April 23, 2020 / 7:32 PM / a month ago

BRIEF-Storebrand Q1 operating profit misses forecast

April 23 (Reuters) - Storebrand ASA:

* PRELIMINARY RESULTS FOR THE 1ST QUARTER

* DUE TO TAX GAINS, COVID-19 AND FINANCIAL MARKET TURMOIL, STOREBRAND WILL REPORT NUMBERS DEVIATING FROM MARKET EXPECTATIONS

* GROUP OPERATING PROFIT IS EXPECTED TO BE NOK 254 MILLION

* STOREBRAND ANALYST POLL HAD PREDICTED Q1 OPERATING PROFIT OF NOK 554 MILLION

* FINANCIAL RESULTS ARE AFFECTED BY MARKET TURMOIL

* FINANCIAL RESULTS IN GROUP ACCOUNTS IS EXPECTED TO BE MINUS NOK 588 MILLION FOR QUARTER

* RETURN IN STOREBRAND LIVSFORSIKRING AS’ COMPANY PORTFOLIO WAS MINUS 1.25% IN QUARTER

* A TAX INCOME OF NOK 717 MILLION WILL BE BOOKED IN Q1

* GROUP PROFIT AFTER TAX IS EXPECTED TO BE NOK 264 MILLION FOR Q1

* NUMBERS ARE PROVISIONAL, UNAUDITED, AND CHANGES MAY OCCUR UNTIL REPORTING DATE 30 APRIL

* CONTINUES TO GROW ITS CORE BUSINESS WITH 7 PER CENT CURRENCY ADJUSTED (11 PER CENT UNADJUSTED) GROWTH IN FEE INCOME IN QUARTER Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)

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