Interim report
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Interim report 3rd quarter 2026 Storebrand Group (unaudited)
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Interim Report Storebrand Group 2 Contents Financial performance business areas Storebrand Group ............................................................................................................................................................................................ 3 Savings ............................................................................................................................................................................................................. 6 Insurance .......................................................................................................................................................................................................... 8 Guaranteed pension ..................................................................................................................................................................................... 10 Other ............................................................................................................................................................................................................... 11 Balance sheet and capital situation ............................................................................................................................................................. 12 Outlook ........................................................................................................................................................................................................... 14 Financial statements Storebrand Group Income statement ......................................................................................................................................................................................... 17 Statement of comprehensive income ......................................................................................................................................................... 18 Statement of financial position ..................................................................................................................................................................... 19 Statement of changes in equity .................................................................................................................................................................... 20 Statement of cash flow ................................................................................................................................................................................. 21 Notes .............................................................................................................................................................................................................. 23 Financial statements Storebrand ASA Income statement ......................................................................................................................................................................................... 40 Statement of comprehensive income ......................................................................................................................................................... 40 Statement of financial position ..................................................................................................................................................................... 41 Statement of changes in equity .................................................................................................................................................................... 42 Statement of cash flow ................................................................................................................................................................................. 43 Notes .............................................................................................................................................................................................................. 44 Important notice: This document may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may be beyond the Storebrand Group’s control. As a result, the Storeb rand Group’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in these forward -looking statements. Important factors that may cause such a difference for the Storebrand Group include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) market related risks such as changes in equi ty markets, interest rates and exchange rates, and the performance of financial markets generally. The Storebrand Group assumes no responsibility to update any of the forward -looking statements contained in this document or any other forward-looking statements it may make. This document contains alternative perfo rmance measures (APM) as defined by The European Securities and Market Authority (ESMA). An overview of APM can be found at www.storebrand.com/ir.
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3 Interim Report Storebrand Group Storebrand Group • Insurance result3 of NOK 895m in the 3rd quarter, up by 28% year-on-year • Cash equivalent earnings from operations3 of NOK 1,162m in the 3rd quarter, up by 7% year-on-year • Cash equivalent earnings3 of NOK 1,517m in the 3rd quarter, down 4% year-on-year • Return on Equity3 of 15% the last twelve months • The Board intends to propose a dividend of around NOK 6 per share for 2026 and share buybacks of NOK 2bn for 2027, subject to market conditions and necessary approvals Storebrand’s ambition is to provide our customers with financial freedom and security by being the best provider of long -term savings and insurance. The Group offers an integrated product range spanning from life insurance, P&C insurance, asset management and banking to private individuals, companies and public sector entities. The Group is divided into the segments Savings, Insurance, Guaranteed Pens ion and Other. Cash equivalent earnings1 2026 2025 01.01 - 30.09 Full year NOK million Q3 Q2 Q1 Q4 Q3 2026 2025 2025 Fee and administration income 2,139 2,031 2,097 2,382 2,124 6,267 6,191 8,573 Insurance result 895 889 665 643 697 2,449 1,802 2,444 Operational cost -1,872 -1,801 -1,736 -1,894 -1,730 -5,409 -5,148 -7,042 Cash equivalent earnings from operations 1,162 1,119 1,026 1,131 1,091 3,307 2,844 3,975 Financial items and risk result life 355 680 327 384 495 1,362 1,335 1,720 Cash equivalent earnings before amortisation 1,517 1,799 1,353 1,515 1,586 4,669 4,180 5,695 Amortisation and write-downs of intangible assets -63 -63 -65 -74 -128 -191 -283 -357 Cash equivalent earnings before tax 1,454 1,735 1,289 1,442 1,458 4,478 3,897 5,339 Tax -458 -355 -464 -293 -269 -1,277 -576 -869 Cash equivalent earnings after tax 996 1,380 825 1,149 1,189 3,201 3,320 4,469 How to read this report From 2023, the Storebrand Group has reported its official IFRS financial statements in accordance with IFRS 17 and IFRS 9, which replaced IFRS 4 and IAS 39 on 1 January 2023. A short comment on the financial performance under IFRS is given in the subsection below and detailed disclosure is available under the "Financial statements Storebrand Group" section. For the remaining part of the report, Storebrand reports and comments on the alternative income statement in parallel with IFRS statements of financial position. T he alternative income statement is based on the statutory accounts of all the main subsidiaries and is an approximation of the cash generated in the period, while the IFRS statement includes profit -and-loss effects of updated estimates and assumptions about the timing of future cash flows and insurance services provided2. Financial performance (IFRS) Group profit before amortisation and tax was NOK 1,445m (NOK 1,807m) in the 3rd quarter. Storebrand Group’s net insurance service result was NOK 693m (NOK 929m) in the 3rd quarter. The lower insurance service result compared to Q3 2025 primarily stems from an increased loss component due to higher volatility in the equity market for Guaranteed Products. In general, higher volatility is expected under IFRS 17 because of the measurement models applied. 1 The income statement is based on reported IFRS results for the individual group companies. The statement differs from the official accounts layout. 2 Due to the fundamental differences between IFRS 17 and the alternative income statement, it is not possible to reconcile the numbers. 3 Please see www.storebrand.no/ir for an overview of APMs used in financial reporting. Financial performance (alternative income statement) Storebrand Group’s cash equivalent earnings before amortisation were NOK 1,517m (NOK 1,586m) in the 3rd quarter and NOK 4,669m (NOK 4,180m) year to date. The operating result improved by 7% year -on-year. However, the operational improvement was more than offset by a weaker financial result. Total fee and administration income amounted to NOK 2,139m (NOK 2,124m) in the 3rd quarter and NOK 6,267m (NOK 6,191m) year to date, corresponding to an increase of 1% compared to the same quarter last year and an increase of 1% year to date. Positive development in assets under management and unit linked reserves supported higher income, but this was largely offset by currency effects, reduced performance fees in asset management and a lower net interest margin in retail banking. Adjusted for currency effects and performance-based income, fee and administration income increased by 6% compared to Q3 2025, reflecting satisfactory development. The Insurance result amounted to NOK 895m (NOK 697m) in the 3rd quarter and NOK 2,449m (NOK 1,802m) year to date . The result improvement was mainly driven by strong performance in the Retail segment, where continued volume growth and a low claims ratio contributed to significantly
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Interim Report Storebrand Group 4 improved results. The result in Corporate insurance was stable compared to the same period last year. The total combined ratio for the Insurance segment was 87% (89%) in the 3rd quarter and 89% (92%) year to date. The Group’s operational cost amounted to NOK -1,872m (NOK -1,730m) in the 3rd quarter and NOK -5,409m (NOK -5,148m) year to date, corresponding to an 8% increase compared to the same quarter last year. The cost increase is mainly attributable to inflation and strong growth in the insurance business, with higher distribution costs and continued investments in the business. In addition, NOK 20m in non-recurring project-related costs were recognised in the Other segment in the quarter. Cost development remains satisfactory and in line with the Capital Markets Day guidance. Overall, the cash equivalent earnings from operations amounted to NOK 1,162m (NOK 1,091m) in the 3rd quarter and NOK 3,307m (NOK 2,844m) year to date, up 7% year-on- year. The improvement is mainly attributed to Retail insurance, with continued growth and profitability improvements . Excluding performance -based income, the cash equivalent earnings from operations increased by 14% compared to the 3rd quarter last year. The ‘financial items and risk result ’ amounted to NOK 355m (NOK 495m) in the 3rd quarter and NOK 1,362m (NOK 1,335m) year to date. The reduction mainly reflects a lower contribution from the company portfolios and profit sharing due to rising interest rates in the quarter. Higher interest rates are supportive for future result generation. Net profit sharing amounted to NOK 82m (NOK 184m) in the 3rd quarter and NOK 406m (NOK 442m) year to date. The risk result amounted to NOK -7m (NOK -21m) in the 3rd quarter and NOK 82m (NOK 36m) year to date. Cash equivalent earnings before amortisation amounted to NOK 1,517m (NOK 1,586m) in the 3rd quarter, down 4% year -on- year. Year to date, cash equivalent earnings before amortisation amounted to NOK 4,669m (NOK 4,180m), up 12%. Amortisation of intangible assets from acquired business amounted to NOK -63m (NOK -128m) in the 3rd quarter and NOK -191m (NOK -283m) year to date. The comparative figures for 2025 were impacted by a NOK 50m write -down of intangible assets related to the Capital Investment acquisition. Tax expenses for the Group amounted to NOK -458m (NOK - 269m) in the 3rd quarter and NOK -1,277m (NOK -576m) year to date. The quarterly effective tax rate was unusually high, at 32%. Currency movements and the impact of hedging instruments substantially increased the tax rate, with the SEK depreciating approximately 6 percent against the NOK in the quarter. The estimated normal tax rate is 19 -22%, depending on each legal entity’s contribution to the Group result. Currency fluctuations, hedging and varying tax rates in different countries of operation impact the quarterly tax rate. The cash equivalent earnings after tax amounted to NOK 996m (NOK 1,189m) in the 3rd quarter and NOK 3, 201m (NOK 3,320m) year to date. The Group reports its cash equivalent earnings by business segment. For a more detailed description, see the separate segment sections in the report. Capital situation The solvency ratio remained at 200% at the end of the 3rd quarter, unchanged from the 2nd quarter. Result generation and a stronger NOK relative to SEK contributed positively in the quarter. This was fully offset by the initiation of the second tranche of the share buyback program for 2026. Dividend and share buyback Storebrand has approval from the FSA to conduct NOK 2.0bn in share buybacks for the full year, subject to a solvency ratio above 175%. In the first nine months of 2026, Storebrand executed NOK 1,514m in share buybacks, with NOK 514m completed during the 3r d quarter. NOK 486m of share buybacks will be completed in the 4th quarter.
