StoreBrand (OTCPK:SREDY) is a leading insurance company in the Nordic market which has been under a restructuring program over the past few years. It has taken decisive measures to lower balance sheet risk and reduce its dependence on guaranteed products.
This has improved the company’s business profile and capitalization, enabling it to resume dividend payments recently. However, its valuation is still at a deep discount to that of its closest peers, and a re-rating seems warranted, giving StoreBrand plenty of upside potential. The StoreBrand Group is a leading insurance company in the Nordic market, especially concerning long-term savings and insurance.
It is based in Oslo, Norway, and was founded in 1767. The company has about 1700 employees and a total of 1.9 million customers in its domestic market and Sweden. It has a market capitalization of about $3 billion and trades in the U.S. on the over-the-counter market.
Continue Reading “StoreBrand: Conservative Scenario Gives Up To 20% Upside Potential” at Seeking Alpha Pro
PensionsEurope has responded to Norwegian plans to introduce solvency capital requirements for pension funds to reiterate warnings on the detrimental effect of such requirements and again point to IORP II statements against the further development of solvency models for pension funds.
Commenting on Norwegian government plans to introduce a simplified Solvency II requirement for pension funds in January 2018, the umbrella association for national workplace pension bodies warned against solvency capital requirements for pension funds – be they at national or EU level – as they would have significant negative consequences.
Continue Reading “PensionsEurope seizes on Norway plan to warn against solvency rules” at IPE Investment & Pensions Europe
Norway is unnerving investors by failing to give clear signals on the implementation of the next step in insurance industry regulations, according to Storebrand ASA, Norway’s largest listed life insurer said.
Authorities have surprised the market several times, making investors uncertain about how authorities will implement the Solvency II transitional rules, according to Chief Financial Officer Lars Aa Loeddesoel.
“The market is, as I have perceived it, also worried about a solvency situation without transitional rules at 100 percent or under 100 percent that would reduce the possibility to extract dividend from the business,” he said in an interview Wednesday.
The government wrong-footed insurers in August with regulations allowing a more lenient transition to Solvency II even as it introduced a lower limit that prevents obligations dropping below what’s currently allowed.
Continue Reading “Norway Spooking Investors on Solvency Phase In, Storebrand Says” at Bloomberg Business
Norwegian pension fund KLP saw an influx of 150 corporate and 16 local authority pension scheme transfers in the third quarter of this year following the withdrawal of major providers from the public sector pensions market.
In interim results, the public service pensions giant said the transfers, which took place between July and September, represented NOK10.4bn (€1.2bn) of funds, and brought the total new membership inflow this year to 132,000 individuals.
The transfers are a continuing effect of the decisions by Storebrand and DnB Livsforsikring to withdraw from the public occupational pensions market, leaving KLP as the only provider in the sector.
Continue Reading ” Norwegian roundup: KLP, transfers, Finanstilsynet” at IPE News
LONDON–(BUSINESS WIRE)–Moody’s Analytics today announced that Gjensidige, one of Norway’s leading insurance companies, has selected Moody’s Analytics’ Solvency II software, RiskIntegrity™, to enhance its risk management architecture and help it comply with Solvency II. RiskIntegrity is an integrated solution that offers data management and Solvency Capital Requirement (SCR) calculation and regulatory reporting capabilities.
“We welcome Gjensidige to our growing list of Solvency II clients. This new relationship underscores our commitment to serving the Scandinavian insurance market, as we grow our insurance business in the region.”
Gjensidige chose Moody’s Analytics Solvency II solution for its out-of-the box regulatory capabilities and user-friendliness.
Continue Reading “Moody’s Analytics Selected by Norway’s Gjensidige Insurance for Solvency II Compliance Solution ” at EON News
Storebrand ASA (STB), Norway’s second- largest publicly traded insurer, said it plans to reduce costs as it tries to meet stricter European capital requirements without selling new shares.
Storebrand will cut costs by at least 400 million kroner ($66 million) by 2014 and lower risk in its investment portfolios to meet proposed Solvency II requirements due to come into effect within two years, the Oslo-based company said in its second-quarter report today.
Continue Reading “Storebrand Plans to Meet Capital Targets Without New Equity” at Bloomberg Businessweek
Norway is considering changes to occupational pension product rules to ensure Norwegian life insurers can adjust to stricter European capital requirements and longer life expectancy.
The changes to insurance-based occupational pension product rules include two alternative models for regulating cost and risk-sharing among insurers, employers and workers, the Banking Law Commission said today in a statement.
Continue Reading “Norway to Consider Pension Product Overhaul for Life Insurers” at Bloomberg Businessweek News