Storebrand ASA

Quarterly Report • May 4, 2022

Interim report 1st quarter 2022

Storebrand Group

Storebrand Group3
Savings 6
Insurance 8
Guaranteed pension 10
Other 12
Balance sheet and capital situation 13

Income statement 20
Statement of comprehensive income 21
Statement of financial position 22
Statement of changes in equity 24
Statement of cash flow 25
Notes 27

Income statement 45
Statement of comprehensive income 45
Statement of financial position 46
Statement of changes in equity 47
Statement of cash flow 48
Notes 49
Auditor's report on review of interim financial information 50

• Group profit¹ of NOK 628m in the 1st quarter
• Solvency II ratio 184%
• 24% growth in 'P&C & Individual life' portfolio premiums y/y, 19% growth in insurance portfolio premiums overall y/y

Storebrand's ambition is to provide our customers with financial freedom and security by being the best provider of long-term savings and insurance. The Group offers an integrated product range spanning from life insurance, P&C insurance, asset management and banking to private individuals, companies and public sector entities. The Group is divided into the segments Savings, Insurance, Guaranteed Pension and Other.

Group profit²

	2022	2021				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2021
Fee and administration income	1,457	2,108	1,544	1,473	1,482	6,607
Insurance result	365	307	342	332	220	1,201
Operational cost	-1,145	-1,377	-1,124	-1,119	-1,057	-4,678
Operating profit	678	1,038	762	686	645	3,130
Financial items and risk result life	-50	329	151	667	225	1,372
Profit before amortisation	628	1,367	912	1,353	870	4,503
Amortisation and write-downs of intangible assets	-138	-140	-133	-129	-125	-527
Profit before tax	489	1,227	779	1,225	745	3,976
Tax	398	-310	-181	-52	-302	-846
Profit after tax	887	917	598	1,173	443	3,130

Financial performance

Storebrand Group's profit before amortisation and tax was NOK 628m (NOK 870m) in the 1st quarter. The figures in brackets are from the corresponding period last year. The quarterly result is negatively affected by increased financial market volatility following Russia's invasion of Ukraine. Storebrand does not have any operations in the affected countries, and financial exposure has been limited to a few investments, particularly in customer funds with an emerging market focus.

The underlying growth within Savings and Insurance has continued in the quarter, but sharply rising interest rates and falling global equity markets have resulted in weak market returns in the quarter and only modest growth in assets under management compared to the same quarter last year. Strong buffer capital levels have shielded customer returns in the guaranteed products and the Group's results. The buffer capital remains intact at more than 11% of guaranteed customer reserves in the Group.

Total fee and administration income amounted to NOK 1,457m (NOK 1,482m) in the 1st quarter, corresponding to a decrease of 2% compared to the same quarter last year. Income growth is dampened by weak financial markets in the quarter and an appreciation of the Norwegian Krone. Adjusted for currency effects, the fee and administration income was unchanged. The growth in Asset Management, the Bank, and Public Occupational Pensions contribute to the income growth, while lower fee margins in Unit Linked, mainly as a consequence of Individual Pensions Accounts having been introduced last year, led to income decline in the products, as anticipated.

The Insurance result was NOK 365m (NOK 220m) in the 1st quarter and the total combined ratio for the Insurance segment was 92% (98%) in the 1st quarter – in line with the target of 90- 92%.

The Group's operational cost was NOK -1,145m (NOK -1,057m) in the 1st quarter, including performance related costs of NOK -11m (NOK -26m) in Asset Management. Growth initiatives are expected to gradually increase costs during the year. Storebrand continues to focus on strong cost discipline, as has been demonstrated over the past 9 years, and has set a cost target for 2022 (full year) of NOK 4.9bn (excluding performance related costs, currency effects and acquisitions).

Overall, the operating profit ended at NOK 678m (NOK 645m) in the 1st quarter.

The 'financial items and risk result' amounted to NOK -50m (NOK 225m) in the 1st quarter. Rising interest rates and wider credit spreads have resulted in lower mark-to-market valuations of fixed income investments. As a consequence, there has been an increase in deferred capital contributions (DCC) in SPP leading to negative profit sharing in Sweden, while profit sharing in the Norwegian guaranteed business has been absent in the quarter. Looking ahead, running yield in the portfolios have increased accordingly.

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

² The income statement is based on reported IFRS results for the individual group companies. The statement differs from the official accounts layout.

Amortisation of intangible assets amounted to NOK -138m (NOK - 125m) in the 1st quarter. Quarterly amortisation of intangible assets is expected to increase to around NOK -150m due to acquired business.

The Group booked a tax income of NOK 398m (NOK -302m) in the 1st quarter. New information in a decision received from The Norwegian Tax Administration on the uncertain tax position for the income year 2018 has resulted in a tax income of NOK 568m being booked in the 1st quarter. Adjusted for this effect, the effective tax rate was 35%. The high effective tax rate in the quarter is a consequence of taxable unrealised gains on currency hedges related to the Swedish business and corresponding nondeductible unrealised losses on the shares in the subsidiaries, as the Swedish krona depreciated 4% against the Norwegian krone. The estimated normal tax rate is 19-22%, depending on each legal entity's contribution to the Group result. Different tax rates in different countries of operations and currency fluctuations impact the quarterly tax rate. Tax related issues are described more under the Outlook section and in note 9.

The Group reports the results by business segment. For a more detailed description of the results, see the sections by segment below. Savings reported a profit before amortisation of NOK 404m (NOK 528m) in the 1st quarter. Profit before amortisation in Insurance increased to NOK 109m (NOK 55m) in the 1st quarter due to improvements in claims. In Guaranteed pensions, it decreased to NOK 232m (NOK 322m) in the 1st quarter due to weak profit sharing. In the Other segment, profit before amortisation also fell to NOK -116m (NOK -35m) in the 1st quarter due to weaker financial returns on company portfolios.

