Storebrand Asa · OSL:STB
Storebrand Asa — Storebrand Bank — Debt Investor Presentation (September 2025)
44 slides from Storebrand Asa's debt investor presentation, September 2025
Slide 1: Storebrand Bank ASA Storebrand Boligkreditt AS
Storebrand Bank ASA Storebrand Boligkreditt AS September 2025
Slide 2: Overview
Storebrand Overview Storebrand Group
Slide 3: 258 years of pioneering the Nordic financial industry
258 years of pioneering the Nordic financial industry Future Storebrand is a capital light business with material group synergies Future Storebrand ILLUSTRATIVE Retail Asset Management Unit Linked Pensions and Savings Guaranteed Pensions 1767 1847 1861 1917 1995 2025 Foundation: P&C Pioneered Pionee
Slide 4: A Nordic Savings and Insurance group
A Nordic Savings and Insurance group 55,000 Pensions & savings Asset management Corporate Market leader World leader in sustainability customers NOK 777bn AuM1 NOK 1,500bn AuM 2,200,000 Individuals Retail banking Insurance Fast growing challenger Fast growing challenger NOK 92bn lending NOK 9.9bn pr
Slide 5: Double digit growth continues across the Group
Double digit growth continues across the Group Unit linked (defined contribution) pensions Asset management UL reserves (NOK billion) YOY AuM (NOK billion) YOY 12% 16% +17%1 +13%1 459 475 1 469 1 507 380 1 097 1 212 308 315 962 1 020 268 831 179 220 707 2018 2019 2020 2021 2022 2023 2024 2025 2018 2
Slide 6: Retail overall Retail
Retail Retail Retail Retail overall Banking Savings Insurance 14 000 3 400 9 000 4 500 New customers Q1 New customers Q1 New customers Q1 New customers Q1 580 000 110 000 229 000 317 000 Total customers Total customers Total customers Total customers 18,8% 40,6% 26,4% 25,6% Share of customers with S
Slide 7: Leading the way in sustainable value creation
Leading the way in sustainable value creation Group financial ambitions Group sustainability ambitions 5 NOK billion >14% Net-zero investments Workforce participation Group profit 2025 Return on Equity Group-level by 2050 Reduce disability NOK Increasing every year 1.5 billion per year 50/50 Science
Slide 8: Storebrand Bank and Boligkreditt
Storebrand Bank and Boligkreditt Key Figures and Financial Plans
Slide 9: Significant increase in NII and profit over the years
Significant increase in NII and profit over the years 9
Slide 10: Solid balance sheet
Solid balance sheet Storebrand Bank (group) Income (NII) Balance STB Bank Group 2025 (approx, normalized margins) Costs (NII) 17 68 0,4% X Fee (Storebrand Liv) Senior unsecured/Repo X 5.22% 178 560 4,99% X Liquidity 11.2 3,4 48 12% X Unsecured loans 0.4 35,9 Covered Bonds X 5,1% 1831 X 3990 5,8% X M
Slide 11: Resistant lending-growth in changing macro-environment
Resistant lending-growth in changing macro- environment S v … …h h wh • The strategy remains unchanged • Group approach (cross sales) • Acquiring market share • Making profit for the group • Proven track-record • Merge with Kron givers new "customer leads" • Contender • Danske Bank has left the Norw
Slide 12: Accelerating deposit growth
Accelerating deposit growth Successful measures taken to grow deposits … wh • Accelerating growth in 2024; utilizing higher market- rates • Significant increase in deposits throughout 2024 and so far in 2025 • 35 200 MNOK in deposits as of Q1 2025 • Targeting low internal churn for new deposits to m
Slide 13: Increasing cross-sales and off-balance sheet income
Increasing cross-sales and off-balance sheet income Cross-sales on banking customers - number of customers/sales per year • There has been a significant increase 10 800 in cross-selling of Savings products following the inclusion of Kron. Many Storebrand customers have started investing through Kron
Slide 14: Funding and Treasury
(“*%) Storebrand Funding and Treasury
Slide 15: Storebrand Bank has lower risk than several other Norwegian banks
Storebrand Bank has lower risk than several other Norwegian banks Close to be a pure Retail Mortgage Bank • Low historic risk for mortgage banking • Exposure to prime housing markets in Norway • Diversified macro risk Low funding risk • Growth in mortgages give more flexibility to issue Covered Bond
