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Storebrand ASA
Quarterly Report • Oct 23, 2024
3766_rns_2024-10-23_6111ded2-11c4-49d1-b2d0-c1f13ab9ae07.pdf
Quarterly Report
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Supplementary Information
(unaudited)
| Overview |
3 |
|---|---|
| Key figures 4 | |
| Shareholder structure |
5 |
| Financial results |
6 |
| Profit and loss – Storebrand Group6 | |
| Savings (non-guaranteed) | 7 |
| Profit and loss7 | |
| Key figures 7 | |
| Profit by product 8 | |
| Sales and markets 9 | |
| Reserves development 10 | |
| Insurance | 11 |
| Profit and loss 11 | |
| Key figures 12 | |
| Profit by product 13 | |
| Guaranteed pension | 14 |
| Profit and loss 14 | |
| Key figures 14 | |
| Profit by product 15 | |
| Investment return 16 | |
| Balance sheet 16 | |
| Sales and markets 16 | |
| Reserves and buffers 18 | |
| Key figures guaranteed products 19 | |
| Other |
21 |
| Profit and loss 21 | |
| Key figures 21 |
| Storebrand Group |
22 |
|---|---|
| Profit and loss 22 | |
| Balance sheet 22 | |
| Storebrand Life Group (Alternative income statement) |
23 |
| Profit and loss – Storebrand Life Group 23 | |
| Balance sheet – Storebrand Life Group 24 | |
| Profit and loss – SPP Pension & Försäkring AB Group 24 | |
| Balance sheet – SPP Pension & Försäkring AB Group 24 | |
| Storebrand Asset Management Group (IFRS-Legal) | 25 |
| Profit and loss 25 | |
| Balance sheet 25 | |
| Storebrand Forsikring AS (IFRS-Legal) |
26 |
| Profit and loss 26 | |
| Balance sheet 26 | |
| Storebrand Bank Group (IFRS-Legal) | 27 |
| Profit and loss – Storebrand Bank Group 27 | |
| Balance sheet – Storebrand Bank Group 27 | |
| Key figures banking 28 | |
| Profit and loss – Storebrand Boligkreditt AS 28 | |
| Balance sheet – Storebrand Boligkreditt AS 28 | |
| Capital ratios – Storebrand Bank Group 29 | |
| Storebrand ASA (IFRS-Legal) |
29 |
| Profit and loss 29 | |
| Balance sheet 29 |
Overview
Storebrand is the leading provider of life insurance and pensions in the Nordic region. The group provides both guaranteed and non-guaranteed savings, as well as insurance, to retail customers, corporate customers, municipalities and to the public sector.
Reporting and legal structure
Storebrand's reporting structure deviates from the legal structure. The main lines in the reporting structure are shown below. The supplementary information is structured around Savings (nonguaranteed), Guaranteed pension, Insurance and Other.
Storebrand consists of a number of legal entities. Profit and Balance sheet of these legal entities can be found in the last part of this document. Separate interim reports for Storebrand Livsforsikring AS and Storebrand Bank ASA can also be downloaded at www.storebrand.com/ir.
Accounting principles
Storebrand Group accounts are presented in accordance with the Alternative Reporting (ARO) and International Financial Reporting Standards (IFRS) approved by the European Union.
Reporting structure
Key figures
| 2024 | 2023 | |||||
|---|---|---|---|---|---|---|
| Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| 9,81 | 6,69 | 2,09 | 7,85 | 5,71 | 3,98 | 1,82 |
| 30 672 | 29 986 | 29 956 | 29 531 | 28 940 | 28 902 | 30 266 |
| 21,2 % | 33,3 % | 14,5 % | 14,6 % | 11,8 % | 15,3 % | 12,9 % |
| 6 936 | ||||||
| 343 347 | ||||||
| 1 110 733 | ||||||
| 69 812 | ||||||
| 8 574 | 8 184 | 7 835 | 7 405 | 7 216 | 7 085 | 6 885 |
| 76 % | 80 % | 80 % | 96 % | 82 % | 78 % | 79 % |
| 17 % | 17 % | 17 % | 18 % | 18 % | 18 % | 19 % |
| 94 % | 97 % | 98 % | 115 % | 99 % | 96 % | 97 % |
| 282 601 | ||||||
| 45,1 % | ||||||
| -2 259 | ||||||
| 6,5 % | ||||||
| 19,0 % | ||||||
| 190 % | 191 % | 191 % | 192 % | 204 % | 196 % | 179 % |
| 55 453 | 54 331 | 54 495 | 51 921 | 51 947 | 51 893 | 48 883 |
| 29 182 | 28 430 | 28 593 | 27 098 | 25 460 | 26 542 | 27 289 |
| 21,3 % | 21,3 % | 21,4 % | 21,8 % | 20,1 % | 20,7 % | 20,2 % |
| 18,2 % | 18,2 % | 18,2 % | 18,5 % | 16,7 % | 17,2 % | 16,5 % |
| 17,0 % | 16,9 % | 16,9 % | 17,0 % | 15,2 % | 15,7 % | 14,9 % |
| 7 617 448 514 1 347 397 84 818 39,6 % 7,5 % 23,5 % |
7 739 425 589 1 298 128 82 155 294 115 40,4 % -2 780 6,8 % 23,4 % |
7 475 410 180 1 281 120 78 669 287 989 41,0 % -2 840 6,8 % 23,0 % |
7 309 379 516 1 211 831 76 706 285 322 42,8 % -2 773 6,1 % 21,2 % |
7 289 353 448 1 130 687 74 749 284 228 44,0 % -2 977 -2 720 5,1 % 21,4 % |
7 283 357 150 1 143 232 72 700 277 922 279 933 43,9 % -2 486 6,0 % 21,1 % |
1) Accumulated accounting year
2) Additional statutory reserves + market value adjustment reserve
3) Conditional bonuses
4) May include transitional capital in relevant quarters
5) The term solidity capital encompasses equity, subordinated loan capital, the risk equalisation fund, the market value adjustment reserve, additional statutory
reserves, conditional bonuses, excess value/deficit related to bonds at amortised cost and accrued profit.
6) Excludes portfolio premiums in Storebrand Helseforsikring AS (50% ownership sold to Ergo International Q2 2024).
Shareholder structure
Shares in Storebrand ASA are quoted on the Oslo Stock Exchange (OSE) with the ticker code STB. Storebrand ASA has a share capital of NOK 2 240 million. There are 447 972 681 shares with a par value of NOK 5.
As of 30.09.2024 the shareholder structure1 was as follows:
| Table 2: Shareholder structure (30.09.2024) | |||||
|---|---|---|---|---|---|
| Shareholder | Total | ||||
| % | |||||
| Folketrygdfondet | 10,65 % | ||||
| T Rowe Price Global Investments | 6,53 % | ||||
| Vanguard Group | 5,07 % | ||||
| DNB Asset Management | 3,64 % | ||||
| Alfred Berg | 3,36 % | ||||
| Storebrand Asset Management | 3,23 % | ||||
| Storebrand ASA | 2,56 % | ||||
| BlackRock | 2,52 % | ||||
| KLP | 2,37 % | ||||
| Allianz Global Investors | 2,31 % | ||||
| Next 10 largest shareholders | 14,47 % | ||||
| Total - 20 largest shareholders | 56,71 % |
Table 3: Rating
| Rating agency S&P |
|
|---|---|
| Storebrand ASA | BBB+ / Stable |
| Storebrand Livsforsikring AS | A / Stable |
| Storebrand Bank ASA | A / Stable |
| Storebrand Boligkreditt AS | AAA |
1 Based on look through analysis of beneficial owner.
Financial results
Profit and loss – Storebrand Group
Table 4: Group profit
| 2024 2023 |
01.01 - 30.09 | Full year | ||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Fee and administration income | 1 971 | 1 888 | 1 818 | 1 739 | 1 768 | 5 677 | 5 043 | 6 782 |
| Insurance result | 483 | 396 | 367 | 64 | 318 | 1 246 | 1 057 | 1 122 |
| Operational cost | -1 509 | -1 465 | -1 498 | -1 542 | -1 394 | -4 472 | -4 245 | -5 787 |
| Cash equivalent earnings from operations | 944 | 819 | 688 | 262 | 692 | 2 451 | 1 855 | 2 117 |
| Financial items and risk result life | 563 | 1 431 | 394 | 465 | 378 | 2 387 | 897 | 1 362 |
| Cash equivalent earnings before amortisation | 1 507 | 2 249 | 1 082 | 728 | 1 070 | 4 838 | 2 752 | 3 480 |
| Amortisation and write-downs of intangible assets | -73 | -72 | -73 | -114 | -146 | -218 | -265 | -379 |
| Cash equivalent earnings before tax | 1 434 | 2 177 | 1 009 | 614 | 924 | 4 620 | 2 487 | 3 101 |
| Tax | -141 | -213 | -147 | 19 | -195 | -501 | 97 | 116 |
| Cash equivalent earnings after tax | 1 293 | 1 964 | 862 | 633 | 729 | 4 119 | 2 584 | 3 217 |
Table 5: Group profit by result area
| 2024 | 2023 | 01.01 - 30.09 | Full year | ||||||
|---|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 | |
| Savings - non-guaranteed | 785 | 630 | 567 | 399 | 574 | 1 982 | 1 463 | 1 862 | |
| Insurance | 214 | 118 | 108 | -193 | 100 | 440 | 220 | 27 | |
| Guaranteed pension | 346 | 306 | 289 | 433 | 314 | 941 | 892 | 1 326 | |
| Other profit | 162 | 1 195 | 119 | 88 | 82 | 1 476 | 178 | 265 | |
| Cash equivalent earnings before amortisation | 1 507 | 2 249 | 1 082 | 728 | 1 070 | 4 838 | 2 752 | 3 480 |
Table 6: Earnings per share
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Cash equivalent earnings after tax, adj. for amort. | 1 366 | 2 036 | 935 | 966 | 788 | 4 337 | 2 630 | 3 596 |
| Average number of shares (millions) | 442 | - | - | - | - | 442 | 461 | 458 |
| Cash EPS1 | 3,12 | 4,59 | 2,09 | 2,14 | 1,73 | 9,81 | 5,71 | 7,85 |
1) Cash EPS is an APM defined by Storebrand. Please see www.storebrand.no/ir for an overview of APMs used in financial reporting
Table 7: Exchange rates SEK/NOK
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Q3 | Q2 | Q1 | Q4 | Q3 | |
| Profit | 1,0153 | 1,0092 | 1,0124 | 0,9960 | 0,9892 |
| Balance | 1,0391 | 1,0054 | 1,0146 | 1,0077 | 0,9794 |
Savings (non-guaranteed)
Savings (non-guaranteed) comprises Defined Contribution in Norway and Sweden, Asset Management and Bank products to the retail market. The report on Savings (non-guaranteed) consequently includes profit from Storebrand Livsforsikring AS, SPP Pension & Försäkring AB, Storebrand Asset Management AS and Storebrand Bank ASA.