Capital situation

The solvency ratio was 184% at the end of the 1st quarter, an increase of 9 percentage points from the previous quarter and 4 percentage points above the targeted range of 150-180%. Turbulent financial markets, with falling equity markets and wider credit spreads, detracted 7 percentage points from the solvency ratio while rising interest rates added 3 percentage points. Countercyclical regulatory factors, including an increase in the volatility adjustment (VA) and a lower symmetric equity stress, added 7 percentage points. Actions including changes made in the investment portfolios improved the solvency ratio by 5 percentage points. The Group profit after tax, net of dividends set aside for 2022, contributed an additional 3 percentage points to the solvency ratio.

Storebrand's dividend policy states that if the solvency ratio is above 180%, the Board of Directors intends to propose special dividends or share buy backs. The purpose of a buyback program is to return excess capital released from the guaranteed liabilities that are in long-term run-off. The Board has conducted a forwardlooking assessment including a consideration of future events and risks. The Board expects that Storebrand will continue to generate solvency under normal market conditions as the business transforms into a more capital light model. This also takes likely future events into consideration, such as the closing of the Danica acquisition which is pending regulatory approval from the Norwegian Financial Supervisory Authority (FSA). The Board thus intends to initiate a share buyback program and will seek an approval from the FSA to initiate a program amounting to NOK 500m.

Group profit by segment

	2022	2021				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2021
Savings - non-guaranteed	404	916	476	435	528	2,355
Insurance	109	61	162	145	55	423
Guaranteed pension	232	485	315	310	322	1,432
Other profit	-116	-95	-40	464	-35	293
Profit before amortisation	628	1,367	912	1,353	870	4,503

Group - Key figures

	2022	2021				Full year
	Q1	Q4	Q3	Q2	Q1	2021
Earnings per share, adjusted	2.18	2.25	1.56	2.79	1.21	7.81
Equity	38,430	37,709	36,735	35,823	36,069	37,709
Adjusted ROE, annualised	12.1%	12.8%	8.7%	16.1%	6.9%	10.7%
Solvency II ratio	184%	175%	178%	172%	176%	175%

Financial targets

Target	Actual
Return on equity (after tax)* > 10%	12.1%
Future Storebrand (Savings & Insurance)**	43%
Back book (Guaranteed & Other)**	5%
Dividend pay-out ratio > 50%	N/A
Solvency II ratio Storebrand Group > 150%	184%

* YTD profit after tax, adjusted for amortisation of intangible assets. Includes the tax income of NOK 568m in the 1st quarter 2022. Excluding this effect, the figure was 5.2%.

** The RoE is calculated based on the profit for the last 12 months, after tax and before amortisation of intangible assets, divided on a pro forma distribution of the IFRS equity less hybrid capital per line of business (opening balance). The capital is allocated based on the capital consumption under SII and CRD IV adjusted for positive capital contribution to own funds. The segments Savings, Insurance and Other are calibrated at 150% of the capital requirement (before own funds contribution), while the remainder of the capital is allocated to the Guaranteed segment. The methodology is an estimation of ROE pr. reporting segment.

Savings

• Continued underlying growth and cost control, but growth dampened by financial market turbulence in the 1st quarter
• Total asset under management amounting to NOK 1,040bn, up 5% y/y
• 15% growth in the bank's lending portfolio with 19% growth in fee income y/y

The Savings segment includes savings products without interest rate guarantees. The segment consists of Defined Contribution pensions in Norway and Sweden under the Unit Linked products, asset management and retail banking products.

Savings – Results

	2022	2021				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2021
Fee and administration income	1,136	1,748	1,182	1,129	1,156	5,215
Operational cost	-702	-838	-716	-703	-671	-2,927
Operating profit	434	910	466	427	485	2,288
Financial items and risk result life	-30	6	9	8	43	67
Profit before amortisation	404	916	476	435	528	2,355

Financial performance

The Savings segment reported a profit before amortisation of NOK 404m (NOK 528m) in the 1st quarter.

The fee and administration income in the Savings segment amounted to NOK 1,136m (NOK 1,156m) in the 1st quarter, a decrease of 2% compared to the same quarter last year. The income in the 1st quarter last year included non-recurring transaction fees amounting to SEK 37m. Adjusted for this gain and negative currency effects, the income within Savings was unchanged compared to the same quarter last year. Income growth is dampened in the quarter because of negative returns from turbulent financial markets decrease assets under management.

The fee and administration income within Norwegian Unit Linked decreased by 5% compared to the same quarter last year, but includes a positive reallocation of fees from Asset Management of NOK 17m in the quarter. Adjusted for this effect, the income decreased by 11% as a consequence of Individual Pension Accounts (IPA) having been introduced in 2021, reducing the fees for Defined Contribution pensions. Storebrand has estimated the total negative result impact of the introduction of IPAs to be around NOK 100m in 2022. The resulting fee margin was 0.64% in the quarter, adjusted for the positive reallocation of NOK 17m. The income within Swedish Unit Linked decreased 1% adjusted for the previous year's gain and currency effect mentioned above. The income growth in the Bank was 19% compared to the same quarter last year with a net interest income of 1.22% (1.10%). Within Asset Management the income growth was 2% with fee margins relatively stable at 0.17% (0.18%), adjusted for the above mentioned reallocation of fees. According to IFRS, performance related income is booked for the whole year in the 4th quarter. Earned but not booked performance related income amounted to NOK 27m (NOK 73m) in the 1st quarter.

