Analyst presentation (2026 q1 analyst presentation storebrand asa)

‌Storebrand Q1 2026‌

29 April 2026

Odd Arild Grefstad - CEO Kjetil R. Krøkje - CFO

‌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

Q1 2025

Q1 2026

18% growth in insurance premiums2

%

206% solvency ratio

Financial items and risk result life Operating profit

15% return on equity, TTM3

1. Cash equivalent earnings before amortisation and tax. https://www.storebrand.no/ir provides an overview of APMs used in financial reporting.

2 2. Growth figures from Q1 2025 to Q1 2026 year on year.

3. Trailing twelve months.

‌Double-digit growth in operational result across all reporting segments

Savings

15%

growth in operational result

650m

745m

Q1 2025

Q1 2026

Insurance

151%

growth in operational result

71m

Q1 2025

177m

Q1 2026

Guaranteed

10%

growth in operational result

138m

Q1 2025

151m

Q1 2026

3

‌Ongoing share buyback program with NOK 1.4bn remaining to be executed in 2026

Executed and planned share buybacks

NOK billion

Share buybacks to be executed across two NOK 1bn tranches throughout 20261 and take the full year amount to NOK 2bn

6.4+

2.0

1,5

1,4

1,5

0.6

1,5

5.6

0,5

Planned Executed2

Ambition announced

on CMD 2025

12.0+

2022 2023 2024 2025

4

1. First NOK 1bn tranche expected to be fully executed on 3 July 2026; second NOK 1bn tranche planned to commence post Q2 2026 results.

2. NOK 0.4 bn had been executed in 2026 as of the end of the 1st quarter

2026E

2030YE ambition

‌Leading the way in sustainable value creation

Leading Provider of Occupational Pensions

NO & SE

Growing Challenger in the Retail Market

NO

Nordic Powerhouse in Asset Management

Future Storebrand Growth focus in capital-light business areas in front-book

People First

Leadership in Sustainability

Digital Frontrunner

Strategic enablers

Unlocking growth

Revenue Synergies

Cost Synergies

Capital Synergies

Group synergies Strengthening competitiveness

‌Strong growth continues across the Group

Unit-linked (defined contribution) pensions

Asset management

12%

YOY

7%

YOY

UL reserves (NOK billion) AuM (NOK billion)

CAGR

1,609 1,543

1,097

1,212 1,469

707

831

962

1,020

+16%

CAGR1

459

520

500

179

220

268

308

315

380

+12%

1

2018 2019 2020 2021 2022 2023 2024 2025 2026

Q1

2018 2019 2020 2021 2022 2023 2024 2025 2026

Q1

Insurance2

Retail bank

+16%

CAGR1

18%

YOY

10.6

11.1

3.7

3.9

4.7

5.5

6.7

7.4

8.8

Portfolio premiums (NOK billion)

Loan balance (NOK billion)

9%

YOY

+11%

47 48

50

57

67

77

87

97 97

CAGR1

2018 2019 2020 2021 2022 2023 2024 2025 2026

Q1

2018 2019 2020 2021 2022 2023 2024 2025 2026

Q1

6

1. Growth figures expressed as CAGR from FY 2018 to FY 2025.

2. Excludes all written premiums in Storebrand Helseforsikring AS (divested business).

‌Leading provider of occupational pensions in Norway & Sweden

Quarterly highlights

New legislation for guaranteed pensions enables higher exposure to assets classes with higher expected pensions for customers and increased profit sharing for shareholders

High digital conversion rates driving strong momentum in self-selected pension account following the integration of pension into Kron, with more than 50 percent of sales fully digital and rising

AI embedded in core processes and customer service across our occupational pension business, delivering measurable cost savings

7 1. Growth figures expressed as CAGR from FY 2018 to FY 2025.

Unit Linked

(defined contribution) pensions

UL reserves (NOK billion) YOY

12%

+16%1

459

520

500

315 380

179

220

268

308

2018 2019 2020 2021 2022 2023 2024 2025 2026

Q1

Corporate Insurance

Portfolio premiums (NOK billion)

YOY

10%

+11%1

4.3

4.6

3.3

3.9

2.0

2.1

2.4 2.4 3.0

2018 2019 2020 2021 2022 2023 2024 2025 2026

Q1

‌Nordic powerhouse in asset management

Quarterly highlights

41% growth in operational result year-on-year despite volatile markets

Operational cost down 6% year-on-year and improved cost-income ratio, as part of the efficiency programme communicated at the CMD in December

Successfully completed the merger of Storebrand Fonder into Storebrand AM, consolidating our Nordic fund offering and improving operational efficiencies

8 1. Growth figures expressed as CAGR from FY 2018 to FY 2025.

