SPP, a subsidiary of Storebrand, has signed an agreement to sell SPP Liv Pensionstjänst AB to KPA Pension. Under the agreement, the administration associated with SPPs municipal customers is transferred to KPA Pension. The agreement also includes the transfer of approximately NOK 1.2 billion from SPPs guaranteed portfolios to KPA Pension.
The deal is subject to regulatory approval. Given regulatory approval, the estimated result effect for SPP is positive with approximately NOK 100 million. The result effect is expected to be booked in the 2nd quarter of 2013. The result impact is a combination of low booked values of the shares for SPP Liv Pensionstjänst AB and release of reserves.
The parties have agreed not to comment on the purchase price.
The agreement will strengthen the Solvency position through reduced capital requirements.
Lysaker, 20 March 2013
Contacts:
Elin Myrmel-Johansen, Director of Communications, mob +47 934 80 538
Trond Finn Eriksen, Head of Investor Relations, mob. +47 991 64 135
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Storebrand ASA via Thomson Reuters ONE
