Slides
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4_Title Slide September 2025 Storebrand Bank ASA Storebrand Boligkreditt AS
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2_Title Slide Storebrand Group Overview
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Title and Subtitle only 258 years of pioneering the Nordic financial industry Future Storebrand is a capital light business with material group synergies 1767 1861 1917 1995 Foundation: Norwegian Fire Insurance Pioneered Life Insurance Pioneered Occupational Pensions Pioneered sustainable investments 1847 P&C Insurance expansion 2025 Unit Linked Pensions and Savings Asset Management Retail Guaranteed Pensions ILLUSTRATIVE Future Storebrand 3
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Title only 55,000 Corporate customers 2,200,000 Individuals A Nordic Savings and Insurance group 4 Insurance Fast growing challenger NOK 9.9bn premiums Retail banking Fast growing challenger NOK 92bn lending Pensions & savings Market leader NOK 777bn AuM1 Asset management World leader in sustainability NOK 1,500bn AuM 1. Basis captive AuM/AuA
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Title only Double digit growth continues across the Group 5 Insurance 2 Retail bank UL reserves (NOK billion) 179 220 268 308 315 380 459 475 2018 2019 2020 2021 2022 2023 2024 2025 Q2 +17%1 AuM (NOK billion) 707 831 962 1 097 1 020 1 212 1 469 1 507 2018 2019 2020 2021 2022 2023 2024 2025 Q2 +13%1 Portfolio premiums (NOK billion) 2018 2019 2020 2021 2022 2023 2024 2025 Q2 3.7 3.9 4.7 5.5 6.7 7.4 8.8 9.9+15%1 Loan balance (NOK billion) 47 48 50 57 67 77 87 92 2018 2019 2020 2021 2022 2023 2024 2025 Q2 +11%1 12% YOY 16% YOY 21% YOY 12% YOY Unit linked (defined contribution) pensions Asset management 1. Growth figures expressed as CAGR from FY 2018 to FY 2024 2. Excludes all written premiums in Storebrand Helseforsikring AS
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Title and Content than six colors in your graph. 6 14 000 New customers Q1 580 000 Total customers 18,8% Share of customers with products in at least two retail product categories Retail overall 9 000 New customers Q1 229 000 Total customers 26,4% Share of customers with products in at least two retail product categories 4 500 New customers Q1 317 000 Total customers 25,6% Share of customers with products in at least two retail product categories Retail Savings Retail Insurance 3 400 New customers Q1 110 000 Total customers 40,6% Share of customers with products in at least two retail product categories Retail Banking
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Title only Leading the way in sustainable value creation Group sustainability ambitions Group-level by 2050Return on Equity Reduce disability Gender balance Commitment for STB and suppliers 50/50 Net-zero investments Workforce participation Science-based targets Group financial ambitions Group profit 2025 Return on Equity >14% Dividends per share Increasing every year Share buybacks 7 5 1.5 NOK billion per year NOK billion
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2_Title Slide Key Figures and Financial Plans Storebrand Bank and Boligkreditt
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Title and Content than six colors in your graph. Significant increase in NII and profit over the years 9
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Title and Subtitle only 31,4 35,9 3,4 Solid balance sheet 1,1 Liabilities 5,3 68,8 11.2 17 Assets 0.4 Income (NII) Balance STB Bank Group 2025 (approx, normalized margins) Costs (NII) Liquidity Unsecured loans Mortgage loans Fee (Storebrand Liv)0,4% 4,99% 12% 5,8% Covered Bonds Retail Deposits Senior unsecured/Repo Hybrid capital 5.22% 5,1% 3,88% 7.12% X X X X X X X X X = ~ 4600 MNOK Equity 0%X = ~ 3300 MNOKNII = ~ 1300 MNOK (--) 178 1218 90 0 1831 68 560 48 3990 Customer rep control Storebrand Bank (group) Treasury control
