STOREBRAND FIRST-QUARTER RESULTS BEAT FORECASTS

Norwegian insurer Storebrand has reported better-than-expected first-quarter pre-tax profits excluding its non-life operations of NKr16m, marking a significant recovery on its year-earlier first-quarter loss of NKr189m. Analysts had expected the group to post a loss for the quarter of about NKr35m. Storebrand said that the result reflected the strong performance of its life assurance and banking divisions, both of which outperformed expectations. The group’s next significant performance indicator is due on May 21, when pan-Nordic p/c insurer If... — which it co-owns with Sampo and Skandia — releases its figures.