Storebrand Asa · OSL:STB
Storebrand Asa — Investor Day (2025)
152 slides from Storebrand Asa's investor day presentation, 2025
Slide 1: Capital Markets Day 2025: In Business for a Brighter Future
Capital Markets Day 2025 In Business for a Brighter Future Scaling a Leading Nordic Savings and Insurance Group 1
Slide 2: 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 3: Welcome to Capital Markets Day 2025
Welcome to Capital Markets Day 2025! Opening remarks Agenda Tove Selnes Executive Vice President People, Brand & Communications 3
Slide 4: Agenda
Home with solid fill Back to content page Agenda Time (CET) Topic Presenter Page 13:00 – 13:05 Welcome to the Capital Markets Day 2025 Tove Selnes, EVP People, Brand & Comm. Group Strategy Odd Arild Grefstad, Group CEO 13.05 – 13:30 5 Digital Trygve Håkedal, EVP Digital Savings Asset Management Jan
Slide 5: Group Strategy
Group Strategy Scaling a Leading Nordic Savings and Insurance Group Odd Arild Grefstad Chief Executive Officer 5
Slide 6: Our long-term strategy is built to unlock value for shareholders and security and freedom for customers
Group strategy Our long-term strategy is built to unlock value for shareholders and security and freedom for customers Capital build-up Growth and capital distribution ILLUSTRATIVE Future Storebrand 2029-2035 Strategy period Phase 3 2026-2028 Phase 2 Phase 1 1767 2012 2025 2028 2035 6
Slide 7: Our History
Group strategy Our History 258 Years of Reinvention 7
Slide 8: From a Norwegian company with a long history to a truly Nordic group
Group strategy From a Norwegian 258 years company with a of trusted relationships long history… 61,000 Corporate customers Since 2022 2,600,000 A strong Individual customers heritage dating back to 1767 Since 2007 NOK 1,561bn Total AuM Since 2020 … to a truly Nordic Savings and 2,550 Insurance Group
Slide 9: Fivefold increase in results from Savings & Insurance since 2012
Group strategy Fivefold increase in results1 from Savings & Insurance since 2012 5.2 NOK billion Savings & Insurance Guaranteed 69% 5x 2.9 Increase in non- guaranteed1 between 2012 and 2025 TTM2 2.0 56% 36% 31% 64% 44% 2012 2016 2025 TTM2 1. Cash equivalent earnings before amortisation and tax. For
Slide 10: Double-digit growth continues across the Group
Group strategy Double-digit growth continues across the Group Unit-linked (defined contribution) pensions Asset management UL reserves (NOK billion) AuM (NOK billion) 11% 16% YOY YOY +17% +13% CAGR1 CAGR1 459 496 1 469 1 561 380 1 097 1 212 308 315 962 1 020 268 707 831 179 220 2018 2019 2020 2021 2
Slide 11: Delivered on 2023 Capital Markets Day financial targets
Group strategy Delivered on 2023 Capital Markets Day financial targets Group result1 (NOK billion) 2025 target Return on equity1 (%) 2025 target CAGR >20% 5 14 ~2.7 ~3.5 >5.0 9 13 >15 2020 2023 2025 2020 2023 2025 Dividends per share (NOK) 2025 target Share buybacks (NOK billion) 2025 target CAGR ~1
Slide 12: Our long-term strategy is built to unlock value for shareholders and security and freedom for customers
Group strategy Our long-term strategy is built to unlock value for shareholders and security and freedom for customers Capital build-up Growth and capital distribution ILLUSTRATIVE Future Storebrand 2029-2035 Strategy period Phase 3 2026-2028 Phase 2 Phase 1 1767 2012 2025 2028 2035 12
Slide 13: Looking ahead
Group strategy External forces Group strategy Strategic enablers Featuring a video by the Chairman Looking ahead and presentation by EVP Digital Group synergies Raising our ambitions Well positioned for value creation over the next decade 13
Slide 14: Attractive Nordic macro environment
Group strategy | External forces Attractive Nordic macro environment Digitally High trust / Strong public Favorable rate Wealthy Resilient advanced happiness finances environment population economies societies societies Debt to GDP ratio1 Key policy rate2 GDP per capita3 Resilience index4 Digital co
Slide 15: Storebrand is well positioned to capitalise on accelerating megatrends
Group strategy | External forces Storebrand is well positioned to capitalise on accelerating megatrends Digitalisation accelerated by AI Increasingly advanced tools are creating rapid changes in workforce requirements and development capacity. Major demographic shifts Storebrand is well Senior indiv
Slide 16: Leading the way in sustainable value creation
Group strategy | Group strategy Pursuing our Group strategy 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-b
Slide 17: 30 years of pioneering sustainable finance
Group strategy | Strategic enablers 30 years of pioneering sustainable finance Holistic approach Recognised leader1 Insurance Top 10% Dow Jones Best-in-Class World Index 2024 Product offering to reduce disability through the VEL concept, as well as Savings and circularity and damage Grade A- prevent
Slide 18: Transition plan – tracking progress toward 2030 climate goals
Group strategy | Strategic enablers Transition plan – tracking progress toward 2030 climate goals Systematic work with high CO2 emissions Science based Solution ambitions across insurance, stocks and bonds1 targets2 investments3 banking and own operations • Increase repairments in P&C insurance • De
Slide 19: Experienced management team with solid track record and deep industry expertise
Group strategy | Strategic enablers Experienced management team with solid track record and deep industry expertise Kjetil R. Krøkje 16 yrs Group CFO & EVP Average tenure 17 years at STB at Storebrand Vivi Gevelt Trygve Håkedal Alignment with long-term EVP, Corporate Norway 18 years at STB EVP, Digi
Slide 20: Our culture sets us apart
Group strategy | Strategic enablers Our culture sets us apart The people driving our success 2,550 Employees What truly sets Storebrand apart and what competitors cannot <7% Turnover LTM imitate is the culture. <3% Sick leave YTD Jarle Roth 8.5 Employee engagement Chairman of the Board of Directors
Slide 21: Our digital journey
Group strategy | Strategic enablers Our digital journey • Cloud-native & cyber secure • Cost discipline with commercial mindset • Business-driven operating model Building a digital, data-driven & scalable business system 2025 Enabling Digital Business Digital Transforming and automating operating mo