Profit and loss
Table 8: Savings - non-guaranteed
| 2024 | 2023 | 01.01 - 30.09 | ||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Fee and administration income | 1 660 | 1 567 | 1 494 | 1 388 | 1 420 | 4 721 | 4 056 | 5 443 |
| Operational cost | -948 | -923 | -947 | -972 | -852 | -2 818 | -2 611 | -3 582 |
| Cash equivalent earnings from operations | 712 | 644 | 547 | 416 | 568 | 1 902 | 1 445 | 1 861 |
| Financial result | 73 | -13 | 20 | -16 | 6 | 80 | 18 | 1 |
| Cash equivalent earnings before amortisation | 785 | 630 | 567 | 399 | 574 | 1 982 | 1 463 | 1 862 |
Table 9: Savings - by non-guaranteed product
| 2024 | 2023 | 01.01 - 30.09 | ||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Unit linked Norway | 171 | 171 | 162 | 124 | 137 | 504 | 375 | 499 |
| Unit linked Sweden | 87 | 82 | 84 | 44 | 69 | 253 | 188 | 232 |
| Asset management | 343 | 224 | 212 | 150 | 235 | 779 | 566 | 717 |
| Retail banking | 196 | 184 | 148 | 104 | 147 | 529 | 395 | 500 |
| Kron* | -13 | -31 | -39 | -23 | -14 | -82 | -62 | -85 |
| Cash equivalent earnings before amortisation | 785 | 630 | 567 | 399 | 574 | 1 982 | 1 463 | 1 862 |
* The stand-alone result from Kron will be reported separately in the integration period
Key figures
Table 10: Savings - non-guaranteed
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 |
| Unit linked Reserves | 448 514 | 425 589 | 410 180 | 379 516 | 353 448 |
| Unit linked Premiums | 7 617 | 7 739 | 7 479 | 7 225 | 7 055 |
| AuM Asset Management | 1 347 397 1 298 128 1 281 120 1 211 831 1 130 687 | ||||
| Retail Lending* | 84 818 | 82 155 | 78 669 | 76 706 | 74 749 |
*Includes mortgages on the Storebrand Livsforsikring AS balance sheet
Profit by product
Table 11: Unit Linked Norway
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Fee and administration income | 340 | 329 | 331 | 296 | 305 | 1 000 | 916 | 1 212 |
| Operational cost | -170 | -159 | -169 | -173 | -167 | -497 | -534 | -707 |
| Cash equivalent earnings from operations | 170 | 170 | 162 | 123 | 138 | 503 | 382 | 505 |
| Financial result | 0 | 1 | -0 | 1 | -1 | 1 | -7 | -6 |
| Cash equivalent earnings before amortisation | 171 | 171 | 162 | 124 | 137 | 504 | 375 | 499 |
| Fee Margin on reserves | 0,57 % | 0,57 % | 0,61 % | 0,58 % | 0,62 % | 0,59 % | 0,64 % | 0,62 % |
| Reserves | 242 616 | 232 432 | 226 482 | 209 345 | 196 674 | 242 616 | 196 674 | 209 345 |
Table 12: Unit linked Sweden
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Fee and administration income | 280 | 277 | 267 | 256 | 244 | 824 | 731 | 987 |
| Operational cost | -193 | -195 | -189 | -208 | -186 | -578 | -551 | -759 |
| Cash equivalent earnings from operations | 87 | 82 | 78 | 48 | 58 | 247 | 180 | 229 |
| Financial result | -0 | 0 | 6 | -4 | 11 | 6 | 8 | 3 |
| Cash equivalent earnings before amortisation | 87 | 82 | 84 | 44 | 69 | 253 | 188 | 232 |
| Fee Margin on reserves | 0,56 % | 0,59 % | 0,60 % | 0,63 % | 0,61 % | 0,59 % | 0,64 % | 0,64 % |
| Reserves | 205 898 | 193 157 | 183 698 | 170 171 | 156 774 | 205 898 | 156 774 | 170 171 |
Table 13: Asset Management segment
| 2024 | 2023 | 01.01 - 30.09 | ||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Fee and administration income | 698 | 638 | 601 | 559 | 594 | 1 937 | 1 659 | 2 218 |
| Of which performance based income | 90 | 63 | 73 | 30 | 70 | 225 | 184 | 214 |
| Operational cost | -428 | -409 | -417 | -424 | -369 | -1 255 | -1 134 | -1 558 |
| Cash equivalent earnings from operations | 270 | 228 | 184 | 135 | 225 | 682 | 525 | 661 |
| Financial result | 73 | -4 | 28 | 15 | 10 | 97 | 41 | 56 |
| Cash equivalent earnings before amortisation | 343 | 224 | 212 | 150 | 235 | 779 | 566 | 717 |
| Fee margin | 0,21 % | 0,20 % | 0,19 % | 0,19 % | 0,21 % | 0,20 % | 0,20 % | 0,20 % |
| Assets Under Management (AUM) | 1 347 397 1 298 128 1 281 120 1 211 831 1 130 687 1 347 397 1 130 687 1 211 831 |
Table 14: Retail Banking
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Fee and administration income | 334 | 317 | 290 | 272 | 273 | 941 | 741 | 1 013 |
| Operational cost | -138 | -122 | -128 | -137 | -112 | -388 | -321 | -458 |
| Cash equivalent earnings from operations | 196 | 195 | 162 | 135 | 162 | 553 | 420 | 555 |
| Financial result | 0 | -10 | -14 | -30 | -14 | -24 | -25 | -55 |
| Cash equivalent earnings before amortisation | 196 | 184 | 148 | 104 | 147 | 529 | 395 | 500 |
| Retail lending* | 84 818 | 82 155 | 78 669 | 76 706 | 74 749 | 84 818 | 74 749 | 76 706 |
| Net interest margin retail banking | 1,60 % | 1,60 % | 1,52 % | 1,44 % | 1,46 % | 1,58 % | 1,46 % | 1,44 % |
| Net interest income retail banking | 303 | 295 | 270 | 250 | 241 | 867 | 241 | 250 |
* Includes mortgages on the Storebrand Livsforsikring AS balance sheet
Sales and markets
Table 15: New sales
| 2024 | 2023 | 01.01 - 30.09 | Full year | ||||||
|---|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 | |
| Unit Linked premiums* Norway | 258 | 223 | 609 | 244 | 591 | 1 091 | 1 664 | 1 907 | |
| - of which annual premiums | 75 | 44 | 231 | 64 | 266 | 350 | 635 | 699 | |
| - of which single premiums | 184 | 179 | 378 | 180 | 325 | 741 | 1 028 | 1 209 | |
| Unit Linked premiums* Sweden | 606 | 671 | 665 | 803 | 621 | 1 941 | 2 311 | 3 114 | |
| - of which annual premiums | 359 | 420 | 452 | 610 | 434 | 1 232 | 1 742 | 2 351 | |
| - of which single premiums | 247 | 251 | 212 | 193 | 187 | 710 | 570 | 763 | |
| Savings (non guaranteed) premiums* | 865 | 894 | 1 274 | 1 047 | 1 212 | 3 032 | 3 975 | 5 022 | |
| - of which annual premiums | 434 | 464 | 684 | 674 | 700 | 1 581 | 2 377 | 3 050 | |
| - of which single premiums | 431 | 430 | 590 | 373 | 512 | 1 451 | 1 598 | 1 971 |
*Annual premium equivalent. The numbers for 2023 include Danica effects and may be subject to minor updates.
