Storebrand (Buy, TP: NOK109.00) - Solvency back on track
Pre-tax profit fell 17% YOY in Q4 due to turbulent financial markets reducing performance-related fees and profit-sharing. However, with the Solvency II ratio jumping 10%-points QOQ to 184%, the board proposed another NOK500m buyback programme, working towards the long-awaited release of >NOK10bn in excess capital by 2030. We have trimmed our 2024e EPS by 3% given our assumption of an increased cost base, but reiterate our BUY and NOK109 target price.Storebrand ASA is the parent company in a financial group. Co. is a provider of pension savings. Co. provides range of products within life insurance, property and casualty insurance, asset management and banking, to companies, public sector entities and private individuals. Co.'s corporate organization includes the business areas of Savings, which comprises of non-guaranteed Defined Contribution in Norway and Sweden, Asset Management and Bank products to the retail market; Insurance, which includes Co.'s risk products; Guaranteed Pensions, which includes long-term pension savings products that give customers a guaranteed rate of return; and Other.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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