Slide 1: Storebrand Q1 2025
Storebrand Q1 2025 7 May 2025 Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO
Slide 2: Manageable market volatility in the first quarter
Manageable market volatility in the first quarter Strong customer support Equities Interest rates through market uncertainty Index % 140 6 • Availability rate of more than 90% 130 5 and average response time of less than 1 minute in March 120 4 • Tailored support, with number of client meetings up 2
Slide 3: Diversified AuM base with structural growth drivers in unit linked business
Diversified assets under management base with structural growth drivers in unit linked business Flow from captive AuM Storebrand AuM Substantial share of AuM with supportive of equity allocation by asset class less immediate sensitivity to amid market uncertainty market movements Equities Alternativ
Slide 4: Highlights Q1 2025
Highlights Q1 2025 Positive result development despite volatile financial markets Group result 1 MNOK 13% AuM growth2 ; NOK 1 442bn per Q1'25 +8% 1 167 1 082 9% growth in unit linked reserves2 367 394 21% growth in insurance premiums2 800 688 198% Solvency ratio Q1 2024 Q1 2025 Financial items and r
Slide 5: Executed share buybacks of NOK 0.3bn in the first quarter
Executed share buybacks of NOK 0.3bn in the first quarter Overview of executed and planned share buybacks NOK billion Ambition announced on CMD 2023 Planned Executed 12.0 Share buybacks to be continuously executed across two NOK 750m tranches throughout 20251 and take the full year amount to NOK 1.5
Slide 6: 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 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) YOY AuM (NOK billion) YOY 9% 13% +21%1 +16%1 459 446 1 469 1 442 380 1 097 1 212 308 315 962 1 020 268 831 179 220 707 2018 2019 2020 2021 2022 2023 2024 2025 2018 20
Slide 8: Leading Provider Occupational Pensions Norway & Sweden
Leading Provider Occupational Pensions Norway & Sweden Quarterly Highlights Unit linked (defined contribution) pensions UL reserves (NOK billion) YOY 9% Results in unit linked Norway up 9% compared to Q1 2024 459 446 +21%1 380 308 315 268 220 Distribution partnership established with Danske Bank in
Slide 9: Nordic Powerhouse in Asset Management
Nordic Powerhouse in Asset Management Quarterly Highlights Asset management AuM (NOK billion) YOY Fee and administration income increased 19% from Q1 2024, 11% adjusted 13% for the acquisition of AIP Management 1,469 1,442 +16%1 1,212 1,097 1,020 962 831 AIP Management had a negative effect of MNOK
Slide 10: Growing Challenger in Norwegian Retail Market
Growing Challenger in Insurance 2 Norwegian Retail Market Portfolio premiums (NOK billion) YOY 21% Quarterly Highlights +19%3 7,4 8,8 9,5 6,7 5,5 4,7 3,7 3,9 Result contribution from Retail banking incl. Kron4 up 73% compared to Q1 2018 2019 2020 2021 2022 2023 2024 2025 2024. Kron AuM up 47% year-o
Slide 11: Key Figures
Group Key Figures Strong operational result and satisfactory financial result Result development 1 Return on equity 2 and earnings per share 3 Special items Performance related result Annualised return on equity Financial items and risk result life Cash equivalent earnings from operations Cash EPS 3
Slide 12: Solvency position and sensitivities Q1 2025
Group Solvency position and sensitivities Q1 2025 Storebrand Group Solvency position 1 Estimated sensitivities 200 % 198 % SII-margin Q4 198% Interest 200% rates -50bp Interest 197% rates +50 bp Q4 2024 Q1 2025 Equity -25%, 199% SA -15 p.p. Key takeaways Q1 2025 Spread +50 bp, 191% VA +15bp ▪ The so
Slide 13: Storebrand Group | Profit
Group Storebrand Group | Profit Robust operational result driven by continued growth in the business Profit 1 Q1 Full year NOK million 2025 2024 2024 Fee and administration income 1 997 1 818 7 585 Insurance result 470 367 1 640 Operational cost -1 667 -1 498 -6 072 Cash equivalent earnings from ope
Slide 14: Storebrand Group | Profit by line of business