Table 16: Unit Linked - Premiums (excluding transfers)
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Unit Linked (occupational pension) Norway | 4 202 | 4 029 | 4 011 | 4 004 | 3 943 | 12 242 | 11 744 | 15 748 |
| Unit Linked (retail) Norway | 387 | 437 | 510 | 400 | 419 | 1 334 | 1 202 | 1 603 |
| Unit Linked Sweden | 3 028 | 3 274 | 2 958 | 2 820 | 2 693 | 9 259 | 8 016 | 10 836 |
| Total | 7 617 | 7 739 | 7 479 | 7 225 | 7 055 | 22 835 | 20 963 | 28 187 |
Table 17: Unit Linked - Transfer balance
| 2024 | 2023 | 01.01 - 30.09 | ||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Premium reserves received | ||||||||
| Unit Linked Norway* | 1 534 | 1 455 | 3 326 | 1 277 | 2 886 | 6 315 | 7 493 | 8 770 |
| Unit Linked Sweden | 2 080 | 1 834 | 1 591 | 1 486 | 1 514 | 5 504 | 4 566 | 6 051 |
| Total received | 3 614 | 3 288 | 4 917 | 2 762 | 4 400 | 11 819 | 12 059 | 14 821 |
| Premium reserves transferred | ||||||||
| Unit Linked Norway* | -3 006 | -3 681 | -3 600 | -2 317 | -3 312 | -10 287 | -12 867 | -15 184 |
| Unit Linked Sweden | -2 142 | -2 180 | -2 232 | -1 848 | -1 181 | -6 553 | -3 886 | -5 734 |
| Total transferred | -5 148 | -5 860 | -5 832 | -4 165 | -4 493 | -16 840 | -16 753 | -20 918 |
| Net transfers | -1 534 | -2 572 | -915 | -1 403 | -93 | -5 021 | -4 694 | -6 097 |
*The numbers from Q3 2022 to Q4 2023 include Danica effects and may be subject to minor updates.
Table 18: Return Defined Contribution - standard profiles Norway
| 2024 | 2023 | 01.01 - 30.09 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Return | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 | |
| Extra low risk | 2,2 % | 1,3 % | 1,0 % | 2,6 % | 0,6 % | 4,5 % | 1,7 % | 4,3 % | |
| Low risk | 2,8 % | 1,5 % | 2,9 % | 3,7 % | -0,1 % | 7,2 % | 3,4 % | 7,1 % | |
| Balanced | 3,7 % | 1,9 % | 5,5 % | 5,3 % | -0,9 % | 11,1 % | 5,8 % | 11,1 % | |
| High risk | 4,3 % | 2,2 % | 8,0 % | 6,2 % | -1,7 % | 14,5 % | 8,5 % | 14,7 % | |
| Extra high risk | 4,5 % | 2,2 % | 8,7 % | 6,7 % | -1,9 % | 15,4 % | 9,1 % | 15,8 % |
Reserves development
Table 19a: Development customer funds, quarter
| Reserves | Reserves | |||
|---|---|---|---|---|
| Unit Linked | Unit Linked | |||
| NOK million | Norway | Sweden | ||
| Funds at 30.06.2024 | 232 432 | 193 157 | ||
| Premium income | 4 589 | 3 024 | ||
| Insurance claims | -889 | -1 110 | ||
| Transfers | -1 472 | -62 | ||
| Asset return | 8 059 | 4 468 | ||
| Other & FX | -103 | 6 421 | ||
| Funds at 30.09.2024 | 242 616 | 205 898 |
Table 19b: Development customer funds, YTD
| Reserves | Reserves | |||
|---|---|---|---|---|
| Unit Linked | Unit Linked | |||
| NOK million | Norway | Sweden | ||
| Funds at 31.12.2023 | 209 345 | 170 171 | ||
| Premium income | 13 576 | 9 259 | ||
| Insurance claims | -2 453 | -3 364 | ||
| Transfers | -3 972 | -1 049 | ||
| Asset return | 26 409 | 25 527 | ||
| Other & FX | -289 | 5 354 | ||
| Funds at 30.09.2024 | 242 616 | 205 898 |
Table 20a: Assets under Management by client
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| External | 675 797 | 635 696 | 626 016 | 588 022 | 542 191 | 675 797 | 542 191 | 588 022 |
| Group internal | 671 600 | 662 433 | 655 104 | 623 810 | 588 496 | 671 600 | 588 496 | 623 810 |
| Total | 1 347 397 1 298 128 1 281 120 1 211 831 1 130 687 1 347 397 1 130 687 1 211 831 | |||||||
| External share | 50 % | 49 % | 49 % | 49 % | 48 % | 50 % | 48 % | 49 % |
Table 20b: Assets under Management by asset type
| 2024 | 2023 | 01.01 - 30.09 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 | ||
| Equities | 51 % | 50 % | 48 % | 48 % | 47 % | 51 % | 47 % | 48 % | |
| Bonds | 33 % | 34 % | 34 % | 34 % | 35 % | 33 % | 35 % | 34 % | |
| Alternatives | 14 % | 14 % | 16 % | 15 % | 16 % | 14 % | 16 % | 15 % | |
| Other | 2 % | 2 % | 2 % | 2 % | 2 % | 2 % | 2 % | 2 % | |
| Total | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % |
Table 20c: AuM and YTD return in mutual funds with performance fees
| Fund | Return Benchmark AuM NOK bn | |||
|---|---|---|---|---|
| 30.09.2024 | ||||
| Delphi Global | 32,1 % | 23,3 % | 5,0 | |
| SKAGEN Focus | 8,5 % | 23,1 % | 3,6 | |
| SKAGEN Global | 15,2 % | 23,1 % | 42,7 | |
| SKAGEN Kon-Tiki | 19,4 % | 21,2 % | 16,5 | |
| SKAGEN m2 | 12,1 % | 16,1 % | 1,5 | |
| SKAGEN Vekst | 20,1 % | 19,2 % | 12,4 |
Insurance
Insurance is an operational and reporting unit consisting of Storebrand Forsikring AS, Storebrand Helseforsikring AS and the majority of risk products written within life and pension in Norway (Storebrand Livsforsikring AS), with the exception of risk coverage bundled to the guaranteed life products.
Insurance offers standard property and casualty insurance products, one-year risk products and health insurance in the Norwegian retail market and workers' compensation and group life insurance for the corporate market.
Profit and loss
Table 21: Insurance
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Insurance premiums f.o.a. | 2 044 | 1 955 | 1 875 | 1 776 | 1 734 | 5 874 | 5 132 | 6 908 |
| Claims f.o.a. | -1 561 | -1 559 | -1 508 | -1 712 | -1 415 | -4 628 | -4 075 | -5 787 |
| Operational cost | -351 | -336 | -327 | -328 | -305 | -1 014 | -923 | -1 251 |
| Cash equivalent earnings from operations | 132 | 60 | 40 | -263 | 13 | 232 | 134 | -129 |
| Financial result | 82 | 58 | 68 | 70 | 86 | 208 | 85 | 155 |
| Cash equivalent earnings before amortisation | 214 | 118 | 108 | -193 | 100 | 440 | 220 | 27 |
| Claims ratio | 76 % | 80 % | 80 % | 96 % | 82 % | 79 % | 79 % | 84 % |
| Cost ratio | 17 % | 17 % | 17 % | 18 % | 18 % | 17 % | 18 % | 18 % |
| Combined ratio | 94 % | 97 % | 98 % | 115 % | 99 % | 96 % | 97 % | 102 % |
Table 22: By lines of business
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| P&C & Individual life1 ) | 118 | 9 | 41 | -4 | 32 | 168 | 186 | 182 |
| Group life 2 ) | 48 | 28 | 10 | -137 | 4 | 86 | -101 | -238 |
| Pension related disability insurance Nordic 3) | 48 | 81 | 57 | -52 | 65 | 186 | 135 | 82 |
| Cash equivalent earnings before amortisation | 214 | 118 | 108 | -193 | 100 | 440 | 220 | 27 |
1) Individual life and disability, property and casualty insurance
2) Group life and workers comp, the segment is exluding the contribution from health insurance from Q1 2024 (divested business)
3) DC disability risk result Norway and disability risk Sweden
Key figures
Table 23a: Portfolio Premiums
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 |
| P&C & Individual life | 5 148 | 4 915 | 4 676 | 4 430 | 4 293 |
| Group life* | 1 283 | 1 198 | 1 137 | 1 047 | 1 039 |
| Pension related disability insurance Nordic | 2 143 | 2 071 | 2 022 | 1 928 | 1 884 |
| Total written premiums | 8 574 | 8 184 | 7 835 | 7 405 | 7 216 |
| Investment portfolio** | 11 371 | 11 345 | 10 896 | 11 538 | 11 273 |
* Excludes premiums in Storebrand Helseforsikring AS (50% ownership sold to Ergo International with closing Q2 2024).
