February 13, 2013 / 6:46 AM / in 5 years

Storebrand Q4 earnings lag f'cast, cuts financial target

OSLO, Feb 13 (Reuters) - Norwegian insurer Storebrand posted fourth-quarter earnings below expectations on Wednesday and cut its target for rerurn on equity as it needs to strengthen reserves.

Group profit was 489 million Norwegian crowns ($89.12 million)in October-December, lagging the mean the forecast for a 593 million profit in a Reuters poll and up from a 268 million crowns profit in the year-ago period.

Storebrand said it had changed the targeted return on equity after tax and before amortisation to above 10 percent, from its earlier target of a 15 percent return, and proposed no dividend.

“Storebrand has an ambition to adapt to changes in regulation without raising new equity capital,” it said. ($1 = 5.4872 Norwegian crowns) (Reporting by Victoria Klesty)

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