Storebrand says has adequate capital, shares sink

* Company says has adequate capital

* Short-term results to be hit by global financial turmoil

* SPP synergies of 500 mln crowns now achievable

* Shares drop nearly 13 percent

By Aasa Christine Stoltz and Camilla Knudsen

(Adds comments, details, updates share price)

OSLO (Reuters) - Norwegian insurance company Storebrand ASA (STB.OL) reassured investors on Wednesday that it had adequate capital but said short-term results would be hit by global financial woes.

Storebrand shares dropped nearly 13 percent, hit also by a profit warning and cut in dividend from insurer Swiss Life (SLHN.VX) and quarterly losses from Dutch financial group ING (ING.AS).

Storebrand told investors, analysts and reporters at its annual capital markets day that it was reaping benefits earlier than expected from its acquisition of Swedish life insurer SPP.

"In spite of the turmoil, the strong market position has been kept and we are realising SPP synergies ahead of plan," Chief Executive Idar Kreutzer told a news conference. "We have a very robust balance sheet against changes in the equity market."

The group's shares, which have lost about 70 percent from a January peak, were down 10.7 percent at 16.70 crowns at 1435 GMT. The benchmark index at the Oslo bourse .OSEBX was down 5.2 percent.

"The fact that no news was announced may have been disappointing for those who waited for some positive news on the capital markets day," said ABG Sundal Collier analyst Jan Erik Gjerland.

SPP SYNERGIES

The group also said that it expected to achieve synergy savings of 500 million crowns ($72.7 million) a year from last year's acquisition of SPP.

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

The company also took a writedown of 2.5 billion crowns on intangible assets in SPP, which knocked it to a net loss of 3.78 billion crowns.