Storebrand ASA

Investor Presentation • Apr 24, 2024

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Storebrand Q1 2024

24 April 2024 Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO

Highlights Q1 2024

Strong improvement in operating and financial result

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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 from corresponding period in Q1 2023 to Q1 2024 year on year

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Completed NOK 0.4bn in share buybacks in Q1, initiating additional share buybacks of NOK 1.1bn for 2024

Sustainable Nordic Savings and Insurance Group

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 Q1 2023 to Q1 2024 3. Exclude all written premiums in Storebrand Helseforsikring AS

Competitor 1

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Storebrand continues to be recognised within sustainable finance across the Nordics

Storebrand Asset Management honored with award as best asset manager in Denmark

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Most sustainable player within Placed nr. 1 on the investments by Södeberg & Partners

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 Q1 2024

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▪ New buyback program and Storebrand Helse divestment not reflected in the reported solvency ratio

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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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Strong improvement in operating and financial result

1 Profit	Q1		Full year
NOK million	2024	2023	2023
Fee and administration income	1 818	1 605	6 782
Insurance result	367	357	1 122
Operational cost	1 498 -	1 391 -	5 787 -
Cash equivalent earnings from operations	688	571	2 117
Financial items and risk result life	394	255	1 362
Cash before equivalent earnings amortisation	1 082	826	3 480
Amortisation and write downs of intangible assets -	73 -	62 -	379 -
Cash equivalent earnings before tax	1 009	763	3 101
Tax	147 -	70	116
Cash after equivalent earnings tax	862	833	3 217

Storebrand Group | Profit

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Profit by line of business

1 Profit	Q1		Full year
NOK million	2024	2023	2023
Fee and administration income	1 818	1 605	6 782
Insurance result	367	357	1 122
Operational cost	1 498 -	1 391 -	5 787 -
Cash from equivalent earnings operations	688	571	2 117
Financial items and risk result life	394	255	1 362
Cash equivalent earnings before amortisation	1 082	826	3 480

Profit line of business per		Q1
NOK million	2024	2023	2023
Savings - non-guaranteed	567	414	1 862
Insurance	108	56	27
Guaranteed pension	289	285	1 326
Other profit	119	71	265
Cash equivalent earnings before amortisation	1 082	826	3 480

Savings (non-guaranteed)

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Continued growth and positive result development

Profit	Q1		Full year
NOK million	2024	2023	2023
Fee and administration income	1 494	1 287	443 5
Operational cost	947 -	861 -	3 582 -
Cash equivalent earnings from operations	547	426	1 861
Financial result	20	12 -	1
Cash equivalent earnings before amortisation	567	414	1 862

Profit product line per	Q1		Full year
NOK million	2024	2023	2023
Unit linked Norway	162	137	499
Unit linked Sweden	84	64	232
Asset management	212	141	717
Retail banking	148	96	500
Kron*	39 -	23 -	85 -
Cash equivalent earnings before amortisation	567	414	1 862

* The stand-alone result from Kron will be reported separately in the integration period

Key figures Savings (non-guaranteed)

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Assets under management Movement in asset under management YTD ¹

Insurance

Moderate insurance results due to challenging weather in P&C

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Profit	Q1		Full year
NOK million	2024	2023	2023
f Insurance premiums o a	1 875	1 672	6 908
Claims f o a	1 508 -	1 315 -	5 787 -
Operational cost	327 -	310 -	1 251 -
Cash equivalent earnings from operations	40	47	-129
Financial result	68	9	155
Cash equivalent earnings before amortisation	108	56	27

Profit business line per	Q1		Full year
NOK million	2024	2023	2023
P&C & Individual life	41	72	182
Health & Group life	10	24 -	238 -
Pension related disability insurance Nordic	57	8	82
Cash equivalent earnings before amortisation	108	56	27

Insurance

Key figures

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15 1. Excludes portfolio premiums in Storebrand Helseforsikring AS (50% ownership sold to Ergo International 2 April 2024) 2. Source: Finans Norge as of Q4 2023

• 98% overall combined ratio in the quarter. Weak results in P&C and Group life segments, and strong in Pension related disability
• The result in P&C was weakened by high claims frequency due to challenging weather conditions early in the quarter

• Measures implemented are expected to bring profitability gradually back to the 90-92% targeted combined ratio by 2025

• 14% overall growth in premiums f.o.a. compared to the corresponding period last year

• 6.7% market share in Norwegian retail P&C compared to 6.5% in the same quarter last year ²

Guaranteed pension

Continued stable result development

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Profit	Q1 Full year
NOK million	2024	2023	2023
Fee and administration income	391	378	1 600
Operational cost	215 -	192 -	822 -
Cash from equivalent earnings operations	175	186	778
Risk result life & pensions	44	81	296
Net profit sharing	70	18	252
Cash before equivalent earnings amortisation	289	285	1 326

Profit product line per	Q1		Full year
NOK million	2024	2023	2023
Defined benefit (private & public sector) Norway ,	62	59	283
Paid policies Norway -up ,	100	119	453
Individual life and pension Norway ,	6	5	33
Guaranteed products Sweden ,	120	102	557
Cash equivalent earnings before amortisation	289	285	1 326

Guaranteed pension

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Key figures

Customer buffers development * Guaranteed reserves in % of total reserves ▪ Stable result development from operations ▪ Declining risk result, still at solid levels ▪ Solid profit-sharing result in Swedish business ▪ New public sector customers representing 3.1bn in volume were won in 2023 and transferred during the 1st quarter 45.1 % Q1 2023 43.9 % Q2 2023 44.0 % Q3 2023 42.8 % Q4 2023 41.0 % Q1 2024

Strong financial result driven by tighter credit spreads in the quarter and continued high interest rate levels Other ¹

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Profit	Q1		Full year
NOK million	2024	2023	2023
Fee and administration income	6	6	18
Operational cost	81 -	94 -	411 -
Cash equivalent earnings from operations	74 -	88 -	393 -
Financial result	193	159	658
Cash equivalent earnings before amortisation	119	71	265

Leading the way in sustainable value creation

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

5_Title Slide

Appendix

Stable IFRS result development in the quarter

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Insurance service result

Storebrand Group Solvency movement from Q4 2024 to Q1 2024

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Real estate portfolio – Norway

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

Allocation and distribution - real estate portfolio Fair value adjustments and change in rental income 2% 4% 5% -4% 4% -3% 4% 10% 4% 2018 3% 2019 2020 1% 2021 -4% 2022 -10% 2023 2024 YTD 0% Fair value adjustments by year Change in rental income

WAULT and expired rental income ¹ Sub-portfolio yield distribution Q4 2023 2

24 1. Vacancy rate in the portfolio: 2,7%

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

Real estate portfolio - Sweden

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Weighted average unexpired lease term (WAULT): 7,3 years

1. Vacancy rate in the portfolio: 0,2%

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

WAULT and expired rental income ¹ Sub-portfolio yield distribution Q4 2023 2

-4%

2022 2023 2024

10%

4%

YTD

3%

2%

Asset allocation – Guaranteed products

Overview of Special items

Quarter	Special items NOKm	Comments
Q1 2023	71	• NOK ~71m related to the integration cost and severance pay in Danica and Kron
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

For further information

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.

Financial calendar

12 July 2024	Results Q2 2024
23 October 2024	Results Q3 2024