Storebrand (STB) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong earnings growth, with group cash-based earnings up 8% year-over-year to NOK 1,167 million and operating result up 16% to NOK 800 million, despite volatile markets.

• Assets under management (AUM) grew 13% year-over-year to NOK 1,442 billion, supported by acquisitions and positive net flows.

• Unit-linked reserves increased 9% and insurance premiums rose 21% year-over-year, with strong growth in savings and insurance segments.

• Annualized return on equity for the quarter was 15%, exceeding the financial target.

• Ongoing share buyback program with NOK 1.5 billion annual ambition; NOK 300 million executed in Q1 and NOK 750 million tranche initiated.

Financial highlights

• Operating result up 16% year-over-year to NOK 800 million; financial result at NOK 367 million.

• Fee and administration income reached NOK 1,997 million, up 10% year-over-year.

• Insurance result improved to NOK 470 million from NOK 367 million year-over-year; combined ratio at 97%.

• Solvency margin at 198%, well above target, supported by strong post-tax results.

• Top-line growth for Q1 was 10%; insurance result up 28% year-over-year.

Outlook and guidance

• Ambition for double-digit growth in cash results, retail savings, mortgage lending, and insurance in 2025.

• Combined ratio target for insurance remains at 90–92% for full year 2025.

• Return on equity target raised to 14% for the group.

• Fee income and profit sharing expected to be back-end loaded in the second half of the year.

• Guidance for profit sharing: NOK 300 million each from Sweden and Norway for the year.