Storebrand ASA

Investor Presentation • Dec 13, 2023

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INVEST IN THE FUTURE

Leading the way in sustainable value creation

Capital Markets Day 2023

Important Information

This document contains 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.

This document 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.

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AGENDA

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Topic	Presenter		Page
Group Strategy Leading the Way in Sustainable Value Creation	Odd Arild Grefstad Group CEO	Trygve Håkedal Executive Vice President, Digital	4
Corporate Norway Leading Position in the Norwegian Corporate Pension Market	Vivi Gevelt Executive Vice President, Corporate Norway		26
Corporate Sweden Digital Leader in the Swedish Pension Market	Jenny Rundbladh Executive Vice President, Corporate Sweden		39
Asset Management Nordic Powerhouse in Asset Management	Jan Erik Saugestad Executive Vice President, Asset Management		54
Retail Norway Growing Challenger in the Norwegian Retail Market	Camilla Leikvoll Executive Vice President, Retail		66
Group ambitions Accelerated Value Creation in a Higher Interest Rate Environment	Lars Aa. Løddesøl Group CFO & Executive Vice President		77
Appendix			103

2_Title Slide

Group Strategy

Leading the Way in Sustainable Value Creation

Odd Arild Grefstad Chief Executive Officer

Executive summary

256 years of pioneering the Nordic financial industry

Future Storebrand is a capital light business with material group synergies

Future Storebrand

A Nordic Savings and Insurance group

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Pensions & savings

Market leader NOK 588bn AuM

Retail banking

NOK 75bn lending

Fast growing challenger

Asset management

World leader in sustainability NOK 1,131bn AuM

Insurance

Fast growing challenger NOK 8.4bn premiums ¹

Helping our customers invest in the future

Strategic and financial milestones reached since the Capital Markets Day in 2020

Track record of strong and consistent growth in core markets

1. Growth figures expressed as CAGR from FY 2016 to FY 2022

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1. Growth figures expressed as year-over-year growth from Q3 2022 to Q3 2023

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

2016 2017 2018 2019 2020 2021 2022 Q3 23

Delivered on guidance from CMD 2020

Apart from market-driven profitability challenges in Insurance ¹

11 1. Weak insurance results YTD 2023 implies that it is not likely to reach the NOK 4bn ambition

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1. Premiums f.o.a. (for own account) basis trailing 12m gross premiums net of reinsurance as of Q3 2023

Higher interest rates will improve result contribution from financial results

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12 1. Bloomberg 2. Monetary policy report 3/2023, Norges Bank; Monetary policy report, November 2023, Sveriges Riksbank

Lower unemployment rates with stable outlook ²

Market expects slightly declining policy rates ²

Structural growth in core markets for years to come

Group strategy underpinned by concrete revenue, cost and capital synergies

GROUP SYNERGIES

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Significant group synergies across our operations enable strong growth with competitive margins across all lines of business

Selected group synergies

Sustainable Nordic Savings and Insurance Group

Strategy enabled by industry-leading employee engagement and growth-oriented culture

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People First ^D

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28 years of pioneering sustainable finance

Top 10% Of global listed companies' work within sustainability

Grade A Part of CDP's A-list for 2022. Leading the way in environmental transparency and performance on climate change

Rated #1 Within sustainable investments in Norway, Sweden and Denmark ¹

Winner of the SHE Index Recognised for systematic work with diversity and equality

Leadership in Sustainability ^D

Maintaining sustainability leadership through product, service and operations focus

Storebrand in Society

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Sustainable finance thought leader in the Nordics; Founding member Net Zero Asset Owner Alliance in 2019; Key contributor in investor initiatives for nature

Sustainability in Products and Services

Net zero ambition across portfolios by 2050; 15% of total AuM in solution companies by 2025; ESG-score integrated across investments

Sustainability in Operations

Science-based targets for carbon emission reduction; Systematic work with diversity and inclusion; Leading the way with sustainable procurement

Digital Frontrunner

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Building a digital, data-driven & scalable platform

Cloud Transformation

Future-proofed, stable and secure platform delivered in-line with business case

Digital Frontrunner ^D

Pro-active defence with zero trust and security by design

Artificial Intelligence

Proven track record with mobilization to reap the benefits of Generative AI

Consolidated and modernized business platforms for automation and digitalization

Mature and modern digital product practice primed for digital distribution and servicing

