Storebrand Asa · OSL:STB
Storebrand Asa — Q1 2026 Earnings Presentation
32 slides from Storebrand Asa's earnings presentation, Apr 29, 2026
Slide 1: Storebrand Q1 2026
Storebrand Q1 2026 29 April 2026 Odd Arild Grefstad – CEO Kjetil R. Krøkje – CFO
Slide 2: Highlights for Q1 2026
Highlights for Q1 2026 Positive result development despite volatile financial markets Group result 1 NOK million NOK 1,543bn in assets under management +16% 1,353 1,167 12% growth in unit linked reserves2 327 367 18% growth in insurance premiums2 1,026 800 % 206% solvency ratio Q1 2025 Q1 2026 Finan
Slide 3: Double-digit growth in operational result across all reporting segments
Double-digit growth in operational result across all reporting segments Savings Insurance Guaranteed 15% 151% 10% growth in operational result growth in operational result growth in operational result 650m 745m 177m 71m 138m 151m Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 3
Slide 4: Ongoing share buyback program with NOK 1.4bn remaining to be executed in 2026
Ongoing share buyback program with NOK 1.4bn remaining to be executed in 2026 Executed and planned share buybacks NOK billion Ambition announced on CMD 2025 Planned Executed2 12.0+ Share buybacks to be executed across two NOK 1bn tranches throughout 20261 and take the full year amount to NOK 2bn 6.4
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) 12% 7% YOY YOY +12% +16% CAGR1 CAGR1 459 520 500 1,469 1,609 1,543 380 962 1,097 1,020 1,212 268 308 315 831 220 707 179 2018 2019 2020 2021 2022 2023 202
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 12% Quarterly highlights +16%1 459 520 500 380 308 315 268 220 179 New legislation for guaranteed pensions enables higher exposure to assets classes with higher expe
Slide 8: Nordic powerhouse in asset management
Nordic powerhouse in asset management Quarterly highlights Asset Management AuM (NOK billion) YOY 7% 41% growth in operational result year-on-year despite volatile markets 1,609 1,543 +15%1 1,469 1,212 1,097 1,020 962 Operational cost down 6% year-on-year and improved cost-income 831 707 ratio, as p
Slide 9: Growing challenger in the Norwegian retail market
Growing challenger in the Retail Insurance Norwegian retail market Portfolio premiums (NOK billion) YOY 23% Quarterly highlights +20%1 6.2 6.6 4.9 3.7 4.1 3.1 1.9 2.3 1.7 Kron's assets under management up by 80% year-on-year to NOK 43 billion, from 24 billion. 2018 2019 2020 2021 2022 2023 2024 2025
Slide 10: Taking market shares in a highly profitable retail P&C insurance market
Taking market shares in a highly profitable retail P&C insurance market Portfolio Market Growth in premiums share market share +26% +4.4 pp +0.8 pp in 2025 since 2018 in 2025 7.9% 0,8 6,243m 6.7% 7.1% Storebrand 6.0% 6.4% 4,938m 4.5% 3.5% 3.7% Competitors 0,2 0,2 0,2 0,1 0,1 0.0 0.0 0.0 0.0 0.0 0.0
Slide 11: Artificial Intelligence
Artificial Intelligence Results demonstrate potential Strong progress across strategic initiatives for further scale Building a data platform for AI Retail banking automation 1 Building the data platform that powers AI across the group: modernising data, Over 650,000 customer cases automated, streng
Slide 12: 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 NOK million 18% 19% 17% 1,586
Slide 13: Solvency position and sensitivities Q1 2026
Group Solvency position and sensitivities Q1 2026 Storebrand Group Solvency position1 Estimated sensitivities 194% 206% SII-margin Q1 206% Interest 206% rates -100 bp Interest 203% rates +100 bp Q4 2025 Q1 2026 Equity -25%, 213% SA -15p.p. Key takeaways Q1 2026 Spread +50 bp, 197% VA +15 bp • Change
Slide 14: Storebrand Group | Profit
Group Storebrand Group | Profit Operational result increased 28% year-on-year, supported by double digit result growth across all segments Profit 1 Q1 Full year NOK million 2026 2025 2025 Fee and administration income 2 097 1 997 8 573 Insurance result 665 470 2 444 Operational cost -1 736 -1 667 -7