Operational cost amounted to NOK -702m (NOK -671m) in the 1st quarter. Performance related costs in funds with performance fees amounted to NOK -11m (NOK -26m) in the quarter. Adjusted for performance related costs, operational cost increased by 7% in the quarter. Cost control still remains strong, and the increase is attributed to growth initiatives in the business and digital investments.

The financial result was NOK -30m (NOK 43m) in the 1st quarter. The loss in the quarter stems primarily from changes in the value of fixed-rate mortgages in Storebrand Bank due to higher interest rates.

Balance sheet and market trends

Unit Linked premiums amounted to NOK 5.3bn (NOK 5.3bn) in the 1st quarter. Total assets under management in Unit Linked increased by NOK 12.3bn (4%) to NOK 291bn from the 1st quarter last year, but decreased by NOK -17.3bn (-6%) during the 1st quarter due to weak financial markets.

In the Norwegian Unit Linked business, assets under management increased by NOK 9.9bn (7%) to NOK 154bn from the 1st quarter last year but decreased by NOK -3.7bn (-2%) during the quarter. Underlying growth is driven by growth in occupational pension premium payments and new sales, but in the 1st quarter turbulent markets reduce assets under management. Storebrand is the second largest provider of Defined Contribution pensions in Norway, with a market share of 27% of gross premiums written (at the end of the 4th quarter 2021).

In the Swedish market, SPP is the second largest provider of nonunionised occupational pensions with a market share of 12% measured by gross premiums written including transfers within Unit Linked (as at the end of Q4 2021). Unit Linked assets under management increased by SEK 7.9bn (6%) to SEK 146bn from the 1st quarter last year, but decreased by SEK 8.6bn (-6%) in the quarter. The underlying growth is driven by strong growth in sales (APE), which were the highest on record in the quarter and amounted to NOK 581m (NOK 412m). However, turbulent markets reduce assets under management in the quarter.

Assets under management in Storebrand Asset Management increased by NOK 53bn (5%) to NOK 1,040bn from the 1st quarter last year, but decreased by NOK 57bn (-5%) in the quarter, due to negative market returns and stronger Norwegian Krone. The net inflow in the quarter amounted to NOK 11bn.

The bank lending portfolio increased by NOK 2.2bn (4%) to NOK 59.2bn during the 1st quarter and by NOK 7.6bn (15%) from the same quarter last year. The growth is attributed to improved sales. The portfolio consists of low-risk home mortgages with an average loan-to-value (LTV) of 56%. NOK 19bn of the mortgages are booked on the balance sheet of Storebrand Livsforsikring AS.

Savings - Key figures

	2022	2021
NOK million	Q1	Q4	Q3	Q2	Q1
Unit linked Reserves	291,036	308,351	295,790	295,195	278,702
Unit linked Premiums	5,288	5,350	5,201	5,316	5,346
AuM Asset Management	1,039,654	1,096,556	1,058,435	1,037,470	987,397
Retail Lending	59,223	57,033	55,663	54,288	51,594

Insurance

• 19% overall growth in portfolio premiums y/y, 24% growth in 'P&C & Individual life'
• Stable and normalised claims ratio of 74% for the quarter
• Strong growth increases operational cost

The Insurance segment provides health insurance in the Norwegian and Swedish corporate and retail markets, P&C insurance and personal risk products in the Norwegian retail market and employer's liability insurance and pension-related insurance in the Norwegian and Swedish corporate markets.

Insurance – Results

	2022	2021				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2021
Insurance premiums f.o.a.	1,397	1,366	1,336	1,279	1,194	5,175
Claims f.o.a.	-1,032	-1,059	-995	-946	-974	-3,974
Operational cost	-251	-253	-207	-214	-202	-875
Operating profit	114	54	135	119	18	326
Financial result	-5	6	27	27	37	97
Contribution from SB Helseforsikring AS	-7	-9	13	10	3	17
Profit before amortisation	109	61	162	145	55	423
Claims ratio	74%	78%	74%	74%	82%	77%
Cost ratio	18%	19%	15%	17%	17%	17%
Combined ratio	92%	96%	90%	91%	98%	94%

Financial performance

Insurance delivered a profit before amortisation of NOK 109m (NOK 55m) in the 1st quarter, representing a combined ratio of 92% (98%). The result is in line with the target combined ratio of 90-92%, with overall normalised claims levels but somewhat higher operational cost due to high growth in the business. While there are signs of improving labour market conditions in the economy after the removal of infection controls, the development in disability levels remains uncertain.

Within 'P&C & Individual life', strong growth continued in the 1st quarter with premiums f.o.a. growing 24% compared to last year. Profit before amortisation was NOK 70m (NOK 62m) in the 1st quarter. The claims ratio was 69% (73%), which was in line with a normalised level. Some increase in disability claims offset run off gains in the P&C products. Operational cost increased to NOK - 180m (NOK -136m) due to increased activity. Altogether the product segment delivers a combined ratio of 91% (94%) in the quarter.

'Health and Group life' reported a loss before amortisation of NOK -6m (NOK 10m) in the 1st quarter. Measures, including pricing, have been taken to improve the robustness and profitability in the Group Life product. The claims ratio in the 1st quarter was 90% (91%). The Health insurance business delivered a negative result due to higher claims in the Norwegian business including seasonal variation.

The result for 'Pension related disability insurance Nordic' was NOK 44m (NOK -17m) in the 1st quarter. The Norwegian business experienced increases in disability claims, partly due to effects of Covid-19 restrictions on the labour market during the past two years. In the Swedish business, the result in the 1st quarter was strong due to low claims. Altogether the claims ratio in the 1st quarter improved to 75% (92%) and the combined ratio to 87% (105%).

