Supplementary Information
(unaudited)
1st
quarter 2026
Table of contentsOverview 3
Key figures 4
Shareholder structure 5
Financial results 7
Profit and loss - Storebrand Group 7
Savings (non-guaranteed) 8
Profit and loss 8
Key figures 8
Profit by product 9
Sales and markets 10
Reserves development 11
Insurance 12
Profit and loss 12
Key figures 13
Profit by product 13
Guaranteed pension 14
Profit and loss 14
Key figures 14
Profit by product 15
Investment return 16
Balance sheet 16
Sales and markets 16
Reserves and buffers 18
Key figures guaranteed products 19
Other 21
Profit and loss 21
Key figures 21
Storebrand Group 22
Profit and loss 22
Balance sheet 22
Storebrand Life Group (Alternative income statement) 23
Profit and loss - Storebrand Life Group 23
Balance sheet - Storebrand Life Group 24
Profit and loss - SPP Pension & Försäkring AB Group 24
Balance sheet - SPP Pension & Försäkring AB Group 24
Storebrand Asset Management Group (IFRS-Legal) 25
Profit and loss 25
Balance sheet 25
Storebrand Forsikring AS (IFRS-Legal) 26
Profit and loss 26
Balance sheet 26
Storebrand Bank Group (IFRS-Legal) 27
Profit and loss - Storebrand Bank Group 27
Balance sheet - Storebrand Bank Group 27
Key figures banking 28
Profit and loss - Storebrand Boligkreditt AS 28
Balance sheet - Storebrand Boligkreditt AS 28
Capital ratios - Storebrand Bank Group 29
Storebrand ASA (IFRS-Legal) 29
Profit and loss 29
Balance sheet 29
OverviewStorebrand is the leading provider of life insurance and pensions in the Nordic region. The group provides both guaranteed and non-guaranteed savings, as well as insurance, to retail customers, corporate customers, municipalities and to the public sector.
Reporting and legal structure
Storebrand's reporting structure deviates from the legal structure. The main lines in the reporting structure are shown below. The supplementary information is structured around Savings (non-guaranteed), Guaranteed pension, Insurance and Other.
Storebrand consists of a number of legal entities. Profit and Balance sheet of these legal entities can be found in the last part of this document. Separate interim reports for Storebrand Livsforsikring AS and Storebrand Bank ASA can also be downloaded at https://www.storebrand.com/ir.
Accounting principles
Storebrand Group accounts are presented in accordance with the Alternative Reporting (ARO) and International Financial Reporting Standards (IFRS) approved by the European Union.
Reporting structure
Legal structure
(simplified)
Key figures
Table 1: Key Figures
NOK million
2026
Q1
2025
Q4
Q3
Q2
Q1
2024
Q4
Q3
Storebrand Group
Cash EPS 1) | 2,10 | 11,25 | 8,37 | 5,29 | 2,42 | 11,47 | 9,81 |
Equity | 33 982 | 33 588 | 32 496 | 31 609 | 32 705 | 32 113 | 30 672 |
Cash equivalent return on equity (ROE) annualised | 12,3 % | 17,4 % | 19,0 % | 18,1 % | 15,3 % | 10,7 % | 21,2 % |
Savings - non guaranteed
Premium income Unit Linked | 7 861 | 7 640 | 7 861 | 7 971 | 7 911 | 7 717 | 7 617 |
Unit Linked reserves | 500 357 | 519 532 | 496 155 | 475 193 | 446 308 | 458 525 | 448 514 |
AuM Asset Management | 1 542 672 | 1 608 960 | 1 560 634 | 1 506 704 | 1 441 878 | 1 468 840 | 1 347 397 |
Retail lending | 97 383 | 96 848 | 95 253 | 92 318 | 89 419 | 86 501 | 84 818 |
Insurance
Total portfolio premiums | 11 145 | 10 577 | 10 252 | 9 915 | 9 475 | 8 846 | 8 574 |
Claims ratio | 75 % | 75 % | 72 % | 74 % | 79 % | 82 % | 76 % |
Cost ratio | 18 % | 18 % | 17 % | 18 % | 18 % | 18 % | 17 % |
Combined ratio | 93 % | 93 % | 89 % | 91 % | 97 % | 100 % | 94 % |
Guaranteed pension
Guaranteed reserves | 297 984 | 306 168 | 302 929 | 301 739 | 295 001 | 290 799 | 294 115 |
Guaranteed reserves in % of total reserves | 37,3 % | 37,1 % | 37,9 % | 38,8 % | 39,8 % | 38,8 % | 39,6 % |
Net flow of premiums and claims | -3 066 | -3 181 | -2 864 | -2 547 | -2 997 | -3 133 | -2 780 |
Buffer capital in % of customer reserves Norway 2) | 8,2 % | 8,5 % | 8,2 % | 8,1 % | 7,3 % | 7,4 % | 7,5 % |
Buffer capital in % of customer reserves Sweden 3) | 27,3 % | 27,3 % | 26,6 % | 25,0 % | 24,4 % | 24,4 % | 23,5 % |
Solvency and Capital Adequacy
Solvency II ratio 4) | 206 % | 194 % | 195 % | 200 % | 198 % | 200 % | 190 % |
Solvency II Own Funds 4) | 60 234 | 60 928 | 58 945 | 57 917 | 55 863 | 55 908 | 55 453 |
Solvency II Capital Requirement | 29 273 | 31 406 | 30 214 | 28 943 | 28 246 | 28 000 | 29 182 |
Total capital ratio (Storebrand Bank Group) | 21,7 % | 21,8 % | 23,5 % | 24,0 % | 21,3 % | 22,1 % | 21,3 % |
Tier 1 capital ratio (Storebrand Bank Group) | 19,3 % | 19,3 % | 20,9 % | 21,3 % | 18,9 % | 19,2 % | 18,2 % |
CET1 capital ratio (Storebrand Bank Group) | 18,0 % | 18,1 % | 19,6 % | 19,9 % | 17,7 % | 18,0 % | 17,0 % |
Accumulated accounting year
Buffer fund + market value adjustment reserve
Conditional bonuses
May include transitional capital in relevant quarters
Shares in Storebrand ASA are quoted on the Oslo Stock Exchange (OSE) with the ticker code STB. Storebrand ASA has a share capital of NOK 2 177 million. There are 435 484 411 shares with a par value of NOK 5.