Slide 22: Secure cloud foundation and scalable business platform
Group strategy | Strategic enablers Secure cloud Scalable business foundation platform We have fully migrated to the cloud and built out We have architected a consolidated and modular strong responsive and proactive cyber capabilities platform enabling growth and new opportunities 30% infrastructure
Slide 23: Artificial Intelligence
Group strategy | Strategic enablers Longstanding AI track record now enhanced with GenAI Artificial Claims automation & Customer profitability LLMs and AI agents in customer disability risk pricing and segmentation RAG service Intelligence 2016 2019 2020 2021 2022 2023 2024 2025 NBA & P&C insurance
Slide 24: Digital operating model
Group strategy | Strategic enablers Digital Digital Digital Digital Corporate Retail Asset Mngt SPP Digital Data & AI operating Enterprise platforms Cloud & security model Commercial alignment Cross-cutting synergies Deep business Digital organisation aligned 1:1 with Horizontal areas provide cross-
Slide 25: Enabling digital business
Group strategy | Strategic enablers Enabling digital business Award winning digital solutions >50% digital sales pension and for corporate market and servicing1 life insurance in SME nce Dig erie ita p ld ex ist er rib Custom Kron – Market leading utio Pension in Kron converting 16% investment app i
Slide 26: Group strategy underpinned by tangible revenue, cost and capital synergies
Group strategy | Group synergies Group strategy underpinned by tangible revenue, cost and capital synergies Group synergies Realise group-wide synergies with a unified operating model Revenue synergies Cost synergies Capital synergies Turning our broad customer base and Leveraging shared capabilitie
Slide 27: Turning our broad customer base and strong brand into a growth engine
Group strategy | Group synergies REVENUE SYNERGIES Turning our broad customer base and strong brand into a growth engine Strong brand 99% awareness4 of Storebrand in Norway Our investment app Kron Retail Corporate 540,000 collective 660,000 individual customers pension members2 in Norway Share of cu
Slide 28: Leveraging shared capabilities and captive assets across the Group
Group strategy | Group synergies COST SYNERGIES Leveraging shared capabilities and captive assets across the Group Common functions Gathering assets on one platform Retail Corporate Corporate Asset Storebrand Asset Management NO NO SE Management NOK 1,561bn in AuM Digital People, Brand and Com. Inte
Slide 29: Durable capital synergies from diversification within the Group
Group strategy | Group synergies CAPITAL SYNERGIES Durable capital synergies from diversification within the Group Capital synergies Non-life capital synergies Reduced SCR and increased return on capital Market risk from unit-linked and guaranteed leads to due to diversification effects under SII du
Slide 30: Raising our ambitions for value creation over the next decade
Group strategy | Raising our ambitions Raising our ambitions for value creation over the next decade Future Storebrand 2029-2035 High growth, return on capital and yield Strategy period 2026-2028 Capturing capital-light growth and increasing capital distribution 30
Slide 31: Strategy period: Stepping up our financial ambitions
Group strategy | Raising our ambitions Strategy period: Stepping up our financial ambitions Increasing Increasing Increasing Share cash result1 return on capital1 dividends buybacks2 NOK 2bn In 2026 NOK 7bn 17% Growing Result target 2028 ROE target 2028 Dividends every year1 NOK 1.5bn Annual share b
Slide 32: Investing to Scale a Leading Nordic Savings and Insurance Group
1 Build Kron into a fully fledged retail savings offering with common storefront, broadened functionality - and create a highly competitive retail savings application Investing to Scale 2 a Leading Nordic Invest in insurance platform modernisation, distribution and best-practice pricing and underwri
Slide 33: High growth, increasing return on capital and attractive yield
Group strategy | Raising our ambitions High growth, increasing return on capital and attractive yield 2029-2035 Future Storebrand 2028 Return on Equity1 potential >20% Result1 target NOK 7bn 2025 High Due to predictable run-off Return on Equity1 target RoE and capital-light growth Result1 target 17%
Slide 34: Savings
Savings Capturing Growth and Enhancing Scalability across the Savings Business 34
Slide 35: Storebrand has three reporting segments
Storebrand has three reporting segments 1 Savings 2 Insurance 3 Guaranteed 35
Slide 36: Savings Key takeaways
1 Savings Key takeaways Capturing Growth and Enhancing Scalability 1 across the Savings Business Strong market positions in attractive segments are expected to continue driving growth in Savings Asset Management Unit-Linked Sweden 2 The cost–income ratio is set to improve further, supported by ongoi
Slide 37: Asset Management
Asset Management Building a Nordic Powerhouse in Asset Management Jan Erik Saugestad Executive Vice President Asset Management 37
Slide 38: Recognised as a front-runner in the Nordic asset management industry
Savings | Asset management Recognised as a front-runner in the Nordic asset mgmt. industry, successfully building scale and scalability Where we come from Transformation and rise of Modern and sustainable Future growth as a Asset Management multi-boutique manager Nordic asset manager Who we are Wher
Slide 39: Captive assets as cornerstone investor and foundation for non-captive growth
Savings | Asset management Captive assets play an important role as a cornerstone investor and foundation for strong non-captive growth Strong growth in AuM, of which ~70% … while the captive capital provides ... has driven high revenue growth… from non-captive... cornerstone investment AuM (NOK bil
Slide 40: Strong organic growth and use of M&A to build strategic capabilities
