Slide 1: Storebrand Q3 2025
Storebrand Q3 2025 22 October 2025 Odd Arild Grefstad – CEO Kjetil R. Krøkje – CFO
Slide 2: Changes in executive management
Changes in executive management Kjetil R. Krøkje has been appointed as the new Chief Financial Officer (CFO) of Storebrand Group. Outgoing CFO Lars Aa. Løddesøl will step down following nearly 25 years as part of Storebrand's executive management, the last 14 years as CFO. We thank Lars for his dedi
Slide 3: Financial Highlights Q3 2025
Financial Highlights Q3 2025 Record strong operating profit and solid financial results Group result 1 MNOK 16% AuM growth2 ; NOK 1 561bn per Q3'25 4 180 11% growth in unit linked reserves2 1 335 20% growth in insurance premiums 2, 1 586 exceeding NOK 10bn 495 2 844 1 091 19% Return on Equity in Q3'
Slide 4: Increasing dividend and a long-term share buyback commitment
Increasing dividend and a long-term share buyback commitment Dividends per share 1 Share buybacks NOK per share NOK billion Ambition announced The Board expects the Planned on CMD 2023 dividend growth from 2024 to 2025 to be broadly consistent Executed 12.0 with previous years3 Ongoing, with NOK 1.5
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 11% 16% +17%1 +13%1 459 496 1 469 1 561 380 1 097 1 212 308 315 962 1 020 268 707 831 179 220 2018 2019 2020 2021 2022 2023 2024 2025 2018 2
Slide 7: Leading Provider Occupational Pensions Norway & Sweden
Leading Provider Occupational Unit linked (defined contribution) pensions Pensions Norway & Sweden UL reserves (NOK billion) YOY 11% Quarterly Highlights +17%2 459 496 380 308 315 268 220 179 Storebrand and Kron have seen increasing market share within the individualised pension account segment year
Slide 8: Storebrand launches product to prevent disability
Storebrand launches product to prevent disability As part of the claims improvement program, early care concept "VEL" is Results from pilot launched and will be integrated into all disability insurance products decline in absenteeism in 45% just three months • Individuals at risk of falling out of w
Slide 9: Nordic Powerhouse in Asset Management
Nordic Powerhouse in Asset Management Quarterly Highlights Asset management AuM (NOK billion) YOY Assets under management of NOK 1,561bn, up 16% since Q3 last year 16% Positive net flow of NOK 16bn in the quarter, of which the majority is related to external capital 1,561 1,469 +13%1 1,212 1,097 1,0
Slide 10: Our active Norwegian flagship fund has now delivered 10,000% net returns to customers
Our active Norwegian flagship fund has now delivered 10,000% net returns to customers Facts and figures Historical returns for Storebrand Norge (net of fees) 10 000 Storebrand Norge, our oldest equity fund, has now delivered 10,000% net return to customers since its launch in the fall 1983 8 000 Sto
Slide 11: Growing Challenger in Retail Insurance
Growing Challenger in Retail Insurance Norwegian Retail Market Portfolio premiums (NOK billion) YOY 26% Quarterly Highlights +19%2 4.9 5.9 3.7 4.1 3.1 1.9 2.3 1.7 26% growth in Retail Insurance Portfolio Premiums, 7.6% market share in 2018 2019 2020 2021 2022 2023 2024 2025 Norwegian retail P&C comp
Slide 12: Kron: Leading scalable savings platform with pension seamlessly integrated
Kron: Leading scalable savings platform with pension seamlessly integrated Assets under Management in Kron NOK billion 29 CAGR ca. ~70% 45% 7 ca. 55% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 22 23 23 23 23 24 24 24 24 25 25 25 Pension 1 Savings STB acquired Kron 12 1. Includes EPKS, PKB and IPS.