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5 Interim Report Storebrand Group Cash equivalent earnings by segment 2026 2025 01.01 - 30.09 Full year NOK million Q3 Q2 Q1 Q4 Q3 2026 2025 2025 Savings - non-guaranteed 800 708 738 816 815 2,245 2,109 2,925 Insurance 485 480 283 266 364 1,247 796 1,062 Guaranteed pension 191 424 296 297 316 912 933 1,229 Other profit 41 187 37 136 91 265 343 479 Cash equivalent earnings before amortisation 1,517 1,799 1,353 1,515 1,586 4,669 4,180 5,695 Group - Key figures 2026 2025 01.01 - 30.09 Full year Q3 Q2 Q1 Q4 Q3 2026 2025 2025 Cash equivalent EPS (NOK) 2.54 3.43 2.10 2.88 3.08 8.07 8.37 11.25 Equity (NOK million) 33,223 32,606 33,982 33,588 32,496 33,223 32,496 33,588 Cash return on equity, annualised (%) 14.4% 20.3% 12.3% 17.4% 19.0% 15.0% 16.9% 18.4% Solvency II ratio (%) 200% 200% 206% 194% 195% 200% 195% 194% Financial metrics Target Actual Cash return on equity (last 12 months, after tax) 17% 15% Future Storebrand (Savings & Insurance)* 34% Back book (Guaranteed & Other)* 6% Pay-out ratio after tax, total** 85% Dividend pay-out ratio 51% Share buybacks 34% Solvency II ratio Storebrand Group > 150% 200% * The RoE target of 17% is for 2028. The ROE is calculated based on the profit for the last 12 months, after tax and before amortisation of intangible assets, divided on a pro forma distribution of the IFRS equity less hybrid capital per line of business (opening balance). The capital is allocated based on the capital consumption under SII and CRD IV adjusted for positive capital contribution to own funds. The segments Savings, Insurance and Other are calibrated at 150% of the capital requirement (before own funds contribution), while the remainder of the capital is allocated to the Guaranteed segment. The methodology is an estimation of ROE pr. reporting segment. ** The pay-out ratio is based on the cash-result after tax and amortisation
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Interim Report Storebrand Group 6 Savings • Cash equivalent earnings from operations up by 3% compared to Q3 2025 • Cash equivalent earnings before amortisation up by 15% for unit linked compared to Q3 2025 • Operational costs down by 5% year-on-year in Asset Management, supporting improved cost-to-income The Savings segment includes savings products without interest rate guarantees. The segment consists of Defined Contribution pensions in Norway and Sweden under the Unit Linked products, as well as asset management and retail banking products. Savings – Results 2026 2025 01.01 - 30.09 Full year NOK million Q3 Q2 Q1 Q4 Q3 2026 2025 2025 Fee and administration income 1,864 1,728 1,810 2,073 1,825 5,403 5,298 7,370 Operational cost -1,121 -1,081 -1,065 -1,218 -1,103 -3,266 -3,278 -4,497 Cash equivalent earnings from operations 744 648 745 855 721 2,137 2,019 2,874 Financial result 56 60 -8 -39 94 108 89 51 Cash equivalent earnings before amortisation 800 708 738 816 815 2,245 2,109 2,925 Financial performance The Savings segment reported cash equivalent earnings before amortisation of NOK 800m (NOK 815m) in the 3rd quarter and NOK 2,245m (NOK 2,109m) year to date , corresponding to a decrease of 2% compared to the same quarter last year. Fee and administration income in the Savings segment amounted to NOK 1,864m (NOK 1,825m) in the 3rd quarter and NOK 5,403m (NOK 5,298m) year to date. This corresponds to an increase of 2% from Q 3 2025, and a 3% increase when adjusting for NOK/SEK currency effect. A positive development in assets under management supported higher income but was partly offset by lower performance fees in Asset Management and reduced income in Retail Banking compared to Q3 last year. In Asset Management, fee and administration income remained flat compared to the same quarter last year . This was mainly driven by lower performance-based income in the quarter, which amounted to NOK 23m (NOK 9 0m). Adjusted for performance fees, income in Asset Management increased by 10% compared to the same quarter last year. Over the same period, operational cost declined by 5%, to NOK -491m (NOK - 516m) in the Asset Management segment, supported by currency effects. In Unit Linked Norway, cash equivalent earnings before amortisation grew by 17% compared to the same quarter last year. In Unit Linked Sweden, earnings grew by 10% compared to the same quarter last year, despite currency headwinds. In Retail Banking including Kron and savings distribution, income declined by 5% compared to the corresponding quarter last year due to a narrowed net interest margin. Operational costs amounted to NOK -1,121m (NOK -1,103m) in the 3rd quarter and NOK -3,266m (NOK -3,278m) year to date. The lower cost s year to date are a result of ongoing efficiency initiatives across several areas in the Savings segment, particularly within Asset Management. The financial result was NOK 56m (NOK 94m) in the 3rd quarter and NOK 108m (NOK 89m) year to date . Within Asset Management a NOK 54m financial income from the revaluation of earnout liabilities related to the acquisition of AIP Management was recognised. Balance sheet and market trends Total assets under management stood at NOK 1,6 33bn at the end of the 3rd quarter compared to NOK 1,658bn at the end of the 2nd quarter, a decrease of 2%. Year to date, AUM is up by 2%, with positive returns and net flows, but is weighed down by negative currency effects. Assets under management in Unit Linked decreased to NOK 563bn (NOK 496bn) from NOK 567bn in Q2 2026. Unit Linked premiums decreased to NOK 7.6bn (NOK 7.9bn) in the 3rd quarter, mainly explained by currency effects and the outflow of a hybrid customer in Q2 2026. In the Norwegian Unit Linked business, AUM increased to NOK 321bn (NOK 273bn) from NOK 317bn last quarter. Net inflow amounted to NOK 3.0bn (NOK 0.8bn) in the quarter. In the Swedish Unit Linked business, AUM decreased to NOK 242bn (NOK 224bn) from 250bn in the 2nd quarter. AUM increased in local currency but a strengthening of the Norwegian krone led to a decline in the reported figures. Net inflow in Sweden was NOK 0.8bn (NOK 2.2bn) in the quarter. The bank lending portfolio increased by NOK 0.4bn (0.5%) to NOK 99.6bn during the quarter and NOK 4.3bn (5%) year-on- year.
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7 Interim Report Storebrand Group Savings - Key figures 2026 2025 NOK million Q3 Q2 Q1 Q4 Q3 Premium income Unit Linked 7,562 7,880 7,861 7,640 7,861 Unit Linked reserves 562,735 566,772 500,357 519,532 496,155 AuM Asset Management 1,633,330 1,658,376 1,542,672 1,608,960 1,560,634 Retail lending* 99,579 99,184 97,383 96,848 95,253 *Includes mortgages on the Storebrand Livsforsikring AS balance sheet
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Interim Report Storebrand Group 8 Insurance • Cash equivalent earnings before amortisation up by 33% year-on-year • 17% growth in insurance premiums f.o.a. year-on-year • Combined ratio of 87% in the quarter compared to 89% in Q3 2025 The Insurance segment includes P&C insurance and personal risk products in the Norwegian retail market and employer’s liability insurance and pension-related insurance in the Norwegian and Swedish corporate markets. Insurance – Results 2026 2025 01.01 - 30.09 Full year NOK million Q3 Q2 Q1 Q4 Q3 2026 2025 2025 Insurance premiums f.o.a. 2,896 2,799 2,684 2,565 2,475 8,379 7,140 9,705 Claims f.o.a. -2,001 -1,910 -2,019 -1,922 -1,778 -5,930 -5,338 -7,260 Operational cost -509 -518 -488 -468 -416 -1,515 -1,245 -1,713 Cash equivalent earnings from operations 386 371 177 175 281 934 557 731 Financial result 99 109 105 92 83 313 239 331 Cash equivalent earnings before amortisation 485 480 283 266 364 1,247 796 1,062 Claims ratio 69% 68% 75% 75% 72% 71% 75% 75% Cost ratio 18% 18% 18% 18% 17% 18% 17% 18% Combined ratio 87% 87% 93% 93% 89% 89% 92% 92% Financial performance Insurance premiums f.o.a. amounted to NOK 2,896m (NOK 2,475m) in the 3rd quarter and NOK 8,379m (NOK 7,140m) year to date, corresponding to an increase of 17% compared to the same quarter last year and an increase of 17% year to date. The cost ratio was 18% (17%), with cost amounting to NOK - 509m (NOK -416m) in the 3rd quarter and NOK -1,515m (NOK -1,245m) year to date. Strong sales in P&C insurance led to sales commissions that increased costs by 4% in the quarter compared to the corresponding period in 2025. There have also been measures to strengthen the organisation, especially within retail. For the segment overall, cash equivalent earnings before amortisation amounted to NOK 485m (NOK 364m) in the 3rd quarter and NOK 1,247m (NOK 796m) year to date. The total combined ratio was 87% (89%) in the 3rd quarter and 89% (92%) year to date . The improvement results from several profitability measures , including repricing across segments. Uncertainty persists regarding disability development in Norwegian society, and Storebrand is closely monitoring this. Strong growth continued within 'Retail insurance' , with premiums f.o.a. up by 19% in the 3rd quarter year-on-year. The growth is attributed to successfully implementing repricing measures and continued volume growth . The cash equivalent earnings before amortisation were NOK 370m (NOK 272m) in the 3rd quarter and NOK 977m (NOK 530m) year to date. P&C products had a positive development supported by run -off gains. A large residential fire in Drammen reduced the quarterly result by around NOK 55m, net of reinsurance recoveries and including reinstatement premiums . The claims ratio was 61% (65%) in the 3rd quarter and 62% (70%) year to date . Operational cost increased to NOK -343m (NOK -276m) in the 3rd quarter and NOK -1,039m (NOK -825m) year to date. The cost increase is mainly due to higher agent commissions driven by strong sales. Altogether, the segment delivered a combined ratio of 82% (85%) in the 3rd quarter and 84% (91%) year to date. In 'Corporate insurance', premiums f.o.a. increased by 1 4% year-on-year in the 3rd quarter. The segment reported cash equivalent earnings before amortisation of NOK 115m (NOK 92m) in the 3rd quarter and NOK 270m (NOK 266m) year to date. Pension-related disability in Norway and Sweden delivered stable results. Corporate P&C delivered strong growth with a solid claims ratio. Group life delivered a modest positive result in the quarter , and repricing and other profitability measures have been implemented. In sum, 'Corporate insurance' reported a combined ratio of 94% (94%) in the 3rd quarter and 96% (94%) year to date. The insurance investment portfolio, which is primarily invested in fixed -income securities with short to medium duration, achieved a return of 1.1% in the 3rd quarter. Balance sheet and market trends The Insurance segment offers a broad range of products to the retail market in Norway, as well as to the corporate market in both Norway and Sweden. Overall growth in annual portfolio premiums amounted to 10% compared to the same quarter last year. Growth in ' Retail insurance ' amounted to 18% while growth in 'Corporate insurance' was flat due to a large portfolio outflow. Storebrand has an ambition to grow the insurance business, particularly within P&C. As of the 3rd quarter, 62% of the insurance portfolio was accounted for by 'Retail insurance'. According to the latest market data, Storebrand increased its market share to 8.3% within Norwegian retail P&C as of the 2nd quarter, from 7.6% in the same quarter last year.
