Storebrand Asa · OSL:STB
Storebrand Asa — Q2 2026 Earnings Presentation
32 slides from Storebrand Asa's earnings presentation, Jul 15, 2026
Slide 1: Storebrand Q2 2026
Storebrand Q2 2026 15 July 2026 Odd Arild Grefstad – CEO Kjetil R. Krøkje – CFO
Slide 2: Clear progress and strong performance in Q2 2026
Clear progress and strong performance in Q2 2026 Record strong Global recognition results1 >100 bn within sustainability delivered returns to our customers in 2026 TIME Magazine 3 Dow Jones 4 1.8 Söderberg & Partners 5 NOK bn in result1 17% 30 consecutive Signed agreement to acquire Knif Trygghet gr
Slide 3: Highlights Q2 2026
Highlights Q2 2026 Record strong operating profit and solid financial results Group result 1 MNOK 10% AuM growth2; NOK 1,658bn Q2 2026 3,152 19% growth in unit linked reserves2 1,007 1,799 680 12% growth in insurance premiums2 2,145 1,119 16% return on equity3, trailing twelve months Q2 2026 YTD 202
Slide 4: NOK 1bn share buyback tranche for the second half of 2026 initiated today
NOK 1bn share buyback tranche for the second half of 2026 initiated today Executed and planned share buybacks Shares outstanding Ambition NOK billion Million announced Unadjusted for treasury shares Planned on CMD 2025 Executed 12.0+ As per 30 June, NOK 1.0bn had been -10% executed in 2026, while NO
Slide 5: Leading the way in sustainable value creation
Leading the way in sustainable value creation Future Storebrand Growth focus in capital- Leading Provider of Nordic Powerhouse in Growing Challenger in the light business areas in Occupational Pensions Asset Management Retail Market front-book NO & SE NO Strategic enablers Unlocking growth People Fi
Slide 6: Strong growth continues across the Group
Strong growth continues across the Group Unit-linked (defined contribution) pensions Asset management UL reserves (NOK billion) AuM (NOK billion) 19%3 10% YOY YOY +12% +16% CAGR1 1,658 1,469 1,609 CAGR1 567 520 459 380 962 1,097 1,020 1,212 268 308 315 831 220 707 179 2018 2019 2020 2021 2022 2023 2
Slide 7: Leading Provider of Occupational Pensions in Norway & Sweden
Leading Provider of Occupational Unit linked (defined contribution) pensions Pensions in Norway & Sweden UL reserves (NOK billion) YOY 19%5 Quarterly Highlights +16%4 459 520 567 380 308 315 268 179 220 Quarterly result of NOK 291m for Unit linked Norway and Sweden in the quarter, up 30% compared to
Slide 8: Nordic Powerhouse in Asset Management
Nordic Powerhouse in Asset Management Quarterly Highlights Asset management AuM (NOK billion) YOY Assets under management more than NOK 1.6 trillion, a new record level, 10% supported by financial markets in the quarter 1,609 1,658 +12%1 1,469 1,212 1,097 1,020 962 Operational costs down 12% year-on
Slide 9: Growing Challenger in Norwegian Retail Market
Growing Challenger in Retail Insurance Norwegian Retail Market Portfolio premiums (NOK billion) YOY 22% Quarterly Highlights +20%3 6.2 6.9 4.9 3.7 4.1 3.1 1.9 2.3 1.7 Market share in Norwegian retail P&C now at 8.1 percent, with a steady 2018 2019 2020 2021 2022 2023 2024 2025 2026 increase for 30 c
Slide 10: The acquisition of Knif Trygghet Forsikring and the partnership with Knif strengthen our position in the P&C market
The acquisition of Knif Trygghet Forsikring and the partnership with Knif strengthen our position in the P&C market Background Market shares within Norwegian P&C market 1 Knif Trygghet Storebrand • Knif Trygghet Forsikring AS is a non-life insurance company serving 8.4% 0.3% the Christian and non-pr
Slide 11: Key figures
Group Key figures Improved financial result and a solid solvency position Result development1 Return on equity2 and earnings per share3 Special items Cash equivalent earnings from operations Cash EPS (NOK) Annualised return on equity Financial items and risk result life 20% NOK million 18% 19% 17% 1
Slide 12: Solvency position and sensitivities Q2 2026
Group Solvency position and sensitivities Q2 2026 Storebrand Group Solvency position 1 Estimated sensitivities 206 % 200 % SII-margin Q2 200% Interest 200% rates -100 bp Interest 196% rates +100 bp Q1 2026 Q2 2026 Equity -25%, 217% SA -16p.p. Key takeaways Q2 2026 Spread +50 bp, 193% VA +15bp ▪ A st
Slide 13: Storebrand Group | Profit
Group Storebrand Group | Profit Operational result increased 17% year-on-year, supported by double digit result growth across all segments Profit 1 Q2 Year to date Full year NOK million 2026 2025 2026 2025 2025 Fee and administration income 2 031 2 070 4 128 4 067 8 573 Insurance result 889 635 1 55
Slide 14: Storebrand Group | Profit
Group Storebrand Group | Profit Profit by line of business Profit 1 Q2 Year to date Full year NOK million 2026 2025 2026 2025 2025 Fee and administration income 2 031 2 070 4 128 4 067 8 573 Insurance result 889 635 1 554 1 105 2 444 Operational cost -1 801 -1 751 -3 537 -3 418 -7 042 Cash equivalen
