Storebrand (STB) investor relations material

Executive summary

• Achieved record group result of NOK 5.7 billion for 2025, surpassing targets by 14%, with operational result up 26% year-over-year, driven by strong insurance and asset management performance.

• Return on equity reached 16% for the full year and 17–18% annualised in Q4, exceeding targets.

• Assets under management reached NOK 1,609 billion, with double-digit growth across pensions, asset management, and insurance.

• Group profit for Q4 was NOK 1,515 million, up 42% from last year, and fee and administration income rose 25% year-over-year to NOK 2,382 million in Q4.

• Dividend per share increased by 15% to NOK 5.40, and a NOK 2 billion share buyback program was approved for 2026.

Financial highlights

• Operational result for Q4 was NOK 1,131 million, up 61% year-on-year, and total fee and administration income for the year was NOK 8,573 million, up 13%.

• Insurance premiums increased by 20% year-over-year, driving profitability.

• Asset management delivered NOK 475 million in performance-related income for 2025.

• Combined ratio for insurance improved to 92% for the full year, down from 97% last year.

• Solvency II ratio stood at 194% at year-end, well above the 175% overcapitalisation threshold.

Outlook and guidance

• Ambition to achieve NOK 7 billion profit before amortisation and tax by 2028, with high single- to double-digit growth in Savings and Insurance.

• Combined ratio target remains at or below 90% for 2028, with gradual improvement expected.

• Dividend per share expected to grow at a double-digit rate annually through 2028, with NOK 2 billion buybacks in 2026 and NOK 1.5 billion annually thereafter.

• Margins in unit-linked expected to be in the 45–50 basis points range by 2028.

• Continued focus on capital-light business areas and sustainable value creation.