Moody's on Dec. 13 changed the outlook on Storebrand ASA and unit Storebrand Livsforsikring AS to positive from stable.
At the same time, the agency affirmed Storebrand's Ba1 long-term issuer and senior unsecured debt ratings and Storebrand Livsforsikring's Baa1 insurance financial strength rating.
The outlook change is driven by improvements in Storebrand's capitalization and balance sheet risk in the last three years. The positive outlook is driven by the agency's expectation that Storebrand's profits are expected to improve in the next 12 to 18 months.
Storebrand also benefits from a relatively strong macroeconomic environment in Norway, high demand for defined contribution products and the company's market position in the latter segment, Moody's said.