Scaled agile with strong strategic alignment and commercial orientation

Digital Frontrunner ^D

Fully automated infrastructure as code

Modernization and technical debt reduction

Access to new innovative

Modernised and transparent platform with zero trust architecture 10X log sources providing increased cyber transparency ¹

Storebrand Cyber Defence Centre

Pro-active threat hunting and intelligence with automated security monitoring and response

2X incidents handled while reduction in false positives ¹

Focus on application security

Security by design through a secure development lifecycle

15% of developers trained Security Champions

Build security awareness

Organization wide training and monitoring

15% increase in employees reporting suspicious phishing ²

Digital Frontrunner ^D

Adapting to an everchanging threat landscape

Artificial Intelligence

Proven track record and ready to unlock the AI-potential

P&C fraud detected ¹ +20% Pricing precision ²

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Automated approvals ³ 2x

External studies indicate high potential of Generative AI

More inquiries managed by Customer Service agents ⁴

Time cut in document writing by business professionals ⁵

Increase in output quality using generative AI ⁵

Digital Frontrunner ^D

Our approach to unlocking the AI-potential

+17% AI-enabled workforce

Invest in AI-tools and build competency

Automation with AI Integrate AI resources in digital transformation initiatives

Lean investments Moderate scale-up building on

long-term capabilities

1. Increase in detected fraud cases in an AI-assisted process for selected P&C products

22 2. ML-based pricing on collective disability insurance

1. Twice as many disability cases automatically approved with use of analytics

2. Generative AI at Work (NBER)

3. Experimental evidence on the productivity effect of gen AI (MIT)

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Scalable business platforms enabling digital distribution & customer service

Enabling growth from a proven foundation

1. Self-service solution Norway: Aalund, Norsk kundebarometer, SMB digital sales Norway: Nordic UX awards, SMB digital sales Sweden: Private Affärer - Årets småföretagarpris 2023 2. EPSI 2023

Digital Frontrunner ^D

Capturing both structural and market driven growth to transform into a high Return on Equity business in line with long-term Group strategy Storebrand's strategic direction towards 2025

Increasing group financial ambitions as the equity story unfolds

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Leading Position in the Corporate Market

Vivi Måhede Gevelt Executive Vice President, Corporate Norway

Key takeaways

Profitable & growing corporate pension market – Market leader

Attractive provider in a large public sector market – Challenger

Growth in P&C and Corporate Pension Funds – Greenfielding

Digitalizing core processes - Scalable

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Well positioned as a full range provider in the corporate market for Pension and Insurance

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1. Private sector: Finance Norway, premiums defined contribution as of Q3 2023. Public sector: Storebrand estimate based on portfolio. Group life: Finance Norway per Q4 2022, premiums. Pension related disability: Storebrand estimate based on portfolio. P&C: Finance Norway per Q3 2023.

Occupational pensions in Norway

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Sticky and growing assets in an immature defined contribution market

1. Paid-up policy is main pension product from Defined Benefit (DB) schemes. However, some receive pensions directly from the DB scheme.

29 2. Storebrand estimates. Defined Benefit based on Q323 figures of NOK 400bn from Finance Norway and pension fund estimate of NOK 250bn. For defined contribution and public sector. Please find further details in the pages describing the concrete growth initiatives.

Strong track record in the Norwegian corporate market

1. Business area includes the following Supplementary Information segments: Majority of Unit linked Norway, Health & Group life insurance, Pension related disability insurance Norway and Guaranteed products Norway

2. Market shares in terms of premiums

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Attractive customer value proposition supported by leading solutions, client service and brand

Going forward, continue the structural growth journey within unit linked and through growth initiatives

