Slide 1: Storebrand Q4 2022
Storebrand Q4 2022 8 February 2023 Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO 1
Slide 2: Highlights Q4 2022
Highlights Q4 2022 Strong underlying growth with a solid solvency position 1 020 bn NOK in assets under management Group result1 21% growth in insurance2 2 716 MNOK 18% growth in retail banking2 841 2 724 217 624 184% solvency ratio, -8 proposed NOK 500m share buyback3 Q4 2022 FY 2022 Financial item
Slide 3: Storebrand reaffirms its commitment to deliver growing ordinary dividends and continues the share buyback program
Storebrand reaffirms its commitment to deliver growing ordinary dividends and continues the share buyback program Dividends Accumulated share buybacks Comments NOK per share NOK billion 10 3.70 3.50 ▪ The Board proposes an ordinary 3.25 3.25 3.00 dividend of NOK 3.70 per share for 2022. This represe
Slide 4: Sustainable Nordic Savings and Insurance Group
Pursuing our Group Strategy: Leading The Way In Sustainable Value Creation to be a leading Sustainable Nordic Savings and Insurance Group A B C Future Storebrand Leading Provider Growth focus in Nordic Powerhouse in Growing Challenger in Occupational Pensions capital-light business Asset Management
Slide 5: Double-digit growth across the business, but AUM growth is paused in 2022 due to financial market turbulence
Double-digit growth across the business, but AUM growth is paused in 2022 due to financial market turbulence Unit Linked (Defined Contribution) Pensions Asset management CAGR +17% CAGR +9% +2% -7% 1,097 1,020 268 308 315 831 962 220 577 721 707 140 168 179 442 487 535 571 85 105 128 64 2012 2013 201
Slide 6: Strong growth in new sales and in pension premiums within Occupational pensions Norway and Sweden
A Strong growth in new sales and in pension premiums Leading Provider Occupational Pensions within Occupational pensions Norway and Sweden Norway & Sweden Competitive DC pension returns1 Unit Linked new sales3 and premiums Turnaround in Swedish transfer balance4 Storebrand Competitors2 Sweden Norway
Slide 7: Continued net inflow in Asset Management with strengthened relative market position
B Continued net inflow in Asset Management with strengthened relative Nordic Powerhouse in Asset Management market position in a year with challenging markets AUM: Positive net flow, but negative market development in 2022 Solid performance relative to Nordic peers in 20221 Numbers in BNOK AuM-devel
Slide 8: Retail Market's growth story continues through 2022
C Retail Market's growth story continues through 2022 Growing Challenger in Norwegian Retail Market Strong volume growth Driven by underlying customer growth And targeted M&A activities Insurance premiums1 Mortgage balance Customer growth2 NOK Billion NOK billion NOK thousand Transaction closed Janu
Slide 9: Storebrand gets recognition for its systematic long-term work for a more sustainable world
Storebrand gets recognition for its systematic long- D Leadership in Sustainability term work for a more sustainable world Storebrand gets recognition for its Maintained focus on green financing of Holistic sustainability reporting with sustainability work also in 2022 sustainable assets several KPI
Slide 10: Integrated Sustainability and Annual Report 2022
Integrated Sustainability and Annual Report 2022 About us Investments Operations People Investments in 465 Purchasing volume from Active dialogues Number of employees in Assets under management, solutions, NOK environmentally certified Storebrand ASA NOK billion billion (% of AUM) related to climate
Slide 11: Key Figures
Key Figures Improved financial result and a solid solvency position Group Result development1 Earnings per share2 Financial items and risk result life Performance related result MNOK Special items Operating profit 2.25 2.18 1,367 1.85 329 841 628 576 669 1.16 1.16 474 217 105 589 693 714 746 571 -25
Slide 12: Solvency movement from Q3 to Q4 2022
Solvency movement from Q3 to Q4 2022 Storebrand Group Group 3% 184 % 9% -2 % 2% 174 % 11 % -14 % 2022 Q3 Model & Updated Market returns Capital & risk Cash earnings Dividend 2022 Q4 assumption regulatory & business mix management changes VA and SA 12
Slide 13: Solvency movement from FY2021 to FY2022
Solvency movement from FY2021 to FY2022 Storebrand Group Group 11 % 15 % -8 % 184 % 2% -6 % 175 % 8% -3 % -10 % FY 2021 Model & Updated Market returns Interest rates Risk & capital Cash earnings Dividend & M&A FY 2022 assumption regulatory & business mix management share buybacks changes VA, UFR, SA
Slide 14: Solvency position and sensitivities Q4 2022
Solvency position and sensitivities Q4 2022 Storebrand Group Group Solvency position(%)1 Estimated sensitivities Profit1 Target SII margin 150% 174 184 SII-margin Q4 184 174 184 Interest rates -50bp 176 Q3 2022 Q4 2022 Interest rates +50 bp 189 Key takeaways Equity -25% 179 ▪ Large decrease in volat
Slide 15: Storebrand Group
