Interim report 1st quarter 2026
Storebrand Group (unaudited)
Contents
Financial performance business areas
Storebrand Group 3
Savings 6
Insurance 7
Guaranteed pension 9
Other 10
Balance sheet and capital situation 11
Outlook 13
Financial statements Storebrand Group
Income statement 15
Statement of comprehensive income 16
Statement of financial position 17
Statement of changes in equity 18
Statement of cash flow 19
Notes 21
Financial statements Storebrand ASA
Income statement 34
Statement of comprehensive income 34
Statement of financial position 35
Statement of changes in equity 36
Statement of cash flow 37
Notes 38
Important notice:
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. This document contains alternative performance measures (APM) as defined by The European Securities and Market Authority (ESMA). An overview of APM can be found at https://www.storebrand.com/ir.
Storebrand GroupInsurance result3 of NOK 665m in the 1st quarter, up by 42% year-on-year
Cash equivalent earnings from operations3 of NOK 1,026m in the 1st quarter, up by 28% year-on-year
Double-digit growth in operational earnings across Savings, Insurance and Guaranteed segments
Cash equivalent earnings3 of NOK 1,353m in the 1st quarter, up by 16% year-on-year
Return on Equity3 of 15% the last twelve months
Storebrand's ambition is to provide our customers with financial freedom and security by being the best provider of long-term savings and insurance. The Group offers an integrated product range spanning from life insurance, P&C insurance, asset management and banking to private individuals, companies and public sector entities. The Group is divided into the segments Savings, Insurance, Guaranteed Pension and Other.
Cash equivalent earnings1
2026
2025
Full year
NOK million
Q1
Q4
Q3
Q2
Q1
2025
Fee and administration income
2,097
2,382
2,124
2,070
1,997
8,573
Insurance result
665
643
697
635
470
2,444
Operational cost
-1,736
-1,894
-1,730
-1,751
-1,667
-7,042
Cash equivalent earnings from operations
1,026
1,131
1,091
953
800
3,975
Financial items and risk result life
327
384
495
474
367
1,720
Cash equivalent earnings before amortisation
1,353
1,515
1,586
1,427
1,167
5,695
Amortisation and write-downs of intangible assets
-65
-74
-128
-78
-77
-357
Cash equivalent earnings before tax
1,289
1,442
1,458
1,349
1,090
5,339
Tax
-464
-293
-269
-190
-117
-869
Cash equivalent earnings after tax
825
1,149
1,189
1,159
973
4,469
How to read this report
From 2023, the Storebrand Group has reported its official IFRS financial statements in accordance with IFRS 17 and IFRS 9, which replaced IFRS 4 and IAS 39 on 1 January 2023. A short comment on the financial performance under IFRS is given in the subsection below and detailed disclosure is available under the "Financial statements Storebrand Group" section. For the remaining part of the report, Storebrand reports and comments on the alternative income statement in parallel with IFRS statements of financial position. The alternative income statement is based on the statutory accounts of all the main subsidiaries and is an approximation of the cash generated in the period, while the IFRS statement includes profit-and-loss effects of updated estimates and assumptions about the timing of future cash flows and insurance services provided2.
Financial performance (IFRS)
Group profit before amortisation and tax was NOK 1,092 m (NOK 1,225m) in the 1st quarter. Storebrand Group's net insurance service result was NOK 434m (NOK 590m) in the 1st quarter. The lower insurance service result quarter-on-quarter primarily stems from increased insurance service expenses in pension related disability insurance and higher incurred claims in group life. In general, higher volatility is expected under IFRS 17 because of the measurement models applied.
Financial performance (alternative income statement) Storebrand Group's cash equivalent earnings before amortisation were NOK 1,353m (NOK 1,167m) in the 1st
quarter. The solid result reflects continued underlying growth across the business, with particularly strong growth and improved profitability in insurance.
Total fee and administration income amounted to NOK 2,097m (NOK 1,997m) in the 1st quarter, corresponding to an increase of 5% compared to the same quarter last year. The increase in fee and administration income was driven by continued growth in unit-linked and asset management in the Savings segment.
The Insurance result amounted to NOK 665m (NOK 470m) in the 1st quarter. The result improvement was mainly driven by a particularly strong first quarter performance for the Retail segment, where repricing and continued volume growth led to significantly improved results. Corporate insurance demonstrated strong growth, but smaller portfolios in group life recorded high disability.
The total combined ratio for the Insurance segment was 93% (97%) in the 1st quarter.
The Group's operational cost amounted to NOK -1,736m (NOK
-1,667m) in the 1st quarter, corresponding to a 4% increase compared to the same quarter last year. Ongoing cost initiatives are progressing well, and the development is satisfactory. The increase is mainly attributed to growth, inflation and salary increases.
1 The income statement is based on reported IFRS results for the individual group companies. The statement differs from the official accounts layout.
2 Due to the fundamental differences between IFRS 17 and the alternative income statement, it is not possible to reconcile the numbers.
3 Please see https://www.storebrand.no/ir for an overview of APMs used in financial reporting.
Overall, the cash equivalent earnings from operations amounted to NOK 1,026m (NOK 800m) in the 1st quarter, up 28% year-on-year. The improvement is mainly attributed to retail insurance, which experienced continued growth and profitability improvements, and the Savings segment, where both unit linked and asset management performed well.
The 'financial items and risk result' amounted to NOK 327m (NOK 367m) in the 1st quarter. The company portfolio experienced negative mark to market effects from increased interest rates in the quarter. Additionally, the realisation of unrealised losses from instruments booked at amortised cost had a negative impact on booked returns. Net profit sharing amounted to NOK 82m (NOK 87m) in the 1st quarter. The risk result amounted to NOK 64m (NOK 36m) in the 1st quarter. Positive longevity and disability results for paid-up policies supported the risk result in the quarter.
Amortisation of intangible assets from acquired business amounted to NOK -65m (NOK -77m) in the 1st quarter.
Tax expenses for the Group amounted to NOK -464m (NOK -117m) in the 1st quarter. The quarterly effective tax rate was unusually high, at 36%. Currency movements and the impact of hedging instruments substantially increased the tax rate, with the SEK depreciating approximately 7 percent against the NOK in the quarter. The estimated normal tax rate is 19-22%, depending on each legal entity's contribution to the Group result. Currency fluctuations, hedging and varying tax rates in different countries of operation impact the quarterly tax rate.
The cash equivalent earnings after tax amounted to NOK 825m in the first quarter of 2026, compared to NOK 973m in Q1 2025.
The Group reports its cash equivalent earnings by business segment. For a more detailed description, see the separate segment sections in the report.
Capital situation
The solvency ratio was 206% at the end of the 1st quarter, a 12 percentage point increase from 4th quarter last year. A shift in regulatory assumptions contributed positively, with a decreased symmetrical adjustment of the equity stress (SA) and an increased volatility adjustment for the interest rate curve (VA). A significant depreciation of the Swedish krona (SEK) against the Norwegian krone (NOK) during the quarter further strengthened the development. A strong pre-tax result contributed positively to the solvency position, offset by a high booked tax rate, dividend provision and inclusion of the first NOK 1bn tranche of the share buyback program for 2026.
Dividend and share buyback
Storebrand has received approval from the Norwegian FSA to conduct NOK 2bn in share buybacks for the full year, subject to a solvency ratio above 175%. During the 1st quarter Storebrand initiated a NOK 1bn share buyback tranche, which will end no later than 3 June 2026. Buybacks amounting to NOK 0.4bn were completed during the first quarter, with NOK 1.6bn remaining to be completed during the rest of the year. The ambition is to return more than NOK 12bn of excess capital by the end of 2030, with NOK 5.4bn having been returned as of the end of the first quarter.
Cash equivalent earnings by segment
2026
2025
Full year
NOK million
Q1
Q4
Q3
Q2
Q1
2025
Savings - non-guaranteed
738
816
815
634
659
2,925
Insurance
283
266
364
289
142
1,062
Guaranteed pension
296
297
316
356
261
1,229
Other profit
37
136
91
147
105
479
Cash equivalent earnings before amortisation
1,353
1,515
1,586
1,427
1,167
5,695
Group - Key figures
2026
2025
Full year
Q1
Q4
Q3
Q2
Q1
2025
Cash equivalent EPS (NOK)
2.10
2.88
3.08
2.87
2.42
11.25
Equity (NOK million)
33,982
33,588
32,496
31,609
32,705
32,496
Cash return on equity, annualised (%)
12.3%
17.4%
19.0%
18.1%
15.3%
18.4%
Solvency II ratio (%)
206%
194%
195%
200%
198%
195%
Financial metrics
Target
Actual
Cash return on equity (last 12 months, after tax)
17%
15%
Future Storebrand (Savings & Insurance)*
35%
Back book (Guaranteed & Other)*
6%
Pay-out ratio after tax, total**
85%
Dividend pay-out ratio
51%
Share buybacks
34%
Solvency II ratio Storebrand Group
> 150%
206%
* The RoE target of 17% is for 2028. The ROE is calculated based on the profit for the last 12 months, after tax and before amortisation of intangible assets, divided on a pro forma distribution of the IFRS equity less hybrid capital per line of business (opening balance). The capital is allocated based on the capital consumption under SII and CRD IV adjusted for positive capital contribution to own funds. The segments Savings, Insurance and Other are calibrated at 150% of the capital requirement (before own funds contribution), while the remainder of the capital is allocated to the Guaranteed segment. The methodology is an estimation of ROE pr. reporting segment.