** Ca. NOK 3.2bn of the investment portfolio is linked to disability coverages where the investment result goes to the customer reserves and not as a result element in the P&L.
| Table 23b: Company portfolio Storebrand | |||||
|---|---|---|---|---|---|
| Asset class | 2024 | ||||
| Share | Q3 | ||||
| Equities | 3 % | ||||
| Real estate | 3 % | ||||
| Credit bonds | 0 % | ||||
| Money market | 27 % | ||||
| Government guaranteed | 0 % | ||||
| Loans | 18 % | ||||
| Bonds at amortized cost | 48 % | ||||
| Total | 100 % | ||||
Profit by product
Table 24: P&C & Individual life
| 2024 | 2023 | 01.01 - 30.09 | ||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Insurance premiums f.o.a. | 1 260 | 1 176 | 1 115 | 1 082 | 1 032 | 3 551 | 3 028 | 4 109 |
| Claims f.o.a. | -931 | -950 | -888 | -887 | -817 | -2 769 | -2 252 | -3 139 |
| Operational cost | -264 | -255 | -242 | -248 | -229 | -761 | -691 | -938 |
| Cash equivalent earnings from operations | 65 | -30 | -15 | -53 | -15 | 21 | 85 | 32 |
| Financial result | 53 | 39 | 56 | 49 | 46 | 148 | 101 | 150 |
| Cash equivalent earnings before amortisation | 118 | 9 | 41 | -4 | 32 | 168 | 186 | 182 |
| Claims ratio | 74 % | 81 % | 80 % | 82 % | 79 % | 78 % | 74 % | 76 % |
| Cost ratio | 21 % | 22 % | 22 % | 23 % | 22 % | 21 % | 23 % | 23 % |
| Combined ratio | 95 % | 103 % | 101 % | 105 % | 101 % | 99 % | 97 % | 99 % |
Table 25: Group life
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Insurance premiums f.o.a. | 332 | 298 | 306 | 263 | 261 | 935 | 794 | 1 057 |
| Claims f.o.a. | -275 | -254 | -270 | -382 | -261 | -799 | -770 | -1 152 |
| Operational cost | -38 | -35 | -37 | -35 | -35 | -111 | -102 | -137 |
| Cash equivalent earnings from operations | 19 | 9 | -2 | -154 | -35 | 26 | -77 | -232 |
| Financial result | 30 | 19 | 11 | 18 | 39 | 60 | -24 | -6 |
| Cash equivalent earnings before amortisation | 48 | 28 | 10 | -137 | 4 | 86 | -101 | -238 |
| Claims ratio | 83 % | 85 % | 88 % | 145 % | 100 % | 85 % | 97 % | 109 % |
| Cost ratio | 11 % | 12 % | 12 % | 13 % | 14 % | 12 % | 13 % | 13 % |
| Combined ratio | 94 % | 97 % | 101 % | 159 % | 113 % | 97 % | 110 % | 122 % |
Table 26: Pension related disability insurance Nordic
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Insurance premiums f.o.a. | 453 | 481 | 455 | 431 | 441 | 1 389 | 1 311 | 1 742 |
| Claims f.o.a. | -355 | -355 | -350 | -443 | -337 | -1 061 | -1 052 | -1 495 |
| Operational cost | -49 | -46 | -48 | -45 | -41 | -142 | -131 | -176 |
| Cash equivalent earnings from operations | 48 | 81 | 57 | -56 | 63 | 186 | 127 | 71 |
| Financial result | - | 0 | 0 | 4 | 1 | 0 | 7 | 11 |
| Cash equivalent earnings before amortisation | 48 | 81 | 57 | -52 | 65 | 186 | 135 | 82 |
| Claims ratio | 78 % | 74 % | 77 % | 103 % | 76 % | 76 % | 80 % | 86 % |
| Cost ratio | 11 % | 9 % | 10 % | 10 % | 9 % | 10 % | 10 % | 10 % |
| Combined ratio | 89 % | 83 % | 88 % | 113 % | 86 % | 87 % | 90 % | 96 % |
Guaranteed pension
Guaranteed pension comprises products associated with an explicit or implicit interest rate guarantee. Storebrand offers a limited amount of guaranteed products, and measures have been implemented in order to reduce the extent of these products.
Profit and loss
Table 27: Guaranteed pension
| 2024 | 2023 | 01.01 - 30.09 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 | |
| Fee and administration income | 385 | 388 | 391 | 422 | 413 | 1 163 | 1 179 | 1 600 | |
| Operational cost | -223 | -211 | -215 | -205 | -209 | -649 | -617 | -822 | |
| Cash equivalent earnings from operations | 162 | 177 | 175 | 217 | 204 | 514 | 561 | 778 | |
| Risk result life & pensions | 3 | 10 | 44 | 77 | 69 | 57 | 218 | 296 | |
| Net profit sharing | 181 | 119 | 70 | 139 | 41 | 369 | 113 | 252 | |
| Cash equivalent earnings before amortisation | 346 | 306 | 289 | 433 | 314 | 941 | 892 | 1 326 | |
| Fee margin on reserves | 0,53 % | 0,54 % | 0,55 % | 0,60 % | 0,59 % | 0,54 % | 0,56 % | 0,57 % | |
| Guaranteed reserves | 294 115 | 287 989 | 285 322 | 283 986 | 277 789 | 294 115 | 277 789 | 283 986 |
Table 28: By guaranteed pension product
| 2024 | 2023 | 01.01 - 30.09 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 | |
| Defined benefit (private & public sector), Norway | 64 | 64 | 62 | 85 | 80 | 190 | 198 | 283 | |
| Paid-up policies, Norway | 78 | 98 | 100 | 116 | 107 | 276 | 337 | 453 | |
| Individual life and pension, Norway | 15 | 10 | 6 | 10 | 10 | 31 | 23 | 33 | |
| Guaranteed products, Sweden | 189 | 135 | 120 | 221 | 116 | 444 | 336 | 557 | |
| Cash equivalent earnings before amortisation | 346 | 306 | 289 | 433 | 314 | 941 | 892 | 1 326 |
Key figures
Table 29: Guaranteed pension
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Guaranteed reserves | 294 115 | 287 989 | 285 322 | 283 986 | 277 789 | 294 115 | 277 789 | 283 986 |
| Guaranteed reserves in % of total reserves | 39,6 % | 40,4 % | 41,0 % | 42,8 % | 44,0 % | 39,6 % | 44,0 % | 42,8 % |
| Net flow of premiums and claims | -2 780 | -2 840 | -2 773 | -2 977 | -2 720 | -8 393 | -7 465 | -10 442 |
| Buffer capital in % of customer reserves Norway | 7,5 % | 6,8 % | 6,8 % | 6,1 % | 5,1 % | 7,5 % | 5,1 % | 6,1 % |
| Buffer capital in % of customer reserves Sweden | 23,5 % | 23,4 % | 23,0 % | 21,2 % | 21,4 % | 23,5 % | 21,4 % | 21,2 % |
Profit by product
Table 30: Defined benefit (private & public sector), Norway
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Fee and administration income | 140 | 126 | 123 | 142 | 139 | 390 | 401 | 544 |
| Operational cost | -83 | -76 | -79 | -70 | -83 | -238 | -236 | -306 |
| Cash equivalent earnings from operations | 58 | 49 | 44 | 72 | 57 | 151 | 165 | 237 |
| Risk result life & pensions | 6 | 14 | 19 | 20 | 22 | 39 | 38 | 57 |
| Net profit sharing | - | - | - | -7 | 2 | - | -5 | -12 |
| Cash equivalent earnings before amortisation | 64 | 64 | 62 | 85 | 80 | 190 | 198 | 283 |
| Fee margin on reserves | 1,14 % | 1,04 % | 1,05 % | 1,25 % | 1,24 % | 1,08 % | 1,21 % | 1,23 % |
| Reserves | 49 894 | 48 833 | 48 186 | 45 697 | 45 444 | 49 894 | 45 575 | 45 697 |
| Fee, interest rate guarantee SBL | 80 | 77 | 75 | 91 | 91 | 232 | 263 | 354 |
Table 31: Paid-up policies, Norway
| 2024 | 2023 | 01.01 - 30.09 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 | |
| Fee and administration income | 112 | 133 | 133 | 151 | 150 | 378 | 391 | 542 | |
| Operational cost | -77 | -72 | -73 | -73 | -71 | -222 | -204 | -278 | |
| Cash equivalent earnings from operations | 35 | 61 | 60 | 78 | 79 | 156 | 186 | 264 | |
| Risk result life & pensions | 13 | 12 | 29 | 39 | 34 | 54 | 156 | 195 | |
| Net profit sharing | 31 | 24 | 11 | -0 | -6 | 66 | -6 | -7 | |
| Cash equivalent earnings before amortisation | 78 | 98 | 100 | 116 | 107 | 276 | 337 | 453 | |
| Fee margin on reserves | 0,31 % | 0,37 % | 0,37 % | 0,42 % | 0,42 % | 0,35 % | 0,36 % | 0,38 % | |
| Reserves | 145 999 | 145 308 | 145 207 | 143 441 | 144 420 | 145 999 | 144 420 | 143 441 |
Table 32: Individual life and pension, Norway
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Fee and administration income | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 4 |
| Operational cost | - | - | - | - | - | - | - | - |
| Cash equivalent earnings from operations | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 4 |
| Risk result life & pensions | - | - | - | 1 | - | - | -2 | -1 |
| Net profit sharing | 14 | 10 | 5 | 9 | 9 | 29 | 20 | 30 |
| Cash equivalent earnings before amortisation | 15 | 10 | 6 | 10 | 10 | 31 | 23 | 33 |
| Fee margin on reserves | 0,02 % | 0,02 % | 0,02 % | 0,03 % | 0,04 % | 0,02 % | 0,05 % | 0,05 % |
| Reserves | 8 379 | 8 519 | 8 694 | 8 847 | 9 054 | 8 379 | 9 054 | 8 847 |
Table 33: Guaranteed pension, Sweden
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Fee and administration income | 132 | 129 | 133 | 128 | 123 | 394 | 383 | 510 |
| Operational cost | -63 | -63 | -63 | -61 | -56 | -189 | -177 | -238 |
| Cash equivalent earnings from operations | 69 | 66 | 71 | 66 | 67 | 205 | 206 | 272 |
| Risk result life & pensions | -15 | -16 | -4 | 19 | 13 | -35 | 25 | 44 |
| Net profit sharing | 136 | 85 | 54 | 136 | 36 | 274 | 104 | 240 |
| Cash equivalent earnings before amortisation | 189 | 135 | 120 | 221 | 116 | 444 | 336 | 557 |
| Fee margin on reserves | 0,60 % | 0,61 % | 0,63 % | 0,62 % | 0,61 % | 0,61 % | 0,63 % | 0,62 % |
| Reserves | 89 843 | 85 329 | 83 236 | 86 000 | 78 871 | 89 843 | 78 871 | 86 000 |
Investment return
Table 34: Value adjusted return guaranteed pension products, Norway (excluding Danica)
