Storebrand ASA

Interim / Quarterly Report • Jul 14, 2022

Supplementary Information

(unaudited)

OVERVIEW 4
REPORTING AND LEGAL STRUCTURE 4 REPORTING STRUCTURE 4 LEGAL STRUCTURE 4 KEY FIGURES 5
SHAREHOLDER STRUCTURE 6
ACCOUNTING PRINCIPLES 7
FINANCIAL RESULTS 8
PROFIT – STOREBRAND GROUP 8
SAVINGS (NON-GUARANTEED) 10
PROFIT 10 KEY FIGURES 10 PROFIT BY PRODUCT 11 SALES AND MARKETS 12 RETURNS 13 RESERVES DEVELOPMENT 13
INSURANCE 15
PROFIT 15 KEY FIGURES 16 PROFIT BY PRODUCT 16
GUARANTEED PENSION 18
PROFIT 18 KEY FIGURES 18 INVESTMENT RETURN 20 BALANCE SHEET 21 SALES AND MARKETS 21 RESERVES AND BUFFERS 22
OTHER 25
PROFIT 25 KEY FIGURES 25
STOREBRAND GROUP 27
PROFIT 27 BALANCE SHEET 28
STOREBRAND LIFE GROUP (IFRS-LEGAL) 29
PROFIT - STOREBRAND LIFE GROUP 29 BALANCE SHEET – STOREBRAND LIFE GROUP 30 PROFIT - SPP PENSION & FÖRSÄKRING AB GROUP 31 BALANCE SHEET - SPP PENSION & FÖRSÄKRING AB GROUP 31
STOREBRAND ASSET MANAGEMENT GROUP (IFRS-LEGAL) 32
PROFIT 32 BALANCE SHEET 32
STOREBRAND HELSEFORSIKRING AS (IFRS-LEGAL 100%) 33
PROFIT 33 BALANCE SHEET 33
STOREBRAND FORSIKRING AS (IFRS-LEGAL) 34
PROFIT 34

BALANCE SHEET 34
STOREBRAND BANK GROUP (IFRS-LEGAL) 35
PROFIT 35 BALANCE SHEET 35
STOREBRAND ASA (IFRS-LEGAL) 38
PROFIT 38 BALANCE SHEET 38
SOLIDITY 39

Overview

Storebrand is the leading provider of life insurance and pensions in the Nordic region. The group provides both guaranteed and non-guaranteed savings, as well as insurance, to retail customers, corporate customers, municipalities and to the public sector.

Reporting and legal structure

Storebrand's reporting structure deviates from the legal structure. The main lines in the reporting structure are shown below. The supplementary information is structured around Savings (nonguaranteed), Guaranteed pension, Insurance and Other.

Storebrand consists of a number of legal entities. Profit and Balance sheet of these legal entities can be found in the last part of this document. Separate interim reports for Storebrand Livsforsikring AS and Storebrand Bank ASA can also be downloaded at www.storebrand.com/ir.

Reporting structure

Key figures

Table 1: Key Figures

	2022		2021				2020
NOK million	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Storebrand Group
Earnings per ordinary share (after tax) 1)	2,75	1,88	6,68	4,73	3,46	0,94	5,02
Equity	37 268	38 430	37 709	36 735	35 823	36 069	35 923
Quarterly adjusted ROE, annualised	6,3 %	12,1 %	12,8 %	8,7 %	16,1 %	6,9 %	12,4 %
Savings - non guaranteed
Premium income Unit Linked	5 333	5 288	5 350	5 201	5 316	5 346	5 163
Unit Linked reserves	276 312	291 036	308 351	295 790	295 195	134 379	133 262
AuM Asset Management	1 008 705	1 039 654	1 096 556	1 058 435	1 037 470	987 397	962 472
Retail lending	62 559	59 223	57 033	55 663	54 288	51 594	49 474
Insurance
Total portfolio premiums	7 005	6 791	6 445	6 263	6 133	5 745	5 037
Claims ratio	70 %	74 %	78 %	74 %	74 %	82 %	70 %
Cost ratio	18 %	18 %	19 %	15 %	17 %	17 %	17 %
Combined ratio	88 %	92 %	96 %	90 %	91 %	98 %	87 %
Guaranteed pension
Guaranteed reserves	275 092	281 474	290 862	292 161	294 909	286 410	287 614
Guaranteed reserves in % of total reserves	49,9 %	49,2 %	48,5 %	49,7 %	50,0 %	68,1 %	68,3 %
Net flow of premiums and claims	-2 564	-2 609	-2 663	-2 948	-2 551	-2 107	-2 872
Buffer capital in % of customer reserves Norway 2)	6,9 %	8,6 %	11,2 %	10,8 %	11,3 %	9,8 %	11,0 %
Buffer capital in % of customer reserves Sweden 3)	17,5 %	17,9 %	17,8 %	15,5 %	15,1 %	14,1 %	11,4 %
Solidity
Solvency II ratio 4)	195 %	184 %	175 %	178 %	172 %	176 %	178 %
Solvency II Own Funds 4)	51 150	51 510	52 098	52 021	53 571	52 039	52 611
Solvency II Capital Requirement	26 286	28 036	29 796	29 287	31 228	29 583	29 605
Solidity capital (Storebrand Life Group) 5)	50 450	57 712	74 074	73 780	75 284	69 352	72 766
Total capital ratio (Storebrand Bank Group)	19,1 %	20,5 %	20,3 %	19,6 %	18,5 %	17,4 %	18,7 %
Tier 1 capital ratio (Storebrand Bank Group)	14,8 %	15,6 %	16,8 %	16,1 %	16,8 %	15,6 %	16,7 %
CET1 capital ratio (Storebrand Bank Group)	13,6 %	14,3 %	15,4 %	14,7 %	15,3 %	14,1 %	15,1 %

1) Accumulated accounting year

2) Additional statutory reserves + market value adjustment reserve

3) Conditional bonuses

4) May include transitional capital in relevant quarters

5) The term solidity capital encompasses equity, subordinated loan capital, the risk equalisation fund, the market value adjustment reserve, additional statutory reserves, conditional bonuses, excess value/deficit related to bonds at amortised cost and accrued profit.

Shareholder structure

Shares in Storebrand ASA are quoted on the Oslo Stock Exchange (OSE) with the ticker code STB. Storebrand ASA has a share capital of NOK 2 360 million. There are 471 974 890 shares with a par value of NOK 5.

As of 30.05.2022 the shareholder structure¹ was as follows:

Table 2: Shareholder structure

Shareholder	Total %
Folketrygdfondet	9,89 %
Allianz Global Investors	7,00 %
T Rowe Price Global Investments	6,01 %
EQT Fund Management	3,92 %
Alfred Berg	3,07 %
KLP	3,07 %
Vanguard Group	2,73 %
DNB Asset Management	2,73 %
Storebrand Asset Management	2,29 %
BlackRock	2,27 %
Next 10 largest shareholders	14,54 %
Total - 20 largest shareholders	57,51 %

Table 3: Rating

	Rating agency
	S&P
Storebrand ASA	BBB+ / Stable 0
Storebrand Livsforsikring AS	A / Stable	0
Storebrand Bank ASA	A / Stable	0
Storebrand Boligkreditt AS	AAA

Fig. 1: Geographical dispersion

Norway	50 %	Others
USA	14 %	10 %
England	9 %	Germany
Sweden	9 %	8 %
Germany	8 %	Sweden
Others	10 %	Norway 9 %

Fig. 1: Geographical dispersion

¹ Based on look through ananlysis of beneficial owner.

Accounting principles

Storebrand Group accounts are presented in accordance with the International Financial Reporting Standards (IFRS) approved by the European Union.