** The pay-out ratio is based on the cash-result after tax and amortisation
SavingsFee and administration income up by 6% year-on-year to NOK 1,810m
Cash equivalent earnings from operations up by 15% compared to Q1 2025
Operational cost down by 6% year-on-year in Asset Management, supporting improved cost-income ratio
The Savings segment includes savings products without interest rate guarantees. The segment consists of Defined Contribution pensions in Norway and Sweden under the Unit Linked products, as well as asset management and retail banking products.
Savings - Results
2026
2025
Full year
NOK million
Q1
Q4
Q3
Q2
Q1
2025
Fee and administration income
1,810
2,073
1,825
1,767
1,706
7,370
Operational cost
-1,065
-1,218
-1,103
-1,119
-1,056
-4,497
Cash equivalent earnings from operations
745
855
721
648
650
2,874
Financial result
-8
-39
94
-14
9
51
Cash equivalent earnings before amortisation
738
816
815
634
659
2,925
Financial performance
The Savings segment reported cash equivalent earnings before amortisation of NOK 738m (NOK 659m) in the 1st quarter, corresponding to an increase of 12% compared to the same quarter last year.
Fee and administration income in the Savings segment amounted to NOK 1,810m (NOK 1,706m) in the 1st quarter, corresponding to an increase of 6% from Q1 2025 and 6% year-on-year after adjustment for NOK/SEK currency effects. In Asset Management, fee and administration income grew by 8% compared to the same quarter last year. This was driven by higher income as a result of assets under management growing 7% over the same period. Over the same period, operational cost declined by 6%, to NOK -475m (NOK -505m) in the Asset Management segment. Performance-based income totalled NOK 62m in the quarter, up by NOK 4m from the 1st quarter last year.
In Unit Linked Norway, income grew by 8% compared to the same quarter last year. In Sweden, fee and administration income grew by 3% compared to the same quarter last year. In Retail Banking including Kron and savings distribution, income grew by 2% compared to the corresponding quarter last year.
Operational costs amounted to NOK -1,065m (NOK -1,056m) in the 1st quarter, a stable development compared to the corresponding quarter last year.
The financial result was NOK -8m (NOK 9m) in the 1st quarter.
Balance sheet and market trends
Total assets under management stood at NOK 1,543bn at the end of the 1st quarter compared to NOK 1,609bn at the end of the 4th quarter last year, decreasing by 4% due to currency effects and negative market development.
Assets under management in Unit Linked decreased to NOK 500bn (NOK 446bn) from NOK 520bn in Q4 2025. Unit Linked premiums increased to NOK 7.9bn (NOK 7.7bn) in the first quarter. In the Norwegian Unit Linked business, AUM increased to NOK 283bn (NOK 245bn) from NOK 282bn last quarter. Net inflow amounted to NOK 0.9bn (NOK 1.6bn). In the Swedish Unit Linked business, AUM decreased to NOK 218bn (NOK 202bn) from 237bn in the 4th quarter last year, mainly due to currency effects. Net inflow in Sweden was NOK 1.2bn (NOK 1.6bn) in the quarter.
The bank lending portfolio increased by NOK 0.5bn (1%) to NOK 97.4bn during the quarter and NOK 8.0bn (9%) year-on-year.
Savings - Key figures
2026
2025
NOK million
Q1
Q4
Q3
Q2
Q1
Premium income Unit Linked
7,861
7,640
7,861
7,971
7,911
Unit Linked reserves
500,357
519,532
496,155
475,193
446,308
AuM Asset Management
1,542,672
1,608,960
1,560,634
1,506,704
1,441,878
Retail lending*
97,383
96,848
95,253
92,318
89,419
*Includes mortgages on the Storebrand Livsforsikring AS balance sheet
InsuranceCash equivalent earnings before amortisation up by 98% year-on-year
19% growth in insurance premiums f.o.a. year-on-year
21% growth in retail insurance premiums f.o.a. year-on-year
Combined ratio of 93% in the quarter compared to 97% in Q1 2025
The Insurance segment includes P&C insurance and personal risk products in the Norwegian retail market and employer's liability insurance and
pension-related insurance in the Norwegian and Swedish corporate markets.
Insurance - Results
2026
2025
Full year
NOK million
Q1
Q4
Q3
Q2
Q1
2025
Insurance premiums f.o.a.
2,684
2,565
2,475
2,408
2,256
9,705
Claims f.o.a.
-2,019
-1,922
-1,778
-1,774
-1,786
-7,260
Operational cost
-488
-468
-416
-430
-399
-1,713
Cash equivalent earnings from operations
177
175
281
205
71
731
Financial result
105
92
83
85
72
331
Cash equivalent earnings before amortisation
283
266
364
289
142
1,062
Claims ratio
75%
75%
72%
74%
79%
75%
Cost ratio
18%
18%
17%
18%
18%
18%
Combined ratio
93%
93%
89%
91%
97%
92%
Financial performance
Insurance premiums f.o.a. amounted to NOK 2,684m (NOK 2,256m) in the 1st quarter, corresponding to an increase of 19% compared to the same quarter last year. A significant portion of the portfolio was repriced during the past year. The cost ratio was 18% (18%), with cost amounting to NOK -488m (NOK -399m) in the 1st quarter. Strong sales in P&C insurance led to sales commissions that increased costs by NOK 34m in the quarter compared to the corresponding period in 2025.
For the segment overall, cash equivalent earnings before amortisation amounted to NOK 283m (NOK 142m) in the 1st quarter. The total combined ratio was 93% (97%) in the 1st quarter. The 4 percentage point improvement resulted from several profitability measures, including repricing across segments. Uncertainty persists regarding disability development in Norwegian society and Storebrand is closely monitoring developments.
Strong growth continued within 'Retail insurance', with premiums f.o.a. up by 21% in the 1st quarter year-over-year. The growth is attributed to successfully implementing repricing measures and continued volume growth. The cash equivalent earnings before amortisation were NOK 210m (NOK 75m) in the 1st quarter. P&C products had a positive development supported by run-off gains, and individual life experienced moderate results. The claims ratio was 68% (77%) in the 1st quarter. Operational cost increased to NOK -332m (NOK -260m) in the 1st quarter. The cost increase is mainly due to higher agent commissions driven by strong sales. The cost increase is also the result of strengthening the organisation to support the growing portfolio, including hiring new teams and
functions. Altogether, the segment delivered a combined ratio of 90% (98%) in the 1st quarter.
In 'Corporate insurance', premiums f.o.a. increased by 17% year-over-year in the 1st quarter. The segment reported cash equivalent earnings before amortisation of NOK 73m (NOK 67m) in the 1st quarter. Pension-related disability in Norway and Sweden delivered solid results. Corporate P&C is growing fast with a satisfactory claims ratio. Group life experienced higher than expected disability claims in the quarter and affected the results negatively. Repricing and other profitability measures have been implemented, with churn within normal variation. In sum, 'Corporate insurance' reported a combined ratio of 98% (96%) in the 1st quarter.
The insurance investment portfolio, which is primarily invested in fixed-income securities with short to medium duration, achieved a return of 0.8% in the 1st quarter.
Balance sheet and market trends
The Insurance segment offers a broad range of products to the retail market in Norway, as well as to the corporate market in both Norway and Sweden. Overall growth in annual portfolio premiums amounted to 18% compared to the same quarter last year. Growth in 'Retail insurance' amounted to 23% and 'Corporate insurance' grew by 10%. Storebrand has an ambition to grow the insurance business, particularly within P&C. As of the 1st quarter, 59% of the insurance portfolio was accounted for by 'Retail insurance'. According to the latest market data, Storebrand grew its market share to 7.9% within Norwegian retail P&C as of the 4th quarter, from 7.1% in the same quarter last year.
Insurance - Portfolio premiums
2026 2025
NOK million
Q1
Q4
Q3
Q2
Q1
Retail insurance
6,580
6,243
5,946
5,679
5,342
Corporate insurance
4,565
4,334
4,306
4,236
4,133
Total written premiums
11,145
10,577
10,252
9,915
9,475
Investment portfolio*
14,820
13,631
13,071
12,505
12,252
* Ca. NOK 4.2bn of the investment portfolio is linked to disability coverages where the investment result goes to the customer reserves and not as a result element in the P&L. The remaining AuM contributes fully or partially to the financial result.
Guaranteed pensionCash equivalent earnings before amortisation up by 14% year-on-year
Weak financial markets dampened profit sharing, offset by a strong risk result
Robust buffer capital in both Norway and Sweden, strengthening year-on-year
The Guaranteed Pension segment includes long-term pension savings products that give customers a guaranteed rate of return, but most products are closed for new business and are in run-off. The area includes defined benefit pensions in Norway and Sweden, paid-up policies, public sector occupational pensions, and individual capital and pension insurance.
Guaranteed pension - Results
2026
2025
Full year
NOK million
Q1
Q4
Q3
Q2
Q1
2025
Fee and administration income
376
402
387
389
373
1,552
Operational cost
-225
-243
-234
-226
-236
-939
Cash equivalent earnings from operations
151
159
153
163
138
613
Risk result life & pensions
64
-19
-21
21
36
17
Net profit sharing
82
157
184
172
87
599
Cash equivalent earnings before amortisation
296
297
316
356
261
1,229
Financial performance
Guaranteed pension achieved cash equivalent earnings before amortisation of NOK 296m (NOK 261m) in the 1st quarter.
Fee and administration income amounted to NOK 376m (NOK 373m) in the 1st quarter. The development reflects a positive contribution from public sector pensions and overall stability in other segments.
Operational cost amounted to NOK -225m (NOK -236m) in the 1st quarter. The development reflects products in run-off requiring less resources than in previous quarters. The main cost drivers this quarter were increased activity in public sector pensions in Norway and capital-light guaranteed products in Sweden.
The cash equivalent earnings from operations increased to NOK 151m (NOK 138m) in the 1st quarter.
