Storebrand ASA: Court ruling in Administrative Court of Stockholm

In its judgement of 9 December 2015, the Administrative Court of Stockholm has denied SPP permission to include a subordinated loan of SEK 700 million in the capital base.

The judgement is in respect of an appeal lodged by SPP against a decision issued by the Swedish Financial Supervisory Authority (FI) on 5 December 2014, in which FI refused permission to include the subordinated loan in the capital base. The loan is today not included in the capital base and does consequently not affect the solvency ratio under today's solvency I rules.

The judgement means that, for the time being, Storebrand will not include the subordinated loan in the capital base in accordance with the provisions of Solvency II. The effect of the loan on the Solvency II-ratio is approximately 2 percentage points. The Storebrand Group reported an estimated Solvency II-ratio of 146% as of 3Q 2015.  

The Storebrand Group will analyse the judgement before deciding whether or not to lodge an appeal.

9 December 2015

Further information is available from:

Kjetil R. Krøkje, Head of Investor Relations

Telephone +47 934 12 155

kjetil.r.krokje@storebrand.no