Storebrand (STB) CMD 2025 summary

Strategic direction and market positioning

• Focus on scaling capital-light front book business, with ambitions to be a leading Nordic savings and insurance group, leveraging digitalization, sustainability, and people-first culture.

• Strategy built on unlocking shareholder value and customer security through capital build-up, growth, and disciplined capital distribution, structured in multi-phase plans through 2035.

• Well positioned to capitalize on Nordic megatrends: stable macro environment, digitalization, demographic shifts, and individualization of savings and insurance.

• Transformation since 2012 shifted earnings from guaranteed products to savings and insurance, making results more resilient and less exposed to market volatility.

• Digital investments, AI, and automation drive efficiency, customer satisfaction, and scalability across business lines, supported by a fully cloud-based, cyber-secure platform.

Financial targets and capital allocation

• New financial targets: NOK 7 billion group result and 17% return on equity by 2028, with ambition to exceed 20% ROE by 2035.

• Double-digit annual dividend growth targeted, with NOK 2 billion share buyback in 2026 and NOK 1.5 billion annually through 2030, totaling over NOK 12 billion by 2030.

• Dividend policy aims for at least nominal growth per share annually, with special dividends or buybacks if solvency margin exceeds 175%.

• Expectation to remit 100% of results after tax to the holding company, with additional upstreaming from over-capitalized life company and robust liquidity (SII margin 195% Q3 2025).

• Balance sheet transformation reduces capital intensity, shifting from guaranteed liabilities to savings and insurance, improving risk profile and capital efficiency.

Business segment developments and growth initiatives

• Asset management targets 7–9% annual AUM growth and over 10% annual growth in operational earnings, focusing on alternatives and scalability in Sweden and Denmark.

• Swedish savings segment and unit-linked business aim for 7–9% AUM CAGR and over 10% result CAGR, leveraging digitalization and expanded distribution.

• Norwegian Unit Linked business targets 12–14% AUM CAGR and 7–9% result CAGR, with digital platforms and automation.

• Retail banking and savings seek 5–10% annual lending growth, 1.2% net interest margin, and expansion of Kron as a digital core.

• Insurance segment targets over 10% annual premium growth and combined ratio at or below 90%, with digitalization and scale driving profitability.