Slide 16: Large issuer of Covered Bonds in Norway
Large issuer of Covered Bonds in Norway Out of 22 active issuers of Covered Bonds in Norway, Storebrand Boligkreditt has had significant growth in Storebrand Boligkreditt is ranked: NOK issuance over the past decade 45000 40000 Outstanding volume in NOK 35000 30000 25000 Yearly issuance in NOK1 2000
Slide 17: Well diversified funding strategy
Well diversified funding strategy Senior Bond Strategy Covered Bond Strategy • Target to increase our senior bond funding buffer • Target new issue maturity: 5 years and taps in good market conditions • Target LCR 1B from day 1, also for foreign • Issue mainly 3 years maturity - but also longer inve
Slide 18: Storebrand Bank has a well-balanced maturity profile
Storebrand Bank has a well-balanced maturity profile Group outstanding bonds as of 16 September 2025 Issuance from Storebrand Bank is well received by investors and often priced in line or tighter than larger peers 18
Slide 19: Storebrand has a clear focus on sustainability
Storebrand has a clear focus on sustainability Storebrand has long standing commitment to ESG 1 • Sustainability is an integral part of the Group's values and strategy • ESG is also taken into consideration in the Bank's liquidity portfolio Storebrand Bank and Storebrand Boligkreditt has a solid bas
Slide 20: Outstanding Green Bonds
Outstanding Green Bonds Storebrand Boligkreditt Covered Bond NOK 9 000m 05/27 Storebrand Bank Senior preferred SEK 250m 12/27 Senior preferred NOK 300m 03/28 Senior preferred NOK 500m 08/28 20
Slide 21: Geographical distribution of collateral
Geographical distribution of collateral - Exposure mainly to urban Norway > 29 % [3.1 % - 7.6 %] [1.3 % - 2.1 %] < 0.9 % Oslo 39 % South West Norway ~ 7% Viken 40% Source: Statens kartverk (cc-by-sa-3.0) 21
Slide 22: Highlights for Storebrand Covered Bonds
Highlights for Storebrand Covered Bonds • NOK is our main market, access to, but not depended on international funding 1 Important issuer of Norwegian covered bonds • LCR 1B issues with expected issue size above 10 bn NOK after taps • Active buy back of short dated bonds • Diversified, but concentra
Slide 23: Highlights for Storebrand Bank
Highlights for Storebrand Bank High funding Strong covered Low financial risk flexibility bond program • Sale to Storebrand Life • Long history in domestic • Stable cash flow and mitigates funding refinancing market conservative investment risk strategy • Solid buffers of mortgages
Slide 24: Risk, macro and regulatory
(“*%) Storebrand Risk, macro yr and regulatory 7
Slide 25: Storebrand Bank has a strong capital position
Risk | Storebrand Bank has a strong capital position With sound margins to regulatory requirements Margins to CET1 and T1+T2 requirements Margin to leverage ratio requirement 24% 7% Common equity tier 1 capital ratio Tier 1 capital ratio 22% Capital ratio 6% Requirements 21,3 % 20% 5% 19,2 % 18,9 %
Slide 26: Maintaining good credit quality
Risk | Maintaining good credit quality Low level of NPL and loan losses, stable LTV's and increased PD's Non-performing loans (NPL) Loan losses and write downs (MNOK) Average LTV, home mortgages Average PD and LGD, performing home mortgages 80% PD LGD 0,80% 10,0 % 70% 0,60% 8,0 % 6,0 % 60% 0,40% 4,0
Slide 27: Green Asset Ratio (GAR) according to total assets
Risk | Green Asset Ratio (GAR) according to total assets Green Asset Ratio 25,0 % 20,7 % 20,7 % 21,3 % 20,2 % 19,8 % 20,2 % 20,3 % 19,3 % 20,0 % 19,8 % 20,3 % 19,1 % 19,6 % 19,5 % 19,1 % 18,4 % 19,0 % 15,0 % 10,0 % 10,0 % 8,6 % 8,9 % 9,1 % 8,3 % 5,0 % 6,0 % 5,8 % 5,0 % 0,0 % Q4 2022 Q1 2023 Q3 2023
Slide 28: Current account surplus and sovereign wealth fund
Macro | Current account surplus and sovereign wealth fund Healthy Current Account level and size of Sovereign Wealth Fund enabling fiscal stimulus if needed Current Account to GDP Mainland-Norway SWF/GDP Mainland Norway 50% 600% 40% 500% 30% 400% 20% 300% 10% 200% 0% 100% -10% 0% -20% 1970 1975 1980
Slide 29: Norwegian Labor Market
Macro | Norwegian Labor Market Low unemployment level implying firm debt servicing capacity Unemployment rate (pct.) Employment rates 20-64 years (pct.) 7 85 83 6 81 5 79 77 4 75 3 73 71 2 69 1 67 65 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Euro area – 20 countries (from 2023) Denmar