| 2024 | 2023 | 01.01 - 30.09 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 | ||
| Paid-up policies | 1,5 % | 1,0 % | 1,1 % | 1,5 % | -0,2 % | 3,7 % | 0,8 % | 2,3 % | |
| Individual | 1,4 % | 1,1 % | 1,1 % | 2,1 % | 0,2 % | 3,5 % | 1,9 % | 4,0 % | |
| Defined Benefit (private sector) | 1,6 % | 1,0 % | 1,3 % | 1,1 % | 0,2 % | 4,0 % | 0,7 % | 1,8 % | |
| Public Occupational Pensions | 2,5 % | 1,7 % | 3,2 % | 2,8 % | -1,0 % | 7,3 % | 4,1 % | 7,0 % | |
| Average return guaranteed products | 1,6 % | 1,1 % | 1,4 % | 1,6 % | -0,2 % | 4,1 % | 1,1 % | 2,7 % |
Table 36: Value adjusted return guaranteed pension products, Sweden
| 2024 | 2023 | 01.01 - 30.09 | ||||||
|---|---|---|---|---|---|---|---|---|
| Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 | |
| Defined Benefit | 3,5 % | 1,8 % | 0,4 % | 8,6 % | -1,9 % | 5,8 % | 1,2 % | 9,8 % |
| Defined contribution (w. guarantees) | 3,4 % | 1,9 % | 1,1 % | 7,7 % | -1,6 % | 6,4 % | 1,9 % | 9,7 % |
Balance sheet
Table 37: Guaranteed pension products
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 |
| Defined Benefit (private & public sector), Norway | 49 894 | 48 833 | 48 186 | 45 697 | 45 444 |
| Paid-up policies, Norway | 145 999 | 145 308 | 145 207 | 143 441 | 144 420 |
| Individual life and pension, Norway | 8 379 | 8 519 | 8 694 | 8 847 | 9 054 |
| Guaranteed Products, Sweden | 89 843 | 85 329 | 83 236 | 86 000 | 78 871 |
| Guaranteed Reserves | 294 115 | 287 989 | 285 322 | 283 986 | 277 789 |
Sales and markets
Table 38: New sales guaranteed pension 1)
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Guaranteed pension, Norway | 10 | 5 | 296 | 5 | 22 | 312 | 183 | 188 |
| - of which annual premiums | 3 | 14 | 51 | 0 | 14 | 69 | 63 | 63 |
| - of which single premiums | 6 | -9 | 245 | 5 | 9 | 243 | 120 | 124 |
| Guaranteed pension, Sweden | 90 | 96 | 97 | 83 | 52 | 284 | 167 | 250 |
| - of which annual premiums | 6 0 |
5 5 |
59 | 63 | 4 0 |
173 | 107 | 170 |
| - of which single premiums | 3 1 |
4 1 |
3 9 |
2 0 |
1 2 |
111 | 60 | 8 0 |
| Guaranteed pension | 100 | 101 | 394 | 88 | 74 | 595 | 350 | 438 |
| - of which annual premiums | 63 | 69 | 110 | 63 | 54 | 242 | 170 | 233 |
| - of which single premiums | 37 | 32 | 284 | 25 | 20 | 353 | 180 | 204 |
1) Annual premium equivalent
Table 39: Premiums (excluding transfers) pension products
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Defined Benefit (private & public sector), Norway | 1 135 | 1 017 | 921 | 761 | 984 | 3 073 | 3 545 | 4 306 |
| Paid-up policies, Norway | 11 | 33 | 67 | 55 | 63 | 111 | 160 | 216 |
| Individual life and pension, Norway | 43 | 43 | 49 | 49 | 45 | 134 | 186 | 235 |
| Guaranteed products, Sweden | 308 | 340 | 360 | 293 | 248 | 1 009 | 838 | 1 130 |
| Total | 1 497 | 1 433 | 1 397 | 1 158 | 1 339 | 4 327 | 4 730 | 5 888 |
Table 40: Transfer balance (Guaranteed Pension)
| 2024 | 01.01 - 30.09 | Full year | ||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Premium reserves received | ||||||||
| Norway 1 ) |
31 | 184 | 3 216 | 473 | 3 291 | 3 431 | 1 763 | 5 173 |
| Sweden | 162 | 182 | 203 | 72 | 20 | 547 | 161 | 233 |
| Total received | 193 | 366 | 3 419 | 545 | 3 311 | 3 978 | 1 924 | 5 406 |
| Premium reserves transferred | ||||||||
| Norway 1 ) |
-18 | -17 | -34 | -27 | -60 | -69 | -154 | -181 |
| Sweden | -110 | -127 | -114 | -84 | -110 | -351 | -293 | -377 |
| Total transferred | -128 | -145 | -148 | -111 | -170 | -421 | -447 | -558 |
| Net transfers | 65 | 221 | 3 271 | 433 | 3 141 | 3 558 | 1 477 | 4 848 |
1) This line includes internal transfers to paid-up policies with investment choice (shown in Unit Linked - Transfer Balance)
Reserves and buffers
Table 41: Development customer funds (excluding buffer capital) - single quarter
| NOK million | DB (private sector) |
Public Occ. Pensions |
Paid-up policies |
Individual | Guaranteed products - Sweden |
|---|---|---|---|---|---|
| Funds at 30.06.2024 | 24 530 | 19 885 | 137 275 | 8 056 | 69 157 |
| Premium income | 454 | 681 | 11 | 43 | 308 |
| Insurance claims | -347 | -326 | -1 860 | -263 | -1 480 |
| Transfers | -39 | -289 | 340 | 2 | 52 |
| Internal transfers DB to Paid-Up (Norway) | -238 | 244 | |||
| Asset return | 432 | 529 | 2 135 | 125 | 2 778 |
| Other | -109 | -123 | -1 019 | -70 | 1 930 |
| Funds at 30.09.2024 | 24 684 | 20 356 | 137 125 | 7 893 | 72 744 |
Table 42: Development customer funds (excluding buffer capital) - YTD
| NOK million | DB (private sector) |
Public Occ. Pensions |
Paid-up policies |
Individual | Guaranteed products - Sweden |
|---|---|---|---|---|---|
| Funds at 31.12.2023 | 25 402 | 16 719 | 136 118 | 8 385 | 70 962 |
| Premium income | 1 620 | 1 453 | 111 | 134 | 1 009 |
| Insurance claims | -1 026 | -869 | -5 557 | -840 | -4 429 |
| Transfers | -182 | 2 420 | 1 119 | 6 | 196 |
| Internal transfers DB to Paid-Up (Norway) | -2 129 | 2 184 | |||
| Asset return | 1 067 | 1 552 | 5 253 | 340 | 4 758 |
| Other | -69 | -918 | -2 103 | -132 | 249 |
| Funds at 30.09.2024 | 24 684 | 20 356 | 137 125 | 7 893 | 72 744 |
Table 43: Buffer capital*
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 |
| Buffer fund | 14 209 | 12 908 | 12 926 | 2 071 | 891 |
| Market value adjustment reserve** | 53 | 63 | 67 | 2 411 | 1 675 |
| Excess value of bonds at amortised cost | -10 411 | -12 666 | -12 438 | -10 559 | -17 086 |
| Additional statutory reserve | - | - | - | 6 919 | 6 997 |
| Conditional bonuses SPP | 16 700 | 16 172 | 16 039 | 15 039 | 13 880 |
| Total | 20 551 | 16 477 | 16 593 | 15 881 | 6 357 |
* The term Buffer capital in this table is not consistent with the definition of buffer capital made in the IFRS accounting
** The historical numbers were previously reported including Public Occupational Pensions buffer fund
Key figures guaranteed products
Table 44a: Key terms products, Norway
| DB (private | Individual | |||
|---|---|---|---|---|
| NOK million | & public sector) |
Paid-up | ||
| Interest rate guarantee p.a. | 2,0 % | 3,1 % | 3,3 % | |
| Funds | 45 040 | 137 125 | 7 893 | |
| Buffer fund | 4 854 | 8 869 | 488 | |
| Risk Equalisation Fund | 11 | 1 018 | - | |
| Expected return on assets** | 5,1 % | 4,4 % | 4,0 % |
**Expected return is calculated based on current asset allocation using normal risk premiums for the next 12 months
Table 44b: Key terms portfolio, Sweden
| Defined cont. |
|||
|---|---|---|---|
| NOK million | Defined Benefit |
(w. guarantee) |
|
| Investment return (YTD) | 5,8 % | 6,4 % | |
| Interest rate guarantee | 2,5 % | 2,7 % | |
| Prospective reserve | 37 415 | 34 320 | |
| Conditional Bonuses | 10 030 | 7 056 | |
| Deferred Capital Contribution | 44 | 3 364 | |
| Expected return assets 1) | 4,0 % | 4,2 % | |
| Duration liabilities | 5,6 | 5,5 | |
| Discount rate 2) | 2,5 % | 2,4 % | |
| Consolidation ratio 3) | 110 % | ||
| 1) Calculated based on current asset allocation for a period of next 12 months using |
normal risk premiums, plus 10y swap rate
2) Calculated as UFR premium plus 10 y swap rate
3) Consolidation largest subportfolio
Table 45a : Allocation Sweden
| Defined cont. |
||
|---|---|---|
| Defined Benefit |
(w/ guarantee) |
|
| Equities | 17 % | 22 % |
| Real estate | 13 % | 14 % |
| Bonds & Money market | 53 % | 43 % |
| Loans | 17 % | 21 % |
| Sum | 100 % | 100 % |
Table 45b: Allocation Norway
| Defined Benefit |
Paid-Up (Total) |
Individual | |
|---|---|---|---|
| Equities | 19 % | 9 % | 7 % |
| Real estate | 13 % | 9 % | 7 % |
| Bonds & Money market | 3 % | 2 % | 2 % |
| Loans | 14 % | 12 % | 7 % |
| Bonds at amortised cost | 50 % | 68 % | 77 % |
| Other | |||
| Sum | 100 % | 100 % | 100 % |
Fig. 2: Asset allocation Guaranteed pension, Norway
Fig. 3: Asset allocation Guaranteed pension, Sweden
Equities Real estate Bonds & Money market Loans
Sensitivities Sweden - guaranteed portfolio financial result
Storebrand provided a guiding for the financial result in the Swedish guaranteed portfolios at the Capital Markets Day in December 2023. This guiding is subject to normalised market conditions. For investors and analysts that wish to estimate the financial result in the Swedish guaranteed portfolios based on financial market movements, sensitivities are provided in the excel version of Supplementary Information. Please keep in mind that the financial result in these portfolios is subject to many factors not reflected by the sensitivities. It follows that the estimates from the sensitivities can deviate significantly from the actual results and that sensitivities should preferably be used to estimate the direction of the result (not the exact magnitude).
