Storebrand (STB) Investor update summary

Strategic transformation and business model

• Transitioned from capital-intensive guaranteed products to capital-light savings and insurance, now largely complete, driving higher quality assets and resilient profit generation.

• Leading Nordic provider of occupational pensions and asset management, with strong growth in Norwegian retail markets.

• Digital innovation and sustainability are core to the strategy, with significant progress in emissions reduction and science-based targets.

• Strategic ambition to increase cash results, return on capital, and annual dividends through 2028.

• Strong heritage with 258 years of operations, serving 61,000 corporate and 2.6 million individual customers.

Financial performance and growth

• Achieved record results in 2025, with NOK 5.7 billion profit, surpassing targets by 14%.

• Operational result increased 28% year-on-year, with double-digit growth in unit-linked reserves and insurance premiums.

• Assets under management reached NOK 1,543 billion in Q1 2026.

• Return on equity reached 15% (TTM) in 2025, with a target of 17% by 2028.

• Q1 2026 group result was NOK 1,353 million, up 16% year-on-year.

Capital and solvency position

• Group solvency ratio at 206% in Q1 2026, well above the 150% target, supporting dividend and buyback policy.

• Storebrand Livsforsikring AS maintains a 266% solvency margin, reflecting strong capital adequacy.

• Leverage ratio at 17%, within target range and modest compared to peers.

• Own funds of NOK 60 billion at group level, NOK 45 billion at issuer level, both well above SCR.

• Asset quality remains high, with conservative positioning and strong ratings.