The cost ratio was 18% (17%) in the 1st quarter, with cost amounting to NOK -251m (NOK -202m). The higher cost level is driven by the growth in the business, including sales commissions increasing in line with the growth in sales.

The Insurance investment portfolio is primarily invested in fixed income securities with short to medium duration and achieved a financial return of 0.5% in the quarter.

Balance sheet and market trends

The Insurance segment offers a broad range of products to the retail market in Norway, as well as to the corporate market in both Norway and Sweden. Storebrand has an ambition to grow the insurance business, particularly within P&C. As of the 1st quarter, 50% of the insurance portfolio is now within 'P&C & Individual Life', compared to 48% in the same period last year. Storebrand was the fastest growing company within Norwegian retail P&C in 2021 in terms of written premiums and now holds a market share of 6.0% (as of year-end 2021) compared to 4.5% a year earlier.

Overall growth in annual portfolio premiums amounted to 19% compared to the same quarter last year. The premium growth is primarily attributed to P&C insurance due to strong contribution from sales agents, new distribution partnerships and the acquisition of Insr portfolios. Annual growth in 'P&C & Individual life' annual portfolio premiums amounted to 24%, while 'Health & Group life' grew by 13% and 'Pension related disability insurance' grew by 14%, largely driven by price adjustments. Overall, double digit growth is expected to continue within Insurance in the coming years.

Insurance – Portfolio premiums

	2022	2021
NOK million	Q1	Q4	Q3	Q2	Q1
P&C & Individual life	3,395	3,301	3,160	3,053	2,738
Health & Group life*	1,939	1,775	1,752	1,734	1,714
Pension related disability insurance Nordic	1,474	1,369	1,351	1,346	1,293
Total written premiums	6,808	6,445	6,263	6,133	5,745
Investment portfolio**	10,003	9,584	9,879	9,813	9,726

* 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.

Guaranteed pension

• Stable operating profit and strong risk result
• Growth in public sector occupational pensions
• Negative profit sharing due to turbulent financial markets and increased deferred capital contributions
• Reduced, but solid buffer capital levels

The Guaranteed Pension segment includes long-term pension savings products that give customers a guaranteed rate of return, but most products are closed for new business and are in run-off. The area includes defined benefit pensions in Norway and Sweden, paid-up policies, public sector occupational pensions, and individual capital and pension insurance.

Guaranteed pension – Results

	2022	2021				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2021
Fee and administration income	391	418	423	407	383	1,631
Operational cost	-202	-248	-217	-227	-197	-890
Operating profit	189	169	206	180	186	741
Risk result life & pensions	82	63	70	21	32	187
Net profit sharing	-39	253	38	108	104	504
Profit before amortisation	232	485	315	310	322	1,432

Financial performance

Guaranteed pension achieved a profit before amortisation of NOK 232m (NOK 322m) in the 1st quarter.

Fee and administration income grew to NOK 391m (NOK 383m) in the 1st quarter. The majority of the guaranteed products are closed for new business and are in long term run-off. However, growth in public sector occupational pensions (reported as Defined Benefit Norway) and transfers of closed corporate Defined Benefit plans drive the increase in fee income.

Operational cost amounted to NOK -202m (NOK -197m) in the 1st quarter.

The operating profit was in line with last year's level and amounted to NOK 189m (NOK 186m) in the 1st quarter.

The risk result improved to NOK 82m (NOK 32m) in the 1st quarter. Positive longevity and disability risk results in Norwegian Paid-up policies and Defined Benefit products are the main contributors to the result. The Swedish products also continued to report positive risk results in the quarter.

Net profit sharing amounted to NOK -39m (NOK 104m) in the 1st quarter. Declining equity markets and lower mark-to-market valuations of fixed income investments due to rising interest rates and wider credit spreads have resulted in weak investment returns in the quarter. As a consequence, profit sharing in the Norwegian guaranteed products has been absent in the quarter. There has also been an increase in deferred capital contributions (DCC) in Swedish products amounting to NOK -78bn and leading to a negative profit sharing result of NOK -38m in SPP. Indexation fees remained at NOK 33m in the quarter.

Balance sheet and market trends

The majority of the guaranteed products are in long term run-off as pension payments are paid out to policyholders. Most customers have switched from guaranteed to non-guaranteed products.

As of the 1st quarter, customer reserves of guaranteed pensions amounted to NOK 281bn. This is a decrease of NOK 9bn in 2022. Adjusted for currency effects, reserves decreased NOK 6bn, driven by a combination of weak financial market returns and a net outflow of guaranteed reserves (excluding transfers) amounting to NOK 2.6bn in the quarter. The latter is a result of more pensions being paid out than premiums being paid in as the Guaranteed business is in run-off. As a share of the total balance sheet, guaranteed reserves amounted to 49.2% (50.7%) at the end of the 1st quarter, a reduction of 1.5 percentage points over the last year.

A growth area for Storebrand is public sector occupational pensions, where Storebrand won its first mandates in 2020. The public sector effort has been the driver for a net increase in Defined Benefit reserves in the Norwegian business. Mandates amounting to an estimated NOK 5.5bn of reserves were won in 2021, out of which NOK 4.2bn has been transferred to Storebrand as of the 1st quarter this year.

Paid-up policies are experiencing some growth over time as active Defined Benefit contracts eventually become Paid-up policies. Reserves amounted to NOK 146bn as of the 1st quarter, a decrease of NOK 3.5bn in 2022. The decrease is largely attributed to development in financial markets.

Guaranteed portfolios in the Swedish business totalled NOK 84bn as of the 1st quarter, a decrease of NOK 9.0bn in 2022. Adjusted for currency effects, the decrease was NOK 5.6bn.

