Storebrand (Buy, TP: NOK90.00) - More concrete buyback guidance
We have reduced our 2020e EPS by 2% and 2021e by 1% to account for weaker profitability in the group life insurance portfolio, as we see a risk that the price increases that have been initiated will not suffice to fully restore profitability in this segment. We continue to expect Storebrand to launch buybacks in H2 2020, as the Solvency II ratio with transitional rules is still set to exceed the 180% level before the end of Q2. We reiterate our BUY and NOK90 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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