New York, July 19 (FinanceEnquiry.com) – Analysts at Moody’s Investors Service has affirmed the issuance financial strength rating (IFSR) of Storebrand Livsforsikring AS at A3 and the associated ratings. The outlook on the ratings looks stable.
In a research note published yesterday, the analysts state that the affirmation indicates Moody’s view of Storebrand’s top tier market position in Norway and strong position within Sweden. The affirmation also indicates the efforts to de-risk the balance sheet ahead of solvency II, however, the material economic headwinds Storebrand faces, mainly with regards to the spread deficiency with Storebrand has been increasingly exposed as the low interest rate environment continues.
The market share of the company in Norway was around 21.5 percent of gross written premiums and has consistently remained more than 20 percent in recent years, though it witnessed a slight decrease from the 22.7 percent in 2010.
In Sweden, SPP’s market share of around 4 percent remained distance behind the market leaders, though after that it increased from 3.5 percent in 2010. Storebrand ASA, which is a parent company of Nordic financial services group, mainly focused on writing life insurance business in Norway and Sweden and has been headquartered in Osio, Norway. The total assets of Storebrand ASA were reported to be around 413 billion, total share holders’ equity of NOK were 19,335 million and post tax profits of NOK were 611 million, the analysts say.
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