Storebrand (STB) Investor presentation summary

Strategic positioning and business overview

• Operates as a leading Nordic savings and insurance group with 55,000 corporate and 2.2 million individual customers.

• Focuses on capital-light business model with strong group synergies and a history of pioneering financial services since 1767.

• Market leader in pensions and savings with NOK 777bn AuM, world leader in sustainable asset management with NOK 1,500bn AuM.

• Fast-growing challenger in retail banking (NOK 92bn lending) and insurance (NOK 9.9bn premiums).

• Emphasizes cross-sales and off-balance sheet income, leveraging the Kron merger for increased customer engagement.

Financial performance and growth

• Achieved double-digit growth across unit-linked pensions, asset management, insurance, and retail banking from 2018 to 2024.

• Net interest income rose from NOK 610m in 2022 to NOK 1,175m in 2024, with RoE after tax for core banking reaching 10.9% in 2024.

• Cost/income ratio for core banking improved to 42% in 2024, with stable loan losses and strong profit before tax.

• Accelerated deposit growth in 2024, reaching NOK 35.2bn in Q1 2025.

• Mortgage lending continues robust growth, supported by ESG product leadership and market exits by competitors.

Funding, risk, and capital management

• Maintains a solid balance sheet with diversified funding, including significant covered bond issuance and senior bonds in NOK, EUR, and SEK.

• Covered bond program ranks among Norway's largest, with NOK 46.9bn outstanding and strong investor reception.

• Strong capital position with CET1 ratio above regulatory requirements and estimated boost from CRR3 in 2025.

• Low financial risk, stable cash flow, and conservative investment strategy underpin resilience.

• Maintains high liquidity and funding ratios, with LCR and NSFR well above legal requirements.