As of 31.03.2026 the shareholder structure1 was as follows:
Table 2: Shareholder structure (31.03.2026)
Shareholder | Total |
% | |
Folketrygdfondet | 11,0 % |
DNB Asset Management AS | 4,2 % |
Vanguard | 4,0 % |
Storebrand ASA | 3,2 % |
BlackRock | 2,6 % |
Alfred Berg Kapitalforvaltning | 2,5 % |
KLP Kapitalforvaltning AS | 2,6 % |
Storebrand Asset Management | 2,4 % |
Nordea Funds | 2,0 % |
Handelsbanken Fonder | 1,8 % |
Next 10 largest shareholders | 13,7 % |
Total - 20 largest shareholders | 49,9 % |
Source: Modular Finance |
Table 3: Rating
Rating agency
S&P
Storebrand ASA BBB+ / Stable
Storebrand Livsforsikring AS A / Stable
Storebrand Bank ASA A / Stable
Storebrand Boligkreditt AS AAA
Table 4: Geographical dispersion
Norway 55 %
United States 26 %
Germany 5 %
United Kingdom 4 %
Others 10 %
Source: Modular Finance
1 Based on look through analysis of beneficial owner.
Financial results Profit and loss - Storebrand GroupTable 5: Group profit
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 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 |
Share of cash-result attributed to minorities | -2 | 6 | -7 | -13 | -9 | -23 |
Table 6: Group profit by result area
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 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 |
Table 7: Earnings per share
NOK | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Cash equivalent earnings after tax, adj. for amort. | 889 | 1 223 | 1 317 | 1 237 | 1 050 | 4 826 |
Average number of shares (millions) | 423 | - | - | - | - | 429 |
Cash EPS1 | 2,10 | 2,88 | 3,08 | 2,87 | 2,42 | 11,25 |
Cash EPS is an APM defined by Storebrand. Please see https://www.storebrand.no/ir for an overview of APMs used in financial reporting
Table 8: Exchange rates SEK/NOK
2026 | 2025 | |||||
Q1 | Q4 | Q3 | Q2 | Q1 | ||
Profit | 1,0648 | 1,0592 | 1,0547 | 1,0516 | 1,0375 | |
Balance | 1,0225 | 1,0942 | 1,0609 | 1,0618 | 1,0487 |
Savings (non-guaranteed) comprises Defined Contribution in Norway and Sweden, Asset Management and Bank products to the retail market. The report on Savings (non-guaranteed) consequently includes profit from Storebrand Livsforsikring AS, SPP Pension & Försäkring AB, Storebrand Asset Management AS and Storebrand Bank ASA.
Profit and lossTable 9: Savings - non-guaranteed
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 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 |
Table 10: Savings - by non-guaranteed product
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Unit linked Norway | 200 | 167 | 177 | 165 | 176 | 685 |
Unit linked Sweden | 95 | 89 | 88 | 58 | 76 | 311 |
Asset management | 289 | 442 | 342 | 221 | 219 | 1 223 |
Retail banking1 | 153 | 118 | 208 | 190 | 189 | 705 |
Cash equivalent earnings before amortisation | 738 | 816 | 815 | 634 | 659 | 2 925 |
1 The segment includes Kron and savings distribution
Key figuresTable 11: Savings - non-guaranteed
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 |
Unit linked Reserves | 500 357 | 519 532 | 496 155 | 475 193 | 446 308 |
Unit linked Premiums | 7 861 | 7 640 | 7 861 | 7 971 | 7 911 |
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
Profit by productTable 12: Unit Linked Norway
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Fee and administration income | 388 | 360 | 363 | 340 | 358 | 1 420 |
Operational cost | -185 | -191 | -185 | -175 | -182 | -733 |
Cash equivalent earnings from operations | 202 | 169 | 178 | 165 | 176 | 687 |
Financial result | -2 | -2 | -1 | 0 | -0 | -2 |
Cash equivalent earnings before amortisation | 200 | 167 | 177 | 165 | 176 | 685 |
Fee Margin on reserves | 0,55 % | 0,52 % | 0,54 % | 0,54 % | 0,58 % | 0,54 % |
Reserves | 282 668 | 282 188 | 272 560 | 261 527 | 244 753 | 248 216 |
Table 13: Unit linked Sweden
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Fee and administration income | 299 | 308 | 295 | 283 | 290 | 1 176 |
Operational cost | -214 | -226 | -211 | -212 | -207 | -856 |
Cash equivalent earnings from operations | 85 | 82 | 84 | 71 | 83 | 320 |
Financial result | 10 | 7 | 4 | -12 | -8 | -9 |
Cash equivalent earnings before amortisation | 95 | 89 | 88 | 58 | 76 | 311 |
Fee Margin on reserves | 0,53 % | 0,53 % | 0,54 % | 0,55 % | 0,56 % | 0,54 % |
Reserves | 217 689 | 237 344 | 223 595 | 213 666 | 201 555 | 237 344 |
Table 14: Asset Management segment
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Fee and administration income | 772 | 1 035 | 777 | 774 | 715 | 3 301 |
Of which performance based income | 62 | 236 | 90 | 91 | 58 | 475 |
Operational cost | -475 | -607 | -516 | -553 | -505 | -2 181 |
Cash equivalent earnings from operations | 297 | 428 | 261 | 221 | 210 | 1 120 |
Financial result | -8 | 14 | 81 | -0 | 8 | 103 |
Cash equivalent earnings before amortisation | 289 | 442 | 342 | 221 | 219 | 1 223 |
Fee margin | 0,20 % | 0,26 % | 0,20 % | 0,21 % | 0,20 % | 0,22 % |
Assets Under Management (AUM) | 1 542 672 | 1 608 960 | 1 560 634 | 1 506 704 | 1 441 878 | 1 608 960 |
Table 15: Retail Banking incl. Kron and savings distribution
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Fee and administration income | 351 | 370 | 390 | 370 | 343 | 1 473 |
Of which Kron and savings distribution | 28 | 27 | 22 | 19 | 17 | 85 |
Operational cost | -191 | -194 | -191 | -179 | -163 | -727 |
Of which Kron and savings distribution | -31 | -29 | -31 | -26 | -30 | -115 |
Cash equivalent earnings from operations | 161 | 176 | 198 | 191 | 181 | 746 |
Financial result | -7 | -58 | 10 | -1 | 8 | -41 |
Cash equivalent earnings before amortisation | 153 | 118 | 208 | 190 | 189 | 705 |
Retail lending* | 97 383 | 96 848 | 95 253 | 92 318 | 89 419 | 96 848 |
Net interest margin retail banking | 1,29 % | 1,38 % | 1,49 % | 1,51 % | 1,47 % | 1,46 % |
Net interest income retail banking | 298 | 321 | 329 | 324 | 301 | 1 276 |
* Includes mortgages on the Storebrand Livsforsikring AS balance sheet
Sales and marketsTable 16: New sales
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Unit Linked premiums Norway | 716 | 567 | 1 031 | 301 | 742 | 2 641 |
- of which annual premiums | 301 | 310 | 793 | 69 | 304 | 1 476 |
- of which single premiums | 415 | 257 | 237 | 231 | 439 | 1 164 |
Unit Linked premiums Sweden | 600 | 572 | 509 | 598 | 628 | 2 306 |
- of which annual premiums | 373 | 384 | 325 | 390 | 412 | 1 511 |
- of which single premiums | 228 | 188 | 184 | 209 | 215 | 795 |
Savings (non guaranteed) premiums | 1 316 | 1 139 | 1 540 | 899 | 1 370 | 4 947 |
- of which annual premiums | 673 | 694 | 1 118 | 459 | 716 | 2 987 |
- of which single premiums | 643 | 444 | 421 | 440 | 654 | 1 960 |
Table 17: Unit Linked - Premiums (excluding transfers)
