Storebrand ASA

Investor Presentation • Jul 12, 2024

6_Title Slide

Storebrand Q2 2024

12 July 2024 Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO

Highlights Q2 2024

Title and Subtitle only than six colors in your graph.

Strong operating result driven by continued growth and cost control, financial result boosted by sales gain

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 Q2 2023 to Q2 2024

2

Completed NOK 0.4bn in share buybacks in Q2, NOK 0.7bn to be bought back during Q3 and Q4¹

Title only than six colors in your graph.

3 1. Subject to a solvency level above 175%

1. Regulatory approved, last tranche ending on 20 December 2024

Sustainable Nordic Savings and Insurance Group

Double digit growth continues across the Group

Title only than six colors in your graph.

1. Growth figures expressed as year-over-year growth from Q2 2023 to Q2 2024 3. Excluding all written premiums in Storebrand Helseforsikring AS

Second quarter business update

Title only than six colors in your graph.

Sustainability

Recognised as one of the world's most sustainable companies by &

Submitted application for Partial Internal Solvency Model

Internal Model Public Pensions

ESA expected to initiate infringement proceedings in the public procurement case

Two acquisitions announced and divestment of health business concluded during the second quarter

Acquisition of AIP Management

Title only than six colors in your graph.

• Increased ownership in Danish infrastructure fund manager AIP Management from 10% to 60%
• Total commitments from investors EUR 8bn

Investment in corporate headquarter

• Gross property value of NOK ~1.7 billion
• Positive P&L-effect compared to renting other available office buildings in the Oslo region

Divestment of Storebrand Health Insurance concluded

• The financial gain from the divestment of the 50% ownership in Storebrand Health Insurance was booked in the 2nd quarter

AIP Management is a well-established Danish infrastructure fund manager with AUM of NOK ~90bn

Background

AIP was originally founded in 2012, and became an independent fund manager in 2018, with offices today in Copenhagen (Headquarter), London, Madrid, and New York

Title only than six colors in your graph.

Total commitments from investors of EUR 8 billion (NOK 90 billion)

Specialises in energy and infrastructure investments that facilitate the energy transition in Europe and North America

STB acquired a 10% stake in 2020 and has now entered into an agreement¹ to acquire an additional 50% to reach an ownership of 60%

Purchase price consideration is DKK 215 million for 50% of the shares in AIP, the final consideration can be adjusted subject to successful future fund raising

8

AIP operates in a market with attractive business characteristics and strong growth prospects

Infrastructure market with attractive return characteristics Global Infrastructure AuM ¹ (\$bn)

Title only than six colors in your graph.

Infrastructure consists of the physical assets required for economies and societies to function, such as railroads, wind and solar farms, and telecom. Infrastructure investors provide the capital necessary to repair and build new infrastructure.

The investment gap between what the world needs and what governments can be expected to spend based on current trends between now and 2040 is \$15T ²

Expanding Storebrand Asset Managment's Alternatives offering

Title only than six colors in your graph.

AIP will strengthen Storebrand's offering within Alternatives; Infrastructure, Private Equity, Real Estate, and Private Debt. -Building a Nordic powerhouse in asset management.

The acquisition will increase AuM within

• Storebrand Infrastructure by ~10x
• Storebrand Alternatives by ~50%
• Storebrand Group to almost NOK ~1,400bn

The acquisition provides an opportunity to realise strong earnings growth by further growing and commercialising AIP together with a strong management team and existing owners

Active ownership contributes to more green and sustainable infrastructure projects

Corporate headquarter acquisition closed in June

Title only than six colors in your graph.

NOK 1.695 billion Gross property value

Positive P&L-effect compared to renting other available office buildings in the Oslo region

Storebrand's existing lease at Lysaker expires in 2027

DEAL STRUCTURE

• The transaction was completed on June 21, 2024, through a newly established alternative investment fund (AIF) managed by Storebrand Asset Management (SAM).
• The gross property value was NOK 1.695 billion. After agreed customary purchase price adjustments approximately NOK 1.62 billion was paid for the shares in Lysaker Park Eiendom AS.
• Transaction was financed with NOK 0.7 billion in equity contribution from SAM (mainly funded by senior debt issued from Storebrand ASA) and NOK 1.0 billion senior secured bonds issued by the AIF.