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Title and Content than six colors in your graph. Resistant lending-growth in changing macro- environment 11 2020-2021: Covid 19 pandemic 2022: War starts in Ukraine and energy crisis 2023: Strong inflation. Collapse of several banks in US and Switzerland 2024: Hiking rates 2025: Trade barriers and political uncertainty S v … … h h w h • The strategy remains unchanged • Group approach (cross sales) • Acquiring market share • Making profit for the group • Proven track-record • Merge with Kron givers new "customer leads" • Contender • Danske Bank has left the Norwegian retail market • CRR3 gives more level playing ground with IRB banks • Advantages as a ESG frontrunner • First mover with green mortgage products • In process to develop a complete plan for banking ESG products
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Title and Content than six colors in your graph. Accelerating deposit growth 12 Last decade: Low market rates 2023/2024: Rate hikes and high market rates 2025: Uncertainty, volatility in equity market and postponed rate cuts in Norway … w h Successful measures taken to grow deposits • Accelerating growth in 2024; utilizing higher market- rates • Significant increase in deposits throughout 2024 and so far in 2025 • 35 200 MNOK in deposits as of Q1 2025 • Targeting low internal churn for new deposits to maintain bank margin • Huseierene still important partner
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Title and Content than six colors in your graph. Increasing cross-sales and off-balance sheet income 13 Cross-sales on banking customers - number of customers/sales per year 800 1 100 1 200 1 100 1 500 1 400 1 500 1 800 2 000 2 200 2 600 3 5001 200 1 400 2 000 1 100 1 200 5 900 2019 2020 2021 2022 2023 Individual life insurance P & C insurance Savings 3 500 4 300 5 200 4 400 5 300 2024 10 800 • There has been a significant increase in cross-selling of Savings products following the inclusion of Kron. Many Storebrand customers have started investing through Kron • Still increased cross-sales of P&C on banking customers • The merger of Kron into the bank in 2024 contributed to increased off- balance sheet driven income • From 2025, the bank will also receive commission from Storebrand Life for distributing 'Individual pension account' alongside banking products
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2_Title Slide Funding and Treasury
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Title only than six colors in your graph. Storebrand Bank has lower risk than several other Norwegian banks 15 Close to be a pure Retail Mortgage Bank • Low historic risk for mortgage banking • Exposure to prime housing markets in Norway • Diversified macro risk Low funding risk • Growth in mortgages give more flexibility to issue Covered Bonds • Room for increased volume • Storebrand Livsforsikring aquires mortgages for its balance
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Title only than six colors in your graph. Large issuer of Covered Bonds in Norway Outstanding volume in NOK Out of 22 active issuers of Covered Bonds in Norway, Storebrand Boligkreditt is ranked: Yearly issuance in NOK1 Total outstanding volume 1) Issuance in NOK in 2025 Source: Finance Norway (2025) 0 5000 10000 15000 20000 25000 30000 35000 40000 45000 31.03.2015 30.09.2015 31.03.2016 30.09.2016 31.03.2017 30.09.2017 31.03.2018 30.09.2018 31.03.2019 30.09.2019 31.03.2020 30.09.2020 31.03.2021 30.09.2021 31.03.2022 30.09.2022 31.03.2023 30.09.2023 31.03.2024 30.09.2024 31.03.2025 Peer 1 Storebrand Boligkreditt AS Peer 2 Storebrand Boligkreditt has had significant growth in NOK issuance over the past decade
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Title only than six colors in your graph. Well diversified funding strategy 17 Senior Bond Strategy • Target to increase our senior bond funding buffer in good market conditions • Issue mainly 3 years maturity - but also longer with an opportunistic approach • Buffer for Covered Bonds • Outstanding senior bonds in both NOK and SEK Covered Bond Strategy • Target new issue maturity: 5 years and taps • Target LCR 1B from day 1, also for foreign investors: • Storebrand Boligkreditt CB: holding in Storebrand Bank ASA sometimes needed - due to bank size, costs and ALM • Active in buy backs • NOK 15,75 bn issuance so far in 2025 • Outstanding bonds in NOK, EUR and SEK NOK is our primary market. We aim to be a frequent issuer and contribute to liquidity in our bonds
