Storebrand ASA

Earnings Release • Jul 14, 2023

STOREBRAND ASA: Results for the 2nd quarter 2023

STOREBRAND ASA: Results for the 2nd quarter 2023

· Cash equivalent earnings of NOK 777m in the quarter and NOK 1,550m year to

date

· Combined ratio of 96% in the quarter impacted by claims inflation, increased

claims frequency in motor and disability

· Solvency II ratio 196%, increase of 17 percentage points from last quarter

· Share buyback of NOK 1bn approved for H2 2023, tranche of NOK 500m starts

today

During the last quarter interest rates in Norway and Sweden have increase to

levels we have not seen for decades, driven by persistent high inflation. These

factors have improved asset under management and earnings, but also led to

increased cost and claims.

Several companies have chosen Storebrand as their pension provider within

occupational pension and the bank continues to gain market shares within the

retail market. The solvency position remains strong. This shows that Storebrand

manages well in turbulent times, says CEO Odd Arild Grefstad.

Continued growth in savings segment

Total assets under management (AUM) reached an all-time high and amounted to

NOK 1,143bn. This is an increase of 3% or NOK 32bn compared to the previous

quarter, of which NOK 10bn came from a net inflow of capital in the quarter. In

addition, earned but not booked performance related income continues to increase

and amounts to NOK 132m year to date.

Lending volume within retail banking amounted to NOK 72 bn in the second

quarter, corresponding to an increase of 16% year on year. In combination with

strong interest margins and improving cost-ratios, Storebrand Bank delivers a

solid return and maintains its position as one of the fastest growing retail

banks in the Norwegian market.

Negative result impact from high claims

Written premiums in insurance have grown 18% overall compared to the second

quarter last year, amounting to NOK 8.3bn. Storebrand continues to gain market

shares within Norwegian retail P&C. As of the second quarter, the market share

amounted to 6.5 percent compared to 6.2 percent a year earlier.

The first quarter's combined ratio reached 96%, above the targeted combined

ratio of 90-92%. The weak combined ratio is driven mainly by the P&C and Group

Life segments. In P&C, the claims ratio deteriorated due to high frequency in

motor claims and claims inflation. In Group Life, the weak development is due to

a challenging disability trend. Price increases have been implemented, and

further price adjustments will be made where necessary.

Capital situation and an additional Share buyback

The solvency ratio was 196% at the end of the second quarter, an increase of 17

percentage points from the previous quarter. Strong results, increased interest

rates and higher volatility adjustment (VA) are the main drives for the

strengthened position. The solvency ratio continues to be well above the

threshold for overcapitalisation of 175%.

Storebrand has gotten approval from the Financial Supervisory Authority (FSA) to

do share buybacks of NOK 1bn (divided into two tranches) to be carried out

during second half of 2023. The first tranche amounting to a maximum of NOK 500m

is initiated today (14 July 2023).

Capital Markets Day

Storebrand will host a virtual capital markets day 14 December 2023, at 09:00 -

12:00 CET. Presentation will be held by Storebrand's executive management with a

focus on the company's growth strategy and ambitions. More information and a

formal invitation will follow.

Key Figures in the Quarter:

(Q2-2022 in brackets)

. Solvency Ratio 196% (195%)

. Cash EPS NOK 3.98 (NOK 3.33)

. Equity NOK 28,902m (NOK 28,968m) restated under IFRS 17

. Assets under management NOK 1,143bn (NOK 1,008bn)

Activities Related to the 2nd Quarter 2023

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

report and analyst presentation will be available at storebrand.no/ir.

10:00 CET: Live analyst conference in English. A webcast will be available at

storebrand.no/ir. The presentation will be available on demand afterwards. Link

to webcast Analysts who would like to ask questions at the end of the

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

Lysaker, 14. July 2023

For Further Inquiries, Please Contact:

Group CFO, Lars Aasulv Løddesøl:

lars.loddesol@storebrand.no og (+47) 934 80 151

Investor Relations (interim): Trond Finn Eriksen:

trond.finn.eriksen@storebrand.no og (+47) 991 64 135

Media Requests:

Communication, Aleksander Hannisdal

aleksander.hannisdal@storebrand.no og (+47) 980 43 936

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 1,143

billion. The Group has its headquarter at Lysaker outside of Oslo, Norway.

Storebrand (STB) is listed on Oslo Stock Exchange.

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.