Four top members of the executive management and one board member of Norwegian financial group Storebrand purchased stock for their own portfolios on Monday as share prices plummeted worldwide.
During the last week, Storebrand equity has depreciated 25 percent on the Oslo Stock Exchange and almost 49 percent during the last month.
According to company disclosures, group CEO Odd Arild Grefstad and the following managing directors of Storebrand affiliates Geir Holmgren, Staffan Hansén and Jan Erik Saugestad bought shares for their own portfolios at a price range of NOK 34-35 on Monday.
In addition, there was also an insider notification of board member Karin Bing Orgland buying 10,000 shares on the same day.
Less than three weeks ago, on Feb. 27, Storebrand's renumeration scheme led the company sell a total of 134,727 shares to employees at a unit price of NOK 62.34.
10 members of the executive leadership are included in this payment ordinance, four of whom are the aforementioned top managers.
After the Monday transactions, Grefstad now holds 190,000 shares in Storebrand. Saugestad from the group's asset management unit owns 100,034 shares, Holmgren from Storebrand Life Insurance holds 84,552 shares and Staffan Hansén of SSP owns 83,041 shares.
This post originally appeared on AM Watch.