Storebrand's strategy is to have solid buffer capital levels in order to secure customer returns and shield shareholder's equity under turbulent market conditions. Buffer capital decreased by NOK 0.4bn to NOK 28.5bn compared to the same quarter last year, but by NOK 5.2bn during the 1st quarter alone as a result of declining equity markets, rising interest rates, and wider credit spreads. As a share of guaranteed reserves, buffer capital levels in Norwegian products still amount to a solid 8.6% (9.8%) and 17.9% (14.1%) in Swedish products. This does not include off-balance sheet excess values of bonds at amortised cost, which at the end of the 1st quarter were reduced to a deficit of NOK 4.8bn from a previous surplus of NOK 3.4bn last quarter. As bonds at amortised cost mature, their excess values will tend to zero.

Guaranteed pension – Key figures

	2022	2021
NOK million	Q1	Q4	Q3	Q2	Q1
Guaranteed reserves	281,474	290,862	292,161	294,909	286,410
Guaranteed reserves in % of total reserves	49.2%	48.5%	49.7%	50.0%	50.7%
Net flow of premiums and claims	-2,609	-2,735	-2,876	-2,550	-2,107
Buffer capital in % of customer reserves Norway	8.6%	11.2%	10.8%	11.3%	9.8%
Buffer capital in % of customer reserves Sweden	17.9%	17.8%	15.5%	15.1%	14.1%

Other

The result for Storebrand ASA is reported under Other, as well as the financial result for the company portfolios of Storebrand Life Insurance and SPP. Group eliminations are reported in a separate table below.

Results excluding eliminations

	2022	2021				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2021
Fee and administration income	6	8	6	4	4	21
Operational cost	-64	-103	-52	-43	-47	-246
Operating profit	-59	-96	-46	-39	-44	-225
Financial items and risk result life	-57	0	6	503	9	518
Profit before amortisation	-116	-95	-40	464	-35	293

Eliminations

	2022	2021				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2021
Fee and administration income	-75	-66	-67	-67	-60	-260
Operational cost	75	66	67	67	60	260
Financial items and risk result life
Profit before amortisation

Financial performance

The Other segment reported a profit before amortisation of NOK -116m (NOK -35m) in the 1st quarter. The loss stems primarily from operational cost in the holding company Storebrand ASA, and modest returns on investments in company portfolios due to rising interest rates and wider credit spreads. Correspondingly, the running yield has increased.

The financial result for the Other segment includes the company portfolios of SPP and Storebrand Life Insurance, and the financial result of Storebrand ASA. The financial result for the Other segment amounted to NOK -57m in the 1st quarter, primarily due to weak returns.

The investments in the company portfolios are primarily in interest-bearing securities in Norway and Sweden. The Norwegian company portfolio achieved a return of 0.1% in the quarter, while the Swedish company portfolio reported a return of -0.7%.

The Storebrand Life Insurance Group is funded by a combination of equity and subordinated loans. Interest expenses in the quarter amounted to NOK -93m. Given the interest rate level at the end of the 1st quarter, interest expenses of approximately NOK -110m per quarter are expected going forward. The company portfolios in the Norwegian and Swedish life insurance companies and the holding company amounted to NOK 34.2bn at the end of the quarter.

Balance sheet and capital situation

• Solvency II ratio 184%
• 12.1% Return on Equity (adj. and annualised) in the quarter, 5.2% excluding positive tax effect
• Buffer capital at 11% of customer reserves with guarantees, despite weak returns in the quarter

Continuous monitoring and active risk management is core to Storebrand's business. Risk and capital adequacy are monitored at both Group level and in the legal entities. Regulatory requirements for capital adequacy and risk management follow the legal entities. This section is thus divided by legal entities.

Storebrand Group

Solvency

Storebrand uses the standard model for the calculation of Solvency II. The Storebrand Group's target solvency ratio in accordance with the Solvency II regulations is a minimum of 150%, including use of the transitional rules. The solvency ratio was 184% at the end of the 1st quarter, an increase of 9 percentage points from the previous quarter and 4 percentage points above the targeted range of 150-180%. Turbulent financial markets, with falling equity markets and wider credit spreads, detracted 7 percentage points from the solvency ratio while rising interest rates added 3 percentage points. Countercyclical regulatory factors, including an increase in the volatility adjustment (VA) and a lower symmetric equity stress, added 7 percentage points. Actions including changes made in the investment portfolios improved the solvency ratio by 5 percentage points. The Group profit after tax, net of dividends set aside for 2022, contributed an additional 3 percentage points to the solvency ratio.

Solvency development - Storebrand Group

Return on equity

-10.0 10.0 30.0 50.0 70.0 90.0 110.0 130.0 150.0

Storebrand is a blend of fast-growing capital-light business that delivers high returns on equity, and capital-intensive run-off business with low returns on equity. The back book of guaranteed business ties up more than three quarters of the Group's capital, delivering an estimated return on equity of 5% over the last twelve months, whereas the front book, the "future Storebrand" delivered an estimated return on equity of 43%¹ . Large variations in the estimated pro forma return on equity in the front book are expected as earnings are market dependent, while the capital base is primarily related to mortgage lending in the bank and to insurance. Overall, the Group's quarterly return on equity (adjusted for amortisation) was 12.1% on an annualised basis. Adjusted for the positive tax income in the quarter, the figure was 5.2%. As the business mix shifts, the return on equity is expected to reach the targeted 10% on a sustainable basis from 2023 onwards.

Storebrand ASA

Storebrand ASA (holding company) held liquid assets of NOK 7.6bn at the end of the quarter. Liquid assets consist primarily of short-term fixed income securities with a good credit rating and bank deposits. Storebrand ASA's total interest-bearing liabilities were NOK 1.0bn at the end of the quarter. The next maturity date for bond debt is in May 2022, when NOK 500m matures. In addition to the liquidity portfolio, the company has an unused credit facility of EUR 200m that runs until December 2025.