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Unit Linked (occupational pension) Norway | 4 348 | 4 357 | 4 371 | 4 259 | 4 439 | 17 426 |
Unit Linked (retail) Norway | 496 | 452 | 390 | 378 | 377 | 1 597 |
Unit Linked Sweden | 3 018 | 2 831 | 3 100 | 3 334 | 3 096 | 12 360 |
Total | 7 861 | 7 640 | 7 861 | 7 971 | 7 911 | 31 383 |
Table 18: Unit Linked - Transfer balance
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Premium reserves received | ||||||
Unit Linked Norway | 3 804 | 2 193 | 2 058 | 2 040 | 4 039 | 10 330 |
Unit Linked Sweden | 2 022 | 1 547 | 1 533 | 1 658 | 1 767 | 6 505 |
Total received | 5 825 | 3 741 | 3 592 | 3 698 | 5 806 | 16 836 |
Premium reserves transferred | ||||||
Unit Linked Norway | -6 802 | -4 210 | -5 194 | -4 200 | -6 176 | -19 780 |
Unit Linked Sweden | -2 256 | -2 203 | -1 759 | -2 405 | -2 028 | -8 395 |
Total transferred | -9 058 | -6 413 | -6 953 | -6 605 | -8 204 | -28 175 |
Net transfers | -3 233 | -2 673 | -3 361 | -2 907 | -2 399 | -11 340 |
Table 19: Return Defined Contribution - standard profiles Norway
Return | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Extra low risk | 0,7 % | 1,3 % | 1,0 % | 1,9 % | 1,3 % | 5,5 % |
Low risk | 0,3 % | 1,8 % | 2,2 % | 3,5 % | 0,1 % | 7,6 % |
Balanced | 0,1 % | 2,7 % | 3,6 % | 5,6 % | -1,1 % | 10,8 % |
High risk | 3,4 % | 5,1 % | 7,3 % | -2,5 % | 13,3 % | |
Extra high risk | -0,2 % | 3,6 % | 5,4 % | 7,9 % | -3,1 % | 13,8 % |
Table 20a: Development customer funds, quarter
NOK million | Reserves Unit Linked Norway | Reserves Unit Linked Sweden |
Funds at 31.12.2025 | 282 188 | 237 344 |
Premium income | 4 843 | 3 018 |
Insurance claims | -942 | -1 590 |
Transfers | -2 999 | -234 |
Asset return | -318 | -4 646 |
Other & FX | -104 | -16 203 |
Funds at 31.03.2026 | 282 669 | 217 689 |
Table 20b: Development customer funds, YTD | ||
Reserves | Reserves | |
NOK million | Unit Linked Norway | Unit Linked Sweden |
Funds at 31.12.2025 | 282 188 | 237 344 |
Premium income | 4 843 | 3 018 |
Insurance claims | -942 | -1 590 |
Transfers | -2 999 | -234 |
Asset return | -318 | -4 646 |
Other & FX | -104 | -16 203 |
Funds at 31.03.2026 | 282 669 | 217 689 |
Table 21a: Assets under Management by client
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
External | 822 090 | 865 069 | 838 978 | 799 632 | 763 802 | 865 069 |
Group internal | 720 582 | 743 891 | 721 656 | 707 072 | 678 076 | 743 891 |
Total | 1 542 672 | 1 608 960 | 1 560 634 | 1 506 704 | 1 441 878 | 1 608 960 |
External share | 53 % | 54 % | 54 % | 53 % | 53 % | 54 % |
Table 21b: Assets under Management by asset type
2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 | |
Equities | 50 % | 50 % | 51 % | 49 % | 47 % | 50 % |
Bonds | 31 % | 30 % | 29 % | 30 % | 31 % | 30 % |
Alternatives | 18 % | 18 % | 19 % | 19 % | 20 % | 18 % |
Other | 1 % | 1 % | 1 % | 2 % | 2 % | 1 % |
Total | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % |
Table 22: AuM and YTD return in mutual funds with performance fees
Fund | Return | Benchmark | AuM NOK bn 31.03.2026 |
Delphi Global | -6,1 % | -6,9 % | 7,9 |
SKAGEN Focus | -6,1 % | -6,5 % | 2,9 |
SKAGEN Global | -13,2 % | -6,5 % | 31,6 |
SKAGEN Kon-Tiki | -3,0 % | -3,6 % | 20,8 |
SKAGEN m2 | -6,3 % | -4,8 % | 1,0 |
SKAGEN Vekst | -2,1 % | -6,5 % | 14,5 |
Insurance is an operational and reporting unit consisting of Storebrand Forsikring AS and the majority of risk products written within life and pension in Norway (Storebrand Livsforsikring AS), with the exception of risk coverage bundled to the guaranteed life products.
Insurance offers standard property and casualty insurance products and one-year risk products in the Norwegian retail market. In the corporate market, Storebrand offers pension related disability insurance, group life and workers' compensation insurance, in addition to P&C insurance to SMEs.
Profit and lossTable 23: Insurance
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 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 % |
Table 24: By lines of business
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 Q1 | Full year 2025 | |
Retail insurance1 | 210 | 250 | 272 | 182 | 75 | 780 |
Corporate insurance2 | 73 | 16 | 92 | 107 | 67 | 283 |
Cash equivalent earnings before amortisation | 283 | 266 | 364 | 289 | 142 | 1062 |
Retail property and casualty (P&C) insurance, and individual life and disability insurance sold to the retail market
Defined contribution disability risk Norway, Group life and workers compensation Norway, P&C insurance to SMB market in Norway, and disability risk Sweden.
Table 25a: Portfolio Premiums
NOK million | 2026 Q1 | 2025 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 |
*Approx. NOK 4.2bn of the investment portfolio is linked to disability coverages where the investment result goes to the customer reserves.
Table 25b: Company portfolio Storebrand Insurance segment
Asset class | 2026 |
Share | Q1 |
Equities | 3 % |
Real estate | 3 % |
Credit bonds | 8 % |
Money market | 31 % |
Government guaranteed | 2 % |
Loans | 20 % |
Bonds at amortized cost | 34 % |
Total | 100 % |
Table 26: Retail insurance
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Insurance premiums f.o.a. | 1 543 | 1 497 | 1 420 | 1 374 | 1 277 | 5 567 |
Claims f.o.a. | -1 054 | -982 | -929 | -951 | -986 | -3 849 |
Operational cost | -332 | -321 | -276 | -289 | -260 | -1 146 |
Cash equivalent earnings from operations | 157 | 194 | 215 | 134 | 30 | 573 |
Financial result | 53 | 56 | 57 | 49 | 45 | 207 |
Cash equivalent earnings before amortisation | 210 | 250 | 272 | 182 | 75 | 780 |
Claims ratio | 68 % | 66 % | 65 % | 69 % | 77 % | 69 % |
Cost ratio | 21 % | 21 % | 19 % | 21 % | 20 % | 21 % |
Combined ratio | 90 % | 87 % | 85 % | 90 % | 98 % | 90 % |
Table 27: Corporate insurance
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Insurance premiums f.o.a. | 1 141 | 1 068 | 1 055 | 1 035 | 979 | 4 137 |
Claims f.o.a. | -965 | -940 | -849 | -823 | -800 | -3 411 |
Operational cost | -156 | -147 | -140 | -141 | -139 | -567 |
Cash equivalent earnings from operations | 20 | -19 | 66 | 71 | 40 | 159 |
Financial result | 53 | 36 | 26 | 36 | 27 | 124 |
Cash equivalent earnings before amortisation | 73 | 16 | 92 | 107 | 67 | 283 |
Claims ratio | 85 % | 88 % | 80 % | 80 % | 82 % | 82 % |
Cost ratio | 14 % | 14 % | 13 % | 14 % | 14 % | 14 % |
Combined ratio | 98 % | 102 % | 94 % | 93 % | 96 % | 96 % |
Guaranteed pension comprises products associated with an explicit or implicit interest rate guarantee. Storebrand offers a limited amount of guaranteed products, and measures have been implemented in order to reduce the extent of these products.