Savings | Asset management Strong organic growth and use of M&A to build strategic capabilities support our position as a strategic partner Organic and inorganic growth has added We now cover most key asset classes diversity of products, brands and markets and strategies for institutional and wealth
Slide 41: Well positioned in the Nordics, and to increase our share of the profit pool
Savings | Asset management Nordic profit pool for asset managers in 20251 Total operating profits, NOK bn 14 Alternatives Conventional 7 4 4 1 We are well Norway Sweden Denmark Iceland Finland positioned in the Nordics, and to Storebrand AM 5th largest asset manager Strong position in Norway, but po
Slide 42: Scale and scalability as a Nordic Powerhouse in asset management
Savings | Asset management | Strategy period Scale and scalability as a Nordic Powerhouse in asset management Future Storebrand 2029-2035 Strategy Period 2026-2028 Top line growth and significant fundraising in 1 alternatives, to ensure scale and top line revenue margins Continued focus on streamlin
Slide 43: Aiming to maintain revenue margins through alternatives and strong active strategies
Savings | Asset management | Strategy period Aiming to maintain revenue margins through alternatives and strong active strategies Total AuM and revenue development, Storebrand Asset Management Key industry trends; revenue margins under pressure Revenue margin (bps per AuM) AuM Alternatives (NOK bill
Slide 44: Alternatives are growing asset classes and support revenue margins
Savings | Asset management | Strategy period Alternatives are growing asset classes and support revenue margins through a change in AuM mix Alternatives generates more than 50% of sector revenues from less Investors' intentions for their alternative assets' than 20% of AuM – the trend is expected to
Slide 45: Our alternative boutiques are well positioned to capture this growth
Savings | Asset management | Strategy period Our alternative boutiques are well positioned to capture this growth Our boutiques are well positioned within Operating profits in our alternatives business is infrastructure, real estate and private equity dependent on fundraising cycles NOK billion Numb
Slide 46: Increased focus on scalability after investments in capabilities
Savings | Asset management | Strategy period After clear investments in increased capabilities, we have increased the focus on scalability Total AuM and cost development, Storebrand Asset Management Key industry trends; scalability is a challenge Cost margin (bps per AuM) AuM Alternatives (NOK milli
Slide 47: Streamlining the business to demonstrate further scalability
Savings | Asset management | Strategy period Nordic Fund Platform We are streamlining the business to Multibrand Nordic Real Marcom Estate demonstrate further scalability through a multi- level program Cost Distribution Efficiency Effectiveness 47
Slide 48: Growth and scalability as a Nordic Powerhouse in asset management
Savings | Asset management | Future Storebrand Growth and scalability as a Nordic Powerhouse in asset management Future Storebrand 2029-2035 Strategy Period 2026-2028 Top line growth and significant fundraising in Significant long term growth opportunities 1 alternatives, to ensure scale and top lin
Slide 49: Strong presence in mutual funds in Sweden, potential in alternatives
Savings | Asset management | Future Storebrand Strong presence in mutual funds in Sweden, and clear potential in alternatives and new client segments Significant long term growth opportunities with key priority on Nordic markets, and Future Storebrand Sweden and Denmark in particular 2029-2035 Start
Slide 50: Clear presence in alternatives in Denmark, large potential in mutual funds
Savings | Asset management | Future Storebrand Clear presence in alternatives in Denmark, and a large potential in mutual funds Significant long term growth opportunities with key priority on Nordic markets, and Future Storebrand Sweden and Denmark in particular 2029-2035 Starting point for growth A
Slide 51: Key ambitions 2026-2028: Asset Management
Savings | Asset management Key ambitions 2026-2028 Asset Management AuM Operational Result1 growth leverage growth Cost / income CAGR Improved by CAGR 7% – 9% >5 p.p. >10% from 2025 to 2028 from 2025 to 2028 from 2025 to 2028 Local Nordic Sustainability partner partner pioneer 51 1. Result defined a
Slide 52: Unit-Linked Sweden
Unit-Linked Sweden Scaling and Expanding our Business in a Fast-Growing Swedish Market Jenny Rundbladh Executive Vice President Corporate Market Sweden 52
Slide 53: SPP is a digital leader in the Swedish life & pension market
Savings | Unit-linked Sweden SPP is a digital leader in the Serving clients in Sweden Swedish life & pension market Value proposition and go-to market Core market within occupational pensions B2B2E1 The Swedish pension system Private pension Multi-channel distribution savings 19,000 Occupational Cor
Slide 54: Structural tailwinds set to support sustained, robust market growth
Savings | Unit-linked Sweden Outlook: Structural tailwinds set to support sustained, robust growth in the market Premium income Net flows AuM Total premiums paid excl. transfers Net of premiums paid and pay-outs Total assets SEK billion SEK billion SEK billion Underlying structural 7% drivers for gr
Slide 55: Delivering scalable growth through operational excellence
Savings | Unit-linked Sweden Delivering scalable growth through relentless operational excellence Increased total premium growth Strong cost discipline Total premium income1 Total cost Decreasing acquisition SEK billion SEK billion cost/total premiums -63% 22 -1% 6.2% CAGR 1.2 3.6% 2.3% 1.1 +13% 1.0
Slide 56: Balance sheet transformation and solid dividend distribution at SPP
Savings | Unit-linked Sweden Balance sheet transformation and solid dividend distribution, leading to SPP being the largest result contributor to group results post tax Transformation of portfolio mix … contributed to increased and managing financial risks in …and higher RoE dividends and capital re
Slide 57: Key takeaways looking back: strong foundation for next growth phase