Slide 15: Storebrand Group | Profit
Group Storebrand Group | Profit Profit by line of business Profit 1 Q1 Full year NOK million 2026 2025 2025 Fee and administration income 2 097 1 997 8 573 Insurance result 665 470 2 444 Operational cost -1 736 -1 667 -7 042 Cash equivalent earnings from operations 1 026 800 3 975 Financial items an
Slide 16: Savings (non-guaranteed)
Savings Savings (non-guaranteed) Strong result development in the Unit linked and Asset Management business Profit Q1 Full year NOK million 2026 2025 2025 Fee and administration income 1,810 1,706 7,370 Operational cost -1,065 -1,056 -4,497 Cash equivalent earnings from operations 745 650 2,874 Fina
Slide 17: Savings (non-guaranteed) Key figures
Savings Savings (non-guaranteed) Key figures Unit Linked reserves and premiums Retail bank balance and net interest margin (%) Unit Linked Reserves Unit Linked Premiums Life insurance balance sheet Bank balance sheet Interest margin NOK billion NOK billion 7.9 8.0 7.9 7.6 7.9 1.47 1.51 1.49 1.38 1.2
Slide 18: Insurance
Insurance Insurance Strong growth and result development within Retail, moderate results in Corporate due to disability-related claims Profit Q1 Full year NOK million 2026 2025 2025 Insurance premiums f.o.a. 2,684 2,256 9,705 Claims f.o.a. -2,019 -1,786 -7,260 Operational cost -488 -399 -1,713 Cash
Slide 19: 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 (LTM) • Combined ratio of 93% in the quarter 95% 94% 94% 92% 92% • Strong growth and result development within Retail. Moderate 97% results in Co
Slide 20: Guaranteed pension
Guaranteed Guaranteed pension Result improvement driven by cost reduction and improved risk results Profit Q1 Full year NOK million 2026 2025 2025 Fee and administration income 376 373 1,552 Operational cost -225 -236 -939 Cash equivalent earnings from operations 151 138 613 Risk result life & pensi
Slide 21: Guaranteed pension Key figures
Guaranteed Guaranteed pension Key figures Reserves guaranteed products Key takeaways Customer buffers Actively sold Run-off • The development reflects strong cost control and a positive NOK billion 295 302 303 306 298 contribution from public sector pensions, in addition to 31 34 35 36 34 39 41 41 4
Slide 22: Other
Other Other1 Result contribution from company portfolios negatively impacted by mark to market effects from increased interest rates Profit Q1 Full year NOK million 2026 2025 2025 Fee and administration income 4 7 19 Operational cost -52 -65 -262 Cash equivalent earnings from operations -48 -59 -243
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 buybacks2 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 2
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 Head of Group CEO Group CFO Investor Relations 24
Slide 25: Appendix
@&S Storebrand Appendix SS
Slide 26: 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 70 % 0% 30 % Unit Linked Sweden 0% 40 % 60 % Asset management 35 % 20 % 45 % Asset allocation1 Equities Bonds Alternatives Unit Linked Norway 70 % 20
Slide 27: Solvency movement from Q4 2025 to Q1 2026
Solvency movement from Q4 2025 to Q1 2026 Storebrand Group 3% -2% -3% 206% 6% 6% 194% 2% Q4 2025 Model and Regulatory Market return, Cash Dividend Share buybacks Q1 2026 assumptions assumptions business mix earnings and allocation 27
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 31.03.2025 12% 10% 2% 12% 64
Slide 29: Overview of Special items
Overview of Special items Quarter Special items Comments NOK million Q1 2026 • Higher sales in the tied agent distribution channel had a NOK 34m negative impact on the operational cost in the overall insurance segment compared to Q1 2025. This effect is not included in special items. Q4 2025 • Highe
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 15 July 2026 Results Q2 2026 21 October 2026 Results Q3 2026 32