Group Storebrand Group | Profit Profit by line of business Profit 1 Q1 Full year NOK million 2025 2024 2024 Fee and administration income 1 997 1 818 7 585 Insurance result 470 367 1 640 Operational cost -1 667 -1 498 -6 072 Cash equivalent earnings from operations 800 688 3 153 Financial items and
Slide 15: Savings (non-guaranteed)
Savings Savings (non-guaranteed) Continued strong growth and positive result development Profit Q1 Full year NOK million 2025 2024 2024 Fee and administration income 1 698 1 494 6 327 Operational cost -1 048 -947 -3 831 Cash equivalent earnings from operations 650 547 2 497 Financial result 9 20 96
Slide 16: 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 7.5 7.7 7.6 7.7 7.9 1.52 1.60 1.60 1.57 1.47 459 82 85 87 89 449 44
Slide 17: Insurance
Insurance Insurance Continued gradual result improvement on the back of repricing measures Profit Q1 Full year NOK million 2025 2024 2024 Insurance premiums f.o.a. 2 256 1 875 8 008 Claims f.o.a. -1 786 -1 508 -6 368 Operational cost -399 -327 -1 404 Cash equivalent earnings from operations 71 40 23
Slide 18: 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) ▪ Successful year-end renewals with churn within normal variation 102% 102% 100% 97% 97% despite strong repricing measures. The board maint
Slide 19: Guaranteed pension
Guaranteed Guaranteed pension Result development negatively impacted by sub-segments in long-term run-off and reduced fees from transferred closed corporate pension funds Profit Q1 Full year NOK million 2025 2024 2024 Fee and administration income 373 391 1 540 Operational cost -236 -215 -871 Cash e
Slide 20: Guaranteed pension Key figures
Guaranteed Guaranteed pension Key figures Reserves guaranteed products Key Takeaways Customer buffers Actively sold Run-off ▪ Public occupational pension mandates of NOK 4.5bn won in 285 288 294 291 295 2024, the majority of this were transferred to Storebrand in Q1 29 29 31 31 31 33 34 35 35 39 ▪ N
Slide 21: Other
Other Other 1 Robust result supported by company portfolio returns Profit Q1 Full year NOK million 2025 2024 2024 Fee and administration income 7 6 23 Operational cost -65 -81 -271 Cash equivalent earnings from operations -59 -74 -248 Financial result 164 193 1 788 Cash equivalent earnings before am
Slide 22: 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 AIP's Sustainability Report 2024 6 now available. When all current investments are operational in 2028, the AIP portfolio will generate 25,000 GWh of clea
Slide 23: Financial and Sustainability goals as presented on Capital Markets Day
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 24: Q&A: Please join the MS Teams Webinar
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 24
Slide 25: Appendix
@&S Storebrand Appendix SS
Slide 26: Solvency movement from Q4 2024 to Q1 2025
Solvency movement from Q4 2024 to Q1 2025 Storebrand Group 200 % +0 % -0 % +0 % 198 % -5 % -2 % +1 % +4 % 2024 Q4 Model & Interest Market Updated Cash Dividend Buybacks 2025 Q1 assumption rates returns & regulatory earnings & loan changes business mix VA and SA 26
Slide 27: 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% 50 % 50 % Asset management 40 % 20 % 40 % Asset allocation1 Equities Bonds Alternatives Unit Linked Norway 70 % 25
Slide 28: 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 31.03.2024 9% 11% 4% 13% 62%
Slide 29: Overview of Special items
Overview of Special items Quarter Special items Comments NOKm Q1 2024 - 21 • NOK ~21m, mainly related to integration cost and severance pay in Kron Q2 2024 1,047 • NOK ~1,047m in financial gain in Other segment related to the divestment of shares in Storebrand Health Insurance Q3 2024 67 • NOK ~67m
Slide 30: 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 31: 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 32: Thank you
Thank you Financial calendar 11 July 2025 Results Q2 2025 22 October 2025 Results Q3 2025 32
Slide 33: Storebrand
CXS) Storebrand Invester i fremtiden