2013-03-20 14:03:56 -
SPP, a subsidiary of Storebrand, has signed an agreement to sell SPP Liv
Pensionstjänst AB to KPA Pension. Under the agreement, the administration
associated with SPPs municipal customers is transferred to KPA Pension. The
agreement also includes the transfer of approximately NOK 1.2 billion from SPPs
guaranteed portfolios to KPA Pension.
The deal is subject to regulatory approval. Given regulatory approval, the
estimated result effect for SPP is positive with approximately NOK 100 million.
The result effect is expected to be booked in the 2nd quarter of 2013. The
result impact is a combination of low booked values of the shares for SPP Liv
Pensionstjänst AB and release of reserves.
The parties have agreed not to comment on the purchase price.
The agreement will strengthen the Solvency position through reduced capital
20 March 2013
Elin Myrmel-Johansen, Director of Communications, mob +47 934 80 538
Trond Finn Eriksen, Head of Investor Relations, mob. +47 991 64 135
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
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Source: Storebrand ASA via Thomson Reuters ONE