Fitch rates Storebrand Livsforsikring securities BBB

Fitch Ratings said it assigned Storebrand Livsforsikring's subordinated securities a BBB rating, and affirmed its insurer financial strength rating and long-term issuer default rating at A- and BBB+, respectively.

The outlook is stable.

Fitch said the securities will replace the €185.4 million subordinated debt, redeemed in February 2008.

The affirmation reflects the good results for fiscal year 2007, the strong inflow of customers, reduced exposure to equity investments during the first quarter of 2008 and the enhancement of the capital structure, in the light of the issue of subordinated debt, Fitch said.

However, Fitch said the dividend policy will entail distributing a higher proportion of earnings in the future.

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