Norwegian life and pensions group, Storebrand, is boycotting Irish airline, Ryanair, on "sustainability" grounds, according to reports yesterday.

Storebrand said that it will not include Ryanair in any of its investment portfolios, meaning that none of its investment funds can buy the airline’s shares.

In addition, it has ordered its 2,000 staff not to use the carrier for work-related travel.

According to the reports, the Norwegian group has decided to boycott the Irish company on sustainability grounds.

Ryanair is one of 120 businesses in which Storebrand said it does not invest. It is not clear whether any other airlines are on the group’s blacklist and it did not say when it adopted this policy towards the Irish company.

The report did not say how Storebrand defines “sustainability”. Attempts to contact a spokesman yesterday were not successful, as its offices were closed for the Easter holiday.

The airline declined to comment on the matter.

Storebrand is listed on the Oslo stock market and provides life assurance, general insurance, pension and investment services to the Scandinavian market.

The group’s share price dived recently following the publication by Norway’s fiancial regulator of new rules requiring life assurers to boost reserves to compesate for longer life expectancy.

Ratings agency Moody’s warned that the move would hit the group’s profits, sparking a 3.5 per cent dip in its share price.

Investors will have to provide around 20 per cent of the extra reserves required.

Ryanair recently announced that it plans to spend €11.7 billion on buying 175 new aircraft from US manufacturer, Boeing.