Storebrand (STB) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 results with NOK 5.7bn group profit, surpassing targets by 14%, and operational result up 26% year-over-year, driven by strong insurance and asset management performance.

• Return on equity reached 16% for the full year and 17–18% annualised in Q4, exceeding targets.

• Assets under management reached NOK 1,609bn, with double-digit growth across pensions, asset management, and insurance.

• Fee and administration income rose 25% year-over-year in Q4, with cash equivalent earnings from operations up 61%.

• Cost control and digital investments, especially in AI, enhanced scalability and customer experience.

Financial highlights

• Q4 group profit was NOK 1,515m, up 42% year-over-year, with full-year group result of NOK 5.7bn, NOK 700m above target.

• Solvency II ratio stood at 194% at year-end, well above the 175% threshold.

• Operational costs for 2025 were NOK 6.9bn, with 2026 guidance at NOK 7.3–7.4bn.

• Tax charge for the full year was 15%, driven by lower Swedish taxes and currency effects.

• Fee and administration income for the year was NOK 8,573m, up 13% year-over-year.

Outlook and guidance

• Ambition to achieve NOK 7bn profit before amortisation and tax by 2028, with high single- to double-digit growth in Savings and Insurance.

• Combined ratio in insurance targeted to improve from 92% in 2025 to 90% or better by 2028.

• Dividend per share expected to grow at a double-digit rate annually through 2028, with NOK 2bn buybacks in 2026 and NOK 1.5bn annually thereafter.

• Remittance guidance for 2026 is NOK 1bn above results, with future remittance closer to net cash result.

• Continued focus on capital-light business areas and sustainable value creation.