Storebrand Asa · OSL:STB
Storebrand Asa — Q3 2026 Earnings Presentation
32 slides from Storebrand Asa's earnings presentation, Oct 21, 2026
Slide 1: Storebrand Q3 2026
Storebrand Q3 2026 21 October 2026 Odd Arild Grefstad – CEO Kjetil R. Krøkje – CFO
Slide 2: Strategic momentum backed by solid operational performance in Q3 2026
Strategic momentum backed by solid operational performance in Q3 2026 Completed acquisition Record +23% operating result of Knif Trygghet Forsikring Customer growth ~150,000 year-on-year on 16 October 2026 customers 1.2 in Kron2 NOK bn in result1 7% NOK Clear progress in our group- growth in operati
Slide 3: Highlights Q3 2026
Highlights Q3 2026 Best operating result on record, financial results impacted by rising interest rates Group result 1 MNOK 5% AuM growth2; 9% adjusted for currency 4,669 13% growth in unit linked reserves2 1,362 10% growth in insurance premiums2 1,517 3,307 355 1,162 15% return on equity3, trailing
Slide 4: The Board expects increasing capital distribution
The Board expects increasing capital distribution Dividends per share 1 Share buybacks NOK per share NOK billion Planned Lifted ambition The Board intends to propose Executed from CMD 2025 an ordinary dividend growth of ~10% per share for 20263 The Board intends to propose share Guided level: 1.5bn
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) 13%3 5% YOY YOY +12% +16% CAGR1 1,633 1,469 1,609 CAGR1 563 520 459 380 962 1,097 1,020 1,212 268 308 315 831 220 707 179 2018 2019 2020 2021 2022 2023 20
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 13%5 Quarterly Highlights +16%4 459 520 563 380 308 315 268 179 220 Quarterly result of NOK 305m for Unit linked Norway and Sweden, up 15% compared to Q3 20251 2018
Slide 8: Nordic Powerhouse in Asset Management
Nordic Powerhouse in Asset Management Quarterly Highlights Asset management AuM (NOK billion) YOY Assets under management of NOK 1.6 trillion, up 9% year-on-year adjusted 5% for currency effects. Cash equivalent earnings from operations up 11% on continued cost efficiency 1,609 1,633 +12%1 1,469 1,2
Slide 9: Growing Challenger in Norwegian Retail Market
Growing Challenger in Retail Insurance Norwegian Retail Market Portfolio premiums (NOK billion) YOY 18% Quarterly Highlights +20%3 6.2 7.0 4.9 3.7 4.1 3.1 1.9 2.3 1.7 Kron has reached ~150,000 customers on the platform, up 23% year-on- 2018 2019 2020 2021 2022 2023 2024 2025 2026 year Q3 Retail insu
Slide 10: Knif transaction completed on 16 October 2026
Knif transaction completed on 16 October 2026 Completed Acquisition • Storebrand ASA has received the required regulatory approvals, and the transaction was completed on 16 October 2026 • Serves the Christian and non-profit market both in the commercial and private segments, across motor, personal,
Slide 11: Key figures
Group Key figures Record operating result in the quarter, financial result impacted by higher interest rates 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
Slide 12: Solvency position and sensitivities Q3 2026
Group Solvency position and sensitivities Q3 2026 Storebrand Group Solvency position 1 Estimated sensitivities 200 % 200 % SII-margin Q3 200% Interest 204% rates -100 bp Interest 191% rates +100 bp Q2 2026 Q3 2026 Equity -25%, 210% SA -15p.p. Key takeaways Q3 2026 Spread +50 bp, 192% VA +15bp • Resu
Slide 13: Storebrand Group | Profit
Group Storebrand Group | Profit Operational result increased 7% year-on-year despite currency headwinds and lower performance-based income Profit 1 Q3 Year to date Full year NOK million 2026 2025 2026 2025 2025 Fee and administration income 2 139 2 124 6 267 6 191 8 573 Insurance result 895 697 2 44
Slide 14: Storebrand Group | Profit
Group Storebrand Group | Profit Profit by line of business Profit 1 Q3 Year to date Full year NOK million 2026 2025 2026 2025 2025 Fee and administration income 2 139 2 124 6 267 6 191 8 573 Insurance result 895 697 2 449 1 802 2 444 Operational cost -1 872 -1 730 -5 409 -5 148 -7 042 Cash equivalen
Slide 15: Savings (non-guaranteed)
Savings Savings (non-guaranteed) Unit Linked Norway and Sweden delivered strong profit growth, Retail Banking declined on a lower net interest margin Profit Q3 Year to date Full year NOK million 2026 2025 2026 2025 2025 Fee and administration income 1 864 1 825 5 403 5 298 7 370 Operational cost -1
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 7.9 7.6 7.9 7.9 7.6 1.49 1.38 1.29 1.17 1.26 567 563 95 97 97 99 1
Slide 17: Insurance
Insurance Insurance Insurance profit up 33% on continued premium growth and improved combined ratio Profit Q3 Year to date Full year NOK million 2026 2025 2026 2025 2025 Insurance premiums f.o.a. 2 896 2 475 8 379 7 140 9 705 Claims f.o.a. -2 001 -1 778 -5 930 -5 338 -7 260 Operational cost -509 -41
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. Satisfactory 94% 92% 92% 90% 90% results in Corporate, where Group life delivered m
Slide 19: Guaranteed pension
Guaranteed Guaranteed pension Lower result as higher interest rates and credit spreads reduced profit sharing Profit Q3 Year to date Full year NOK million 2026 2025 2026 2025 2025 Fee and administration income 364 387 1 124 1 150 1 552 Operational cost -247 -234 -701 -696 -939 Cash equivalent earnin
Slide 20: Guaranteed pension key figures
Guaranteed Guaranteed pension Key figures Reserves guaranteed products Key takeaways Customer buffers Actively sold Run-off • Net profit sharing of NOK 82m in the quarter, negatively affected 303 306 298 299 289 by increasing interest rates and credit spreads. Higher interest 35 36 34 37 35 41 42 42
Slide 21: Other
Other Other Lower result as higher interest rates weighed on company portfolio returns Profit Q3 Year to date Full year NOK million 2026 2025 2026 2025 2025 Fee and administration income 4 4 13 14 19 Operational cost -89 -68 -200 -200 -262 Cash equivalent earnings from operations -84 -64 -188 -185 -
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 44%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 Johannes Narum Group CEO Group CFO Head of Investor Relations 24
Slide 25: Appendix
@&S Storebrand Appendix SS
Slide 26: Solvency movement from Q2 2026 to Q3 2026
Solvency movement from Q2 2026 to Q3 2026 Storebrand Group -2% 3% -3% 200% 200% 4% -2% 0% Q2 2026 Model and Regulatory Market return, Cash Dividend Share buybacks Q3 2026 assumptions assumptions business mix earnings 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 30.09.2025 15% 10% 0% 12% 62
Slide 29: Overview of Special items
Overview of Special items Quarter Special items Comments NOK million Q3 2026 54 (finance) • The Asset Management sub-segment recognised a NOK 54m financial income from the revaluation of earnout -20 (operational cost) liabilities related to the AIP Management acquisition. • The Other segment recogni
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 10 February 2027 Results Q4 2026 32