Storebrand’s solvency ratio strengthens to 184%; group profits at NOK 841m

Written by Adam Cadle

08/02/2023

Storebrand’s solvency ratio has strengthened by 10 percentage points to 184%, and group profits have been recorded at NOK 841m for Q4 2022.

In its latest financial update, Storebrand said “result generation from operations and positive financial market developments strengthened the solvency ratio”, but the improvement was more than offset by regulatory factors. Active risk management, including increased levels of reinsurance, reduced foreign currency exposure, and balance sheet and investment exposure optimisations, added to the solvency ratio. In addition, a reset of available additional statutory reserves to absorb stresses at the turn of the year improved the solvency ratio.

Total assets under management amounted to NOK 1,020bn, which is a decrease of 7% in 2022 compared to previous year due to weak financial market returns, but it is an increase of 2% in Q4 2022. Total net inflow amounted to NOK 10bn in the quarter and NOK 17bn for the full year.

Storebrand CEO Odd Arild Grefstad said: “During the past year, Storebrand has once again demonstrated a strong ability to navigate through market turbulence and manage risk. We have delivered competitive returns to our customers in challenging markets. And we have seen strong growth in the number of customers who choose Storebrand – both within savings and insurance where premiums have grown over 20% in 2022.”

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