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New tax rules to affect Storebrand ASA's Q4'18 results, solvency ratio

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New tax rules to affect Storebrand ASA's Q4'18 results, solvency ratio

Norway's new tax rules for insurance and pension companies will affect the results and solvency ratio of Storebrand ASA.

According to the new rules, customer assets for life insurance companies are to be tax-neutral at the end of December 2018, leading to clearer separation between customer assets and shareholder assets for the insurer.

The change leads to a tax income of approximately 1.6 billion Norwegian kroner in the fourth quarter of 2018 for Storebrand. It also increases the insurer's calculated solvency ratio by about 6 percentage points.

The company will announce a dividend based on result after tax, in accordance with the dividend policy, but adjusted for the extraordinary tax income.

As of Jan. 15, US$1 was equivalent to 8.56 Norwegian kroner.