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6_Title Slide 7 May 2025 Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO Storebrand Q1 2025
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than six colors in your graph.Title only jan.25 mar.25 mar.25 Manageable market volatility in the first quarter 2 Source: Bloomberg. Latest data as of 5th May 2025, local currency. Equities Interest rates 80 90 100 110 120 130 140 jan.24 mar.24 mai.24 jul.24 sep.24 nov.24 0 1 2 3 4 5 6 jan.24 mar.24 mai.24 jul.24 sep.24 nov.24 Index % Strong customer support through market uncertainty • Availability rate of more than 90% and average response time of less than 1 minute in March • Tailored support, with number of client meetings up 25% m-o-m in March • Continued focus on leveraging digital tools to enhance customer support and service delivery jan.25 mar.2 5Q1 2025 Q2 20252024 2024 mar.25 Q1 2025 Q2 2025
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than six colors in your graph.Title only of equity exposure accounted for by internal pension assets. Structural growth in unit linked supports the AuM base in Storebrand with NOK 20bn1 on an annual basis Flow from captive AuM supportive of equity allocation amid market uncertainty STRONG STRUCTURALGROW TH LOW ER SENSITIVITY Diversified assets under management base with structural growth drivers in unit linked business 3 47% 31% 20% 2% Equities Bonds Alternatives Other Substantial share of AuM with less immediate sensitivity to market movements Storebrand AuM by asset class ~44% 1 Premium income minus premium claims in UL Norway and UL Sweden combined. The majority of this flow is allocated to equites of AuM allocated to bonds and alternatives, with less volatility and longer commitments than equities >50%
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than six colors in your graph.Title and Subtitle only Positive result development despite volatile financial markets Highlights Q1 2025 Ongoing NOK 1.5bn share buyback program 198% Solvency ratio 13% AuM growth2 ; NOK 1 442bn per Q1'25 Group result 1 9% growth in unit linked reserves2 21% growth in insurance premiums2 4 1. Cash equivalent earnings before amortisation and tax. www.storebrand.no/ir provides an overview of APMs used in financial reporting 2. Growth figures from corresponding period in Q1 2024 to Q1 2025 year on year, 2025 AUM is including acquired business (AIP Management) MNOK 688 800 394 367 Q1 2024 Q1 2025 1 082 1 167 +8% Financial items and risk result life Operating profit
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than six colors in your graph.Title only Executed share buybacks of NOK 0.3bn in the first quarter 5 Ambition announced on CMD 2023 Overview of executed and planned share buybacks NOK billion 2022 2023 2024 0.3 2025E 1.5 0.5 1.5 1.5 1.2 8.2 3.8 2030 ambition 12.0 Planned Executed Share buybacks to be continuously executed across two NOK 750m tranches throughout 20251 and take the full year amount to NOK 1.5bn 1. First NOK 750m tranche expected to be fully executed on June 27th 2025; second NOK 750m tranche planned to commence post Q2 2025 results
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than six colors in your graph.Title only Sustainable Nordic Savings and Insurance Group 6 Strategic enablers Unlocking growth Capital Management For shareholder returns Future Storebrand Growth focus in capital-light business areas in front book Leading Provider Occupational Pensions Norway & Sweden Growing Challenger in Norwegian Retail Market Growing ordinary dividends from earnings Additional capital generation D Nordic Powerhouse in Asset Management B CA People First Leadership in Sustainability Digital Frontrunner ∼1.5bn1 annual buybacks NOK ~12bn by YE2030 1. NOK
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than six colors in your graph.Title only Double digit growth continues across the Group 7 Insurance 2 Retail bank UL reserves (NOK billion) 179 220 268 308 315 380 459 446 2018 2019 2020 2021 2022 2023 2024 2025 Q1 +21%1 AuM (NOK billion) 707 831 962 1 097 1 020 1 212 1 469 1 442 2018 2019 2020 2021 2022 2023 2024 2025 Q1 +16%1 Portfolio premiums (NOK billion) 2018 2019 2020 2021 2022 2023 2024 2025 Q1 3.7 3.9 4.7 5.5 6.7 7.4 8.8 9.5+19%1 Loan balance (NOK billion) 47 48 50 57 67 77 87 89 2018 2019 2020 2021 2022 2023 2024 2025 Q1 +13%1 9% YOY 13% YOY 21% YOY 14% 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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than six colors in your graph.Title only Leading Provider Occupational Pensions Norway & Sweden 8 UL reserves (NOK billion) 179 220 268 308 315 380 459 446 2018 2019 2020 2021 2022 2023 2024 2025 Q1 +21%1 9% YOY 1. Growth figures expressed as CAGR from FY 2018 to FY 2024 2. The remaining AUM in Public sector pension in 2024 will be transferred in Q2 2025. Unit linked (defined contribution) pensions Quarterly Highlights Results in unit linked Norway up 9% compared to Q1 2024 Distribution partnership established with Danske Bank in Sweden Public occupational pension mandates of NOK 4.5bn won in 2024, the majority of which was transferred to Storebrand in Q1