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9 Interim Report Storebrand Group Insurance – Portfolio premiums 2026 2025 NOK million Q3 Q2 Q1 Q4 Q3 Retail insurance 7,007 6,913 6,580 6,243 5,946 Corporate insurance 4,261 4,233 4,565 4,334 4,306 Total written premiums 11,268 11,146 11,145 10,577 10,252 Investment portfolio* 15,575 15,145 14,820 13,631 13,071 * Ca. NOK 4.2bn of the investment portfolio is linked to disability coverages where the investment result goes to the customer reserves and not as a result element in the P&L. The remaining AuM contributes fully or partially to the financial result.
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Interim Report Storebrand Group 10 Guaranteed pension • Cash equivalent earnings before amortisation amounted to NOK 191m in the quarter • Net profit sharing negatively affected by increased interest rates in the quarter • Robust buffer capital in both Norway and Sweden, strengthening year-on-year The Guaranteed Pension segment includes long-term pension savings products that give customers a guaranteed rate of return, but most products are closed for new business and are in run-off. The area includes defined benefit pensions in Norway and Sweden, p aid-up policies, public sector occupational pensions, and individual capital and pension insurance. Guaranteed pension – Results 2026 2025 01.01 - 30.09 Full year NOK million Q3 Q2 Q1 Q4 Q3 2026 2025 2025 Fee and administration income 364 385 376 402 387 1,124 1,150 1,552 Operational cost -247 -229 -225 -243 -234 -701 -696 -939 Cash equivalent earnings from operations 117 155 151 159 153 424 454 613 Risk result life & pensions -7 26 64 -19 -21 82 36 17 Net profit sharing 82 242 82 157 184 406 442 599 Cash equivalent earnings before amortisation 191 424 296 297 316 912 933 1,229 Financial performance Guaranteed pension achieved cash equivalent earnings before amortisation of NOK 191m (NOK 316m) in the 3rd quarter and NOK 912m (NOK 933m) year to date. Fee and administration income amounted to NOK 364m (NOK 387m) in the 3rd quarter and NOK 1,124m (NOK 1,150m) year to date. The positive contribution from public sector pensions were more than offset by the transfer out of a large hybrid pension portfolio in the Norwegian business in the 2nd quarter. Operational cost amounted to NOK -247m (NOK -234m) in the 3rd quarter and NOK -701m (NOK -696m) year to date. Lower costs from products in run-off were more than offset by inflation and higher activity in public sector pensions in Norway and capital-light guaranteed products in Sweden. The cash equivalent earnings from operations decreased to NOK 117m (NOK 1 53m) in the 3rd quarter and decreased to NOK 424m (NOK 454m) year to date. The risk result was NOK -7m (NOK -21m) in the 3rd quarter and NOK 82m (NOK 36m) year to date. Net profit sharing amounted to NOK 82m (NOK 184m) in the 3rd quarter and NOK 406m (NOK 442m) year to date . Profit sharing in the quarter was negatively affected by rising interest rates and wider credit spreads, with the strongest effect in the Swedish business. Balance sheet and market trends Most of the guaranteed products are in long -term run -off. Customer reserves of guaranteed pensions decreased by NOK 9bn in the quarter and decreased by NOK 1 7bn year to date, amounting to NOK 289bn at the end of the quarter. Profit sharing in the quarter was negatively affected by rising interest rates and wider credit spreads, with the strongest effect in the Swedish business. The net flow of guaranteed pensions, excluding transfers, amounted to NOK -3.1bn (NOK -2.9bn) in the quarter. Storebrand has an ambition to grow reserves within capital-efficient guaranteed products, such as public occupational pension products in Norway a nd capital -light guaranteed products in Sweden. Storebrand’s strategy is to maintain solid buffer capital levels to secure customer returns and shield shareholders’ equity during turbulent market conditions. Buffer capital stood at NOK 35.4bn (NOK 35.0bn) as of the 3rd quarter. As a share of guaranteed reserves, buffer capital levels amounted to 8.6% (8.2%) in Norway and 31.2% (26.6%) in Sweden. This does not include off-balance sheet excess values of bonds at amortised cost, which at the end of the 3rd quarter amounted to NOK -14.0bn (NOK -12.7bn). Guaranteed pension – Key figures 2026 2025 NOK million Q3 Q2 Q1 Q4 Q3 Guaranteed reserves 289,302 298,653 297,984 306,168 302,929 Guaranteed reserves in % of total reserves 34.0% 34.5% 37.3% 37.1% 37.9% Net flow of premiums and claims -3,125 -2,215 -3,066 -3,181 -2,864 Buffer capital in % of customer reserves Norway 8.6% 8.7% 8.2% 8.5% 8.2% Buffer capital in % of customer reserves Sweden 31.2% 29.8% 27.3% 27.3% 26.6%
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11 Interim Report Storebrand Group Other The result for Storebrand ASA is reported under Other, as well as the financial result for the company portfolios of Storebrand Life Ins urance and SPP. Group eliminations are reported in a separate table below . Results excluding eliminations 2026 2025 01.01 - 30.09 Full year NOK million Q3 Q2 Q1 Q4 Q3 2026 2025 2025 Fee and administration income 4 4 4 5 4 13 14 19 Operational cost -89 -60 -52 -62 -68 -200 -200 -262 Cash equivalent earnings from operations -84 -55 -48 -57 -64 -188 -185 -243 Financial result 125 243 85 193 155 453 528 721 Cash equivalent earnings before amortisation 41 187 37 136 91 265 343 479 Eliminations 2026 2025 01.01 - 30.09 Full year NOK million Q3 Q2 Q1 Q4 Q3 2026 2025 2025 Fee and administration income -93 -87 -94 -97 -92 -273 -271 -369 Operational cost 93 87 94 97 92 273 271 369 Financial result Cash equivalent earnings before amortisation Financial performance The Other segment reported cash equivalent earnings before amortisation of NOK 41m (NOK 91m) in the 3rd quarter and 265m (NOK 343m) year to date. The result in the quarter was driven by the financial result. Somewhat lower contribution from returns in the company portfolios reflects the negative mark-to-market impact from higher interest rates in the quarter. The operational cost amounted to NOK -89m (NOK -68m) in the 3rd quarter and -200m (NOK -200m) year to date. The cost increase in the quarter is attributed to the acquisition of the shares in Knif Trygghet Forsikring and non -recurring project - related costs. The financial result in the segment amounted to NOK 125m in the 3rd quarter and 453m year to date . The underlying result was mainly driven by returns in the company portfolios of SPP and Storebrand Life Insurance, and the financial result of Storebrand ASA . The Norwegian company portfolio (life) achieved a return of 1.2% in the 3rd quarter and 3.0% year to date, while the Swedish company portfolio reported a return of 0.3% in the 3rd quarter and 1.7% year to date. In Sweden, the return in the quarter was negatively affected by rising interest rates and wider credit spreads. The company portfolios in the Norwegian and Swedish life insurance companies and the holding company amounted to NOK 29.0bn at the end of the quarter. Storebrand is funded through a combination of equity and debt. Interest expenses for the Group amounted to NOK -187m in the quarter excluding changes in the fair value of associated hedges. The funding cost in Storebrand Bank is reported as part of the bank in the Savings segment.
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Interim Report Storebrand Group 12 Balance sheet and capital situation • Solvency II ratio of 200%, remaining unchanged from Q2 2026 • Annualised Cash return on equity of 14% in the quarter and 15% the last twelve months • Buffer increased from Q3 2025 to 8.6% of customer reserves with guarantees in Norway and 31.2% in Sweden Continuous monitoring and active risk management is a core area of Storebrand's business. Risk and solidity are both followed up on at the Group level and in the legal entities. Regulatory requirements for financial strength and risk management follow the legal entities to a large extent. The section is thus divided up by legal entities. Storebrand Group Solvency The solvency ratio remained at 200% at the end of the 3rd quarter, unchanged from the 2nd quarter. Result generation and a stronger NOK relative to SEK contributed positively in the quarter. This was fully offset by the initiation of the second tranche of the share buyback program for 2026. Cash equivalent return on equity The Group’s quarterly cash ROE 3 (annualised) was 14% in the 3rd quarter. A high effective tax rate due to currency effects on hedging instruments impacted the ROE negatively in the quarter. Trailing twelve months, the cash ROE was 1 5%. The cash ROE target for 2028 is 17%. Storebrand ASA Storebrand ASA held liquid assets of NOK 5.7bn at the end of the 3rd quarter. Storebrand ASA’s total interest -bearing liabilities were NOK 1.0bn at the end of the 3rd quarter. In addition, the company has an unused revolving credit facility of EUR 200m. Storebrand ASA owned 8,676,139 of the company’s own shares at the end of the 3rd quarter. This represents 2.04% of the share capital. Shares purchased under buyback programs will normally be redeemed, subject to permission from Norwegian Financial Supervisory Authority (Finanstilsynet) and Storebrand's AGM. Storebrand Livsforsikring AS The buffer fund is distributed across individual contracts and can be used to cover the difference between contracts’ annual interest guarantee and achieved investment return, including when returns are negative. Storebrand can set aside all or part of a surplus on the return to a buffer fund. Buffer capital can also be allocated to the customer as surplus. The buffer fund in Norway amounted to NOK 16.7bn at the end of the 3rd quarter, corresponding to 8.6% of customer funds with a guarantee. The buffer fund decreased by NOK 0.3bn in the quarter and NOK 0.1bn year to date. Due to higher interest rates, the excess value of bonds and loans valued at amortised cost decreased by NOK 2.5bn during the quarter and NOK 1.9bn year to date, amounting to NOK -14.0bn at the end of the quarter. The excess value of bonds and loans at amortised cost is not included in the financial statements of Storebrand Livsforsikring AS. Customer assets in Norway increased by NOK 2bn during the quarter and NOK 34bn year to date, amounting to NOK 532bn at the end of the 3rd quarter. Of this, customer assets within 58.9 60.9 60.2 63.3 61.0 30.2 31.4 29.3 31.7 30.6 195% 194% 206% 200% 200% 140% 150% 160% 170% 180% 190% 200% 210% -10.0 10.0 30.0 50.0 70.0 90.0 110.0 130.0 150.0 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Solvency 2 OF Solvency 2 SCR Solvency 2 ratio Solvency development - Storebrand Group 8.2 % 8.5 % 8.2 % 8.7 % 8.6 % Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Buffer capital in % of customer reserves Norway Customer buffers (NOR) 62% 62% 60% 57% 59% 12% 12% 11% 11% 10% 0% 0% 3% 4% 2% 10% 10% 11% 11% 10% 15% 16% 15% 17% 19% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Equities Real estate Bonds & Money market Loans Bonds at amortised cost Allocation of guaranteed customer assets (NOR)
