RPT-Storebrand sees growth ahead as Q1 results beat forecasts

Wed Apr 24, 2013 3:01am EDT

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OSLO, April 24 (Reuters) - Norwegian insurer Storebrand posted first-quarter earnings above expectations on Wednesday and said it expected continuing growth in its core markets, Norway and Sweden, where unemployment is low and wages are rising.

The group's profit was 552 million crowns ($93.58 million), beating the mean forecast of 478 million crowns seen in a Reuters poll of analysts, and against 667 million crowns at the same time last year.

The firm said it would put aside some 11.5 billion crowns for group pensions, or around eight percent of the premium reserves, as Norwegians are expected to live longer than earlier thought. ($1 = 5.8986 Norwegian kroner) (Reporting by Gwladys Fouche)

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