20
Other
Other consists of the profit from Storebrand ASA, as well as the return on financial assets held in the company portfolios in the life and pension business in Storebrand Livsforsikring AS and SPP Pension & Försäkring AB.
Profit and loss
Table 46a: Other: operational costs and net financial results in company portfolios (Storebrand ASA, Storebrand Livsforsikring AS and SPP Pension & Försäkring AB) 1)
| 2024 | 2023 | 01.01 - 30.09 | ||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Fee and administration income | 4 | 4 | 6 | 1 | 5 | 15 | 17 | 18 |
| Operational cost | -65 | -66 | -81 | -109 | -99 | -212 | -302 | -411 |
| Cash equivalent earnings from operations | -61 | -62 | -74 | -108 | -93 | -197 | -285 | -393 |
| Financial result | 223 | 1 257 | 193 | 196 | 176 | 1 673 | 463 | 658 |
| Cash equivalent earnings before amortisation | 162 | 1 195 | 119 | 88 | 82 | 1 476 | 178 | 265 |
1) Excluding group eliminations (detailed in Table 46b). To get full segment profits, please summarize tables 46a and 46b.
Table 46b: Eliminations
| 2024 | 2023 | 01.01 - 30.09 | ||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Fee and administration income | -78 | -72 | -72 | -71 | -71 | -223 | -208 | -279 |
| Operational cost | 78 | 72 | 72 | 71 | 71 | 223 | 208 | 279 |
| Financial result | - | - | - | - | - | - | - | - |
| Cash equivalent earnings before amortisation | - | - | - | - | - | - | - | - |
Key figures
Table 47: Storebrand group selected Company portfolios
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 |
| Storebrand ASA | 3 495 | 3 508 | 4 595 | 2 367 | 3 314 |
| Storebrand Livsforsikring AS | 20 333 | 20 769 | 19 840 | 22 578 | 21 871 |
| SPP Pension & Försäkring AB | 5 407 | 5 462 | 5 313 | 5 347 | 4 762 |
| Total | 29 235 | 29 740 | 29 748 | 30 292 | 29 947 |
| Table 48a: Company portfolio SPP Pension & | Table 48b: Company portfolio | |
|---|---|---|
| Asset class | 2024 | Asset class |
| Share | Q3 | Share |
| Equities | - | Equities |
| Real estate | - | Real estate |
| Bonds & Money market | 71 % | Bonds & Money market |
| Loans | 29 % | Loans |
| Sum | 100 % | Sum |
| Table 48a: Company portfolio SPP Pension & | Table 48b: Company portfolio | ||
|---|---|---|---|
| Asset class | 2024 | Asset class | 2024 |
| Share | Q3 | Share | Q3 |
| Equities | - | Equities | 1 % |
| Real estate | - | Real estate | 1 % |
| Bonds & Money market | 71 % | Bonds & Money market | 25 % |
| Loans | 29 % | Loans | 14 % |
| Bonds at amortized cost | 59 % | ||
| Sum | 100 % | Sum | 100 % |
Table 49: Storebrand group debt - excl. bank
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 |
| Subordinated loan capital - STB Life (Group) | 10 061 | 9 873 | 9 963 | 10 672 | 9 627 |
| Bonds Storebrand ASA | 1 001 | 1 001 | 501 | 501 | 501 |
| Bank loan Storebrand ASA 1 ) | 0 | 0 | 0 | 0 | 0 |
| Total debt | 11 063 | 10 874 | 10 465 | 11 173 | 10 128 |
1) Storebrand ASA has a MEUR 200 undrawed multicurrency revolving credit facility
Storebrand Group
Profit and loss
Table 51: Storebrand Group - IFRS-legal profit by sub-group
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Storebrand Life Group | 935 | 1 257 | 1 046 | 716 | 679 | 3 238 | 2 170 | 2 887 |
| Storebrand Asset Management Group | 262 | 145 | 130 | 370 | 148 | 538 | 347 | 717 |
| Storebrand Bank Group | 196 | 184 | 148 | 104 | 147 | 529 | 395 | 500 |
| Storebrand Forsikring AS | 33 | -72 | -65 | -88 | -42 | -104 | -11 | -99 |
| Storebrand Helseforsikring AS 1) | - | - | - | 11 | 34 | - | -37 | -27 |
| Storebrand ASA/Other | -31 | 1 031 | -81 | -54 | -38 | 919 | -163 | -218 |
| Profit before amortisation and write-downs | 1 396 | 2 546 | 1 179 | 1 058 | 928 | 5 120 | 2 701 | 3 759 |
| Amortisation and write-downs of intangible assets | -149 | -87 | -94 | -95 | -182 | -331 | -371 | -466 |
| Profit before tax | 1 246 | 2 458 | 1 085 | 964 | 746 | 4 790 | 2 330 | 3 294 |
| Tax | -135 | -295 | -180 | -27 | -172 | -610 | 110 | 84 |
| Sold/liquidated business | - | - | 0 | - | 0 | - | 0 | - |
| Profit after tax | 1 111 | 2 163 | 905 | 937 | 574 | 4 180 | 2 440 | 3 377 |
1) 50% of profit according to owner's share (50%)
Balance sheet
Table 52: Storebrand Group - balance sheet
| NOK million | Share in % 30.09.2024 31.12.2023 | ||
|---|---|---|---|
| Intangible assets | 1 % | 8 197 | 9 189 |
| Shares in associated companies | 1 % | 7 383 | 7 823 |
| Equities and fund units | 39 % | 400 827 | 333 866 |
| Bonds and other fixed-income securities | 30 % | 309 063 | 292 407 |
| Derivatives | 0 % | 4 028 | 8 093 |
| Loans to financial institutions | 0 % | 197 | 1 138 |
| Loans to customers | 9 % | 93 035 | 86 761 |
| Investment properties | 4 % | 36 777 | 34 382 |
| Bank deposits | 1 % | 11 568 | 13 916 |
| Other assets | 14 % | 144 382 | 109 366 |
| Total assets | 100 % 1 015 457 | 896 940 | |
| Equity | 3 % | 30 672 | 29 531 |
| Insurance contracts liabilities | 33 % | 331 724 | 318 225 |
| Investment contracts liabilities | 41 % | 420 057 | 354 270 |
| Subordinated loan capital | 1 % | 10 890 | 11 501 |
| Loans and deposits from credit institutions | 0 % | 1 226 | 283 |
| Deposits from banking customers | 3 % | 30 203 | 23 948 |
| Debt raised by issuance of securities | 4 % | 39 944 | 40 655 |
| Other liablilities | 15 % | 150 742 | 118 526 |
Storebrand Life Group (Alternative income statement)
The solidity ratio of Storebrand Life Group is often referred to, as it is the largest entity within the Storebrand Group. Storebrand Life Group comprises the consolidated numbers of Storebrand Livsforsikring AS and SPP Pension & Försäkring AB.