The risk result was NOK 64m (NOK 36m) in the 1st quarter. Positive longevity and disability results for paid-up policies supported the risk result in the quarter. Net profit sharing amounted to NOK 82m (NOK 87m) in the 1st quarter. The
Guaranteed pension - Key figures
moderate level of profit sharing reflects weak equity markets and increasing interest rates and credit spreads in the quarter.
Balance sheet and market trends
Most of the guaranteed products are in long-term run-off. Customer reserves of guaranteed pensions decreased by NOK
8.2bn during the quarter and amounted to NOK 298bn at the end of the quarter. Storebrand has an ambition to grow reserves within capital-efficient guaranteed products, such as the public occupational pension market in Norway and capital-light guaranteed in Sweden. Overall, the net flow of guaranteed pensions amounted to NOK -3.1bn (NOK -3.0bn) in the 1st quarter.
Storebrand's strategy is to maintain solid buffer capital levels to secure customer returns and shield shareholders' equity during turbulent market conditions. Buffer capital stood at NOK 34.1bn (NOK 31.0bn) as of the 1st quarter. As a share of guaranteed reserves, buffer capital levels amounted to 8.2% (7.3%) in Norway and 27.3% (24.4%) in Sweden. This does not include off-balance sheet excess values of bonds at amortised cost, which at the end of the 1st quarter amounted to a deficit of NOK
-14.3bn (NOK -13.7bn).
Other2026
2025
NOK million
Q1
Q4
Q3
Q2
Q1
Guaranteed reserves
297,984
306,168
302,929
301,739
295,001
Guaranteed reserves in % of total reserves
37.3%
37.1%
37.9%
38.8%
39.8%
Net flow of premiums and claims
-3,066
-3,181
-2,864
-2,547
-2,997
Buffer capital in % of customer reserves Norway
8.2%
8.5%
8.2%
8.1%
7.3%
Buffer capital in % of customer reserves Sweden
27.3%
27.3%
26.6%
25.0%
24.4%
The result for Storebrand ASA is reported under Other, as well as the financial result for the company portfolios of Storebrand Life Insurance and SPP. Group eliminations are reported in a separate table below.
Results excluding eliminations
2026
2025
Full year
NOK million
Q1
Q4
Q3
Q2
Q1
2025
Fee and administration income
4
5
4
4
7
19
Operational cost
-52
-62
-68
-66
-65
-262
Cash equivalent earnings from operations
-48
-57
-64
-62
-59
-243
Financial result
85
193
155
209
164
721
Cash equivalent earnings before amortisation
37
136
91
147
105
479
Eliminations
2026
2025
Full year
NOK million
Q1
Q4
Q3
Q2
Q1
2025
Fee and administration income
-94
-97
-92
-90
-90
-369
Operational cost
94
97
92
90
90
369
Financial result
Cash equivalent earnings before amortisation
Financial performance
The Other segment reported cash equivalent earnings before amortisation of NOK 37m (NOK 105m) in the 1st quarter. The result in the quarter was negatively impacted by mark to market effects in the company portfolios, leading to a lower financial result.
The operational cost amounted to NOK -52m (NOK -65m) in the 1st quarter.
The financial result in the segment amounted to NOK 85m in the 1st quarter. The company portfolio experienced negative mark to market effects from increased interest rates in the quarter. Additionally, the realisation of unrealised losses from
instruments booked at amortised cost impacted returns negatively. The Norwegian company portfolio (life) achieved a return of 0.8% in the 1st quarter, while the Swedish company portfolio reported a return of 0.3% in the 1st quarter. The company portfolios in the Norwegian and Swedish life insurance companies and the holding company amounted to NOK 28.9bn at the end of the quarter.
Storebrand is funded through a combination of equity and debt. Interest expenses for the Group amounted to NOK -166m in the quarter excluding hedging effects. The funding cost in Storebrand Bank is reported as part of the bank in the Savings segment.
Balance sheet and capital situation
Solvency II ratio of 206%, a stable development from the previous quarter
Annualised Cash return on equity of 12% in the quarter and 15% the last twelve months
Buffer capital at 8.2% of customer reserves with guarantees in Norway and 27.3% in Sweden
Continuous monitoring and active risk management is a core area of Storebrand's business. Risk and solidity are both followed up on at the Group level and in the legal entities. Regulatory requirements for financial strength and risk management follow the legal entities to a large extent. The section is thus divided up by legal entities.
Storebrand Group Solvency
The solvency ratio was 206% at the end of the 1st quarter, a 12 percentage point increase compared to 4th quarter of last year. A shift in regulatory assumptions contributed positively, with a decreased symmetrical adjustment of the equity stress (SA) and an increased volatility adjustment for the interest rate curve (VA). A significant depreciation of the Swedish krona (SEK) against the Norwegian krone (NOK) during the quarter further strengthened the development. A strong pre-tax result contributed positively to the solvency position, offset by a high booked tax rate, dividend provision and inclusion of the first NOK 1bn tranche of the share buyback program for 2026.
Solvency development - Storebrand Group
198%
200%
195%
194%
206%
28.2
55.9
28.9
57.9
30.2
58.9
31.4
60.9
29.3
60.2
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Solvency 2 OF Solvency 2 SCR
Solvency 2 ratioCash equivalent return on equity
The Group's quarterly cash ROE1 (annualised) was 12% in the 1st quarter. A high effective tax rate due to currency effects on hedging instruments impacted the ROE negatively in the quarter. Trailing twelve months, the cash ROE was 15%. The cash ROE target for 2028 is 17%.
Storebrand ASA
Storebrand ASA held liquid assets of NOK 6.0bn at the end of the 1st quarter. Storebrand ASA's total interest-bearing liabilities were NOK 1.0bn at the end of the 1st quarter. In addition, the company has an unused revolving credit facility of EUR 200m.
Storebrand ASA owned 13,976,446 of the company's own shares at the end of the 1st quarter, representing 3.2% of the share capital. Shares purchased under buyback programs will normally be redeemed, subject to permission from Norwegian Financial Supervisory Authority (Finanstilsynet) and Storebrand's AGM.
Storebrand Livsforsikring AS Customer buffers (NOR)
7.3 %
8.1 %
8.2 %
8.5 %
8.2 %
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Buffer capital in % of customer reserves NorwayThe buffer fund is distributed across individual contracts and can be used to cover the difference between contracts' annual interest guarantee and achieved investment return, including when returns are negative. Storebrand can set aside all or part of a surplus on the return to a buffer fund. Buffer capital can also be allocated to the customer as surplus.
The buffer fund in Norway amounted to NOK 16.2bn at the end of the 1st quarter, corresponding to 8.2% of customer funds with a guarantee. The buffer fund decreased by NOK 0.6bn in the quarter. The excess value of bonds and loans valued at amortised cost increased by NOK 2.2bn during the quarter, amounting to NOK -14.3bn at the end of the quarter. The excess value of bonds and loans at amortised cost is not included in the financial statements of Storebrand Livsforsikring AS.
Allocation of guaranteed customer assets (NOR)
12%
10%
2%
12%
64%
13%
10%
3%
12%
62%
15% |
10% 0% |
12% |
62% |
16% |
10% 0% |
12% |
62% |
15% |
11% 3% |
11% |
60% |
Real estate
Bonds & Money market
Loans
Bonds at amortised cost
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Customer assets in Norway decreased by NOK 0.1bn during the quarter, amounting to NOK 498bn at the end of the 1st quarter. Of this, customer assets within non-guaranteed savings increased by NOK 0.5bn during the quarter, amounting to NOK 283bn at the end of the 1st quarter. Guaranteed customer
assets decreased by NOK 0.6bn during the quarter, amounting to NOK 215bn at the end of 1st quarter.
SPP
Customer buffers (SWE)
24.4% 25.0% 26.6% 27.3% 27.3%
Allocation of guaranteed customer assets (SWE)
19% |
15% |
48% |
18% |
21% |
15% |
48% |
17% |
21% |
15% |
48% |
16% |
20% |
15% |
50% |
14% |
21% |
16% |
49% |
14% |
Real estate
Bonds & Money market
Loans
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Conditional bonuses in % of customer funds with guaranteeThe buffer capital (conditional bonuses) amounted to SEK
17.4bn at the end of the 1st quarter, a decrease of SEK 0.3bn during the quarter.
Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Customer assets decreased by SEK 5.6bn during the quarter, amounting to SEK 291bn at the end of the quarter. Of this, customer assets within non-guaranteed savings decreased by SEK 4.0bn during the quarter, amounting to SEK 213bn at the end of the 1st quarter. Guaranteed customer assets decreased by SEK 1.6bn during the quarter, amounting to SEK 78bn at the end of 1st quarter.
Storebrand Bank
The combined portfolio of loans in Storebrand Bank and Storebrand Livsforsikring increased by NOK 0.5bn in the 1st quarter. Loans outstanding decreased by NOK 0.1bn during the 1st quarter while the home mortgage portfolio managed on behalf of Storebrand Livsforsikring AS increased by NOK 0.6bn.
The Storebrand Bank Group had own funds of NOK 6.2bn at the end of the 1st quarter. The capital adequacy ratio stood at 21.7% at the end of the quarter, down from 21.8% at end 2025, while the Core Equity Tier 1 (CET1) ratio stood at 18.0%, compared to 18.1% at year-end 2025.
OutlookStrategy and financial ambitions
Storebrand delivers financial security and freedom to people and businesses. The Group aims to make it easy for our customers to make good financial decisions for the future. Together, we create a future to look forward to.
Storebrand's strategy gives a compelling combination of capital-light growth in the front book, i.e. the growth areas of the "Future Storebrand", and capital return from a maturing back book of guaranteed pensions.