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than six colors in your graph.Title only Nordic Powerhouse in Asset Management 9 AuM (NOK billion) Fee and administration income increased 19% from Q1 2024, 11% adjusted for the acquisition of AIP Management AIP Management had a negative effect of MNOK ~20 on the operational result in the quarter, positive result contribution expected for the full year 1. Growth figures expressed as CAGR from FY 2018 to FY 2024 Asset management 707 831 962 2018 2019 2020 2021 2022 2023 2024 2025 Q1 1,097 1,020 1,212 1,469 1,442+16%1 13% YOY Positive net flow in Q1 driven by contribution from the captive unit-linked business Quarterly Highlights
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than six colors in your graph.Title only Growing Challenger in Norwegian Retail Market 10 Portfolio premiums (NOK billion) 1. According to the latest market data from Finance Norway. Last year's figures adjusted for the divestment of Storebrand Helseforsikring AS. 2. Includes Corporate insurance, excludes all written premiums in Storebrand Helseforsikring AS. 3. Growth figures expressed as CAGR from FY 2018 to FY 2024 4. Including savings distribution. Kron was merged with Storebrand Bank ASA in Q4 2024 Insurance 2 2018 2019 2020 2021 2022 2023 2024 2025 Q1 3,7 3,9 4,7 5,5 6,7 7,4 8,8 9,5+19%3 21% YOY 47 48 50 57 67 77 87 89 2018 2019 2020 2021 2022 2023 2024 2025 Q1 +13%3 Loan balance (NOK billion) Retail bank 14% YOY Quarterly Highlights Result contribution from Retail banking incl. Kron4 up 73% compared to Q1 2024. Kron AuM up 47% year-on-year to NOK ~24bn Portfolio premiums in Retail insurance up by 24% since Q1 2024, on back of successful repricing and strong distribution Successful entry in change of ownership insurance. Market share in retail P&C of 7.1% compared to 6.5% in the same quarter last year 1
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than six colors in your graph.Title and Subtitle only 3.1% 3.3% Q1 2021 3.0% 3.4% Q1 2022 2.9% 4.1% Q1 2023 2.9% 4.6% Q1 2024 2.8% 4.6% Q1 2025 Strong operational result and satisfactory financial result Key Figures 11 Result development 1 Return on equity 2 and earnings per share 3 SII Own funds 4 and SCR Expected return above guaranteed interest rate, Norway 5 709 819 944 702 800 394 384 496 363 367 -21 Q1 2024 1,047 Q2 2024 67 Q3 2024 0 Q4 2024 0 Q1 2025 1,082 2,249 1,507 1,065 1,167 Special items Financial items and risk result life Performance related result Cash equivalent earnings from operations 191% 191% 190% 200% 198% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 54.5 28.6 54.3 28.4 55.5 29.2 55.9 28.0 55.9 28.2 SII Own Funds SII Capital Requirement SII ratio Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 2.09 4.59 3.12 1.66 2.42 Group 1. Result before amortisation and tax. 2. Cash equivalent return on equity (ROE) annualised. 3. Earnings per share after tax adjusted for amortisation of intangible assets. 4. Own Funds including transitional capital. 5. Average of Defined benefit, Paid up and Individual in Norway 6. Expected return is calculated based on current asset allocation using normal risk premiums for the next 12 months 6 Guaranteed pension + 180 basis points Interest rate guarantee p.a. Expected return 15% 33% 21% 11% 15% Cash EPS Annualised return on equity
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than six colors in your graph.Title and Subtitle only Storebrand Group Solvency position and sensitivities Q1 2025 12 Q4 2024 Q1 2025 200 % 198 % SII-margin Q4 Interest rates -50bp Interest rates +50 bp Equity -25%, SA -15 p.p. Spread +50 bp, VA +15bp Property -10% Target SII margin 150% 198% 200% 197% 199% 191% 192% Solvency position 1 Estimated sensitivities Key takeaways Q1 2025 ▪ The solvency ratio was positively affected by strong post tax results in the quarter ▪ Regulatory assumptions and the deduction of NOK 750m of share buybacks initiated in the quarter had a negative effect on solvency in the quarter 1. The estimated Economic solvency position of Storebrand Group is calculated using the current Storebrand implementation of the Solvency II Standard model. Output is sensitive to changes in financial markets, development of reserves, changes in assumptions and improvements of the calculation framework in the economic capital model as well as changes in the Solvency II legislation and national interpretation of transition rules. Group