Profit and lossTable 28: Guaranteed pension
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 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 |
Fee margin on reserves | 0,50 % | 0,53 % | 0,51 % | 0,52 % | 0,51 % | 0,52 % |
Guaranteed reserves | 297 984 | 306 168 | 302 929 | 301 739 | 295 001 | 306 168 |
Table 29: By guaranteed pension product
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Defined benefit (private & public sector), Norway | 66 | 76 | 34 | 45 | 12 | 167 |
Paid-up policies, Norway1 | 101 | 129 | 151 | 185 | 98 | 563 |
Guaranteed products, Sweden | 129 | 92 | 130 | 127 | 151 | 500 |
Cash equivalent earnings before amortisation | 296 | 297 | 316 | 356 | 261 | 1 229 |
This segment includes the sub-segment "Individual life and pension, Norway"
Table 30: Guaranteed pension
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Guaranteed reserves | 297 984 | 306 168 | 302 929 | 301 739 | 295 001 | 306 168 |
Guaranteed reserves in % of total reserves | 37,3 % | 37,1 % | 37,9 % | 38,8 % | 39,8 % | 37,1 % |
Net flow of premiums and claims | -3 066 | -3 181 | -2 864 | -2 547 | -2 997 | -11 589 |
Buffer capital in % of customer reserves Norway | 8,2 % | 8,5 % | 8,2 % | 8,1 % | 7,3 % | 8,5 % |
Buffer capital in % of customer reserves Sweden | 27,3 % | 27,3 % | 26,6 % | 25,0 % | 24,4 % | 27,3 % |
Table 31: Defined benefit (private & public sector), Norway
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 | |
Fee and administration income | 136 | 154 | 141 | 143 | 130 | 567 | |
Operational cost | -73 | -81 | -81 | -78 | -77 | -316 | |
Cash equivalent earnings from operations | 63 | 72 | 61 | 65 | 53 | 251 | |
Risk result life & pensions | 3 | 3 | -26 | -20 | -41 | -84 | |
Net profit sharing | - | - | - | - | - | - | |
Cash equivalent earnings before amortisation | 66 | 76 | 34 | 45 | 12 | 167 | |
Fee margin on reserves | 0,92 % | 1,05 % | 0,99 % | 1,03 % | 1,00 % | 1,02 % |
Reserves | 58 736 | 58 710 | 57 955 | 56 643 | 54 108 | 49 991 |
Fee, interest rate guarantee SBL | 85 | 87 86 81 | 78 | 332 |
Table 32: Paid-up policies, Norway1
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Fee and administration income | 107 | 114 | 113 | 114 | 111 | 452 |
Operational cost | -76 | -76 | -78 | -76 | -88 | -318 |
Cash equivalent earnings from operations | 31 | 38 | 35 | 38 | 24 | 135 |
Risk result life & pensions | 47 | -10 | 4 | 26 | 58 | 78 |
Net profit sharing | 24 | 101 | 112 | 121 | 17 | 350 |
Cash equivalent earnings before amortisation | 101 | 129 | 151 | 185 | 98 | 563 |
Fee margin on reserves | 0,27 % | 0,29 % | 0,29 % | 0,29 % | 0,29 % | 0,29 % |
Reserves | 156 320 | 156 907 | 156 268 | 155 926 | 155 223 | 155 719 |
This segment includes the sub-segment "Individual life and pension, Norway"
Table 33: Guaranteed pension, Sweden
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Fee and administration income | 133 | 134 | 133 | 133 | 132 | 532 |
Operational cost | -75 | -86 | -75 | -73 | -71 | -305 |
Cash equivalent earnings from operations | 58 | 48 | 58 | 60 | 61 | 227 |
Risk result life & pensions | 14 | -12 | 1 | 16 | 20 | 24 |
Net profit sharing | 58 | 56 | 72 | 51 | 70 | 249 |
Cash equivalent earnings before amortisation | 129 | 92 | 130 | 127 | 151 | 500 |
Fee margin on reserves | 0,61 % | 0,60 % | 0,60 % | 0,61 % | 0,62 % | 0,61 % |
Reserves | 82 928 | 90 551 | 88 706 | 89 170 | 85 670 | 90 551 |
Table 34: Value adjusted return guaranteed pension products, Norway
2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 | |
Paid-up policies | 0,4 % | 1,2 % | 1,3 % | 1,7 % | 0,5 % | 4,8 % |
Defined Benefit (private sector) | 0,3 % | 1,4 % | 1,5 % | 2,1 % | 0,8 % | 5,8 % |
Public Occupational Pensions | 0,7 % | 2,0 % | 2,6 % | 3,7 % | -0,2 % | 8,1 % |
Average return guaranteed products | 0,4 % | 1,4 % | 1,5 % | 2,0 % | 0,5 % | 5,4 % |
Table 35: Value adjusted return guaranteed pension products, Sweden
2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 | |
Defined Benefit | -0,5 % | 0,0 % | 0,6 % | 4,2 % | -0,8 % | 4,0 % |
Defined contribution (w. guarantees) | -0,6 % | 0,4 % | 1,2 % | 4,1 % | -0,9 % | 4,8 % |
Table 36: Guaranteed pension products
2026 | 2025 | |||||
NOK million | Q1 | Q4 | Q3 | Q2 | Q1 | |
Defined Benefit (private & public sector), Norway | 58 736 | 58 710 | 57 955 | 56 643 | 54 108 | |
Paid-up policies, Norway | 156 320 | 156 907 | 156 268 | 155 926 | 155 223 | |
Guaranteed Products, Sweden | 82 928 | 90 551 | 88 706 | 89 170 | 85 670 | |
Guaranteed Reserves | 297 984 | 306 168 | 302 929 | 301 739 | 295 001 |
Table 37: New sales guaranteed pension 1)
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Guaranteed pension, Norway | 38 | 17 | 69 | 20 | 492 | 599 |
| 7 31 | 1 17 | 28 42 | 17 3 | 106 387 | 151 448 |
Guaranteed pension, Sweden | 94 | 100 | 73 | 91 | 103 | 367 |
| 62 32 | 68 31 | 53 20 | 61 30 | 63 40 | 245 122 |
Guaranteed pension | 132 | 117 | 143 | 111 | 596 | 966 |
| 69 63 | 69 48 | 81 62 | 78 33 | 169 427 | 396 570 |
1) Annual premium equivalent
Table 38: Premiums (excluding transfers) pension products
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Defined Benefit (private & public sector), Norway | 1 035 | 722 | 1 280 | 1 514 | 958 | 4 473 |
Paid-up policies, Norway | 79 | 57 | 53 | 50 | 85 | 244 |
Guaranteed products, Sweden | 326 | 594 | 319 | 359 | 375 | 1 646 |
Total | 1 439 | 1 372 | 1 651 | 1 922 | 1 418 | 6 363 |
Table 39: Transfer balance (Guaranteed Pension)
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Premium reserves received | ||||||
