Storebrand – the largest financial group in Norway – reports a "good profit development" in the third quarter this year. One of the highlights is a high growth rate in assets under management (AUM) and according to the group, it has strengthened its position as the largest private asset manager in Norway.

By the end of Q3, the group's AUM reached EUR 77bn due to 4.5 percent growth in the third quarter and 8.4 percent growth on a year to year basis.

"Storebrand delivers good profit development in the quarter. The growth in Savings continues, and we generate strong returns for our customers. I would like to highlight the strong growth in the Swedish business SPP, where new sales have increased by 32 percent year to date," Storebrand Group CEO Odd Arild Grefstad said in the Q3 report.

According to the report, AUM increased by EUR 3.3bn over the quarter and EUR 6bn compared to the corresponding quarter last year.

Storebrand claims growth in premium income, good sales performance and positive equity markets have contributed to the growth.

"Growth in assets under management and strengthened profitability in the Banking division were drivers of the positive profit development. Strong fund performance for Skagen's customers generated EUR 9.7m in earned, but not booked performance related income in third quarter. The equivalent amount year to date is EUR 26m," writes Storebrand in the Q3 report.

13 percent of AUM invested in fossil free funds

Storebrand says its commitment to sustainable asset management became internationally recognized in the third quarter and the group reached an important milestone. More than NOK 100bn is now invested in fossil free funds. This equals 13 percent of total assets under management, according to the report.

Storebrand is committed to having a carbon neutral investment portfolio by 2050 and the group reports of clients increasingly demanding fossil free solutions and investments.