume dividend payments.
- Going forward, capital efficiency and cost discipline are still essential in order to maintain our leading Nordic position within occupational pensions and to reach our financial targets.
The following financial targets have been approved by the Board:
Return on equity > 10% (after tax adjusted for amortisation)
Dividend ratio > 35 % (after tax adjusted for amortisation). Minimum half dividend is expected for 2016
Solvency II margin Storebrand Group > 150% (revised)
The following key messages summarize the Capital Markets Day presentations:
Storebrand continues its work to achieve growth within capital-light Savings and Insurance
Capital consumption from guaranteed products expected to peak within approximately two years
Annual operational costs to be reduced by NOK 300-400m in 2018
Dividends linked to the Group solvency ratio
Other targets are described in the attached presentations.
Webcast from today's presentations will be available on www.storebrand.com/ir from 09am BST.
Lysaker, May 13, 2016.
All presentations are attached to this message, and are available on Storebrand's web page: www.storebrand.com/ir.
Kjetil Ramberg Krøkje, Head of Investor Relations. Kjetil.firstname.lastname@example.org T: +47 934 12 155
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 1.9 million individual customers, and is headquartered in Lysaker outside of Oslo, Norway. Storebrand manages NOK 567 bn and is Norway's largest asset manager. We work hard to reach our vision: Recommended by our customers. Storebrand (STB) is listed on Oslo Stock Exchange and has been a member of Dow Jones Sustainability Index since 1999.
Visit us at www.storebrand.com and follow us on twitter @Storebrand_no
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.