Savings | Unit-linked Sweden Key takeaways looking back: Strong foundation for the next growth and value creation phase Strong growth and digital transformation Robust business and healthy underlying metrics Total premium income Premium income exceeding market growth 3x Increased operational efficie
Slide 58: Looking ahead
Savings | Unit-linked Sweden Looking ahead Evolving from a niche player to a platform positioned to accelerate growth in adjacent profit pools 58
Slide 59: Strategy Period 2026-2028: Three strategic pillars
Savings | Unit-linked Sweden | Strategy Period Strategy Period 2026-2028: Focus on expanded footprint based on three strategic pillars Capturing capital-light growth, enhance scalability through partners and integration capabilities Strategy Period 2026-2028 Strengthened position and 1 increased dis
Slide 60: Key commercial initiatives supported by group synergies
Savings | Unit-linked Sweden | Strategy Period Key commercial initiatives supported by strong group synergies pave the way Strengthened position and Added value proposition into Managing cost and operational 1 2 3 excellence increased distribution capabilities new segments Improved brand awareness L
Slide 61: Future SPP: Additional growth underpinned by new capabilities
Savings | Unit-linked Sweden | Future SPP Future SPP: Additional growth underpinned by new capabilities Structural growth, operational excellence and new capabilities Future SPP 2029-2035 1 Product capabilities for adjacent profit pools 2 Building the Digital Machine 3 Potential for consolidation in
Slide 62: Key ambitions 2026-2028: Unit-linked Sweden
Savings | Unit-linked Sweden Key ambitions 2026-2028 Unit-linked Sweden AuM Operational Result1 growth leverage growth Cost / income CAGR Improved by CAGR 7% – 9% 2 – 4 p.p. >10% from 2025 to 2028 from 2025 to 2028 from 2025 to 2028 Maintain core business and expand footprint 62 1. Result defined as
Slide 63: Unit-Linked Norway
Unit-Linked Norway Strong Position in a Structurally Growing and Attractive Market Vivi Gevelt Executive Vice President Corporate Market Norway 63
Slide 64: Leading player in the Norwegian unit-linked market
Savings | Unit-linked Norway Leading player in the Norwegian unit-linked market Occupational pension Retail Attractive value proposition Structurally growing market Attractive segment Storebrand is a leading provider Storebrand is well positioned in the market Kron: most liked investment app4 STB Re
Slide 65: Occupational pension in Norway: sticky and growing assets
Savings | Unit-linked Norway Occupational pension in Norway Sticky and growing assets in an unpenetrated defined contribution market The Norwegian Product Product Highlights Market AuM pension system when employed when retired NOK bn2 contribution • Growing and profitable market Defined Individual p
Slide 66: The defined contribution segment is a structurally growing market
Savings | Unit-linked Norway The defined contribution segment is a structurally growing market The Norwegian Market development pension system AuM, NOK billion contribution Collective individual pension accounts Defined Self-selected individual pension accounts Private sector Pension capital certifi
Slide 67: Delivered strong growth in cash equivalent earnings
Savings | Unit-linked Norway Delivered strong growth in cash equivalent earnings 23% annual growth in cash results Enabled by strong growth and improving cost/income Unit-linked Norway Reserves +18% Cash equivalent earnings before amortisation and tax CAGR NOK million Strong volume growth Structural
Slide 68: A decade of strong growth – now positioned to accelerate value creation
Savings | Unit-linked Norway A decade of strong growth – now positioned to accelerate value creation Storebrand, Unit-linked Norway reserves NOK billion Cost-effective scaling Maintaining strong market position 1 2 with operational excellence 273 Future 248 +18% 209 Strategy Storebrand 179 158 115 1
Slide 69: Maintaining strong market position
Savings | Unit-linked Norway Maintaining strong market position Storebrand is the Product Superior only provider offering all pension products innovation & customer solutions solutions for maximum returns1 # 1 Strategic focus Self-selected Sales Drive cross- distribution mix2 advisors Utilise sellin
Slide 70: Cost-effective scaling with operational excellence
Savings | Unit-linked Norway Cost-effective scaling with operational excellence Storebrand is well positioned for further Scalable and efficient platform improvement in cost/income and revenue growth Best-in-class platform enables significant Cost / Income (%) Revenue (NOKm) 73% 72% economies of sca
Slide 71: Key ambitions 2026-2028: Unit-linked Norway
Savings | Unit-linked Norway Key ambitions 2026-2028 Unit-linked Norway AuM Operational Result 1 growth leverage growth Cost / income CAGR Improved by CAGR 12% – 14% 2 – 4 p.p. 7 – 9% from 2025 to 20282 from 2025 to 2028 from 2025 to 2028 Maintain market leading position 1. Result defined as cash eq
Slide 72: Retail Banking & Savings
Retail Banking & Savings Growing Challenger in the Norwegian Retail Market Camilla Leikvoll Executive Vice President Retail Market 72
Slide 73: A growing challenger in the Norwegian retail market
Savings | Retail banking & savings A growing challenger in the Norwegian retail market Solid organization… … with strong customer proposition within retail banking and savings Loan balance / AuA Market Number of NOK 95 bn1 Products (NOK billion) share customers loan balance Mortgage 95 1 Retail Stro
Slide 74: Norwegian mortgage lending and mutual funds markets
Savings | Retail banking & savings The Norwegian market for retail … while the Norwegian mutual mortgage lending is showing funds market is showing strong steady growth…1 structural growth2 NOK billion NOK billion +4% CAGR 4 037 756 +19% 3 011 CAGR 228 2018 2019 2020 2021 2022 2023 2024 2025 2018 20
Slide 75: The bank exceeds the ambitious CMD 2023 targets
Savings | Retail banking & savings The bank exceeds the ambitious CMD 2023 targets Strong profit development since last CMD… … and achieved volume growth targets Profit before amortisation and tax1 Volume CAGR 2023 CMD ambition NOK billion 2023 – 20252 Double-digit growth +31% 725 CAGR Retail mortga
Slide 76: Strong mortgage growth; savings to become bigger part of value proposition
