Storebrand (STB) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 results with robust operating and financial performance, including double-digit business growth and progress toward NOK 5 billion 2025 result target.

• Fee and administration income rose 10% year-over-year to NOK 2,070m, with operational result up 16% and cash equivalent earnings up 19% year-over-year to NOK 1,427m.

• Annualized Return on Equity reached 18% for the quarter, supported by a robust balance sheet and solvency ratio.

• Continued focus on capital-light business areas and sustainability, with new renewable investments and global recognition for sustainability leadership.

Financial highlights

• Group result before amortisation and tax reached NOK 2,594m in Q2 2025, up from NOK 1,427m in Q2 2024; cash-based earnings were NOK 1,427m.

• Insurance premiums increased 21% year-over-year, and unit linked reserves rose 12%.

• Combined Ratio in insurance improved to 91% from 97% in Q1; insurance result up 60% compared to Q2 last year.

• Assets under management grew 16% year-over-year to NOK 1,507bn, including acquired business.

• Tax charge for the quarter was 14–15%, below normal due to currency effects; tax guidance remains 19–22%.

Outlook and guidance

• On track to deliver NOK 5 billion result target for 2025 and maintain double-digit growth ambitions.

• Combined ratio ambition for insurance segment maintained at 90–92% for 2025.

• Full-year cost guidance set at NOK 6.8bn, with cost reclassification leading to NOK 6.9bn under new recognition.

• Capital Markets Day scheduled for December 10, 2025, to provide strategic and financial updates.

• Sustainability targets on track, including 32% CO2 reduction by 2025 and increased solution investments.