Norway1) | 636 | 869 | 762 | 328 | 4 178 | 6 137 |
Sweden | 255 | 252 | 146 | 240 | 277 | 915 |
Total received | 891 | 1 122 | 908 | 568 | 4 454 | 7 052 |
Premium reserves transferred | ||||||
Norway1) | -207 | -136 | -78 | -56 | -129 | -399 |
Sweden | -84 | -102 | -87 | -122 | -87 | -399 |
Total transferred | -291 | -239 | -165 | -177 | -216 | -798 |
Net transfers | 599 | 883 | 742 | 391 | 4 238 | 6 254 |
1) This line includes internal transfers to paid-up policies with investment choice (shown in Unit Linked - Transfer Balance)
Reserves and buffersTable 40: Development customer funds (excluding buffer capital) - single quarter
NOK million | DB (private sector) | Public Occ. Pensions | Paid-up policies | Guaranteed products -Sweden |
Funds at 31.12.2025 | 26 078 | 26 692 | 145 990 | 70 340 |
Premium income | 580 | 455 | 79 | 326 |
Insurance claims | -383 | -335 | -2 243 | -1 545 |
Transfers | -111 | 149 | 392 | 171 |
Internal transfers DB to Paid-Up (Norway) | -584 | 616 | ||
Asset return | 97 | 124 | 705 | -447 |
Other | 356 | -113 | 278 | -4 490 |
Funds at 31.03.2026 | 26 033 | 26 972 | 145 817 | 64 355 |
Table 41: Development customer funds (excluding buffer capital) - YTD | ||||
DB (private | Public Occ. | Paid-up | Guaranteed products - | |
NOK million | sector) | Pensions | policies | Sweden |
Funds at 31.12.2025 | 26 078 | 26 692 | 145 990 | 70 340 |
Premium income | 580 | 455 | 79 | 326 |
Insurance claims | -383 | -335 | -2 243 | -1 545 |
Transfers | -111 | 149 | 392 | 171 |
Internal transfers DB to Paid-Up (Norway) | -584 | 616 | ||
Asset return | 97 | 124 | 705 | -447 |
Other | 356 | -113 | 278 | -4 490 |
Funds at 31.03.2026 | 26 033 | 26 972 | 145 817 | 64 355 |
Table 42: Buffer capital* | ||||
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 |
Buffer fund | 16 237 | 16 849 | 16 298 | 15 924 | 14 197 |
Market value adjustment reserve** | 0 | 67 | 71 | 45 | 33 |
Excess value of bonds at amortised cost | -14 326 | -12 100 | -12 709 | -11 079 | -13 669 |
Additional statutory reserve | - | - | - | - | - |
Conditional bonuses SPP | 17 839 | 18 844 | 18 659 | 17 853 | 16 776 |
Total | 19 751 | 23 661 | 22 319 | 22 744 | 17 336 |
* The term Buffer capital in this table is not consistent with the definition of buffer capital made in the IFRS accounting
** The historical numbers were previously reported including Public Occupational Pensions buffer fund
Key figures guaranteed productsTable 43a: Key terms products, Norway
NOK million | DB (private & public sector) | Paid-up |
Interest rate guarantee p.a. | 2,1 % | 3,0 % |
Funds | 53 005 | 145 817 |
Buffer fund | 5 731 | 10 500 |
Risk Equalisation Fund | 28 | 1 264 |
Expected return on assets** | 5,5 % | 4,6 % |
**Expected return is calculated based on current asset | ||
allocation using normal risk premiums for the next 12 | ||
Table 43b: Key terms portfolio, Sweden | ||
Defined | ||
cont. | ||
Defined | (w. | |
NOK million | Benefit | guarantee) |
Investment return (YTD) | -0,5 % | -0,6 % |
Interest rate guarantee | 2,5 % | 2,5 % |
Prospective reserve | 32 757 | 31 168 |
Conditional Bonuses | 10 376 | 7 989 |
Deferred Capital Contribution | 32 | 2 988 |
Expected return assets 1) | 4,9 % | 5,2 % |
Duration liabilities | 5,4 | 5,3 |
Discount rate 2) | 3,1 % | 3,1 % |
Consolidation ratio 3) | 111 % |
Calculated based on current asset allocation for a period of next 12 months using normal risk premiums, plus 10y swap rate
Calculated as UFR premium plus 10 y swap rate
Consolidation largest subportfolio
Table 44a : Allocation Sweden | ||
Defined | Defined cont. (w/ | |
Benefit | guarantee) | |
Equities | 18 % | 25 % |
Real estate | 15 % | 16 % |
Bonds & Money market | 54 % | 43 % |
Loans | 13 % | 16 % |
Sum | 100 % | 100 % |
Table 44b: Allocation Norway | ||
Defined Benefit | Paid-Up (Total) | |
Equities | 24 % | 12 % |
Real estate | 14 % | 10 % |
Bonds & Money market | 5 % | 2 % |
Loans | 15 % | 10 % |
Bonds at amortised cost | 42 % | 66 % |
Other | ||
Sum | 100 % | 100 % |
Sensitivities Sweden - guaranteed portfolio financial result
Storebrand provided a guiding for the financial result in the Swedish guaranteed portfolios at the Capital Markets Day in December 2023. This guiding is subject to normalised market conditions. For investors and analysts that wish to estimate the financial result in the Swedish guaranteed portfolios based on financial market movements, sensitivities are provided in the excel version of Supplementary Information. Please keep in mind that the financial result in these portfolios is subject to many factors not reflected by the sensitivities. It follows that the estimates from the sensitivities can deviate significantly from the actual results and that sensitivities should preferably be used to estimate the direction of the result (not the exact magnitude).
OtherOther consists of the profit from Storebrand ASA, as well as the return on financial assets held in the company portfolios in the life and pension business in Storebrand Livsforsikring AS and SPP Pension & Försäkring AB.
Profit and lossNOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 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 |
Table 45a: Other: operational costs and net financial results in company portfolios (Storebrand ASA, Storebrand Livsforsikring AS and SPP Pension & Försäkring AB) 1)
Excluding group eliminations (detailed in Table 45b). To get full segment profits, please summarize tables 46a and 46b.