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13 Interim Report Storebrand Group non-guaranteed savings increased by NOK 3.3bn during the quarter and NOK 38bn year to date, amounting to NOK 321bn at the end of the 3rd quarter. Guaranteed customer assets decreased by NOK 1.4bn during the quarter and NOK 4.5bn year to date, amounting to NOK 211bn at the end of 3rd quarter. SPP The buffer capital (conditional bonuses) amounted to SEK 19.3bn at the end of the 3rd quarter, a stable development in the quarter and SEK 1.6bn increase year to date. Customer assets increased by SEK 5.2bn during the quarter and SEK 33.9bn year to date, amounting to SEK 331bn at the end of the quarter. Of this, customer assets within non -guaranteed savings increased by SEK 8bn during the quarter and SEK 35bn year to dat e, amounting to SEK 252bn at the end of the 3rd quarter. Guaranteed customer assets decreased by SEK 2.8bn during the quarter and SEK 1.2bn year to date, amounting to SEK 79bn at the end of 3rd quarter. Storebrand Bank The combined portfolio of loans in the Storebrand Bank Group and Storebrand Livsforsikring AS increased by NOK 0.4bn in the 3rd quarter. Loans outstanding in the Storebrand Bank Group increased by NOK 0.5bn during the quarter, while the home mortgage portf olio managed on behalf of Storebrand Livsforsikring AS decreased by NOK 0.1bn. As of the end of the 3rd quarter, the Storebrand Bank Group reported own funds of NOK 6.3bn. The capital adequacy ratio stood at 20.9%, while the Common Equity Tier 1 (CET1) ratio was 17.4%. This represents a minor change from 21.8% and 18.1%, respectively, at the end of 2025. The combined capital and CET1 requirements at the end of 3rd quarter were 20.2% and 15.96% including Pilar 2 Guidance, respectively. 26.6% 27.3% 27.3% 29.8% 31.2% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Conditional bonuses in % of customer funds with guarantee Customer buffers (SWE) 16% 14% 14% 14% 15% 48% 50% 49% 48% 46% 15% 15% 16% 15% 16% 21% 20% 21% 23% 24% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Equities Real estate Bonds & Money market Loans Allocation of guaranteed customer assets (SWE)
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Interim Report Storebrand Group 14 Outlook Strategy and financial ambitions Storebrand delivers financial security and freedom to people and businesses. The Group aims to make it easy for our customers to make good financial decisions for the future. Together, we create a future to look forward to. Storebrand's strategy gives a compelling combination of capital- light growth in the front book, i.e. the growth areas of the “Future Storebrand”, and capital return from a maturing back book of guaranteed pensions. The Group strategy is directed towards three aims: (a) be the leading provider of occupational pensions in both Norway and Sweden, (b) build a Nordic powerhouse in asset management and (c) ensure fast growth as a challenger in the Norwegian retail market for financial services. At the Capital Markets Day (CMD) in December 2025, management presented the strategic direction and the financial ambitions towards 2028 and 2035. Storebrand aims to continue the growth in "Future Storebrand", with an increasing share of earnings from capi tal-light products. The profit target before amortisation and tax was raised to NOK 7bn for 2028, driven by earnings growth from Savings, Insurance and Guaranteed business. The profit target implies an ambition for high single -digit to double -digit growth within Savings and Insurance and relatively stable develo pment for Guaranteed. The Group will maintain disciplined cost management for profitable growth and make selective investments in prioritized growth areas. Storebrand aims to improve the cost ratio within both savings and insurance, and communicated at the CMD an expectation to keep annual growth in operating expenses at around 5% towards 2028, from a level of NOK 7bn in 2025. Savings In the savings business, the market for unit linked (defined contribution) pensions is expected to continue structurally growing, with higher premium inflows than outflows. In unit linked pensions, Storebrand has an ambition of double -digit annual growth i n assets under management and a 2 -4pp improvement in the cost -to-income ratio towards 2028. Storebrand will defend its strong market position in Norway by remaining cost -leading and delivering an improved customer experience through digitalisation . In Sweden, SPP is a market challenger within the non-unionised pensions segment, with an edge in digital and ESG-enhanced solutions. In addition to managing internal pension funds, Storebrand Asset Management is growing its external mandates from institutional and retail investors. Storebrand is a local partner for Nordic investors and a gateway to the Nordics for international investors. The product offering includes a full product range of index, factor and actively managed funds. Storebrand is also one of the strongest providers of alternatives (private equity, real estate, private debt and infrastructure) in the Nordic region. Over the past three decades, Storebrand has focused on sustainable investments with a strong track record. In asset management, the overarching ambition is to increase assets under management by 7-9% annually while improving the cost- to-income ratio by more than 5pp from 2025 to 2028. Storebrand Bank aims to achieve annual loan growth of more than 5% in capital -efficient loans over the next three years, while the Kron platform continues to grow by offering a market- leading user experience. Kron will be central to Storebrand's product di stribution and positions the Group well for megatrends such as individualisation, demographic changes and digitalisation. Overall, Storebrand has an ambition of double -digit annual growth in operating profit from the combined defined - contribution pension and asset management businesses. Insurance The insurance business is a key area for capital -light growth in the Group. The growth ambition in insurance is supported by a strong brand, capital synergies and a multi-channel distribution mix where external agents and partnerships are complemented by i nternal distribution through advisers, the bank and digital channels. The ambition is double-digit annual premium growth over the next three years while the combined ratio gradually improves from 92% in 2025 to 90% or better by 2028. On 11 June 2026, Storebrand ASA entered into an agreement to acquire up to 100% of the shares in Knif Trygghet Forsikring AS (Knif Trygghet), together with a partnership agreement with Knif AS to offer insurance, pension and asset management products to th e market for Christian and non -profit organisations. Following receipt of the required regulatory approvals, the transaction was completed on 16 October 2026. The consideration for 100% of the shares amounts to NOK 560m. The share consideration was settled through the issuance of 2,746,582 new shares in St orebrand ASA, increasing the share capital by NOK 13.7m to NOK 2,138m. The merger of Knif Trygghet and Storebrand Forsikring AS is expected to be completed in 2027. Completion of the transaction and the subsequent merger are not expected to have a material impact on the Storebrand Group’s financial results, solvency ratio or liquidity position. Guaranteed Guaranteed pensions consist of a combination of older guaranteed pension portfolios in run -off and new capital - efficient guaranteed business in growth. The overall ambition is to achieve a positive development in assets under management while increasing profit sharing from about NOK 600m in 2025 to NOK 700m in 2028. The increase in assets under management is expected to come from growth in public pensions in Norway, through acquisitions of pension funds in Norway and through growth in capital -light guarante ed products in Sweden. The guaranteed business is expected to create solid value in addition to reported results as regulatory capital is released from the run-off business. Regulatory changes AFP and occupational pension The labour market parties are discussing changes to the AFP scheme. This is a collectively agreed pension scheme where the government covers one third of the costs. The ambition is to
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15 Interim Report Storebrand Group make AFP more predictable for employees and more financially sustainable for employers. It remains to be seen whether the parties will agree on benefits, costs and financing of a new scheme, and to what extent the government will increase its contribution. The governing Labour party’s parliamentary election manifesto for the period 2025 -2029 proposes a gradual increase in the minimum savings rate for mandatory occupational pensions. Storebrand does not expect progress to be made on this issue until after conclusions regarding AFP have been reached. A public hearing on the implementation of the parliamentary agreement on pension reform from 2024 is expected to start this autumn. O ccupational pensions must be adapted to life expectancy adjusted age limits in the National Insurance Pension Scheme. Storebrand expects an increased lower age limit for withdrawal, increased minimum withdrawal periods and changes regarding disability pensions from o ccupational pension schemes. Paid-up policies and other guaranteed pension products Important changes to the regulation of individual paid -up policies entered into force on 1 July 2026. Among the changes are more flexible guarantee regulations, which facilitate long - term investment strategies with increased risk taking. The new measure, where annual interest rate guarantees can be met by borrowed equity in cases where returns or buffers are not sufficient, ensures longer investments horizons with positive effects for risk taking and expected returns. The new regulation will also cover collective guaranteed pensions, such as municipal pension schemes, from 2027. From 1 January 2027, a ssets valued at amortised cost will be marked to market value if the customer changes provider. Market value adjustment shall be made both when moving from the present provider and moving to the new provider. This will ensure neutrality of total customer buffers, including share of excess value of bonds and loans valued at amortised cost in transfer situations. The market for municipal occupational pensions The Norwegian Competition Authority’s (NCA) decision on 25 August 2026 requires KLP to stop discouraging municipalities from exposing their pension contracts to competition. Storebrand views this as positive for the municipal pension market. It is important that measures in the NCA’s decision are implemented and followed through to ensure a better functioning market. Storebrand has filed two complaints with the EFTA Surveillance Authority (ESA). Storebrand has claimed that municipalities, regional health authorities (RHAs) and hospitals have entered contracts on occupational pensions with KLP in breach of the rules on public procurement. Storebrand has also claimed that municipalities, RHAs and hospitals have granted KLP state aid in violation of the European Economic Area (EEA) Agreement. ESA is still considering the cases. Competitive regulation for Norwegian mutual funds Changes to the regulation of mutual funds came into effect on 1 January 2026. One of the changes introduced tax exemptions for interest income in all mutual funds. The changes ensure a level playing field, with a competitive tax