Storebrand Asa · OSL:STB
Storebrand Asa — Debt Investor Presentation (September 2025)
31 slides from Storebrand Asa's debt investor presentation, Sep 10, 2025
Slide 1: Storebrand ASA Senior Unsecured Bond Issue
Storebrand ASA Senior Unsecured Bond Issue Investor Presentation 10 September 2025
Slide 2: Disclaimer (1/2)
Disclaimer (1/2) IMPORTANT: You must read the following before continuing. The attached presentation is in summary form and relates to an offering of securities as currently contemplated and has been prepared solely for information purposes and on the basis of your acceptance of this disclaimer and
Slide 3: Disclaimer (2/2)
Disclaimer (2/2) This presentation is the sole responsibility of the Issuer and has not been approved by any regulatory authority. The information contained in this presentation speaks as of the date hereof and is subject to change, completion and amendment without notice. The information contained
Slide 4: Storebrand overview and strategy; Capital position; Group results
1 2 3 Storebrand overview and strategy Page 6 Capital position and solvency Page 14 Group results Q2 2025 Page 21 4
Slide 5: Executive summary
Executive summary • Sustainable Nordic Savings and Insurance Group • Pension market leader in Norway and strong contender in Sweden, Nordic powerhouse in Asset Management and growing Storebrand challenger in Norwegian retail market Overview and Strategy • Active in structurally growing markets with
Slide 6: Storebrand Overview and Strategy
Storebrand 1. Storebrand Overview and Strategy Overview and 2. Capital and Solvency Strategy 3. Group results Q2 2025 6
Slide 7: 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 2025 Foundation: P&C Pioneered Pionee
Slide 8: 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 9: 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 10: Storebrand Group Structure
Storebrand Group Structure Diversified cash flow to holding company Storebrand ASA *Simplified legal structure Storebrand ASA Storebrand Storebrand Storebrand Storebrand Livsforsikring AS Forsikring AS Bank ASA Asset Management AS Storebrand Holding AB Storebrand Boligkreditt AS Storebrand Fonder AB
Slide 11: 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 12: Storebrand's strategic direction towards 2025
Storebrand's strategic direction towards 2025 Capturing both structural and market driven growth to transform into a high Return on Equity business in line with long-term Group strategy HIGHLY ILLUSTRATIVE Bubble size illustrates Group Profit contribution Capital Intensity Asset management 2023E 202
Slide 13: Financial and Sustainability goals from Capital Markets Day 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 14: Capital and Solvency
1. Storebrand Overview and Strategy Capital and Solvency 2. Capital and Solvency 3. Group results Q2 2025 14
Slide 15: Rating
'A' rating for Storebrand Livsforsikring AS from S&P Global BBB+ rating for Storebrand ASA linked to rating of Storebrand Livsforsikring AS Rating and underlying rationale Comments • S&P Global has assigned an "A" rating with a stable outlook to Storebrand Livsforsikring AS Storebrand Livsforsikring
Slide 16: Term structure debt (to ordinary call date)
Term structure debt (to ordinary call date) The Storebrand Group is a frequent issuer in the capital market Term structure sub-debt Storebrand Livsforsikring (bn NOK)1 Term structure senior debt Storebrand ASA (bn NOK)2 3.0 2.6 Perpetual Non- perpetual 1.0 1.0 1.0 0.9 0.5 0.5 2026 2027 2028 2029 203
Slide 17: Solid capital position with low leverage and strong liquidity
Solid capital position with low leverage and strong liquidity gives financial flexibility Group capital (NOK billion) and leverage ratio 1 Liquidity position Storebrand ASA Q4 (NOK billion) 5.6 26% 24% 22% 20% 20% 20% 19% 2.4 45.6 3.2 40.8 35.9 13.5 32.9 1.0 11.8 27.6 8.1 24.7 8.1 20.2 4.9 5.7 6.1 3
Slide 18: 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 19: Consistent group capital management and dividend policy
Consistent group capital management and dividend policy Capital management and dividend policy 200% ▪ Intention to return excess capital through share buybacks when Q2 2025 the solvency ratio is above 175% 175% ▪ Ambition is to pay nominally growing dividends per share Solvency II ratio ▪ Maintain i
Slide 20: Moderate leverage and strong debt servicing capacity
Moderate leverage and strong debt servicing capacity in a combination with increasing Solvency Moderate leverage1 Strong debt servicing capacity1 Strong Solvency II development over the last decade (%) 20% 7,5x 192 200 19% 184 172 174 166 175 6,0x 155 Subordinated Subordinated EBITDA/Interest EBITDA
Slide 21: Group results Q2 2025
Group 1. Storebrand Overview and Strategy results Q2 2. Capital and Solvency 2025 3. Group results Q2 2025 21
Slide 22: 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 23: 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 24: 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 25: 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 26: Storebrand Group | Profit by line of business
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 27: Savings (non-guaranteed)
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 28: Insurance
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 29: Guaranteed pension
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 30: 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 31: 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 A white and black play butto
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