STOREBRAND ASA: Transitional effects from new tax rule increases Group result and solvency
In December 2018, the Norwegian parliament (Stortinget) ratified new tax rules for insurance and pension companies effective as of 1 January 2018. The changes imply that customer assets for life insurance companies will be tax neutral at the end of the year. Shareholders' part of the result will be taxed in accordance with ordinary tax rules. This will significantly reduce tax risk and volatility for the Group. Storebrand has previously booked a deferred tax liability due to the differences between mark to market values and tax values associated with real estate owned by the customer