Storebrand (STB) Investor presentation summary

Overview and strategy

• Leading Nordic provider of occupational pensions in Norway and Sweden, with a strong asset management presence and growing retail banking and insurance operations.

• Transitioned from capital-intensive guaranteed business to capital-light savings and insurance, improving asset quality and profitability.

• Focus on sustainable value creation, digital innovation, and capital management to drive growth and shareholder returns.

• Double-digit growth in unit-linked pensions, asset management, insurance premiums, and retail lending over recent years.

• Ambitions include >14% return on equity by 2025, NOK 1.5bn annual dividends, and net-zero investments by 2050.

Sustainability

• Recognized as a pioneer in sustainable finance, with top rankings in global sustainability indices and awards for diversity and equality.

• Net-zero ambition across portfolios by 2050, with 15% of AuM in solution companies by 2025 and science-based emission reduction targets.

• Issued NOK 13bn in green bonds since 2021, with proceeds allocated to eligible green assets under a robust Green Bond Framework.

• 47% of total AuM invested in fossil-free assets, and ongoing development of products to reduce disability benefit dependency.

• Transparent sustainability reporting with comprehensive KPIs and annual GRI-aligned reports.

Capital and solvency

• Group solvency ratio at 191% and Storebrand Livsforsikring at 261% as of Q2 2024, well above target levels.

• Solid capital position, low leverage, and strong liquidity provide financial flexibility for growth and risk management.

• Consistent capital management policy with intention to return excess capital via share buybacks when solvency exceeds 175%.

• High-quality asset base, predominantly fixed income, supports secure returns for guaranteed pensions and company capital.

• S&P Global rates Storebrand Livsforsikring AS at A (stable) and Storebrand ASA at BBB+ (stable), reflecting improved capital adequacy and earnings.