framework for mutual funds in Norway. In addition, a broad political majority in Stortinget (the Norwegian Parliament) has asked the government to develop framework conditions that ensure the Norwegian financial sector is competitive. Subsequently, a bill was presented to Parliament in June 20 26 opening for revenue -sharing agreements between asset managers and larger customers . Storebrand expects the bill to be passed by Stortinget this autumn. Solvency II review and regulation of guaranteed products As previously communicated, amendments to the Solvency II Directive will apply from 2027. The amendments align the interest rate stress more closely with the design of the interest rate curve and introduce a capital requirement for negative interest rates, bringing the standard formula closer to Storebrand’s internal model. In addition, the ris k margin in the calculation of insurance liabilities will be significantly reduced, which will strengthen the solvency margin. Earlier this year, the Norwegian Parliament passed legislation introducing significant changes to the regulation of paid -up policies and other guaranteed pension products. These changes are expected to have a positive impact on Storebrand’s solvency margin. Both the Solvency II amendments and the regulatory changes for guaranteed products are expected to take effect in Q1 2027 and their combined effect is expected to lead to a strengthening of Storebrand’s solvency margin in excess of 10 percentage points. Insurance Recovery and Resolution Directive (IRRD) The Ministry of Finance has conducted a public hearing on implementation the IRRD directive in Norwegian legislation. The Financial Supervisory Authority proposes a pre -funded crisis
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Interim Report Storebrand Group 16 management fund (ex-ante). The IRRD directive also allows for ex-post funding of such schemes, to cover costs related to crisis management and potential NCWO compensation (No Creditor Worse Off, compared to potential liquidation). Other Nordic countries, such as Sweden, seem to prefer ex -post schemes. The proposed Norwegian crisis management fund of NOK 25bn covers both life and general insurance, where NOK 12.5bn should be prepaid over a period of 10 years. The insurance industry is opposing the proposal, which will increase costs for customers and decrease the competitiveness of Norwegian - based insurance companies. Risk Storebrand is exposed to several risk factors. These risks include financial market risk and geopolitical uncertainty, and other risk factors such as insurance risk, credit risk, operational risk and technological risks. The annual report provides further information on the main risk factors. Storebrand has developed a partial internal model for risk measurement and risk management. The model covers all financial market risk and life insurance risk for Storebrand Livsforsikring and SPP. The internal model is used to better understand the business's risks and as a supplement to the official capital requirement calculations based on the standard model. Storebrand continues to use the internal model for risk management, and an updated application for regulatory approval is not expected to be submitted in the near to medium term. Given the robust solvency margin with the standard model, and the expected positive effects of more than 10 percentage points from Q1 2027, solvency is currently not a binding constraint for capital distribution. Capital management and dividend policy Storebrand's ability to distribute capital is influenced by the solvency margin, liquidity and profit generation. Storebrand has established a framework for capital management that links dividends and share buybacks to the solvency margin. Storebrand’s dividend policy: The Board of Directors’ ambition is to pay ordinary dividends per share of at least the same nominal amount as the previous year. Ordinary dividends are subject to a sustainable solvency margin of above 150%. If the solvency margin is above 175%, the Board of Directors intends to propose special dividends or share buybacks. At the CMD in 2025, Storebrand communicated a guidance of double-digit annual growth in dividend per share for the period 2025–2028. Storebrand also outlined a long -term share buyback guidance of NOK 1.5bn in annual buybacks up to and including 2030. As communicated on the CMD, the Group also expects to generate additional capital, which can be used for capital distribution beyond the guided levels, M&A or organic growth initiatives. Based on year -to-date performance, and subject to prevailing market conditions and necessary approvals, the Board of Directors intends to propose an ordinary dividend of around NOK 6 per share for 2026 and a share buyback programme of NOK 2bn for 2027. Lysaker, 20 October 2026 Board of Directors of Storebrand ASA
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Storebrand Group 17 Interim Report Storebrand Group Income statement Q3 01.01 - 30.09 Full year NOK million Notes 2026 2025 2026 2025 2025 Income from unit linked 641 608 1,889 1,749 2,377 Income from asset management 975 903 2,799 2,639 4,228 Income from banking activities 1,305 1,232 3,724 3,598 4,822 Other income 115 83 323 284 363 Operating income excl. insurance 3,037 2,826 8,735 8,269 11,789 Insurance revenue 6 3,334 2,987 9,797 8,604 11,748 Insurance service expenses 6 -2,655 -2,030 -7,922 -6,315 -8,959 Net expenses from reinsurance contracts held 6 14 -29 -54 -46 7 Net insurance service result 6 693 929 1,822 2,244 2,796 Operating income incl. insurance result 3,729 3,755 10,557 10,513 14,585 Operating expenses -1,500 -1,459 -4,302 -4,313 -5,933 Interest expenses banking activities -956 -853 -2,734 -2,548 -3,419 Other expenses -27 -27 -89 -87 -135 Total expenses -2,484 -2,339 -7,125 -6,949 -9,486 Operating profit 1,246 1,416 3,431 3,564 5,099 Profit from investment in associates and joint ventures 138 139 253 420 552 Net income on financial and property investments 5,014 21,829 69,546 37,132 54,951 Net change in investment contract liabilities -7,594 -17,988 -58,367 -21,273 -34,186 Finance expenses from insurance contracts issued 2,911 -3,457 -9,785 -14,740 -19,112 Interest expenses securities issued and other interest expenses -270 -130 -672 -556 -815 Net finance result 199 391 975 983 1,390 Profit before amortisation 1,445 1,807 4,406 4,547 6,488 Amortisation of intangible assets -73 -147 -234 -340 -433 Profit before income tax 1,372 1,660 4,173 4,207 6,056 Tax expenses -427 -337 -1,206 -713 -1,033 Profit for the period 945 1,323 2,967 3,493 5,023 Profit/loss for the period attributable to: Share of profit for the period - shareholders 938 1,323 2,949 3,501 5,018 Share of profit for the period - hybrid capital investors 7 7 21 21 28 Share of profit for the period - non-controlling interests -7 -3 -29 -23 Total 945 1,323 2,967 3,493 5,023 Earnings per ordinary share (NOK) 2.25 3.09 7.02 8.13 11.69 Average number of shares as basis for calculation (million) 420.2 430.4 429.0
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Storebrand Group Interim Report Storebrand Group 18 Statement of comprehensive income Q3 01.01 - 30.09 Full year NOK million 2026 2025 2026 2025 2025 Profit/loss for the period 945 1,323 2,967 3,493 5,023 Actuarial assumptions pensions own employees -3 -3 -12 -5 -12 Fair value adjustment of properties for own use -13 2 -78 7 12 Tax on other comprehensive income not to be reclassified to profit/loss 1 Other comprehensive income not to be reclassified to profit/loss -17 -90 2 1 Exchange rate adjustments 251 -19 482 -121 -214 Change in unrealised gains on financial instruments available for sale -56 -16 -11 161 185 Tax on other comprehensive income that may be reclassified to profit/loss 14 4 3 -40 -46 Other comprehensive income that may be reclassified to profit/loss 209 -31 474 -76 Other comprehensive income 193 -32 384 2 -75 Total comprehensive income 1,138 1,291 3,351 3,496 4,948 Total comprehensive income attributable to: Share of total comprehensive income - shareholders 1,131 1,291 3,333 3,503 4,942 Share of total comprehensive income - hybrid capital investors 7 7 21 21 28 Share of total comprehensive income - non-controlling interests -7 -3 -29 -23 Total 1,138 1,291 3,351 3,496 4,948
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Storebrand Group 19 Interim Report Storebrand Group Statement of financial position NOK million Notes 30.09.26 31.12.25 Assets Deferred tax assets 1,365 1,305 Intangible assets 5,689 6,285 Tangible fixed assets 2,497 2,668 Investments in associated companies and joint ventures 9,046 8,654 Minority portion of consolidated mutual funds 7,598 6,752 Reinsurance contracts assets 211 276 Investment properties 5 35,752 38,529 Loans to customers 5 107,452 106,544 Loans to financial institutions 5 1,412 2,752 Equities and fund units 5 514,720 469,759 Bonds and other fixed-income securities 5 307,712 316,446 Derivatives 5 1,896 2,173 Other assets 22,773 9,915 Bank deposits 11,536 16,126 Total assets 1,029,661 988,183 Equity and liabilities Paid-in capital 12,922 12,961 Retained earnings 19,573 19,896 Hybrid capital 353 353 Non-controlling interests 375 378 Total equity 33,223 33,588 Pension liabilities 150 159 Deferred tax 1,589 1,446 Minority portion of consolidated mutual funds 7,598 6,752 Insurance contracts liabilities 6 322,443 344,681 Investment contracts liabilities 6 535,340 487,729 Reinsurance contracts liabilities 6 4 3 Subordinated loan capital 4 10,093 10,608 Other non-current liabilities 761 869 Deposits from banking customers 37,512 34,585 Debt raised by issuance of securities 4 49,393 49,874 Loans and deposits from credit institutions 4 1,859 2,052 Derivatives 5 8,359 5,244 Other liabilities 21,338 10,593 Total liabilities 996,438 954,595 Total equity and liabilities 1,029,661 988,183
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Storebrand Group Interim Report Storebrand Group 20 Statement of changes in equity Majority's share of equity Non- controll -ing interest s NOK million Share capital 1) Own shares Share premium Total paid in equity Currency translation differences Other equity Total retained earnings Hybrid capital 2) Total equity Equity 31.12.24 2,240 -70 10,842 13,012 697 17,650 18,346 353 402 32,113 Profit for the period 5,018 5,018 28 -23 5,023 Total other comprehensive income elements -214 139 -75 -75 Total comprehensive income for the period -214 5,157 4,942 28 -23 4,948 Equity transactions with owners: Own shares -62 12 -50 -1,390 -1,390 -1,440 Hybrid capital classified as equity 7 7 7 Paid out interest hybrid capital -29 -29 Dividend paid -2,028 -2,028 -2,028 Other 18 18 -2 16 Equity 31.12.25 2,177 -58 10,842 12,961 482 19,414 19,896 353 378 33,588 Profit for the period 2,949 2,949 21 -3 2,967 Total other comprehensive income elements 482 -98 384 384 Total comprehensive income for the period 482 2,851 3,333 21 -3 3,351 Equity transactions with owners: Own shares -54 14 -39 -1,422 -1,422 -1,461 Hybrid capital classified as equity 5 5 5 Paid out interest hybrid capital -21 -21 Dividend paid -2,276 -2,276 -2,276 Other 37 37 37 Equity 30.09.26 2,124 -43 10,842 12,922 964 18,609 19,573 353 375 33,223 1) 424 763 636 shares with a nominal value of NOK 5. 2) Perpetual hybrid tier 1 capital classified as equity.