Table 45b: Eliminations
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 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 | - | - | - | - | - | - |
Table 46: Storebrand group selected Company portfolios
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 |
Storebrand ASA | 6 017 | 3 695 | 3 916 | 4 228 | 6 207 |
Storebrand Livsforsikring AS | 17 263 | 18 976 | 19 121 | 18 992 | 19 387 |
SPP Pension & Försäkring AB | 5 607 | 5 214 | 5 345 | 5 438 | 5 518 |
Total | 28 886 | 27 885 | 28 382 | 28 657 | 31 112 |
Table 47a: Company portfolio SPP Pension & Försäkring Table 47b: Company portfolio STB Livsf
Asset class Share | 2026 Q1 | Asset class Share | 2026 Q1 | |
Equities | Equities | 2 % | ||
Real estate | Real estate | 1 % | ||
Bonds & Money market | 91 % | Bonds & Money market | 27 % | |
Loans | 9 % | Loans | 18 % | |
Bonds at amortized cost | 52 % | |||
Sum | 100 % | Sum | 100 % |
Table 48: Storebrand group debt - excl. bank
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 |
Subordinated loan capital - STB Life (Group) | 9 554 | 9 905 | 9 833 | 9 906 | 10 083 |
Bonds Storebrand ASA | 1 001 | 1 001 | 1 000 | 1 001 | 1 002 |
Bank loan Storebrand ASA 1) | 0 | 0 | 0 | 0 | 0 |
Total debt | 10 554 | 10 906 | 10 833 | 10 908 | 11 085 |
Storebrand ASA has a MEUR 200 undrawed multicurrency revolving credit facility
Table 49: Storebrand Group - IFRS-legal profit by sub-group
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Storebrand Life Group | 601 | 968 | 1 197 | 1 087 | 917 | 4 170 |
Storebrand Asset Management Group | 224 | 725 | 230 | 125 | 159 | 1 240 |
Storebrand Bank Group | 153 | 118 | 208 | 190 | 189 | 705 |
Storebrand Forsikring AS | 162 | 186 | 205 | 136 | 6 | 532 |
Storebrand Helseforsikring AS 1) | - | - | - | - | - | - |
Storebrand ASA/Other | -49 | -55 | -33 | -23 | -46 | -158 |
Profit before amortisation and write-downs | 1 092 | 1 942 | 1 807 | 1 515 | 1 225 | 6 488 |
Amortisation and write-downs of intangible assets | -83 | -93 | -147 | -97 | -96 | -433 |
Profit before tax | 1 009 | 1 849 | 1 660 | 1 418 | 1 128 | 6 056 |
Tax | -417 | -319 | -337 | -224 | -152 | -1 033 |
Sold/liquidated business | - | - | 0 | - | 0 | - |
Profit after tax | 591 | 1 529 | 1 323 | 1 194 | 976 | 5 023 |
50% of profit according to owner's share (50%)
Table 50: Storebrand Group - balance sheet
NOK million | Share in % | 31.03.2026 | 31.12.2025 |
Intangible assets | 1 % | 7 376 | 7 589 |
Shares in associated companies | 1 % | 8 699 | 8 654 |
Equities and fund units | 47 % | 452 782 | 469 759 |
Bonds and other fixed-income securities | 32 % | 305 207 | 316 446 |
Derivatives | 0 % | 3 308 | 2 173 |
Loans to financial institutions | 0 % | 4 193 | 2 752 |
Loans to customers | 11 % | 105 761 | 106 544 |
Investment properties | 4 % | 38 313 | 38 529 |
Bank deposits | 2 % | 18 930 | 16 126 |
Other assets | 2 % | 21 553 | 19 611 |
Total assets | 100 % | 966 121 | 988 183 |
Equity | 4 % | 33 982 | 33 588 |
Insurance contracts liabilities | 35 % | 335 533 | 344 681 |
Investment contracts liabilities | 49 % | 468 633 | 487 729 |
Subordinated loan capital | 1 % | 10 257 | 10 608 |
Loans and deposits from credit institutions | 0 % | 1 718 | 2 052 |
Deposits from banking customers | 4 % | 34 865 | 34 585 |
Debt raised by issuance of securities | 5 % | 51 252 | 49 874 |
Other liablilities | 3 % | 29 882 | 25 067 |
Total liabilities and equity capital | 100 % | 966 121 | 988 183 |
The solidity ratio of Storebrand Life Group is often referred to, as it is the largest entity within the Storebrand Group. Storebrand Life Group comprises the consolidated numbers of Storebrand Livsforsikring AS and SPP Pension & Försäkring AB.
The entities comprising Storebrand Life Group are as follows:
Profit and loss - Storebrand Life Group
Table 51: Storebrand Life Group (Alternative income statement)
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 Q1 | Full year 2025 | |
Fee and administration income | 1 063 | 1 070 | 1 045 | 1 012 | 1 021 | 4 149 |
Insurance result | 237 | 205 | 282 | 264 | 264 | 1 015 |
Operational cost | -797 | -829 | -792 | -772 | -790 | -3 183 |
Financial items and risk result life and pension | 285 | 373 | 336 | 391 | 295 | 1 396 |
Cash equivalent earnings before amortisation | 787 | 819 | 872 | 895 | 790 | 3 377 |
Amortisation | -47 | -47 | -47 | -46 | -46 | -187 |
Cash equivalent earnings before tax | 740 | 772 | 825 | 849 | 744 | 3 189 |
Tax | -346 | -51 | -151 | -80 | -58 | -341 |
Cash equivalent earnings after tax | 394 | 721 | 673 | 769 | 686 | 2 849 |
Table 52: Balance sheet - Storebrand Life Group (IFRS-Legal)
NOK million | Share of total assets | 31.03.2026 | 31.12.2025 | 31.12.2024 |
Intangible assets | 0 % | 2 298 | 2 437 | 2 617 |
Investments | 98 % | 828 911 | 858 943 | 784 766 |
Other assets | 2 % | 14 434 | 10 983 | 52 150 |
Total assets | 100 % | 845 643 | 872 364 | 839 533 |
Equity | 1 % | 11 499 | 17 476 | 17 810 |
Subordinated loan capital1) | 1 % | 9 554 | 9 905 | 9 979 |
Insurance contracts liabilities | 39 % | 333 010 | 342 462 | 323 985 |
Investment contracts liabilities | 55 % | 468 633 | 487 729 | 429 471 |
Other debts | 3 % | 22 946 | 14 791 | 58 288 |
Total equity and liabilities | 100 % | 845 643 | 872 364 | 839 533 |
Includes accrued interest
Table 53: Profit - SPP Pension & Försäkring Group (Alternative income statement)
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Total administration income | 456 | 572 | 443 | 444 | 451 | 1 910 |
Total administration cost | - 306 | - 331 | -296 | -302 | -296 | -1 225 |
Administration result | 150 | 135 | 147 | 141 | 156 | 578 |
Risk result | 33 | 21 | 45 | 26 | 40 | 131 |
Profit sharing & Indexation fee | 32 | 24 | 32 | 107 | 33 | 197 |
Change in DCC & Other financial result | 58 | 78 | 65 | -29 | 56 | 171 |
Return on company portfolio | 31 | 35 | 23 | 51 | 54 | 163 |
Profit before amortisation | 305 | 294 | 311 | 296 | 338 | 1 240 |
Amortisation and write-downs | - 22 | - 22 | -22 | -22 | -22 | -88 |
Pre-tax profit/loss | 283 | 271 | 290 | 274 | 317 | 1 152 |
Table 54: Balance sheet - SPP Pension & Försäkring Group
NOK million | Share of total Assets | 31.03.2026 | 31.12.2025 | 31.12.2024 |
Intangible assets | 0 % | 717 | 805 | 918 |
Longterm shares and interest from group companies | 3 % | 9 110 | 9 748 | 9 075 |
Shares | 4 % | 14 495 | 12 459 | 11 436 |
Bonds | 17 % | 54 654 | 62 675 | 61 951 |
Assets - Unit link | 66 % | 217 690 | 237 345 | 210 309 |
Other financial assets | 7 % | 21 866 | 24 399 | 22 939 |
Other assets | 3 % | 9 129 | 7 900 | 6 586 |
Total assets | 100 % | 327 661 | 355 331 | 323 214 |
Equity | 2 % | 7 338 | 8 470 | 8 356 |
Minority interests' share in equity | 1 % | 2 096 | 2 343 | 2 331 |
Subordinated loan capital | 0 % | 0 | 0 | 0 |
Premium reserve for own account | 20 % | 65 921 | 71 970 | 69 971 |
Insurance fund reserves - defined contribution and UL | 72 % | 235 495 | 256 741 | 227 164 |
Other liabilities | 5 % | 16 811 | 15 807 | 15 392 |
Total equity and liabilities | 100 % | 327 661 | 355 331 | 323 214 |
Storebrand Asset Management AS is regulated by the Norwegian FSA under the CRD IV framework.