Leverage our leading market position to further grow in unit linked pensions

Strong historical growth and STB is the market leader Solid market growth for the foreseeable future Market AuM (NOK billion), STB estimates Storebrand aims to maintain the leading position in a growing market… • Market opened in 2001 and accelerated substantially from 2006 • 19% annual AuM growth last 10 years • Traditional players succeeding – newcomers outcompeted due to high 1.9m Individual DC pension savers 20232024202520262027202820292030203120322033540 >10% Individual Pension Account Pension Capital Certificates … while at the same time improving cost-income ratio (UL corporate Norway) Annual savings across the market, with rapid future growth 45bn 65% 2022 62% 2023 YTD 2024E 2025E 2026E NOK

entry barriers and scale advantages

Excellent track record with 7 out of 7 municipality tenders won

• NOK 10bn to 20bn expected to be tendered during 2024

Preferred manager for closed corporate pension funds in run off

AuM (NOKbn)

Attractive market for Storebrand Storebrand has NOK 7bn in AuM

Several closed corporate pension funds are managed as captive by corporations

Ongoing trend where funds are transferred to commercial pension companies due to cost, complexity & risk optimisation

• Five pension funds transferred per Q3 2023
• High profitability and capital efficiency
• Utilising strong group synergies (e.g., asset management, asset liability management and pension solutions)

Continue the strong and profitable growth as a

Preferred manager of corporate pension funds

Attractive market

A B C D

Continue growing the P&C business

Build on existing operations and synergies in a profitable market

Strong Group synergies, e.g.

Strong brand

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reduction in SCR due to diversification effects >75 %

Utilise in-house competence

In a market with healthy margins

claims ratio ~65 % ¹

The initiative has been delayed due to covid, but is now accelerating

1,700 new customers YTD

Expanded product offering to SMEs

Expanded distribution with new partners

Expected high premium growth

Premiums from P&C customers (NOK million)

Scalable business with increasing volumes, leading digital solutions and technological efficiency gains

Capacity to process an increasing number of customers without growing the workforce

Growth in business volumes requires further efficiency measures

3x

increase in number of pension & disability claims handled per FTE from 2018 to 2023

>90%

fully automation ratio in all major defined contribution pension processes

2 of 3

disability claims are processed partly or fully automated

Our focus on utilizing AI technologies will further improve automation and scalability going forward

'Smart Pension'

Market leading digital pension advisor

Award-winning

digital sales and service solutions corporate market

Ambitions towards 2025

Market leader in private sector pension

Grow AuM in public sector with +NOK 7bn annually

20% growth in cash results p.a.

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Digital Leader in the Swedish Pension Market

Jenny Rundbladh Executive Vice President, Corporate Sweden

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Key takeaways

Strong cash result on top of capital release

Continued strong value creation from SPP

Strong core pension offering

Leading the market in new sales last twelve months

Growth into adjacent profit pools

Ambition to strengthen the footprint in Sweden

Scalable digital solutions

Digital edge will fuel the journey ahead

SPP: A digital leader in the Swedish life & pension market

Strongest growth in the segments driven by individual solutions Swedish life insurance market continues to grow

Focus on unlocking potential with maintained profitability Growing transfer market driven by regulatory changes

incentives offered by competitors

Looking back, SPP has delivered scalable growth Strong cost discipline and improved efficiency

Back book in run off has led to capital release of SEK 5.5bn on top of increasing cash results

Accelerated SPP to a leading position in new sales within core market

1. Market shares are based on 'last 12 months' figures per Q3

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46 2. Non-Collective Occupational pension, Unit linked, including transfer in Source: Insurance Sweden

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Looking ahead Strategic priorities towards 2025

SPP is a preferred partner based on our position as a trusted advisor and a sustainable pioneer

We pave the way as a digital leader, offering a smooth customer journey and reduced time to market

We target double -digit growth by expanding our business into adjacent profit pools which lead to growing market shares

Strengthen footprint in the Swedish market

Additional growth fuelled by key success capabilities and strong group synergies…

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Modern scalable platform and an internal workforce transformation

Strong market position with a #1 rate by external partners

Well positioned sustainable investment brand, strong synergies with Asset Management

High employee engagement score and ability to attract top talent

… visualised in commercial initiatives expanding SPP's profit pool

Repackaged products into new segments: A ^→ Growth in the SME segment

Added value propositions and distribution: B ^→ Growth in capital light guaranteed savings

Provide a scalable operation model: C ^→ Consolidation and portfolio transfers

Growth in SME segment, the journey has started

• Mainly distributed by brokers
• Higher margin segment
• SPP has a limited footprint today
• One-stop shop package
• Standardized solutions
• Digital customer journey & single sign on