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Title only than six colors in your graph. Storebrand Bank has a well-balanced maturity profile 18 Group outstanding bonds as of 16 September 2025 Issuance from Storebrand Bank is well received by investors and often priced in line or tighter than larger peers
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Title only than six colors in your graph. Storebrand has a clear focus on sustainability 19 1 Storebrand has long standing commitment to ESG • Sustainability is an integral part of the Group's values and strategy • ESG is also taken into consideration in the Bank's liquidity portfolio Storebrand Bank and Storebrand Boligkreditt has a solid base for Green Bond issuance • Mortgages related to energy efficient residential housing lay the foundation for Green Bond issuance • Storebrand Boligkreditt has one outstanding green bond of NOK 9 bn • Storebrand Bank issued its first Green Bond in December 2024 o Currently three outstanding green bonds, amounting to NOK 1 bn The Storebrand Group is a frequent issuer of green bonds • Green Bonds are issued under a Group Green Bond Framework • Storebrand Livsforsikring has NOK 7.4 bn outstanding in Green Bonds 2 3
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Title and Content Storebrand Boligkreditt Outstanding Green Bonds 20 Storebrand Bank Covered Bond NOK 9 000m 05/27 Senior preferred SEK 250m 12/27 Senior preferred NOK 300m 03/28 Senior preferred NOK 500m 08/28
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Title and Subtitle only than six colors in your graph. Source: Statens kartverk (cc-by-sa-3.0) - Exposure mainly to urban Norway Geographical distribution of collateral 21 > 29 % [3.1 % - 7.6 %] [1.3 % - 2.1 %] < 0.9 % Oslo 39 % Viken 40% South West Norway ~ 7%
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Title only than six colors in your graph. 22 Only Norwegian credit exposure 1 2 3 4 • NOK is our main market, access to, but not depended on international funding • LCR 1B issues with expected issue size above 10 bn NOK after taps • Active buy back of short dated bonds • Diversified, but concentrated in population growth area • Rear exposure to pure retail mortgages in Bank and Boligkreditt (No shared debt to housing cooperatives) • Tradable mortgage loan portfolio in case of stressed banking crisis • Clear and strong link to parent company • Transparent liquidity risk • Cost effective setup Important issuer of Norwegian covered bonds «Optimal» geographic diversification of collateral Storebrand Boligkreditt is a wholly owned funding tool Highlights for Storebrand Covered Bonds
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Title only than six colors in your graph. Highlights for Storebrand Bank High funding flexibility Strong covered bond program Low financial risk • Sale to Storebrand Life mitigates funding refinancing risk • Long history in domestic market • Solid buffers of mortgages • Stable cash flow and conservative investment strategy
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2_Title Slide Risk, macro and regulatory
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Title and 2 Column Content than six colors in your graph. Risk | Storebrand Bank has a strong capital position 25 With sound margins to regulatory requirements 17,7 % 15,0 % 18,9 % 16,8 % 21,3 % 19,2 % 10% 12% 14% 16% 18% 20% 22% 24% des. 19 jun. 20 des. 20 jun. 21 des. 21 jun. 22 des. 22 jun. 23 des. 23 jun. 24 des. 24 Margins to CET1 and T1+T2 requirements Common equity tier 1 capital ratio Tier 1 capital ratio Capital ratio Requirements 0% 1% 2% 3% 4% 5% 6% 7% des. 19 jun. 20 des. 20 jun. 21 des. 21 jun. 22 des. 22 jun. 23 des. 23 jun. 24 des. 24 Margin to leverage ratio requirement Leverage ratio Requirement Leverage ratio Estimated increase of more than 3 pp of capital adequacy due to CRR3 from 1 April 2025
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Title and Content than six colors in your graph. Risk | Maintaining good credit quality 26 Loan losses and write downs (MNOK)Non-performing loans (NPL) Average LTV, home mortgages Average PD and LGD, performing home mortgages Low level of NPL and loan losses, stable LTV's and increased PD's 0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 0,00% 0,20% 0,40% 0,60% 0,80% mar. 18 sep. 18 mar. 19 sep. 19 mar. 20 sep. 20 mar. 21 sep. 21 mar. 22 sep. 22 mar. 23 sep. 23 mar. 24 sep. 24 mar. 25 LGDPD PD LGD 40% 50% 60% 70% 80% mar. 18 sep. 18 mar. 19 sep. 19 mar. 20 sep. 20 mar. 21 sep. 21 mar. 22 sep. 22 mar. 23 sep. 23 mar. 24 sep. 24 mar. 25 Total incl. Life Boligkreditt Parent Bank New customers avg. last quarter
