Storebrand ASA

Investor Presentation • Feb 7, 2024

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Storebrand Q4 2023

7 February 2024 Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO

2023 marks a year of value creation for customers and shareholders

Provide financial freedom and security to our customers

Supported customers in ~150 thousand insurance related cases

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Delivered NOK ~100bn in returns to our customers

Leading player within sustainability

Value accretive M&A and divestments

New ambitious targets (Capital Markets Day)

Solid uplift in dividends, continued successful growth execution but weak insurance results Highlights Q4 2023

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

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1. Growth figures from corresponding period in Q4 2022 to Q4 2023 year on year

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Step up in dividend to NOK 4.10 per share, increase of ~11% from last year

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ambition

Sustainable Nordic Savings and Insurance Group

Double digit growth continues across the Group

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2016 2017 2018 2019 2020 2021 2022 2023 1. Growth figures expressed as CAGR from FY 2016 to FY 2022

1. Growth figures expressed as year-over-year growth from Q4 2022 to Q4 2023

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1. Include all written premiums in Storebrand Helseforsikring AS (divestment pending regulatory approval).

2016 2017 2018 2019 2020 2021 2022 2023

Strong and consistent net flow in Asset Management, best performance among Nordic players in 2023¹

Group result increased 27% year on year, despite weak results in Insurance

of NOK ~700m given actual 2023 premiums

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

Mitigating actions to improve insurance results towards the 90-92% combined ratio target by 2025

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Claims development Mitigating actions Challenging weather (e.g. torrential rain) and increased frequency Persistently high inflation and unfavourable currency movements Persistently high disability levels Results are negatively impacted by reserve strengthening Repricing Risk selection Terms and conditions Cost program claims handling Preventive disability measures (e.g. VEL and ReStart)

Strong development in earnings per share¹, 32% increase year on year driven by earnings growth and buybacks

2022 2023

Group result² Share buybacks effect Group result² per share 2 732 3 480 +27% ^{464 447} -4% 5.9 +32% Result before tax and amortisation (NOK million) Shares outstanding adjusted for own shares (million, closing balance) Result before tax and amortisation (NOK per share)

10 1. Result before amortisation and tax applied to illustrate underlying improvements and avoid tax fluctuations. Storebrand Group has a tax loss carry forward and is thus not in tax paying position.

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

2022 2023

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2022 2023

7.8

Key Figures

Improved financial result and a solid solvency position

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

1. 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

Cash remittance of more than 100% of profit after tax

12 Note: Net remittances to holdco after capital injections. Total remittances include an additional NOK 4m from other minor subsidiaries. 1) Subject to regulatory approvals

High capital generation lifts solvency from 184% at the start of the year to 192% at year end

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ILLUSTRATIVE

Storebrand Group Solvency position and sensitivities Q4 2023

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rules.

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Target SII margin 150%

Storebrand Group | Profit

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Strong income growth & financial result, but weak insurance results

1 Profit	Q4		Full year
NOK million	2023	2022	2023	2022
Fee and administration income	1 959	1 641	6 782	6 062
Insurance result	6 4	390	1 122	1 664
Operational cost	1 542 -	1 410 -	5 787 -	5 008 -
Cash equivalent earnings from operations	481	621	2 117	2 718
Financial items and risk result life	465	219	1 362	1 3
Cash equivalent earnings before amortisation	947	841	3 480	2 732
Amortisation and write downs of intangible assets -	114 -	62 -	379 -	202 -
Cash before equivalent earnings tax	833	778	3 101	2 530
Tax	1 9	1 2	116	225
Cash equivalent earnings after tax	853	790	3 217	2 754

Storebrand Group | Profit

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Profit by line of business

1 Profit	Q4		Full year
NOK million	2023	2022	2023	2022
Fee and administration income	1 959	1 641	6 782	6 062
Insurance result	64	390	1 122	1 664
Operational cost	1 542 -	1 410 -	787 5 -	008 5 -
Cash from equivalent earnings operations	481	621	2 117	2 718
Financial items and risk result life	465	219	1 362	13
Cash equivalent earnings before amortisation	947	841	3 480	2 732

Profit line of business per	Q4		Full year
NOK million	2023	2022	2023	2022
Savings - non-guaranteed	619	456	1 862	1 653
Insurance	193 -	92	27	596
Guaranteed pension	433	270	1 326	903
Other profit	88	23	265	420 -
Cash equivalent earnings before amortisation	947	841	3 480	2 732

Savings (non-guaranteed)

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Continued growth and satisfactory result development

Profit	Q4		Full year
NOK million	2023	2022	2023	2022
Fee and administration income	1 607	1 293	5 443	4 733
Operational cost	972 -	848 -	3 582 -	3 031 -
Cash from equivalent earnings operations	635	445	1 861	1 701
Financial result	16 -	11	1	49 -
Cash equivalent earnings before amortisation	619	456	1 862	1 653

Profit product line per	Q4		Full year
NOK million	2023	2022	2023	2022
Unit linked Norway	124	92	499	383
Sweden Unit linked	44	69	232	322
Asset management	370	208	717	667
Retail banking	104	87	500	281
Kron*	23 -		85 -
Cash equivalent earnings before amortisation	619	456	1 862	1 653

