Storebrand Asa · OSL:STB
Storebrand Asa — Q4 2025 Earnings Presentation
35 slides from Storebrand Asa's earnings presentation, Feb 11, 2026
Slide 1: Storebrand Q4 2025
Storebrand Q4 2025 11 February 2026 Odd Arild Grefstad – CEO Kjetil R. Krøkje – CFO
Slide 2: 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 3: 2025 results surpass NOK 5 billion target by almost NOK 700 million
2025 results surpass NOK 5 billion target by almost NOK 700 million Group result 1 development by segment NOK million Other Insurance Guaranteed Savings +28% CAGR 5,695 479 4,856 492 1,062 546 3,480 1,229 27 265 1,226 1,326 2,925 2,592 1,862 2023 20242 2025 1. Cash equivalent earnings before amortis
Slide 4: Highlights for Q4 and the full year 2025
Highlights for Q4 and the full year 2025 Continued successful growth execution and solid dividend increase Group result 1 NOK 1,609bn in assets under management NOK million 5,695 13% growth in unit linked reserves2 1,720 20% growth in insurance premiums2 1,515 3,975 % 384 1,131 194% solvency ratio Q
Slide 5: Step up in dividend to NOK 5.40 per share
Step up in dividend to NOK 5.40 per share, increase of 15% from last year Dividends per share 2 Share buybacks NOK per share NOK billion Planned Increasing our 15% Executed ambition from CMD 2023 5.40 ~15% 12.0+ 4.70 NOK 2bn approval in place from the FSA, will be initiated 4.10 today and executed i
Slide 6: 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 7: 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) AuM (NOK billion) 13% 10% YOY YOY +13% +17% CAGR1 CAGR1 1 609 520 1 469 459 1 212 380 1 097 1 020 308 315 831 962 220 268 707 179 2018 2019 2020 2021 2022 2023 2024 2
Slide 8: Leading provider of occupational pensions in Norway & Sweden
Leading provider of occupational Unit Linked (defined contribution) pensions pensions in Norway & Sweden UL reserves (NOK billion) YOY 13% Quarterly and annual highlights +17%1 459 520 380 308 315 268 220 179 Storebrand/Kron captured the largest share of net new customers (21%) among all market part
Slide 9: Nordic powerhouse in Asset Management
Nordic powerhouse in Asset Management Quarterly and annual highlights Asset Management AuM (NOK billion) YOY Several flagship funds performed well, with strong relative and absolute 10% returns taking performance-related income to NOK 475 million in 2025. 1,609 1,469 +16%1 1,212 1,097 1,020 962 831
Slide 10: Consistent positive net flow in Asset Management
Consistent positive net flow in Asset Management Net flows in Asset Management 2020-2025 Net flow Return & currency 1,609 M&A 19 1,469 122 NOK billion 33 128 1,212 95 70 1,097 17 43 - 94 1,020 122 962 71 21 Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Share of external funds 43% 46% 46% 49% 54% 5
Slide 11: Growing challenger in the Norwegian retail market
Growing challenger in the Retail Insurance Norwegian retail market Portfolio premiums (NOK billion) YOY 26% Quarterly and annual highlights +19%2 4.9 6.2 3.7 4.1 3.1 1.9 2.3 1.7 Kron reaffirmed its position as a market-leading, customer-centric savings 2018 2019 2020 2021 2022 2023 2024 2025 platfor
Slide 12: Key figures
Group Key figures Improved financial result and a solid solvency position Result development1 Return on equity2 and earnings per share3 Special items Performance related result Cash EPS (NOK) Annualised return on equity Financial items and risk result life Cash equivalent earnings from operations NO
Slide 13: High remittance ratios support robust liquidity levels in the HoldCo
Group High remittance ratios support robust liquidity levels in the HoldCo Remittance from subsidiaries 1 of NOK 5.8bn Which will strengthen the liquidity in HoldCo NOK billion Storebrand 2.3 Storebrand Storebrand Storebrand Asset Livsforsikring AS Forsikring AS Bank ASA Management AS 5.8 2.0 5.0 0.
