STOREBRAND ASA: Minor adjustment to group reporting
In connection with the release of the results for Q1 2024, Storebrand will implement a minor adjustment to its alternative income statement.
In historical reporting, performance-related cost in the asset management business was recognised continuously, while performance-related income was fully recognised in the 4th quarter. Starting from the 1st quarter of 2024, Storebrand will record performance-related income on continuous basis to align the timing of performance-related income and costs. This change will not impact the annual result. The adjustment will reduce the complexity in Storebrand's reporting. It also leads to a stronger alignment between the earnings reported in the alternative income statement and the underlying value creation.
Restated comparable numbers for 2023 is provided in the attached excel file1. The restated information has been compiled and presented in accordance with the principles as described in the Guide to Alternative Performance Measures, provided at Storebrand.com/ir. The restated financial information has not been audited.
The alternative income statement is based on the statutory accounts of all the main subsidiaries in the Group and is an approximation of the cash generated in the reporting period. It contains Alternative Performance Measures as defined by the European Securities and Market Authority (ESMA). The result2 in the alternative income statement can deviate significantly from the IFRS result, as IFRS includes profit-and-loss effects from updated estimates and assumptions about the timing of future cash flows and insurance services provided.3
Lysaker, 12 April 2024
For further inquiries, please contact:
Johannes Narum, Head of Investor Relations:
johannes.narum@storebrand.no or (+47) 993 33 569
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 1,212 billion. The Group has its headquarter at Lysaker outside of Oslo, Norway. Storebrand (STB) is listed on Oslo Stock Exchange.
1) Table 4, 5, 8, 9 and 13 are directly affected
2) This result is named cash equivalent earnings in Storebrand's alternative reporting
3) For more information on APM’s see Storebrand.com/ir