Storebrand Asa · OSL:STB
Storebrand Asa — Storebrand Livsforsikring AS — Debt Investor Presentation (May 2026)
53 slides from Storebrand Asa's debt investor presentation, May 4, 2026
Slide 1: Storebrand Livsforsikring AS Restricted Tier 1 Bond Issue
Storebrand Livsforsikring AS Restricted Tier 1 Bond Issue Investor Presentation 4 May 2026
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) IMPORTANT: You must read the following before continuing. The attached presentation is in summary form and relates to an offering of securities as currently contemplated and has been prepared solely for information purposes and on the basis of your acceptance of this disclaimer and
Slide 3: Disclaimer (2/2)
Disclaimer (2/2) This presentation is the sole responsibility of the Issuer and has not been approved by any regulatory authority. The information contained in this presentation speaks as of the date hereof and is subject to change, completion and amendment without notice. The information contained
Slide 4: Agenda
Agenda 1 Storebrand overview and strategy 2 Capital and solvency 3 Group results Q1 2026 4 Appendix
Slide 5: Executive summary
Executive summary • Nordic Savings and Insurance Group Storebrand1 • Leading provider of occupational pensions in Norway and Sweden, Nordic powerhouse in Asset Management and growing Overview and challenger in Norwegian retail market Strategy • Active in structurally growing markets with resilient e
Slide 6: Storebrand overview and strategy
1. Storebrand overview and strategy Storebrand 2. Capital and solvency overview and 3. Group results Q1 2026 strategy 4. Appendix 6
Slide 7: Group strategy
Group strategy From a Norwegian 258 years company with a of trusted relationships long history… 61,000 Corporate customers Since 2022 2,600,000 A strong Individual customers heritage dating back to 1767 Since 2007 NOK 1,561bn Total AuM Since 2020 … to a truly Nordic Savings and 2,550 Insurance Group
Slide 8: Transition to a capital light Savings and Insurance fast growing business
Transition to a capital light Savings and Insurance fast growing business Premiums Storebrand Shift in total Storebrand AuM NOK million NOK billion +91% +253% 46,976 1,561 20% 54% 24,584 15% 67% 36% 442 27% 27% 14% 49% 19% 13% 59% 2012 LTM Q3 2025 2012 Q3 2025 Guaranteed Savings Insurance External A
Slide 9: Leading the way in sustainable value creation
Leading the way in sustainable value creation Future Storebrand Growth focus in capital- Leading Provider of Nordic Powerhouse in Growing Challenger in the light business areas in Occupational Pensions Asset Management Retail Market front-book NO & SE NO Strategic enablers Unlocking growth People Fi
Slide 10: Strong growth continues across the Group
Strong growth continues across the Group Unit-linked (defined contribution) pensions Asset management UL reserves (NOK billion) AuM (NOK billion) 12% 7% YOY YOY +12% +16% CAGR1 CAGR1 459 520 500 1,469 1,609 1,543 380 962 1,097 1,020 1,212 268 308 315 831 220 707 179 2018 2019 2020 2021 2022 2023 202
Slide 11: Tracking progress toward 2030 climate goals
Tracking progress toward 2030 climate goals Systematic work with high CO2 emissions Science-based Solution ambitions across insurance, stocks and bonds1 targets2 investments3 banking and own operations • Increase repairments in P&C insurance • Decrease financed emissions in Retail banking mortgages4
Slide 12: Delivered on 2023 Capital Markets Day financial targets
Delivered on 2023 Capital Markets Day financial targets Group result1 (NOK billion) 2025 target Return on equity1 (%) 2025 target CAGR >20% 5 14 ~2.7 ~3.5 >5.0 9 13 >15 2020 2023 2025 2020 2023 2025 Dividends per share (NOK) 2025 target Share buybacks (NOK billion) 2025 target CAGR ~15% 3.25 4.1 ~5.
