Storebrand Asa Unsp/Adr (SREDY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to Storebrand's first quarter result presentation. As usual, our CEO, Odd-Aril Grefstad, will present the key highlights of the quarter, followed by CFO, Lars Løddesøl, who will dive deeper into the numbers. At the end of the presentation, participants in the team's webinar will have a chance to ask questions. Details on how to join the webinar are found on the Investor Relations website. But without further ado, I give the word to our CEO, Odd-Aril Grefstad. Thank you, Johannes, and good morning, everyone. 2025 has so far been characterized by increased geopolitical uncertainty and market volatility. But the impact on Storbrann has been very limited, and our risk management system work as intended. Equity markets have recovered since Liberation Day and interest rate volatility has stabilized. Through the first quarter, we saw increased demand for support and advice from our customers. Our customer-facing teams maintained high availability and swift customer response times. In periods of market volatility, Storbrand benefits from having a diversified business model and asset management base. Storbrand's AUM is a mix of long-term pension money, which flows into equity mandates, and more stable AUM from alternatives and bonds. The captive AUM accounts for 44% of Storbrand's equity investments, making it very sticky. This is supported by an annual net inflow of around 20 billion from the unit-linked pension business. This is long-term money, mostly coming from mandatory corporate-sponsored pension schemes. In addition to these supporting drivers, Storbrand's overall AOM base has become increasingly diversified. More than 50% of our AOM is now allocated to bonds and alternatives, characterized by longer commitments and less...