Storebrand Group Strong growth in the insurance result, lower fee income due to less performance fees Group Profit1 Q4 FY NOK million 2022 2021 2022 2021 Fee and administration income 1 641 2 108 6 062 6 607 Insurance result 393 307 1 670 1 201 Operational cost -1 410 -1 377 -5 008 -4 678 Operating
Slide 16: Storebrand Group: Profit by line of business
Storebrand Group Profit by line of business Group Profit1 Q4 FY NOK million 2022 2021 2022 2021 Fee and administration income 1 641 2 108 6 062 6 607 Insurance result 393 307 1 670 1 201 Operational cost -1 410 -1 377 -5 008 -4 678 Operating profit 624 1 038 2 724 3 130 Financial items and risk resu
Slide 17: Remittances close to current IFRS result
Remittances close to current IFRS result Group Storebrand ASA: ∑ NOK 2185m Proposed dividend 2022: 3,70 per share NOK 2 185m NOK 1760m NOK 104m NOK 510m NOK -199m NOK 1 718m Storebrand Storebrand Storebrand Asset Storebrand NOK 467m Livsforsikring AS Forsikring AS Management AS Bank ASA Remittance f
Slide 18: NOK 4bn Group profit ambition for 2023 maintained. Continued cost discipline
NOK 4bn Group profit ambition for 2023 maintained. Continued cost discipline despite growth ambitions in an inflationary environment Group Indicated cost development 20232 2023 Group profit1 ambition of NOK 4bn NOK billion Acquired business3 Growth & inflation Cost base NOK billion Other Guaranteed
Slide 19: Savings (non-guaranteed)
Savings (non-guaranteed) AuM affected by financial markets, underlying growth and margins according to plan Savings Profit Q4 FY NOK million 2022 2021 2022 2021 Fee and administration income 1 293 1 748 4 733 5 215 Operational cost -848 -838 -3 031 -2 927 Operating profit 445 910 1 701 2 288 Financi
Slide 20: Savings (non-guaranteed): Key figures
Savings (non-guaranteed) Key figures Savings Reserves and premiums Unit Linked Retail bank balance and net interest margin (%) 6.6 6.3 Life insurance balance sheet Bank balance sheet 5.4 5.3 5.3 1.19 1.22 1.16 1.20 1.18 315 308 302 63 65 67 291 57 59 MNOK 276 BNOK 39 40 46 48 50 18 19 16 17 17 Q4 20
Slide 21: Insurance
Insurance Strong volume and profit growth, Q4 weakened by high motor claims Insurance Profit Q4 FY NOK million 2022 2021 2022 2021 Insurance premiums f.o.a. 1 630 1 366 6 088 5 175 Claims f.o.a. -1 237 -1 059 -4 419 -3 974 Operational cost -318 -253 -1 112 -875 Operating profit 75 54 558 326 Financi
Slide 22: Insurance: Key figures
Insurance Key figures Insurance Combined ratio Key Takeaways Combined Ratio and Results Claims ratio Cost ratio Combined ratio 96% 92% 95% 88% 88% ▪ 95% overall combined ratio in the quarter and 91% in 2022 (target 90- 92%). ▪ Higher claims in P&C due to motor insurance in the 4th quarter 78% 74% 70
Slide 23: Guaranteed pension
Guaranteed pension Stable results despite turbulent markets Guaranteed Profit Q4 FY NOK million 2022 2021 2022 2021 Fee and administration income 413 418 1 597 1 631 Operational cost -233 -248 -850 -890 Operating profit 180 169 747 741 Risk result life & pensions 53 63 262 187 Net profit sharing 38
Slide 24: Guaranteed pension: Key figures
Guaranteed pension Key figures Guaranteed Reserves guaranteed products Key Takeaways 291 281 275 276 273 34 ▪ Continued run-off of guaranteed reserves with net flow of premiums 28 25 24 24 Customer buffers and pension payments of NOK -10.5bn in 2022 26 28 28 29 28 Actively sold ▪ Strengthened custom
Slide 25: Other
Other1 Financial result improving from a higher interest rate level and with credit spreads narrowing Other Profit Q4 FY NOK million 2022 2021 2022 2021 Fee and administration income 2 8 17 21 Operational cost -77 -103 -299 -246 Operating profit -75 -96 -282 -225 Financial items and risk result life
Slide 26: Q&A
Q&A Please join the MS Teams Webinar to participate in the Q&A session. Group CFO Group CEO Group Head of Head of Strategy & Finance Investor Relations & Rating Lars Aa. Løddesøl Odd Arild Grefstad Kjetil R. Krøkje Daniel Sundahl 26
Slide 27: Appendix
Appendix 27 G2 storebrand
Slide 28: Storebrand Group: Adjusted for performance related result in asset management
Storebrand Group Adjusted for performance related result in asset management Group Profit1 Q4 FY NOK million 2022 2021 2022 2021 Fee and administration income 1 641 2 108 6 062 6 607 Insurance result 393 307 1 670 1 201 Operational cost -1 410 -1 377 -5 008 -4 678 Operating profit 624 1 038 2 724 3
Slide 29: Asset allocation – Guaranteed products
Asset allocation – Guaranteed products Storebrand Livsforsikring AS (Norway) SPP (Sweden) 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% Bonds & Bonds at Bonds & Real Equities Money Loans amortised Equities Real estate Money Loans estate market cost market 31.12.2021 10% 11% 13% 14% 52% 31.12
Slide 30: Leading the way in sustainable value creation
Leading the way in sustainable value creation Investor Relations contacts Lars Aa Løddesøl lars.loddesol@storebrand.no Group CFO +47 9348 0151 Kjetil R. Krøkje kjetil.r.krokje@storebrand.no Group Head of +47 9341 2155 Finance & Strategy Daniel Sundahl daniel.sundahl@storebrand.no Group Head of +47 9