Slide 1: Storebrand Q4 2024
Storebrand Q4 2024 12 February 2025 Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO
Slide 2: Good progress during 2024, strong value creation for customers and shareholders
Good progress during 2024, strong value creation for customers and shareholders Value accretive M&A and divestments Delivered NOK ~84bn in returns to our customers Helseforsikring Supported customers in ~200 thousand insurance related cases Leading player within sustainability, digital and people -
Slide 3: Highlights for Q4 and the full year 2024
Highlights for Q4 and the full year 2024 Continued successful growth execution and solid dividend increase Group result 1 NOK 1 469bn in assets under management MNOK 21% growth in unit linked reserves2 Financial gain related to 5 904 the divestment of Storebrand Helse 4 856 NOK 1 047m 1 704 19% grow
Slide 4: Step up in dividend to NOK 4.70 per share, increase of ~15%
Step up in dividend to NOK 4.70 per share, increase of ~15% from last year Dividends per share 1 Share buybacks NOK per share NOK billion Ambition announced Planned on CMD 2023 +15% Executed 12.0 +15% 4.70 NOK 1.5bn approval in 4.10 place from the NFSA, will be initiated today and 3.70 3.50 executed
Slide 5: Sustainable Nordic Savings and Insurance Group
Sustainable Nordic Savings and Insurance Group A B C Future Storebrand Growth focus in Leading Provider Nordic Powerhouse in Growing Challenger in capital-light business Occupational Pensions Asset Management Norwegian Retail Market areas in front book Norway & Sweden Strategic enablers D People Fir
Slide 6: 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 21% 21% +18%1 +13%1 459 1 469 380 1 097 1 020 1 212 308 315 962 268 721 831 179 220 577 707 140 168 2016 2017 2018 2019 2020 2021 2022 2023
Slide 7: Leading Provider Occupational Pensions Norway & Sweden
Leading Provider Occupational Pensions Norway & Sweden Quarterly and Annual Highlights Unit linked (defined contribution) pensions UL reserves (NOK billion) YOY 21% SPP delivers a record strong result in 2024 459 380 +18%1 308 315 268 Highest customer satisfaction and best digital solution in the No
Slide 8: Nordic Powerhouse in Asset Management
Nordic Powerhouse in Asset Management Quarterly and Annual Highlights Asset management AuM (NOK billion) YOY The AIP Management acquisition closed in the 4th quarter, bringing highly 21% skilled infrastructure people and capabilities, and NOK 95bn to the Group 1,469 +13%1 1,212 1,097 1,020 962 831 7
Slide 9: Strong and consistent positive net flow in Asset Management
Strong and consistent positive net flow in Asset Management Net flow Net flows in Asset Management 2020-2024 1 469 Return & currency 33 M&A 128 1 212 95 Billion NOK 70 1 097 17 43 - 94 1 020 122 962 71 21 Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Share of 43% 46% 46% 49% 54% external funds 9
Slide 10: Growing Challenger in Norwegian Retail Market
Growing Challenger in Insurance 3 Norwegian Retail Market Portfolio premiums (NOK billion) YOY 19% Quarterly and Annual Highlights +11%4 6,729 7,405 8,846 5,498 4,682 3,905 3,777 3,737 3,945 Kron's AuM increased by 97% for the full year, number of customers up by 57% Achieved the highest customer sa
Slide 11: Strong earnings momentum in 2024
Strong earnings momentum in 2024 Group result1 development by segment (mNOK) Other Insurance Guaranteed Savings 4 856 CAGR +33 % 492 546 3 480 2 732 265 27 1 226 596 1 326 903 2 592 1 653 1 862 -420 2022 2023 2024 2 1. Cash equivalent earnings before amortisation and tax. www.storebrand.no/ir provid
Slide 12: Earnings per share growth strengthened by ongoing buybacks
Earnings per share growth strengthened by ongoing buybacks ILLUSTRATIVE Earnings Share buybacks Earnings per share (EPS) Result before tax and amortisation (NOK million) Shares outstanding1 adjusted for own shares Result before tax and amortisation (NOK per share) CAGR -3% 2 4,8562 464 11,2 3 CAGR +
