S&P revises Storebrand to positive

S&P said it revised the outlook on Storebrand Livsforsikring AS and Storebrand Bank ASA to positive from stable and affirmed their BBB+ long-term counterparty credit ratings.

The agency also affirmed the A-2 short-term rating on Storebrand Bank.

In addition, S&P revised the outlook on the group's non-operating holding company, Storebrand ASA, to positive from stable and affirmed its BBB- counterparty credit rating.

“The outlook revisions reflect our view that Storebrand's capital positon and earnings generation capacity have improved in recent years,” S&P said in a news release.

“Although the amount of guarantees in Storebrand's backbook is still significant, we believe the company is making progress in shifting its product portfolio toward more capital-light products, such as unit-linked products, which will eventually lead to lower capital needs.”

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