Savings (non-guaranteed)

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Positive UL and AuM development (high net flow)

Assets under management Movement in asset under management YTD ¹

Insurance

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Weak insurance results driven by challenging weather and high disability

Profit	Q4		Full year
NOK million	2023	2022	2023	2022
f Insurance premiums o a	1 776	1 630	6 908	6 088
Claims f o a	1 712 -	1 240 -	5 787 -	4 424 -
Operational cost	328 -	318 -	1 251 -	1 112 -
Cash equivalent earnings from operations	-263	72	-129	552
Financial result	70	20	155	43
Cash equivalent earnings before amortisation	-193	92	27	596

Profit business line per	Q4		Full year
NOK million	2023	2022	2023	2022
P&C & life Individual	4 -	68	182	387
Health & Group life	137 -	17 -	238 -	8
Pension related disability insurance Nordic	52 -	41	82	201
Cash equivalent earnings before amortisation	-193	92	27	596

Insurance

Key figures

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• 115% overall combined ratio in the quarter, driven by challenging weather and persistently high disability
• Strengthening of reserves for Group life and Pension related disability is the main driver both in the quarter and for the full year

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

• 9% overall growth in premiums f.o.a. compared to the corresponding period last year

• 6.6% market share in Norwegian retail P&C compared to 6.2% in the same quarter last year ¹

Guaranteed pension

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Strong growth in profits driven by increased financial results and solid operational performance

Profit	Q4		Full year
NOK million	2023	2022	2023	2022
Fee and administration income	422	413	1 600	1 597
Operational cost	205 -	233 -	822 -	850 -
Cash equivalent earnings from operations	217	180	778	747
life & Risk result pensions	77	53	296	262
Net profit sharing	139	38	252	106 -
Cash equivalent earnings before amortisation	433	270	1 326	903

Profit product line per	Q4		Full year
NOK million	2023	2022	2023	2022
Defined benefit (private & public sector) Norway ,	85	37	283	244
Paid policies Norway -up ,	116	137	453	502
life Individual and pension Norway ,	10	13	33	33
Guaranteed products Sweden ,	221	83	557	124
Cash equivalent earnings before amortisation	433	270	1 326	903

Guaranteed pension

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Key figures

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NOK million	Q4 2023	Q3 2023	Change
Market value adjustment reserve**	4 482	2 565	+ 1 916
Excess value of bonds at amortised cost	-10 559	-17 086	+ 6 526
Additional statutory reserve	6 919	6 997	- 77
Conditional bonuses SPP	15 039	13 880	+ 1 159
Total	15 881	6 357	+ 9 524

1. The term Buffer capital in this table is not consistent with the definition of buffer capital made in the IFRS accounting. 2. Includes Public Occupational Pensions buffer fund.

Buffer capital ¹Guaranteed reserves in % of total reserves ▪ Increased result from operations ▪ Continued strong risk result ▪ Strong profit-sharing result in Swedish business ▪ 3.1 bn Public Occupational Pension assets won in 4Q, to be booked in 1H 46.5 % 45.1 % 43.9 % 44.0 % 42.8 %

Q2 2023

Q3 2023

Q4 2022

Q1 2023

Q4 2023

Other ¹

Financial result improving from a higher interest rate level

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Profit	Q4		Full year
NOK million	2023	2022	2023	2022
Fee and administration income	1	2	18	17
Operational cost	109 -	77 -	411 -	299 -
Cash equivalent earnings from operations	-108	-75	-393	-282
Financial result	196	98	658	138 -
Cash equivalent earnings before amortisation	88	23	265	-420

Higher return on equity as the backbook is transforming into a financial asset

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1. Last 12 months as of Q4 2023 Profit after tax adj. for amortisation (i.e. cash result).

24 2. Includes the result and capital in the "Other" reporting segment.

1. The RoE is calculated based on LTM profit after tax and before amortisation of intangible assets (i.e. cash result including tax gain), divided on a pro forma allocation of IFRS shareholder equity excluding hybrid capital.

2023 concludes the first year of IFRS 17 reporting

On track to reach sustainability targets

We maintain focus on the longer term despite short term challenges in Insurance

Q&A

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

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

Underlying operational cost development in line with previous guiding, NOK 5.9bn expected for 2024

Operational cost development in line with NOK 5.3bn guiding for full year 2023

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Operational cost guiding of NOK 5.9bn for 2024 announced on the CMD in December reiterated

Approximation

Storebrand Group Solvency movement from Q3 2023 to Q4 2023

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Real estate portfolio – Norway ¹

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

2% 4% 5% -4% -10% 4% -3% 4% 10% 2018 3% 2019 2020 1% 2021 -4% 2022 2023 Fair value adjustments by year Change in rental income

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

32 1. Vacancy rate in the portfolio: 3,3%

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: 0,1%

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

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

Asset allocation – Guaranteed products

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.

Thank you

Financial calendar

14 Mars 2024	Annual Report 2023
4 April 2024	Annual General Meeting
24 April 2024	Results Q1 2024
12 July 2024	Results Q2 2024
23 October 2024	Results Q3 2024