Storebrand Asa Unsp/Adr (SREDY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to Storbrand's first quarter 2026 result presentation. As usual, our CEO, Odd-Aril Grefstad, will present the key highlights, followed by CFO Kjetil Krøtche, 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 Grefta. Thank you, Johannes, and good morning, everyone. Storbrand delivered a solid start to 2026. The macro backdrop of the first quarter was challenging with volatile financial markets. Yet, our business model proved robust with positive developments across all business segments. The operational results grew 28% to 1026 million. The cash based earning ended at 1,353 million, despite a moderate financial result due to mark to market effects. Asset management ended at 1,543 billion. While market movements negatively impacted the AUM this quarter, the changes were mainly driven by currency effects. Net flows remained positive and we have seen the market rebound in the second quarter. Our solvency ended at a new high of 206%. This underscores the solidity of our business and makes us confident that we will deliver on our capital distribution plans. It is encouraging to see all reporting segments delivering double digit growth in operational results this quarter. This reflects the impact of our cost initiatives and demonstrates the resilience of our business model. Insurance had a strong first quarter. with 151% result growth, mainly due to significant increase in new customers. In savings, the operation result grew by 15% year-on-year. And guaranteed pension also achieved a double-digit...