Storebrand records 17% growth in AuM; solvency ratio rises to 179%

Written by Adam Cadle

21/10/2020

Life insurance company Storebrand has seen its assets under management (AuM) increase by NOK 134bn to NOK 921bn for Q3 2020, up by 17% compared to the corresponding period last year, due to market returns and net flows from institutional customers.

The insurance segment of the business recorded a premium growth of 15% compared to last year, and a combined ratio of 88%.

Storebrand CEO Odd Arild Grefstad added: “Storebrand has successfully entered into an agreement with Insr Insurance Group to acquire insurance portfolios, potentially adding 2% market share within P&C insurance.”

The solvency ratio was 179% at the end of third quarter, an increase of 16 percentage points from the last quarter.

“This is well above targeted level of more than 150%. The increase is due to positive returns on credit bonds and equities, as well as repricing measures in parts of the guaranteed business,” Storebrand said.

Storebrand continues to strengthen its position as a leading provider of sustainable investment solutions. In the quarter, a new wide-ranging climate policy for investments was launched to intensify action on climate and quicken the green transition.

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