Asset Management

AuM (NOK billion)

YOY

7%

+15%1

1,469

1,609 1,543

1,212

962

1,097 1,020

707

831

2018 2019 2020 2021 2022 2023 2024 2025 2026

Q1

‌Growing challenger in the Norwegian retail market

Quarterly highlights

Kron's assets under management up by 80% year-on-year to NOK 43 billion, from 24 billion.

AI-driven automation has structurally transformed banking operations, automating over 650,000 new customer cases and effectively decoupling customer growth from operational headcount

Retail insurance portfolio premiums up 23% year-on-year on back of successful repricing and strong distribution. Market share in P&C increased to 7.9%, from 7.1% in the same quarter last year2

9

1. Growth figures expressed as CAGR from FY 2018 to FY 2025.

2. According to latest market data from Finance Norway (Q4 2025).

   Retail Insurance

   Portfolio premiums (NOK billion)

   YOY

   23%

   +20%1

   6.6

   3.7

   4.1

   4.9

   6.2

   1.7

   1.9

   2.3 3.1

   2018 2019 2020 2021 2022 2023 2024 2025 2026

   Q1

   Retail Bank

   Loan balance (NOK billion)

   +11%2

   YOY

   9%

   97

   67

   77

   87 97

   47 48

   50

   57

   2018 2019 2020 2021 2022 2023 2024 2025 2026

   Q1

   ‌Taking market shares in a highly profitable retail P&C insurance market

   Portfolio premiums

   +26%

   in 2025

   6,243m

   4,938m

   2024

   2025

   Market share

   +4.4 pp

   since 2018

   7.9%

   6.0% 6.4%

   6.7% 7.1%

   3.5% 3.7%

   4.5%

   2018 2019 2020 2021 2022 2023 2024 2025

   Growth in market share

   +0.8 pp

   in 2025

   0,8

   Storebrand

   0,2 0,2 0,2

   0,1 0,1

   Competitors

   0.0 0.0 0.0 0.0 0.0 0.0 0.0

   -0,1 -0,1 -0,1

   -0,5 -0,5

   10

   ‌Artificial Intelligence

   Strong progress across strategic initiatives

   Results demonstrate potential for further scale

   Building a data platform for AI

   1. Building the data platform that powers AI across the group: modernising data, strengthening governance and rolling out common services

      Retail banking automation

      Over 650,000 customer cases automated, supporting scalable growth and improved operational efficiency

      AI transformation in business processes

   2. Applying AI in high-impact core processes to improve customer service, claims

      handling and fraud detection, with clear potential for efficiency and risk benefits

      Faster software delivery with AI

   3. Our developers are shipping faster with AI, increasing productivity and

      bringing more software development in-house

      Business-led automation

   4. Giving business teams the tools to automate and increase productivity, within clear guardrails and with proper training

      Rethinking build vs buy

   5. Running pilots and assessing our systems portfolio to determine where to build or buy platforms as AI is changing software economics

   GenAI customer service

   GenAI now handles 60% of chatbot traffic, improving customer satisfaction and reducing escalations to human advisors

   Self-documenting meetings

   AI reduces manual advisory documentation, improving advisor capacity, compliance and customer continuity for SPP

   Chatbot "ALDA" is now self learning

   Award winning chat bot learns how human advisors respond to escalated questions and proposes updated context for further automation

   
   
   

   ‌Key figures

   Improved financial result and a solid solvency position

   Group

   Result development1

   Return on equity2 and earnings per share3

   Special items
   
   Financial items and risk result life NOK million
   
   Cash equivalent earnings from operations
   
   Cash EPS (NOK)
   
   

   15%

   Annualised return on equity
   
   

   18% 19% 17%

   12%

   1,167

   367

   0

   1,427

   0

   474

   1,586

   70 425

   1,515

   384 0

   1,353

   327

   0

   800

   953

   1,091

   1,131

   1,026

   2.42 2.87 3.08 2.88

   2.10

   SII Own funds4 and SCR

   SII Own Funds

   SII Capital Requirement

   SII ratio

   Q1 2025

   Q2 2025

   Q3 2025

   Q4 2025

   Q1 2026

   Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

   Expected return above guaranteed interest rate, Norway5

   NOK billion

   Guaranteed pension

   
   
   Interest rate guarantee p.a.
   
   

   4.6%

   4.6%

   4.8%

   198%

   200%

   195% 194%

   206%

   Expected return 6
   
   

   4.1%

   28.2

   28.9

   30.2

   31.4

   29.3

   55.9

   57.9

   58.9

   60.9

   60.2

   3.4%

   3.0%

   2.9%

   2.9%

   2.8%

   2.8%

   + 200

   basis points

   Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

   Q1 2022

   Q1 2023

   Q1 2024

   Q1 2025

   Q1 2026

   1. Result before amortisation and tax.

   12 2. Cash equivalent return on equity (ROE) annualised.