The entities comprising Storebrand Life Group are as follows:
Profit and loss – Storebrand Life Group
Table 53: Storebrand Life Group (Alternative income statement)
| 2024 2023 |
01.01 - 30.09 | |||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Fee and administration income | 1 005 | 995 | 988 | 975 | 963 | 2 988 | 2 809 | 3 784 |
| Insurance result | 282 | 303 | 276 | -13 | 238 | 862 | 663 | 650 |
| Operational cost | -742 | -705 | -709 | -752 | -727 | -2 156 | -2 210 | -2 961 |
| Financial items and risk result life and pension | 417 | 287 | 313 | 395 | 261 | 1 017 | 723 | 1 119 |
| Cash equivalent earnings before amortisation | 962 | 881 | 868 | 605 | 734 | 2 710 | 1 986 | 2 591 |
| Amortisation | -46 | -46 | -46 | -46 | -133 | -139 | -227 | -273 |
| Cash equivalent earnings before tax | 915 | 835 | 822 | 559 | 601 | 2 572 | 1 759 | 2 318 |
| Tax | -55 | -164 | -130 | 11 | -137 | -349 | 427 | 438 |
| Cash equivalent earnings after tax | 861 | 670 | 692 | 570 | 463 | 2 223 | 2 186 | 2 756 |
Balance sheet – Storebrand Life Group
| Table 54: Balance sheet - Storebrand Life Group (IFRS-Legal) | ||||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Share of | total assets 30.09.2024 31.12.2023 31.12.2022 | ||||||
| Intangible assets | 0 % | 2 679 | 2 792 | 2 968 | ||||
| Investments | 94 % | 778 767 | 701 603 | 631 905 | ||||
| Other assets | 6 % | 49 616 | 52 043 | 7 590 | ||||
| Total assets | 100 % | 831 062 | 756 438 | 642 463 | ||||
| Equity | 2 % | 16 884 | 17 385 | 16 772 | ||||
| Insurance contracts liabilities | 1 % | 10 061 | 10 672 | 9 757 | ||||
| Investment contracts liabilities | 40 % | 330 128 | 316 783 | 302 205 | ||||
| Other debts | 51 % | 420 057 | 354 270 | 292 931 | ||||
| Total equity and liabilities | 6 % | 53 931 | 57 328 | 20 798 | ||||
| Total equity and liabilities | 100 % | 831 062 | 756 438 | 642 463 |
Table 54: Balance sheet - Storebrand Life Group (IFRS-Legal)
Profit and loss – SPP Pension & Försäkring AB Group
Table 55: Profit - SPP Pension & Försäkring Group (Alternative income statement)
| 2024 | 2023 | 01.01 - 30.09 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 | |
| Total administration income | 435 | 426 | 423 | 417 | 390 | 1 283 | 1 179 | 1 595 | |
| Total administration cost | - 275 | - 270 | -261 | -284 | -244 | - 806 | - 752 | -1 036 | |
| Administration result | 160 | 156 | 162 | 133 | 146 | 477 | 427 | 560 | |
| Risk result | 7 | 27 | 37 | 22 | 61 | 71 | 97 | 119 | |
| Profit sharing & Indexation fee | 142 | 52 | 46 | 235 | 18 | 241 | 100 | 335 | |
| Change in DCC & Other financial result | 28 | 54 | 20 | -110 | 17 | 102 | - 6 | -116 | |
| Return on company portfolio | 83 | 74 | 77 | 98 | 62 | 234 | 166 | 264 | |
| Profit before amortisation | 419 | 364 | 342 | 379 | 305 | 1 125 | 784 | 1 162 | |
| Amortisation and write-downs | - 21 | - 21 | -21 | -22 | -20 | - 63 | - 61 | -83 | |
| Pre-tax profit/loss | 398 | 343 | 321 | 357 | 285 | 1 062 | 723 | 1 080 |
Balance sheet – SPP Pension & Försäkring AB Group
| Share of | ||||
|---|---|---|---|---|
| NOK million | total Assets 30.09.2024 31.12.2023 31.12.2022 | |||
| Intangible assets | 0 % | 957 | 1 007 | 989 |
| Longterm shares and interest from group companies | 3 % | 9 174 | 8 852 | 8 281 |
| Shares | 4 % | 11 350 | 10 182 | 9 092 |
| Bonds | 20 % | 63 961 | 60 823 | 54 639 |
| Assets - Unit link | 64 % | 205 898 | 170 171 | 135 530 |
| Other financial assets | 8 % | 24 744 | 23 684 | 31 763 |
| Other assets | 2 % | 6 781 | 8 516 | 4 352 |
| Total assets | 100 % | 322 865 | 283 235 | 244 646 |
| Equity | 3 % | 8 221 | 8 102 | 7 366 |
| Minority interests' share in equity | 1 % | 2 318 | 2 171 | 2 228 |
| Subordinated loan capital | 0 % | 0 | 0 | 0 |
| Premium reserve for own account | 23 % | 73 632 | 71 870 | 66 915 |
| Insurance fund reserves - defined contribution and UL | 69 % | 222 990 | 185 210 | 148 071 |
| Other liabilities | 5 % | 15 704 | 15 882 | 20 066 |
| Total equity and liabilities | 100 % | 322 865 | 283 235 | 244 646 |
Table 56: Balance sheet - SPP Pension & Försäkring Group
Storebrand Asset Management Group (IFRS-Legal)
Storebrand Asset Management AS is regulated by the Norwegian FSA under the CRD IV framework.
Profit and loss
Table 57: Profit - Storebrand Asset Management Group
| 2024 | 2023 | 01.01 - 30.09 | ||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Fee and administration income | 1 184 | 1 086 | 1 033 | 1 274 | 1 007 | 3 303 | 2 909 | 4 184 |
| Operational cost | - 978 | -936 | -931 | -920 | -869 | -2 846 | -2 603 | -3 523 |
| Financial result | 57 | -4 | 28 | 15 | 10 | 80 | 41 | 56 |
| Cash equivalent earnings before amortisation | 262 | 145 | 130 | 370 | 148 | 538 | 347 | 717 |
| Amortisation | - 32 | -31 | -38 | -38 | -38 | -101 | -115 | -153 |
| Cash equivalent earnings before tax | 231 | 114 | 92 | 331 | 110 | 437 | 232 | 564 |
| Tax | - 37 | -28 | -14 | -80 | -26 | -80 | -51 | -130 |
| Cash equivalent earnings after tax | 194 | 86 | 78 | 251 | 83 | 358 | 182 | 433 |
Balance sheet
Table 58: Balance sheet - Storebrand Asset Management Group
| NOK million | Share in % 30.09.2024 31.12.2023 31.12.2022 | |||
|---|---|---|---|---|
| Intangible assets | 39,9 % | 2 572 | 2 631 | 2 701 |
| Investments portfolio | 25,1 % | 1 614 | 1 482 | 1 236 |
| Other assets | 35,0 % | 2 257 | 642 | 645 |
| Total assets | 100 % | 6 443 | 4 755 | 4 582 |
| Equity | 65,6 % | 4 226 | 3 592 | 3 454 |
| Other debts | 34,4 % | 2 218 | 1 163 | 1 128 |
| Total equity and liabilities | 100 % | 6 443 | 4 755 | 4 582 |
Storebrand Forsikring AS (IFRS-Legal)
Profit and loss
Table 61: Profit - Storebrand Forsikring AS
| 2024 | 2 023 | 01.01 - 30.09 | ||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Insurance premiums f.o.a. | 950 | 883 | 818 | 787 | 738 | 2 651 | 2 172 | 2 959 |
| Claims f.o.a. | - 749 | -791 | -727 | -710 | - 657 | -2 267 | -1 777 | -2 487 |
| Operational cost | - 207 | -203 | -199 | -197 | - 166 | - 610 | - 497 | - 694 |
| Financial result | 39 | 39 | 44 | 31 | 44 | 121 | 92 | 123 |
| Result before amortisation | 33 | -72 | -65 | -88 | -42 | -104 | -11 | -99 |
| Amortisation | - 13 | -13 | -13 | -13 | - 13 | - 38 | - 38 | - 51 |
| Pre tax profit | 20 | -85 | -77 | -101 | -55 | -142 | -49 | -151 |
| Tax | - 5 | 21 | 19 | 25 | 14 | 36 | 12 | 37 |
| Profit/loss | 15 | -64 | -58 | -76 | -41 | -106 | -37 | -113 |
Balance sheet
| Table 62: Balance sheet - Storebrand Forsikring AS | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| NOK million | Share in % | 30.09.2024 31.12.2023 31.12.2022 | |||||||
| Intangible assets | 3 % | 97 | 133 | 179 | |||||
| Investments portfolio | 85 % | 2 614 | 2 434 | 2169 | |||||
| Other assets | 12 % | 370 | 211 | 207 | |||||
| Total assets | 100 % | 3 081 | 2 778 | 2 554 | |||||
| Equity | 37 % | 1 155 | 1 071 | 1074 | |||||
| Insurance liabilities | 52 % | 1 615 | 1 442 | 1043 | |||||
| Other debts | 10 % | 311 | 265 | 437 | |||||
| Total equity and liabilities | 100 % | 3 081 | 2 778 | 2 554 |
Storebrand Bank Group (IFRS-Legal)
Storebrand Bank ASA is regulated by the Norwegian FSA under the CRD IV framework.