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Storebrand Group 21 Interim Report Storebrand Group Statement of cash flow 01.01 - 30.09 NOK million 2026 2025 Cash flow from operating activities Receipts premium - insurance 27,770 26,417 Payments claims and insurance benefits -20,783 -19,577 Net receipts/payments - transfers -3,805 -2,186 Net change insurance liabilities -1,628 2,413 Receipts - interest, commission and fees from customers 3,502 3,403 Payments - interest, commission and fees to customers -205 -236 Taxes paid -962 -1,273 Payments relating to operations -6,942 -6,740 Net receipts/payments - other operating activities 3,170 7,459 Net cash flow from operations before financial assets, banking customers and properties 116 9,681 Net receipts/payments - loans to customers -1,494 -8,840 Net receipts/payments - deposits bank customers 2,163 2,643 Net receipts/payments - securities -1,341 -256 Net receipts/payments - investment properties 257 456 Receipts - sale of investment properties 2,120 Payments - purchase of investment properties -478 -7 Net cash flow from financial assets, banking customers and properties 1,227 -6,005 Net cash flow from operating activities 1,343 3,676 Cash flow from investing activities Payments - purchase of subsidiaries -13 -19 Net receipts/payments - sale/purchase of fixed assets -141 -80 Payments - purchase of associated companies and joint ventures -4 -8 Net cash flow from investing activities -158 -106 Cash flow from financing activities Receipts - new loans 7,193 15,934 Payments - repayments of loans -7,450 -7,970 Payments - interest on loans -2,168 -2,123 Receipts - subordinated loans 1,297 1,008 Payments - repayment of subordinated loans -1,209 -1,362 Payments - interest on subordinated loans -505 -523 Receipts - loans to financial institutions 10,163 4,405 Payments - repayments of loans from financial institutions -10,356 -5,153 Receipts - issuing of share capital / sale of shares to employees 76 85 Payments - repayment of share capital -1,514 -1,151 Payments - dividends -2,276 -2,028 Payments - interest on hybrid capital -21 -22 Net cash flow from financing activities -6,771 1,100 Net cash flow for the period -5,587 4,671 Cash and cash equivalents at the start of the period 18,877 12,022 Currency translation cash/cash equivalents in foreign currency -342 109 Cash and cash equivalents at the end of the period 1) 12,948 16,802
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Storebrand Group Interim Report Storebrand Group 22 01.01 - 30.09 NOK million 2026 2025 1) Consists of: Loans to financial institutions 1,412 1,932 Bank deposits 11,536 14,870 Total 12,948 16,802
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Storebrand Group 23 Interim Report Storebrand Group Notes to the interim accounts Storebrand Group The Group's interim financial statements include Storebrand ASA, subsidiaries, associated companies and joint ventures. The financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements do not con tain all the information that is required in the full annual financial statements. A description of the accounting policies applied in the preparation of the financial statements is provided in the 202 5 annual report, and the interim financial statements are prepared in accordance with these accounting policies. There are no new or changed accounting standards that entered into effect in 202 6 that have significant effect on Storebrand's consolidated financial statements. In preparing the Group's financial statements the management are required to make estimates, judgements and assumptions of uncertain amounts. The estimates and underlying assumptions are reviewed on an ongoing basis and are based on historical experience and expectations of future events and represent the management's best judgement at the time the financial statements were prepared. Actual results may differ from these estimates. In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements, which replaces IAS 1 Presentation of Financial Statements. The standard is to be applied retrospectively from 1 January 2027 and requires restatement of comparative figures for 2026. Storebrand does not plan for an early adoption of the standard. Storebrand is working on the implementation of IFRS 18 and is assessing the classification of income and expenses in the statement of profit or loss in accordance with the new categories. The required subtotal “operating profit” is expected to change due to the new classification requirements and will include items that are currently presented within “net financial items”. Storebrand is also assessing the implications of the new requirements for aggregation and disaggregation of information in the income statement, the statement of financial position and the notes. No material changes in the financial reporting are expected. Furthermore, Storebrand has initiated the work to identify which performance measures qualify as management-defined performance measures (MPMs) under IFRS 18 and is establishing the necessary processes and disclosures to comply with the requirements of the standard. As IFRS 18 does not introduce changes to recognition and measurement, the standard is not expected to have a material impact on the Group’s financial position. A description of the most critical estimates and judgements that can affect recognised amounts is included in the 2025 annual report in note 2, financial market risk and insurance risk in note 7 and valuation of financial instruments and investment properties in note 12. Note G1 Basis for preparation
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Storebrand Group Interim Report Storebrand Group 24 Storebrand ASA has entered into an agreement to acquire up to 100 percent of the shares in Knif Trygghet Forsikring AS (Knif Trygghet), together with a partnership agreement with Knif AS (Knif) to offer insurance, pension and asset management products to the market for Christian and non-profit organisations. Storebrand ASA has received required regulatory approvals, and the transaction was completed on 16 October 2026. The consideration for 100 percent of the shares amounts to NOK 560 million and was settled primarily in new shares in Storebrand ASA, with a limited cash component relating to the compulsory acquisition of remaining shares. The merger of Knif Trygghet Forsikring AS and Storebrand Forsikring AS is expected to be completed in 2027. Completion of the transaction and the subsequent merger are not expected to have a material impact on the Storebrand Group's solvency ratio or liquidity position. Note G2 Acquisition
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Storebrand Group 25 Interim Report Storebrand Group Storebrand's operation includes the segments Savings, Insurance, Guaranteed Pension and Other. A description of the segment reporting and the reconciliation between the profit and loss statement and alternative statement of the result (segment) is included in the 2025 annual report in note 4. Segment information as of Q3 Savings Insurance Guaranteed pension Q3 Q3 Q3 NOK million 2026 2025 2026 2025 2026 2025 Fee and administration income 1,864 1,825 364 387 Insurance result 895 697 - Insurance premiums for own account 2,896 2,475 - Claims for own account -2,001 -1,778 Operating expense -1,121 -1,103 -509 -416 -247 -234 Cash equivalent earnings from operations 744 721 386 281 117 153 Financial items and risk result life & pension 56 94 99 83 75 162 Cash equivalent earnings before amortisation 800 815 485 364 191 316 Amortisation of intangible assets 1) Cash equivalent earnings before tax Other Storebrand Group Q3 Q3 NOK million 2026 2025 2026 2025 Fee and administration income -89 -88 2,139 2,124 Insurance result 895 697 - Insurance premiums for own account 2,896 2,475 - Claims for own account -2,001 -1,778 Operating expense 5 23 -1,872 -1,730 Cash equivalent earnings from operations -84 -64 1,162 1,091 Financial items and risk result life & pension 125 155 355 495 Cash equivalent earnings before amortisation 41 91 1,517 1,586 Amortisation of intangible assets 1) -63 -128 Cash equivalent earnings before tax 1,454 1,458 Note G3 Profit by segments
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Storebrand Group Interim Report Storebrand Group 26 Segment information as of 01.01 - 30.09 Savings Insurance Guaranteed pension 01.01 - 30.09 01.01 - 30.09 01.01 - 30.09 NOK million 2026 2025 2026 2025 2026 2025 Fee and administration income 5,403 5,298 1,124 1,150 Insurance result 2,449 1,802 - Insurance premiums for own account 8,379 7,140 - Claims for own account -5,930 -5,338 Operating expense -3,266 -3,278 -1,515 -1,245 -701 -696 Cash equivalent earnings from operations 2,137 2,019 934 557 424 454 Financial items and risk result life & pension 108 89 313 239 488 479 Cash equivalent earnings before amortisation 2,245 2,109 1,247 796 912 933 Amortisation of intangible assets 1) Cash equivalent earnings before tax Other Storebrand Group 01.01 - 30.09 01.01 - 30.09 NOK million 2026 2025 2026 2025 Fee and administration income -261 -257 6,267 6,191 Insurance result 2,449 1,802 - Insurance premiums for own account 8,379 7,140 - Claims for own account -5,930 -5,338 Operating expense 73 71 -5,409 -5,148 Cash equivalent earnings from operations -188 -185 3,307 2,844 Financial items and risk result life & pension 453 528 1,362 1,335 Cash equivalent earnings before amortisation 265 343 4,669 4,180 Amortisation of intangible assets 1) -191 -283 Cash equivalent earnings before tax 4,478 3,897 Tax -1,277 -576 Reconciliation between cash equivalent earning and profit for the period -234 173 Profit for the period 2,967 3,493 1) Amortisation of intangible assets is included in Storebrand Group
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Storebrand Group 27 Interim Report Storebrand Group Specification of subordinated loans 1) Book value NOK million Nominal value Currency Interest rate Call date 30.09.26 31.12.25 Issuer Perpetual subordinated loans 2) Storebrand Livsforsikring AS 3) 900 SEK Variable 2026 988 Storebrand Livsforsikring AS 300 NOK Variable 2028 303 303 Storebrand Livsforsikring AS 3) 400 SEK Variable 2028 386 442 Storebrand Livsforsikring AS 3) 300 NOK Fixed 2028 325 316 Storebrand Livsforsikring AS 700 NOK Variable 2030 704 704 Storebrand Livsforsikring AS 3) 300 SEK Variable 2030 289 330 Storebrand Livsforsikring AS 500 NOK Variable 2033 503 Storebrand Livsforsikring AS 3) 500 SEK Variable 2033 481 Dated subordinated loans Storebrand Livsforsikring AS 4) 650 NOK Variable 2027 654 653 Storebrand Livsforsikring AS 3,4) 750 NOK Variable 2027 787 752 Storebrand Livsforsikring AS 4) 1,250 NOK Variable 2027 1,259 1,259 Storebrand Livsforsikring AS 3,4) 300 EUR Fixed 2031 2,738 3,066 Storebrand Livsforsikring AS 3,4) 1,000 SEK Variable 2029 958 1,093 Storebrand Bank ASA 300 NOK Variable 2026 300 Storebrand Bank ASA 400 NOK Variable 2027 403 402 Storebrand Bank ASA 300 NOK Variable 2031 302 Total subordinated loans and hybrid tier 1 capital 10,093 10,608 1) Storebrand Bank ASA has issued hybrid tier 1 capital bonds/hybrid capital that is classified as equity. See the statement of changes in equity. 2) In the case of perpetual subordinated loans, the cash flow is calculated through to the first call date 3) The loans are subject to hedge accounting 4) Green bonds issued in accordance with Storebrand’s framework Specification of loans and deposits from credit institutions Book value NOK million 30.09.26 31.12.25 Call date 2026 1,859 2,052 Total loans and deposits from credit institutions 1,859 2,052 Note G4 Liquidity risk
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Storebrand Group Interim Report Storebrand Group 28 Specification of securities issued Book value NOK million 30.09.26 31.12.25 Call date 2026 5,670 2027 6,985 10,384 2028 11,211 11,202 2029 12,140 10,064 2030 10,622 10,611 2031 7,781 1,254 2038 654 689 Total securities issued 49,393 49,874 The loan agreements contain standard covenants. Credit facilities Storebrand ASA has an unused credit facility of EUR 200 million, expiration December 2029 with two one-year extension options.
