Norway's Storebrand Q3 operating profit rises to record on premium growth

By Reuters News


Overview

  • Norway financial group's Q3 operating profit rose 7% yr/yr to record level

  • Insurance segment result up 28% yr/yr, driven by market share gains and low claims

  • Company completed Knif Trygghet Forsikring acquisition in October


Outlook

  • Storebrand board plans to propose dividend of about NOK 6 per share for 2026

  • Company intends NOK 2 bln share buyback programme for 2027, up from NOK 1.5 bln

  • Storebrand expects solvency ratio to rise by over 10 percentage points from Q1 2027


Result Drivers

  • INSURANCE SEGMENT - Co said insurance result rose 28% yr/yr, driven by market share gains and low claims ratio in retail market

  • ASSET MANAGEMENT - Operating profit in Unit Linked and Asset Management segments increased 14% and 11% yr/yr, respectively

  • PREMIUM GROWTH - Portfolio premiums in insurance segment rose 10% yr/yr


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Operating Profit

NOK 1.16 bln


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 1 "hold" and 2 "sell" or "strong sell"

  • The average consensus recommendation for the investment management & fund operators peer group is "buy"

  • Wall Street's median 12-month price target for Storebrand ASA is NOK218.00, about 14.4% above its October 20 closing price of NOK190.60

  • The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 16 three months ago


Reuters Recommended Reads

  • Oct 19 - Norway's Mowi Q3 harvest volumes and EBIT hit record highs

  • Oct 21 - Bond selloff revives debate about euro zone banks' 'doom loop'

  • Oct 19 - Fifth Third Bancorp Q3 net interest income jumps on Comerica acquisition


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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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