Storebrand Q1 combined ratio improves to 97% but misses consensus
By Scott Vincent
May 7 - (The Insurer) - Storebrand said the profitability of its insurance segment remains below targeted levels after reporting a first quarter combined ratio of 97% on Wednesday.
CEO Odd Arild Grefstad said the Nordic insurer had taken several measures to improve profitability and was maintaining its combined ratio target of 90% to 92% for the full year.
The performance was a one percentage point improvement on the 98% combined ratio reported in the first quarter of 2024.
“The insurance segment is growing strongly and improvements in profitability are gradual,” Grefstad said.
During the quarter Storebrand grew its insurance premium volume by 21% year-on-year to NOK 9.5 billion ($924,000).
The insurance result rose to NOK 470 million during the quarter, compared with NOK 367 million during the first quarter of 2024.
KBW analyst Michele Ballatore said Storebrand’s insurance bottom line had missed consensus by 23%, with its combined ratio missing by three percentage points.
At group level, Storebrand’s profit rose to NOK 1.17 billion during the first quarter with a Solvency II ratio of 198%.
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