The Group strategy is directed towards three aims: (a) be the leading provider of occupational pensions in both Norway and Sweden, (b) build a Nordic powerhouse in asset management and (c) ensure fast growth as a challenger in the Norwegian retail market for financial services.
At the Capital Markets Day (CMD) in December 2025, management presented the strategic direction and the financial ambitions towards 2028 and 2035. Storebrand aims to continue the growth in "Future Storebrand", with an increasing share of earnings from capital-light products. The profit target before amortisation and tax was raised to NOK 7 billion for 2028, driven by earnings growth from Savings, Insurance and Guaranteed business. The profit target implies an ambition for high single-digit to double-digit growth within Savings and Insurance and relatively stable development for Guaranteed. The Group will maintain disciplined cost management for profitable growth and make selective investments in prioritized growth areas. Storebrand aims to improve the cost ratio within both savings and insurance, and communicated at the CMD an expectation to keep annual growth in operating expenses at around 5 percent towards 2028, from a level of NOK 7 billion in 2025.
Savings
In the savings business, the market for unit linked (defined contribution) pensions is expected to continue structurally growing, with higher premium inflows than outflows. In unit linked pensions, Storebrand has an ambition of double-digit annual growth in assets under management and a 2-4 percentage point improvement in the cost-to-income ratio towards 2028. Storebrand will defend its strong market position in Norway by remaining cost-leading and delivering an improved customer experience through digitalisation. In Sweden, SPP is a market challenger within the non-unionised pensions segment, with an edge in digital and ESG-enhanced solutions.
In addition to managing internal pension funds, Storebrand Asset Management is growing its external mandates from institutional and retail investors. Storebrand is a local partner for Nordic investors and a gateway to the Nordics for international investors. The product offering includes a full product range of index, factor and actively managed funds. Storebrand is also one of the strongest providers of alternatives (private equity, real estate, private debt and infrastructure) in the Nordic region. Over the past three decades, Storebrand has focused on sustainable investments with a strong track record. In asset management, the overarching ambition is to increase assets under management by 7-9 percent annually while improving
the cost-to-income ratio by more than 5 p.p. from 2025 to 2028.
Storebrand Bank aims to achieve 5-10 percent annual loan growth over the next three years, while the Kron platform continues to grow by offering a market-leading user experience. Kron will be central to Storebrand's product distribution and positions the Group well for megatrends such as individualisation, demographic changes and digitalisation.
Overall, Storebrand has an ambition of double-digit annual growth in operating profit from the combined defined-contribution pension and asset management businesses.
Insurance
The insurance business is a key area for capital-light growth in the Group. The growth ambition in insurance is supported by a strong brand, capital synergies and a multi-channel distribution mix where external agents and partnerships are complemented by internal distribution through advisers, the bank and digital channels. The ambition is double-digit annual premium growth over the next three years while the combined ratio gradually improves from 92 percent in 2025 to 90 percent or better by 2028.
On 29 January 2026, it was announced that Storebrand ASA had entered into a letter of intent (LOI) with Knif AS and Knif Trygghet Forsikring AS. Under the LOI, the parties will explore a potential merger between Knif Trygghet Forsikring AS and Storebrand Forsikring AS, combined with a broader strategic partnership between Storebrand, Knif and Knif's affiliated parties. Any potential merger between Storebrand Forsikring AS and Knif Trygghet Forsikring AS is not expected to have a material impact on the Storebrand Group's solvency ratio, liquidity position or financial results.
Guaranteed
Guaranteed pensions consist of a combination of older guaranteed pension portfolios in run-off and new capital-efficient guaranteed business in growth. The overall ambition is to achieve a positive development in assets under management while increasing profit sharing from about NOK 600 million in 2025 to NOK 700 million in 2028. The increase in assets under management is expected to come from growth in public pensions in Norway, through acquisitions of pension funds in Norway and through growth in capital-light guaranteed products in Sweden. The guaranteed business is expected to create solid value in addition to reported results as regulatory capital is released from the run-off business.
Risk
Storebrand is exposed to several risk factors. These risks include financial market risk and geopolitical uncertainty, and other risk factors such as insurance risk, credit risk, operational risk and technological risks. The annual report provides further information on the main risk factors.
Storebrand is developing a partial internal model for risk measurement and risk management. The model covers all financial market risk and life insurance risk for Storebrand Livsforsikring and SPP. The internal model is used to better
understand the business's risks and as a supplement to the official capital requirement calculations based on the standard model. Storebrand is in dialogue with the Norwegian Financial Supervisory Authority (Finanstilsynet) regarding approval to use a partial internal model in official capital requirement calculations.
Regulatory changes Occupational pension
The Government is working on adapting occupational pensions to life expectancy adjusted age limits in the National Insurance Pension Scheme. Storebrand expects an increased lower age limit for withdrawal, increased minimum withdrawal periods and changes regarding disability pensions from occupational pension schemes.
The governing Labour party's parliamentary election manifesto for the period 2025-2029 proposes a gradual increase in the minimum savings rate for mandatory occupational pensions.
Paid-up policies in Norway
Parliament has passed a bill introducing significant changes to the regulation of paid-up policies and other guaranteed pension products. Key changes include more flexible guarantee rules, designed to support long-term investment strategies. The change enables higher exposure to assets classes with higher expected customer returns, and will likely increase pensions and improve profit-sharing. Parliament amended the Ministry of Finance's original proposal to ensure that the new mechanism, where annual interest rate guarantees can be met by drawing on borrowed equity when returns or buffers fall short, applies for the full duration of contracts. This includes the period after withdrawals have started. This bill is important to preserve longer investment horizons and maximise the positive impact of the reforms on risk-taking and expected returns.
Individual pension savings
The annual savings that can be deducted from taxable income has increased from NOK 15,000 per annum to NOK 25,000 per annum from the income year 2026.
The market for municipal occupational pensions Storebrand has filed two complaints with the EFTA Surveillance Authority (ESA). Storebrand has claimed that municipalities, regional health authorities (RHAs) and hospitals have entered into contracts on occupational pensions with the mutual company KLP in breach of the rules on public procurement. Storebrand has also claimed that municipalities, RHAs and hospitals have granted KLP state aid in violation of the European Economic Area (EEA) Agreement. ESA is still considering the cases.
Competitive regulation for Norwegian mutual funds Changes to the regulation of mutual funds came into effect on 1 January 2026. One of the changes makes interest income tax-free in all mutual funds. The changes ensure a more level playing field between relevant Norwegian and Swedish regulation, with a more competitive tax framework for mutual funds in Norway. A broad political majority in Parliament has asked the government to develop industrial policies for the financial sector to ensure a competitive regulatory framework. The government will report to Parliament in the annual white paper on financial markets in the second quarter of 2026.
The Solvency II audit
As previously communicated, amendments to the Solvency II Directive will apply from 2027 with a transition phase of a further five years for some changes. The changes are expected to lead to a strengthening of the solvency margin.
Capital management and dividend policy
Storebrand's ability to distribute capital is influenced by the solvency margin, liquidity and profit generation. Storebrand has established a framework for capital management that links dividends and share buybacks to the solvency margin.
Storebrand's dividend policy:
The Board of Directors' ambition is to pay ordinary dividends per share of at least the same nominal amount as the previous year. Ordinary dividends are subject to a sustainable solvency margin of above 150%. If the solvency margin is above 175%, the Board of Directors intends to propose special dividends or share buybacks.
At the CMD in 2025, Storebrand communicated a guidance of double-digit annual growth in dividend per share for the period 2025-2028. For share buybacks, the Board announced an intention of NOK 2.0bn for 2026 and NOK 1.5bn annually thereafter towards 2030. As communicated on the CMD, the Group expects additional capital to be available for capital distribution, M&A or organic growth initiatives.
The purpose of buyback programs is to return excess capital released from the guaranteed liabilities that are in long-term run-off. The ambition is to return more than NOK 12bn in capital through buyback programs by the end of 2030. As of the end of Q1 2026, buybacks of own shares totaling NOK 5.4bn had been completed since the program started in 2022.
