Storebrand - Completion of If transaction
On February 11th 2004 Storebrand ASA entered into an agreement with Sampo Oyj to sell all of its shares in If P&C Insurance to Sampo. The completion of the transaction was subject to approvals from regulatory and competitive authorities, including authorities in Finland, Sweden and EU. In addition, the transaction has been notified to the Norwegian authorities.
All conditions necessary for completion have now been satisfied, and the shares will be transferred to Sampo during next week. Simultaneously Storebrand will receive a cash settlement of SEK 5,4 billion. This equals approximately NOK 5,2 billion adjusted for Storebrand's currency hedging programme.
The transaction will be booked in Q2 and involves a capital gain in the Storebrand group result. The size of the capital gain is dependent on the book value of If shares in Storebrand's accounts at the time of the completion. Based on book values at Q4 2003 the pre tax capital gain is approximately NOK 1,4 billion.
Oslo, 29th April 2004
Contact persons: <br> <br> Egil Thompson <br> Executive Vice President, Corporate Communications <br> Tlf: +47 22 48 95 86 <br> Mobil: +47 93 48 00 12 <br> <br> Nils Robert Hodnesdal <br> Investor Relations <br> Tlf: +47 22 31 55 33 <br> Mobil: +47 93 40 38 13