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Storebrand Group 29 Interim Report Storebrand Group Valuation of financial instruments at amortised cost NOK Million Fair value 30.09.26 Book value 30.09.26 Fair value 31.12.25 Book value 31.12.25 Financial assets Loans to and due from financial institutions 1,412 1,412 2,752 2,752 Loans to customers - retail 82,492 82,498 79,196 79,191 Bonds classified as loans and receivables 7,644 7,612 7,530 7,511 Total financial assets 30.09.26 91,548 91,522 Total financial assets 31.12.25 89,477 89,454 Financial liabilities Debt raised by issuance of securities 49,601 49,393 49,883 49,874 Loans and deposits from credit institutions 1,859 1,859 2,052 2,052 Deposits from banking customers 37,512 37,512 34,585 34,585 Subordinated loan capital 10,117 10,093 10,639 10,608 Total financial liabilities 30.09.26 99,089 98,856 Total financial liabilities 31.12.25 97,159 97,118 Valuation of financial instruments at fair value over OCI (FVOCI) Level 2 Total fair value NOK Million Observable assumptions 30.09.26 31.12.25 Assets Bonds and other fixed-income securities - Government bonds 586 586 995 - Corporate bonds 1,493 1,493 2,694 - Structured notes 746 746 1,049 Total bonds and other fixed-income securities 30.09.26 2,825 2,825 Total bonds and other fixed-income securities 31.12.25 4,739 Note G5 Valuation of financial instruments and investment properties
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Storebrand Group Interim Report Storebrand Group 30 Valuation of financial instruments and real estate at fair value Level 1 Level 2 Level 3 Total Fair Value NOK Million Quoted prices Observable assumptions Non- observable assumptions 30.09.26 31.12.25 Assets: Equities and fund units - Equities 83,766 560 97 84,423 66,474 - Fund units 396,041 34,257 430,298 403,285 Total equities and fund units 30.09.26 83,766 396,601 34,354 514,720 Total equities and fund units 31.12.25 66,020 374,960 28,778 469,759 Loans to customers - Loans to customers - corporate 8,228 8,228 10,038 - Loans to customers - retail 16,725 16,725 17,315 Total loans to customers 30.09.26 24,953 24,953 Total loans to customers 31.12.25 27,353 27,353 Bonds and other fixed-income securities - Government bonds 45,986 31,799 77,785 69,428 - Corporate bonds 61,230 167 61,398 83,384 - Structured notes 44,897 44,897 43,745 - Collateralised securities 2,153 2,153 1,514 - Bond funds 106,412 4,631 111,043 106,124 Total bonds and other fixed-income securities 30.09.26 45,986 246,491 4,798 297,275 Total bonds and other fixed-income securities 31.12.25 34,641 260,395 9,160 304,196 Derivatives: - Interest derivatives -5,367 -5,367 -2,945 - Currency derivatives -1,096 -1,096 -126 Total derivatives 30.09.26 -6,463 -6,463 - of which derivatives with a positive market value 1,896 1,896 2,173 - of which derivatives with a negative market value -8,359 -8,359 -5,244 Total derivatives 31.12.25 -3,071 -3,071 Properties: Investment properties 33,940 33,940 36,518 Properties for own use 1,812 1,812 2,011 Total properties 30.09.26 35,752 35,752 Total properties 31.12.25 38,529 38,529
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Storebrand Group 31 Interim Report Storebrand Group There are no significant movements between level 1 and level 2 in this quarter. Financial instruments and investment properties at fair value - level 3 NOK million Equities Fund units Loans to customers Corporate bonds Bond funds Investment properties Properties for own use Book value 01.01.26 87 28,691 27,354 158 9,001 36,518 2,011 Net gains/losses on financial instruments 11 6,957 -1,449 8 -806 -42 42 Additions 19 14 1,339 1 247 999 3 Sales -19 -806 -1,737 -3,026 -2,120 -2 Exchange rate adjustments -1 -595 -553 -785 -1,759 -245 Other -5 345 2 Book value 30.09.26 97 34,256 24,953 167 4,631 33,940 1,812 As at 30.09.26, Storebrand Livsforsikring had NOK 8 813 million invested in Storebrand Eiendomsfond Norge KS and VIA, Oslo. The investments are classified as “Investment in associated Companies and joint ventures” in the Consolidated Financial Statements. Sensitivity assessments Sensitivity assessments of investments on level 3 are described in note 12 in the 2025 annual report. There is no significant changes in sensitivity in this quarter.
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Storebrand Group Interim Report Storebrand Group 32 Insurance revenue and expenses 30.09.26 30.09.25 31.12.25 Guaranteed pension Insurance NOK Million Guaranteed products - Norway Guaranteed products - Sweden Pension related disability insurance - Norway P&C and Individual Life Group Life and Disability Insurance Total Total Total Contracts measured under VFA and GMM Amounts relating to changes in LRC Expected incurred claims and other insurance service expenses Expected incurred claims -1 -1 395 393 398 542 Expected incurred expenses 471 152 124 748 726 974 Change in the risk adjustment for non- financial risk for risk expired 224 76 11 311 271 378 CSM recognised in P&L for services provided 909 322 258 1,489 1,417 1,910 Recovery of insurance acquisition cash flows 5 6 11 21 17 25 Insurance revenue from contracts measured under VFA and GMM 1,608 555 799 2,962 2,829 3,829 Insurance revenue from contracts measured under the PAA 5,479 1,356 6,835 5,775 7,919 Total insurance revenue 1,608 555 799 5,479 1,356 9,797 8,604 11,748 Incurred claims and other directly attributable expenses Incurred claims 1 -426 -3,739 -1,220 -5,384 -4,690 -6,467 Incurred expenses -482 -163 -125 -1,275 -163 -2,208 -1,912 -2,614 Changes that relate to past service - Adjustment to the LIC 244 -107 138 59 100 Losses on onerous contracts and reversal on those losses 2 4 -424 -3 -26 -446 246 47 Insurance acquisition cash flows amortisation -5 -6 -11 -22 -17 -25 Total insurance service expenses -485 -164 -985 -4,773 -1,515 -7,922 -6,315 -8,959 Net income (expenses) from reinsurance contracts held -1 -11 -38 -4 -54 -46 7 Total insurance service result 1,122 391 -197 668 -163 1,821 2,244 2,796 Note G6 Insurance contracts
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Storebrand Group 33 Interim Report Storebrand Group Q3 2026 Q3 2025 Guaranteed pension Insurance NOK Million Guaranteed products - Norway Guaranteed products - Sweden Pension related disability insurance - Norway P&C and Individual Life Group Life and Disability Insurance Total Total Contracts measured under VFA and GMM Amounts relating to changes in LRC Expected incurred claims and other insurance service expenses Expected incurred claims -1 117 116 147 Expected incurred expenses 157 49 45 251 247 Change in the risk adjustment for non- financial risk for risk expired 76 23 5 104 95 CSM recognised in P&L for services provided 302 98 75 476 466 Recovery of insurance acquisition cash flows 2 2 4 -126 -119 6 Insurance revenue from contracts measured under VFA and GMM 536 173 245 -126 828 962 Insurance revenue from contracts measured under the PAA 1,924 582 2,506 2,026 Total insurance revenue 536 173 245 1,924 456 3,334 2,987 Incurred claims and other directly attributable expenses Incurred claims -139 -1,303 -368 -1,810 -1,543 Incurred expenses -176 -51 -49 -431 -56 -764 -647 Changes that relate to past service - Adjustment to the LIC 114 9 122 70 Losses on onerous contracts and reversal on those losses -242 -7 51 2 -1 -196 97 Insurance acquisition cash flows amortisation -2 -2 -4 -7 -6 Total insurance service expenses -420 -60 -140 -1,619 -416 -2,655 -2,030 Net income (expenses) from reinsurance contracts held 18 -3 14 -29 Total insurance service result 116 113 105 323 36 693 929
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Storebrand Group Interim Report Storebrand Group 34 GUARANTEED PENSION Reconciliation of the measurement component of insurance contract balances 30.09.26 NOK Million Present value of future cash flows Risk adjustment for non- financial risk CSM Total Total 31.12.25 Net opening balance 314,997 5,205 14,472 334,674 317,052 Changes that relate to current service CSM recognised in profit or loss for the services provided -1,489 -1,489 -1,910 Change in the risk adjustment for non-financial risk for the risk expired -328 -328 -400 Experience adjustments 71 71 79 Total changes that relate to current service 71 -328 -1,489 -1,746 -2,231 Change that relate to future service Changes in estimates that adjust the CSM -1,835 666 1,170 1 Changes in estimates that results in onerous contract losses or reversal of losses 558 -434 124 -187 Contracts initially recognised in the period -308 72 529 293 134 Total changes that relate to future service -1,585 303 1,699 418 -53 Insurance service result -1,513 -25 210 -1,328 -2,284 Finance expenses from insurance contracts issued recognised in profit or loss 9,910 36 9,945 19,109 Finance expenses from insurance contracts issued 9,910 36 9,945 19,109 Total amounts recognised in profit and loss 8,397 -25 246 8,618 16,825 Other changes -19 -19 -61 Effect of changes in foreign exchange rates -10,476 -134 -400 -11,010 5,545 Cash flows Premiums received 8,142 8,142 11,731 Claims and other directly attributable expenses paid -29,034 -29,034 -16,324 Insurance acquisition cash flows -70 -70 -93 Total cash flows -20,962 -20,962 -4,686 Net closing balance 291,937 5,047 14,318 311,301 334,675
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Storebrand Group 35 Interim Report Storebrand Group INSURANCE Reconciliation of the liability for remaining coverage and the liability for incurred claims 30.09.26 Total 31.12.25 LRC LIC for contracts under the PAA Total NOK Million Excluding loss compo- nent Loss compo- nent Present value of future cash flows Risk adjust- ment for non- financial risk Net opening balance 485 15 9,276 230 10,006 8,559 Insurance revenue -6,835 -6,835 -7,919 Insurance service expenses Incurred claims and other directly attributable expenses 6,397 6,397 7,508 Adjustment to liabilities for incurred claims -156 18 -138 -100 Losses on onerous contracts and reversal of those losses 29 29 6 Insurance service expenses 29 6,241 18 6,287 7,415 Insurance service result -6,835 29 6,241 18 -548 -505 Finance expenses from insurance contracts issued recognised in profit or loss -161 -161 3 Finance expenses from insurance contracts issued -161 -161 3 Total amounts recognised in profit and loss -6,835 29 6,080 18 -708 -501 Effect of changes in foreign exchange rates -120 -8 -128 68 Cash flows Premiums received 7,108 7,108 7,984 Claims and other directly attributable expenses paid -5,135 -5,135 -6,103 Total cash flows 7,108 -5,135 1,972 1,881 Net closing balance 758 44 10,101 240 11,142 10,007
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Storebrand Group Interim Report Storebrand Group 36 Sensitivities NOK Million CSM as at end of period Impact on CSM 14,318 Equity -25% -3,240 Property -10bp -779 Interest rate +50bp -77 Interest rate -50bp -8 Spread (credit spread and VA) +50 bp+15bp -984 Mortality -5% -296 Disability +5% -23 Expenses +5% -304 A description of the accounting principles for tax, and the most significant impact on the effective tax rate is described in Storebrand ASA’s 2025 annual report note 1 and note 27 (Group). Uncertain tax positions The tax rules for the insurance industry have undergone changes in recent years. In some cases, Storebrand and the Norwegian Tax Administration have had different interpretations of the tax rules and associated transitional rules. As a result of this, uncertain tax positions arise in connection with the recognised tax expenses. Whether or not the uncertain tax positions have to be recognised in the financial statements is assessed in accordance with IAS 12 and IFRIC 23. Uncertain tax positions will only be recognised in the financial statements if the company considers it more likely than not that the Norwegian Tax Administration’s interpretation will be accepted in a court of law. For further description of uncertain tax positions, see note 27 (Group) in the Annual Report. There has been some development in the tax position regarding Storebrand Eiendom Holding AS, described under A) in the Annual Report. A decision in the case was issued on 4 March 2026, in which the Ministry of Finance prevailed in the Court of Appeals, establishing that tax-exempt group contributions must reduce the cost price of shares. The court did not address what part of the NOK 1.4 billion actually constitutes repayment of paid-in capital. It is agreed upon that an “each-share” principle applies, and in the company’s view the amount should be allocated across the company’s 2,300 shares. Based on the company’s own calculations, the resulting tax expense is estimated to be in the range of NOK 100–150 million. The judgement was appealed to the Supreme Court in early April. The Supreme Court has granted leave to appeal, and the case is scheduled to be heard in January 2027. Note G7 Tax