Savings | Retail banking & savings Strong mortgage growth over the last decade, looking ahead savings will become a bigger part of the banks' value proposition Retail mortgage lending2 Storebrand Bank NOK billion +14%1 95 +7%1 Future Storebrand Strategy Period 2029-2035 +20%1 2026-2028 27 2015 2016
Slide 77: Enhancing the bank's income base through distribution and group synergies
Savings | Retail banking & savings Enhancing the bank’s income base through distribution and leveraging group synergies …and additional synergy effects Our main customer segments… …generating attractive profits… across the retail segment Mortgage Increasing primary-bank users through customer activa
Slide 78: Market leading savings platform supporting capital-light growth
Savings | Retail banking & savings Market leading savings platform supporting capital-light growth Strengthening key customer engagement in the next phase of our growth journey Product distribution Capitalising on the democratisation of fund investments and increasing individualisation of the pensio
Slide 79: Capitalising on megatrends through Kron
Savings | Retail banking & savings Well positioned to capitalise on the current and upcoming megatrends through Kron Trends: the future of Major demographic Digitalisation Individualisation the industry shifts accelerated by AI Already implemented 30 619 Potential future initiatives 14 700 Private b
Slide 80: Key ambitions 2026-2028: Savings
Savings | Retail banking & savings Key ambitions 2026-2028 Savings | AM, UL and Retail Banking & Savings Operational AuM leverage Result Asset Mgmt. & Unit-Linked Strong volume Improving Double-digit growth in growth cost/income operating profits Net Lending interest growth Retail Banking margin & S
Slide 81: Quick Break
Quick Break Scaling a Leading Nordic Savings and Insurance Group Capital Markets Day 2025 81
Slide 82: Insurance
Insurance Utilising Group Synergies to Grow the Insurance Business Camilla Leikvoll Executive Vice President Retail Market 82
Slide 83: Key takeaways: Insurance
1 Savings Key takeaways 2 Insurance Utilising Group Synergies to Grow the Insurance Business 1 Insurance is delivering strong growth and a rising share of Group earnings Section 1 | Corporate Insurance 2 The next phase focuses on sustained growth and converting scale into higher profitability Sectio
Slide 84: Norway's fastest-growing insurance provider
Insurance Norway’s fastest-growing insurance provider Solid organisation… …with strong customer proposition within retail & corporate insurance Market Number of NOK 10bn Premiums Products share1 customers premiums P&C Retail 5,946 7.7% ~350,000 Strong multi-channel market NOK billion distribution In
Slide 85: Portfolio premiums and combined ratio
Insurance Retail insurance Corporate insurance 10,252 +15% The growth in CAGR 58% portfolio premiums has been 15% 3,740 annually since 2018 45% 42% 55% 2018 2019 2020 2021 2022 2023 2024 2025 Q3 102% Over the past two years, 97% 94% 97% the combined ratio 91% 91% 92% has shown steady progress 82% an
Slide 86: Achieved strong results since last CMD
Insurance Achieved strong results since last CMD Since CMD 2023, Storebrand has delivered substantial … driven by strong premiums growth, improvement in cash-equivalent earnings… while staying on course to achieve the combined ratio target Cash equivalent earnings before amortisation and tax 2023 20
Slide 87: Insurance is now a significant, diversified part of the Group
Insurance Insurance is now a significant, diversified part of the Group, combining corporate and fast-growing retail segments Retail Corporate Distribution of portfolio premiums Other life insurances Other life insurances Life 9% P&C (death) Life (death) 7% 7% 14 % 10 % Disability 7% 44 % 5.9 4.3 Ot
Slide 88: Corporate Insurance
Corporate Insurance Endre bilde 88
Slide 89: Disability insurance for corporate P&C
Insurance | Corporate insurance Disability insurance for corporate P&C Contributing to reducing disability rates 20% of individuals of working age are Storebrand VEL: Preventative concept outside the workforce1 to reduce long-term sick leave and disability ~40k corporates and ~500k employees People
Slide 90: Accelerating the corporate P&C growth going forward
Insurance | Corporate insurance Accelerating the corporate P&C Continue to strengthen our growth journey growth going forward Premiums f.o.a. from corporate P&C customers NOK million 25-30% Achieved the growth journey Attractive market position outlined at CMD 2023 381 ~500 286 220 229 Premiums for
Slide 91: Retail Insurance
Retail Insurance 91
Slide 92: The retail insurance market is large and profitable
Insurance | Retail insurance The retail insurance market is large and profitable, offering stable returns, low volatility and lower capital requirements Total non-life retail premiums reached NOK 67bn in Q3 2025, STB is gaining market share in a concentrated market, where continuing to deliver profi
Slide 93: Annual growth of more than 13% in retail insurance premiums
Insurance | Retail insurance Storebrand has achieved annual growth of more than 13% in retail insurance premiums, over the last decade Portfolio Premiums Storebrand Retail Insurance NOK billion Stable development +18% Future Storebrand with limited CAGR 2029-2035 investments +22% Strategy Period 0%
Slide 94: High growth supported by strong underlying profitability
Insurance | Retail insurance High growth has The claims cycle over 2023-2024 was The portfolio has been supported by shaped by elevated frequency, cost regained normalised strong underlying Combined ratio Storebrand Retail Insurance inflation & extreme weather profitability levels profitability 96%
Slide 95: Higher acquisition costs offset by scale, cost ratio stable
Insurance | Retail insurance Higher acquisition costs from growth have been offset by scale, keeping the cost ratio stable and decreasing Cost ratio No deferred Storebrand Retail Insurance acquisition costs1 22% 21% 21% 21% 20% 20% 20% 19% 1% External 3% 7% distribution Internal Since 2018, other co
Slide 96: Next phase focuses on sustained growth and higher profitability
