Storebrand ASA

Investor Presentation • May 4, 2022

Storebrand Q1 2022

4 May 2022

Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO

1

Interest rates on the rise after a decade of low and stable inflation and rates

Highlights Q1 2022

Strengthened solvency position and stable operating result in a quarter with volatile financial markets

Pursuing our Group Strategy: Leading The Way In Sustainable Value Creation to be a leading Sustainable Nordic Savings and Insurance Group

Capital

Management of capital and back book balance sheet

NOK ∼10bn capital release from back book by 2030

Share buyback program to be initiated

Solvency II ratio

	184% Current level	▪ Consider share buybacks when solvency ratio is above 180% without material use of transitional capital
180%		▪ Ordinary dividend of >50% of Group profit after tax Ambition is to pay nominally growing dividends per share ▪ ▪ Maintain investments in growth
150% 130%		▪ Reduced dividend ▪ Consider risk reducing measures ▪ More selective investment in growth
		▪ No dividend Risk reducing measures ▪

• The Board has conducted a forward-looking assessment including a consideration of future events and risks.
• Storebrand will continue to generate solvency under normal market conditions as the business transforms into a more capital light model.
• The Board intends to initiate a share buyback program of NOK 500m.
• Buyback program expected to commence during Q3, given regulatory approval.

Structural growth paused by FX and weak financial markets in Q1 2022

Unit Linked

• Premiums stable at NOK 5.3bn
• Net inflow
• AUM reduced by 6% from asset returns and FX.
• Stable fee margins.

Public Occupational Pensions

▪ NOK 4.2bn of reserves transferred to Storebrand.

Asset management

• Net inflows of NOK 11bn.
• SPP Fonder with positive flow of SEK ca 3bn vs. a total market outflow of ca 35bn.
• Finnish branch established February 2022.
• AUM reduced by 5% from FX and asset returns.

Insurance (retail)

▪ 24% growth y/y in P&C & Individual Life with 91% combined ratio.

Bank

• 15% growth in lending volume y/y.
• 19% growth in fee income y/y.
• Improved Net interest income margin to 1.22%.

P&C insurance growth, fastest growing retail insurer in Norway

Attractive customer proposition through trusted brand, strong digital offering coupled with strong capital synergies

7

Integrated Sustainability and Annual Report 2021

About us

Founding member of Net Zero Asset Owner Alliance

More than 2 million Number of customers

Investments Operations People

123 (11%) billion (% of AUM) Active dialogues related to climate and environmental risks and opportunities 318

Companies excluded due to serious climate and environmental damage 176

Carbon footprint in equity investments: tonnes of CO2 equivalents per 1 MNOK in sales revenue

12 (18)

(index)

Investments in fossil free funds, NOK billion (% of AUM)

100% Assets under management screened for sustainability

Target to reduce CO2 emissions from our investments by 2025

32 %

68%

Real estate investments with green certificates

Investments in solutions, NOK

Greenhouse gas emissions from own operation (total) scope 1-3

Purchasing volume from environmentally certified

320 tco2e

suppliers 60%

Share of insurance premiums from electric cars

22%

Number of employees in Storebrand ASA

Female Board of Directors at Storebrand ASA 50%

Women at management level 1-4: share of women (target)

39% (50%)

85%

Avg. number of employees that have completed e-learning courses on ethics, privacy, anti-corruption and AML, in 2021.

Strong progress on carbon reduction initiatives and increased investments in solution companies to meet our 2025 targets

1) Real estate is lower than normally due to the corona effect with low utilization of real estate, and thereby lower electricity usage.

9

2) These are investments in shares in companies that we believe are well positioned to solve challenges related to the UN's Sustainable Development Goals. Investments in solution companies are segmented into four thematic areas; renewable energy and climate solutions, the cities of the future, the circular economy and equal opportunities.

Key Figures

Strengthened solvency position, stable operating result and solid buffer capital levels

176% 172% 177% 175% 184% SII Own Funds SII Capital Requirement

2.79

Customer buffers development³ SII Own funds⁴ and SCR

10 ¹ Result before amortisation and tax. ² Earnings per share after tax adjusted for amortisation of intangible assets.

³ Excluding Excess values of HTM bonds. ⁴ Own Funds including transitional capital.

BNNOK

Solvency movement from Q4 2021 to Q1 2022 Storebrand Group

Estimated solvency sensitivities

Storebrand Group

Key takeaways

• Higher interest rates, allocation changes and profit generation improve solvency
• Market developments reduce the solvency position, but are offset by countercyclical factors including VA and symmetric equity stress

¹The Solvency position of Storebrand Group is calculated using the current Storebrand implementation of the Solvency II Standard model. Output is sensitive to changes in financial markets, development of reserves, changes in assumptions and improvements of the calculation framework in the economic capital model as well as changes in the Solvency II legislation and national interpretations.

More robust capital position with increased spreads above discount rate and reduced duration mismatch

13 ¹Expected return based on current asset allocation with risk premia. Discount rate for liabilities based on Solvency 2 curve, hence including UFR and VA. ²Liability duration measured for Solvency 2 Best Estimate Liability, hence including future discretionary benefits and based on Solvency 2 curve with UFR and VA.