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Title only than six colors in your graph. Risk | Green Asset Ratio (GAR) according to total assets 27 19,1 % 19,6 % 19,8 % 18,4 % 19,0 % 19,5 % 20,3 % 19,1 % 10,0 % 8,6 % 8,3 % 6,0 % 5,8 % 5,0 % 8,9 % 9,1 % 20,2 % 20,7 % 20,7 % 19,3 % 19,8 % 20,2 % 21,3 % 20,3 % 0,0 % 5,0 % 10,0 % 15,0 % 20,0 % 25,0 % Q4 2022 Q1 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Green Asset Ratio Green mortgages ratio of total assets Green assets % liquidity portfolio Green asset ratio % total assets
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Title and Subtitle only than six colors in your graph. Healthy Current Account level and size of Sovereign Wealth Fund enabling fiscal stimulus if needed Macro | Current account surplus and sovereign wealth fund 28 -20% -10% 0% 10% 20% 30% 40% 50% 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 Current Account to GDP Mainland-Norway 0% 100% 200% 300% 400% 500% 600% SWF/GDP Mainland Norway Source: Statistics Norway and NBIM
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Title and Subtitle only than six colors in your graph. Low unemployment level implying firm debt servicing capacity Macro | Norwegian Labor Market 29 Source: Statistics Norway and Eurostat 0 1 2 3 4 5 6 7 Unemployment rate (pct.) 65 67 69 71 73 75 77 79 81 83 85 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Employment rates 20-64 years (pct.) Euro area – 20 countries (from 2023) Denmark Sweden Norway
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Title and Subtitle only than six colors in your graph. – increased prices and interest rate burden, decrease projected for interest rate burden Macro | Norwegian Housing Market 30 Source: Statistics Norway and Norges Bank Interest rate burden is approximately equal to 2008 0 20 40 60 80 100 120 140 160 180 200 House price indices Norway Oslo and Bærum Akershus excl. Bærum -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 1993 1998 2003 2008 2013 2018 2023 12 M change of House prices Norway Oslo and Bærum Akershus excl. Bærum 0 5 10 15 20 25 30 0 50 100 150 200 250 300 Debt-to-income, debt service and interest burden ratio (pct.) Debt-to-income ratio (left axis) Debt service ratio (right axis) Interest burden (right axis)
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Title Big Only Key takeaways 31
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Key takeaways 32 Storebrand Bank is a pure retail bank with a different, and lower, macro and portfolio risk Growth of mortgages and further development of the retail bank is a focus area for the Storebrand Group`s commercial strategy Strong Norwegian economy
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Title Big Only Appendix Storebrand Bank /Boligkreditt 33
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Storebrand Group legal structure simplified - Capital, liquidity, funding and rating (S&P) 3434 Liquidity Funding Storebrand Livsforsikring AS Storebrand ASA Storebrand Asset Management AS Storebrand Bank ASA SPP • MEUR 200 Rev. Credit (undrawed) • MNOK 1000 MNOK senior bond, Rating BBB+ • MNOK 31 609 Equity S&P Financial Strength Rating A • MNOK 5 806 T2 S&P BBB+ • MNOK 4 100 RT1 S&P BBB • MNOK 3 150 SP (S&P) A • MNOK 700 T2 (S&P) BBB+ • MNOK 350 AT1 (S&P) BBB • MNOK 6 098 Equity • MNOK 4 606 Equity Storebrand Boligkreditt AS • MNOK 46 882 CB S&P AAA • MNOK 4013 Equity Debt issuing entities *Simplified legal structure
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Title only than six colors in your graph. Set up – Storebrand Boligkreditt AS 35 Covered Bond Company Storebrand Bank ASA (owner) Covered bond holders Storebrand Boligkreditt AS (Issuer) Collateral (Cover pool of retail mortgage loans) Interest rate and currency swap counterparty Transfer and service agreements Swap agreement Covered bonds Storebrand Group Service agreement Unsecured credit facility External bank rated AA Bank accounts Loan approval and administration