Insurance | Retail insurance Next phase focuses on sustained growth and turning scale into higher profitability Levers for continued value creation Continue profitable growth through an optimised Premium A distribution model that balances external, internal, growth digital and partner channels Stren
Slide 97: Continue profitable growth through an optimised distribution model
Insurance | Retail insurance | Premium growth Continue profitable growth through an optimised distribution model The distribution mix will adapt Supported by attractive group synergies to market changes and maturity Transaction -based Well-known & respected ~65% brand of Norwegians are aware of Stor
Slide 98: Reducing claims ratio through portfolio maturity and operational excellence
Insurance | Retail insurance | Claims ratio Reducing claims ratio through portfolio maturity and operational excellence As the portfolio matures, Improve claims cost the share of new business declines, Strengthen pricing and underwriting and efficiency through automation, improving risk calibration
Slide 99: Realise scale advantages by extracting operating leverage and automation
Insurance | Retail insurance | Cost ratio Realise scale advantages by extracting operating leverage and further automating sales, service and operations Focused investment Integrated delivery Workforce enablement Disciplined, value-driven investment AI embedded in digital teams driving Empowering ou
Slide 100: Key ambitions 2026-2028: Insurance
Insurance Key ambitions 2026-2028 Insurance – Retail & Corporate Premium growth Combined ratio >10% ≤90% Profitable growth through market share expansion 100
Slide 101: Guaranteed
Guaranteed Driving Higher Returns Through Cash Generation and Capital-Efficient Growth Vivi Gevelt Executive Vice President Corporate Market Norway 101
Slide 102: Key takeaways: Guaranteed
1 Savings Key takeaways 2 Insurance 3 Guaranteed 1 The closed book has a durable AuM base with solid long-term earnings potential, supported by higher Driving Higher Returns Through Cash Norwegian profit sharing Generation and Capital-Efficient Growth 2 Guaranteed Storebrand is pursuing guaranteed g
Slide 103: Storebrand's guaranteed pension business at a glance
Guaranteed Storebrand's guaranteed Policyholders Guaranteed pension business at a glance Norway & Sweden Customers In workforce Storebrand serves 700,000 guaranteed customers in Norway Average policyholder Retired age and 330,000 in Sweden. The transfer market remains largely 64 years inactive, resu
Slide 104: The guaranteed market represents large profit pools
Guaranteed The guaranteed market represents large profit pools and exciting business opportunities for Storebrand Defined benefit Paid-up policies Guaranteed Sweden Public occupational pension Closed private guaranteed business Sweden Private defined benefit pension 35% NOK 28bn Market share private
Slide 105: Expecting volume growth and value creation potential for many years
Guaranteed Storebrand is expecting volume growth and value creation potential for many years Volume expected to grow through the Capital-efficient growth levers compensate Strategy Period and beyond for slightly declining run-off business NOK billion ILLUSTRATIVE Actively sold1 Closed 303 276 260 26
Slide 106: Several initiatives to increase value creation within guaranteed pension
Guaranteed There are several initiatives ongoing to increase value creation within guaranteed pension Capitalising on a market leading Utilisinggroup Utilising groupsynergies synergies position with scale benefits to further grow capital-lightresults to further grow capital-light results Increase va
Slide 107: The existing guaranteed business has solid result potential
Guaranteed | Existing guaranteed business The existing guaranteed business has solid result potential for many years Increasing results from guaranteed Excess return expected to remain at healthy business in Norway and Sweden levels to support profit sharing NOK billion Returns and guarantees in the
Slide 108: Preferred manager for closed corporate pension funds in run-off
Guaranteed | Closed corporate funds Preferred manager for closed corporate pension funds in run-off Large and fragmented market of Track record of several successful transfers Transfer rationale for closed pension funds over the past 5 years closed pension funds Storebrand is through its fully owned
Slide 109: Solid track record in large and dynamic Public Sector
Guaranteed | Public sector Solid track record in large and increasingly dynamic Public Sector Large market where transfers Storebrand wins Public sector products are an attractive are likely to increase majority of transfers market for Storebrand Market size (AuM) Storebrand reserves, NOK billion Hi
Slide 110: Trend shift with new growth in capital light guaranteed savings - Sweden
Guaranteed | Capital light SE Positive trend shift with new growth in capital light guaranteed savings - Sweden Large market with attractive Trend shift and growing balance after Strong market potential and product features launch of new guaranteed product growing customer demand Market size (Premiu
Slide 111: Key ambitions 2026-2028: Guaranteed
Guaranteed Key ambitions 2026-2028 Guaranteed Durable AuM Increasing Reducing capital base with capital results for the intensity and efficient growth strategy period raising ROE opportunities Bytte bilde AuM, CAGR Result1, CAGR Return on Equity2 >0% 3% – 5% 8% – 10% from 2025 to 2028 from 2025 to 2
Slide 112: Ambitions
Ambitions Well Positioned to Create Shareholder Value over the Next Decade Kjetil R. Krøkje Executive Vice President, Group CFO 112
Slide 113: Improvements in the business reflected in shareholder returns
Ambitions Improvements in the business reflected in Shareholder returns1 compelling shareholder returns 600 STOXX Europe 600 Insurance Index +546% 550 NASDAQ OMX Nordic Bank & Insurance Total shareholder return past 10 years 500 Storebrand 450 400 +27% 350 Annual total shareholder return 300 past 3
Slide 114: Key takeaways: Ambitions