Slide 13: Financial ambitions presented on the Capital Markets Day in December 2025
Financial ambitions presented on the Capital Markets Day in December 2025 Increasing Increasing Increasing Share cash result1 return on capital1 dividends buybacks2 NOK 2bn In 2026 NOK 7bn 17% Growing Result target 2028 ROE target 2028 Dividends every year1 NOK 1.5bn Annual share buybacks per year 2
Slide 14: Our long-term strategy is built to unlock value for shareholders and customers
Our long-term strategy is built to unlock value for shareholders and security and freedom for customers Capital build-up Growth and capital distribution ILLUSTRATIVE Future Storebrand 2029-2035 Strategy period Phase 3 2026-2028 Phase 2 Phase 1 1767 2012 2025 2028 2035 14
Slide 15: Capital and solvency
1. Storebrand overview and strategy Capital and 2. Capital and solvency solvency 3. Group results Q1 2026 4. Appendix 15
Slide 16: Consistent group capital management and dividend policy
Consistent group capital management and dividend policy Payout policy in Storebrand ASA 206% • Intention to return excess capital through share buybacks when the solvency Dividend policy Per Q1 2026 ratio is above 175% The Board of Directors' ambition is to pay ordinary dividends per Ambition is to
Slide 17: Solvency position and sensitivities Q1 2026
Group Solvency position and sensitivities Q1 2026 Storebrand Group Solvency position1 Estimated sensitivities 194% 206% SII-margin Q1 206% Interest 206% rates -100 bp Interest 203% rates +100 bp Q4 2025 Q1 2026 Equity -25%, 213% SA -15p.p. Key takeaways Q1 2026 Spread +50 bp, 197% VA +15 bp • Change
Slide 18: Robust capital position strengthened by disciplined leverage management
Robust capital position strengthened by disciplined leverage management 22% 20% 20% 20% 19% 18% 17% Subordinated loan capital1 48.1 49.2 45.6 Intangible Equity/CSM2 Tangible Equity 40.8 Leverage ratio (IFRS) 15.2 14.5 35.9 13.5 32.9 11.8 27.6 8.1 8.1 4.9 33.4 33.6 28.9 32.1 24.8 27.8 22.8 10.6 10.8
Slide 19: Solvency II capital base as of Q1 2026 (Group)
Solvency II capital base as of Q1 2026 (Group) SCR and own funds (NOK bn) Own funds % (excluding CRD IV subsidiaries) OF % OF % 60 Regulatory limit of SCR of total CRD IV Capital 8 Tier 3 0 Tier 3 ≤ 15% SCR 0% 0% Tier 2 8 Tier 1 Restricted 3 Tier 2 ≤ 50% SCR 35% 15% ∑ T2+T3 29 6 CRD IV entities Tier
Slide 20: Solvency II capital base Q1 2026 (Storebrand Livsforsikring AS)
Solvency II capital base Q1 2026 (Storebrand Livsforsikring AS) SCR and own funds (NOK bn) Own funds % OF % OF % 45 Regulatory limit of SCR of total 0 Tier 3 Tier 2 8 Tier 3 ≤ 15% SCR 0% 0% Tier 1 Restricted 3 Tier 2 ≤ 50% SCR 48% 18% ∑ T2+T3 Tier 1 Unrestricted 34 Tier 1 ≤ 20% T1 18% 7% Restricted
Slide 21: High quality assets, with fixed income as the backbone
High quality assets, with fixed income as the backbone, provide secure returns for guaranteed pensions and company capital Invested assets 1 on Storebrand's balance sheet Bonds Bonds and at amortised cost Money Market NOK billion Equities Real Estate Average rating Book yield Average rating 215 AA ~
Slide 22: The proposed transaction
(“*%) Storebrand The proposed transaction NY
Slide 23: Storebrand Group Structure
Storebrand Group Structure Diversified cash flow to holding company Storebrand ASA *Simplified legal structure Storebrand ASA Storebrand Storebrand Storebrand Storebrand Storebrand Storebrand Real Livsforsikring AS Forsikring AS Bank ASA Asset Management AS Facilities AS Estate AS S&P A Storebrand H
Slide 24: 'A' rating from S&P Global and BBB rating expected on this issue
'A' rating for Storebrand Livsforsikring AS from S&P Global and BBB rating expected on this issue …reflecting business and capital improvement during the past years Rating and underlying rationale Comments Storebrand Livsforsikring AS • S&P Global has assigned an "A" rating with a stable outlook to
Slide 25: Maturity Profile
Maturity Profile Storebrand Livsforsikring AS and Storebrand ASA Maturity Profile sub-debt Storebrand Livsforsikring1 (bn NOK) Maturity profile senior debt Storebrand ASA2 (bn NOK) RT1 3.4 T2 2.7 NOK 1250m Nov 27 EUR 300m Mar 31 EUR 200m Dec 30 NOK 750m 1.1 Nov 27 1.0 1.0 0.9 NOK 300m Nov 28 NOK 700