4.59

+ 170 basis points

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

Title and Subtitle only than six colors in your graph.

1. Cash result before amortisation and tax.

12

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 Q2 2024

Title and Subtitle only than six colors in your graph.

▪ The positive effect from the Storebrand Helseforsikring divestment was fully offset by the initiated NOK 1.1bn buyback program which is fully reflected in the reported solvency

13 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

Title and Subtitle only than six colors in your graph.

Strong improvement in operating result driven by growth and cost control, financial result positively affected by income recognition from the divestment of Storebrand Heath Insurance

1 Profit	Q2		Year to date		Full year
NOK million	2024	2023	2024	2023	2023
Fee and administration income	1 888	1 670	3 706	3 275	6 782
Insurance result	396	382	763	739	1 122
Operational cost	-1 465	-1 460	-2 962	-2 851	-5 787
Cash from equivalent earnings operations	819	592	1 507	1 163	2 117
Financial items and risk result life	1 431	264	1 824	519	1 362
Cash equivalent earnings before amortisation	2 249	856	3 331	1 682	3 480
Amortisation and write-downs of intangible assets	-72	-56	-145	-119	-379
Cash equivalent earnings before tax	2 177	800	3 186	1 563	3 101
Tax	-213	222	-360	292	116
Cash after equivalent earnings tax	1 964	1 021	2 826	1 855	3 217

Storebrand Group | Profit

Title and Subtitle only than six colors in your graph.

Profit by line of business

1 Profit	Q2		Year to date		Full year
NOK million	2024	2023	2024	2023	2023
Fee and administration income	1 888	1 670	3 706	3 275	6 782
Insurance result	396	382	763	739	1 122
Operational cost	-1 465	-1 460	-2 962	-2 851	-5 787
Cash equivalent earnings from operations	819	592	1 507	1 163	2 117
life Financial items and risk result	1 431	264	1 824	519	1 362
Cash equivalent earnings before amortisation	2 249	856	3 331	1 682	3 480

Profit line of business per	Q2		Year to date		Full year
NOK million	2024	2023	2024	2023	2023
Savings - non-guaranteed	630	475	1 197	889	1 862
Insurance	118	63	225	120	27
Guaranteed pension	306	293	595	578	1 326
Other profit	1 195	25	1 313	95	265
Cash equivalent earnings before amortisation	2 249	856	3 331	1 682	3 480

Savings (non-guaranteed)

Title and Subtitle only than six colors in your graph.

Strong earnings development driven by growth and cost control

Profit	Q2		Year to date		Full year
NOK million	2024	2023	2024	2023	2023
Fee and administration income	1 567	1 349	3 061	2 636	5 443
Operational cost	-923	-898	-1 870	-1 759	-3 582
Cash equivalent earnings from operations	644	451	1 191	877	1 861
Financial result	-13	24	7	12	1
Cash equivalent earnings before amortisation	630	475	1 197	889	1 862

Profit product line per	Q2		Year date to		Full year
NOK million	2024	2023	2024	2023	2023
Unit linked Norway	171	101	333	238	499
Unit linked Sweden	82	55	166	119	232
Asset management	224	191	436	332	717
Retail banking	184	152	332	248	500
Kron*	-31	-25	-70	-47	-85
Cash equivalent earnings before amortisation	630	475	1 197	889	1 862

Key figures Savings (non-guaranteed)

Title and Subtitle only than six colors in your graph.

Assets under management Movement in asset under management YTD ¹

Moderate insurance results due to weak P&C results, disability results are improving Insurance

Title and Subtitle only than six colors in your graph.

Profit	Q2		Year to date		Full year
NOK million	2024	2023	2024	2023	2023
f Insurance premiums .o.a.	1 955	1 727	3 830	3 399	6 908
Claims f .o.a.	-1 559	-1 345	-3 067	-2 660	787 -5
Operational cost	-336	-308	-663	-618	-1 251
Cash equivalent earnings from operations	60	74	100	121	-129
Financial result	58	-11	126	- 1	155
Cash equivalent earnings before amortisation	118	63	225	120	27

Profit business line per	Q2		Year to	Full year
NOK million	2024	2023	2024	2023	2023
P&C & life Individual	9	82	50	154	182
Group life	28	-81	38	-105	-238
Pension related disability insurance Nordic	81	62	137	70	82
Cash equivalent earnings before amortisation	118	63	225	120	27

Insurance

Key figures

Title and Subtitle only than six colors in your graph.