Slide 13: Key Figures
Group Key Figures Improved financial result and a solid solvency position Result development 1 Earnings per share 2 Special items Performance related result 4.59 Financial items and risk result life Cash equivalent earnings from operations 2,249 3.12 1,047 1,507 2.14 2.09 1,082 67 1,065 1.66 728 496
Slide 14: Expect to maintain robust liquidity levels in the HoldCo during 2025
Group Expect to maintain robust liquidity levels in the HoldCo during 2025 Remittance from subsidiaries of NOK 4.2bn Which will strengthen the liquidity in HoldCo NOK billion 2.0 4.2 1.5 3.6 3.2 0.2 NOK 3 600m – NOK 120m NOK 625m NOK 50m Storebrand Storebrand Storebrand Asset Storebrand Opening Remi
Slide 15: High capital generation lifts solvency from 192% to 200%
Group High capital generation lifts solvency from 192% at the start of the year to 200% at year end Solvency II development 2024 ILLUSTRATIVE 2% 13% 20% 200% 5% 195% 192% Q4 2023 Capital generation M&A Dividend and Q4 2024 Approved Pro forma buybacks share buybacks solvency for 2025 15
Slide 16: Solvency position and sensitivities Q4 2024
Group Solvency position and sensitivities Q4 2024 Storebrand Group Solvency position 1 Estimated sensitivities 190 % 200 % SII-margin Q4 200% Interest 197% rates -50bp Interest 197% rates +50 bp Q3 2024 Q4 2024 Equity -25%, 197% SA -13 p.p. Key takeaways Q4 2024 Spread +50 bp, 190% VA +15bp ▪ The so
Slide 17: Storebrand Group | Profit
Group Storebrand Group | Profit Strong income growth & financial result, improving insurance results Profit 1 Q4 Full year NOK million 2024 2023 2024 2023 Fee and administration income 1 908 1 739 7 585 6 782 Insurance result 394 64 1 640 1 122 Operational cost -1 600 -1 542 -6 072 -5 787 Cash equiv
Slide 18: Storebrand Group | Profit by line of business
Group Storebrand Group | Profit Profit by line of business Profit 1 Q4 Full year NOK million 2024 2023 2024 2023 Fee and administration income 1 908 1 739 7 585 6 782 Insurance result 394 64 1 640 1 122 Operational cost -1 600 -1 542 -6 072 -5 787 Cash equivalent earnings from operations 702 262 3 1
Slide 19: Savings (non-guaranteed)
Savings Savings (non-guaranteed) Continued growth and satisfactory result development Profit Q4 Full year NOK million 2024 2023 2024 2023 Fee and administration income 1 607 1 388 6 327 5 443 Operational cost -1 012 -972 -3 831 -3 582 Cash equivalent earnings from operations 594 416 2 497 1 861 Fina
Slide 20: Savings (non-guaranteed) key figures
Savings Savings (non-guaranteed) Key figures Reserves and premiums Unit Linked Retail bank balance and net interest margin (%) Unit Linked Reserves Unit Linked Premiums Life insurance balance sheet Bank balance sheet Interest margin 7.3 7.5 7.7 7.6 7.7 1.52 1.60 1.60 1.57 1.44 449 456 79 82 85 87 77
Slide 21: Insurance
Insurance Insurance Improving insurance result as pricing measures are starting to show results Profit Q4 Full year NOK million 2024 2023 2024 2023 Insurance premiums f.o.a. 2 134 1 776 8 008 6 908 Claims f.o.a. -1 740 -1 712 -6 368 -5 787 Operational cost -390 -328 -1 404 -1 251 Cash equivalent ear
Slide 22: Insurance key figures
Insurance Insurance Key figures Combined ratio Key takeaways combined ratio and results Claims ratio (per quarter) Cost ratio (per quarter) Combined ratio (LTM) ▪ P&C and Group life results negatively affected by NOK ~100 102% 102% 102% 100% 97% million caused by run-off losses and large losses abov
Slide 23: Profitability in Insurance expected to improve as measures are implemented
Profitability in Insurance expected to improve as profitability measures are implemented when policies are renewed Portfolio premiums Renewals per quarter (MNOK per year end) (in % of total portfolio premiums pre renewal) Portfolio premiums Price Volume Combined ratio 102% 97% 91% 90 - 92% Q4 15% 50
