Moody’s revises Storebrand to positive

Moody's Investors Service said it changed the outlook on Storebrand Livforsikring AS (Storebrand Liv), the main operating subsidiary within Storebrand Group, and on Storebrand ASA (Storebrand) to positive from stable.

The agency also affirmed the Baa1 insurance financial strength rating on Storebrand Liv and the Ba1 long term issuer and senior unsecured debt ratings on Storebrand.

Moody’s said the outlook change primarily reflects the improvements in Storebrand's capitalization and balance sheet risk over the last three years.

The positive outlook is also underpinned by the expectation of improving profitability over the next 12 to 18 months. The insurer also benefits from the relatively strong macroeconomic environment in Norway, high demand for defined contribution products and Storebrand's leading market position in the latter segment, the agency explained.

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