Storebrand (STB) investor relations material

Executive summary

• Achieved record operational earnings and profit in Q2 2026, with a 17% year-on-year increase in operational result and strong double-digit growth across all segments.

• Cash-based earnings reached NOK 1.8 billion for the quarter, a 26% increase year-on-year; first half earnings at NOK 3.2 billion, up 22%.

• Marked 30 consecutive quarters of market share growth in Norwegian retail P&C insurance, reaching 8.1% in Q2 2026.

• Sustainability remains central, with global recognition including listings by TIME Magazine and Dow Jones, and a 52% reduction in financed emissions since 2018.

• Acquisition of Knif Trygghet Forsikring expands presence in the non-profit sector, with completion expected in Q4 2026.

Financial highlights

• Quarterly result: NOK 1.8 billion, up 26% year-on-year; operational earnings up 17%.

• Earnings per share: NOK 3.43, up 19% year-on-year; trailing 12-month ROE at 16%, annualized cash ROE at 20%.

• Solvency margin at 200%, down from 206% in Q1, but balance sheet remains robust.

• Fee and administration income down 2% year-on-year, but up 1% year-to-date.

• Operational costs at NOK 1.8 billion, up less than 3% year-on-year; cost-income ratio improved with 12% lower costs in asset management.

Outlook and guidance

• Operational cost guidance for 2026 remains NOK 7.3–7.4 billion before currency and performance-related costs.

• Expect negative impact of NOK 20 million per quarter from a NOK 13 billion customer outflow in hybrid and guaranteed pensions starting Q3.

• Long-term ambition of over NOK 12 billion in share buybacks by 2030, with increasing annual dividends and NOK 7 billion profit target by 2028.

• Insurance segment targets double-digit annual premium growth and a combined ratio of 90% or better by 2028.

• Acquisition of Knif Trygghet Forsikring AS expected to complete in Q4 2026, with no material impact on solvency or liquidity.