SPP's capabilities

• ✓ Strong B2B position
• ✓ Access to distribution
• ✓ Relevant value proposition to expand from

2021 2022 2023

Growth in capital light guaranteed savings

High interest rate environment creates potential Customer needs

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• Few peers with relevant capabilities
• Higher margins compared to UL
• Capital light product

• Increased attractiveness for guaranteed savings
• Strong value proposition for clients 55+ years

SPP's capabilities

• ✓ Strong risk management
• ✓ Well-known brand
• ✓ Scalable operating model

The win of ITP* opens new doors

* Largest white collar collective agreement

SPP's growing market share

Expand through consolidation & portfolio transfers

Fragmented market in potential transformation SPP's capabilities

• A large number of providers in the total life insurance market
• Regulation and digitalisation drivers for transformation
• Growing ecosystem in savings and insurance industry opens new opportunities
• A significant potential of consolidation

• ✓ Proven experience with successful previous portfolio transfers
• ✓ Modern platform provide a scalable operating model and a potential consolidator position
• ✓ Dedicated local proactive team supported by group capabilities and experience in M&A

SPP's key ambitions

> 10% annual growth Strengthen footprint the Swedish market

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Nordic Powerhouse in Asset Management

Jan Erik Saugestad Executive Vice President, Asset Management

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Key takeaways

Growth track record

Successful transformation, three successful acquisitions and consistent net inflow

Strong strategic enablers

Attract and keep talent, modern and AI read platform, thought leader in sustainable investments

Clear long-term strategic positions

• ✓ Local Nordic Partner
• ✓ Gateway to the Nordic
• ✓ Sustainability Pioneer

Recognized as a front runner in the Nordic asset management industry

Transformation and rise of Asset Management

Modern and sustainable multiboutique manager Future growth as a Nordic Asset Manager

World Sustainability

Strong growth in non-captive assets has transformed the revenue composition and boosted revenues from captive

Highly regarded by clients and ranked as a leader in sustainable investments

Three clear long-term strategic positions supported by strong enablers

Ability to attract and keep talent and a modern and AI read platform, is key to support growth

Perspectives on key trends and value drivers for clients and the business are well anchored

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Private markets & alternatives are increasingly important

Sustainable investments is still a strong trend

Use of technology and AI will be ever more critical

Key trends Value drivers

• Active management adds client value executed well
• Sound integration of ESG in investment processes improves long term risk-adjusted returns
• Alternatives provide liquidity, complexity and risk premiums not available in conventional markets
• Well diversified portfolios across asset classes and strategies provide superior risk-adjusted return
• Different brands for different strategies/assets improves client transparency
• Growth is crucial to support clients and stay competitive

Local Nordic Partner

Sustainability Pioneer

Gateway to the Nordic

Present in all Nordic countries to be an attractive partner in all the local markets

1. BCG Global Asset Manager Survey 2023: Breakdown of European active mutual funds by rating (% total AuM of rated funds) 2. BCG Global Asset Manager Survey 2023: Total cost (bps) compared to peers ("Institutional Open")

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Local Nordic

Gateway to the Sustainability Pioneer

Hold a strong Nordic position and relevant solutions to capture flow into the Nordic investment region Partner Nordic

The Nordic region is an attractive investment region

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World leading industry clusters

Tradition of public-private collaboration

High digital maturity

We have all relevant solutions and a recognised brand

Conventional solutions with Nordic fixed income and equity funds

Alternatives solutions with a Nordic investment scope and high sustainability levels

#1of 311 in the category Global diversified portfolios ¹

"One of the frontrunners in the Nordic investment industry.." AM Watch Oct 6 2023

Growth enabled by dedicated sales, int. domiciles and performance

A dedicated international sales force with local presence in the UK, and domiciles in LUX, IRL, and GGY