Financial results

Profit – Storebrand Group

Table 4: Group profit

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Fee and administration income	1 456	1 457	2 108	1 544	1 473	2 914	2 954	6 607
Insurance result	430	365	307	342	332	795	552	1 201
Operational cost	-1 181	-1 145	-1 377	-1 124	-1 119	-2 326	-2 176	-4 678
Operating profit	705	678	1 038	762	686	1 383	1 331	3 130
Financial items and risk result life	-129	-50	329	151	667	-178	893	1 372
Profit before amortisation	577	628	1 367	912	1 353	1 204	2 223	4 503
Amortisation and write-downs of intangible assets	-138	-138	-140	-133	-129	-276	-254	-527
Profit before tax	439	489	1 227	779	1 225	928	1 970	3 976
Tax	-26	398	-310	-181	-52	372	-354	-846
Profit after tax	413	887	917	598	1 173	1 300	1 615	3 130

Table 5: Group profit by result area

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Savings - non-guaranteed	392	404	916	476	435	796	963	2 355
Insurance	169	109	61	162	145	278	201	423
Guaranteed pension	254	232	485	315	310	485	631	1 432
Other profit	-238	-116	-95	-40	464	-354	428	293
Profit before amortisation	577	628	1 367	912	1 353	1 204	2 223	4 503

Table 6a: Earnings per share

	2022	2021				01.01 - 30.06
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Profit after tax (majority)	410	884	915	596	1 170	1 294	1 611	3 121
Earnings per share	0,87	1,88	1,95	1,28	2,51	2,75	3,46	6,68
Average number of shares (millions)	-	-	-	-	-	470,3	466,2	467,1
Earnings per share adjusted for amortisation of intangible assets	1,16	2,18	2,25	1,56	2,79	3,34	4,00	7,81

Tabel 6b: Group adjusted Cash flow 1)

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Profit after tax	413	887	917	598	1 173	1 300	1 615	3 130
Amortisation and adjusted non-payable tax 2)	162	-227	425	300	177	-66	580	1 305
Adjusted Cash flow	575	659	1 342	898	1 349	1 234	2 195	4 435

1) The metric is an approximation of the cash flow by adjusting the results for amortisation and non-payable tax.

2) Non-payable tax is estimated to be 92% of the tax cost. Actual payable tax can deviate.

Table 7: Exchange rates SEK/NOK

	2022		2021
	Q2	Q1	Q4	Q3	Q2
Profit	0,9524	0,9480	1,0019	1,0075	1,0048
Balance	0,9641	0,9383	0,9740	0,9978	1,0062

Savings (non-guaranteed)

Savings (non-guaranteed) comprises Defined Contribution in Norway and Sweden, Asset Management and Bank products to the retail market. The report on Savings (non-guaranteed) consequently includes profit from Storebrand Livsforsikring AS, SPP Pension & Försäkring AB, Storebrand Asset Management AS and Storebrand Bank ASA.

Profit

Table 8: Savings - non-guaranteed

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Fee and administration income	1 130	1 136	1 748	1 182	1 129	2 266	2 285	5 215
Operational cost	-718	-702	-838	-716	-703	-1 420	-1 373	-2 927
Operating profit	412	434	910	466	427	846	911	2 288
Financial items and risk result life	-20	-30	6	9	8	-50	51	67
Profit before amortisation	392	404	916	476	435	796	963	2 355

Table 9: Savings - by non-guaranteed product

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Unit linked Norway	83	118	83	126	129	200	274	483
Unit linked Sweden	79	93	114	124	121	173	281	518
Asset management	166	148	660	136	132	314	282	1 078
Retail banking	64	45	60	89	53	109	126	275
Profit before amortisation	392	404	916	476	435	796	963	2 355

Key figures

Table 10: Savings - non-guaranteed

	2022		2021
NOK million	Q2	Q1	Q4	Q3	Q2
Unit linked Reserves	276 312	291 036	308 351	295 790	295 195
Unit linked Premiums	5 333	5 288	5 350	5 201	5 316
AuM Asset Management	1 008 705	1 039 654	1 096 556	1 058 435	1 037 470
Retail Lending 1)	62 559	59 223	57 033	55 663	54 288

1) Includes mortgages on the Storebrand Livsforsikring AS balance sheet

Profit by product

Table 11: Unit Linked Norway

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Fee and administration income	233	268	251	266	271	500	552	1 068
Operational cost	-142	-143	-168	-139	-141	-286	-276	-583
Operating profit	90	124	83	127	130	215	275	485
Financial items and risk result life	-8	-7	0	-1	-1	-14	-1	-2
Profit before amortisation	83	118	83	126	129	200	274	483
Fee Margin on reserves	0,62 %	0,69 %	0,65 %	0,70 %	0,73 %	0,66 %	0,77 %	0,72 %
Reserves	145 905	154 176	157 892	151 404	150 741	145 905	150 741	137 089

Table 12: Unit linked Sweden

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Fee and administration income	228	239	268	270	259	467	555	1 093
Operational cost	-149	-151	-160	-144	-142	-300	-289	-594
Operating profit	79	88	107	126	117	167	266	499
Financial items and risk result life	1	5	6	-2	4	6	14	19
Profit before amortisation	79	93	114	124	121	173	281	518
Fee Margin on reserves	0,68 %	0,67 %	0,73 %	0,75 %	0,74 %	0,67 %	0,81 %	0,78 %
Reserves	130 407	136 861	150 459	144 386	144 454	130 407	134 379	150 459

Table 13: Asset Management segment

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Fee and administration income	501	470	1 070	484	454	971	901	2 455
Operational cost	-332	-319	-417	-347	-333	-651	-634	-1 399
Operating profit	169	152	653	137	122	321	266	1 056
Financial items	-3	-3	7	-1	10	-7	15	22
Profit before amortisation	166	148	660	136	132	314	282	1 078
Income earned not booked*	20	27	-	134	157	47	230	-
Profit before amortisation including income earned not booked	186	175	-	270	288	361	512	-
Fee Margin on reserves	0,20 %	0,18 %	0,40 %	0,18 %	0,18 %	0,19 %	0,18 %	0,24 %
Reserves	1 008 705	1 039 654	1 096 556	1 058 435	1 037 470	1 008 705	1 037 470	1 096 556

* Performance fees to be booked at the end of the year given investment performance in Skagen and Delphi.

Table 14: Retail Banking

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Fee and administration income	169	159	159	162	145	327	278	600
Operational cost	-94	-90	-92	-86	-87	-184	-174	-352
Operating profit	74	69	67	77	58	144	104	248
Financial items	-10	-24	-7	12	-5	-35	22	28
Profit before amortisation	64	45	60	89	53	109	126	275
Retail lending*	62 559	59 223	57 033	55 663	54 288	62 559	54 288	57 033
Net interest margin retail banking	1,16 %	1,22 %	1,19 %	1,22 %	1,14 %	1,18 %	1,12 %	1,17 %
Net interest income retail banking	144	138	137	137	122	281	235	509

* Includes mortgages on the Storebrand Livsforsikring AS balance sheet

Sales and Markets

Table 15: New sales

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Unit Linked premiums* Norway	185	280	514	458	365	465	604	1 577
- of which annual premiums	52	118	48	65	35	170	147	260
- of which single premiums	133	162	466	393	330	295	458	1 317
Unit Linked premiums* Sweden	676	581	505	417	456	1 257	869	412
- of which annual premiums	564	481	401	312	332	1 045	645	313
- of which single premiums	112	99	104	105	124	211	223	99
Savings (non guaranteed) premiums*	861	861	1 019	875	821	1 722	1 473	1 989
- of which annual premiums	616	599	450	377	367	1 215	792	573
- of which single premiums	245	261	570	498	454	507	681	1 416

*Annual premium equivalent

Table 16: Unit Linked - Premiums (excluding transfers)

	2022		2021			01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Unit Linked (occupational pension) Norway	2 834	2 801	2 793	2 705	2 657	5 635	5 399	10 898
Unit Linked (retail) Norway	329	466	586	505	572	795	1 176	2 267
Unit Linked Sweden	2 170	2 021	1 971	1 990	2 087	4 191	4 086	8 048
Total	5 333	5 288	5 350	5 201	5 316	10 621	10 662	21 213

