February 8, 2017 / 6:54 AM / 8 months ago

Insurer Storebrand makes first dividend in 6 years, higher than expected

OSLO, Feb 8 (Reuters) - Norwegian insurer Storebrand proposed a higher-than-expected dividend for 2016, the first time in six years it makes a payout, and expects further increase in the coming years.

The company suspended dividends as it built up capital reserves to cope with new regulations, both in and outside Norway.

“The Board proposes ... a dividend of NOK 1.55 per share,” Storebrand said in a statement, beating all forecasts in a Reuters poll of analysts. The average expectation had been for a payout of 1.09 crown.

The firm’s group results reached 912 million crowns ($109.67 million) in the fourth quarter, much higher than the 603 million crowns expected in the poll, against a loss of 1.1 billion crowns at the same time a year ago.

$1 = 8.3156 Norwegian crowns Reporting by Gwladys Fouche, editing by Terje Solsvik

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