Storebrand ASA Q2 2024 Earnings Call Transcript

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

Question: Peter Eliot - Kepler Cheuvreux - Analyst : Thank you very much. So if I stick to two questions initially, the first one I guess was on your Norway unit-linked cost base. I mean in Q1, we were told that the normal quarterly run rate was 180 per quarter and the NOK11 million was delayed to Q2, so we were expecting over 190. But obviously, we've got NOK32 million less than this. So I'm just wondering if you can just go a little bit more into the drivers and what has changed? And maybe more broadly, if you can just explain what items it is that caused the volatility at least in these numbers? The second question on the internal model. Given that you've now applied for that, just wondering if you could give us any more insights into the benefit that you might see from that in terms of solvency points? Many thanks.

Question: Peter Eliot - Kepler Cheuvreux - Analyst : Okay. Thank you.

Question: Peter Eliot - Kepler Cheuvreux - Analyst : Yeah. I've unmuted myself. Sorry about that. Thank you for the opportunity to come back. Firstly, on the other public sector product. I guess at Q1, I think you need to do a little bit more work maybe to understand the financials of that product, and I'm just wondering if you've got any more insights now or if you can update us on your views of the profitability that we might expect from that product? Secondly, you've talked a lot about increasing the market share in P&C. I appreciate it, sir. It's an attractive market, and certainly long term, it makes sense. I'm just wondering if you could talk a bit more about the decision or the aim to increase market share at this time when the profitability isn't as high as it could be? I guess just playing devil's advocate, one might think maybe restore profitability first, and then increase market share. But yeah, just interested on your views on that. And final one. Solvency, I know the solvency sensitivities have been reduced, in particular, the sensitivity to interest rates this half. I know the held-to-maturity portfolio has gone up a little bit, but just wondering if anything else has gone on behind the scenes there? Thank you very much.