Q2 2024 Storebrand ASA Earnings Call Transcript
Key Points
- Storebrand ASA (SREDF) reported strong cash-based earnings of NOK2.249 billion for the quarter, with an operating result up by 38% year on year.
- The company executed a NOK1.5 billion buyback program, with NOK800 million completed in the first half and NOK700 million planned for the next two quarters.
- Storebrand ASA (SREDF) achieved a robust solvency ratio of 191% in the second quarter.
- The company saw double-digit growth across all business lines, with unit-linked volumes growing by 19% year over year.
- Storebrand ASA (SREDF) was recognized by Time Magazine as the most sustainable company in Norway and among the top 50 in the world across all industries.
- Insurance results remain weak, with the company still working towards achieving a combined ratio below 92% by 2025.
- The disability level in Norway remains high, impacting the insurance segment's profitability.
- The company faced significant large losses in the second quarter, negatively impacting the combined ratio by approximately 2 percentage points.
- The fee margin for unit-linked Norway decreased by 4 basis points quarter over quarter, indicating margin pressure.
- The integration of Kron is still ongoing, with the company expecting losses in the next two quarters before full integration.
Good morning, ladies and gentlemen, and welcome to Storebrand's second-quarter result presentation. As usual, our CEO, Odd Arild Grefstad, will present the key highlights of the quarter; followed by CFO, Lars Løddesøl, who will dive deeper into the numbers. At the end of the presentation, participants in the Teams webinar will have a chance to ask questions. Details on how to join the webinar are found on the Investor Relations website.
But without further ado, I give the word to our CEO, Odd Arild Grefstad.
Thank you, Johannes, and good morning, everyone. Let's look at the second quarter's highlights.
Storebrand group's cash-based earnings amounted to NOK2.249 billion in the quarter, while the operating result was NOK819 million, up by 38% year on year. Even with insurance results still on the soft side, we deliver a very strong overall operating results, which was driven by continued robust growth across the business and a strong cost
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