Your Nordic Private Equity Partner

~20% average historical return

Strong performance within Real Estate, and high sustainability ratings

~8% annually ungeared return last 8 years

Gateway to the Nordic

2020 Q3 2023

Sustainability

Pioneer

Able to lever our leadership in sustainable investments to drive revenue growth

Policy trends USD 370bn US Inflation Reduction Act EUR 270bn EU Green Deal Industrial plan Market trends USD 3.7tn Cumulative GSS+ debt issued by YE22 > USD 20bn Flows into Article 8 & 9 fund in Europe² Investment requirements USD 3.5tn New spending on low emission assets and enabling infrastructure USD 700mn 80 148 AuM within sustainable solutions NOK billion Track record of solutions and ability to innovate, secure growth Both support and market for sustainable investments ¹ We have a competive offering of sustainable solutions Conventional ✓ Theme-based strategies ✓ Sustainable equity index strategy ✓ Sustainable credit and fixed income strategies Alternatives ✓ Cubera Impact ✓ Infrastructure ✓ Real Estate

1. International Carbon Action Partnership; Green, Social and Sustainable; Task Force on Climate-related Financial Disclosures; Climate Bonds Initiative; Global Australia, European Commission,

Net Zero Asset Managers Initiative; Net Zero Asset Ownders Alliance, Climate Action 100+ 2. As of Q3 2023

In biodiversity conservation funding gap

64

Asset Management's key ambitions

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Growing Challenger in the Retail Market

Camilla Leikvoll Executive Vice President, Retail

1_Agenda Slide

Key takeaways

Attractive retail market ¹ Gained market shares in all product areas

Proven track record ² Delivered on ambitious double-digit growth targets

Raising the bar towards 2025

Through boosting customer experiences, unleashing cross-sales and scalable growth

Storebrand Norwegian retail market at a glance

Broad product offering… … utilising a profitable business model while capitalising on group synergies

• Leveraging a large customer base through B2B2C
• Cost and capital synergies in mortgages and insurance
• Strong in-house competency and capabilities
• Leading asset manager for attractive offering

Growing market share in attractive Norwegian retail market

1. Including Kron and external distribution. Excluding individual unit link. Total market share including Skagen at Q3 2023- 13.2%.

2. Insurance includes both P&C and personal risk

Sources: VFF, Finans Norge, SSB

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Note: Numbers are from Q3 2023

Strong results due to outperformance of ambitious CMD targets from 2020

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2 Product area includes the following Supplementary Information segments: P&C and individual insurance, Retail banking, Kron and a fraction of Unit linked Norway (Retail)

Success supported by strong customer offering and group synergies

Strategic priorities towards 2025

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Boost customer experience Unleash cross-sales potential Continue scalable growth

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A B C

Systematically broaden customer relationships to increase share of wallet

Systematically broaden the relationship… … and new concepts and services

Development of the portfolio over time

Utilise selected customer journeys for cross-selling

Buy a new home Pension planning Build a safety net

Pilot 2023

Storebrand Fram

Affluent customer program

Utilise technology and efficiency measures to drive scalable growth

Continue operational excellence

By advanced use of data and technology to increase automation

Optimise distribution mix

By increasing distribution power and share of digital sales

A B C

Support climate adaption and circular economy

By managing climate risk and ensuring circularity in claims settlements

+20%

Increase automation p.a in banking operations

Ambitions

Improve cost ratio in retail insurance

-2 p.p. >80%

EU taxonomy aligned in non-life insurance

Raising the bar towards 2025

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Accelerated Value Creation in a Higher Interest Rate Environment

Lars Aa. Løddesøl Group CFO & Executive Vice President

Improvement in the business reflected in shareholder returns

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78 1. Peer group includes Aegon, Allianz, Aviva, Axa, Baloise, Banca Generali, Prudential, Legal & General Group, Swiss Reinsurance Company, and Zurich Insurance Group. 1. Total return index basis local currency and gross dividends. Latest data as of December 7th, 2023.

