Storebrand (STB) Q1 2026 earnings summary

Executive summary

• Operational result increased 28% year-over-year, with double-digit growth across all segments despite volatile markets and moderate financial results due to mark-to-market effects.

• Assets under management reached NOK 1,543 billion, up 7% year-over-year, with negative market movements mainly driven by currency effects; net flows remained positive.

• Solvency ratio improved to a record high of 206%, well above the 150% target, supporting ongoing capital distribution plans and buyback program.

• Strategic focus on growing capital-light business areas and maintaining leading positions in occupational pension, asset management, and Norwegian retail financial services.

• Return on equity (ROE) was 15% for the last twelve months.

Financial highlights

• Quarterly result of NOK 1,353 million, up 16% year-over-year; operational earnings up 28%.

• Earnings per share at NOK 2.10; annualized return on equity at 12%, both negatively impacted by a high tax rate.

• Fee and administration income up 5% year-over-year; insurance result up 41%.

• Operational costs at NOK 1,736 million, up 3-4% excluding sales commissions; cost-to-income ratio improved by 9 percentage points.

• Combined ratio in insurance improved by 4 percentage points to 93%.

Outlook and guidance

• Confident in delivering on 2025 capital distribution ambitions and 2028 financial targets, including NOK 7bn cash result and 17% ROE by 2028.

• Full-year operational cost guidance remains at NOK 7.3–7.4 billion, with potential to come in below.

• Tax guidance remains at 19%-22% despite a one-off high tax charge this quarter.

• Positive outlook for profit sharing due to regulatory changes and strong buffer capital.

• Combined ratio in insurance targeted to improve to 90% or better by 2028.