19 1. Excludes portfolio premiums in Storebrand Helseforsikring AS (50% ownership sold to Ergo International 2 April 2024) 2. Source: Finans Norge as of Q1 2024

Insurance

• 97% overall combined ratio in the quarter, weak results in P&C driven by high claims inflation and a high level of large losses
• Progress on Group life and Pension related disability insurance

• The measures implemented are expected to bring profitability gradually back to the 90-92% targeted combined ratio in 2025

• 16% overall growth in portfolio premiums compared to the corresponding quarter last year

• 6.9% market share in Norwegian retail P&C as of Q1'24, up from 6.5% last year²

Guaranteed pension

Continued stable result development

Title and Subtitle only than six colors in your graph.

Profit	Q2		Year to	Full year
NOK million	2024	2023	2024	2023	2023
Fee and administration income	388	387	779	765	1 600
Operational cost	-211	-216	-426	-408	-822
Cash equivalent earnings from operations	177	171	352	357	778
Risk result life & pensions	10	69	54	149	296
profit Net sharing	119	53	188	72	252
Cash equivalent earnings before amortisation	306	293	595	578	1 326

Profit product line per	Q2		Year to	Full year
NOK million	2024	2023	2024	2023	2023
Defined benefit (private & sector) public Norway ,	64	58	126	117	283
Paid-up policies Norway ,	98	110	198	229	453
Individual life and pension Norway ,	10	8	16	12	33
Guaranteed products Sweden ,	135	118	255	219	557
Cash equivalent earnings before amortisation	306	293	595	578	1 326

Guaranteed pension

Title and Subtitle only than six colors in your graph.

Key figures

▪ Stable result development from operations ▪ Improved profit-sharing result, mainly generated by the Swedish business ▪ Moderate risk result, satisfactory results in the Norwegian business and weak results in the Swedish business

Improved operational result and strong financial result driven by the divestment of Storebrand Health Insurance Other ¹

Profit	Q2		Year to	Full year
NOK million	2024	2023	2024	2023	2023
Fee and administration income	4	6	11	11	18
Operational cost	-66	-109	-147	-203	-411
Cash equivalent earnings from operations	-62	-104	-136	-192	-393
Financial result	1 257	129	1 450	287	658
Cash equivalent earnings before amortisation	1 195	25	1 313	95	265

Title and Subtitle only than six colors in your graph.

Leading the way in sustainable value creation

Q&A

Please join the MS Teams Webinar to participate in the Q&A session

Group CFO & Executive Vice President

24

Title only than six colors in your graph.

Group CEO Group Head of Strategy & Finance

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

Head of Investor Relations

5_Title Slide

Appendix

Storebrand Group Solvency movement from Q1 2024 to Q2 2024

26 1. Acquisition of AIP Management is not reflected in the reported solvency ratio since the transaction is not closed.

Title and Subtitle only than six colors in your graph.

Real estate portfolio – Norway

Title only than six colors in your graph.

Weighted average unexpired lease term (WAULT): 5,6 years

Fair value adjustments by year Change in rental income

WAULT and expired rental income ¹ Sub-portfolio yield distribution Q2 2024 2

27 1. Vacancy rate in the portfolio: 3,2%

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

Real estate portfolio - Sweden

Title only than six colors in your graph.

Weighted average unexpired lease term (WAULT): 7,1 years

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

28 2. The graph shows exit-yield for the different categories

WAULT and expired rental income ¹ Sub-portfolio yield distribution Q2 2024 2

-4%

10%

5%

YTD

Asset allocation – Guaranteed products

Overview of Special items

Quarter	Special items NOKm	Comments
Q2 2023	- 64	• NOK ~56m related to the integration cost and severance pay in Danica and Kron • NOK ~8m in write-downs of shares in smaller subsidiary
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

For further information

Important information

Title only than six colors in your graph.

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.

Financial calendar

23 October 2024 Results Q3 2024