Storebrand ASA Q4 2021 Earnings Call Transcript

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

Question: Vegard Toverud - Pareto Securities AS, Research Division - Analyst : I have 5 questions, if I can have them all. There seem to be a certain cost increase in different areas in the DC products, retail bank, P&C, et cetera, in Q4, Q-on-Q. Is there any specifics driving this quarterly development? And why are you so eager to do buybacks versus extraordinary dividend? That's the second question. The impact of the pension account, it seems that all transfers are now down, but is it also so that we've seen the full impact on margins? And you have gained some momentum in the public sector and you mentioned the NOK 8 billion of transfers. What do you expect in growth for 2022. And lastly, for the other segment, you mentioned there's some earn-out elements. How much is the earn-out element in the quarter? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 09, 2022 / 9:00AM, STB.OL - Q4 2021 Storebrand ASA Earnings Call

Question: Vegard Toverud - Pareto Securities AS, Research Division - Analyst : I just have one quick follow-up on question 3 there. The question is really, if the full effect during the quarter is already in the margins. Since you're already at the margins that you have guided, are a lot of the transfer coming towards the end of Q4, so that there's still a margin pressure on DC going into Q1? Or is the level that we see in Q4 representative for the level that we could expect also in 2022?