Storebrand Asa · OSL:STB
Storebrand Asa — Q1 2022 Earnings Presentation
13 slides from Storebrand Asa's earnings presentation, Mar 23, 2022
Slide 1: SEB mid quarter update Q1 2022
Storebrand SEB mid quarter update Q1 2022 23 March 2022 Lars Aa. Løddesøl – CFO 1
Slide 2: 250 years of pioneering in the Nordic financial industry
250 years of pioneering in the Nordic financial industry ILLUSTRATIVE Future Storebrand Retail Insurance & Bank Asset Management Unit Linked Pensions and Guaranteed pensions Savings 1767 1847 1861 1917 1995 2022 2050 Foundation: P&C Pioneered Pioneered Pioneered Norwegian Insurance Life Occupational
Slide 3: Delivering strong growth across all of Future Storebrand
Delivering strong growth across all of Future Storebrand Unit Linked Asset management 308 +11%1 +19%1 268 1 097 962 220 721 831 168 179 707 140 487 535 571 577 105 128 442 64 85 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 UL reserves (NOK bn) A
Slide 4: Volume growth translated into strong profit growth in 2021
Volume growth translated into strong profit growth in 2021 and provides a firm starting point for continued earnings generation A B C Leading Provider Occupational Pensions Nordic Powerhouse in Growing Challenger in Norwegian Retail Norway & Sweden Asset Management Market DC pensions (Unit Linked) I
Slide 5: Profit growth in all lines of business in 2021, and a solid solvency position
Profit growth in all lines of business in 2021, and a solid solvency position Profit1 Solvency position FY Transitional rules SII standard model NOK million 2021 2020 Fee and administration income 6 607 5 676 178 175 Insurance result 1 201 825 12 0 Operational cost -4 678 -4 068 Operating profit 3 1
Slide 6: Solid buffer capital levels in Guaranteed products available to absorb market fluctuations
Solid buffer capital levels in Guaranteed products available to absorb market fluctuations Reserves development guaranteed products Customer buffers development1 288 291 Customer buffers Norway Customer buffers Sweden % of customer funds 270 273 31 34 Customer buffers 20 25 17.8% 15.1% 15.5% BNOK 19
Slide 7: How is Storebrand affected by the latest development in the Ukraine – Russia war?
“How is Storebrand affected by the latest development in the Ukraine – Russia war?” – market movements Interest rates: NOK 10y SWAP (%) Equities (% YTD) Volatility Adjustment (VA) NOR SWE EUR Global 2.80 NOR SWE 42 5 2.60 0 32 2.40 -5 2.20 14 -10 11 2.00 -15 1.80 -20 Credit spreads (bps) FX: NOK vs.
Slide 8: Market turbulence largely expected to be absorbed by buffer capital and stabilisers
Market turbulence largely expected to be absorbed by buffer capital in P&L, and by stabilisers in solvency calculation P&L Solvency Target SII target 150% SII-ratio Q4 175 175 Interest rates +50 bp 178 178 Equity -25% 179 1 180 Spread +50 bp, VA +15bp 168 168 UFR 3.45 173 173 ▪ Ca. 45% equites in NO
Slide 9: Appendix: Asset Allocation Q4 2021
Appendix: Asset Allocation Q4 2021 9
Slide 10: High quality assets with fixed income as the backbone provide secure returns
High quality assets with fixed income as the backbone provide secure returns for guaranteed pensions NOK 198 bn Equities Bonds at amortized Bonds and Money 10% cost Market Real estate 11% Bonds & Money market Loans Average rating Average rating 12% Bonds at amortized cost AA- AA 15% Equities Real es
Slide 11: High Quality Fixed Income - Characteristics of Bonds at Amortised Cost
High Quality Fixed Income - Characteristics of Bonds at Amortised Cost1 Market & book value – no reinvestment (NOK bn) Rating distribution (%) 107 107 103 3 3 98 95 0% 3 3 3 84 21% 77 25% AAA 2 68 2 60 AA 1 53 1 104 104 1 43 A 99 95 92 35 82 0 75 66 0 BBB 59 52 42 34 26% Unrated & BB 28% 2021 2022 2
Slide 12: High Quality Fixed Income - Characteristics of Mark to Market Fixed Income
High Quality Fixed Income - Characteristics of Mark to Market Fixed Income1 Rating distribution (%) Geographical distribution (%) 7% 16% AAA 25% 16% Europe ex. NO & SWE AA 3% 45% 5% Norway A Sweden BBB 16% Other Unrated & HY US 16% 51% Sector distribution (%) 19% Sovereign and gov. Guaranteed 37% Co
Slide 13: Leading the way in sustainable value creation
Leading the way in sustainable value creation Investor Relations contacts 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 Daniel Sundahl daniel.sundahl@storebrand.no Group Head of +47 9