Slide 13: Key Figures
Group Key Figures Strong results and solid solvency position Result development 1 Return on equity 2 and earnings per share 3 Special items Performance related result Cash EPS1 Annualised return on equity Financial items and risk result life Cash equivalent earnings from operations 21% 18% 19% 15% 1
Slide 14: Solvency position and sensitivities Q3 2025
Group Solvency position and sensitivities Q3 2025 Storebrand Group Solvency position 1 Estimated sensitivities 200 % 195 % SII-margin Q3 195% Interest 195% rates -50bp Interest 195% rates +50 bp Q2 2025 Q3 2025 Equity -25% 205% SA -15p.p Key takeaways Q3 2025 Spread +50 bp, 188% VA +15bp ▪ A strong
Slide 15: Storebrand Group | Profit
Group Storebrand Group | Profit Operational result up by 16% year-on-year, supported by improving insurance results Profit 1 Q3 Year to date Full year NOK million 2025 2024 2025 2024 2024 Fee and administration income 2,124 1,971 6,191 5,677 7,585 Insurance result 697 483 1,802 1,246 1,640 Operation
Slide 16: Storebrand Group | Profit
Group Storebrand Group | Profit Profit by line of business Profit 1 Q3 Year to date Full year NOK million 2025 2024 2025 2024 2024 Fee and administration income 2,124 1,971 6,191 5,677 7,585 Insurance result 697 483 1,802 1,246 1,640 Operational cost -1,730 -1,509 -5,148 -4,472 -6,072 Cash equivalen
Slide 17: Savings (non-guaranteed)
Savings Savings (non-guaranteed) Growth continuing across the savings segment Profit Q3 Year to date Full year NOK million 2025 2024 2025 2024 2024 Fee and administration income 1,825 1,660 5,298 4,721 6,327 Operational cost -1,103 -948 -3,278 -2,818 -3,831 Cash equivalent earnings from operations 7
Slide 18: 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 7.6 7.7 7.9 8.0 7.9 1.60 1.57 1.47 1.51 1.49 496 87 89 92 95 85 475
Slide 19: Insurance
Insurance Insurance Improved insurance result on back of continued growth, repricing and other measures Profit Q3 Year to date Full year NOK million 2025 2024 2025 2024 2024 Insurance premiums f.o.a. 2,475 2,044 7,140 5,874 8,008 Claims f.o.a. -1,778 -1,561 -5,338 -4,628 -6,368 Operational cost -416
Slide 20: 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 (TTM) 1 100% 97% 97% 95% 94% ▪ Storebrand maintains the 90-92% combined ratio ambition 94% 100% 97% 91% 89% ▪ Continued strong sales and weather-
Slide 21: Guaranteed pension
Guaranteed Guaranteed pension Solid result supported by profit sharing in the quarter Profit Q3 Year to date Full year NOK million 2025 2024 2025 2024 2024 Fee and administration income 387 385 1,150 1,163 1,540 Operational cost -234 -223 -696 -649 -871 Cash equivalent earnings from operations 153 1
Slide 22: Guaranteed pension Key figures
Guaranteed Guaranteed pension Key figures Reserves guaranteed products Key Takeaways Customer buffers Actively sold Run-off ▪ Customer reserves of NOK 303bn, reflecting stable 294 291 295 302 303 31 31 31 34 35 development and some minor transfers in the quarter. 35 35 39 41 41 ▪ Net profit sharing
Slide 23: Other
Other Other 1 Robust financial result Profit Q3 Year to date Full year NOK million 2025 2024 2025 2024 2024 Fee and administration income 4 4 14 15 23 Operational cost -68 -65 -200 -212 -271 Cash equivalent earnings from operations -64 -61 -185 -197 -248 Financial result 155 223 528 1,673 1,788 Cash
Slide 24: On track to reach sustainability targets
On track to reach sustainability targets Science Solution CO2 emissions Other highlights based targets investment3 Stocks and bonds1 Real estate2 Storebrand ranked among top 5% in the insurance industry in the S&P Global Corporate Sustainability Assessment.5 Storebrand Livsforsikring 1st place Statu
Slide 25: Financial and Sustainability goals as presented on Capital Markets Day in 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 26: Upcoming Capital Markets Day | December 10th
Upcoming Capital Markets Day | December 10th Key Details Key Details Topics Strategic and financial update When Wednesday, 10 December 2025 from 13:00 - 16:00 CET Where The event will be hosted in a hybrid format, with the option to join via live webcast or attend in person at Storebrand’s headquart
Slide 27: Q&A
Q&A Please join the MS Teams webinar to participate in the Q&A session Odd Arild Grefstad Kjetil R. Krøkje Johannes Narum Group CEO Group CFO Head of Investor Relations 27
Slide 28: Appendix
@&S Storebrand Appendix SS
Slide 29: Solvency movement from Q2 2025 to Q3 2025
Solvency movement from Q2 2025 to Q3 2025 Storebrand Group 200 % -1% -1% -2% +4% -3% 2% 195 % Q2 2025 Model & Updated Market return, Cash Dividend Share Q3 2025 assumption regulatory business mix, earnings buybacks changes VA and SA and allocation 29
Slide 30: Asset allocation and foreign currency exposure for unit linked and asset management sub-segments
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% 50 % 50 % Asset management 40 % 20 % 40 % Asset allocation1 Equities Bonds Alternatives Unit Linked Norway 70 % 25
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 30.09.2024 12% 10% 2% 13% 64
Slide 32: Overview of Special items
Overview of Special items Quarter Special items Comments NOKm Q3 2024 67 • NOK ~67m in financial gain in Savings segment, Asset Management sub-segment, related to the revaluation of the initial shareholding (10%) in AIP Management. Q4 2024 - - Q1 2025 - • AIP Management had a negative effect of NOK
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 10 December 2025 Capital Markets Day 35
Slide 36: Storebrand
CXS) Storebrand Invester i fremtiden