Oslo Sporveier transfers €250m scheme

NORWAY – Oslo’s municipal public transport provider Oslo Sporveier has transferred its NOK2bn (€253.6m) pension scheme to Storebrand.

Storebrand also said that it has also won group pension business from four municipalities - Fjell, Frogn, Lier, Øvre Eiker - as well as Lyse Energi and Trondhjems Hospital.

“Storebrand's long-term effort in the public sector group pension market has this fall resulted in several new customers and significant growth in assets under management,” the company said in a statement.

It added: “In total these customers represent reserves of more than NOK1.3bn. Another 15 municipalities are in the process of evaluating their pension provider this fall, and the decisions are expected before December 1.”

Storebrand says the new customers means a 30% rise in its assets from public sector pension schemes.

“Storebrand has a positive net transfer balance against all its main competitors in the group pension market, and has won above NOK4bn in net transfers so far in the second half of 2005,” it said.

“The fact that public sector companies like Oslo Sporveier selects Storebrand is a result our long-term effort in the public sector group pension market,” said Lars Aa Loddesol, head of corporate life insurance.

Last week Storebrand Investments announced it won a NOK25bn asset management mandate covering the majority of insurance firm Gjensidige Forsikring’s investment portfolio.

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