Lysaker, 28 April 2026
Board of Directors of Storebrand ASA
Income statementNOK million Income from unit linked | Notes | 01.01 - 31.03 | Full year | |
2026 | 2025 577 | 2025 2,377 | ||
621 | ||||
Income from asset management | 911 | 850 | 4,228 | |
Income from banking activities | 1,197 | 1,165 | 4,822 | |
Other income | 112 | 108 | 366 | |
Operating income excl. insurance | 2,841 | 2,700 | 11,792 | |
Insurance revenue | 5 | 3,207 | 2,742 | 11,748 |
Insurance service expenses | 5 | -2,733 | -2,134 | -8,959 |
Net expenses from reinsurance contracts held | 5 | -40 | -18 | 7 |
Net insurance service result | 5 | 434 | 590 | 2,796 |
Operating income incl. insurance result | 3,275 | 3,290 | 14,588 | |
Operating expenses | -1,395 | -1,390 | -5,933 | |
Interest expenses banking activities | -869 | -844 | -3,419 | |
Other expenses | -25 | -32 | -135 | |
Total expenses | -2,289 | -2,265 | -9,486 | |
Operating profit | 986 | 1,025 | 5,102 | |
Profit from investment in associates and joint ventures | 147 | 146 | 552 | |
Net income on financial and property investments | -6,419 | -18,547 | 54,948 | |
Net change in investment contract liabilities | 4,958 | 18,176 | -34,186 | |
Finance expenses from insurance contracts issued | 1,621 | 652 | -19,112 | |
Interest expenses securities issued and other interest expenses | -202 | -227 | -815 | |
Net finance result | 105 | 200 | 1,387 | |
Profit before amortisation | 1,092 | 1,225 | 6,488 | |
Amortisation of intangible assets | -83 | -96 | -433 | |
Profit before income tax | 1,009 | 1,128 | 6,056 | |
Tax expenses | -417 | -152 | -1,033 | |
Profit for the period | 591 | 976 | 5,023 | |
Profit/loss for the period attributable to: | ||||
Share of profit for the period - shareholders | 586 | 978 | 5,018 | |
Share of profit for the period - hybrid capital investors | 7 | 7 | 28 | |
Share of profit for the period - non-controlling interests | -2 | -9 | -23 | |
Total | 591 | 976 | 5,023 | |
Earnings per ordinary share (NOK) | 1.38 | 2.26 | 11.69 | |
Average number of shares as basis for calculation (million) | 423.3 | 433.5 | 429.0 | |
01.01 - 31.03 | Full year | ||
NOK million | 2026 | 2025 | 2025 |
Profit/loss for the period | 591 | 976 | 5,023 |
Actuarial assumptions pensions own employees | -4 | 2 | -12 |
Fair value adjustment of properties for own use | 5 | 6 | 12 |
Tax on other comprehensive income not to be reclassified to profit/loss | 1 | ||
Other comprehensive income not to be reclassified to profit/loss | 1 | 8 | 1 |
Exchange rate adjustments | 233 | -170 | -214 |
Change in unrealised gains on financial instruments available for sale | -29 | 54 | 185 |
Tax on other comprehensive income that may be reclassified to profit/loss | 7 | -14 | -46 |
Other comprehensive income that may be reclassified to profit/loss | 211 | -129 | -76 |
Other comprehensive income | 212 | -121 | -75 |
Total comprehensive income | 803 | 856 | 4,948 |
Total comprehensive income attributable to: | |||
Share of total comprehensive income - shareholders | 798 | 857 | 4,942 |
Share of total comprehensive income - hybrid capital investors | 7 | 7 | 28 |
Share of total comprehensive income - non-controlling interests | -2 | -9 | -23 |
Total | 803 | 856 | 4,948 |
NOK million | Notes | 31.03.26 | 31.12.25 |
Assets | |||
Deferred tax assets | 1,361 | 1,305 | |
Intangible assets | 6,015 | 6,285 | |
Tangible fixed assets | 2,615 | 2,668 | |
Investments in associated companies and joint ventures | 8,699 | 8,654 | |
Minority portion of consolidated mutual funds | 5,431 | 6,752 | |
Reinsurance contracts assets | 204 | 276 | |
Investment properties | 4 | 38,313 | 38,529 |
Loans to customers | 4 | 105,761 | 106,544 |
Loans to financial institutions | 4 | 4,193 | 2,752 |
Equities and fund units | 4 | 452,782 | 469,759 |
Bonds and other fixed-income securities | 4 | 305,207 | 316,446 |
Derivatives | 4 | 3,308 | 2,173 |
Other assets | 13,303 | 9,915 | |
Bank deposits | 18,930 | 16,126 | |
Total assets | 966,121 | 988,183 | |
Equity and liabilities | |||
Paid-in capital | 12,949 | 12,961 | |
Retained earnings | 20,304 | 19,896 | |
Hybrid capital | 353 | 353 | |
Non-controlling interests | 376 | 378 | |
Total equity | 33,982 | 33,588 | |
Pension liabilities | 155 | 159 | |
Deferred tax | 1,437 | 1,446 | |
Minority portion of consolidated mutual funds | 5,431 | 6,752 | |
Insurance contracts liabilities | 5 | 335,533 | 344,681 |
Investment contracts liabilities | 5 | 468,633 | 487,729 |
Reinsurance contracts liabilities | 5 | 5 | 3 |
Subordinated loan capital | 3 | 10,257 | 10,608 |
Other non-current liabilities | 817 | 869 | |
Deposits from banking customers | 34,865 | 34,585 | |
Debt raised by issuance of securities | 3 | 51,252 | 49,874 |
Loans and deposits from credit institutions | 3 | 1,718 | 2,052 |
Derivatives | 4 | 6,908 | 5,244 |
Other liabilities | 15,129 | 10,593 | |
Total liabilities | 932,139 | 954,595 | |
Total equity and liabilities | 966,121 | 988,183 |
NOK million Equity 31.12.24 | Majority's share of equity | Hybrid capital 2) 353 | Non-controll -ing interest s 402 | Total equity | ||||||
Share capital 1) 2,240 | Own shares -70 | Share premium 10,842 | Total paid in equity | Currency translation differences 697 | Other equity 17,650 | Total retained earnings | ||||
13,012 | 18,346 | 32,113 | ||||||||
Profit for the period | 5,018 | 5,018 | 28 | -23 | 5,023 | |||||
Total other comprehensive income elements | -214 | 139 | -75 | -75 | ||||||
Total comprehensive income for the period | -214 | 5,157 | 4,942 | 28 | -23 | 4,948 | ||||
Equity transactions with owners: | ||||||||||
Own shares | -62 | 12 | -50 | -1,390 | -1,390 | -1,440 | ||||
Hybrid capital classified as equity | 7 | 7 | 7 | |||||||
Paid out interest hybrid capital | -29 | -29 | ||||||||
Dividend paid | -2,028 | -2,028 | -2,028 | |||||||
Other | 18 | 18 | -2 | 16 | ||||||
Equity 31.12.25 | 2,177 | -58 | 10,842 | 12,961 | 482 | 19,414 | 19,896 | 353 | 378 | 33,588 |
Profit for the period | 586 | 586 | 7 | -2 | 591 | |||||
Total other comprehensive income elements | 233 | -21 | 212 | 212 | ||||||
Total comprehensive income for the period | 233 | 565 | 798 | 7 | -2 | 803 | ||||
Equity transactions with owners: | ||||||||||
Own shares | -12 | -12 | -414 | -414 | -426 | |||||
Hybrid capital classified as equity | 2 | 2 | 2 | |||||||
Paid out interest hybrid capital | -7 | -7 | ||||||||
Other | 22 | 22 | 22 | |||||||
Equity 31.03.26 | 2,177 | -70 | 10,842 | 12,949 | 715 | 19,589 | 20,304 | 353 | 376 | 33,982 |
435 484 411 shares with a nominal value of NOK 5.
Perpetual hybrid tier 1 capital classified as equity.
NOK million Cash flow from operating activities | 01.01 - 31.03 | |
2026 | 2025 | |
Receipts premium - insurance | 9,112 | 6,127 |
Payments claims and insurance benefits | -6,922 | -4,313 |
Net receipts/payments - transfers | -2,293 | 1,554 |
Net change insurance liabilities | -959 | 680 |
Receipts - interest, commission and fees from customers | 1,135 | 1,092 |
Payments - interest, commission and fees to customers | -46 | -35 |
Taxes paid | -308 | -365 |
Payments relating to operations | -2,339 | -2,252 |
Net receipts/payments - other operating activities | 3,126 | 3,651 |
Net cash flow from operations before financial assets, banking customers and properties | 507 | 6,140 |
Net receipts/payments - loans to customers | 504 | -3,678 |
Net receipts/payments - deposits bank customers | 23 | 3,078 |
Net receipts/payments - securities | 3,547 | 3,307 |
Net receipts/payments - investment properties | 71 | 159 |
Receipts - sale of investment properties | 7 | |
Net cash flow from financial assets, banking customers and properties | 4,145 | 2,873 |
Net cash flow from operating activities | 4,652 | 9,013 |
Cash flow from investing activities | ||
Payments - purchase of subsidiaries | -1 | |
Net receipts/payments - sale/purchase of fixed assets | -83 | -32 |
Payments - purchase of associated companies and joint ventures | -6 | -2 |
Net cash flow from investing activities | -89 | -35 |
Cash flow from financing activities | ||
Receipts - new loans | 4,174 | 2,871 |
Payments - repayments of loans | -2,708 | -1,444 |
Payments - interest on loans | -716 | -657 |
Receipts - subordinated loans | 1,012 | |
Payments - repayment of subordinated loans | -936 | |
Payments - interest on subordinated loans | -220 | -243 |
Receipts - loans to financial institutions | 7,438 | 1,501 |
Payments - repayments of loans from financial institutions | -7,771 | -1,884 |
Receipts - issuing of share capital / sale of shares to employees | 16 | 15 |
Payments - repayment of share capital | -437 | -269 |
Payments - interest on hybrid capital | -7 | -7 |
Net cash flow from financing activities | -231 | -42 |
Net cash flow for the period | 4,331 | 8,937 |
Cash and cash equivalents at the start of the period | 18,877 | 12,022 |
Currency translation cash/cash equivalents in foreign currency | -85 | 104 |
Cash and cash equivalents at the end of the period 1) | 23,123 | 21,062 |
1) Consists of: | ||
Loans to financial institutions | 4,193 | 2,958 |
01.01 - 31.03 | ||
NOK million | 2026 | 2025 |
Bank deposits | 18,930 | 18,104 |
Total | 23,123 | 21,062 |
Note G1 | Basis for preparation |
The Group's interim financial statements include Storebrand ASA, subsidiaries, associated companies and joint ventures. The financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements do not contain all the information that is required in the full annual financial statements.
A description of the accounting policies applied in the preparation of the financial statements are provided in the 2025 annual report, and the interim financial statements are prepared in accordance with these accounting policies.
There are no new or changed accounting standards that entered into effect in 2026 that have significant effect on Storebrand's consolidated financial statements.
In preparing the Group's financial statements the management are required to make estimates, judgements and assumptions of uncertain amounts. The estimates and underlying assumptions are reviewed on an ongoing basis and are based on historical experience and expectations of future events and represent the management's best judgement at the time the financial statements were prepared. Actual results may differ from these estimates.
