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Financials

BRIEF-Storebrand Q4 group result misses forecast, sets new dividend policy

Feb 7 (Reuters) - Storebrand Asa:

* STOREBRAND Q4 GROUP RESULT NOK 618 MILLION (REUTERS POLL NOK 759 MILLION)

* STOREBRAND PROPOSES 2017 DIVIDEND OF NOK 2.5 PER SHARE (REUTERS POLL NOK 2.39 PER SHARE)

* SOLVENCY II 172 %

* PROPOSES A NEW DIVIDEND POLICY FROM 2018

* STOREBRAND AIMS TO PAY A DIVIDEND OF MORE THAN 50% OF GROUP RESULT AFTER TAX

* AMBITION IS TO PAY ORDINARY DIVIDENDS PER SHARE OF AT LEAST SAME NOMINAL AMOUNT AS PREVIOUS YEAR

* ORDINARY DIVIDENDS ARE SUBJECT TO A SUSTAINABLE SOLVENCY MARGIN OF ABOVE 150%

* IF SOLVENCY MARGIN IS ABOVE 180%, BOARD OF DIRECTORS INTENDS TO PROPOSE SPECIAL DIVIDENDS OR SHARE BUY BACKS

* IT IS TARGETED THAT NOMINAL COSTS WILL BE LOWER IN 2018 COMPARED WITH THE LEVEL AT THE END OF 2015

* STOREBRAND WILL STILL MAKE SELECTED INVESTMENTS IN GROWTH.

* THE PARTNERSHIP WITH COGNIZANT IS EXPECTED TO CONTINUE TO PROVIDE LOWER COSTS FOR THE GROUP IN THE COMING YEARS

* STOREBRAND HAS ESTABLISHED A FRAMEWORK FOR CAPITAL MANAGEMENT THAT LINKS DIVIDENDS TO THE SOLVENCY MARGIN AND PUBLISHED A NEW DIVIDEND POLICY FOR 2018 AND ONWARDS. THE GOAL IS A SOLVENCY MARGIN OF ABOVE 150%, INCLUDING TRANSITIONAL RULES

* THE SOLVENCY MARGIN AT THE END OF THE 4TH QUARTER WAS 172%. A GRADUAL IMPROVEMENT IS EXPECTED IN THE UNDERLYING SOLVENCY MARGIN IN THE COMING YEARS Source text for Eikon: Further company coverage: (Reporting By Camilla Knudsen)

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