Profit and lossTable 55: Profit - Storebrand Asset Management Group
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 Q1 | Full year 2025 | |
Fee and administration income | 1 299 | 1 970 | 1 251 | 1 239 | 1 210 | 5 670 |
Operational cost | -1 053 | -1 245 | -1 087 | -1 099 | -1 045 | -4 477 |
Financial result | - 22 | 0 | 67 | -15 | -5 | 46 |
Cash equivalent earnings before amortisation | 224 | 725 | 230 | 125 | 159 | 1240 |
Amortisation | - 39 | -40 | -90 | -40 | -40 | -209 |
Cash equivalent earnings before tax | 185 | 685 | 141 | 86 | 119 | 1031 |
Tax | - 48 | -177 | -23 | -33 | -22 | -255 |
Cash equivalent earnings after tax | 137 | 508 | 117 | 53 | 98 | 776 |
Table 56: Balance sheet - Storebrand Asset Management Group
NOK million Share in % | 31.03.2026 | 31.12.2025 | 31.12.2024 |
Intangible assets 40,8 % | 3 252 | 3 386 | 3 596 |
Investments portfolio 27,0 % | 2 147 | 1 872 | 1 476 |
Other assets 32,2 % | 2 563 | 2 972 | 2 594 |
Total assets 100 % | 7 962 | 8 230 | 7 665 |
Equity Other debts | 58,6 % 41,4 % | 4 668 3 294 | 5 348 2 881 | 4 996 2 670 |
Total equity and liabilities | 100 % | 7 962 | 8 230 | 7 665 |
Table 57: Profit - Storebrand Forsikring AS
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Full year Q1 2025 | |
Insurance premiums f.o.a. | 1 352 | 1 290 | 1 226 | 1 173 | 1 068 | 4 756 |
Claims f.o.a. | - 923 | -852 | -811 | -803 | - 862 | -3 327 |
Operational cost | - 320 | -306 | -260 | -276 | - 242 | -1 084 |
Financial result | 54 | 53 | 50 | 41 | 42 | 187 |
Result before amortisation | 162 | 186 | 205 | 136 | 6 | 532 |
Amortisation | 0 | -9 | -13 | -13 | - 13 | - 47 |
Pre tax profit | 162 | 177 | 192 | 123 | -7 | 485 |
Tax | - 40 | -44 | -48 | -31 | 2 | - 120 |
Profit/loss | 122 | 133 | 145 | 92 | -4 | 365 |
Table 58: Balance sheet - Storebrand Forsikring AS
NOK million | Share in % | 31.03.2026 | 31.12.2025 | 31.12.2024 |
Intangible assets | 1 % | 49 | 43 | 86 |
Investments portfolio | 92 % | 4 219 | 3 937 | 2644 |
Other assets | 7 % | 320 | 334 | 363 |
Total assets | 100 % | 4 589 | 4 314 | 3 093 |
Equity Insurance liabilities Other debts | 29 % 55 % 16 % | 1 331 2 527 730 | 1 597 2 222 495 | 1141 1637 314 |
Total equity and liabilities | 100 % | 4 589 | 4 314 | 3 093 |
Storebrand Bank ASA is regulated by the Norwegian FSA under the CRD IV framework.
Profit and loss - Storebrand Bank GroupTable 59: Profit - Storebrand Bank Group
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Net interest income | 298 | 321 | 329 | 324 | 301 | 1 276 |
Net fee and commission income | 25 | 22 | 39 | 26 | 25 | 112 |
Other operating income | 26 | 19 | 43 | 27 | 13 | 102 |
Total income | 350 | 362 | 411 | 378 | 339 | 1 490 |
Operating cost | - 195 | - 198 | - 195 | - 183 | - 167 | - 743 |
Cash equivalent earnings before loan losses | 155 | 163 | 216 | 195 | 172 | 746 |
Loan loss provision | - 6 | - 49 | - 12 | - 9 | 12 | - 58 |
Cash equivalent earnings before tax | 149 | 114 | 204 | 186 | 185 | 689 |
Table 60: Balance sheet - Storebrand Bank Group
NOK million | Share in % | 31.03.2026 | 31.12.2025 | 31.12.2024 |
Cash and deposits with central banks | 0 % | 418 | 23 | 6 |
Loans to and deposits with credit institutions | 4 % | 4 193 | 2 752 | 2 781 |
Financial assets designated at fair value through P&L | 2 % | 1 959 | 1 940 | 1 733 |
Bonds at amortised cost | 8 % | 7 612 | 7 511 | 6 278 |
Net lending to customers | 85 % | 79 872 | 79 981 | 68 853 |
Deferred tax assets | 0 % | 0 | - | |
Other assets | 0 % | 397 | 452 | 382 |
Total Assets | 100 % | 94 453 | 92 658 | 80 032 |
Liabilities to credit institutions | 2 % | 1 718 | 2 052 | 3 415 |
Deposits from and due to customers | 37 % | 34 865 | 34 585 | 31 403 |
Other financial liabilities | 54 % | 51 261 | 48 961 | 38 493 |
Provision for accrued expenses and liabilities | 0 % | 5 | 6 | 8 |
Deferred tax liabilities | 0 % | 54 | 19 | 58 |
Subordinated loan capital | 1 % | 703 | 703 | 829 |
Equity | 6 % | 5 847 | 6 333 | 5 827 |
Total Equity and Liabilities | 100 % | 94 453 | 92 658 | 80 032 |
Table 61: Storebrand Bank ASA (group) - Key Figures Banking
2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | |
Gross lending (bn) | 80 | 80 | 78 | 75 | 72 |
Customer deposit (bn) | 35 | 35 | 35 | 36 | 35 |
Deposit/gross lending | 44 % | 43 % | 44 % | 47 % | 48 % |
Average Loan-to-Value (LTV) | 62 % | 63 % | 62 % | 61 % | 59 % |
Average LTV new loans | 70 % | 70 % | 70 % | 70 % | 70 % |
Loss as % of gross loans | 0,0 % | -0,2 % | -0,1 % | 0,0 % | 0,1 % |
Loan losses | - 6 | -49 | -12 | -9 | 12 |
Non-performing loans with evidence of impairment | 540 | 594 | 348 | 222 | 236 |
Non-performing loans without evidence of impairment | 329 | 294 | 256 | 374 | 295 |
Return on Equity (%) | 8,7 % | 6,9 % | 12,3 % | 11,2 % | 11,7 % |
Operating expenses Banking | 160 | 165 | 161 | 153 | 133 |
Cost as % of total assets | 0,7 % | 0,7 % | 0,7 % | 0,7 % | 0,8 % |
