Storebrand ASA: Storebrand acquires Silver's insurance portfolio
Storebrand Livsforsikring AS acquires Silver's insurance portfolio, thus offering, as Norway's leading provider of savings products a good solution for Silver's pension customers.
- Storebrand is pleased to use our experience and expertise in order to contribute to a solution for Silver's customers. We welcome Silver's customers to Storebrand, and will do everything we can to make them satisfied with the offer and the follow-up they receive from Storebrand, says CEO Odd Arild Grefstad.
Storebrand Livsforsikring AS has signed an agreement to take over Silver's insurance portfolio for NOK 520m. The purchase is financed by the company portfolio in Storebrand Livsforsikring AS. The purchase price will be added to Silver's customers and contribute to maintaining good pensions. The guaranteed defined benefit pensions in Silver will be converted to defined contribution with investment choice before the takeover.
- The NOK 520m will benefit customers, together with Storebrand's experience with all products in Silver's portfolio, says Chairman Sven Iver Steen in Silver Pensjonsforsikring AS under public administration.
Silver's 21 000 policies and NOK 10bn in pension assets will be transferred to Storebrand. NOK 8.5bn of the portfolio are pension products without guarantees. The remaining portfolio is related to risk coverages. It is expected that the purchase will provide an operating result before tax of approximately NOK 60m a year. In 2018 a negative result effect of approximately NOK 45m is expected to align assumptions in the new insurance portfolio and other financial effects. A deferred tax asset of NOK 300m will be recognized on the balance sheet to reflect the tax loss carried forward loss in Silver. An initial 1% reduction in the Solvency margin for the Group, due to the purchase, is expected.
The agreement with the administration board presupposes that no more than 20% of Silver's customers object to the solution by the deadline set by Silver and public approvals.
The transaction is expected to be completed during January 2018.
The investor and analyst presentation Wednesday 25. October 2017 10:00 CET will be held in English and webcasted at Storebrand.com/ir. Questions addressed to firstname.lastname@example.org will be answered during the Q&A session if time permits.
There will also be held an analyst conference call at 14:00 CET. To attend the conference call we kindly ask you to dial in 10 minutes before start by calling +44 (0) 20 3003 2666 for international participants or 21 56 33 18 from Norway. Passcode is Storebrand.
Contact persons/media inquiries:
Head of Investor Relations, Kjetil Ramberg Krøkje:email@example.com or (+47) 934 12 155
Acting Communications Director, Jan Otto Risebrobakken:Jan.firstname.lastname@example.org or (+47) 480 82 602
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 more than NOK 620 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.Visit us at www.storebrand.no and follow us on twitter: @Storebrand_no This announcement is subject to information pursuant to the Securities Trading Act § 5-12.