February 7, 2018 / 6:49 AM / 2 months ago

BRIEF-Storebrand Q4 group result misses forecast, sets new dividend policy

Feb 7 (Reuters) - Storebrand Asa:

* STOREBRAND Q4 GROUP RESULT NOK ‍618​ MILLION (REUTERS POLL NOK 759 MILLION)

* STOREBRAND PROPOSES 2017 DIVIDEND OF NOK ‍2.5​ PER SHARE (REUTERS POLL NOK 2.39 PER SHARE)

* ‍PROPOSES A NEW DIVIDEND POLICY FROM 2018​

* ‍STOREBRAND AIMS TO PAY A DIVIDEND OF MORE THAN 50% OF GROUP RESULT AFTER TAX​

* ‍AMBITION IS TO PAY ORDINARY DIVIDENDS PER SHARE OF AT LEAST SAME NOMINAL AMOUNT AS PREVIOUS YEAR​

* ‍ORDINARY DIVIDENDS ARE SUBJECT TO A SUSTAINABLE SOLVENCY MARGIN OF ABOVE 150%​

* ‍IF SOLVENCY MARGIN IS ABOVE 180%, BOARD OF DIRECTORS INTENDS TO PROPOSE SPECIAL DIVIDENDS OR SHARE BUY BACKS

* IT IS TARGETED THAT NOMINAL COSTS WILL BE LOWER IN 2018 COMPARED WITH THE LEVEL AT THE END OF 2015‍​

* STOREBRAND WILL STILL MAKE SELECTED INVESTMENTS IN GROWTH.‍​

* THE PARTNERSHIP WITH COGNIZANT IS EXPECTED TO CONTINUE TO PROVIDE LOWER COSTS FOR THE GROUP IN THE COMING YEARS‍​

* STOREBRAND HAS ESTABLISHED A FRAMEWORK FOR CAPITAL MANAGEMENT THAT LINKS DIVIDENDS TO THE SOLVENCY MARGIN AND PUBLISHED A NEW DIVIDEND POLICY FOR 2018 AND ONWARDS. THE GOAL IS A SOLVENCY MARGIN OF ABOVE 150%, INCLUDING TRANSITIONAL RULES‍​

* THE SOLVENCY MARGIN AT THE END OF THE 4TH QUARTER WAS 172%. ‍​ A GRADUAL IMPROVEMENT IS EXPECTED IN THE UNDERLYING SOLVENCY MARGIN IN THE COMING YEARS‍​​ Source text for Eikon: Further company coverage: (Reporting By Camilla Knudsen)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below