Profit and loss – Storebrand Bank Group
| Table 63: Profit - Storebrand Bank Group | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | 01.01 - 30.09 | |||||||
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 | |
| Net interest income | 303 | 295 | 270 | 250 | 241 | 867 | 667 | 917 | |
| Net fee and commission income | 31 | 22 | 20 | 22 | 32 | 74 | 74 | 96 | |
| Other operating income | 5 | 6 | -1 | -1 | 2 | 9 | - 1 | - 2 | |
| Total income | 339 | 322 | 289 | 271 | 275 | 950 | 740 | 1 011 | |
| Operating cost | - 138 | - 122 | - 128 | - 137 | - 112 | - 388 | - 321 | - 458 | |
| Cash equivalent earnings before loan losses | 201 | 200 | 161 | 134 | 164 | 562 | 419 | 553 | |
| Loan loss provision | - 4 | - 16 | - 13 | - 30 | - 16 | - 33 | - 24 | - 54 | |
| Cash equivalent earnings before tax | 196 | 184 | 148 | 104 | 147 | 529 | 395 | 500 |
Balance sheet – Storebrand Bank Group
| Table 64: Balance sheet - Storebrand Bank Group | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NOK million | Share in % 30.09.2024 31.12.2023 31.12.2022 | |||||||||
| Cash and deposits with central banks | 0 % | 4 | 6 | 8 | ||||||
| Loans to and deposits with credit institutions | 0 % | 197 | 1 138 | 109 | ||||||
| Financial assets designated at fair value through P&L | 3 % | 1 941 | 3 486 | 2 209 | ||||||
| Bonds at amortised cost | 9 % | 6 786 | 6 010 | 4 281 | ||||||
| Net lending to customers | 88 % | 67 551 | 59 609 | 49 926 | ||||||
| Deferred tax assets | 0 % | 0 | 0 | - | ||||||
| Other assets | 0 % | 62 | 78 | 99 | ||||||
| Total Assets | 100 % | 76 542 | 70 327 | 56 631 | ||||||
| Liabilities to credit institutions | 2 % | 1 226 | 283 | 403 | ||||||
| Deposits from and due to customers | 39 % | 30 203 | 23 948 | 19 478 | ||||||
| Other financial liabilities | 51 % | 38 877 | 40 501 | 32 538 | ||||||
| Provision for accrued expenses and liabilities | 0 % | 7 | 14 | 14 | ||||||
| Deferred tax liabilities | 0 % | 99 | 24 | 10 | ||||||
| Subordinated loan capital | 1 % | 829 | 829 | 828 | ||||||
| Equity | 7 % | 5 303 | 4 727 | 3 361 | ||||||
| Total Equity and Liabilities | 100 % | 76 542 | 70 327 | 56 631 |
Key figures banking
Table 65: Storebrand Bank ASA (group) - Key Figures Banking
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Q3 | Q2 | Q1 | Q4 | Q3 | |
| Gross lending (bn) | 68 | 65 | 62 | 60 | 58 |
| Customer deposit (bn) | 30 | 29 | 26 | 24 | 23 |
| Deposit/gross lending | 45 % | 44 % | 41 % | 40 % | 39 % |
| Average Loan-to-Value (LTV) | 61 % | 61 % | 61 % | 63 % | 62 % |
| Average LTV new loans | 69 % | 70 % | 70 % | 69 % | 69 % |
| Loss as % of gross loans | 0,0 % | -0,1 % | -0,1 % | -0,2 % | -0,1 % |
| Loan losses | - 4 | -16 | -13 | -30 | -16 |
| Non-performing loans with evidence of impairment | 281 | 161 | 168 | 112 | 13 |
| Non-performing loans without evidence of impairment | 261 | 354 | 254 | 267 | 277 |
| Return on Equity (%) | 12,2 % | 12,2 % | 9,6 % | 8,4 % | 11,1 % |
| Operating expenses Banking | 138 | 122 | 128 | 137 | 112 |
| Cost as % of total assets | 0,7 % | 0,7 % | 0,7 % | 0,8 % | 0,7 % |
| Cost/income banking activities | 41 % | 38 % | 44 % | 51 % | 41 % |
Profit and loss – Storebrand Boligkreditt AS
Table 66: Profit - Storebrand Boligkreditt AS
| 2024 | 2023 | 01.01 - 30.09 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Net interest income | 125 | 129 | 118 | 86 | 80 | 372 | 240 | 327 |
| Other operating income | 0 | 0 | -5 | 2 | 0 | - 4 | - 7 | - 6 |
| Total income | 125 | 129 | 113 | 88 | 80 | 368 | 233 | 321 |
| Operating cost | - 44 | - 46 | - 45 | - 41 | - 40 | - 135 | - 118 | - 159 |
| Profit before loan losses | 81 | 83 | 69 | 47 | 40 | 233 | 114 | 162 |
| Loan loss provision | 1 | 0 | -1 | -8 | - 5 | - 1 | - 2 | - 9 |
| Pre-tax profit/loss | 82 | 83 | 67 | 40 | 35 | 232 | 113 | 152 |
Balance sheet – Storebrand Boligkreditt AS
| Table 67: Balance sheet - Storebrand Boligkreditt AS | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NOK million | Share in % 30.09.2024 31.12.2023 31.12.2022 | |||||||||
| Cash and deposits with central banks | ||||||||||
| Loans to and deposits with credit institutions | 0 % | 90 | 70 | 25 | ||||||
| Financial assets designated at fair value through P&L | 2 % | 1 104 | 1 362 | 1 129 | ||||||
| Bonds at amortised cost | 3 % | 1 181 | 104 | 459 | ||||||
| Net lending to customers | 95 % | 44 164 | 45 069 | 37 470 | ||||||
| Deferred tax assets | ||||||||||
| Other assets | 0 % | 187 | 45 | 29 | ||||||
| Total Assets | 100 % | 46 726 | 46 650 | 39 113 | ||||||
| Liabilities to credit institutions | 10 % | 4 843 | 5 580 | 6 888 | ||||||
| Deposits from and due to customers | 0 % | 0 | 0 | |||||||
| Other financial liabilities | 81 % | 38 031 | 37 399 | 29 493 | ||||||
| Provision for accrued expenses and liabilities | 0 % | 0 | 0 | - | ||||||
| Deferred tax liabilities | 0 % | 45 | 45 | 25 | ||||||
| Subordinated loan capital | - | - | - | |||||||
| Equity | 8 % | 3 807 | 3 626 | 2 707 | ||||||
| Total Equity and Liabilities | 100 % | 46 726 | 46 650 | 39 113 |
Capital ratios – Storebrand Bank Group
| Table 68: Capital ratios, Storebrand Bank Group | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | ||||||||
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | ||
| Total capital ratio (Storebrand Bank Group) | 21,3 % | 21,3 % | 21,4 % | 21,8 % | 20,1 % | 20,7 % | 20,2 % | ||
| Tier 1 capital ratio (Storebrand Bank Group) | 18,2 % | 18,2 % | 18,2 % | 18,5 % | 16,7 % | 17,2 % | 16,5 % |
CET1 capital ratio (Storebrand Bank Group) 17,0 % 16,9 % 16,9 % 17,0 % 15,2 % 15,7 % 14,9 %
Storebrand ASA (IFRS-Legal)
Profit and loss
Table 69: Storebrand ASA (holding)
| 2024 | 2023 | 01.01 - 30.09 | ||||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q3 | Q2 | Q1 | Q4 | Q3 | 2024 | 2023 | 2023 |
| Group contributions and transfers | - | - | 4 465 | - | - | 4 465 | 3 178 | 3 178 |
| Interest income | 12 | 7 | 2 | 87 | 1 | 21 | 6 | 93 |
| Interest expense | -15 | -8 | -7 | -8 | -7 | -31 | -19 | -26 |
| Realised/unrealised gains/losses on securities | 56 | 58 | 34 | -34 | 53 | 148 | 125 | 91 |
| Other financial income/costs | -96 | 1 096 | -1 | -107 | -2 | 999 | -5 | -112 |
| Net financial items | -42 | 1 153 | 27 | -62 | 46 | 1 138 | 108 | 46 |
| Total operating expenses | -71 | -58 | -69 | -61 | -52 | -198 | -182 | -243 |
| Pre-tax profit/loss | -114 | 1 095 | 4 423 | -123 | -7 | 5 404 | 3 103 | 2 980 |
Balance sheet
Table 70: Balance sheet - Storebrand ASA (holding)
| NOK million | Share in % 30.09.2024 31.12.2023 31.12.2022 | ||||
|---|---|---|---|---|---|
| Shares in subsidiary | 88 % | 27 195 | 25 606 | 23 236 | |
| Financial assets at market value | 11 % | 3 495 | 2 367 | 4 669 | |
| Other assets | 1 % | 211 | 320 | 701 | |
| Total assets | 100 % | 30 900 | 28 293 | 28 606 | |
| Equity | 96 % | 29 709 | 27 470 | 27 825 | |
| Bond loan and other loans | 3 % | 1 001 | 501 | 501 | |
| Other liabilities | 1 % | 190 | 322 | 280 | |
| Total liabilities and equity capital | 100 % | 30 900 | 28 293 | 28 606 |
Financial calendar
23 October 2024 Results Q3 2024
Investor Relations contacts
Lars Aa. Løddesøl
Group CFO [email protected] +47 934 80 151
Kjetil R. Krøkje
Group Head of Finance, Strategy and M&A [email protected] +47 934 12 155
Johannes Narum
Head of Investor Relations [email protected] +47 993 33 569
Storebrand ASA Professor Kohts vei 9, P.O. Box 500, N-1327 Lysaker, Norway Phone: +47 22 31 50 50
www.storebrand.com/ir
30
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