Slide 30: Norwegian Housing Market
Macro | Norwegian Housing Market – increased prices and interest rate burden, decrease projected for interest rate burden Interest rate burden is approximately equal to 2008 House price indices 12 M change of House prices Debt-to-income, debt service and 200 35% interest burden ratio (pct.) 180 30%
Slide 31: Key takeaways
Key takeaways 31
Slide 32: Key takeaways
Key takeaways Strong Norwegian economy Storebrand Bank is a pure retail bank with a different, and lower, macro and portfolio risk Growth of mortgages and further development of the retail bank is a focus area for the Storebrand Group`s commercial strategy 32
Slide 33: Appendix Storebrand Bank /Boligkreditt
Appendix Storebrand Bank /Boligkreditt 33
Slide 34: Storebrand Group legal structure simplified
Storebrand Group legal structure simplified - Capital, liquidity, funding and rating (S&P) *Simplified legal structure Liquidity Storebrand ASA • MEUR 200 Rev. Credit (undrawed) • MNOK 1000 MNOK senior bond, Rating BBB+ • MNOK 31 609 Equity Storebrand Livsforsikring AS Storebrand Bank ASA Storebrand
Slide 35: Set up – Storebrand Boligkreditt AS
Set up – Storebrand Boligkreditt AS Covered Bond Company Service agreement Bank accounts Storebrand Group External bank rated AA Transfer and service Covered Storebrand Bank agreements Storebrand Boligkreditt AS bonds Covered bond ASA (owner) (Issuer) holders Unsecured credit facility Swap agreement
Slide 36: Risk policies in Storebrand Boligkreditt AS
Risk policies in Storebrand Boligkreditt AS The risk policies are formulated to comply with: Regulatory requirements and framework for covered bond issuing entities Rating requirements Adapted to comply with the Bank's own policies as much as possible, to ease monitoring and ensure coordination of r
Slide 37: Liquidity (LCR) and funding (NSFR) ratios on ample levels
Risk | Liquidity (LCR) and funding (NSFR) ratios on ample levels Liquidity Coverage Ratio (LCR) Net Stable Funding Ratio (NSFR) 400% 350% 300% 300% 250% 188% 202% 250% 200% 200% 137% 150% 150% 163% 100% 100% 100% 100% 50% 50% 0% 0% jun. 21 mar. 22 des. 22 sep. 23 jun. 24 mar. 25 jun. 21 mar. 22 des.
Slide 38: Cover pool summary as of Q2 2025
Cover pool summary as of Q2 2025 Cover pool summary Q2 2025 Distribution of LTV Total cover pool 49.5 NOK bn. Average loan balance 3.665 MNOK LTV Indexed No. of loans 17,568 35,00% 31,52% Current OC level 22,51 % 30,00% Min OC level 5.0 % 25,00% 22,62% No of properties 15173 20,00% 15,77% Seasoning
Slide 39: Green Finance and Sustainability
Green Finance and Sustainability 39
Slide 40: 29 years of pioneering sustainable finance
29 years of pioneering sustainable finance Top 10% Of global listed companies' work within sustainability Grade A Part of CDP's A-list for 2022 & 2023. Leading the way in environmental transparency and performance on climate change Rated #1 Within sustainable investments in Norway, Sweden and Denmar
Slide 41: Leading the way in sustainable value creation
Leading the way in sustainable value creation Group financial ambitions Group sustainability ambitions 5 NOK billion >14% Net-zero investments Workforce participation Group profit 2025 Return on Equity Group-level by 2050 Reduce disability NOK Increasing every year 1.5 billion per year 50/50 Science
Slide 42: Green Bond Framework
Green Bond Framework Third-party assessment by Sustainalytics describes the Framework as credible and Storebrand updated its Green Bond Framework in April 2025 to impactful better align with the market development and the EU Taxonomy. All proceeds from bonds and taps after the update will be allocat
Slide 43: For further information
For further information Contact us Information Einar Leikanger Ragnhild Vannebo Head of Treasury Danielsen Investor relations website Treasury Manager einar.leikanger@storebrand.no ragnhild.vannebo.danielsen Financial reports and information +47 93420379 @storebrand.no +47 47861802 A white and black
Slide 44: Thank you
Thank you 44
Storebrand Bank — Debt Investor Presentation (September 2025) on 6ix