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than six colors in your graph.Title and Subtitle only Robust operational result driven by continued growth in the business Storebrand Group | Profit 13 1. The result may include special items. Please see storebrand.com/ir for a complete overview. 2. For information about minorities, please see the Supplementary Information disclosure Group Profit 1 Full year NOK million 2025 2024 2024 Fee and administration income 1 997 1 818 7 585 Insurance result 470 367 1 640 Operational cost -1 667 -1 498 -6 072 Cash equivalent earnings from operations 800 688 3 153 Financial items and risk result life 367 394 2 751 Cash equivalent earnings before amortisation 1 167 1 082 5 904 Amortisation and write-downs of intangible assets -77 -73 -295 Cash equivalent earnings before tax 1 090 1 009 5 609 Tax -117 -147 -854 Cash equivalent earnings after tax 2 973 862 4 754 Q1
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than six colors in your graph.Title and Subtitle only Profit per line of business Full year NOK million 2025 2024 2024 Savings - non-guaranteed 659 567 2 592 Insurance 142 108 546 Guaranteed pension 261 289 1 226 Other profit 105 119 1 539 Cash equivalent earnings before amortisation 1 167 1 082 5 904 Q1 Profit by line of business Storebrand Group | Profit 14 1. The result may include special items. Please see storebrand.com/ir for a complete overview. Group Profit 1 Full year NOK million 2025 2024 2024 Fee and administration income 1 997 1 818 7 585 Insurance result 470 367 1 640 Operational cost -1 667 -1 498 -6 072 Cash equivalent earnings from operations 800 688 3 153 Financial items and risk result life 367 394 2 751 Cash equivalent earnings before amortisation 1 167 1 082 5 904 Q1
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than six colors in your graph.Title and Subtitle only Continued strong growth and positive result development Savings (non-guaranteed) 15 Savings 1) The retail banking segment includes Kron and savings distribution, more information is included in the Supplementary Information Profit Full year NOK million 2025 2024 2024 Fee and administration income 1 698 1 494 6 327 Operational cost -1 048 -947 -3 831 Cash equivalent earnings from operations 650 547 2 497 Financial result 9 20 96 Cash equivalent earnings before amortisation 659 567 2 592 Q1 Profit per product line Full year NOK million 2025 2024 2024 Unit linked Norway 176 162 689 Unit linked Sweden 76 84 332 Asset management 219 212 987 Retail banking1 189 109 584 Cash equivalent earnings before amortisation 659 567 2 592 Q1
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than six colors in your graph.Title and Subtitle only 1.52 1.60 1.60 1.57 1.47 Key figures Savings (non-guaranteed) 16 Retail bank balance and net interest margin (%)Reserves and premiums Unit Linked Assets under management Movement in asset under management 1 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 1 281 1 298 1 347 1 469 1 442 17 17 18 17 62 65 68 69 72 17 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 79 82 85 87 89 Life insurance balance sheet Bank balance sheet Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 410 426 449 459 446 Q4 2024 3 Net Flow 2 Return -32 Currency Q1 2025 1 469 1 442 Unit Linked Reserves 1. Estimated flow and return numbers 7.5 7.7 7.6 7.7 7.9 Unit Linked Premiums Interest margin Savings
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than six colors in your graph.Title and Subtitle only Continued gradual result improvement on the back of repricing measures Insurance 17 Insurance Profit Full year NOK million 2025 2024 2024 Insurance premiums f.o.a. 2 256 1 875 8 008 Claims f.o.a. -1 786 -1 508 -6 368 Operational cost -399 -327 -1 404 Cash equivalent earnings from operations 71 40 236 Financial result 72 68 310 Cash equivalent earnings before amortisation 142 108 546 Q1 Profit per business line Full year NOK million 2025 2024 2024 Retail insurance1 75 56 293 Corporate insurance 2 67 52 253 Cash equivalent earnings before amortisation 142 108 546 Q1 1. Retail property and casualty (P&C) insurance, and individual life and disability insurance 2. DC disability risk Norway, Group life and workers compensation Norway, and disability risk Sweden. The segment excludes the contribution from health insurance from Q1 2024 (divested business)
