Storebrand (STB) Q3 2025 earnings summary

Executive summary

• Record-high Q3 2025 profit of NOK 1,586 million, up 5% year-over-year and 11% sequentially, driven by growth, cost control, and improved insurance results.

• Operational result reached NOK 1,091 million, a 16% increase year-over-year, with fee and administration income up 8% to NOK 2,124 million.

• Double-digit growth continues across all business segments, with strong positions in occupational pensions, asset management, and retail financial services.

• Strategic focus on sustainability, digitalization, and capital-light business areas as growth enablers.

• Kjetil R. Krøkje appointed as new CFO, succeeding Lars Løddesøl.

Financial highlights

• Group profit before amortisation and tax (IFRS) was NOK 1,807 million in Q3 2025, up from NOK 1,396 million in Q3 2024.

• Insurance premiums exceeded NOK 10 billion, up 20% year-over-year; AUM grew 16% to NOK 1,561 billion.

• Earnings per share at NOK 3.08; cash EPS for Q3 2025 was 3.12.

• Annualized return on equity at 19% in Q3 2025.

• Solvency II ratio at 195% at quarter-end, down from 200% last quarter, mainly due to buybacks and accrued dividends.

Outlook and guidance

• Double-digit growth ambition for 2025, with cost guidance of NOK 6.9 billion for the year.

• Combined ratio ambition remains at 90-92%, but strong sales and weather claims may push it higher in 2025.

• Dividend growth expected to be consistent with previous years, with share buybacks planned if solvency margin remains above 175%.

• VAT Act changes expected to increase costs by NOK 100 million annually from H2 2026; mitigation measures underway.

• AIP Management expected to contribute positively from 2026 after current fundraising delays.