Slide 26: Transaction Summary – Indicative Key Terms
Transaction Summary – Indicative Key Terms Issuer: Storebrand Livsforsikring AS Rating (S&P): Issuer: A / Issue: Expected BBB Type of Issue: FRN and/or FXD Storebrand Livsforsikring 2026/Perpetual Restricted Tier 1 Non-Cumulative Callable Bond Issue The Bonds will constitute Restricted Tier 1 Instru
Slide 27: Group results Q1 2026
1. Storebrand overview and strategy Group 2. Capital and solvency results 3. Group results Q1 2026 Q1 2026 4. Appendix 27
Slide 28: Clear progress and strong performance in 2025
Clear progress and strong performance in 2025 CMD 2025 Record strong results 147 Delivered returns to bn New financial targets 7 17% our customers NOK 5.7 bn in result 1 NOK bn Result 1 target 2028 ROE target 2028 Surpassing target with NOK 700m (14%) 26% #1 #1 AI-based chat for Kron ranking in grow
Slide 29: Highlights for Q1 2026
Highlights for Q1 2026 Positive result development despite volatile financial markets Group result 1 NOK million NOK 1,543bn in assets under management +16% 1,353 1,167 12% growth in unit linked reserves2 327 367 18% growth in insurance premiums2 1,026 800 % 206% solvency ratio Q1 2025 Q1 2026 Finan
Slide 30: Key figures
Group Key figures Improved financial result and a solid solvency position Result development1 Return on equity2 and earnings per share3 Special items Cash equivalent earnings from operations Cash EPS (NOK) Annualised return on equity Financial items and risk result life NOK million 18% 19% 17% 1,586
Slide 31: Storebrand Group | Profit
Group Storebrand Group | Profit Operational result increased 28% year-on-year, supported by double digit result growth across all segments Profit 1 Q1 Full year NOK million 2026 2025 2025 Fee and administration income 2 097 1 997 8 573 Insurance result 665 470 2 444 Operational cost -1 736 -1 667 -7
Slide 32: Savings (non-guaranteed)
Savings Savings (non-guaranteed) Key figures Unit Linked reserves and premiums Retail bank balance and net interest margin (%) Unit Linked Reserves Unit Linked Premiums Life insurance balance sheet Bank balance sheet Interest margin NOK billion NOK billion 7.9 8.0 7.9 7.6 7.9 1.47 1.51 1.49 1.38 1.2
Slide 33: Insurance
Insurance Insurance Key figures Combined ratio Key takeaways combined ratio and results Claims ratio (per quarter) Cost ratio (per quarter) Combined ratio (LTM) • Combined ratio of 93% in the quarter 95% 94% 94% 92% 92% • Strong growth and result development within Retail. Moderate 97% results in Co
Slide 34: Guaranteed pension
Guaranteed Guaranteed pension Key figures Reserves guaranteed products Key takeaways Customer buffers Actively sold Run-off • The development reflects strong cost control and a positive NOK billion 295 302 303 306 298 contribution from public sector pensions, in addition to 31 34 35 36 34 39 41 41 4
Slide 35: 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 31.03.2025 12% 10% 2% 12% 64
Slide 36: Solvency movement from Q4 2025 to Q1 2026
Solvency movement from Q4 2025 to Q1 2026 Storebrand Group 3% -2% -3% 206% 6% 6% 194% 2% Q4 2025 Model and Regulatory Market return, Cash Dividend Share buybacks Q1 2026 assumptions assumptions business mix earnings and allocation 36
Slide 37: For further information
For further information Contact us Information Kjetil R. Krøkje kjetil.r.krokje@storebrand.no Group CFO +47 9341 2155 Johannes Narum johannes.narum@storebrand.no Investor relations website Head of Investor +47 9933 3569 Relations Financial reports and information Einar Leikanger einar.andreas.leikan
Slide 38: Appendix
1. Storebrand overview and strategy 2. Capital and solvency Appendix 3. Group results Q1 2026 4. Appendix 38
Slide 39: Robust solvency position for Storebrand Livsforsikring AS
Robust solvency position for Storebrand Livsforsikring AS Solvency position(%)1 Estimated sensitivities Target SII margin 150% 247 266 SII-margin Q1 266 Interest rates -100bp 269 Q4 2025 Q1 2026 Interest rates +100 bp 257 MCR position(%)1 553 558 Equity -25% 267 Spread +50 bp, VA +15bp 250 Property
Slide 40: Resilience evident in low solvency sensitivities
