Storebrand (STB) Q4 2024 earnings summary

Executive summary

• Achieved record-high group result of NOK 5.9 billion for 2024, with operating profit at NOK 3.2 billion and strong double-digit growth across all business areas.

• Delivered NOK 84 billion in returns to customers, completed sale of Health Insurance, and acquired AIP Management and headquarters.

• Maintained leadership in sustainability, being the only Norwegian company on the Dow Jones Sustainability World Index in 2024 and recognized for digitalization and customer satisfaction.

• Dividend per share increased 15% to NOK 4.7 for 2024; NOK 1.5 billion share buybacks completed and approved for 2025.

• Solvency II ratio reached 200% at year-end, up from 192% at the start of the year.

Financial highlights

• Group result (cash equivalent earnings before amortisation and tax) reached NOK 5,904 million for 2024, up from NOK 3,480 million in 2023.

• Fourth quarter cash-based earnings reached NOK 1.1 billion, up 46% year-over-year.

• Operating profit supported by NOK 1,047 million gain from the divestment of Storebrand Health Insurance.

• Assets under management (AUM) increased to NOK 1,469 billion, up 21% year-over-year.

• Dividend per share increased to NOK 4.70, a 15% rise from last year, with NOK 1.5 billion share buybacks approved for 2025.

Outlook and guidance

• Result ambition of more than NOK 5 billion for 2025 is maintained, with a 14% ROE target.

• Combined ratio in Insurance targeted at or below 92% for 2025, with price increases and efficiency measures expected to deliver.

• Operational cost guidance for 2025 set at NOK 6.8 billion, including AIP acquisition and investments in growth.

• Tax guidance remains at 19%-22%.

• Plans to return NOK 12 billion of excess capital by 2030, mainly via share buybacks.