Slide 14: Solvency position and sensitivities Q4 2025
Group Solvency position and sensitivities Q4 2025 Storebrand Group Solvency position1 Estimated sensitivities 195% 194% SII-margin Q4 194% Interest 194% rates -50 bp Interest 193% rates +50 bp Q3 2025 Q4 2025 Equity -25% 200% Key takeaways Q4 2025 Spread +50 bp, 185% VA +15 bp • A strong post-tax re
Slide 15: Storebrand Group | Profit
Group Storebrand Group | Profit Operational result improved 61% from Q4 2024, supported by strong performance in asset management Profit 1 Q4 Full year NOK million 2025 2024 2025 2024 Fee and administration income 2,382 1,908 8,573 7,585 Insurance result 643 394 2,444 1,640 Operational cost -1,894 -
Slide 16: Storebrand Group | Profit
Group Storebrand Group | Profit Profit by line of business Profit 1 Q4 Full year NOK million 2025 2024 2025 2024 Fee and administration income 2,382 1,908 8,573 7,585 Insurance result 643 394 2,444 1,640 Operational cost -1,894 -1,600 -7,042 -6,072 Cash equivalent earnings from operations 1,131 702
Slide 17: Savings (non-guaranteed)
Savings Savings (non-guaranteed) Strong performance in the asset management business drove 34% result growth for the Savings segment Profit Q4 Full year NOK million 2025 2024 2025 2024 Fee and administration income 2 073 1 607 7 370 6 327 Operational cost -1 218 -1 012 -4 497 -3 831 Cash equivalent
Slide 18: 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 7.7 7.9 8.0 7.9 7.6 1.57 1.47 1.51 1.49 1.3
Slide 19: Insurance
Insurance Insurance Strong growth and result development within Retail, moderate results in Corporate due to disability-related claims Profit Q4 Full year NOK million 2025 2024 2025 2024 Insurance premiums f.o.a. 2,565 2,134 9,705 8,008 Claims f.o.a. -1,922 -1,740 -7,260 -6,368 Operational cost -468
Slide 20: 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, taking the full year combined ratio to 92%, in line with the ambition. 97% 95% 94% 94% 92% 100% • S
Slide 21: Guaranteed pension
Guaranteed Guaranteed pension Stable development in operational and financial results Profit Q4 Full year NOK million 2025 2024 2025 2024 Fee and administration income 402 376 1,552 1,540 Operational cost -243 -222 -939 -871 Cash equivalent earnings from operations 159 154 613 669 Risk result life &
Slide 22: Guaranteed pension
Guaranteed Guaranteed pension Key figures Reserves guaranteed products Key takeaways Customer buffers Actively sold Run-off NOK billion 306 • Storebrand won NOK ~3bn in Public pension in the quarter, 291 295 302 303 31 31 34 35 36 which will be transferred throughout 2026. 35 39 41 41 42 • Continued
Slide 23: Other
Other Other1 Solid results supported by positive mark to market effects in the quarter Profit Q4 Full year NOK million 2025 2024 2025 2024 Fee and administration income 5 8 19 23 Operational cost -62 -59 -262 -271 Cash equivalent earnings from operations -57 -51 -243 -248 Financial result 193 115 72
Slide 24: Growth in earnings per share strengthened by ongoing buybacks
Growth in earnings per share strengthened by ongoing buybacks Result before tax and Earnings Share buybacks amortisation per share (EPS) Result before tax and amortisation (NOK million) Shares outstanding1 adjusted for own shares Result before tax and amortisation (NOK per share) -3% CAGR +28% +31%
Slide 25: 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 26: Financial ambitions presented on the Capital Markets Day
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 27: Please join the MS Teams webinar to participate in the Q&A session
Q&A Please join the MS Teams webinar to participate in the Q&A session Odd Arild Grefstad Kjetil R. Krøkje Johannes Narum Head of Group CEO Group CFO Investor Relations 27
Slide 28: Appendix
@&S Storebrand Appendix SS
Slide 29: Asset allocation and foreign currency exposure
Asset allocation and foreign currency exposure for unit linked and asset management sub-segments FX exposure1 NOK SEK Other Foreign Unit Linked Norway 70 % 0% 30 % Unit Linked Sweden 0% 40 % 60 % Asset management 35 % 20 % 45 % Asset allocation1 Equities Bonds Alternatives Unit Linked Norway 70 % 20
Slide 30: Solvency movement from Q3 2025 to Q4 2025
Solvency movement from Q3 2025 to Q4 2025 Storebrand Group ILLUSTRATIVE NOK 2bn in buybacks approved for 2026 195% 1% -2% -2% 4% 194% -2% -6% 188% Q3 2025 Model and Regulatory Market return, Cash Dividend Q4 2025 Approved share Pro forma assumptions assumptions business mix earnings buybacks for 202
Slide 31: 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 31.12.2024 12% 10% 2% 12% 63
Slide 32: Overview of Special items
Overview of Special items Quarter Special items Comments NOKm Q1 2025 - • AIP Management had a negative effect of NOK ~20m on the operational result in the quarter, on 100% basis. STB expects a positive contribution for the full year. This effect is not included in special items. In addition, event-
Slide 33: 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 A white and black play button Descri
Slide 34: 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 35: Thank you
Thank you Financial calendar 17 March 2026 Annual Report 2025 9 April 2026 Annual General Meeting 29 April 2026 Results Q1 2026 15 July 2026 Results Q2 2026 21 October 2026 Results Q3 2026 35