3. Earnings per share after tax adjusted for amortisation of intangible assets.

4. Own Funds including transitional capital.

5. Average of Defined benefit, Paid up and Individual in Norway.

6. Expected return is calculated based on current asset allocation using normal risk premiums for the next 12 months.

   
   
   

   ‌Solvency position and sensitivities Q1 2026

   Storebrand Group

   Group

   Solvency position1

   Estimated sensitivities

   194%

   206%

   Key takeaways Q1 2026

   Q4 2025 Q1 2026

   • Changes to regulatory assumptions, with a decreased symmetrical adjustment of the equity stress (SA) and an increased volatility adjustment for the interest rate curve (VA) had a positive effect. A significant strengthening of NOK against SEK (7%) also contributed positively.

   • A high booked tax rate, dividend provision and inclusion of the first NOK 1bn tranche in share buybacks had a negative effect on solvency.

SII-margin Q1

Interest

rates -100 bp

Interest rates +100 bp

Equity -25%,

SA -15p.p.

Spread +50 bp,

VA +15 bp

Property -10%

206%

206%

203%

213%

197%

200%

Target SII margin 150%

13

1. The estimated economic solvency position of Storebrand Group is calculated using the current Storebrand implementation of the Solvency II standard model. Output is sensitive to changes in financial markets, development of reserves, changes in assumptions and improvements to the calculation framework in the economic capital model as well as changes in the Solvency II legislation and national interpretation of transition rules.

‌Storebrand Group | Profit

Group

Operational result increased 28% year-on-year, supported by double digit

result growth across all segments

14 1. The result may include special items. Please see storebrand.com/ir for a complete overview.

‌Storebrand Group | Profit

Profit by line of business

Group

Profit 1

NOK million

Q1

2026

2025

Full year

2025

Fee and administration income 2 097

Insurance result 665

Operational cost -1 736

Cash equivalent earnings from operations 1 026

Financial items and risk result life 327

Cash equivalent earnings before amortisation 1 353

1 997 8 573

470 2 444

-1 667 -7 042

800 3 975

367 1 720

1 167 5 695

‌Savings (non-guaranteed)

Strong result development in the Unit linked and Asset Management business

Savings

Profit

NOK million

Q1

2026

2025

Full year

2025

Fee and administration income 1,810

Operational cost -1,065

Cash equivalent earnings from operations 745

Financial result -8

Cash equivalent earnings before amortisation 738

1,706 7,370

-1,056 -4,497

650 2,874

9 51

659 2,925

16 1. The retail banking segment includes Kron and savings distribution, more information is included in the Supplementary Information

‌Savings

Savings (non-guaranteed)

Key figures

Unit Linked reserves and premiums

Unit Linked Reserves Unit Linked Premiums

Retail bank balance and net interest margin (%)

Life insurance balance sheet Bank balance sheet Interest margin

NOK billion NOK billion

520

446

475

496

500

7.9 8.0 7.9 7.6 7.9

1.47 1.51 1.49 1.38 1.29

72

75

78

80

80

89 92 95 97 97

Assets under management

Movement in assets under management1

NOK billion NOK billion

1,507

1,561

1,609

1,543

1,442

1,609

4

-15

1,543

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

17 1. Estimated flow and return numbers.

Q4 2025

Net Flow Return

Currency Q1 2026

‌Insurance

Insurance

Strong growth and result development within Retail, moderate results in Corporate due to disability-related claims

Profit

NOK million

Q1

2026

2025

Full year

2025

Insurance premiums f.o.a. 2,684

Claims f.o.a. -2,019

Operational cost -488

Cash equivalent earnings from operations 177

Financial result 105

Cash equivalent earnings before amortisation 283

2,256 9,705

-1,786 -7,260

-399 -1,713

71 731

72 331

142 1,062

18

1. Retail property and casualty (P&C) insurance and individual life and disability insurance sold to the retail market.

2. Defined contribution disability risk Norway, Group life and workers compensation Norway, P&C insurance to SMB market in Norway, and disability risk Sweden.

   
   
   

   ‌Insurance

   Key figures

   Insurance

   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%

     97%	91%	89%	93%	93%
     79%	74%	72%	75%	75%
     18%	18%	17%	18%	18%
     Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026

     Portfolio premiums

     9,475

     9,915

     10,252

     10,577

     11,145

     5,342

     5,679

     5,946

     6,243

     6,580

     4,133

     4,236

     4,306

     4,334

     4,565

     Retail insurance Corporate insurance NOK million
     
     

   • Strong growth and result development within Retail. Moderate results in Corporate, where Group life experienced higher than expected disability claims in the quarter

   • Successful sales in retail insurance led to cost increases of NOK

     34m in the quarter compared to Q1 2025

     Key takeaways premiums and growth

   • 20% overall growth in premiums f.o.a. compared to the

     corresponding period last year

   • 7.9% market share in Norwegian retail P&C compared to 7.1% in the same quarter last year1

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

19 1. According to the latest market data from Finance Norway (Q4 2025).