Storebrand Group

Stable operating profit and positive tax effect

		Q 1
NOK million	2022	2021	2021
Fee and administration income	1 457	1 482	6 607
Insurance result	365	220	1 201
Operational cost	-1 145	-1 057	-4 678
Operating profit	678	645	3 130
Financial items and risk result life	-50	225	1 372
Profit before amortisation	628	870	4 503
Amortisation and write-downs of intangible assets	-138	-125	-527
Profit before tax	489	745	3 976
Tax	398	-302	-846
Profit after tax	887	443	3 130

Storebrand Group

Stable operating profit

	Q	1	Full year
NOK million	2022	2021	2021
Fee and administration income	1 457	1 482	6 607
Insurance result	365	220	1 201
Operational cost	-1 145	-1 057	-4 678
Operating profit	678	645	3 130
Financial items and risk result life	-50	225	1 372
Profit before amortisation	628	870	4 503

Profit per line of business

	Q 1		Full year
NOK million	2022	2021	2021
Savings - non-guaranteed	404	528	2 355
Insurance	109	55	423
Guaranteed pension	232	322	1 432
Other profit	-116	-35	293
Profit before amortisation	628	870	4 503

Group

Savings (non-guaranteed)

Growth paused by FX and volatile financial markets

	Q 1		Full year
NOK million	2022	2021	2021
Fee and administration income	1 136	1 156	215 5
Operational cost	-702	-671	-2 927
Operating profit	434	485	2 288
Financial items and risk result life	-30	43	67
Profit before amortisation	404	528	2 355

Profit per product line

NOK million
	2022	2021	2021
Unit linked Norway	118	145	483
Unit linked Sweden	93	159	518
Asset management	148	150	1 078
Retail banking	45	73	275
Profit before amortisation	404	528	2 355

Savings (non-guaranteed)

Growth paused by FX and volatile financial markets

Assets under management

Q1 2021 Q2 2021 Q4 2021

Movement in asset under management YTD¹

Q3 2021 Q1 2022

-54

BNOK

1 040

Insurance

Continued growth and improved results

	Q	1	Full year
NOK million	2022	2021	2021
Insurance premiums f .o.a.	1 397	1 194	5 175
Claims f .o.a.	-1 032	-974	-3 974
Operational cost	-251	-202	-875
Operating profit	114	18	326
Financial result	-5	37	97
Profit before amortisation	109	55	423

Profit per product line

	Q 1		Full year
NOK million	2022	2021	2021
P&C & Individual life	70	62	393
Health & Group life	-6	10	-26
Pension related disability insurance Nordic	44	-17	56
Profit before amortisation	109	55	423

Insurance Continued growth and improved results

Key Takeaways Combined Ratio and Results

• 92% overall combined ratio (target 90-92%), 91% in P&C & Individual life
• Improved claims ratio

Portfolio premiums Key Takeaways Premiums and Growth¹

• Premium growth across all product segments
• 19% overall portfolio premium growth
• 24% growth in P&C & Individual Life
• Retail P&C market share increased from 4.5% to 6.0% in 2021

Guaranteed pension

Stable operating profit and strong risk result

	Q 1		Full year
NOK million	2022	2021	2021
Fee and administration income	391	383	1 631
Operational cost	-202	-197	-890
Operating profit	189	186	741
Risk result life & pensions	82	32	187
profit Net sharing	-39	104	504
Profit before amortisation	232	322	1 432

Profit per product line

	Q	1	Full year
NOK million	2022	2021	2021
Defined benefit (private & public sector) Norway ,	68	-1	130
Paid-up policies Norway ,	122	94	556
Individual life and pension Norway ,	3	9	55
Guaranteed products Sweden ,	38	221	691
Profit before amortisation	232	322	1 432

Guaranteed pension

Stable operating profit and strong risk result

NOK million	Q1 2022	Q4 2021	Change
Market value adjustment reserve**	3 938	6 309	- 2 372
Excess value of bonds at amortised cost	-4 781	3 363	- 8 144
Additional statutory reserve	11 745	13 602	- 1 857
Conditional bonuses SPP	12 804	13 781	- 977
Total	23 706	37 056	- 13 350

• Continued run-off of guaranteed reserves.
• Growth in public occupational pensions contribute NOK 4.2bn to reserve growth.
• Customers buffers reduced due to rising interest rates and market turbulence.

Buffer capital* Guaranteed reserves in % of total reserves

21 * 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.

Other¹

Market turbulence gives negative financial result in the quarter, but higher yields going forward

	Q	1	Full year
NOK million	2022	2021	2021
Fee and administration income	6	4	21
Operational cost	-64	-47	-246
Operating profit	-59	-44	-225
life Financial items and risk result	-57	9	518
Profit before amortisation	-116	-35	293

Q&A

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

Appendix

Asset allocation – Guaranteed products

Equities Real estate Bonds & Money market Loans Bonds at amortised cost 31.03.2021 10% 11% 12% 13% 55% 30.06.2021 11% 10% 11% 14% 54% 30.09.2021 11% 11% 10% 13% 55% 31.12.2021 10% 11% 13% 14% 52% 31.03.2022 9% 12% 15% 15% 50% 0% 10% 20% 30% 40% 50% 60%

Leading the way in sustainable value creation

Investor Relations contacts

Lars Aa Løddesøl Group CFO

lars.loddesol@storebrand.no +47 9348 0151

Kjetil R. Krøkje Group Head of Finance & Strategy

Daniel Sundahl Group Head of IR & Rating

kjetil.r.krokje@storebrand.no +47 9341 2155

daniel.sundahl@storebrand.no +47 9136 1899

This document contains Alternative Performance Measures as defined by the European Securities and Market Authority (ESMA). An overview of APMs used in financial reporting is available on storebrand.com/ir.