NORWAY – Norwegian bank Storebrand, currently undergoing a merger with Finansbanken, has seen a large rise in defined contribution occupation pension schemes.

“Storebrand signed 247 new contracts for defined contribution occupational pension schemes in 2002 as opposed to 101 in the previous year,” the bank said.

Storebrand added that it has received approval from the Ministry of Finance to go ahead with its previously announced merger with Finansbanken, with effect from March 17.

Overall, Storebrand swung to profit in the fourth quarter, from a loss in the same period in 2001. It recorded a profit of 29 million crowns (3.8 million euros) compared to the 2001 period’s loss of 196 million crowns (25.7 million euros).

For 2002 as a whole it lost 1.7 billion crowns, against 2.7 billion loss in 2001.

"An upswing in financial market conditions over the last three months of 2002 gave a positive end to a year otherwise dominated by very weak earnings,” said chief executive Idar Kreutzer.

“The measures we have implemented to improve profitability are progressing as planned, and we have reinforced our leading position for life insurance and long-term savings products."