‌Guaranteed pension

Guaranteed

Result improvement driven by cost reduction and improved risk results

Profit

NOK million

Q1

2026

2025

Full year

2025

Fee and administration income 376

Operational cost -225

Cash equivalent earnings from operations 151

Risk result life & pensions 64

Net profit sharing 82

Cash equivalent earnings before amortisation 296

373 1,552

-236 -939

138 613

36 17

87 599

261 1,229

20 1. This segment includes the sub-segment "Individual life and pension, Norway".

‌Guaranteed pension

Key figures

Guaranteed

Reserves guaranteed products

Key takeaways

Customer buffers Actively sold Run-off

NOK billion

39

31

41

34

41

35

42

36

42

34

222

229

227

227

225

295 302 303 306 298

• The development reflects strong cost control and a positive contribution from public sector pensions, in addition to stability in other segments.

  Q1 2025

  Q2 2025

  Q3 2025

  Q4 2025

  Q1 2026

  • Limited profit sharing in the quarter reflects weak equity markets, increasing interest rates and credit spreads.

Buffer capital1

Guaranteed reserves in % of total reserves

39.8 %

38.8 %

37.9 %

37.1 %

37.3 %

21

1. Note that the term "buffer capital" in this table is not consistent with the definition of buffer capital in the IFRS accounting.

2. Includes the Public Occupational Pensions buffer fund.

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

‌Other1

Other

Result contribution from company portfolios negatively impacted by mark to market effects from increased interest rates

Profit

NOK million

Q1

2026

2025

Full year

2025

Fee and administration income 4

Operational cost -52

Cash equivalent earnings from operations -48

Financial result 85

Cash equivalent earnings before amortisation 37

7 19

-65 -262

-59 -243

164 721

105 479

22 1. Excluding eliminations. For more information on eliminations, please see Supplementary Information.

‌Financial ambitions presented on the Capital Markets Day in December 2025

Increasing cash result1

NOK 7bn

Result target 2028

Increasing return on capital1

17%

ROE target 2028

Increasing dividends

Growing

Dividends every year1

Share buybacks2

NOK 2bn

In 2026

NOK 1.5bn

Annual share buybacks

per year 2027-2030YE

23

1. Cash equivalent earnings before amortisation and tax. For an overview of APMs used in financial reporting, please see https://www.storebrand.no/ir.

2. Subject to regulatory approval.

‌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

‌Appendix

‌Asset allocation and foreign currency exposure for unit linked and asset management sub-segments

26 1 Data rounded to the nearest 5% per Q4 2025.

‌Solvency movement from Q4 2025 to Q1 2026

Storebrand Group

-2%

-3%

206%

194%

Q4 2025

Model and assumptions

Regulatory assumptions

Market return, business mix and allocation

Cash earnings

Dividend

Share buybacks Q1 2026

27

‌Asset allocation - Guaranteed products

Storebrand Livsforsikring AS (Norway)

SPP (Sweden)

70%

60%

50%

40%

30%

20%

10%

0%

Equities

12%

13%

15%

16%

15%

Real estate

10%

10%

10%

10%

11%

Bonds &

Money Loans market

2%

3%

0%

0%

3%

31.03.2025

30.06.2025

30.09.2025

31.12.2025

31.03.2026

12%

12%

12%

12%

11%

Bonds at amortised cost

64%

62%

62%

62%

60%

70%

60%

50%

40%

30%

20%

10%

0%

28 Note: The graphs show the asset allocation for all products with an interest rate guarantee.

‌Overview of Special items

29

‌For further information

Contact us

Kjetil R. Krøkje

Group CFO

kjetil.r.krokje@storebrand.no

+47 9341 2155

Johannes Narumjohannes.narum@storebrand.no

Head of Investor +47 9933 3569 Relations

Information

Investor relations website

Financial reports andinformation

Follow us:

30

‌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 future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in these forward-looking statements. Important factors that may cause such a difference for the Storebrand Group include, but are not limited to:

(i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) market related risks such as changes in equity markets, interest rates and exchange rates, and the performance of financial markets generally.

The Storebrand Group assumes no responsibility to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make.

31

‌Thank you

Financial calendar

15 July 2026 Results Q2 2026

21 October 2026 Results Q3 2026

32