Storebrand ASA

Investor Presentation • Oct 23, 2024

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Storebrand Q3 2024

23 October 2024 Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO

Highlights Q3 2024

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Record strong operating profit driven by continued double-digit growth and cost control

1. Cash equivalent earnings before amortisation and tax. www.storebrand.no/ir provides an overview of APMs used in financial reporting

2. Growth figures expressed as year-over-year growth from Q3 2023 to Q3 2024

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Sustainable Nordic Savings and Insurance Group

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Double digit growth continues across the Group

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1. Growth figures expressed as CAGR from FY 2016 to FY 2023

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1. Growth figures expressed as year-over-year growth from Q3 2023 to Q3 2024 3. Excluding all written premiums in Storebrand Helseforsikring AS

Leading Provider Occupational Pensions Norway & Sweden

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Quarterly Highlights

SPP selected as best in class within Sustainability by life insurance brokers ³

Launched new digital solution for paid-up policies with investment choice

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Limited number of tenders within public sector pensions this year, waiting for a clarification on the ESA case

Q3

1. Growth figures expressed as CAGR from FY 2016 to FY 2023

2. Growth figures expressed as year-over-year growth from Q3 2023 to Q3 2024 3. Based on survey conducted by Origo Group

Nordic Powerhouse in Asset Management

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Quarterly Highlights

Operating result up by 20% since Q3 2023, stable top line margin and positive flows

Private equity fund Cubera X closed on a hard cap of EUR 800m

Storebrand Asset Management maintained its position as #1 on sustainable investments according to Prospera

2016 2017 2018 2019 2020 2021 2022 2023 2024

Q3

Growing Challenger in Norwegian Retail Market

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Quarterly Highlights

Continued growth momentum and double-digit result growth for Storebrand's retail business

Market share in retail P&C of 7.0% compared to 6.5% in the same quarter last year

Kron's AuM increased by 14% in Q3 and 72% year to date (YTD) Number of customers up 11% in Q3 and 44% YTD

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1. Growth figures expressed as year-over-year growth from Q3 2023 to Q3 2024 3. According to the latest market data from Finance Norway

Accelerating growth drives strong earnings momentum across the group

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1. Cash equivalent earnings before amortisation and tax. www.storebrand.no/ir provides an overview of APMs used in financial reporting

2. Growth figures expressed as year-over-year growth from Q3 2023 to Q3 2024 3. Excluding the gain from the sale of Storebrand Health Insurance

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Group result¹ up by 41%

• Structural growth
• Cost control
• Favourable financial market developments

Operating profit up by 36%

• Strong volume growth
• Scalable business model
• Improved insurance results

Financial result up by 49%

• Increased profit sharing
• Positive revaluation of shares in AIP Management
• Strong return in company portfolios

Strong improvement in operating and financial result, solid solvency position Key Figures

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SII Own funds ³and SCR Expected return above guaranteed interest rate, Norway ⁴

1. Cash result before amortisation and tax.

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1. Earnings per share after tax adjusted for amortisation of intangible assets. 3. Own Funds including transitional capital.

2. Average of Defined benefit, Paid up and Individual in Norway

3. Expected return is calculated based on current asset allocation using normal risk premiums for the next 12 months

4. Numbers for 2023 not adjusted for changed periodisation for performance-based income

Storebrand Group Solvency position and sensitivities Q3 2024

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• Strong cash earnings in addition to updated business and regulatory assumptions had a positive effect in the quarter
• Decreased interest rates, changes in asset allocation, and growth in the business had a negative effect

10 1. The estimated Economic solvency position of Storebrand Group is calculated using the current Storebrand implementation of the Solvency II Standard model. Output is sensitive to changes in financial markets, development of reserves, changes in assumptions and improvements of the calculation framework in the economic capital model as well as changes in the Solvency II legislation and national interpretation of transition rules.