Cost/income banking activities | 49 % | 48 % | 44 % | 44 % | 41 % |
Table 62: Profit - Storebrand Boligkreditt AS
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Net interest income | 138 | 152 | 147 | 150 | 141 | 590 |
Other operating income | - 4 | -5 | 0 | -2 | - 1 | - 9 |
Total income | 134 | 147 | 147 | 148 | 140 | 582 |
Operating cost | - 58 | - 56 | - 51 | - 51 | - 49 | - 207 |
Profit before loan losses | 75 | 92 | 96 | 97 | 91 | 375 |
Loan loss provision | - 1 | -27 | -3 | -1 | 2 | - 28 |
Pre-tax profit/loss | 74 | 65 | 93 | 96 | 93 | 347 |
Table 63: Balance sheet - Storebrand Boligkreditt AS
NOK million | Share in % | 31.03.2026 | 31.12.2025 | 31.12.2024 |
Cash and deposits with central banks | ||||
Loans to and deposits with credit institutions | 0 % | 57 | 129 | 91 |
Financial assets designated at fair value through P&L | 1 % | 858 | 521 | 482 |
Bonds at amortised cost | 1 % | 747 | 358 | 975 |
Net lending to customers | 97 % | 59 204 | 59 487 | 46 240 |
Deferred tax assets | ||||
Other assets | 0 % | 150 | 31 | 26 |
Total Assets | 100 % | 61 016 | 60 526 | 47 814 |
Liabilities to credit institutions | 7 % | 3 971 | 7 956 | 6 292 |
Deposits from and due to customers | 0 % | 0 | 0 | 0 |
Other financial liabilities | 87 % | 52 812 | 48 411 | 37 595 |
Provision for accrued expenses and liabilities | 0 % | 0 | 0 | 1 |
Deferred tax liabilities | 0 % | 38 | 21 | 60 |
Subordinated loan capital | - | - | - | |
Equity | 7 % | 4 195 | 4 137 | 3 866 |
Total Equity and Liabilities | 100 % | 61 016 | 60 526 | 47 814 |
Table 64: Capital ratios, Storebrand Bank Group
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 |
Total capital ratio (Storebrand Bank Group) | 21,7 % | 21,8 % | 23,5 % | 24,0 % | 21,3 % |
Tier 1 capital ratio (Storebrand Bank Group) | 19,3 % | 19,3 % | 20,9 % | 21,3 % | 18,9 % |
CET1 capital ratio (Storebrand Bank Group) | 18,0 % | 18,1 % | 19,6 % | 19,9 % | 17,7 % |
Table 65: Storebrand ASA (holding)
NOK million | 2026 Q1 | 2025 Q4 | Q3 | Q2 | Q1 | Full year 2025 |
Group contributions and transfers | 8 307 | - | 16 | 54 | 4 981 | 5 051 |
Interest income | 3 | 184 | 2 | 3 | 1 | 191 |
Interest expense | -13 | -14 | -14 | -14 | -14 | -57 |
Realised/unrealised gains/losses on securities | 27 | -134 | 47 | 69 | 42 | 24 |
Other financial income/costs | 2 | -19 | -1 | -2 | -2 | -24 |
Net financial items | 20 | 17 | 33 | 57 | 27 | 134 |
Total operating expenses | -68 | -76 | -82 | -80 | -73 | -311 |
Pre-tax profit/loss | 8 258 | -59 | -33 | 31 | 4 935 | 4 874 |
Table 66: Balance sheet - Storebrand ASA (holding)
NOK million | Share in % | 31.03.2026 | 31.12.2025 | 31.12.2024 |
Shares in subsidiary | 71 % | 27 978 | 27 978 | 27 195 |
Financial assets at market value | 15 % | 6 017 | 3 695 | 3 204 |
Other assets | 14 % | 5 658 | 668 | 322 |
Total assets | 100 % | 39 653 | 32 341 | 30 721 |
Equity Bond loan and other loans Other liabilities | 96 % 3 % 2 % | 37 961 1 001 691 | 30 653 1 001 688 | 29 366 1 002 353 |
Total liabilities and equity capital | 100 % | 39 653 | 32 341 | 30 721 |
Table 67: Capital distribution
NOK million | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
Dividends 1 | ||||||
Total | 2 289 | 2 040 | 1 834 | 1 718 | 1 645 | 1 519 |
of which extraordinary | - | - | - | - | - | - |
per share | 5,4 | 4,7 | 4,1 | 3,7 | 3,5 | 3,2 |
Share buybacks | ||||||
Total | 1 500 | 1 500 | 1 500 | 500 | - | - |
per share | 3,5 | 3,5 | 3,4 | 1,1 | - | - |
Total dividends and buybacks | 3 789 | 3 540 | 3 334 | 2 218 | 1 645 | 1 519 |
Total dividends and buybacks per share | 8,9 | 8,2 | 7,5 | 4,8 | 3,5 | 3,2 |
1 Reported dividend
Table 68: Shares outstanding
NOK million | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
Shares reedemed | -12 | -18 | -6 | - | - | - |
Shares issued | - | - | - | 4 | - | |
Total shares outstanding (year end) | 435 | 448 | 465 | 472 | 472 | 468 |
Treasury shares | 12 | 14 | 18 | 8 | 2 | 0 |
Shares outstanding adjusted for treasury shares (year end) | 424 | 434 | 447 | 464 | 470 | 467 |
Table 69: Cash remittance by subsidiary per year
NOK million | 2025 | 2024 | 2023 | 2022 | 2021 |
Storebrand Life Group | 4 065 | 3 600 | 2 934 | 1 760 | 2 160 |
Storebrand Asset Management Group | 925 | 625 | 627 | 510 | 948 |
Storebrand Bank Group | 590 | 50 | 98 | -199 | 158 |
Storebrand Forsikring AS | 218 | -120 | -147 | 104 | 86 |
Other | 7 | 6 | 4 | 10 | - |
Group contributions and transfers | 5 805 | 4 161 | 3 516 | 2 185 | 3 352 |
Table 70: Share buybacks
2026 Q1 | 2025 Q4 | Q3 | Q2 | 2024 Q1 | Full year 2025 | 2024 | |
Number of own shares acquired in the period (million) | 2,5 | 2,2 | 2,7 | 3,7 | 2,2 | 10,7 | 14,0 |
VWAP of acquired shares (NOK) | 174 | 158 | 151 | 129 | 127 | 140 | 107 |
Share buybacks (NOK million) | 437 | 342 | 408 | 473 | 277 | 1 500 | 1 500 |
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