Norwegian insurer Storebrand posts NOK 1,799M group profit for Q2, up 26% year-on-year, driven by asset growth and improved returns.
Storebrand ASA reported a 26% year-on-year increase in group profit to NOK 1,799M for the second quarter, beating prior-year figures. Adjusted earnings per share rose 20% to NOK 3.43, supported by a 10% expansion in assets under management to NOK 1,658B.
Operating profit climbed 17% to NOK 1,119M, while the insurance result reached NOK 889M. The combined ratio improved to 87%, and return on equity rose to 16% from 15% a year earlier. Equity increased 3% to NOK 32,606M.
The results reflect stronger investment performance and higher fee income from expanded asset management.