Norwegian couple Tor Olav Trøim and Celina Midelfart sold their 13 million shares in Storebrand ASA for 68.15 Norwegian kroner per share, corresponding to a 2.6% discount to the Feb. 20 closing price, Reuters reported.

The sale generated proceeds of 886 million kroner, the Feb. 21 report said, noting that the couple gradually upped their shareholding in the firm to about 2.8%. They did not state the reason for the sale, Reuters added but Nordea Markets analyst Thomas Svendsen reportedly said they probably saw a "bigger upside elsewhere."

The couple, who were not available for comment, owned their stake in the insurer through Midelfart Capital As and Trøim's Drew Holding, which were represented by Haakon Fure in Storebrand's board starting September 2015, the report said, noting that after Fure's appointment, the insurer's shares swelled over 150% and it started paying out dividends again in 2017 after a six-year hiatus.

As of Feb. 20, US$1 was equivalent to 7.84 Norwegian kroner.