Storebrand Asa · OSL:STB
Storebrand Asa — Q2 2025 Earnings Presentation
33 slides from Storebrand Asa's earnings presentation, Jul 11, 2025
Slide 1: Storebrand Q2 2025
Storebrand Q2 2025 11 July 2025 Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO
Slide 2: Highlights Q2 2025
Highlights Q2 2025 Strong quarter driven by robust operating and financial results Group result 1 MNOK 16% AuM growth2 ; NOK 1 507bn per Q2'25 2 594 12% growth in unit linked reserves2 841 1 427 21% growth in insurance premiums2 474 1 753 953 18% Return on Equity in Q2'253 Q2 2025 YTD 2025 Financial
Slide 3: Executed NOK 750m in share buybacks in first half
Executed NOK 750m in share buybacks in first half, NOK 750m tranche in second half initiated today 1 Overview of executed and planned share buybacks NOK billion Ambition announced on CMD 2023 Planned Executed As per 30 June, NOK 750m had been executed in 2025, while NOK 12 750m remained for the full
Slide 4: 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 5: 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 6: Leading Provider Occupational Pensions Norway & Sweden
Leading Provider Occupational Unit linked (defined contribution) pensions Pensions Norway & Sweden UL reserves (NOK billion) YOY 12% Quarterly Highlights +17%2 380 459 475 308 315 268 220 179 Entered into agreement to acquire portfolio of Aspida Forsikring, an agency offering P&C insurance to the No
Slide 7: Nordic Powerhouse in Asset Management
Nordic Powerhouse in Asset Management Quarterly Highlights Asset management AuM (NOK billion) YOY 16% 1,469 1,507 Assets under management in excess of NOK 1.5 trillion, a new record level, +13%1 supported by financial markets in the quarter 1,212 1,097 1,020 962 831 707 Strong contribution from outp
Slide 8: Growing Challenger in Norwegian Retail Market
Growing Challenger in Retail Insurance Norwegian Retail Market Portfolio premiums (NOK billion) YOY 26% Quarterly Highlights +19%2 4.9 5.7 3.7 4.1 3.1 1.9 2.3 1.7 7.4% market share in Norwegian retail P&C compared to 7.1% in the previous 2018 2019 2020 2021 2022 2023 2024 2025 quarter 1 Q2 Retail ba
Slide 9: Improved profitability in Insurance
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 10: 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 33% 2,249 21% 15%
Slide 11: Solvency position and sensitivities Q2 2025
Group Solvency position and sensitivities Q2 2025 Storebrand Group Solvency position 1 Estimated sensitivities 198 % 200 % SII-margin Q2 200% Interest 199% rates -50bp Interest 201% rates +50 bp Q1 2025 Q2 2025 Equity -25% 206% Key takeaways Q2 2025 Spread +50 bp, 192% VA +15bp ▪ Positive developmen
Slide 12: Storebrand Group | Profit
Group Storebrand Group | Profit Continued underlying growth across the business, improved insurance results and robust financial results Profit 1 Q2 Year to date Full year NOK million 2025 2024 2025 2024 2024 Fee and administration income 2 070 1 888 4 067 3 706 7 585 Insurance result 635 396 1 105
Slide 13: Storebrand Group | Profit
Group Storebrand Group | Profit Profit by line of business Profit 1 Q2 Year to date Full year NOK million 2025 2024 2025 2024 2024 Fee and administration income 2 070 1 888 4 067 3 706 7 585 Insurance result 635 396 1 105 763 1 640 Operational cost -1 751 -1 465 -3 418 -2 962 -6 072 Cash equivalent
Slide 14: Savings (non-guaranteed)
Savings Savings (non-guaranteed) Growth continuing across savings segment Profit Q2 Year to date Full year NOK million 2025 2024 2025 2024 2024 Fee and administration income 1 767 1 567 3 473 3 061 6 327 Operational cost -1 119 -923 -2 175 -1 870 -3 831 Cash equivalent earnings from operations 648 6
Slide 15: 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 7.7 7.6 7.7 7.9 8.0 1.60 1.60 1.57 1.47 1.51 475 85 87 89 92 459 82
Slide 16: Insurance
Insurance Insurance Improved insurance result on back of repricing and other measures Profit Q2 Year to date Full year NOK million 2025 2024 2025 2024 2024 Insurance premiums f.o.a. 2 408 1 955 4 665 3 830 8 008 Claims f.o.a. -1 774 -1 559 -3 560 -3 067 -6 368 Operational cost -430 -336 -829 -663 -1
Slide 17: 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 ▪ During the quarter, strong sales retail insurance led to NOK 40m in 102% 100% 97% 97% 95% additional agent commissions compared to Q2 2
Slide 18: Guaranteed pension
Guaranteed Guaranteed pension Strong result supported by profit sharing in the quarter Profit Q2 Year to date Full year NOK million 2025 2024 2025 2024 2024 Fee and administration income 389 388 763 779 1 540 Operational cost -226 -211 -462 -426 -871 Cash equivalent earnings from operations 163 177
Slide 19: Guaranteed pension Key figures
Guaranteed Guaranteed pension Key figures Reserves guaranteed products Key Takeaways Customer buffers Actively sold Run-off ▪ Customer reserves of NOK 302bn, up by NOK 7bn in the 288 294 291 295 302 quarter, driven by currency effects as well as some underlying 29 31 31 31 34 34 35 35 39 41 growth i
Slide 20: Other
Other Other 1 Robust financial result supported by strong company portfolio returns Profit Q2 Year to date Full year NOK million 2025 2024 2025 2024 2024 Fee and administration income 4 4 11 11 23 Operational cost -66 -66 -132 -147 -271 Cash equivalent earnings from operations -62 -62 -121 -136 -248
Slide 21: On track to reach sustainability targets
On track to reach sustainability targets Science Solution CO2 emissions Other highlights based targets investments Stocks and bonds2 Real estate3 Ranked amongst the World's most sustainable companies Storebrand ranked among the top 100 on Times' list of "World's most sustainable companies of 2025"5
Slide 22: 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 23: Capital Markets Day 2025 | December 10th
Capital Markets Day 2025 | December 10th Key Details When Wednesday, 10 December 2025 Time of day to be confirmed Where The event will be hosted in a hybrid A full agenda, registration and more format — available via live webcast information will be made available on and in person at Storebrand’s St
Slide 24: Q&A
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 Q1 2025 to Q2 2025
Solvency movement from Q1 2025 to Q2 2025 Storebrand Group -2% 200 % 0% +4% 198 % -0% -0% -1% +1% Q1 2025 Model & Interest Market Updated Cash Dividend Buybacks Q2 2025 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 30.06.2024 11% 10% 3% 13% 64
Slide 29: Overview of Special items
Overview of Special items Quarter Special items Comments NOKm 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 in financial gain in Savings segment, Asset Management sub-segment, related to the rev
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 22 October 2025 Results Q3 2025 10 December 2025 Capital Markets Day 32
Slide 33: Storebrand
CXS) Storebrand Invester i fremtiden