Storebrand ASA

Earnings Release • Jul 12, 2024

STOREBRAND ASA: Results for the 2nd Quarter 2024

STOREBRAND ASA: Results for the 2nd Quarter 2024

· Group profit [1] of NOK 2,249 million in the second quarter - and a total of

NOK 3,331 million in the first half of the year

· Operating profit growth of 38 percent driven by strong top-line growth and

cost control

· Financial result boosted by gain related to the sale of shares in Storebrand

Health Insurance

· Solvency margin of 191 per cent, stable development from the previous

quarter

· Increased ownership stake in the Danish infrastructure manager AIP

Management

· Completed acquisition of corporate headquarter at Lysaker

"I am pleased that we are once again delivering double-digit growth across the

board in pension, asset management, insurance and banking, while maintaining

cost control", says CEO Odd Arild Grefstad.

"The insurance business is on the right track, but the claims rate in P&C

insurance is still too high. We are continuing to work towards achieving the

target of a 90-92 per cent combined ratio in 2025. Overall, I am very pleased

with the 38 per cent improvement in operating profit compared to last year",

says CEO Odd Arild Grefstad.

"It has been an eventful quarter. The sale of Storebrand Health Insurance

contributes to one of the best quarterly results in history. We are also very

pleased with the acquisition of our own head office, Lysaker Park, and we have

increased our exposure to the fast-growing infrastructure segment by increasing

our ownership in Danish AIP. We invest in the future, as we help our customers

do every single day", says CEO Odd Arild Grefstad.

Strong growth in operating profit

Fee and administrative income amounted to NOK 1,888 million in the 2nd quarter,

representing an increase of 13 percent compared to the same period last year.

Together with firm cost control, this led to a 38 percent increase in operating

profit compared to the same quarter last year.

Group profit was NOK 2,249 million in the 2nd quarter, compared to NOK 856

million in the same period last year. In addition to the gain from the sale of

Storebrand Heealth Insurance, asset management, pensions and the bank delivers

strong results.

Storebrand consolidates its position as Norway's largest private asset manager.

Total assets under management reached a new record level at the end of the 2nd

quarter with NOK 1,298 billion, up by more than 14 per cent over the past year.

The insurance result is marginally better than last year, with NOK 396 million

for the quarter and NOK 763 million year-to-date. Group life and disability

insurance show improved profitability, while high frequency and claims inflation

led to increased claims in P&C. In total, the combined ratio ended at 97 percent

in the quarter.

During the quarter, TIME Magazine ranked the world's most sustainable companies

in collaboration with the data firm Statista. Storebrand was ranked number one

in Norway and number 41 globally.

Value-creating transactions

Storebrand Health Insurance was sold to Ergo International in September last

year. Storebrand owned 50 per cent of the company and booked a gain of NOK 1,047

million from the sale of shares in the second quarter.

In June, Storebrand entered into an agreement to acquire the shares in Lysaker

Park Eiendom, which owns Storebrand's head office. The purpose of the

acquisition was to land a long-term solution when the current lease agreement

expires in 2027.

Storebrand also entered into an agreement to acquire 50 percent of the shares in

the Danish infrastructure manager AIP Management. AIP has about NOK 90 billion

in committed capital from its clients. In total Storebrand now has 60 percent

ownership in AIP.

Solid capital position

Storebrand still has a strong capital position with a solvency ratio of 191 per

cent, well above the threshold for overcapitalisation of 175 per cent. During

the quarter, Storebrand submitted an application for the use of an internal

solvency model.

Key Figures in the Quarter: (Q2-2023 in brackets)

· Solvency ratio: 191% (196%)

· Earnings per share, adjusted for amortisation NOK 4.59 (NOK 2.16 [2])

· Equity NOK 29,986m (NOK 28,902m)

· Assets under management NOK 1,298bn (NOK 1,143bn)

Activities Related to the 2nd Quarter 2024

07:30: Release of stock exchange notification. Press release, quarterly report

and analyst presentation will be available on www.storebrand.no/ir

10:00: Live investor and analyst conference in English. A webcast will be

available at www.storebrand.no/ir. The presentation will be available on demand

afterwards. Analysts who would like to ask questions at the end of the

presentation must register for and participate in the MS Teams Webinar.

Link: https://www.storebrand.no/en/investor-relations/quarterly

-reporting/programme

For further inquiries, please contact:

Johannes Narum, Head of Investor Relations: johannes.narum@storebrand.no or

(+47) 993 33 569

Kjetil Ramberg Krøkje, Head of Strategy & Finance: kjetil.r.krokje@storebrand.no

or (+47) 934 12 155

Stig-Øyvind Blystad, Director of Communications: stig

-oyvind.blystad@storebrand.no or (+47) 918 47 226

About Storebrand

Storebrand is a Nordic financial group, delivering increased security and

financial wellness for people and companies. We offer sustainable solutions and

encourage our customers to take good economic decisions for the future. Our

purpose is clear: we create a brighter future.

Storebrand has about 55,000 corporate customers, 2.2 million individual

customers and manages NOK 1,298 billion. The Group is headquartered at Lysaker

outside of Oslo, Norway. Storebrand (STB) is listed on Oslo Stock Exchange.

Visit us on www.storebrand.no

This is information is pursuant to the EU Market Abuse Regulation and subject to

the disclosure requirements pursuant to Section 5-12 the Norwegian Securities

Trading Act.

This information is based on the Storebrand Group's alternative income statement

and contains Alternative Performance Measures as defined by the European

Securities and Market Authority (ESMA). The alternative income statement is

based on reported IFRS results for the individual group companies. The statement

differs from the official accounts layout. An overview of APMs used in financial

reporting is available on storebrand.com/ ir.

[1] Cash equivalent earnings before amortisation and tax.

http://www.storebrand.no/ir provides an overview of APMs used in financial

reporting.

[2] EPS for 2023 not adjusted for changed periodisation of performance-related

income from the first quarter 2024.