Storebrand ASA owned 0.36% (1,715,423) of the company's own shares at the end of the quarter.

Storebrand Life Insurance Group²

The Solidity capital³ measures the amount of IFRS capital available to cover customer liabilities. The solidity capital amounted to NOK 57.7bn at the end of 1st quarter 2022, a decrease in the 1st quarter by NOK 16.4bn. The change is primarily due to increased

10% 30% 50% 70% 90% 110% 130% 150% 170% 190%

¹The RoE is calculated based on the profit for the last 12 months, after tax and before amortisation of intangible assets, divided on a pro forma distribution of the IFRS equity less hybrid capital per line of business (opening balance). The capital is allocated based on the capital consumption under SII and CRD IV adjusted for positive capital contribution to own funds. The segments Savings, Insurance and Other are calibrated at 150% of the capital requirement (before own funds contribution), while the remainder of the capital is allocated to the Guaranteed segment. The methodology is an estimation of ROE pr. reporting segment. ² Storebrand Livsforsikring AS, SPP and BenCo

³ Consists of equity, subordinated loan capital, market value adjustment reserve, risk equalisation reserve, unrealised gains/losses on bonds and loans at amortised cost, additional statutory reserves, conditional bonuses

Storebrand Livsforsikring AS

Customer buffers (NOR)

The market value adjustment reserve, including the Public Occupational Pension buffer fund, decreased during the 1st quarter by NOK 2.4bn and amounted to NOK 3.9bn, corresponding to 2.4% (3.6% at the end of 4th quarter 2021) of customer funds with a guarantee. New business transferred to Storebrand contributed positively with NOK 0.8bn in buffer fund capital.

The additional statutory reserves amounted to NOK 11.7bn, corresponding to 7.0% (7.6% at the end of the 4th quarter 2021) of customer funds with guarantee, at the end of the 1st quarter 2022. Customer portfolios with investment returns below the guaranteed interest rate in the quarter reduced the reserves by NOK 0.5bn. The implementation of a Public Occupational Pension buffer fund at the start of the year transferred NOK 1bn between the market value adjustment reserve and additional statutory reserves.

Altogether, the customer buffers amounted to 9.4% (11.2% at the end of the 4th quarter 2021) of customer funds with guarantee.

The excess value of bonds and loans valued at amortised cost decreased by NOK 8.1bn in the 1st quarter due to higher interest rates and amounted to NOK -4.8bn at the end of the 1st quarter. Excess values of bonds and loans valued at amortised cost are not included in the financial statements.

Allocation of guaranteed customer assets (NOR)

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

Customer assets decreased by NOK 4.1bn in the 1st quarter, amounting to NOK 351bn at the end of the quarter. Customer assets within non-guaranteed savings decreased by NOK 3.7bn during the 1st quarter, amounting to NOK 154bn at the end of the quarter. Guaranteed customer assets decreased in the 1st quarter by NOK 0.4bn, amounting to NOK 197bn at the end of the quarter.

SPP

Customer buffers (SWE)

Conditional bonuses in % of customer funds with guarantee

The buffer capital (conditional bonuses) amounted to SEK 13.6bn (SEK 11.9bn) at the end of the 1st quarter.

Allocation of guaranteed customer assets (SWE)

Customer assets amounted to SEK 232bn (SEK 219bn) at the end of the quarter, corresponding to an increase of SEK 12.6bn over the last year. Customer assets within non-guaranteed savings amounted to SEK 146bn (SEK 138bn) at the end of the quarter, which is an increase of SEK 8.4bn compared to the same quarter last year. Guaranteed customer assets increased by SEK 4.2bn in the same period and amounted to SEK 86bn (SEK 82bn) at the end of the quarter.

Storebrand Bank

Loans outstanding increased by NOK 1.4bn during the 1st quarter. The home mortgage portfolio managed on behalf of Storebrand Livsforsikring AS increased by NOK 0.8bn during the quarter. The combined portfolio of loans in Storebrand Bank and Storebrand Livsforsikring increased by NOK 2.2bn year to date.

The Bank Group had an increase in the risk-weighted balance sheet of NOK 0.7bn in the 1st quarter. The Storebrand Bank Group had a net capital base of NOK 3.5bn at the end of the 1st quarter. The capital adequacy ratio was 20.5% and the Core Equity Tier 1 (CET1) ratio was 14.3%, compared with 20.3% and 15.4% respectively at the end of 2021. The combined requirements for capital and CET1 were 15.8% and 12.3% respectively.

Outlook

Strategy

Storebrand follows a two-fold strategy that gives a compelling combination of self-funded growth in the front book, i.e. the growth areas of the "future Storebrand", and capital return from a maturing back book of guaranteed pensions.

Storebrand aims to be (a) the leading provider of Occupational Pensions in both Norway and Sweden, (b) continue a strategy to build a Nordic Powerhouse in Asset Management and (c) ensure fast growth as a challenger in the Norwegian retail market for financial services. The combined capital, customer base, cost and data synergies across the Group provide a solid platform for profitable growth and value creation.

At the capital markets day in December 2020, Storebrand announced an ambition to achieve a profit before amortisation and tax of about NOK 4bn in 2023. The profit ambition was reached in 2021, helped by gains from the sale of AS Værdalsbruket and strong performance in funds with performance fees. The full economic effect of individual pension accounts is expected to give a negative result contribution of NOK 100m in 2022. The acquisition of Danica, given regulatory approval, will have full effect from 2023. Strong growth across the Group provides a solid platform for profitable growth in the coming years.