Storebrand Group | Profit

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Record strong operating profit amid double-digit growth, continued cost control and gradually improving insurance results

1 Profit	Q3		Year to date		Full year
NOK million	2024	2023	2024	2023	2023
Fee and administration income	1 971	1 768	677 5	043 5	6 782
Insurance result	483	318	1 246	1 057	1 122
Operational cost	-1 509	-1 394	-4 472	-4 245	-5 787
Cash equivalent earnings from operations	944	692	2 451	1 855	2 117
Financial items and risk result life	563	378	2 387	897	1 362
Cash before equivalent earnings amortisation	1 507	1 070	4 838	2 752	3 480
Amortisation and write-downs of intangible assets	-73	-146	-218	-265	-379
Cash equivalent earnings before tax	1 434	924	4 620	2 487	3 101
Tax	-141	-195	-501	9 7	116
Cash equivalent earnings after tax	1 293	729	4 119	2 584	3 217

Storebrand Group | Profit

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Profit by line of business

1 Profit	Q3		Year to date		Full year
NOK million	2024	2023	2024	2023	2023
Fee and administration income	1 971	1 768	677 5	043 5	6 782
Insurance result	483	318	1 246	1 057	1 122
Operational cost	-1 509	-1 394	-4 472	-4 245	-5 787
Cash equivalent earnings from operations	944	692	2 451	1 855	2 117
Financial items and risk result life	563	378	2 387	897	1 362
Cash equivalent earnings before amortisation	1 507	1 070	4 838	2 752	3 480

Profit line of business per	Q3		Year to date		Full year
NOK million	2024	2023	2024	2023	2023
Savings - non-guaranteed	785	574	1 982	1 463	1 862
Insurance	214	100	440	220	27
Guaranteed pension	346	314	941	892	1 326
Other profit	162	82	1 476	178	265
Cash equivalent earnings before amortisation	1 507	1 070	4 838	2 752	3 480

Savings (non-guaranteed)

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Strong earnings development across all business lines

Profit	Q3		Year date to		Full year
NOK million	2024	2023	2024	2023	2023
Fee and administration income	1 660	1 420	4 721	4 056	5 443
Operational cost	-948	-852	-2 818	-2 611	-3 582
Cash equivalent earnings from operations	712	568	1 902	1 445	1 861
Financial result	73	6	80	18	1
Cash before equivalent earnings amortisation	785	574	1 982	1 463	1 862

Profit product line per	Q3		Year to date		Full year
NOK million	2024	2023	2024	2023	2023
Unit linked Norway	171	137	504	375	499
Sweden Unit linked	87	69	253	188	232
Asset management	343	235	779	566	717
Retail banking	196	147	529	395	500
Kron*	-13	-14	-82	-62	-85
Cash equivalent earnings before amortisation	785	574	1 982	1 463	1 862

Key figures Savings (non-guaranteed)

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Assets under management Movement in assets under management YTD ¹

Insurance

Gradual profitability improvement from repricing measures

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Profit	Q3		Year date to		Full year
NOK million	2024	2023	2024	2023	2023
Insurance premiums f .o.a.	2 044	1 734	5 874	5 132	6 908
Claims f .o.a.	-1 561	-1 415	-4 628	-4 075	-5 787
Operational cost	-351	-305	-1 014	-923	-1 251
Cash from equivalent earnings operations	132	13	232	134	-129
Financial result	82	86	208	85	155
Cash equivalent earnings before amortisation	214	100	440	220	27

Profit business line per	Q3		Year to	Full year
NOK million	2024	2023	2024	2023	2023
P&C & life Individual	118	32	168	186	182
Group life	48	4	86	-101	-238
Pension related disability insurance Nordic	48	65	186	135	82
Cash equivalent earnings before amortisation	214	100	440	220	27

Insurance

Key figures

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16 1. Excludes portfolio premiums in Storebrand Helseforsikring AS (50% ownership sold to Ergo International 2 April 2024) 2. Source: Finans Norge as of Q2 2024

• 94% overall combined ratio in the quarter, improving results in P&C despite continued high claims inflation
• Gradual profitability improvement from repricing measures