Strong capital generation and improved balance sheet composition

20% annual solvency generation since initiation of solvency back in 2016

Balance sheet composition significantly improved, in line with group strategy

Composition of the solvency capital requirement (SCR)

On track to reach sustainability targets

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1. Listed equity and corporate bonds

2. NOK 5.7bn green bonds from Storebrand Livsforsikring AS, and NOK 7.5bn in green bonds from Storebrand Boligkreditt AS 3. As of year-end 2022

Accelerated value creation supported by a higher interest rate environment

Increasing cash-results

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Delivered on the guidance from the Capital Markets Day in 2020

Satisfactory result development apart from Insurance, cash result target of NOK ~5bn set for 2025

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Ambition to reach NOK 5bn assumes strong growth and satisfactory margin development

	Future Storebrand				Run-off Business
		Savings			Guaranteed
	Unit Linked	Asset Management	Bank	Insurance
Volume (NOK) Q3 2023	AuM NOK 353bn	AuM NOK 1,131bn	Lending NOK 75bn	Premiums f.o.a.1 NOK 7.2bn	AuM NOK 278bn
Volume CAGR 2023-2025E	10-14 % ∼	7-11 % ∼	5-10 % ∼	8-15 % ∼	< 0 %
Margin 2025E	Fee income 0.5 % - 0.6 % ∼	Fee income 0.18 % - 0.22 % ∼	Net interest 1.2 % - 1.4 % ∼	Combined ratio <92 %	Fee income 0.5 % - 0.6 % ∼

Group cost

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Commitment to cost control amid persistent inflation

Operational cost development Group (NOK billion)

Cost is increasing due to growth, investments and inflation

Manage cost for profit growth

• Cost managed for strong growth, significant investment in AI, technology and innovation
• Contingency plans and cost reduction initiatives to be initiated if revenue is delayed

Proven ability to adapt cost if needed

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Growing financial result driven by increased profit sharing from Guaranteed business

1. Net financial result from company capital going forward reflects a reduced amount of company capital, in line with the capital distribution ambitions put forward in this presentation

2. Further details on profit sharing for the paid-up policy portfolio is provided in the appendix

Higher capital generation and return on capital

2

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Transitioned from capital consumptive Guaranteed business to capital light Savings and Insurance business

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

1. Last 12 months as of Q3 2023 Profit after tax adj. for amortisation (i.e. cash result).

2. Includes the result and capital in the "Other" reporting segment. 90

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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 IFRS shareholder equity excluding hybrid capital.

Capital generation will be higher than cash earnings due to contribution from capital release in the backbook

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1. The solvency generation is measured as of Q3 2023 and is sensitive to various moving factors outside of Storebrand's control. ⁹¹ 2. Excluding capital consumption from CRD IV entities, which will be evaluated according to relevant regulation and capital framework.

Increased capital generation converted to cash

Higher capital returns to shareholders

3

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History of growing capital distribution

Historical remittance has been close to cash results

INCREASED REMITTANCE EXPECTED

• ✓ Cash remitted to Hold co. for maximum fungibility across the group
• ✓ Remittance expected to increase from growing cash results and upstreaming of excess cash

Content and Summary

Reaffirming our commitment to grow capital distribution to shareholders

95 1. The solvency generation is measured as of Q3 2023 and is sensitive to various moving factors outside of Storebrand's control.

Disciplined allocation of available excess capital to maximise shareholder value

96 1. The solvency generation is measured as of Q3 2023 and is sensitive to various moving factors outside of Storebrand's control.

Track-record of accretive M&A well aligned with the Group Strategy

Acquired 7 and divested 2 companies since 2017…

Considerations and capital synergies, NOK billion Profit before amortisation and tax, NOK billion

… which has resulted in significant value creation

M&A-PRIORITIES GOING FORWARD

• ✓ Disciplined M&A, selected bolt-on acquisitions with strong strategic rationale, preferably synergy based
• ✓ Need to meet financial requirements equalling group ROE-target of 14%

Content and Summary

Earnings per share growth strengthened by ongoing buybacks

Concluding remarks

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Key takeaways from today

✓	Supportive macro environment	From historically low, to higher interest rates
✓	Strong market position	From Norwegian market leader in occupational pension to diversified Nordic capital-light growth business
✓	Attractive markets	From growing frontbook to structural and market driven earnings growth across the entire business
✓	Increased cash result and return	From low Return on Equity business to high Return on Capital as value creation accelerates
✓	Higher capital return	From growing dividends to increasing dividends in parallel with material buybacks

Consistent group capital management and dividend policy

Leading the way in sustainable value creation

Appendix

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Key assumptions

Numbers presented today are subject to external factors outside of Storebrand's control such as;

