STOREBRAND ASA: Full consent for Storebrand in ruling from Tax Appeals Committee gives tax income of NOK 440 million
As previously announced, Storebrand Livsforsikring AS has appealed to the Tax Appeals Committee a decision made by The Norwegian Tax Administration (TNTA) regarding the uncertain tax position for the income year 2015 claiming changes should be made in the tax returns for Storebrand Livsforsikring AS.
Storebrand has today received a ruling from the Tax Appeals Committee (Skatteklagenemda), which gives Storebrand full consent. Based on the decision from the Tax Appeals Committee, Storebrand will recognize a tax gain of approx. NOK 440 million in the 2nd quarter of 2023. The tax income will also have a positive effect on the solvency margin for Storebrand ASA of ca. 1.6% points.
The decision from the Tax Appeals Committee can be appealed to the court within 6 months.
The tax case in question is described in more detail in note 27 in the annual accounts for 2022 as "case A".
Lysaker, 20 June 2023
For further inquiries, please contact:
Trond Finn Eriksen, Investor Relations (interim):
trond.finn.eriksen@storebrand.no or (+47) 991 64 135
Storebrand is a Nordic financial group, delivering increased security and financial wellness for people and companies. We offer sustainable solutions and encourage our customers to take good economic decisions for the future. Our purpose is clear: we create a brighter future. Storebrand has about 55.000 corporate customers, 2.2 million individual customers and manages NOK 1,111 billion. The Group has its headquarter at Lysaker outside of Oslo, Norway. Storebrand (STB) is listed on Oslo Stock Exchange.
This announcement is subject to information pursuant to the Securities Trading Act § 5-12.