Storebrand (Buy, TP: NOK129.00) - Strong momentum in Savings
PTP before amortisation, adjusting for the Helseforsikring gain, was 34% higher in Q2 YOY on strong growth in Savings and better Insurance results. Ongoing premium repricing is likely to bring insurance profitability closer to its targets in 2025, while the 191% solvency ratio supports the ongoing NOK1.1bn buyback programme. In addition, an internal solvency model application has been sent to the FSA. We have raised our 2025–2026e EPS by 1%. We reiterate our BUY and have raised our target price to NOK129 (127).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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