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Continued shift to Non-Guaranteed pension

Implications from new buffer capital rules

New rules Implications for Storebrand

• The new rules entail the introduction of a pooled and fully customer-distributed buffer fund for private guaranteed pension products
• The new regulation enters into force on 1 January 2024
• The buffer fund will replace the current additional statutory reserve and market value adjustment reserve, and will be able to cover negative returns
• The rationale for the new rules is to achieve higher expected return by giving pension vendors increased buffers to take on more risk in the portfolios

Portfolio management: Increase allocation to risky assets due to increased risk-absorbing capacity from more available buffer. Paid-up portfolio divided into a further 3 sub-portfolios to achieve a better ratio between risk and return for the customers. This leads to increased expected profits for customers and shareholders.

Solvency effect: Solvency II effect as of 1 January 2023 expected to be neutral. New regulation with a positive contribution stand-alone but is offset by increased allocation to risky assets.

Supplementary information: The 'Market value adjustment' reserve will be merged with the 'Additional statutory reserves' from the 1st quarter 2024

1/2: Paid-up policy portfolio profit sharing illustration

Profit sharing dynamics for paidup policies

ILLUSTRATIVE

The number of paid-up subportfolios increased from 5 to 8, to increase expected profits for customers and shareholders from 2024.

The colour illustration on this page is applied to provide an indication on what proportion of the paid-up policy portfolio that is expected to be in profit sharing territory going forward on the next page.

Highly illustrative, based on outlook as of December 2023.

2/2: Expected return for paid-up policies is significantly above guaranteed interest rate

Solvency Capital allocation main products

ILLUSTRATIVE PRO FORMA ALLOCATION BASED ON 175% SOLVENCY RATIO

		Reserves (NOK billion)	Contribution to Own Funds ('VIF')	SCR	Solvency ratio – before use of hard capital	Hard capital to have target Solvency ratio1 (NOK billion)	Run off/ Growth
k k o c	Paid up policies	142	0%	5%	~10%	13.6	RUN OFF
a o B b	High guarantees Sweden	62	3%	6%	~40%	6.2	RUN OFF
d n a br e or St e ur ut F	Low guarantees and DB	58	4%	3%	~130%	1.2	GROWTH
	Unit linked	353	4%	2%	~160%	0.1	GROWTH
	Insurance (Premiums)2	7.8	15%	13%	~120%	0.4	GROWTH
	Asset management (AuM)	1,131	N/A	~0%	193%	0.4	GROWTH
	Retail Bank (Lending)	75	N/A	6%	116%	4.8	GROWTH

1. Hard capital is subordinated debt + solvency II equity (uT1 adjusted for Vif).

109 The capital is allocated based on the capital consumption under SII and CRD IV. CRD IV companies consume 115% of SCR, Unit Linked and Insurance consume 160% of SCR, Guaranteed consumes ~200% of SCR. 109

1. Heavily influenced by pension linked Insurance product that generates own funds

High quality assets, with fixed income as the backbone, provide secure returns for guaranteed pensions and company capital

Guaranteed portfolio Norway

1. Liability duration measured for Solvency 2 Best Estimate Liability, hence including future discretionary benefits and based on Solvency 2 curve with UFR and VA.

2. Duration measured in years is reduced from higher interest rates. 111

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1. Time to maturity in 2023 somewhat reduced due to reclassification of some bonds from mark-to-market to amortised cost when IFRS 9 was introduced in 2023. Comparable number to 2022 in 2023 is 10.0 years.

Real estate portfolio – Norway ¹

Weighted average unexpired lease term (WAULT): 5,2 years

1. Vacancy rate on the portfolio: 4.3%

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1. The graph shows exit-yield for the different categories 112

WAULT and expired rental income Sub-portfolio yield distribution Q3 2023 2

Real estate portfolio – Sweden ¹

Weighted average unexpired lease term (WAULT): 7,5 years

1. Vacancy rate on the portfolio: 0.6%

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1. The graph shows exit-yield for the different categories 113

WAULT and expired rental income Sub-portfolio yield distribution Q3 2023 2

Asset allocation – Guaranteed products

For further information

Thank you

Financial calendar

7 February 2024	Results Q4 2023
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

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