Slide 15: Savings (non-guaranteed)
Savings Savings (non-guaranteed) Supportive equity markets and operational improvements drive continued strong development in Unit linked and Asset Management Profit Q2 Year to date Full year NOK million 2026 2025 2026 2025 2025 Fee and administration income 1 728 1 767 3 539 3 473 7 370 Operational
Slide 16: Savings (non-guaranteed) Key figures
Savings Savings (non-guaranteed) Key figures Reserves and premiums Unit Linked2 Retail bank balance and net interest margin (%) Unit Linked reserves Unit Linked premiums Life insurance balance sheet Bank balance sheet Interest margin 8.0 7.9 7.6 7.9 7.9 1.51 1.49 1.38 1.29 1.17 567 92 95 97 97 99 52
Slide 17: Insurance
Insurance Insurance Strong growth and result development within Retail, moderate results in Corporate due to a disability-related reserve strengthening in group life Profit Q2 Year to date Full year NOK million 2026 2025 2026 2025 2025 Insurance premiums f.o.a. 2 799 2 408 5 483 4 665 9 705 Claims f
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) 1 ▪ Strong growth and result development within Retail. Moderate 94% 94% 92% 92% 90% results in Corporate, where Group life recorded a rese
Slide 19: Guaranteed pension
Guaranteed Guaranteed pension Strong result supported by profit sharing in the quarter Profit Q2 Year to date Full year NOK million 2026 2025 2026 2025 2025 Fee and administration income 385 389 761 763 1 552 Operational cost -229 -226 -454 -462 -939 Cash equivalent earnings from operations 155 163
Slide 20: Guaranteed pension Key figures
Guaranteed Guaranteed pension Key figures Reserves guaranteed products Key takeaways Customer buffers Actively sold Run-off 302 303 306 298 299 ▪ Net profit sharing of NOK 242m in the quarter against backdrop 34 35 36 34 37 41 41 42 42 43 of supportive equity markets ▪ Buffer capital increased to 8.
Slide 21: Other
Other Other Robust financial result supported by strong company portfolio returns Profit Q2 Year to date Full year NOK million 2026 2025 2026 2025 2025 Fee and administration income 4 4 8 11 19 Operational cost -60 -66 -112 -132 -262 Cash equivalent earnings from operations -55 -62 -103 -121 -243 Fi
Slide 22: Transition plan – on track towards 2030 climate goals
Transition plan – on track towards 2030 climate goals CO2 emissions stocks Science based Solution investments and bonds1 targets2 Status 52%3 43%3 20%4 Targets 60% >42% 20% reduction by 2030 of stocks and solution investments compared to 2018 level bonds by 2027 by 2030 1. Full transition plan here.
Slide 23: Financial ambitions presented on the Capital Markets Day in December 2025
Financial ambitions presented on the Capital Markets Day in December 2025 Increasing Increasing Increasing Share cash result1 return on capital1 dividends buybacks NOK 2bn In 2026 NOK 7bn 17% Growing Result target 2028 ROE target 2028 Dividends every year1 NOK 1.5bn Annual share buybacks per year 20
Slide 24: Q&A
Q&A Please join the MS Teams webinar to participate in the Q&A session Odd Arild Grefstad Kjetil R. Krøkje Stig-Øyvind Blystad Communications Group CEO Group CFO Director 24
Slide 25: Appendix
@&S Storebrand Appendix SS
Slide 26: Solvency movement from Q1 2026 to Q2 2026
Solvency movement from Q1 2026 to Q2 2026 Storebrand Group 206% - 0% -7% -2% 200% 0% 5% -2% Q1 2026 Model and Regulatory Market return, Cash Dividend Subordinated Q2 2026 assumptions assumptions business mix earnings debt and allocation 26
Slide 27: Asset allocation and foreign currency exposure for unit linked and asset management sub-segments
Asset allocation and foreign currency exposure for unit linked and asset management sub-segments FX exposure1 NOK SEK Other Foreign Unit Linked Norway 65 % 0% 35 % Unit Linked Sweden 0% 40 % 60 % Asset management 35 % 20 % 45 % Asset allocation1 Equities Bonds Alternatives Unit Linked Norway 70 % 20
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 30.06.2025 13% 10% 3% 12% 62
Slide 29: Overview of Special items
Overview of Special items Quarter Special items Comments NOK million Q2 2026 45 (finance) • The Asset Management sub-segment recognised a NOK 27m financial income from the revaluation of earnout liabilities related to the AIP Management acquisition. • In Retail Banking, a NOK 18m financial gain was
Slide 30: For further information
For further information Contact us Information Kjetil R. Krøkje kjetil.r.krokje@storebrand.no Group CFO +47 9341 2155 Johannes Narum johannes.narum@storebrand.no Investor relations website Head of Investor +47 9933 3569 Relations Financial reports and information A white and black play button Descri
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 21 October 2026 Results Q3 2026 32