Storebrand ASA Q1 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Hans Rettedal Christiansen - Danske Bank - Analyst : Yes, thanks for taking my question. My first question is on the fee income result and also you mentioned that there's a lack of activity related sort of transaction revenues. I was just wondering if you could explainWhat these are and should we interpret it as sort of economic cycle driven or is it more the fact that they will be back and loaded this year or just when do you expect these to come back? And then my second question is on sort of revenues versus the cost side. It sounds like quite a lot of the revenues that you're expecting in 2025 will be back and loaded versus it looks like the OpEx is more front and loaded. Is this the correct interpretation, or should the OpEx also follow once we look into sort of the second half of this year?

Question: Hans Rettedal Christiansen - Danske Bank - Analyst : Yeah, and as there is no deferred acquisition cost calculations when we do the PMC business, so we take all the cost upfront and with this extraordinary growth that has an impact.