Storebrand continues to manage capital and a back book with guaranteed products for increased shareholder return. This includes both a dividend policy of growing ordinary dividends from earnings as well as managing the legacy products that carry interest guarantees in a capital-efficient manner. The goal is to release an estimated NOK 10bn of capital by 2030.

Financial performance

In Norway, the market for private sector occupational pensions has experienced increased competition over the last years in anticipation of the new Individual Pension Accounts (IPA) introduced in 2021. Consequently, the Unit Linked segment in Norway has been reporting a gradually lower fee income margin. This has been reinforced by individuals' contracts being merged into one account in 2021. The product's profit is expected to decline in 2022, before recovering to previous levels in 2023 through strong underlying growth as well as measures to increase profitability. The market has grown structurally over the past years. High single-digit growth in Defined Contribution premiums and double-digit growth in assets under management are expected during the next years. We aim to defend Storebrand's strong position in the market, while also focusing on cost leadership and improved customer experience through end-toend digitalisation.

In December 2021, Storebrand announced that it has entered into an agreement to acquire Danica in Norway, which holds a market share of 5% in Defined Contribution pensions. The acquisition is expected to close in the 2nd quarter of 2022. This will strengthen Storebrand's presence in the segment for small and medium sized businesses, and it will increase Storebrand's distribution capacity of both Defined Contribution pensions and personal risk products.

In the coming years, Storebrand is also looking to leverage customer, product and capital synergies by expanding our insurance offering to corporate clients within P&C. This will generate an additional income stream for the Group.

As a leading occupational pension provider in the private sector, Storebrand also has a competitive offering to the public sector market. Premiums in the public sector pension market are growing and it is larger in reserves than the private sector. This represents a potential additional source ofrevenue generation for Storebrand. The ambition is to gain 1% market share annually, or approximately NOK 5bn in annual net inflow.

In Sweden, SPP has become a significant profit contributor to the Storebrand Group, driven by earnings growth and ongoing capital release. Growth is expected to continue, driven by an edge in digital and ESG-enhanced solutions, and a strong market position. The market is expected to grow about 8% annually, supported by increasing transfer volumes. Going forward, SPP's ambition is to grow 14-16% annually – twice the overall market growth – partly through capturing the largest share of transfers.

Overall reserves for guaranteed pensions are expected to start decreasing in the coming years. Guaranteed reserves represent a declining share of the Group's total pension reserves and amounted to 49.2% of the pension reserves at the end of the quarter, 1.5 percentage points lower than a year ago. Storebrand's strategy is to secure customer returns and shield shareholder's equity under turbulent market conditions by building customer buffers.

In addition to managing internal pension funds, Storebrand Asset Management is growing its external mandates from institutional and retail investors, both in the Nordics and across Europe. Storebrand has a full product range including index, factor and active management. We are also one of the strongest providers of alternative assets in the Nordic region, an asset class offering prospects of higher margins. In the 3rd quarter 2021, Storebrand acquired real estate manager Capital Investment in Denmark to expand our offering of alternative assets. In combination with a strong track record with ESG-enhanced mutual funds, Storebrand is aiming to capitalise on these two trends. The overall ambition is to grow assets under management by NOK 250bn in the period 2021-2023, while maintaining a stable fee margin.

The individualisation of the market for pension and savings is expected to further increase and may be reinforced by the introduction of individual pension accounts in Norway. Retail has already become an increasingly larger part of Storebrand, contributing around 20% to the overall Group profit. In 2021, Storebrand received 62,000 new retail customers, corresponding to a 16% increase. P&C insurance has been an important area for growth. Own sales channels and distribution partnerships will continue to support growth. The ambition is to grow more than 10% annually within savings, mortgage lending and insurance.

Adjusted for acquisitions, currency and performance related cost, the Group has reported flat nominal cost from 2012-2020. In 2021, we delivered on the ambition to keep cost at NOK 4.4bn. The underlying cost base is expected to grow to approximately NOK 4.9bn in 2022. This is partly explained by investments in profitable growth, including public occupational pensions and our P&C offering in the market for small and medium sized enterprises, as well as newly acquired Capital Investment. Together, these growth initiatives are expected to increase costs by NOK 400m. Should the growth not materialise, management has contingency plans in place to cut costs. High inflation rates, particularly wage inflation, is expected to increase the cost base by NOK 100m. Acquired business such as Danica (pending regulatory approval) and fund performance related costs will add to the total cost base.

Risk

Our risk management framework is designed to take appropriate risk in order to deliver returns to customers and shareholders. At the same time, the framework shall ensure that we shield our customers, shareholders, employees and other stakeholders from undesirable incidents and losses. The framework covers all risks that Storebrand may be exposed to.

Financial market risk is the Group's biggest risk, but main risks also include business risk, insurance risk, counterparty risk, operational risk, climate risk and liquidity risk. In the Board's selfassessment of risk and solvency (ORSA) process, developments in interest rates, credit spreads, and equity and property values are considered to be the biggest risks that influence the solvency of the Group. Should the economic situation worsen, and financial markets deteriorate, investment losses may occur from reduced valuations of such instruments.

The 1st quarter of 2022 has witnessed reintroduced Covid-19 infection controls with the outbreak of the Omicron-variant, albeit only for a few weeks in Norway at the start of the year, as well as an outbreak of war on the European continent with increased geopolitical and economic uncertainty resulting in financial market volatility. As a consequence, Storebrand has been on heightened alert with increased monitoring of suppliers and value chains, cyber risk, anti-money laundering (AML) and finical market risk.

