Norway's Storebrand Q3 profit beats all forecasts

OSLO Wed Oct 30, 2013 2:40am EDT

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OSLO Oct 30 (Reuters) - Norwegian insurer Storebrand posted second-quarter earnings far ahead of expectations on Wednesday and said costs cuts were driving results.

Storebrand's group profit was 810 million crowns ($137.59 million), above the mean forecast of 644 million crowns seen in a Reuters poll of analysts, and against 458 million crowns at the same time last year.

The nine analysts in the Reuters poll had forecast group profit in a range from 538 million to 703 million crowns. ($1 = 5.8871 Norwegian krones) (Reporting by Terje Solsvik; editing by Balazs Koranyi)

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