Resilience evident in low solvency sensitivities Estimated sensitivities Explanation Target SII margin 150% 206% Annual net solvency generation of approx. 17% before dividends, share SII-margin Q1 buybacks, and growth initiatives Interest rates 206% -100bp The Swedish guaranteed portfolio is fully d
Slide 41: Risk factors
Risk factors Investing in bonds involves inherent risks. Prior to making an investment decision, prospective investors should carefully consider, among other things, the main risk factors – non exhaustive list below. A prospective investor should carefully consider all the risks related to the Issue
Slide 42: Risk factors
Risk factors The company portfolios consists of capital in excess of what is needed to cover customer obligations. The market risk in the company portfolios has a direct impact on the profit. Storebrand Livsforsikring aims to take low market risk for the company portfolios, and most of the assets ar
Slide 43: Risk factors
Risk factors Credit risk/ counterparty risk The Issuer has credit risk/ counterparty risk in relation to third parties. Storebrand investment returns are susceptible to changes that impact the general creditworthiness of the issuers of the debt securities held in its investment portfolios. Storebran
Slide 44: Risk factors
Risk factors Insurance risk Insurance risk (underwriting risk) is the risk of higher than expected claims and/or unfavourable changes in the value of an insurance liability due to the actual development differing from what was expected when premiums or provisions were calculated. Longevity risk is t
Slide 45: Risk factors
Risk factors Business risk General deterioration in major economics throughout the world would reduce the level of demand for the products and services of the Issuer. It may lead to reduced savings rates from corporates in defined contribution occupational pension schemes down to the mandatory minim
Slide 46: Risk factors
Risk factors The Issuer is highly reliant on computer systems for its business operations. The Issuer is also dependent on its ability to adapt its computer systems to new products and business needs. Technical implementation can be extensive and complicated. Storebrand is facing a major technologic
Slide 47: Risk factors
Risk factors Changes in government policy, legislation or regulatory interpretation applying to the financial services industry in the markets in which the Issuer operates may adversely affect the Issuer's product range, distribution channels, capital requirements and, consequently, reported results
Slide 48: Risk factors
Risk factors Liquidity risk Liquidity risk is the risk that the Issuer is unable to fulfil its obligations without incurring substantial additional expenses in the form of reduced prices for assets that must be realized, or in the form of expensive financing. For Storebrand Livsforsikring, insurance
Slide 49: Risk factors
Risk factors All investments in interest bearing securities have risk associated with such investment. The risk is related to the general volatility in the market for such securities, varying liquidity in a single bond issue as well as company specific risk factors. The Bonds may not be a suitable i
Slide 50: Risk factors
Risk factors Under certain conditions, interest payments under the Bonds may be optionally or mandatorily deferred Cancellation of payments: (a) Payment of interest may be cancelled, at any time and for an unlimited period, in whole or in part, at the option of the Issuer in its sole discretion. (b)
Slide 51: Risk factors
Risk factors Changes in ranking and terms No limitation on issuing further debt and guarantees There is no restriction on the amount of debt which the Issuer may issue ranking equal or senior to the obligations. Such issuance of further debt may reduce the amount recoverable by the Bondholders upon
Slide 52: Risk factors
Risk factors In respect of issuance with a specific use of proceeds, such as a ‘Green Bond’, the application of the net proceeds of such Notes might not meet investor expectations or be (or remain) suitable for the investment criteria of an investor Issuance described as “Green Bonds”, will be the I
Slide 53: 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
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