Table 17: Unit Linked - Transfer balance

	2022		2021			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Premium reserves received
Unit Linked Norway	1 144	1 418	4 341	3 674	2 824	2 562	4 086	12 100
Unit Linked Sweden	792	798	805	853	916	1 589	1 703	3 361
Total received	1 936	2 216	5 145	4 527	3 740	4 152	5 789	15 461
Premium reserves transferred
Unit Linked Norway	-1 959	-3 256	-6 935	-6 624	-5 262	-5 216	-7 935	-21 494
Unit Linked Sweden	-1 201	-1 285	-2 488	-1 947	-1 821	-2 486	-3 103	-7 538
Total transferred	-3 160	-4 541	-9 423	-8 571	-7 083	-7 702	-11 038	-29 032
Net transfers	-1 224	-2 326	-4 278	-4 043	-3 343	-3 550	-5 250	-13 571

Returns

Table 18: Return Defined Contribution - standard profiles Norway

	2022		2021			01.01 - 30.06		Full year
Return	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Extra low risk	-1,0 %	-1,2 %	0,2 %	0,1 %	0,5 %	-2,2 %	0,5 %	0,8 %
Low risk	-3,2 %	-1,7 %	1,9 %	0,6 %	2,0 %	-4,9 %	2,0 %	6,2 %
Balanced	-5,7 %	-2,6 %	4,3 %	0,9 %	4,3 %	-8,3 %	4,3 %	13,4 %
High risk	-7,7 %	-2,8 %	7,2 %	0,8 %	6,3 %	-10,5 %	6,3 %	20,6 %
Extra high risk	-8,4 %	-2,6 %	7,9 %	1,7 %	7,1 %	-11,0 %	7,1 %	23,7 %

Reserves development

Table 19a: Development customer funds, quarter

	Reserves Unit	Reserves Unit
NOK million	Linked - Norway	Linked - Sweden
Funds at 31.03.2022	154 176	136 861
Premium income	3 163	2 170
Insurance claims	-607	-1 885
Transfers	-815	-410
Asset return	-9 950	-11 151
Other & FX	-62	4 822
Funds at 30.06.2022	145 905	130 407

Table 19b: Development customer funds, YTD

	Reserves Unit Linked -	Reserves Unit Linked -
NOK million	Norway	Sweden
Funds at 31.12.2021	157 892	150 459
Premium income	6 430	4 191
Insurance claims	-1 275	-3 953
Transfers	-2 653	-897
Asset return	-14 370	-19 874
Other & FX	-118	481
Funds at 30.06.2022	145 905	130 407

Table 20a: Assets under Managment by client

	2022		2021			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
External	464 371	476 837	504 368	478 101	452 093	464 371	452 093	504 368
Group internal	544 334	562 817	592 187	580 335	585 377	544 334	585 377	592 187
Total	1 008 705	1 039 654	1 096 556	1 058 435	1 037 470	1 008 705	1 037 470	1 096 556
External share	46 %	46 %	46 %	45 %	44 %	46 %	44 %	46 %

Table 20b: Assets under Managment by asset type

	2022	2021			01.01 - 30.06
	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Equities	43 %	44 %	45 %	43 %	44 %	43 %	44 %	45 %
Bonds	38 %	38 %	38 %	40 %	41 %	38 %	41 %	38 %
Alternatives	17 %	16 %	15 %	15 %	12 %	17 %	12 %	15 %
Other	2 %	2 %	2 %	2 %	4 %	2 %	4 %	2 %
Total	100 %	100 %	100 %	100 %	100 %	100 %	100 %	100 %

Table 20c: AuM and YTD return in mutual funds with performance fees

Fund	Return	Benchmark	AuM NOK bn 30.06.2022
Delphi Global	-16,6 %	-10,9 %	2,1
SKAGEN Focus	-9,6 %	-10,6 %	2,3
SKAGEN Global	-18,4 %	-10,6 %	32,6
SKAGEN Kon-Tiki	-10,7 %	-7,7 %	13,2
SKAGEN m2	-11,5 %	-10,5 %	2,0
SKAGEN Vekst	-5,7 %	-14,5 %	8,5

Insurance

Insurance is an operational and reporting unit consisting of Storebrand Forsikring AS, Storebrand Helseforsikring AS and the majority of risk products written within life and pension in Norway (Storebrand Livsforsikring AS), with the exception of risk coverage bundled to the guaranteed life products.

Insurance offers standard property and casualty insurance products, one-year risk products and health insurance in the Norwegian retail market and workers' compensation and group life insurance for the corporate market.

Profit

Table 21: Insurance

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Insurance premiums f.o.a.	1 449	1 397	1 366	1 336	1 279	2 846	2 473	5 175
Claims f.o.a.	-1 019	-1 032	-1 059	-995	-946	-2 051	-1 920	-3 974
Operational cost	-260	-251	-253	-207	-214	-510	-416	-875
Operating profit	170	114	54	135	119	284	137	326
Financial result	-1	-5	6	27	27	-7	64	97
Contribution from SB Helseforsikring AS	0	-7	-9	13	10	-7	13	17
Profit before amortisation	169	109	61	162	145	278	201	423
Claims ratio	70 %	74 %	78 %	74 %	74 %	72 %	78 %	77 %
Cost ratio	18 %	18 %	19 %	15 %	17 %	18 %	17 %	17 %
Combined ratio	88 %	92 %	96 %	90 %	91 %	90 %	94 %	94 %

Table 22: By lines of business

	2022 2021					01.01 - 30.06 Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
P&C & Individual life1)	121	70	54	168	110	192	172	393
Health & Group life 2)	14	-6	-6	-24	-7	8	4	-26
Pension related disability insurance Nordic 3)	34	44	13	18	42	78	26	56
Profit before amortisation	169	109	61	162	145	278	201	423

1) Individual life and disability, property and casualty insurance

2) Group life and workers comp. including contribution from health insurance (consolidated under Financial result)

3) DC disability risk result Norway and disability risk Sweden

Key Figures

Table 23a: Portfolio Premiums

	2022		2021
NOK million	Q2	Q1	Q4	Q3	Q2
P&C & Individual life	3 512	3 395	3 301	3 160	3 053
Health & Group life*	2 006	1 939	1 775	1 752	1 734
Pension related disability insurance Nordic	1 487	1 457	1 369	1 351	1 346
Total written premiums	7 005	6 791	6 445	6 263	6 133
Investment portfolio**	10 181	10 003	9 584	9 879	9 813

* Includes all written premiums in Storebrand Helseforsikring AS (50/50 joint venture with Munich Health).

** Ca. NOK 2,9bn of the investment portfolio is linked to disability coverages where the investment result goes to the customer reserves and not as a result element in the P&L.

Table 23b: Company portfolio Storebrand Insurance segment

Asset class	2022
Share	Q2
Equities	3 %
Real estate	6 %
Credit bonds	5 %
Money market	32 %
Government guaranteed	1 %
Loans	16 %
Bonds at amortized cost	38 %
Total	100 %

Equities Real estate Credit bonds Fig. 1: Company portfolio Storebrand Insurance segment

Profit by product

Table 24: P&C & Individual life

	2022	2021			01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Insurance premiums f.o.a.	851	823	805	779	724	1 674	1 355	2 939
Claims f.o.a.	-537	-568	-577	-472	-467	-1 105	-925	-1 973
Operational cost	-186	-180	-178	-144	-154	-366	-290	-612
Operating profit	128	74	50	163	104	202	141	355
Financial result	-7	-4	4	4	6	-11	31	39
Profit before amortisation	121	70	54	168	110	192	172	393
Claims ratio	63 %	69 %	72 %	61 %	64 %	66 %	68 %	67 %
Cost ratio	22 %	22 %	22 %	18 %	21 %	22 %	21 %	21 %
Combined ratio	85 %	91 %	94 %	79 %	86 %	88 %	90 %	88 %

