In Norway, publicly owned life assurer Kommunal Landspensjonskasse (KLP) has decided to drop plans to merge with insurer Storebrand on the grounds it will be more successful as an independent entity for the time being.
In an interview with the Norwegian news agency TDN Finans, KLP CEO Bjorn Kristoffersen denied that it ever was in formal merger negotiations with Storebrand, as opposed to pondering mergers in general in order to raise capital. However, KLP will now convert from a mutual to a limited company, to facilitate raising equity capital in the markets.