A description of the most critical estimates and judgements that can affect recognised amounts is included in the 2025 annual report in note 2, financial market risk and insurance risk in note 7 and valuation of financial instruments and investment properties in note 12.
Note G2 | Profit by segments |
Storebrand's operation includes the segments Savings, Insurance, Guaranteed Pension and Other.
A description of the segment reporting and the reconciliation between the profit and loss statement and alternative statement of the result (segment) is included in the 2024 annual report in note 4.
Segment information as of 01.01 - 31.03
Savings | Insurance | Guaranteed pension | ||||
01.01 - 31.03 | 01.01 - 31.03 | 01.01 - 31.03 | ||||
NOK million | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 |
Fee and administration income | 1,810 | 1,706 | 376 | 373 | ||
Insurance result | 665 | 470 | ||||
- Insurance premiums for own account | 2,684 | 2,256 | ||||
- Claims for own account | -2,019 | -1,786 | ||||
Operating expense | -1,065 | -1,056 | -488 | -399 | -225 | -236 |
Cash equivalent earnings from operations | 745 | 650 | 177 | 71 | 151 | 138 |
Financial items and risk result life & pension | -8 | 9 | 105 | 72 | 145 | 123 |
Cash equivalent earnings before amortisation | 738 | 659 | 283 | 142 | 296 | 261 |
Amortisation of intangible assets 1) | ||||||
Cash equivalent earnings before tax | ||||||
NOK million Fee and administration income | Other 01.01 - 31.03 | Storebrand Group 01.01 - 31.03 | ||
2026 | 2025 -83 | 2026 | 2025 1,997 | |
-89 | 2,097 | |||
Insurance result | 665 | 470 | ||
- Insurance premiums for own account | 2,684 | 2,256 | ||
- Claims for own account | -2,019 | -1,786 | ||
Operating expense | 41 | 24 | -1,736 | -1,667 |
Cash equivalent earnings from operations | -48 | -59 | 1,026 | 800 |
Financial items and risk result life & pension | 85 | 164 | 327 | 367 |
Cash equivalent earnings before amortisation | 37 | 105 | 1,353 | 1,167 |
Amortisation of intangible assets 1) | -65 | -77 | ||
Cash equivalent earnings before tax | 1,289 | 1,090 | ||
Tax | -464 | -117 | ||
Reconcilation between cash equivalent earning and profit for the period | -233 | 4 | ||
Profit for the year | 591 | 976 | ||
Amortisation of intangible assets is included in Storebrand Group
Note G3 | Liquidity risk |
Specification of subordinated loans 1)
NOK million Issuer | Nominal value | Currency | Interest rate | Call date | Book value | |
31.03.26 | 31.12.25 | |||||
Perpetual subordinated loans 2) | ||||||
Storebrand Livsforsikring AS 3) | 900 | SEK | Variable | 2026 | 923 | 988 |
Storebrand Livsforsikring AS | 300 | NOK | Variable | 2028 | 303 | 303 |
Storebrand Livsforsikring AS 3) | 400 | SEK | Variable | 2028 | 412 | 442 |
Storebrand Livsforsikring AS 3) | 300 | NOK | Fixed | 2028 | 316 | 316 |
Storebrand Livsforsikring AS | 700 | NOK | Variable | 2030 | 704 | 704 |
Storebrand Livsforsikring AS 3) | 300 | SEK | Variable | 2030 | 308 | 330 |
Dated subordinated loans | ||||||
Storebrand Livsforsikring AS 4) | 650 | NOK | Variable | 2027 | 653 | 653 |
Storebrand Livsforsikring AS 3,4) | 750 | NOK | Fixed | 2027 | 758 | 752 |
Storebrand Livsforsikring AS 4) | 1,250 | NOK | Variable | 2027 | 1,258 | 1,259 |
Storebrand Livsforsikring AS 3,4) | 300 | EUR | Fixed | 2031 | 2,899 | 3,066 |
Storebrand Livsforsikring AS 3,4) | 1,000 | SEK | Variable | 2029 | 1,021 | 1,093 |
Storebrand Bank ASA | 300 | NOK | Variable | 2026 | 300 | 300 |
Storebrand Bank ASA | 400 | NOK | Variable | 2027 | 402 | 402 |
Total subordinated loans and hybrid tier 1 capital | 10,257 | 10,608 | ||||
Storebrand Bank ASA has issued hybrid tier 1 capital bonds/hybrid capital that is classified as equity. See the statement of changes in equity.
In the case of perpetual subordinated loans, the cash flow is calculated through to the first call date
The loans are subject to hedge accounting
Green bonds issued in accordance with Storebrand's framework
Specification of loans and deposits from credit institutions
NOK million Call date | Book value | |
31.03.26 | 31.12.25 | |
2026 | 1,718 | 2,052 |
Total loans and deposits from credit institutions | 1,718 | 2,052 |
Specification of securities issued
NOK million Call date | Book value | |
31.03.26 | 31.12.25 | |
2026 | 2,937 | 5,670 |
2027 | 10,330 | 10,384 |
2028 | 11,200 | 11,202 |
2029 | 12,231 | 10,064 |
2030 | 10,607 | 10,611 |
2031 | 3,296 | 1,254 |
2038 | 651 | 689 |
Total securities issued | 51,252 | 49,874 |
The loan agreements contain standard covenants.
Credit facilities
Storebrand ASA has an unused credit facility of EUR 200 million, expiration December 2029 with two one-year extension options.
Note G4 | Valuation of financial instruments and investment properties |
Valuation of financial instruments at amortised cost
NOK Million Financial assets | Fair value 31.03.26 | Book value 31.03.26 | Fair value 31.12.25 | Book value 31.12.25 |
Loans to and due from financial institutions | 4,193 | 4,193 | 2,752 | 2,752 |
Loans to customers - retail | 79,149 | 79,144 | 79,196 | 79,191 |
Bonds classified as loans and receivables | 7,636 | 7,612 | 7,530 | 7,511 |
Total financial assets 31.03.26 | 90,979 | 90,950 | ||
Total financial assets 31.12.25 | 89,477 | 89,454 | ||
Financial liabilities | ||||
Debt raised by issuance of securities | 51,433 | 51,252 | 49,883 | 49,874 |
Loans and deposits from credit institutions | 1,718 | 1,718 | 2,052 | 2,052 |
Deposits from banking customers | 34,865 | 34,865 | 34,585 | 34,585 |
Subordinated loan capital | 10,287 | 10,257 | 10,639 | 10,608 |
Total financial liabilities 31.03.26 | 98,302 | 98,091 | ||
Total financial liabilities 31.12.25 | 97,159 | 97,118 |
Valuation of financial instruments at fair value over
NOK Million Assets | Level 2 Observable assumptions | Total fair value | |
31.03.26 | 31.12.25 | ||
Bonds and other fixed-income securities | |||
- Government bonds | 590 | 590 | 995 |
- Corporate bonds | 2,541 | 2,541 | 2,694 |
- Structured notes | 1,034 | 1,034 | 1,049 |
Total bonds and other fixed-income securities 31.03.26 | 4,165 | 4,165 | |
Total bonds and other fixed-income securities 31.12.25 | 4,739 | 4,739 | |
Valuation of financial instruments and real estate at fair value
NOK Million Assets: | Level 1 Quoted prices | Level 2 Observable assumptions | Level 3 Non-observable assumptions | Total Fair Value | |
31.03.26 | 31.12.25 | ||||
Equities and fund units | |||||
- Equities | 73,161 | 219 | 81 | 73,460 | 66,474 |
- Fund units | 347,200 | 32,121 | 379,321 | 403,285 | |
Total equities and fund units 31.03.26 | 73,161 | 347,419 | 32,202 | 452,781 | |
Total equities and fund units 31.12.25 | 66,020 | 374,960 | 28,778 | 469,759 | |
Loans to customers | |||||
- Loans to customers - corporate | 8,730 | 8,730 | 10,038 | ||
- Loans to customers - retail | 17,887 | 17,887 | 17,315 | ||
Total loans to customers 31.03.26 | 26,617 | 26,617 | |||
Total loans to customers 31.12.25 | 27,353 | 27,353 | |||
Bonds and other fixed-income securities | |||||
- Government bonds | 38,157 | 28,912 | 67,069 | 69,428 | |
- Corporate bonds | 73,422 | 161 | 73,583 | 83,384 | |
- Structured notes | 46,837 | 46,837 | 43,745 | ||
- Collateralised securities | 2,138 | 2,138 | 1,514 | ||
- Bond funds | 98,778 | 5,024 | 103,801 | 106,124 | |
Total bonds and other fixed-income securities 31.03.26 | 38,157 | 250,087 | 5,185 | 293,429 | |
Total bonds and other fixed-income securities 31.12.25 | 34,641 | 260,395 | 9,160 | 304,196 | |
Derivatives: | |||||
- Interest derivatives | -4,560 | -4,560 | -2,945 | ||
- Currency derivatives | 960 | 960 | -126 | ||
Total derivatives 31.03.26 | -3,600 | -3,600 | |||
- of which derivatives with a positive market value | 3,308 | 3,308 | 2,173 | ||
- of which derivatives with a negative market value | -6,908 | -6,908 | -5,244 | ||
Total derivatives 31.12.25 | -3,071 | -3,071 | |||
Properties: | |||||
Investment properties | 36,414 | 36,414 | 36,518 | ||
Properties for own use | 1,899 | 1,899 | 2,011 | ||
Total properties 31.03.26 | 38,313 | 38,313 | |||
Total properties 31.12.25 | 38,529 | 38,529 | |||
There is no significant movements between level 1 and level 2 in this quarter.
