Q4 2024 Storebrand ASA Earnings Call Transcript
Key Points
- Storebrand ASA (SREDF) delivered a record high result of NOK5.9 billion for the full year, with an operating profit of NOK3.2 billion.
- The company announced a 15% increase in dividends to NOK4.7 per share and received approval for NOK1.5 billion in share buybacks for 2025.
- Storebrand ASA (SREDF) achieved double-digit growth across its business areas, supported by strong cost control and favorable financial markets.
- The asset management segment saw a 21% increase in assets under management, reaching a record NOK1,469 billion.
- Storebrand ASA (SREDF) continues to be recognized for its sustainability efforts, being the only Norwegian company on the global Dow Jones Sustainability Index in 2024.
- The quarterly result of NOK1,065 million was somewhat weaker than planned due to seasonally weak insurance results and a rise in long-term interest rates.
- The insurance segment's combined ratio for the fourth quarter was 100%, indicating challenges in achieving the targeted 92% for 2025.
- There were runoff losses and large losses in insurance, impacting the overall financial performance.
- The guaranteed business experienced a drop in fee margin to 51 basis points, below the guided range of 50 to 60 basis points.
- The group life insurance segment showed persistent weaknesses, with negative results in the fourth quarter.
Good morning ladies and gentlemen, and welcome to Storebrand fourth quarter result presentation. As usual, our CEO, Odd Arild Grefstad will present the key highlights of the quarter, followed by CFO. Lars Løddesøl, who will dive deeper into the numbers. (Event Instructions)
But without further ado, I give the word to our CEO of Odd Arild Grefstad.
Thank you, Johannes, and good morning, everyone. 2024 was a record strong year for Storebrand, and I am very pleased to see that we gain trust among new and existing customers. During the year, we delivered around NOK84 billion in return to our customers and supported about 200,000 customers in insurance related cases.
We also completed value accreditive transactions during the year, including the sale of Storebrand health insurance, as well as the acquisition of the Danish infrastructure business, AIP, and our own headquarters. We aim to be a leading player within
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