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Storebrand says has capital, eyes SPP synergies

Wed Nov 12, 2008 2:20am EST

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OSLO, Nov 12 (Reuters) - Norwegian insurance company Storebrand (STB.OL) said on Wednesday that it had an adequate capital position but that its short term results would be hit by global financial turmoil.

Storebrand also said in presentation material from its capital markets day that synergy effects of 500 million crowns ($72.74 million) per year from the acquisition of Swedish SPP life company, which was acquired last year, were now achievable.

On Oct. 29, the group reported bigger-than-expected losses for the third quarter, hit by the global financial crisis, but said that its competitiveness and market position were good.

The company also took a write down of 2.5 billion crowns on intangible assets in its Swedish life insurance unit SPP, which knocked it to a net loss of 3.78 billion crowns.

(Reporting by Aasa Christine Stoltz)



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