Storebrand Asa · OSL:STB
Storebrand Asa — ABG Nordic Insurance Trip (September 2024)
20 slides from Storebrand Asa's conference presentation, Sep 4, 2024
Slide 1: Storebrand ABG Nordic Insurance Trip
Storebrand ABG Nordic Insurance Trip Odd Arild Grefstad 04.09.2024
Slide 2: 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 19%2 14%2 +13%1 +18%1 426 1 298 380 1 097 1 020 1 212 308 315 962 268 721 831 220 707 168 179 577 140 2016 2017 2018 2019 2020 2021 2022 202
Slide 3: Highlights Q2 2024
Highlights Q2 2024 Strong operating result driven by continued growth and cost control, financial result boosted by sales gain Group result 1 MNOK 14% AuM growth2; NOK 1 298bn per Q2'24 3 331 19% growth in unit linked reserves2 1 047 2 249 1 047 777 16% growth in insurance premiums2 384 819 1 507 19
Slide 4: Second quarter business update
Second quarter business update Sustainability Internal Model Public Pensions Recognised as one of the world's most Submitted application for ESA expected to initiate infringement sustainable companies by Partial Internal Solvency Model proceedings in the public procurement case & 4
Slide 5: Two acquisitions announced and divestment of health business concluded during the second quarter
Two acquisitions announced and divestment of health business concluded during the second quarter Acquisition of Investment in Divestment of Storebrand AIP Management corporate headquarter Health Insurance concluded • Increased ownership in Danish infrastructure fund • Gross property value of NOK ~1.
Slide 6: SPP
SPP ABG Nordic Insurance Trip Jenny Rundbladh 04.09.2024
Slide 7: Sustainable Nordic Savings and Insurance Group
Sustainable Nordic Savings and Insurance Group A B C Future Storebrand Growth focus in Leading Provider in 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
Slide 8: SPP: A digital leader in the Swedish life & pension market
A Leading Provider in Occupational Pensions SPP: A digital leader in the Swedish life & Norway & Sweden pension market Core market within occupational Serving clients in Sweden Value proposition and go-to market pensions The Swedish pension system ployees Private Em B2B2E pension savings 365 Women/M
Slide 9: Outlook: Swedish life insurance market continues to grow
A Leading Provider in Outlook: Swedish life insurance market continues Occupational Pensions Norway & Sweden to grow Premium income Transfers AuM Net flows Individual responsible for Total assets Total premiums paid excl transfers Net of premiums paid and pay-outs transfers, mainly UL SEK billion SE
Slide 10: SPP: Strong growth in Premium income Unit Linked has led to increased market share
A Leading Provider in Occupational Pensions SPP: Strong growth in Premium income Unit Linked has Norway & Sweden led to increased market share Double digit growth in Premium income, Unit Linked1 Accelerating 2nd position in terms of premium income SEK million Market shares measured by premium income
Slide 11: Increased result and capital release has contributed to higher RoE
A Leading Provider in Increased result and capital release has contributed to Occupational Pensions Norway & Sweden higher RoE Profit before tax and amortisation, SEKm Building a high RoE business in the Swedish market Operating profit Return on Equity for SPP (%) Financial items and risk result lif
Slide 12: Growing financial result driven by increased profit sharing from Guaranteed business
Group financial items and risk result life Growing financial result driven by increased profit sharing from Guaranteed business ILLUSTRATIVE Financial items and risk result life Profit sharing Sweden + Profit sharing Norway Group, NOK million NOK million NOK million ~ 300 ~ 300 2 ~ 1,400-1,500 ~ 200
Slide 13: SPP Financial result driven by profit sharing from Guaranteed business
SPP Financial result driven by profit sharing from Guaranteed business Status H1 2024 Drivers ahead of us SEK million 160 • Expectation of lower rates but: 140 • Strong solvency position makes it possible to 120 maintain exposure to risky assets 100 →Increases likelihood for profit sharing and DCC 8
Slide 14: Looking ahead: Additional growth fuelled by key success capabilities and strong group synergies
Looking ahead: Additional growth fuelled by key success capabilities and strong group synergies… Modern scalable platform and an internal workforce transformation Strong market position with a #1 rate by external partners SPPs business & profit pool Well positioned sustainable investment brand, stro
Slide 15: Visualised in commercial initiatives expanding SPP's profit pool
… visualised in commercial initiatives expanding SPP's profit pool Repackaged products into new segments: A → Growth in the SME segment SPP's Added value propositions and distribution: business & profit pool B → Growth in capital light guaranteed savings Provide a scalable operation model: C → Conso
Slide 16: Strategic priorities towards 2025
A Leading Provider in Occupational Pensions Norway & Sweden Strategic priorities towards 2025 SPP is a preferred partner based on our position as a trusted advisor and a sustainable pioneer We pave the way as a digital leader, offering a smooth customer journey and reduced time to market We target d
Slide 17: Appendix
Appendix 17
Slide 18: Growth in capital light guaranteed savings
A B C Growth in capital light guaranteed savings SPP's capabilities High interest rate environment Customer needs creates potential ✓ Strong risk management ✓ Well-known brand ✓ Scalable operating model The win of ITP* opens new doors * Largest white collar collective agreement ▪ Few peers with rele
Slide 19: Guaranteed savings: Market outlook and potential
Guaranteed savings: Market outlook and potential Premiums, Competition Comments 3% 2% 5% SPP share 0 % 7% ITP* • Mutual Life Companies dominates the market 28 mdr for guaranteed pensions both within collective 83% agreements and non-collective 6% SPP share 4 % • SPP has since 2013 built a strong pos
Slide 20: 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
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