0 Group Strategy Key takeaways 1 Savings 2 Insurance 1 Lifting the results ambitions to 7bn driven by continued growth and scalability 3 Guaranteed 4 Ambitions 2 Solvency and balance sheet. Reducing capital intensity and improving the overall risk profile Well Positioned to Create Shareholder Value
Slide 115: Increasing Results
Ambitions | Increasing results Increasing Results Lifting the results ambitions, driven by continued growth and scalability 115
Slide 116: Delivered on the 2023 CMD guidance
Ambitions | Increasing results Delivered on the 2023 CMD guidance Volume growth Margins CMD 2023 CAGR 2023-251 CMD 2023 YTD Q3 2025 AuM Fee income Unit linked AuM 10-14% 18% ✓ 0.5-0.6% Fee income 0.55% ✓ Asset management 7-11% Loan balance 17% ✓ 0.18-0.22% Net interest margin 0.20% ✓ Retail banking
Slide 117: Cash result target of NOK 7 billion set for 2028
Ambitions | Increasing results Cash result target of NOK 7 billion set for 2028 Group result1 before amortisation and tax NOK billion 8-10% 7.0 CAGR >5 3.0 2.0 2012 2019 2025 2028 ambition 117 1. Cash equivalent earnings before amortisation and tax. www.storebrand.no/ir provides an overview of APMs
Slide 118: Numbers presented are subject to external factors
Ambitions | Increasing results Numbers presented are subject to external factors outside of Storebrand's control Capital Markets Key Communication Assumptions CMD 2025: Launching new targets for the Strategy Period 2025-2028 Strategic update in 2026 or 2027 to provide update on progress Macroeconomi
Slide 119: Ambition to reach NOK 7bn assumes strong growth and margin development
Ambitions | Increasing results Ambition to reach NOK 7bn assumes strong growth and satisfactory margin development Future Run-off Storebrand Business Savings Insurance Guaranteed Asset Unit Linked Bank Management Volume (NOK) AuM AuM Lending Premiums f.o.a.1 AuM Q3 2025 NOK 496bn NOK 1 561bn NOK 95b
Slide 120: Manage costs for profitable growth, selective investments
Ambitions | Increasing results Manage costs for profitable growth, selective investments in certain growth areas Operational costs1 NOK billion Savings Insurance Guaranteed Cost CAGR 4% 8-10% 3% Relative cost Improved cost/income Improved cost ratio Maintained cost/income ~5% CAGR Public occupationa
Slide 121: Double-digit growth expected for operational result
Ambitions | Increasing results Double-digit growth expected for operational result Key takeaways Operational result1 NOK billion 1 The operational result is expected to grow faster than the financial results due to high growth and scalability measures in Savings and Insurance ILLUSTRATIVE Implicatio
Slide 122: Growing financial result driven by profit sharing from Guaranteed
Ambitions | Increasing results Group financial items and risk result life Growing financial result driven by increased profit sharing from the Guaranteed business Financial items and risk result life Profit sharing Sweden + Profit sharing Norway Group, NOK million NOK million NOK million ~ 4002 ~300
Slide 123: Summary
Ambitions | Increasing results Summary Continued double- Group result1 of digit growth in Improving C/I and NOK ~7bn for 2028 Savings and Combined ratio Insurance 123 1. Cash equivalent earnings before amortisation and tax. www.storebrand.no/ir provides an overview of APMs used in financial reportin
Slide 124: Solvency and balance sheet
Ambitions | Solvency and balance sheet Solvency and balance sheet Reducing capital intensity and improving the overall risk profile 124
Slide 125: Transitioned from capital consumptive Guaranteed to capital light Savings and Insurance
Ambitions | Solvency and balance sheet Transitioned from capital consumptive Guaranteed business to capital light Savings and Insurance business Premiums Storebrand Shift in total Storebrand AuM NOK million NOK billion +91% +253% 46,976 1,561 20% 54% 24,584 15% 67% 36% 442 27% 27% 14% 49% 19% 13% 59
Slide 126: Resilience evident in low solvency sensitivities
Ambitions | Solvency and balance sheet Resilience evident in low solvency sensitivities Estimated sensitivities Explanation Target SII margin 150% 195% Annual net solvency generation of approx. 17% before dividends, share SII-margin Q3 buybacks, and growth initiatives Interest rates 194% - 100bp The
Slide 127: Robust capital position strengthened by disciplined leverage management
Ambitions | Solvency and balance sheet Robust capital position strengthened by disciplined leverage management 24% 22% 20% 20% 20% 19% 18% Subordinated loan capital1 47.0 45.6 Intangible Equity/CSM Tangible Equity 40.8 Leverage ratio (IFRS) 13.5 14.5 35.9 32.9 11.8 8.1 27.6 8.1 24.7 4.9 5.7 32.1 32.
Slide 128: Balance sheet composition will improve
Ambitions | Solvency and balance sheet Delivering on the strategy, balance sheet composition will improve Illustrative balance sheet development Comments Storebrand Group Composition of the solvency capital requirement (SCR) ILLUSTRATIVE Over the next decade, 4% 5-10% Storebrand expect a material 18
Slide 129: Summary
Ambitions | Solvency and balance sheet Summary Increasingly robust capital and Balance sheet transformation earnings resilience, supported will continue over the next by lower sensitivity to decade financial-market volatility 129
Slide 130: Liquidity and Remittance
Ambitions | Liquidity and remittance Liquidity and Remittance Results close to cash with 100% expected remittance to the parent company. Growth funded by changed business mix. 130
Slide 131: Remittance closely aligned with cash results
Ambitions | Liquidity and remittance Remittance closely aligned with cash results supported by excess capital Remittance to HoldCo Remittance ratio1 NOK billion % +91 % 4.2 109% Avg. 92% 3.5 1.0 88% 0.5 80% 2.2 3.0 3.2 2.2 2022 2023 2024 2022 2023 2024 Excess capital From results 131 1. Calculated a
Slide 132: Remittance capacity will follow results development
Ambitions | Liquidity and remittance Remittance capacity will follow results development supported by capital release from the life group REMITTANCE CAPACITY Short term: Remittance capacity is expected Group remittance overview to be strong for 2025, supported by tax loss carry-forwards and lower ca
Slide 133: Summary
