Norway's Storebrand sees Q1 charge of NOK 80-100 mln due reserve requirements

OSLO, April 3 Thu Apr 3, 2014 2:18am EDT

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OSLO, April 3 (Reuters) - Storebrand, Norway's largest insurer, expects new reserve requirements tied to existing pension contracts to result in a charge of 80 million to 100 million crowns ($13.39 million-$16.74 million) in the first quarter, it said on Thursday.

The announcement comes after the Nordic country's financial regulator said on Wednesday insurers would be allowed to use up to seven years to meet the requirements, rather than the five years originally proposed.

Some observers had expected the adaptation period to be longer than seven years. ($1 = 5.9743 Norwegian Kroner) (Reporting by Gwladys Fouche, editing by Henrik Stolen)

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