Financial instruments and investment properties at fair value - level
NOK million | Equities | Fund units | Loans to customers | Corporate bonds | Bond funds | Investment properties | Properties for own use |
Book value 01.01.26 | 87 | 28,691 | 27,354 | 158 | 9,001 | 36,518 | 2,011 |
Net gains/losses on financial instruments | -6 | 4,063 | 37 | 3 | 184 | -27 | 19 |
Additions | 11 | 51 | 42 | 198 | |||
Sales | -321 | -527 | -3,782 | -1 | |||
Exchange rate adjustments | -320 | -297 | -421 | -945 | -132 | ||
Other | -3 | 669 | 1 | ||||
Book value 31.03.26 | 81 | 32,121 | 26,618 | 161 | 5,024 | 36,414 | 1,899 |
As at 31.03.26, Storebrand Livsforsikring had NOK 8.466 million invested in Storebrand Eiendomsfond Norge KS and VIA, Oslo.
The investments are classified as "Investment in associated Companies and joint ventures" in the
Consolidated Financial Statements.
Sensitivity assessments
Sensitivity assessments of investments on level 3 are described in note 12 in the 2025 annual report. There is no significant changes in sensitivity in this quarter.
Note G5 | Insurance contracts |
Insurance revenue and expenses
NOK Million Contracts measured under VFA and GMM | 31.03.26 | 31.03.25 Total | 31.12.25 Total | |||||
Guaranteed pension | Insurance | Total | ||||||
Guaranteed products -Norway | Guaranteed products -Sweden | Pension related disability insurance - Norway | P&C and Individual Life | Group Life and Disability Insurance | ||||
Amounts relating to changes in LRC | ||||||||
Expected incurred claims and other insurance service expenses | ||||||||
Expected incurred claims | -1 | -1 | 138 | 137 | 119 | 542 | ||
Expected incurred expenses | 156 | 53 | 40 | 249 | 236 | 974 | ||
Change in the risk adjustment for nonfinancial risk for risk expired | 78 | 26 | 3 | 107 | 86 | 378 | ||
CSM recognised in P&L for services provided | 305 | 114 | 105 | 523 | 493 | 1,910 | ||
Recovery of insurance acquisition cash flows | 1 | 2 | 4 | 7 | 5 | 25 | ||
Insurance revenue from contracts measured under VFA and GMM | 540 | 194 | 289 | 1,023 | 940 | 3,829 | ||
Insurance revenue from contracts measured under the PAA | 1,729 | 455 | 2,184 | 1,802 | 7,919 | |||
Total insurance revenue | 540 | 194 | 289 | 1,729 | 455 | 3,207 | 2,742 | 11,748 |
Incurred claims and other directly attributable expenses | ||||||||
Incurred claims | 1 | -150 | -1,266 | -464 | -1,879 | -1,589 | -6,467 | |
Incurred expenses | -153 | -56 | -38 | -392 | -52 | -692 | -621 | -2,614 |
Changes that relate to past service -Adjustment to the LIC | -7 | -40 | -47 | -56 | 100 | |||
Losses on onerous contracts and reversal on those losses | 155 | -26 | -226 | -3 | -8 | -107 | 138 | 47 |
Insurance acquisition cash flows amortisation | -1 | -2 | -4 | -7 | -5 | -25 | ||
Total insurance service expenses | 1 | -84 | -417 | -1,668 | -564 | -2,733 | -2,134 | -8,959 |
Net income (expenses) from reinsurance contracts held | -10 | -27 | -3 | -40 | -19 | 7 | ||
Total insurance service result | 541 | 110 | -138 | 34 | -112 | 434 | 590 | 2,796 |
GUARANTEED PENSION
Reconciliation of the measurement component of insurance contract balances
31.03.26 | Total 31.12.25 317,052 | ||||
NOK Million | Present value of future cash flows | Risk adjustment for nonfinancial risk | CSM | Total | |
Net opening balance | 314,997 | 5,205 | 14,472 | 334,674 | |
Changes that relate to current service | |||||
CSM recognised in profit or loss for the services provided | -523 | -523 | -1,910 | ||
Change in the risk adjustment for non-financial risk for the risk expired | -116 | -116 | -400 | ||
Experience adjustments | 19 | 19 | 79 | ||
Total changes that relate to current service | 19 | -116 | -523 | -620 | -2,231 |
Change that relate to future service | |||||
Changes in estimates that adjust the CSM | -1,574 | 575 | 999 | ||
Changes in estimates that results in onerous contract losses or reversal of losses | -63 | -120 | -182 | -187 | |
Contracts initially recognised in the period | -285 | 63 | 501 | 279 | 134 |
Total changes that relate to future service | -1,921 | 519 | 1,499 | 97 | -53 |
Insurance service result | -1,902 | 403 | 976 | -523 | -2,284 |
Finance expenses from insurance contracts issued recognised in profit or loss | -1,508 | 13 | -1,495 | 19,109 | |
Finance expenses from insurance contracts issued | -1,508 | 13 | -1,495 | 19,109 | |
Total amounts recognised in profit and loss | -3,410 | 403 | 989 | -2,018 | 16,825 |
Other changes | -6 | -6 | -61 | ||
Effect of changes in foreign exchange rates | -5,610 | -73 | -206 | -5,889 | 5,545 |
Cash flows | |||||
Premiums received | 3,313 | 3,313 | 11,731 | ||
Claims and other directly attributable expenses paid | -5,361 | -5,361 | -16,324 | ||
Insurance acquisition cash flows | -24 | -24 | -93 | ||
Total cash flows | -2,073 | -2,073 | -4,686 | ||
Net closing balance | 303,898 | 5,535 | 15,255 | 324,688 | 334,675 |
INSURANCE
Reconciliation of the liability for remaining coverage and the liability for incurred claims
31.03.26 | Total 31.12.25 8,559 | |||||
LRC | LIC for contracts under the PAA | Total | ||||
NOK Million | Excluding loss compo- nent | Loss compo- nent | Present value of future cash flows | Risk adjustment for nonfinancial risk | ||
Net opening balance | 485 | 15 | 9,276 | 230 | 10,007 | |
Insurance revenue | -2,184 | -2,184 | -7,919 | |||
Insurance service expenses | ||||||
Incurred claims and other directly attributable expenses | 2,174 | 2,174 | 7,508 | |||
Adjustment to liabilities for incurred claims | 36 | 12 | 47 | -100 | ||
Losses on onerous contracts and reversal of those losses | 11 | 11 | 6 | |||
Insurance service expenses | 11 | 2,210 | 12 | 2,233 | 7,415 | |
Insurance service result | -2,184 | 11 | 2,210 | 12 | 49 | -505 |
Finance expenses from insurance contracts issued recognised in profit or loss | -125 | -125 | 3 | |||
Finance expenses from insurance contracts issued | -125 | -125 | 3 | |||
Total amounts recognised in profit and loss | -2,184 | 11 | 2,085 | 12 | -76 | -501 |
Effect of changes in foreign exchange rates | 2 | -67 | -4 | -69 | 68 | |
Cash flows | ||||||
Premiums received | 2,622 | 2,622 | 7,984 | |||
Claims and other directly attributable expenses paid | -1,637 | -1,637 | -6,103 | |||
Total cash flows | 2,622 | -1,637 | 985 | 1,881 | ||
Net closing balance | 926 | 26 | 9,656 | 238 | 10,846 | 10,007 |
Sensitivities
NOK Million | CSM as at end of period | Impact on CSM | |
15,255 | |||
Equity | -25% | -2,940 | |
Property | -10bp | -875 | |
Interest rate | +50bp | 233 | |
Interest rate | -50bp | -52 | |
Spread (credit spead and VA) | +50 bp+15bp | -971 | |
Mortality | -5% | -333 | |
Disability | +5% | -54 | |
Expenses | +5% | -329 |
Note G6 | Tax |
A description of the accounting principles for tax, and the most significant impact on the effective tax rate is described in Storebrand ASA's 2025 annual report note 1 and note 27 (Group).
Uncertain tax positions
The tax rules for the insurance industry have undergone changes in recent years. In some cases, Storebrand and the Norwegian Tax Administration have had different interpretations of the tax rules and associated transitional rules. As a result of this, uncertain tax positions arise in connection with the recognised tax expenses. Whether or not the uncertain tax positions have to be recognised in the financial statements is assessed in accordance with IAS 12 and IFRIC 23. Uncertain tax positions will only be recognised in the financial statements if the company considers it to be preponderance that the Norwegian Tax Administration's interpretation will be accepted in a court of law.
For further description of uncertain tax positions, see note 27 (Group) in the Annual Report. There has been some development in the tax position regarding Storebrand Eiendom Holding AS,
described under A) in the Annual Report. A decision in the case was issued on 4 March 2026, in which
the Ministry of Finance prevailed in the Court of Appeals, establishing that tax-exempt group contributions must reduce the cost price of shares.
The court did not address how to calculate what part the NOK 1.4 billion that actually constitutes repayment of paid-in capital. It is agreed upon that an "each-share" principle applies, and in the company's view the amount should be allocated across the company's 2,300 shares. Based on the company's own calculations, the resulting tax expense is estimated to be in the range of NOK 100-150 million.
The judgement was appealed to the Supreme Court in early April.
Note G7 | Solidity and capital management |
The Storebrand Group is an insurance-dominated, cross-sectoral financial group with capital requirements in accordance with Solvency II. Storebrand calculates Solvency II according to the standard method as defined in the Solvency II Regulations.
Solidity and capital management is further described in the 2024 annual report in note 13.
