Storebrand Livsforsikring: Positive operational effects on Embedded Value for 2012, offset by new tax rules
* Reuters is not responsible for the content in this press release.
For best results when printing this announcement, please click on the link below: http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130315:nHUGcZkS *Storebrand life insurance activities show an Embedded Value of NOK 21.8 billion at year-end 2012, a reduction of NOK 3.0 billion in 2012 *Unit linked products increased their share of the group's value *Value of new business (VNB) increased to NOK 426 million *Group MCEV of NOK 54.8 per share About embedded value Embedded value (EV) is an actuarially determined estimate of the value of an insurance company excluding any value attributable to future new business. The calculation of embedded value requires the use of a number of assumptions with respect to the business, economic conditions and financial markets. Storebrand provides a separate EV report with detailed information. The EV report from Storebrand has been prepared using a market consistent approach (MCEV). Result development in 2012 Storebrand EV for 2012 does not consider the proposed changes in the Norwegian occupational pension framework. However, changes in tax regulations and new mortality tables from the Financial Supervisory Authority have been taken into account in EV for 2012. The two regulatory changes are the reason behind the drop in EV from 2011 to 2012. Lower interest rates do also give a negative contribution. Strong growth in Unit linked based products due to strong returns and low customer lapses have increased EV. Storebrand's adaption to Solvency II, by building customer buffers and reduce investment risks, contributes positively to the values. The value of new business written in 2012 is estimated to NOK 426 million. This is an increase from 2011, reflecting higher sales of Unit linked products in Norway. Unit linked product's share of the total value of the company is increasing, and is represents the majority the majority of both the EV and the value of new business. Additional information Storebrand will today host an Investor and Analyst update in London. A review of the main changes in the Embedded Value will be discussed in the presentations. These will be available on www.storebrand.no/ir. Disclosure document is attached. Lysaker, 15 March 2013 Contacts: Head of Investor Relations Trond Finn Eriksen: (+47) 99 16 41 35 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 2012 MCEV Storebrand http://hugin.info/142220/R/1685521/552202.pdf ---------------------------------------------------------------------------------------------------- This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Storebrand Livsforsikring AS via Thomson Reuters ONE HUG#1685521
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