Storebrand (STB) investor relations material

Executive summary

• Q3 operating earnings reached a record NOK 1,162m, up 7% YoY; cash equivalent earnings before amortisation were NOK 1,517m, down 4% as weaker financial items and life-risk results offset operating growth.

• YTD cash equivalent earnings before amortisation rose 12% to NOK 4,669m; 2028 targets of NOK 7bn earnings and 17% return on equity remain in place.

• Insurance, occupational pensions, asset management and retail savings grew; Knif Trygghet Forsikring acquisition completed on 16 October 2026.

Financial highlights

• Q3 fee and administration income was NOK 2,139m, up 1% reported and 6% excluding currency effects and performance-based income; insurance result rose to NOK 895m from NOK 697m.

• Operational costs were NOK 1,872m, up 8% YoY; NOK 20m was non-recurring project cost, while NOK 54m of AIP earn-out revaluation income was recorded.

• Q3 IFRS profit before amortisation and tax was NOK 1,445m versus NOK 1,807m; profit for the period was NOK 945m versus NOK 1,323m.

• Q3 cash equivalent earnings after tax were NOK 996m; YTD earnings after tax were NOK 3,201m. Cash equivalent EPS was NOK 2.54 and IFRS EPS was NOK 2.25.

• Q3 effective tax rate was 32%, elevated by currency movements and hedging; normal tax-rate guidance remains 19%–22%.

Outlook and guidance

• 2028 ambitions include NOK 7bn cash equivalent earnings before amortisation and tax, 17% return on equity and growing dividends each year.

• 2026 costs are expected at NOK 7.3–7.4bn before currency and performance-related costs; operating expense growth toward 2028 is expected to remain ~5% annually.

• Solvency II and guaranteed-product regulatory changes are expected to lift the solvency margin by more than 10 percentage points from Q1 2027.

• Insurance ambition is double-digit annual premium growth over three years and a combined ratio of 90% or better by 2028; asset management targets annual AUM growth of 7–9%.

• Board intends to propose ~10% 2026 ordinary dividend-per-share growth and NOK 2bn in 2027 buybacks, subject to market conditions and approvals.