• Profitability expected to return to the 90-92% targeted combined ratio for 2025

• 19% overall growth in portfolio premiums compared to the corresponding quarter last year

• 7.0% market share in Norwegian retail P&C as of Q2'24, up from 6.5% last year²

Guaranteed pension

Increased results driven by higher profit sharing

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Profit	Q3		Year to	Full year
NOK million	2024	2023	2024	2023	2023
Fee and administration income	385	413	1 163	1 179	1 600
Operational cost	-223	-209	-649	-617	-822
Cash equivalent earnings from operations	162	204	514	561	778
Risk result life & pensions	3	69	57	218	296
profit Net sharing	181	41	369	113	252
Cash equivalent earnings before amortisation	346	314	941	892	1 326

Profit product line per	Q3		Year to	Full year
NOK million	2024	2023	2024	2023	2023
Defined benefit (private & public sector) Norway ,	64	80	190	198	283
Paid-up policies Norway ,	78	107	276	337	453
Individual life and pension Norway ,	15	10	31	23	33
Guaranteed Sweden products ,	189	116	444	336	557
Cash equivalent earnings before amortisation	346	314	941	892	1 326

Guaranteed pension

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Key figures

• Continued improvement in profit-sharing result from both Sweden and Norway
• Somewhat lower income level within paid-up polices in the quarter due to reduced fees from transferred closed corporate pension funds
• The risk result is negatively affected by a weak development within longevity and disability, but results are within normal variation

Other ¹

Strong financial result, neutral profit contribution from Lysaker Park

Profit	Q3		Year to	Full year
NOK million	2024	2023	2024	2023	2023
Fee and administration income	4	5	15	17	18
Operational cost	-65	-99	-212	-302	-411
Cash equivalent earnings from operations	-61	-93	-197	-285	-393
Financial result	223	176	1 673	463	658
Cash equivalent earnings before amortisation	162	82	1 476	178	265

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Leading the way in sustainable value creation

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Q&A

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Group CFO & Executive Vice President

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Group CEO Group Head of Strategy & Finance

Lars Aa. Løddesøl Odd Arild Grefstad Kjetil R. Krøkje Johannes Narum

Head of Investor Relations

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Appendix

Storebrand Group Solvency movement from Q2 2024 to Q3 2024

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Real estate portfolio – Norway

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Weighted average unexpired lease term (WAULT): 6,1 years

24 1. Vacancy rate in the portfolio: 2,9%

1. The graph shows exit-yield for the different categories

-4%

-10%

WAULT and expired rental income ¹ Sub-portfolio yield distribution Q2 2024

Real estate portfolio - Sweden

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25 1. Vacancy rate in the portfolio: 0,1%

1. The graph shows exit-yield for the different categories

Asset allocation – Guaranteed products

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Overview of Special items

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Quarter	Special items NOKm	Comments
Q3 2023	- 44	• NOK ~44m related to the integration cost and severance pay in Danica and Kron
Q4 2023	- 81	• NOK ~55m related to the integration cost and severance pay in Danica and Kron • NOK ~10m related to liquidation of branches in Asset Management • NOK ~15m related to IT one-offs in Retail Banking
Q1 2024	- 21	• NOK ~21m, mainly related to integration cost and severance pay in Kron
Q2 2024	1,047	• NOK ~1,047m in financial gain in Other segment related to the divestment of shares in Storebrand Health Insurance
Q3 2024	67	• NOK ~67m in financial gain in Savings segment, Asset Management sub-segment, related to the revaluation of the initial shareholding (10%) in AIP Management

Important information

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This document may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may be beyond the Storebrand Group's control. As a result, the Storebrand Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in these forward-looking statements. Important factors that may cause such a difference for the Storebrand Group include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) market related risks such as changes in equity markets, interest rates and exchange rates, and the performance of financial markets generally.

The Storebrand Group assumes no responsibility to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make.

For further information

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Thank you

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Storebrand Q3 2024 23 October 2024