Storebrand Livsforsikring AS: Received change notice for tax returns for 2015
In Q4 2015 Storebrand booked a tax income of NOK 1.7 billion due to the liquidation of the real estate holding company Storebrand Eiendom Holding AS (SEH). The tax effect is described in note 26 in the annual accounts for 2018. On May 23 2019, Storebrand received a draft letter from The Norwegian Tax Administration (TNTA), claiming changes in the tax returns for 2015.
If the preliminary decision drafted by TNTA should be upheld after a final and enforceable judgement by the court, Storebrand assess that it would be a tax cost for Storebrand of NOK 1.3 billon. If TNTA makes a final ruling, Storebrand will be in a payable tax position.
The amount will not be booked in the accounts based on the notice received, as the Board of Directors in Storebrand is of the opinion that there is no legal basis for TNTA's view. The tax effect in 2015 was calculated using our best judgment and after a thorough review with external expertise and accountants. In case TNTA's preliminary draft should be upheld, Storebrand would appeal the decision and, if necessary, try the case in the Norwegian court system in order to clarify the tax related questions relevant to the case.
Lysaker, 26 May 2019
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Storebrand's ambition is to be the best provider of saving for pensions. Storebrand will deliver sustainable solutions adapted to the customer's individual situation, so that each person receives a better pension in a more sustainable world. Storebrand has about 40.000 corporate customers and 2 million individual customers, and has its headquarter at Lysaker outside of Oslo, Norway. Storebrand manages more than NOK 729 bn and is Norway's largest private asset manager. We work hard to fulfil our vision: Recommended by our customers. Storebrand (STB) is listed on Oslo Stock Exchange. Visit us at www.storebrand.no and follow us on Twitter: @Storebrand_no This announcement is subject to information pursuant to the Securities Trading Act § 5-12.