Table 25: Health & Group life

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Insurance premiums f.o.a.	241	222	205	209	219	463	430	844
Claims f.o.a.	-205	-201	-189	-235	-225	-406	-418	-842
Operational cost	-27	-26	-25	-21	-21	-54	-42	-88
Operating profit	8	-4	-8	-47	-28	4	-30	-85
Financial result	6	-2	3	23	21	4	34	59
Contribution from SB Helseforsikring AS	0	-7	-9	13	10	-7	13	17
Profit before amortisation	14	-6	-6	-24	-7	8	4	-26
Claims ratio	85 %	90 %	92 %	113 %	103 %	88 %	97 %	100 %
Cost ratio	11 %	12 %	12 %	10 %	10 %	12 %	10 %	10 %
Combined ratio	97 %	102 %	104 %	122 %	113 %	99 %	107 %	110 %

Table 26: Pension related disability insurance Nordic

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Insurance premiums f.o.a.	357	352	356	349	336	709	687	1 392
Claims f.o.a.	-277	-263	-294	-288	-254	-540	-577	-1 159
Operational cost	-46	-44	-49	-42	-39	-91	-84	-176
Operating profit	34	44	13	18	42	78	26	56
Financial result	-0	0	-	0	-	-	-	0
Profit before amortisation	34	44	13	18	42	78	26	56
Claims ratio	78 %	75 %	83 %	83 %	76 %	76 %	84 %	83 %
Cost ratio	13 %	13 %	14 %	12 %	12 %	13 %	12 %	13 %
Combined ratio	91 %	87 %	96 %	95 %	87 %	89 %	96 %	96 %

Guaranteed pension

Guaranteed pension comprises products associated with an explicit or implicit interest rate guarantee. Storebrand offers a limited amount of guaranteed products, and measures have been implemented in order to reduce the extent of these products.

Profit

Table 27: Guaranteed pension

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Fee and administration income	395	391	418	423	407	786	790	1 631
Operational cost	-206	-202	-248	-217	-227	-409	-424	-890
Operating profit	189	189	169	206	180	377	366	741
Risk result life & pensions	54	82	63	70	21	135	54	187
Net profit sharing	11	-39	253	38	108	-28	212	504
Profit before amortisation	254	232	485	315	310	485	631	1 432
Fee margin on reserves	0,57 %	0,55 %	0,57 %	0,58 %	0,56 %	0,56 %	0,55 %	0,57 %
Guaranteed reserves	275 092	281 474	290 862	292 161	294 909	275 092	291 872	279 759

Table 28: By guaranteed pension product

	2022	2021					01.01 - 30.06
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Defined benefit (private & public sector), Norway	84	68	46	51	36	152	34	130
Paid-up policies, Norway	94	122	201	140	122	216	215	556
Individual life and pension, Norway	5	3	28	7	11	8	20	55
Guaranteed products, Sweden	70	38	211	118	142	108	362	691
Profit before amortisation	254	232	485	315	310	485	631	1 432

Key figures

Table 29: Guaranteed pension

	2022	2021				01.01 - 30.06
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Guaranteed reserves	275 092	281 474	290 862	292 161	294 909	275 092	291 872	279 759
Guaranteed reserves in % of total reserves	49,9 %	49,2 %	48,5 %	49,7 %	50,0 %	49,9 %	50,6 %	48,5 %
Net flow of premiums and claims	-2 564	-2 609	-2 663	-2 948	-2 551	-5 173	-4 441	-10 268
Buffer capital in % of customer reserves Norway	6,9 %	8,6 %	11,2 %	10,8 %	11,3 %	6,9 %	11,3 %	11,2 %
Buffer capital in % of customer reserves Sweden	17,5 %	17,9 %	17,8 %	15,5 %	15,1 %	17,5 %	14,1 %	17,9 %

Profit by product

Table 30: Defined benefit (private & public sector), Norway

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Fee and administration income	124	114	120	119	119	239	224	464
Operational cost	-67	-63	-83	-68	-67	-130	-125	-276
Operating profit	57	51	37	51	52	108	99	188
Risk result life & pensions	28	18	8	-1	-16	46	-55	-48
Net profit sharing	-1	-1	0	0	-1	-1	-10	-10
Profit before amortisation	84	68	46	51	36	152	34	130
Fee margin on reserves	1,21 %	1,16 %	1,28 %	1,26 %	1,26 %	1,20 %	1,27 %	1,28 %
Reserves	40 813	41 156	37 659	37 613	38 269	40 813	38 269	30 302
Fee, interest rate guarantee SBL	81	74	79	79	77	156	146	304

Table 31: Paid-up policies, Norway

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Fee and administration income	140	138	149	148	141	279	259	556
Operational cost	-64	-65	-70	-61	-67	-129	-122	-252
Operating profit	77	73	80	87	74	150	138	305
Risk result life & pensions	24	50	50	37	24	75	50	138
Net profit sharing	-7	-2	71	15	24	-8	27	114
Profit before amortisation	94	122	201	140	122	216	215	556
Fee margin on reserves	0,39 %	0,37 %	0,40 %	0,40 %	0,38 %	0,38 %	0,36 %	0,38 %
Reserves	143 908	145 757	149 285	149 013	148 860	143 908	148 860	144 762

Table 32: Individual life and pension, Norway

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Fee and administration income	2	2	2	2	2	4	4	8
Operational cost	-	-	-0	-1	-1	-	-2	-3
Operating profit	2	2	2	1	1	4	2	5
Risk result life & pensions	-	-	-	-	-	-	-	-
Net profit sharing	4	1	26	6	9	5	17	49
Profit before amortisation	5	3	28	7	11	8	20	55
Fee margin on reserves	0,07 %	0,07 %	0,07 %	0,07 %	0,07 %	0,07 %	0,07 %	0,07 %
Reserves	10 057	10 385	10 735	11 005	11 216	10 057	11 216	11 511

Table 33: Guaranteed pension, Sweden

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Fee and administration income	129	137	146	154	145	265	302	602
Operational cost	-76	-74	-96	-87	-92	-150	-176	-358
Operating profit	53	63	51	67	53	116	126	244
Risk result life & pensions	2	13	5	33	13	15	58	96
Net profit sharing	15	-38	155	18	76	-23	177	350
Profit before amortisation	70	38	211	118	142	108	362	691
Fee margin on reserves	0,63 %	0,62 %	0,62 %	0,64 %	0,61 %	0,62 %	0,65 %	0,64 %
Reserves	80 314	84 176	93 184	94 531	96 563	80 314	93 526	93 184

Investment return

Table 34: Value adjusted return guaranteed pension products, Norway

	2022	2021				01.01 - 30.06		Full year
	Q2	Q1	Q4	Q3	Q2	2022	2021	2021	2020
Paid-up policies	-0,5 %	-1,6 %	1,6 %	0,5 %	1,8 %	-2,0 %	1,8 %	3,9 %	5,7 %
Individual	-0,8 %	-0,7 %	1,3 %	0,6 %	1,5 %	-1,5 %	1,5 %	3,7 %	3,9 %
Defined Benefit (private sector)	-0,9 %	-2,2 %	1,7 %	0,2 %	2,1 %	-3,1 %	2,1 %	3,6 %	5,5 %
Public Occupational Pensions	-2,5 %	-1,3 %	2,8 %	0,8 %	2,7 %	-3,7 %	2,7 %	7,8 %	6,2 %
Average return guaranteed products	-0,7 %	-1,6 %	1,6 %	0,5 %	1,9 %	-2,3 %	1,9 %	3,9 %	5,5 %

Table 35: Booked return guaranteed pension products, Norway

	2022	2021					01.01 - 30.06	Full year
	Q2	Q1	Q4	Q3	Q2	2022	2021	2021	2020
Paid-up policies	0,0 %	0,5 %	1,3 %	1,1 %	1,3 %	0,4 %	1,3 %	4,6 %	5,0 %
Individual	0,6 %	0,3 %	1,2 %	1,0 %	1,1 %	0,9 %	1,1 %	3,8 %	3,6 %
Defined Benefit (private sector)	0,1 %	0,2 %	1,2 %	1,0 %	1,4 %	0,3 %	1,4 %	4,5 %	4,3 %
Public Occupational Pensions			2,2 %	1,3 %	1,2 %		1,2 %	4,8 %	4,8 %
Average booked return guaranteed products	0,0 %	0,4 %	1,3 %	1,1 %	1,3 %	0,4 %	1,3 %	4,5 %	4,8 %