Ambitions | Liquidity and remittance Summary Results Remittance ratio of Liquidity close to cash ~100% expected thresholds ensuring predictability 133
Slide 134: Efficient Capital Allocation
Ambitions | Capital allocation Efficient Capital Allocation Driving value by increasing payouts and disciplined capital deployment 134
Slide 135: Delivering strong shareholder returns through prudent capital allocation
Ambitions | Capital allocation 2023-2025 Delivering strong shareholder returns through prudent capital allocation Capital allocation 2023-2025 ILLUSTRATIVE Growth and M&A % of total • Strong organic growth across savings and insurance • Divested Storebrand health insurance and acquired AIP Results a
Slide 136: Positioned to continue delivering strong returns with capital-efficient model
Ambitions | Capital allocation 2026-2028 Positioned to continue delivering strong returns with a highly capital-efficient model ILLUSTRATIVE Capital allocation 2026-2028 • Results close to cash, ambition of remittance ratio ~100% of post- % of total tax result for 2026-2028 • Excess liquidity releas
Slide 137: Consistent group capital management and dividend policy
Ambitions | Capital allocation Consistent group capital management and dividend policy Payout policy in Storebrand ASA 195% • Intention to return excess capital through share buybacks when the solvency Dividend policy Per Q3 2025 ratio is above 175% The Board of Directors' ambition is to pay ordinar
Slide 138: Increasing capital distribution in the strategy period
Ambitions | Capital allocation Increasing capital distribution in the strategy period Dividends per share Share buybacks3 NOK per share NOK billion Increasing our The Board expects the Planned ambition from dividend growth from Executed CMD 2023 2024 to 2025 to be broadly consistent with 12.0+ previ
Slide 139: Improving return on equity as transformation towards capital-light continues
Ambitions | Capital allocation Improving return on equity as the transformation towards capital-light continues Future Run-off Total Storebrand Business Savings & Insurance Guaranteed2 Group Cash result 1 NOK billion 3.0 1.3 4.3 IFRS shareholder equity 7.7 21.6 29.3 NOK billion Return on IFRS 39% 6%
Slide 140: Ambitions to improve results and capital efficiency beyond the strategy period
Ambitions | Capital allocation Ambitions to improve results and capital efficiency well beyond the strategy period Storebrand towards 2035 ILLUSTRATIVE 2025 2028 Several growth initiatives Results1 >5 8-10% 7 and exposure to markets that NOK bn CAGR NOK bn should outgrow inflation over time Higher g
Slide 141: Robust value proposition to shareholders in various scenarios
Ambitions | Capital allocation Robust value proposition to shareholders in various scenarios ILLUSTRATIVE Free cashflow available to Scenario Description Future Storebrand 2035 shareholders, next 10 years 10 years growth Results in line with 2028 target. Mid-single digit result growth ROE scenario R
Slide 142: Overview of targets and ambitions
Ambitions Overview of targets and ambitions Group financial targets for 2028 Capital policies and guidance As per policy Guidance 2028 Ordinary dividends per share of Results1 Dividend at least the same nominal amount as the previous year >10% annual growth in dividend per share NOK 7 billion Share
Slide 143: Concluding Remarks
Concluding Remarks Scaling a Leading Nordic Savings and Insurance Group Capital Markets Day 2025 143
Slide 144: Scaling a Nordic Savings and Insurance Group to deliver strong returns
Scaling a Nordic Savings and Insurance Group to deliver strong returns over the next decade Increasing Increasing Attractive results1 return on capital yield Growing NOK 7bn 17% Dividends every year Sizeable Result target 2028 ROE2 target 2028 Share buybacks3 1. Cash equivalent earnings before amort
Slide 145: Appendix
Appendix Capital Markets Day 2025 145
Slide 146: Paid-up policy portfolio profit sharing illustration
Appendix 1/2: Paid-up policy portfolio profit Profit sharing sharing illustration ILLUSTRATIVE dynamics for paid- Strategy Buffer capital In profit sharing territory up policies Strategy level Partially in profit sharing territory as of 2025, with 3 portfolios The number of sub-portfolios High incre
Slide 147: Expected return for paid-up policies above guaranteed interest rate
Appendix 2/2: Expected return for paid-up policies is significantly above guaranteed interest rate 3-7 ILLUSTRATIVE portfolios Profit sharing 3 portfolios No profit sharing -2% 143 144 146 Reserves 120-130 NOK billion Q3 2020 Q3 2023 Q3 20251 2026E 2027E 2028E 2029E 2030-35E Interest rate guarantee
Slide 148: High quality assets with fixed income as the backbone
Appendix High quality assets, with fixed income as the backbone, provide secure returns for guaranteed pensions and company capital Invested assets1 on Storebrand's balance sheet Bonds Bonds and at amortised cost Money Market NOK billion Equities Real estate Average rating Book yield Average rating
Slide 149: Guaranteed portfolio Norway
Appendix Guaranteed portfolio Norway Interest rate sensitivity1,2 Rating distribution (%) Duration gap (years) Solvency II BBB Unrated/Other Duration gap 12% Asset duration 0% 2.6 A AAA 16% 40% 0.8 0.2 6.3 4.4 4.6 30% 2020 2023 Q3 2025 Q3 AA Duration of bonds at amortised cost Sector distribution (%
Slide 150: Solvency Capital allocation main products
Appendix Solvency Capital allocation main products ILLUSTRATIVE PRO FORMA ALLOCATION BASED ON 175% SOLVENCY RATIO Future Run-off Storebrand Business Savings Capital Light Other Insurance Asset Guarantees Guarantees Unit Linked Bank2 Management2 Reserves AuM Lending Premiums f.o.a. NOK 496bn NOK 44bn
Slide 151: Work for approval of a Partial Internal Model (PIM)
Appendix Storebrand continues to work for an approval of a Partial Internal Model (PIM) Risk Understanding Risk Management Capital Management Enhances risk understanding and Actively used for risk management Provides important input for generates insight internally capital management processes What
Slide 152: In Business for a Brighter Future
In Business for a Brighter Future Scaling a Leading Nordic Savings and Insurance Group Capital Markets Day 2025 152