Slide 24: Guaranteed pension
Guaranteed Guaranteed pension Satisfactory result development, higher profit-sharing contribution equalled out by lower risk results for the full year Profit Q4 Full year NOK million 2024 2023 2024 2023 Fee and administration income 376 422 1 540 1 600 Operational cost -222 -205 -871 -822 Cash equiv
Slide 25: Guaranteed pension key figures
Guaranteed Guaranteed pension Key figures Reserves guaranteed products Key Takeaways Customer buffers Actively sold Run-off ▪ Profit sharing above expectations, Sweden particularly strong 284 285 288 294 291 26 29 29 31 31 30 33 34 35 35 ▪ There was limited number of tenders within public occupation
Slide 26: Other
Other Other 1 Lower financial result due to negative mark to market effects in the fourth quarter, positive development for the full year Profit Q4 Full year NOK million 2024 2023 2024 2023 Fee and administration income 8 1 23 18 Operational cost -59 -109 -271 -411 Cash equivalent earnings from oper
Slide 27: On track to reach sustainability targets
On track to reach sustainability targets Science Solution CO2 emissions Other highlights based targets investments Stocks and bonds3 Real estate4 Developing products & services that aim to reduce growth in disability benefit dependent population. Pilot projects involving 500 participants have yielde
Slide 28: Financial and Sustainability goals from Capital Markets Day December 2023
Financial and Sustainability goals as presented on Capital Markets Day in December 2023 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 eve
Slide 29: Q&A
Q&A Please join the MS Teams Webinar to participate in the Q&A session Lars Aa. Løddesøl Odd Arild Grefstad Kjetil R. Krøkje Johannes Narum Group CFO & Group CEO Group Head of Head of Executive Vice Strategy & Finance Investor Relations President 29
Slide 30: Appendix
@&S Storebrand Appendix SS
Slide 31: Underlying cost in line with 2024 guiding – New guidance of NOK 6.8bn for 2025
Underlying cost in line with 2024 guiding – New guidance of NOK 6.8bn for 2025 Operational cost development in line with cost New operational cost guiding of NOK 5.9bn for full year 2024 guiding of NOK 6.8bn for 2025 Manage cost for earnings growth Other items1 Currency2 NOK million AIP NOK billion,
Slide 32: Solvency movement from Q3 2024 to Q4 2024
Solvency movement from Q3 2024 to Q4 2024 Storebrand Group NOK 1.5bn in buybacks approved for 2025 3% 2% 2% 200 % 5% 5% 195 % 3% 190 % 3% 0% 2024 Q3 Model & Interest Market Updated Cash Dividend M&A 2024 Q4 Pro forma assumption rates returns & regulatory earnings & loan solvency changes business VA
Slide 33: Asset allocation – Guaranteed products
Asset allocation – Guaranteed products Storebrand Livsforsikring AS (Norway) SPP (Sweden) 70% 70% 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 31.12.2023 6% 11% 9% 14% 61%
Slide 34: Overview of Special items
Overview of Special items Quarter Special Comments items NOKm Q4 2023 - 81 • NOK ~55m related to the integration cost and severance pay in Danica and Kron • NOK ~10m related to liquidation of branches in Asset Management • NOK ~15m related to IT one-offs in Retail Banking Q1 2024 - 21 • NOK ~21m, ma
Slide 35: For further information
For further information Contact us Information 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 Investor relations website Financial reports and information Johannes Narum johannes.narum
Slide 36: Important information
Important information This document may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may be beyond the Storebrand Group’s control. As a result, the Storebrand Group’s actual fu
Slide 37: Thank you
Thank you Financial calendar 17 March 2025 Annual Report 2024 9 April 2025 Annual General Meeting 7 May 2025 Results Q1 2025 11 July 2025 Results Q2 2025 22 October 2025 Results Q3 2025 37