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than six colors in your graph.Title and Subtitle only 102% 102% 100% 97% 97% Key figures Insurance 18 Key takeaways combined ratio and resultsCombined ratio Portfolio premiums 2 Key takeaways premiums and growth ▪ Successful year-end renewals with churn within normal variation despite strong repricing measures. The board maintains the 90- 92% combined ratio ambition for the full year of 2025 ▪ Higher sales in the tied agent distribution channel had a 2 p.p. negative impact on the cost/combined ratio in the overall insurance segment compared to Q1 2024 ▪ 21% overall growth in premiums f.o.a. compared to the corresponding period last year ▪ 7.1% market share in Norwegian retail P&C compared to 6.5% in the same quarter last year 13 536 3 673 3 859 3 908 4 133 4 299 4 511 4 715 4 938 5 342 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 7 835 8 184 8 574 8 846 9 475 Retail insurance Corporate insurance 80% 17% Q1 2024 80% 17% Q2 2024 76% 17% Q3 2024 82% 18% Q4 2024 79% 18% Q1 2025 98% 97% 94% 100% 97% Claims ratio (per quarter) Cost ratio (per quarter) 1. According to the latest market data from Finance Norway. Last year's figures include Storebrand Helseforsikring AS. 2. Excludes premiums in Storebrand Helseforsikring AS (50% ownership sold to Ergo International with closing Q2 2024). Insurance Combined ratio (TTM)
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than six colors in your graph.Title and Subtitle only Result development negatively impacted by sub-segments in long-term run-off and reduced fees from transferred closed corporate pension funds Guaranteed pension 19 Guaranteed Profit Full year NOK million 2025 2024 2024 Fee and administration income 373 391 1 540 Operational cost -236 -215 -871 Cash equivalent earnings from operations 138 175 669 Risk result life & pensions 36 44 35 Net profit sharing 87 70 522 Cash equivalent earnings before amortisation 261 289 1 226 Q1 Profit per product line Full year NOK million 2025 2024 2024 Defined benefit (private & public sector), Norway 12 62 241 Paid-up policies, Norway1 98 106 395 Guaranteed products, Sweden 151 120 589 Cash equivalent earnings before amortisation 261 289 1 226 Q1 1) The paid-up policies segment includes the sub-segment "Individual life and pension, Norway"
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than six colors in your graph.Title and Subtitle only Key figures Guaranteed pension 20 Key TakeawaysReserves guaranteed products Buffer capital 1 Guaranteed reserves in % of total reserves ▪ Public occupational pension mandates of NOK 4.5bn won in 2024, the majority of this were transferred to Storebrand in Q1 ▪ Net profit sharing of NOK 87m in the quarter, up year-on-year, but down quarter-on-quarter against backdrop of weaker financial markets 41.0 % Q1 2024 40.4 % Q2 2024 39.6 % Q3 2024 38.8 % Q4 2024 39.8 % Q1 2025 223 225 228 225 225 392933 Q1 2024 29 34 Q2 2024 31 35 Q3 2024 31 35 Q4 2024 31 Q1 2025 285 288 294 291 295 Customer buffers Actively sold Run-off 1. The term Buffer capital in this table is not consistent with the definition of buffer capital made in the IFRS accounting. 2. Includes Public Occupational Pensions buffer fund and market value adjustment reserve. Guaranteed NOK million Q1 2025 Q4 2024 Change Buffer fund 2 14 230 14 128 + 101 Excess value of bonds at amortised cost -13 669 -13 211 - 458 Conditional bonuses SPP 16 776 16 855 - 79 Total 17 336 17 773 - 436
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than six colors in your graph.Title and Subtitle only Robust result supported by company portfolio returns Other 1 21 1. Excluding eliminations. For more information on eliminations, see Supplementary Information. Other Profit Full year NOK million 2025 2024 2024 Fee and administration income 7 6 23 Operational cost -65 -81 -271 Cash equivalent earnings from operations -59 -74 -248 Financial result 164 193 1 788 Cash equivalent earnings before amortisation 105 119 1 539 Q1
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Title only On track to reach sustainability targets 22 Targets Science based targets Solution investmentsCO2 emissions Stocks and bonds3 Real estate4 32% reduction by 2025 compared to 2018 level > 42% of stocks and bonds by 2027 1 32% reduction by 2025 compared to 2018 level 15% solution investments by 2025 Status Q1 2025 58% > 30% 47%5 17% Other highlights Updated green bond framework in the quarter, increased alignment with EU taxonomy. New framework will be published on our website shortly. NOK 16bn of green bonds issued and allocated since 2021 2 1. Listed equity and corporate bonds 2. NOK 6.8bn from Storebrand Livsforsikring AS, NOK 9.0bn from Storebrand Boligkreditt AS and NOK 0.6bn from Storebrand Bank ASA. 3. Emissions intensity (weighted average of emissions relative to company revenue, tonnes of CO2e per NOK 1 million in sales income) 4. Emissions intensity (kgCO2e per m2), location based. Status is updated yearly 5. Status per year end 2024. 6. Read the full report here. AIP's Sustainability Report 2024 6 now available. When all current investments are operational in 2028, the AIP portfolio will generate 25,000 GWh of clean energy, supplying electricity to more than 6 million households.
