Storebrand to start sale of P&C insurance products
On 28 March 2006 the Board of Directors of Storebrand ASA approved plans for Storebrand to start sale of P&C insurance products to the retail market. The products will be distributed through Storebrand's wholly owned subsidiary Storebrand Skadeforsikring AS.
Head of the new P&C company will be Gunnar Rogstad, formerly head of If's Nordic retail market section from 2002 to 2005, and with a total of more than 20 years' experience from Storebrand and If.
With the start of P&C insurance sales, Storebrand enhances its product range and reaffirms its commitment to the retail market. When If was established in 1999, Storebrand focused its efforts in the market for long-term savings and life insurance. Seven years later we see that the Storebrand brand is still strongly linked to P&C, with three out of four Norwegians associating Storebrand with P&C insurance products.
- "The re-establishment of the P&C company is Storebrand's answer to our customers' wish to have all their financial needs covered by Storebrand. By starting up a new in-house company we can build on our position and long experience in P&C insurance whilst at the same time tailoring products to selected parts of the market. It also gives us the opportunity to choose solutions that ensure a high level of customer satisfaction and profitability" comments Group CEO Idar Kreutzer.
New transfer rules now allow Norwegian P&C customers to transfer their insurance policy mid-term. Storebrand P&C (Storebrand Skade) will be ready to offer its products to the market before the end of 2006.
Storebrand's P&C operations will focus on gradual and profitable growth, and is expected to show a profit (before tax and transfers to security reserves) within three years. Capital investment in the venture will be financed from Storebrand's existing non-life activities in Storebrand Skadeforsikring (including Oslo Re).
Storebrand has a return of capital requirement of 15% on group profit after tax, and has previously communicated that this target will be met before 2007. The re-establishment of P&C insurance products does not change this target.
Oslo, 29 March 2006
Contact persons:
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Head of P&C: Gunnar Rogstad:
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Mobile + 47 92 82 97 49
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Director of Corporate Communications Egil Thompson,
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Tel: +47 22 48 95 86 Mobile +47 93 48 00 12
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Head of Investor Relations Nils Robert Hodnesdal:
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Tel: +47 22 31 55 33 Mobile +47 93 40 38 13