Solvency capital
31.03.26 | 31.12.25 | |||||
Group 1 | Group 1 | |||||
NOK million | Total | unlimited | limited | Group 2 | Group 3 | Total |
Share capital | 2,177 | 2,177 | 2,177 | |||
Share premium | 10,842 | 10,842 | 10,842 | |||
Reconciliation reserve | 39,470 | 39,470 | 38,193 | |||
Counting subordinated loans | 9,587 | 2,967 | 6,620 | 10,000 | ||
Deferred tax assets | 56 | 56 | 586 | |||
Risk equalisation reserve | 1,526 | 1,526 | 1,420 | |||
Deductions for CRD IV subsidiaries | -7,624 | -7,624 | -7,578 | |||
Expected dividend/share buyback program | -3,424 | -3,424 | -2,289 | |||
Total basic solvency capital | 52,610 | 41,440 | 2,967 | 8,146 | 56 | 53,350 |
Subordinated capital for subsidiaries regulated in | ||||||
accordance with CRD IV | 7,624 | 7,578 | ||||
Total solvency capital | 60,234 | 60,928 | ||||
Total solvency capital available to cover the minimum capital requirement | 46,488 | 41,440 | 2,967 | 2,081 | 46,608 | |
Solvency capital requirement and -margin
NOK million | 31.03.26 | 31.12.25 |
Market risk | 18,727 | 21,986 |
Counterparty risk | 692 | 713 |
Life insurance risk | 13,676 | 13,036 |
Health insurance risk | 586 | 582 |
P&C insurance risk | 1,302 | 1,247 |
Operational risk | 1,551 | 1,597 |
Diversification | -8,482 | -8,641 |
Loss-absorbing ability deferred tax | -4,761 | -5,062 |
Total solvency capital requirement - insurance company | 23,292 | 25,458 |
Capital requirements for subsidiaries regulated in accordance with CRD IV | 5,981 | 5,948 |
Total solvency capital requirement | 29,273 | 31,406 |
Solvency margin | 206% | 194% |
Minimum capital requirement | 10,404 | 10,834 |
Minimum margin | 447% | 430% |
Capital- and capital requirement in accordance with the conglomerate directive
NOK million Capital requirements for CRD IV companies | 31.03.26 | 31.12.25 6,934 |
7,009 23,292 30,301 | ||
Solvency capital requirements for insurance | 25,458 | |
Total capital requirements | 32,392 | |
Net primary capital for companies included in the CRD IV report | 7,624 52,610 60,234 | 7,578 |
Net primary capital for insurance | 53,350 | |
Total net primary capital | 60,928 | |
Overfulfilment | 29,933 | 28,536 |
Note G8 | Information about related parties |
Storebrand conducts transactions with related parties as part of its normal business activities. These transactions take place on commercial terms. The terms for transactions with management and related parties are stipulated in notes 21 and 45 in the 2025 annual report.
Storebrand has not carried out any material transactions other than normal business transactions with related parties at the close of the 1st quarter 2026.
Income statement
NOK million | 01.01 - 31.03 | Full year | |
2026 | 2025 | 2025 | |
Operating income | |||
Income from investments in subsidiaries | 8,377 | ||
Net income and gains from financial instruments: | |||
- equities and other units | -2 | 1 | |
- bonds and other fixed-income securities | 29 | 42 | 206 |
Other financial instruments | 3 | 1 | 7 |
Operating income | 30 | 44 | 8,592 |
Interest expenses | -13 | -14 | -57 |
Other financial expenses | 2 | -2 | -24 |
Operating expenses | |||
Personnel expenses | -16 | -15 | -60 |
Other operating expenses | -52 | -58 | -251 |
Total operating expenses | -68 | -73 | -311 |
Total expenses | -79 | -90 | -391 |
Profit before income tax | -49 | -46 | 8,200 |
Tax expenses | 13 | 12 | -503 |
Profit for the period | -36 | -34 | 7,698 |
Statement of total comprehensive income
NOK million | 01.01 - 31.03 | Full year | |
2026 | 2025 | 2025 | |
Profit for the period | -36 | -34 | 7,698 |
Other total comprehensive income elements not to be classified to profit/loss | |||
Change in estimate deviation pension | -3 | ||
Tax on other comprehensive elements | 1 | ||
Total other comprehensive income elements | -2 | ||
Total comprehensive income | -36 | -34 | 7,696 |
NOK million Fixed assets | 31.03.26 | 31.12.25 |
Deferred tax assets | 51 | 38 |
Tangible fixed assets | 30 | 30 |
Shares in subsidiaries and associated companies Total fixed assets | 29,979 30,061 | 29,979 30,048 |
Current assets | ||
Owed within group | 3,434 | 8,307 |
Other current receivables | 21 | 20 |
Investments in trading portfolio: | ||
- equities and other units | 28 | 30 |
- bonds and other fixed-income securities | 5,989 | 3,665 |
Bank deposits | 2,122 | 39 |
Total current assets | 11,594 | 12,060 |
Total assets | 41,654 | 42,108 |
Equity and liabilities | ||
Share capital | 2,177 | 2,177 |
Own shares | -70 | -58 |
Share premium reserve | 10,842 | 10,842 |
Total paid in equity | 12,949 | 12,961 |
Other equity | 22,723 | 23,168 |
Total equity | 35,672 | 36,130 |
Non-current liabilities | ||
Pension liabilities | 105 | 105 |
Securities issued | 1,001 | 1,001 |
Total non-current liabilities | 1,106 | 1,106 |
Current liabilities | ||
Debt within group | 2,517 | 2,525 |
Provision for dividend | 2,289 | 2,289 |
Other current liabilities | 70 | 59 |
Total current liabilities | 4,876 | 4,873 |
Total equity and liabilities | 41,654 | 42,108 |
Statement of changes in equity
NOK million | Share capital | Own shares | Share premium | Other equity | Total equity |
Equity at 31. December 2024 | 2,240 | -70 | 10,842 | 19,116 | 32,127 |
Profit for the period | 7,698 | 7,698 | |||
Total other result elements | -2 | -2 | |||
Total comprehensive income | 7,696 | 7,696 | |||
Provision for dividend | -2,277 | -2,277 | |||
Own shares bought back 2) | -54 | -1,447 | -1,501 | ||
Own shares sold2) | 3 | 57 | 61 | ||
Cancellation of own shares1) | -62 | 62 | |||
Employee share2) | 24 | 24 | |||
Equity at 31. December 2025 | 2,177 | -58 | 10,842 | 23,168 | 36,130 |
Profit for the period | -36 | -36 | |||
Total comprehensive income | -36 | -36 | |||
Own shares bought back 2) | -13 | -425 | -437 | ||
Own shares sold2) | 11 | 11 | |||
Employee share2) | 5 | 5 | |||
Equity at 31. March 2026 | 2,177 | -70 | 10,842 | 22,723 | 35,672 |
1) 435 484 411 shares with a nominal value of NOK 5.
2) In 2026, Storebrand ASA has bought 2.509.130 shares. In 2026, 91.095 shares were sold to our own employees. Holding of own shares 31. March 2026 was 13.976.576.
Statement of cash flowNOK million Cash flow from operational activities | 01.01 - 31.03 | |
2026 | 2025 | |
Net receipts/payments - securities at fair value | -2,295 | -2,918 |
Payments relating to operations | -62 | -69 |
Income from subsidiaries and other operational activities | 4,876 2,518 | 3,647 660 |
Net cash flow from operational activities | ||
Cash flow from investment activities | ||
Payments - purchase/capitalisation of subsidiaries | -1 | |
Net cash flow from investment activities | -2 | |
Cash flow from financing activities | ||
Payments - interest on loans | -13 | -14 |
Receipts - sold own shares to employees | 16 | 15 |
Payments - buy own shares | -437 | -269 |
Net cash flow from financing activities | -435 | -268 |
Net cash flow for the period | 2,084 | 390 |
Net movement in cash and cash equivalents | 2,084 | 390 |
Cash and cash equivalents at start of the period | 39 | 45 |
Cash and cash equivalents at the end of the period | 2,122 | 434 |
Notes to the financial
statements Storebrand ASA
Note P1 | Basis for preparation |
The financial statements are presented in accordance with the accounting policies applied in the annual financial statements for 2025. The accounting policies are described in note 1 in the 2025 annual report.
Storebrand ASA does not apply IFRS to the parent company's financial statements.
In preparing the interim accounts, Storebrand has used assumptions and estimates that affect reported amounts of assets, liabilities, revenues, and costs, and information in the notes to the financial statements. The final values realised may differ from these estimates.
Note
P2
Bond and bank loan
NOK million | Interest rate | Currency | Net nominal | 31.03.26 | 31.12.25 |
Bond loan 2024/2029 | Variable | NOK | 500 | 500 | 500 |
Bond loan 2024/2030 | Variable | NOK | 500 | 500 | 500 |
Total 1) | 1,001 | 1,001 | |||
1) Loans are booked at amortised cost and include earned not due Signed loan agreements have covenant requirements.
Storebrand ASA has an unused drawing facility for EUR 200 million, expiration December 2029 with two one-year extension options.
39 Interim Report Storebrand Group
Financial calendar
15 July 2026 Results Q2 2026
21 October 2026 Results Q3 2026
Investor Relations contacts
Kjetil R. Krøkje
Group CFO kjetil.r.krokje@storebrand.no
+47 934 12 155
Johannes Narum
Head of Investor Relations johannes.narum@storebrand.no
+47 993 33 569
Storebrand ASA
Professor Kohts vei 9, P.O. Box 500, N-1327 Lysaker, Norway Phone: +47 22 31 50 50
Interim Report Storebrand Group 40
https://www.storebrand.com/ir