Storebrand ASA: Regulatory approval of previously announced transaction in SPP
In a press release dated 20 March 2013, Storebrand announced that SPP, a subsidiary of Storebrand, has signed an agreement to sell SPP Liv Pensionstjänst AB to KPA Pension. Under the agreement, the administration associated with SPP's municipal customers will be transferred to KPA Pension. The agreement also includes the transfer of approximately NOK 1.2 billion from SPP's guaranteed portfolios to KPA Pension.
The deal is subject to regulatory approval from the Swedish Competition Authority. They have in a letter notified that they will allow the transaction to take place. The expected positive result effect from the transaction as previously communicated will thus be booked in Q3 2013 and Q1 2014.
Lysaker, 10 September 2013
Elin Myrmel-Johansen, Director of Communications, mob +47 934 80 538
Trond Finn Eriksen, Head of Investor Relations, mob. +47 991 64 135