Moody’s ups Storebrand Livsforsikring

Moody’s Investors Service said it upgraded Storebrand ASA’s long-term issuer rating to Baa1 from Baa2 and its main operating unit Storebrand Livsforsikring AS’ subordinated debt rating to Baa1(hyb) from Baa2(hyb).

Moody’s also raised the unit’s insurance financial strength rating to Baa1 from Baa2.

The upgrade reflects the group's enhanced business diversification and reduced balance sheet risk arising from its long-term guaranteed products. “This has resulted from steady growth in its capital-light savings, asset management and insurance businesses which provide diversifying income streams, and on the guaranteed book, improved asset-liability matching (ALM), a build-up of healthy client fund buffers and the gradual run-off of this portfolio,” the agency said in a press release.

The outlook remains stable.

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