Table 36: Value adjusted return guaranteed pension products, Sweden

	2022		2021				01.01 - 30.06	Full year
	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Defined Benefit	-5,9 %	-5,5 %	1,8 %	-0,2 %	1,5 %	-11,4 %	1,0 %	3,4 %
Defined contribution (w. guarantees)	-5,4 %	-4,3 %	1,8 %	0,0 %	1,5 %	-9,4 %	2,0 %	3,9 %

Balance Sheet

Table 37: Guaranteed pension products

	2022		2021
NOK million	Q2	Q1	Q4	Q3	Q2
Defined Benefit (private & public sector), Norway	40 813	41 156	37 659	37 613	38 269
Paid-up policies, Norway	143 908	145 757	149 285	149 013	148 860
Individual life and pension, Norway	10 057	10 385	10 735	11 005	11 216
Guaranteed Products, Sweden	80 314	84 176	93 184	94 531	96 563
Guaranteed Reserves	275 092	281 474	290 862	292 161	294 909

Sales and Markets

Table 38: New sales guaranteed pension 1)

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Guaranteed pension, Norway	147	412	54	-65	20	559	731	720
- of which annual premiums	166	20	10	5		6 186	10	25
- of which single premiums	-19	391	44	-70	14	372	721	695
Guaranteed pension, Sweden	71	75	100	59	66	146	123	300
- of which annual premiums	50	43	60	37	39	93	67	179
- of which single premiums	21	32	40	22	27	53	57	120
Guaranteed pension	218	487	154	-6	86	705	854	1019
- of which annual premiums	216	64	70	42	45	279	77	204
- of which single premiums	2	423	84	-48	41	425	777	815

1) Annual premium equivalent

Table 39: Premiums (excluding transfers) pension products

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Defined Benefit (private & public sector), Norway	1 043	873	666	642	721	1 916	1 797	3 105
Paid-up policies, Norway	16	60	11	13	162	76	223	247
Individual life and pension, Norway	48	55	61	49	49	103	104	215
Guaranteed products, Sweden	285	356	591	351	350	640	749	1 691
Total	1 392	1 344	1 329	1 056	1 282	2 736	2 873	5 258

Table 40: Transfer balance (Guaranteed Pension)

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Premium reserves received
Norway 1)	-80	4 150	548	-654	121	4 070	7 085	6 980
Sweden	42	54	45	69	47	96	124	237
Total received	-38	4 204	593	-585	168	4166	7 209	7 217
Premium reserves transferred
Norway 1)	-28	-55	-3	26	-157	-83	-196	-172
Sweden	-109	-129	-144	-124	-105	-238	-167	-435
Total transferred	-137	-184	-147	-98	-262	-322	-362	-607
Net transfers	-175	4 019	447	-683	-94	3 844	6 847	6 610

1) This line includes internal transfers to paid-up policies with investment choice (shown in Unit Lined - Transfer Balance)

Reserves and buffers

Table 41: Development customer funds (excluding buffer capital) - single quarter

NOK million	DB (private sector)	Public Occ. Pensions	Paid-up policies	Individual	Guaranteed products - Sweden 2)
Funds at 31.03.2022	22 702	14 366	134 975	9 604	71 459
Premium income	638	406	16	48	284
Insurance claims	-256	-188	-1 731	-295	-1 485
Transfers	-8	189	126	2	-68
Internal transfers DB to Paid-Up (Norway)	-460		423
Asset return	34	-385	-60	53	-4 801
Other	-64	770	-437	-40	3 121
Funds at 30.06.2022	22 585	15 158	133 311	9 373	68 510

Table 42: Development customer funds (excluding buffer capital) - YTD

NOK million	DB (private sector)	Public Occ. Pensions	Paid-up policies	Individual	Guaranteed products - Sweden 2)
Funds at 31.12.2021	22 352	10 819	134 990	9 742	79 539
Premium income	1 309	608	76	103	640
Insurance claims	-523	-331	-3 461	-594	-2 999
Transfers	119	4 399	203	4	-143
Internal transfers DB to Paid-Up (Norway)	-997		986
Asset return	84	-603	637	76	-9 123
Other	243	266	-121	42	596
Funds at 30.06.2022	22 585	15 158	133 311	9 373	68 510

Table 43: Buffer capital*

	2022		2021
NOK million	Q2	Q1	Q4	Q3	Q2
Market value adjustment reserve**	2 027	3 938	6 309	5 692	6 820
Excess value of bonds at amortised cost	-9 613	-4 781	3 363	4 840	6 418
Additional statutory reserve	10 470	11 745	13 602	13 218	13 333
Conditional bonuses SPP	12 006	12 804	13 781	12 725	12 680
Total	14 891	23 706	37 056	36 476	39 251

* The term Buffer capital in this table is not consistent with the definition of buffer capital made in the IFRS accounting

** Includes Public Occupational Pensions buffer fund

Key figures guaranteed products

Table 44 a: Key terms products, Norway

	DB (private
NOK million	& public sector)	Paid-up	Individual
Interest rate guarantee p.a.	2,2 %	3,2 %	3,3 %
Funds	37 743	133 311	9 373
Additional Statutory Reserve	1 521	8 291	658
Market Value Adjustment Reserve*	1 372	762	-50
Risk Equalisation Fund	-15	531	-
Expected return on assets**	3,6 %	3,5 %	3,4 %

*Includes Public Occupational Pensions buffer fund

**Expected return is calculated based on current asset allocation using normal risk premiums for the next 12 months

Table 44 b: Key terms portfolio, Sweden

NOK million	Defined Benefit	Defined contribution (w. guarantees)
Investment return (YTD)	-11,4 %	-9,4 %
Interest rate guarantee	2,7 %	2,9 %
Prospective reserve	33 758	33 408
Conditional Bonuses	7 065	4 934
Deferred Capital Contribution	51	3 090
Expected return assets 1)	4,1 %	4,1 %
Duration liabilities	5,7	5,5
Discount rate 2)	2,3 %	2,2 %
Consolidation ratio 3)	111 %

1) Calculated based on current asset allocation for a period of next 12 months using normal risk premiums, plus 10y swap rate

2) Calculated as UFR premium plus 10 y swap rate

3) Consolidation largest subportfolio

Table 45a : Allocation Sweden

	Defined Defined contribution (w/ Benefit guarantees)
Equities	14 %	16 %
Real estate	15 %	15 %
Bonds & Money market	44 %	43 %
Loans	27 %	26 %
Sum	100 %	100 %

Fig. 3: Asset allocation Guaranteed pension, Sweden

Table 45b: Allocation Norway

	Defined	Benefit Paid-Up (Total)	Individual
Equities	12 %	5 %	5 %
Real estate	14 %	12 %	10 %
Bonds & Money market	15 %	14 %	7 %
Loans	14 %	14 %	7 %
Bonds at amortised cost	44 %	55 %	71 %
Sum	100 %	100 %	100 %

Sensitivities Sweden - guaranteed portfolio financial result

Excluding potential indexation fee in the defined benefit portfolio and effect of the macro model used to discount liabilities (see description below).

The sensitivities shown below are based on internal risk modelling. The sensitivities are a point in time estimate on the risk associated with market movements in the disclosed markets factors. Important assumptions behind the sensitivities are amongst others instantaneous change in the disclosed market factors and change in one market factor at a time.

The financial result may vary significantly from what the sensitivities indicate throughout a period based on amongst others: management action based on market movements throughout the period, several market factors moving simultaneously and indexes not giving a precise approximation of actual investment portfolio. For example the credit portfolio is constructed to be robust versus the liabilities and has a low correlation to ITRAXX. The Interest rate sensitivity is based on a parallel shift in the interest rate curve.

The insurance liabilities are valued using a macro extrapolation model for interest rates. In the current interest rate environment long dated interest rates are lower than the discount rate used in the macro model. This is estimated to give a negative result contribution of approximately MNOK 25 pr. quarter at the current Swedish interest rate level. Note that the estimate is based on internal actuarial and market assumptions and that the actual result contribution from this element will vary.