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than six colors in your graph.Title only Financial and Sustainability goals as presented on Capital Markets Day in December 2023 23 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 5 1.5 NOK billion per year NOK billion
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than six colors in your graph.Title only 24 Q&A Please join the MS Teams Webinar to participate in the Q&A session Odd Arild Grefstad Kjetil R. Krøkje Johannes NarumLars Aa. Løddesøl Group CFO & Executive Vice President Group CEO Group Head of Strategy & Finance Head of Investor Relations
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5_Title Slide Appendix
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than six colors in your graph.Title and Subtitle only Storebrand Group Solvency movement from Q4 2024 to Q1 2025 26 +0 % Model & assumption changes Interest rates Market returns & business mix Updated regulatory VA and SA Cash earnings +1 % Buybacks & loan 2025 Q1 200 % 198 % -0 % +0 % Dividend -2 %-5 % +4 % 2024 Q4
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than six colors in your graph.Title only Asset allocation and foreign currency exposure for unit linked and asset management sub-segments 27 FX exposure1 NOK SEK Other Foreign Unit Linked Norway 70 % 0 % 30 % Unit Linked Sweden 0 % 50 % 50 % Asset management 40 % 20 % 40 % Asset allocation1 Equities Bonds Alternatives Unit Linked Norway 70 % 25 % 5 % Unit Linked Sweden 80 % 20 % 0 % Asset management 50 % 30 % 20 % 1 Data rounded to the nearest 5% per Q1 2025.
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than six colors in your graph.Title only Asset allocation – Guaranteed products 28 Equities Real estate Bonds & Money market Loans Bonds at amortised cost 31.03.2024 9% 11% 4% 13% 62% 30.06.2024 11% 10% 3% 13% 64% 30.09.2024 12% 10% 2% 13% 64% 31.12.2024 12% 10% 2% 12% 63% 31.03.2025 12% 10% 2% 12% 64% 0% 10% 20% 30% 40% 50% 60% 70% Equities Real estate Bonds & Money market Loans 31.03.2024 19% 14% 46% 22% 30.06.2024 19% 14% 45% 22% 30.09.2024 19% 14% 46% 21% 31.12.2024 20% 14% 48% 19% 31.03.2025 19,07% 14,70% 47,81% 18,42% 0% 10% 20% 30% 40% 50% 60% 70% Storebrand Livsforsikring AS (Norway) SPP (Sweden) Note: The graphs show the asset allocation for all products with an interest rate guarantee.
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than six colors in your graph.Title only Overview of Special items 29 Quarter Special items NOKm Comments Q1 2024 - 21 • NOK ~21m, mainly related to integration cost and severance pay in Kron Q2 2024 1,047 • NOK ~1,047m in financial gain in Other segment related to the divestment of shares in Storebrand Health Insurance Q3 2024 67 • NOK ~67m in financial gain in Savings segment, Asset Management sub-segment, related to the revaluation of the initial shareholding (10%) in AIP Management Q4 2024 - - Q1 2025 - • AIP Management had a negative effect of NOK ~20m on the operational result in the quarter, on 100% basis. STB expects a positive contribution for the full year. This effect is not included in special items. In addition, event-driven income in Asset Management was close to zero in Q1 2025. • Higher sales in the tied agent distribution channel had a 2 p.p. negative impact on the cost/combined ratio in the overall insurance segment compared to Q1 2024. STB has no deferred acquisition cost in Insurance, so when sales are strong all costs are taken up-front. This effect is not included in special items.
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than six colors in your graph.Title only For further information 30 Contact us Information Lars Aa Løddesøl Kjetil R. Krøkje Johannes Narum lars.loddesol@storebrand.no kjetil.r.krokje@storebrand.no johannes.narum@storebrand.no Group CFO Group Head of Finance & Strategy Head of Investor Relations +47 9348 0151 +47 9341 2155 +47 9933 3569 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
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than six colors in your graph.Title only Important information 31 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 f orth 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 th e 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.
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Title Big Only Thank you Financial calendar 11 July 2025 Results Q2 2025 22 October 2025 Results Q3 2025 32
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