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Storebrand Group 37 Interim Report Storebrand Group Storebrand Livsforsikring received a letter from the Norwegian FSA (Finanstilsynet) in 2023 regarding the fee structure on paid-up policies for the year 2023. Storebrand is of the opinion that the fee is legitimate and hence that the company is entitled to it, and has appealed the decision. Storebrand is awaiting further proceedings in the Norwegian Financial Services Complaints Board as a next step and will consider seeking clarification from the court of law if necessary. The potential financial impact and timing of further proceedings remain uncertain. Storebrand Group companies are engaged in extensive activities in Norway and abroad and are subject to client complaints and may become a party in legal disputes, see also note 2 and note 43 in the 2025 annual report. The Storebrand Group is an insurance-dominated, cross-sectoral financial group with capital requirements in accordance with Solvency II. Storebrand calculates Solvency II according to the standard method as defined in the Solvency II Regulations. Solidity and capital management is further described in the 2025 annual report in note 13. Solvency capital 30.09.26 31.12.25 NOK million Total Group 1 unlimited Group 1 limited Group 2 Group 3 Total Share capital 2,124 2,124 2,177 Share premium 10,842 10,842 10,842 Reconciliation reserve 39,077 39,077 38,193 Counting subordinated loans 9,419 2,993 6,426 10,000 Deferred tax assets 72 72 586 Risk equalisation reserve 1,632 1,632 1,420 Deductions for CRD IV subsidiaries -7,638 -7,638 -7,578 Expected dividend/share buyback program -2,203 -2,203 -2,289 Total basic solvency capital 53,325 42,201 2,993 8,058 72 53,350 Subordinated capital for subsidiaries regulated in accordance with CRD IV 7,638 7,578 Total solvency capital 60,963 60,928 Total solvency capital available to cover the minimum capital requirement 47,267 42,201 2,993 2,072 46,608 Note G8 Contingent assets and liabilities Note G9 Solidity and capital management
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Storebrand Group Interim Report Storebrand Group 38 Solvency capital requirement and -margin NOK million 30.09.26 31.12.25 Market risk 19,884 21,986 Counterparty risk 665 713 Life insurance risk 14,127 13,036 Health insurance risk 602 582 P&C insurance risk 1,421 1,247 Operational risk 1,522 1,597 Diversification -8,859 -8,641 Loss-absorbing ability deferred tax -5,021 -5,062 Total solvency capital requirement - insurance company 24,341 25,458 Capital requirements for subsidiaries regulated in accordance with CRD IV 6,216 5,948 Total solvency capital requirement 30,557 31,406 Solvency margin 200% 194% Minimum capital requirement 10,360 10,834 Minimum margin 456% 430% Capital- and capital requirement in accordance with the conglomerate directive NOK million 30.09.26 31.12.25 Capital requirements for CRD IV companies 7,256 6,934 Solvency capital requirements for insurance 24,341 25,458 Total capital requirements 31,596 32,392 Net primary capital for companies included in the CRD IV report 7,638 7,578 Net primary capital for insurance 53,325 53,350 Total net primary capital 60,963 60,928 Overfulfilment 29,367 28,536 Storebrand conducts transactions with related parties as part of its normal business activities. These transactions take place on commercial terms. The terms for transactions with management and related parties are stipulated in notes 21 and 45 in the 2025 annual report. Storebrand has not carried out any material transactions other than normal business transactions with related parties at the close of the 3rd quarter 2026. Note G10 Information about related parties
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Storebrand ASA 39 Interim Report Storebrand Group Income statement Q3 01.01 - 30.09 Full year NOK million 2026 2025 2026 2025 2025 Operating income Income from investments in subsidiaries 16 70 8,377 Net income and gains from financial instruments: - equities and other units -1 -3 1 1 - bonds and other fixed-income securities 61 47 173 158 206 Other financial instruments 2 2 11 6 7 Operating income 61 65 181 235 8,592 Interest expenses -15 -14 -42 -43 -57 Other financial expenses -1 -1 -5 -24 Operating expenses Personnel expenses -17 -15 -51 -44 -60 Other operating expenses -89 -67 -199 -191 -251 Total operating expenses -106 -82 -250 -235 -311 Total expenses -122 -98 -291 -283 -391 Profit before income tax -61 -33 -110 -48 8,200 Tax expenses 15 12 27 30 -503 Profit for the period -46 -20 -82 -18 7,698 Statement of total comprehensive income Q3 01.01 - 30.09 Full year NOK million 2026 2025 2026 2025 2025 Profit for the period -46 -20 -82 -18 7,698 Other total comprehensive income elements not to be classified to profit/loss Change in estimate deviation pension -3 Tax on other comprehensive elements 1 Total other comprehensive income elements -2 Total comprehensive income -46 -20 -82 -18 7,696
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Storebrand ASA Interim Report Storebrand Group 40 Statement of financial position NOK million 30.09.26 31.12.25 Fixed assets Deferred tax assets 66 38 Tangible fixed assets 32 30 Shares in subsidiaries and associated companies 29,979 29,979 Total fixed assets 30,077 30,048 Current assets Owed within group 8,307 Other current receivables 20 20 Investments in trading portfolio: - equities and other units 27 30 - bonds and other fixed-income securities 5,640 3,665 Bank deposits 78 39 Total current assets 5,766 12,060 Total assets 35,842 42,108 Equity and liabilities Share capital 2,124 2,177 Own shares -43 -58 Share premium reserve 10,842 10,842 Total paid in equity 12,922 12,961 Other equity 21,701 23,168 Total equity 34,623 36,130 Non-current liabilities Pension liabilities 105 105 Securities issued 1,001 1,001 Total non-current liabilities 1,106 1,106 Current liabilities Debt within group 19 2,525 Provision for dividend 2,289 Other current liabilities 95 59 Total current liabilities 114 4,873 Total equity and liabilities 35,842 42,108
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Storebrand ASA 41 Interim Report Storebrand Group Statement of changes in equity NOK million Share capital Own shares Share premium Other equity Total equity Equity at 31. December 2024 2,240 -70 10,842 19,116 32,127 Profit for the period 7,698 7,698 Total other result elements -2 -2 Total comprehensive income 7,696 7,696 Provision for dividend -2,277 -2,277 Own shares bought back 2) -54 -1,447 -1,501 Own shares sold2) 3 57 61 Cancellation of own shares1) -62 62 Employee share2) 24 24 Equity at 31. December 2025 2,177 -58 10,842 23,168 36,130 Profit for the period -82 -82 Total comprehensive income -82 -82 Provision for dividend 13 13 Own shares bought back 2) -41 -1,473 -1,514 Own shares sold2) 2 51 53 Cancellation of own shares1) -54 54 Employee share2) 23 23 Equity at 30. September 2026 2,124 -43 10,842 21,701 34,623 1) 424 763 636 shares with a nominal value of NOK 5. Share capital reduced in May by NOK 54 million by cancellation of 10 720 775 shares. 2) In 2026, Storebrand ASA has bought 8 268 961 shares. In 2026, 430 558 shares were sold to our own employees. Holding of own shares 30. September 2026 was 8 676 139.
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Storebrand ASA Interim Report Storebrand Group 42 Statement of cash flow 01.01 - 30.09 NOK million 2026 2025 Cash flow from operational activities Net receipts/payments - securities at fair value -1,802 -553 Payments relating to operations -202 -219 Income from subsidiaries and other operational activities 8,316 4,883 Net cash flow from operational activities 6,312 4,112 Cash flow from investment activities Payments - purchase/capitalisation of subsidiaries -2,515 -897 Net receipts/payments - sale/purchase of property and fixed assets -1 -1 Net cash flow from investment activities -2,516 -898 Cash flow from financing activities Payments - repayments of loans -500 Receipts - new loans 499 Payments - interest on loans -42 -43 Receipts - sold own shares to employees 76 85 Payments - buy own shares -1,514 -1,151 Payments - dividends -2,276 -2,028 Net cash flow from financing activities -3,756 -3,137 Net cash flow for the period 40 76 Net movement in cash and cash equivalents 40 76 Cash and cash equivalents at start of the period 39 45 Cash and cash equivalents at the end of the period 78 121
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43 Interim Report Storebrand Group Notes to the financial statements Storebrand ASA The financial statements are presented in accordance with the accounting policies applied in the annual financial statements for 2025. The accounting policies are described in note 1 in the 2025 annual report. Storebrand ASA does not apply IFRS to the parent company's financial statements. In preparing the interim accounts, Storebrand has used assumptions and estimates that affect reported amounts of assets, liabilities, revenues, and costs, and information in the notes to the financial statements. The final values realised may differ from these estimates. Note P1 Basis for preparation
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Interim Report Storebrand Group 44 NOK million Interest rate Currency Net nominal value 30.09.26 31.12.25 Bond loan 2024/2029 Variable NOK 500 500 500 Bond loan 2024/2030 Variable NOK 500 500 500 Total 1) 1,001 1,001 1) Loans are booked at amortised cost and include earned not due interest. Signed loan agreements have covenant requirements. Storebrand ASA has an unused drawing facility for EUR 200 million, expiration December 2029 with two one-year extension options. Storebrand ASA has entered into an agreement to acquire up to 100 percent of the shares in Knif Trygghet Forsikring AS (Knif Trygghet), together with a partnership agreement with Knif AS (Knif) to offer insurance, pension and asset management products to the market for Christian and non-profit organisations. Storebrand ASA has received required regulatory approvals, and the transaction was completed on 16 October 2026. The consideration for 100 percent of the shares amounts to NOK 560 million and was settled primarily in new shares in Storebrand ASA, with a limited cash component relating to the compulsory acquisition of remaining shares. For further information see note 2 in the Storebrand Group. Note P2 Bond and bank loan Note P3 Acquisition
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45 Interim Report Storebrand Group 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 Financial calendar 10 February 2027 Results Q4 2026 16 March 2027 Annual Report 8 April 2027 Annual General Meeting 28 April 2027 Results Q1 2027 14 July 2027 Results Q2 2027 27 October 2027 Results Q3 2027 Storebrand ASA Professor Kohts vei 9, P.O. Box 500, N-1327 Lysaker, Norway Phone: +47 22 31 50 50 www.storebrand.com/ir