Other

Other consists of the profit from Storebrand ASA, corporate banking within Storebrand Bank ASA , the life and pension company Euroben, as well as the return on financial assets held in the company portfolios in the life and pension business in Storebrand Livsforsikring AS and SPP Pension & Försäkring AB.

Profit

Table 46a: Other: operational costs and net financial results in company portfolios (Storebrand ASA, Storebrand Livsforsikring AS and SPP Pension & Försäkring AB) 1)

	2022		2021				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Fee and administration income	4	6	8	6	4	9	7	21
Operational cost	-70	-64	-103	-52	-43	-134	-90	-246
Operating profit	-66	-59	-96	-46	-39	-125	-83	-225
Financial items and risk result life	-172	-57	0	6	503	-230	511	518
Profit before amortisation	-238	-116	-95	-40	464	-354	428	293

1) Excluding group eliminations (detailed in Table 46b). To get full segment profits, please summarize tables 46a and 46b.

Table 46b: Eliminations

	2022 2021						01.01 - 30.06
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021
Fee and administration income	-73	-75	-66	-67	-67	-148	-127	-260
Operational cost	73	75	66	67	67	148	127	260
Financial result	-	-	-	-	-	-	-	-
Profit before amortisation and longevity	-	-	-	-	-	-	-	-

Key figures

Table 47: Storebrand group Company portfolios - excl. bank and insurance

	2022		2021
NOK million	Q2	Q1	Q4	Q3	Q2
Storebrand ASA	5 689	7 451	4 866	4 903	5 245
Storebrand Livsforsikring AS	20 875	22 404	23 026	23 611	22 516
SPP Pension & Försäkring AB	4 478	4 361	5 707	5 368	5 598
Total	31 043	34 216	33 600	33 882	33 358

Table 48a: Company portfolio SPP Pension & Försäkring AB

Asset class	2022
Share	Q2
Equities	-
Real estate	-
Bonds & Money market	68 %
Loans	32 %
Sum	100 %

Table 48b: Company portfolio Storebrand Livsforsikring AS

Asset class	2022
Share	Q2
Equities	1 %
Real estate	1 %
Bonds & Money market	48 %
Loans	14 %
Bonds at amortized cost	36 %
Sum	100 %

Fig. 9: Company portfolio Storebrand Livsforsikring AS

Equities

Table 49: Storebrand group debt - excl. bank

	2022		2021
NOK million	Q2	Q1	Q4	Q3	Q2
Subordinated loan capital - STB Life (Group)	11 015	10 354	10 865	11 758	10 929
Bonds Storebrand ASA	500	1 002	1 001	1 001	1 001
Bank loan Storebrand ASA 1)	0	0	0	0	0
Total debt	11 515	11 356	11 867	12 759	11 930

1) Storebrand ASA have a MEUR 200 undrawed multicurrency revolving credit facility

Storebrand Group

Profit

Table 51: Storebrand Group - IFRS-legal profit by sub group

	2022		2021				01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021	2020
Storebrand Life Group	281	459	731	646	1 035	740	1 713	3 091	1 707
Storebrand Asset Management Group	166	148	660	136	132	314	282	1 078	757
Storebrand Bank Group	64	45	60	89	53	109	126	275	190
Storebrand Forsikring AS	71	35	14	85	50	107	46	145	82
Storebrand Helseforsikring AS 1)	0	-7	-9	13	10	-7	13	17	34
Storebrand ASA/Other	-6	-53	-90	-57	74	-58	43	-104	-60
Profit before amortisation and write-downs	577	628	1 367	912	1 353	1 204	2 223	4 503	2 711
Amortisation and write-downs of intangible assets	-138	-138	-140	-133	-129	-276	-254	-527	-492
Profit before tax	439	489	1 227	779	1 225	928	1 970	3 976	2 219
Tax	-26	398	-310	-181	-52	372	-354	-846	136
Sold/liquidated business	-	-	0	-	0	-	0	-	-
Profit after tax	413	887	917	598	1 173	1 300	1 615	3 130	2 355

1) 50% of profit according to owner's share (50%)

Balance sheet

Table 52: Storebrand Group - balance sheet
--------------------------------------------

NOK million	Share in %	30.06.2022	31.12.2021	31.12.2020
Assets company portfolio
Intangible assets	1 %	7 451	7 771	8 083
Shares in associated companies	0 %	451	387	283
Loans	7 %	48 901	38 570	31 161
Bonds at amortised cost	2 %	11 447	12 955	10 639
Real estate assessed at fair value	0 %	0	0	50
Financial assets at fair value	4 %	25 689	29 641	31 328
Bank deposits	1 %	5 081	3 543	2 775
Other assets	9 %	66 877	67 234	68 383
Assets customer portfolio
Bonds at amortised cost	16 %	115 052	113 416	105 872
Loans	2 %	18 026	23 051	23 769
Real estate assessed at fair value	5 %	33 901	33 376	32 067
Financial assets at fair value	52 %	382 030	428 952	394 860
Bank deposits	1 %	7 360	6 443	10 290
Other assets	2 %	11 502	9 450	8 203
Total assets	100 %	733 769	774 790	727 763
Equity	5 %	37 268	37 709	35 923
Subordinated loan capital	2 %	11 841	11 441	9 110
Buffer capital 1)	3 %	24 503	33 693	29 319
Technical reserves	73 %	537 429	575 457	536 028
Liabilities to financial institutions	0 %	10	502	1 653
Deposits from and liabilities to customers	3 %	19 275	17 239	15 506
Derivatives	1 %	7 184	2 048	964
Other allocations and liablilities	13 %	96 258	96 701	99 258
Total liabilities and equity capital	100 %	733 769	774 790	727 763

1) Includes conditional bonuses BenCo

Storebrand Life Group (IFRS-Legal)

The solidity ratio of Storebrand Life Group is often referred to, as it is the largest entity within the Storebrand Group. Storebrand Life Group comprises the consolidated numbers of Storebrand Livsforsikring AS and SPP Pension & Försäkring AB.

The entities comprising Storebrand Life Group are as follows:

Profit - Storebrand Life Group

Table 53: Profit - Storebrand Life Group

	2022		2021			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021	2020
Fee and administration income	856	898	936	959	938	1 753	1 897	3 792	3 476
Insurance result	208	184	158	148	168	392	293	599	454
Operational cost	-625	-617	-724	-602	-614	-1 243	-1 198	-2 523	-2 427
Financial items and risk result life and pension	-157	-5	361	141	543	-162	722	1 223	204
Whereof interest expenses	122	71	111	110	95	192	184	406	358
Profit before amortisation	281	459	731	646	1 035	740	1 713	3 091	1 707
Amortisation	-88	-87	-90	-92	-91	-175	-183	-366	-372
Profit before tax	193	372	641	554	944	565	1 530	2 725	1 336
Tax	18	425	-157	-118	-23	443	-289	-563	344
Profit after tax	211	797	484	436	921	1 008	1 241	2 162	1 679

Balance sheet – Storebrand Life Group

Table 54: Balance sheet - Storebrand Life Group

	Share of
NOK million	total assets	30.06.2022	31.12.2021	31.12.2020
Intangible assets	1 %	3 349	3 513	4 026
Investments company portfolio	4 %	25 716	29 189	26 747
Investments guaranteed portfolio	47 %	288 066	305 059	306 419
Investments non-guaranteed portfolio	45 %	278 538	308 979	268 215
Other assets	3 %	18 045	13 364	10 499
Total assets	100 %	613 714	660 104	615 906
Equity 1)	4 %	24 455	26 010	25 616
Minority interests' share in equity	0 %	0	0	69
Subordinated loan capital 2)	2 %	11 015	10 865	8 834
Buffer capital	4 %	24 503	33 693	29 319
Customer fund	87 %	535 089	573 539	534 683
Other debts	3 %	18 652	15 996	17 384
Total equity and liabilities	100 %	613 714	660 104	615 906