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Risk policies in Storebrand Boligkreditt AS 36 The risk policies are formulated to comply with: Regulatory requirements and framework for covered bond issuing entities Rating requirements Adapted to comply with the Bank's own policies as much as possible, to ease monitoring and ensure coordination of risk management Minimum liquidity requirement and limit on total net maturities in any 6-month period
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Title and Content than six colors in your graph. Risk | Liquidity (LCR) and funding (NSFR) ratios on ample levels 37 Liquidity Coverage Ratio (LCR) Net Stable Funding Ratio (NSFR) 188% 163% 100% 0% 50% 100% 150% 200% 250% 300% 350% 400% jun. 21 mar. 22 des. 22 sep. 23 jun. 24 mar. 25 Group Parent Bank Legal requirement 137% 202% 100% 0% 50% 100% 150% 200% 250% 300% jun. 21 mar. 22 des. 22 sep. 23 jun. 24 mar. 25 Group Parent Bank Legal requirement
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Title only than six colors in your graph. Cover pool summary as of Q2 2025 38 Distribution of LTV Cover pool summary Q2 2025 Total cover pool 49.5 NOK bn. Average loan balance 3.665 MNOK No. of loans 17,568 Current OC level 22,51 % Min OC level 5.0 % No of properties 15173 Seasoning (in months) 32 Weighted remaining duration (in months) 296 LTV (indexed) 56.1 % LTV (hist) 59.6 % Floating rate 100 % Defaults 0.7 % Defaults are >90 days in arrear or defaulted with evidence of impairment. Calculated as defaulted volume divided by total cover pool size. 31,52% 12,31% 14,94%15,77% 22,62% 2,62% 0,16% 0,06% 0,00% 5,00% 10,00% 15,00% 20,00% 25,00% 30,00% 35,00% >0 - <=40 % >40 - <=50 % >50 - <=60 % >60 - <=70 % >70 - <=80 % >80 - <=90 % >90 - <=100 % >100% LTV Indexed
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2_Title Slide Green Finance and Sustainability 39
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Content Small Image Left 29 years of pioneering sustainable finance Top 10% Of global listed companies' work within sustainability Grade A Part of CDP's A-list for 2022 & 2023. Leading the way in environmental transparency and performance on climate change Rated #1 Within sustainable investments in Norway, Sweden and Denmark 1 Winner of the SHE Index Recognised for systematic work with diversity and equality 40 1. KANTAR SIFI | Prospera ranking 2023 Norway/Sweden/Denmark
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Title only Leading the way in sustainable value creation Group sustainability ambitions Group-level by 2050Return on Equity Reduce disability Gender balance Commitment for STB and suppliers 50/50 Net-zero investments Workforce participation Science-based targets Group financial ambitions Group profit 2025 Return on Equity >14% Dividends per share Increasing every year Share buybacks 41 5 1.5 NOK billion per year NOK billion
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Title and Content Green Bond Framework 42 Storebrand updated its Green Bond Framework in April 2025 to better align with the market development and the EU Taxonomy. All proceeds from bonds and taps after the update will be allocated to projects in line with the framework. New projects must be aligned with the 2025 version of the Green Bond Framework Use of Proceeds criteria is better aligned with Substantial Contribution Criteria for Climate Change Mitigation in the EU Taxonomy Introduced new project categories, such as Energy Efficiency The Framework is aligned with the ICMA Green Bond Principles Third-party assessment by Sustainalytics describes the Framework as credible and impactful
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Title only For further information Contact us Einar Leikanger Head of Treasury einar.leikanger@storebrand.no +47 93420379 Information Investor relations website Financial reports and information Follow us: A logo of a camera Description automatically generated A black and white logo Description automatically generated A white and black logo Description automatically generated A white and black play button Description automatically generated 43 Ragnhild Vannebo Danielsen Treasury Manager ragnhild.vannebo.danielsen @storebrand.no +47 47861802
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Title Big Only Thank you 44