Storebrand Asa · OSL:STB
Storebrand Asa — Nordea Insurance Trip 2025
35 slides from Storebrand Asa's conference presentation, Sep 5, 2025
Slide 1: Storebrand ASA – Invest in the future
Storebrand ASA Invest in the future Leading the way in sustainable value creation Nordea Insurance Trip September 2025
Slide 2: Storebrand Life
Storebrand Life 5 September 2025 Odd Arild Grefstad – CEO Storebrand ASA
Slide 3: 258 years of pioneering the Nordic financial industry
258 years of pioneering the Nordic financial industry Future Storebrand is a capital light business with material group synergies Future Storebrand ILLUSTRATIVE Retail Asset Management Unit Linked Pensions and Savings Guaranteed Pensions 1767 1847 1861 1917 1995 2023 Foundation: P&C Pioneered Pionee
Slide 4: A Nordic Savings and Insurance group
A Nordic Savings and Insurance group 55,000 Pensions & savings Asset management Corporate Market leader World leader in sustainability customers NOK 777bn AuM1 NOK 1,500bn AuM 2,200,000 Individuals Retail banking Insurance Fast growing challenger Fast growing challenger NOK 92bn lending NOK 9.9bn pr
Slide 5: Pursuing our Group Strategy
Pursuing our Group Strategy Leading The Way In Sustainable Value Creation to be a leading 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 N
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 12% 16% +17%1 +13%1 459 475 1 469 1 507 380 1 097 1 212 308 315 962 1 020 268 831 179 220 707 2018 2019 2020 2021 2022 2023 2024 2025 2018 2
Slide 7: Going forward, continue the structural growth journey within unit linked
A Leading Provider in Occupational Pensions Norway & Sweden Going forward, continue the structural growth journey within unit linked and through growth initiatives Capitalising on the structural growth and … while utilising group synergies to further grow our results our strong market position…. A B
Slide 8: Market leader within occupational pensions in Norway
Storebrand Life (Norway) Market leader within occupational pensions in Norway Sticky and growing assets in an immature defined contribution market The Norwegian Product Product Highlights Market AuM pensions system when employed when retired NOK bn 2 Defined Pension capital ▪ Growing and profitable
Slide 9: Leverage our leading market position to further grow in unit linked pensions
A B C D Leverage our leading market position to further grow in unit linked pensions Strong historical growth and Solid market growth for the Storebrand aims to maintain the STB is a leading player foreseeable future leading position in a growing market… NOK Market AuM (NOK billion), STB estimates …
Slide 10: Storebrand launches product to prevent disability
Storebrand launches product to prevent disability Early care concept "VEL" included as part of our disability insurance products in 2026 VEL helps more people Storebrand is a major In addition to reducing the Individuals at risk of participate in working player in disability company’s costs related
Slide 11: ESA's preliminary assessment: Public occupational pension must be tendered
A B C D ESA's preliminary assessment: Public occupational pension must be tendered Large market currently dominated by one player Market size (AuM) and market shares (%) 3-4% STB: Number of public customers Pension funds • ESA has sent its preliminary assessments in the +10 Municipalities procuremen
Slide 12: Preferred manager for closed corporate pension funds in run off
A B C D Preferred manager for closed corporate pension funds in run off Attractive market for Storebrand Storebrand has NOK 8bn in AuM AuM (NOKbn) Continue the strong and profitable growth as a Several closed corporate pension funds are managed as captive by corporations Preferred manager of corpora
Slide 13: Continue growing the corporate P&C business
A B C D Continue growing the corporate P&C business Build on existing operations and The initiative has been delayed due Expected high premium growth2 synergies in a profitable market to covid, but is now accelerating Premiums from corporate P&C customers (NOK million) Strong Group synergies, e.g. S
Slide 14: SPP: A digital leader in the Swedish life & pension market
A SPP: A digital leader in the Swedish life & Leading Provider in Occupational Pensions Norway & Sweden pension market Core market within occupational Serving clients in Sweden Value proposition and go-to market pensions The Swedish pension system ployees B2B2E Private Em pension savings 351 Women/M
Slide 15: Key takeaways Storebrand Life
Continued double-digit growth across the group, supported by 1 strong performance in Storebrand Life Market leader in occupational pensions in Norway with a solid 2 position in Sweden; long-term structural growth expected to further Key strengthen Storebrand's capital-light front book takeaways Stro
Slide 16: Improving return on equity as the transformation towards capital-light continues