1) Includes risk equalisation fund and profit for the period

2) Includes accrued interest

Profit - SPP Pension & Försäkring AB Group

Table 55: Profit - SPP Pension & Försäkring AB Group

	2022		2021			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021	2020
Total administration income	375	400	442	447	422	775	857	1 746	1 594
Total administration cost	- 238	- 237	-271	-246	-243	- 475	- 488	-1 005	-997
Administration result	137	163	171	202	179	300	369	742	596
Risk result	30	42	7	45	50	72	88	139	186
Profit sharing	0	0	32	-1	24	0	43	74	76
Change in DCC	- 6	- 78	69	-22	11	- 84	71	118	-129
Indexation fee	13	33	38	38	38	46	76	151	128
Other	70	22	86	21	31	92	80	187	42
Financial result	77	- 23	225	36	105	54	270	530	117
Return on company portfolio	- 74	- 50	-1	6	3	- 123	15	20	22
Interest cost subordinated debt	0	0	0	0	0	0	0	0	0
Other result	- 74	- 50	- 1	6	3	- 123	15	20	22
Profit before amortisation	170	133	401	288	336	303	742	1 431	921
Amortisation of intangible assets	- 19	- 19	-20	-20	-20	- 38	- 40	-80	-82
Write-downs intangible assets	0	0	0	0	0	0	0	0	0
Amortisation and write-downs	- 19	- 19	- 20	- 20	- 20	- 38	- 40	- 80	- 82
Pre-tax profit/loss	151	114	382	267	316	265	701	1 351	839

Balance sheet - SPP Pension & Försäkring AB Group

Table 56: Balance sheet - SPP Pension & Försäkring AB Group

	Share of
NOK million	total Assets	30.06.2022	31.12.2021	31.12.2020
Intangible assets	0 %	1 040	1 068	1 215
Longterm shares and interest from group companies	3 %	8 297	9 087	9 120
Shares	4 %	8 619	9 712	9 579
Bonds	24 %	55 119	69 207	76 933
Assets - Unit link	56 %	130 408	150 459	131 242
Other financial assets	10 %	24 609	24 536	25 889
Other assets	2 %	5 529	4 665	5 688
Total assets	100 %	233 621	268 734	259 666
Equity	3 %	7 377	8 540	9 065
Minority interests' share in equity	1 %	2 197	2 191	1 580
Subordinated loan capital	0 %	0	0	0
Premium reserve for own account	30 %	69 179	80 361	91 295
Insurance fund reserves - defined contribution and UL	62 %	142 414	164 240	142 011
Other liabilities	5 %	12 454	13 402	15 715
Total equity and liabilities	100 %	233 621	268 734	259 666

Storebrand Asset Management Group (IFRS-Legal)

Storebrand Asset Management AS is regulated by the Norwegian FSA under the Basel II framework.

Profit

Table 57: Profit - Storebrand Asset Management Group

	2022		2021	01.01 - 30.06				Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021	2020
Fee and administration income	934	817	1 527	911	866	1 859	1 683	4 122	3 174
Operational cost	- 765	-672	-874	-775	-744	-1 538	-1 417	-3 066	-2 434
Financial result	- 3	6	7	-1	10	-7	15	22	18
Profit before amortisation	166	150	660	136	132	314	282	1078	757
Amortisation	- 37	-30	-39	-30	-30	-76	-60	-129	-120
Profit before tax	128	120	621	106	102	238	222	949	637
Tax	- 31	-29	-154	-34	-14	-58	-43	-231	-162
Profit after tax	98	92	467	72	88	180	179	718	475

Balance sheet

Table 58: Balance sheet - Storebrand Asset Management Group

NOK million	Share in %	30.06.2022	31.12.2021	31.12.2020
Intangible assets	62,0 %	2 736	2 775	2 096
Investments portfolio	23,3 %	1 029	1 442	1 253
Other assets	14,7 %	647	1 023	615
Total assets	100 %	4 412	5 240	3 963
Equity	73,2 %	3 231	3 781	2 888
Other debts	26,8 %	1 181	1 459	1 076
Total equity and liabilities	100 %	4 412	5 240	3 963

Storebrand Helseforsikring AS (IFRS-Legal 100%)

Profit

Table 59: Profit - Storebrand Helseforsikring AS

	2022		2021			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021	2020
Insurance premiums f.o.a.	261	247	243	239	225	508	449	930	843
Claims f.o.a.	-212	-224	-196	-167	- 158	- 436	- 344	- 706	- 633
Operational cost	-46	-43	-72	-39	- 40	- 89	- 75	- 186	- 125
Financial result	-3	0	2	2	- 1	- 2	4	8	4
Result before amortisation	0	-19	-23	35	27	-19	34	46	89
Amortisation	0	0	0	0	0	0	0	0	0
Result before tax	0	-19	-23	35	27	-19	34	46	89
Tax	0	5	6	-9	-7	5	-9	-11	-22
Result after tax	0	-14	-17	26	20	-14	26	35	67

Balance sheet

Table 60: Balance sheet - Storebrand Helseforsikring AS

NOK million	Share in %	30.06.2022	31.12.2021	31.12.2020
Intangible assets	11 %	111	120	66
Investments portfolio	46 %	477	456	365
Other assets	43 %	442	292	219
Total assets	100 %	1 031	869	650
Equity	29 %	297	311	227
Insurance liabilities	64 %	657	442	361
Other debts	7 %	77	116	62
Total equity and liabilities	100 %	1 031	869	650

Storebrand Forsikring AS (IFRS-Legal)

Profit

Table 61: Profit - Storebrand Forsikring AS

	2022		2021			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021	2020
Insurance premiums f.o.a.	646	627	607	591	537	1 273	989	2 187	1 393
Claims f.o.a.	- 424	-446	-458	-397	- 373	- 870	- 729	-1 585	-1 022
Operational cost	- 146	-142	-138	-112	- 118	- 288	- 221	- 471	- 314
Financial result	- 5	-3	3	4	3	- 8	8	15	24
Profit before amortisation	71	35	14	85	50	107	46	145	82
Amortisation	- 13	-13	-11	-11	- 8	- 26	- 10	- 32	0
Profit before tax	59	22	3	74	42	81	36	113	82
Tax	- 15	-6	0	-19	- 10	- 20	- 9	- 28	- 19
Profit after tax	44	17	3	56	31	61	27	86	62

Balance sheet

Table 62: Balance sheet - Storebrand Forsikring AS

NOK million	Share in %	30.06.2022	31.12.2021	31.12.2020
Intangible assets	5 %	204	225	13
Investments portfolio	54 %	2 222	2 067	1499
Other assets	41 %	1 660	1 176	866
Total assets	100 %	4 086	3 467	2 378
Equity	26 %	1 077	1 066	668
Insurance liabilities	57 %	2 340	1 918	1345
Other debts	16 %	668	483	364
Total equity and liabilities	100 %	4 086	3 467	2 378

Storebrand Bank Group (IFRS-Legal)

Storebrand Bank ASA is regulated by the Norwegian FSA under the Basel II framework.

Profit

Table 63: Profit - Storebrand Bank Group

	2022		2021			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021	2020
Net interest income	144	138	137	137	122	281	235	509	430
Net fee and commission income	25	21	22	26	21	46	42	90	97
Other operating income	- 5	-23	-4	6	- 3	- 28	15	17	28
Total income	164	136	155	168	140	300	292	615	555
Operating cost	- 94	- 90	- 92	- 86	- 87	- 184	- 174	- 352	- 328
Profit before loan losses	70	46	63	82	54	116	118	264	227
Loan loss provision	- 5	- 1	- 3	7	- 1	- 7	8	12	- 37
Pre-tax profit/loss	64	45	60	89	53	109	126	275	190

Balance sheet

Table 64: Balance sheet - Storebrand Bank Group

NOK million	Share in %	30.06.2022	31.12.2021	31.12.2020
Cash and deposits with central banks	0 %	19	313	50
Loans to and deposits with credit institutions	0 %	81	67	103
Financial assets designated at fair value through P&L	4 %	2 203	2 356	4 466
Bonds at amortised cost	7 %	3 928	3 546	3 277
Net lending to customers	88 %	46 224	38 992	31 780
Deferred tax assets	0 %	0		2
Other assets	0 %	108	85	104
Total Assets	100 %	52 563	45 360	39 783
Liabilities to credit institutions	0 %	10	502	1 653
Deposits from and due to customers	37 %	19 275	17 239	15 506
Other financial liabilities	56 %	29 530	24 113	19 806
Provision for accrued expenses and
liabilities	0 %	17	4	6
Subordinated loan capital	2 %	827	576	276
Equity	6 %	2 904	2 926	2 536
Total Equity and Liabilities	100 %	52 563	45 360	39 783

Table 65: Storebrand Bank ASA (group) - Key Figures Banking

	2022		2021
NOK million	Q2	Q1	Q4	Q3	Q2
Gross lending (bn)	46	40	39	39	36
Customer deposit (bn)	19	18	17	17	18
Deposit/gross lending	42 %	45 %	44 %	43 %	48 %
Average Loan-to-Value (LTV)	56 %	56 %	57 %	56 %	55 %
Average LTV new loans	67 %	66 %	66 %	67 %	67 %
Loss as % of gross loans	-0,1 %	0,0 %	0,0 %	0,1 %	0,0 %
Loan losses	- 5	-1	-3	7	-1
Non-performing loans with evidence of impairment Non-performing loans without evidence of	26	28	29	38	39
impairment	54	52	48	54	70
Operating expenses Banking	94	90	92	86	87
Cost as % of total assets	0,8 %	0,8 %	0,8 %	0,8 %	0,8 %
Cost/income banking activities	57 %	66 %	59 %	51 %	62 %

Fig. 11: Storebrand Bank ASA

NOK million Fig. 10: Storebrand Bank ASA Development in losses

Non-performing loans without evidence of impairment Non-performing loans with evidence of impairment

Table 66: Profit - Storebrand Boligkreditt AS

	2022					01.01 - 30.06			Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021	2020
Net interest income	57	66	71	76	61	123	118	265	197
Other operating income	- 4	-3	-1	-1	- 1	- 7	3	2	- 16
Total income	53	63	70	75	60	116	122	266	181
Operating cost	- 28	- 26	- 26	- 25	- 23	- 54	- 45	- 95	- 84
Profit before loan losses	26	37	44	50	37	63	77	171	97
Loan loss provision	- 1	1	-1	0	0	0	0	0	- 3
Pre-tax profit/loss	25	38	43	51	37	63	77	171	94

Table 67: Balance sheet - Storebrand Boligkreditt AS

NOK million	Share in %	30.06.2022	31.12.2021	31.12.2020
Cash and deposits with central banks	0 %	0	0	0
Loans to and deposits with credit institutions	0 %	10	6	8
Financial assets designated at fair value through P&L	4 %	1 412	1 366	1 456
Bonds at amortised cost	1 %	461	288	42
Net lending to customers	94 %	30 238	26 430	21 066
Deferred tax assets			0	0
Other assets	0 %	34	24	16
Total Assets	100 %	32 156	28 114	22 587
Liabilities to credit institutions Deposits from and due to customers	13 %	4 294	1 757	1 713
Other financial liabilities	81 %	26 058	24 602	19 259
Provision for accrued expenses and liabilities	0 %	0	0	0
Deferred tax liabilities	0 %	13	13	7
Subordinated loan capital	0 %	0	0	0
Equity	6 %	1 791	1 742	1 609

Storebrand ASA (IFRS-Legal)

Profit

Table 68: Storebrand ASA (holding)

	2022		2021				01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2022	2021	2021	2020
Group contributions and transfers	-	4 551	-	-	-	4 551	3 018	3 018	3 175
Interest income	1	0	51	0	0	1	0	52	72
Interest expense	-8	-6	-5	-4	-5	-14	-9	-18	-44
Realised/unrealised gains/losses on securities	-25	-12	-46	9	12	-36	24	-14	-3
Other financial income/costs	81	14	-24	-20	166	95	168	125	3
Net financial items	49	-4	-23	-16	174	45	183	144	28
Total operating expenses	-54	-49	-59	-41	-40	-103	-80	-180	-87
Pre-tax profit/loss	-6	4 499	-82	-57	133	4 493	3 121	2 982	3 116

Balance sheet

NOK million	Share in %	30.06.2022	31.12.2021	31.12.2020
Shares in subsidiary	79 %	23 011	22 077	20 273
Financial assets at market value	20 %	5 689	4 866	4 951
Other assets	1 %	326	413	334
Total assets	100 %	29 026	27 357	25 558
Equity	98 %	28 349	25 722	24 154
Bond loan and other loans	2 %	500	1 001	1 001
Other liabilities	1 %	177	633	403
Total liabilities and equity capital	100 %	29 026	27 357	25 558

Solidity

This section describes the financial position of Storebrand and its subsidiaries. Storebrand reports Solvency II ratios and capital adequacy. The most important solidity ratio to follow is the ratio for the Storebrand Life Group, which is the consolidated solvency ratio for the life and pension operations in SPP and Storebrand.

Table 70: Solidity Storebrand Group

	2022		2021				2020
NOK million	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Solvency II 1)	195 %	184 %	175 %	178 %	172 %	176 %	178 %
Solidity capital (Storebrand Life Group) 2)	50 450	57 712	74 074	73 780	75 284	69 352	72 766
Total capital ratio (Storebrand Bank Group)	19,1 %	20,5 %	20,3 %	19,6 %	18,5 %	17,4 %	18,7 %
Tier 1 capital ratio (Storebrand Bank Group)	14,8 %	15,6 %	16,8 %	16,1 %	16,8 %	15,6 %	16,7 %
CET1 capital ratio (Storebrand Bank Group)	13,6 %	14,3 %	15,4 %	14,7 %	15,3 %	14,1 %	15,1 %

1) Reported under Solvency II standard model after dividend. For more information about the solvency calculations see note 12 in the Storebrand interim report.

2) The term solidity capital encompasses equity, subordinated loan capital, the risk equalisation fund, the market value adjustment reserve, additional statutory reserves, conditional bonuses, excess value/deficit

Table 71: Solidity capital Storebrand Life Group

NOK million	30.06.2022	31.12.2021	31.12.2020	31.12.2019	31.12.2018
Equity	23 774	25 458	25 173	24 966	26 965
Subordinated loan capital 1)	11 110	11 013	9 004	8 488	7 788
Risk equalisation fund	676	547	438	466	234
Market value adjustment reserve 2)	2 027	6 309	7 170	5 500	2 245
Additional statutory reserves (ASR)	10 470	13 602	11 380	9 023	8 494
Conditional bonus (CB)	12 006	13 781	10 769	9 302	8 243
Excess value/deficit related to bonds at amortised cost	-9 613	3 363	8 832	4 697	5 009
Accrued profit 3)	0	0	0	0	0
Total	50 450	74 074	72 766	62 442	58 978
Customer funds excl. ASR and CB	245 583	271 086	258 389	248 803	249 932
Solidity capital as % of customer funds	20,5 %	27,3 %	28,2 %	25,1 %	23,6 %

1) Excluding accrued interest

2) Includes Public Occupational Pensions buffer fund

Fig. 13: Storebrand Bank ASA (group) - Development in capital adequacy

Financial calendar

26 October 2022 Results Q3 2022 8 February 2023 Results Q4 2022 13 April 2023 AGM 2023

Investor Relations contacts

Lars Aa. Løddesøl Group CFO lars.loddesol@storebrand.no +47 934 80 151 Kjetil R. Krøkje Group Head of Finance, Strategy and M&A kjetil.r.krokje@storebrand.no +47 934 12 155 Daniel Sundahl Head of Investor Relations and Rating daniel.sundahl@storebrand.no +47 913 61 899

Storebrand ASA Professor Kohtsvei 9, P.O. Box 500, N-1327 Lysaker, Norway Phone +47 22 31 50 50

www.storebrand.com/ir