Improving return on equity as the transformation towards capital-light continues Future Run-off Total Storebrand Business Savings & Insurance Guaranteed 2 Group Cash result 1 2 926 1 457 3 579 (NOK million) IFRS shareholder equity 7.0 22.3 29.3 (NOK billion) Return on IFRS 42% 7% 15% shareholder equ
Slide 17: Increasing group financial ambitions as the equity story unfolds
Increasing group financial ambitions as the equity story unfolds Value creation increases as equity story unfolds Group ambitions Structural and market driven growth ✓ 5 NOK billion >14% Continued cost discipline ✓ Group profit 2025 Return on Equity Increased Return on Equity ✓ Strong solvency ✓ Inc
Slide 18: 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 Planned on CMD 2023 +15% Executed 12.0 +15% 4.70 Ongoing, with NOK 1.5bn approval in place from the 4.10 NFSA for the full year. 3.70 Approx. NOK 500m of 8.0
Slide 19: Storebrand Forsikring (P&C)
Storebrand Forsikring (P&C) 5 September 2025 Trond Fladvad – CEO Storebrand Forsikring
Slide 20: Pursuing our Group Strategy
Pursuing our Group Strategy Leading The Way In Sustainable Value Creation to be a leading 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 N
Slide 21: Double digit growth continues across the Group, Retail Insurance premium up 26%
Double digit growth continues across the Group, Retail Insurance portfolio premium up 26% YoY Unit linked (defined contribution) pensions Asset management UL reserves (NOK billion) YOY AuM (NOK billion) YOY 12% 16% +17%1 +13%1 459 475 1 469 1 507 380 1 097 1 212 308 315 962 1 020 268 831 179 220 707
Slide 22: Improved profitability in Insurance, maintaining 90-92% combined ratio ambition
Improved profitability in Insurance, maintaining 90-92% combined ratio ambition for 2025 Portfolio Premiums 1 (NOK billion) Combined Ratio YoY Q1 97% Corporate Retail 21% Cost Ratio Claims Ratio Q2 91% 9.9 102% 8.8 97% 94% 97% 94% 91% 91% 18% 82% 16% 18% +15%2 7.4 43% 17% 17% 18% 18% 6.7 44% 16% 5.5
Slide 23: The P&C offering is a core part of the retail go-to-market strategy
The P&C offering is a core part of the Storebrand Norwegian retail go-to-market strategy ~ 650,000 Efficient go-to A challenger in > 500 FTEs customers market strategy the retail market … utilising a profitable business model while … Systematically broaden the customer capitalising on group synergie
Slide 24: Growth in Retail P&C empowered by a twofold distribution strategy
The growth in Retail P&C is empowered by a twofold distribution strategy 1. Banking and Savings 'go to market' 2. Insurance 'go to market' Banking and Savings Insurance The core business and customer value proposition is banking, The core business and customer value proposition is insurance while ot
Slide 25: Success supported by strong customer offering and group synergies
Success supported by strong customer offering and group synergies Well-known and B2B2C Capital synergies in In-house respected brand customer base mortgages and insurance competence Group Synergies Key success factors Combining advisors with Increased Accretive digital distribution distribution powe
Slide 26: Strong organic growth and bolt-on acquisitions have led to a solid challenger
Strong organic growth and two minor bolt-on acquisitions have led to a solid challenger position in P&C Portfolio premiums, P&C in Storebrand (in MNOK) 4.897 4.113 26% 3.232 2.863 2.517 1.647 21% 1.058 1.097 1.089 1.099 1.242 736 815 539 625 467 223 278 9 121 2006 2007 2008 2009 2010 2011 2012 2013
Slide 27: Consistently growing market shares since 2018
Consistently growing market shares since 2018 Market share development in Retail P&C insurance 1 7,1% 6,7% 7,6% 6,2% 5,8% 4,3% 3,6% 3,5% 3,5% 3,3% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2 27 1. Source: Finance Norway. Excludes Storebrand Helseforsikring AS (divested business)
Slide 28: Norwegian P&C insurance market has long-term stability with healthy margins
The Norwegian P&C insurance market has shown long-term stability with healthy margins Total claims in Norwegian land-based P&C insurance 1 NOK billion 40.000 +2,1% 30.000 +46,8% +3,8% 20.000 10.000 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 29: Improving insurance results year to date on back of several measures
Improving insurance results year to date on back of several measures, including repricing Renewals per quarter1 Mitigating actions (in % of total portfolio premiums pre renewal) Repricing Q4 50% of the portfolio Increased deductibles premiums are 15% renewed during Q1 Terms and conditions Q3 12% Ris
Slide 30: Summary
Summary From CMD 2023 - Raising the bar towards 2025 Volume growth Profitability Double digit growth across product lines Double digit < 92% combined ratio retail insurance premiums, retail mortgages growth in and retail savings (AuM) cash results in insurance 30
Slide 31: Q&A
Q&A 31
Slide 32: Appendix
@&S Storebrand Appendix SS
Slide 33: 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 34: Important Information
Important Information This document contains 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 futur
Slide 35: Thank you
Thank you 35