Inflation expectations have risen in much of the world, including in Norway and Sweden, as a consequence of global supply chain risk and increased food and energy costs. High and rapidly rising inflation rates may increase costs and insurance claims in Storebrand. While pension premiums and some insurance premiums are directly linked to wage inflation, which could automatically result in premium growth, other products including P&C insurance will have to be repriced to mitigate the negative effects of inflation.

A consequence of higher inflation may be rising interest rates, as seen in the 1st quarter of the year. Higher interest rates improve Storebrand's ability to fulfil its guaranteed pension liabilities in the long run, which also strengthens the solvency ratio and reduces solvency risk. However, the immediate short term impact may be mark-to-market losses on fixed income investments and insufficient investment returns to fulfil the annual guarantee in a single year. To reduce the financial impact to shareholders from rising interest rates, Storebrand has made adjustments to the investment portfolios, and has over time built a robust portfolio of bonds at amortised cost which is not affected in the accounts by rising rates. Storebrand has also prioritised building buffer capital from excess returns. The customer buffers limit the financial risk to shareholders and policyholders in markets with rising interest rates by absorbing investment losses. With over 11% of customer buffers as a share of customer reserves, Storebrand effectively has NOK 28bn more in customer assets than liabilities.

In the long term, low interest rates represent a risk for products with guaranteed high interest rates. The level of the average annual interest rate guarantee is gradually reduced as older policies with higher guarantees are phased out. To reduce the risk, Storebrand has over time reduced the asset-duration mismatch in the Norwegian portfolio and has an asset-duration matched portfolio in Sweden. Customer buffers also increase the expected booked returns in Norway and can compensate for a shortfall in returns in a low-rate environment, limiting the financial risk to shareholders and policyholders.

Increased longevity and development in disability are the main insurance risk factors for the Group. A weakening of the Norwegian economy that leads to higher unemployment may lead to higher disability levels, which can result in increased claims. The Covid-19 pandemic has led to increased uncertainty in disability and related claims. Storebrand continues to monitor the development closely.

Operational risk may also influence solvency. Several regulatory processes, both on the domestic and international level, with potential implications for capital, customer returns and commercial opportunities are described below in a separate section.

Changes have been made to the Norwegian tax legislation for the insurance industry over many years. Storebrand and the Norwegian Tax Administration have interpreted some of the legislation changes and the associated transitional rules differently. Consequently, Storebrand has three uncertain tax positions with regards to recognised tax expenses. These are described in more detail in note 9. Should Storebrand's interpretation be accepted in all three cases, an estimated positive tax result of up to NOK 2.2bn may be recognised. Should all the Norwegian Tax Administration's interpretations be the final verdict, a tax expense of NOK 1.7bn could be recognised. The timeline for settling the process with the Norwegian Tax Administration might take several years. If necessary, Storebrand will seek clarification from the court of law on the matter.

Regulatory changes

Savings in Norwegian Defined Contribution pensions

In December 2021, new legislation was adopted making pension contributions mandatory for all of employees' income, not just income above 1G (G = NOK 106,399) for employees working more than 20% and are above the age of 13. Companies need to adapt to the new legislation before 1 July 2022. It is estimated that the changes will increase total savings in the Defined Contribution pension market by about NOK 3bn per year, of which Storebrand expects to receive its market share of premiums which was 27% at the end of 2021.

Solvency II review

The European Commission presented proposals for changes in the Solvency II standard model in September 2021. The Commission's proposals differ significantly compared to earlier proposals from The European Insurance and Occupational Pension Authority (EIOPA).

The main purpose of the revision is to ensure that insurance companies continue to invest in accordance with the political priorities of the EU, especially with regards to financing the post Covid-19 recovery by facilitating long-term investments and increasing the capacity to invest in European business. The Commission emphasises the insurance sector's important role when it comes to financing the green transition and helping society to adapt to climate change. The review intends to correct deficiencies in current regulation and make the insurance sector more robust.

Storebrand currently applies the standard model. In the review, changes to the interest rate risk module could increase the solvency capitalrequirement for Norwegian and Swedish insurers. The Commission's proposals appear more representative for Norwegian interest rates than earlier proposals from EIOPA. The Commission also proposes changes that could have offsetting effects to increased capital requirements, such as a reduced risk margin. Several changes are proposed in the calculation of the volatility adjustment as well as an increased interval for the symmetric adjustment for equity risk. As they are currently outlined, the Commission's proposals are not expected to have a significant overall impact on Storebrand's solvency ratio.

The Commission has not outlined a timeline for the further process on adapting changes in the standard model. We expect final conclusions to be drawn by the Commission, the Parliament and the Council in 2022. This will be followed by work on delegated acts and guidelines. Changes are not expected to enter into force until 2024-2025. The Commission will consider a phasing-in period of five years for new rules related to the calculation of interest rate risk and the new extrapolation method for interest rates will be phased in gradually until the end of 2031.

Changes in IFRS

A new accounting standard for insurance contracts, IFRS 17, is set to be implemented in 2023. The purpose is to introduce common accounting rules for insurance contracts and improve the comparability of insurance accounts. IFRS 17 entails, among other things, market valuation of liabilities, separation of insurance cohorts in the accounts, income recognition over the contract period rather upfront, and an amended profit and loss statement. Storebrand will implement IFRS 9 for financial instruments at the same time. In preparation for IFRS 9, The Ministry of Finance is conducting a public consultation on changes in Norwegian regulation to facilitate fixed income booked at amortised cost in customers' accounts.

For Storebrand's consolidated financial statements, the new standards will lead to changes in the valuation of insurance contracts, classification of fixed income investments and how profits are recognised. Estimated effects for Storebrand will be presented closer to implementation. Whether IFRS 17 is implemented in the statutory reporting requirements is decided by national regulations in each country. Storebrand expects that its property and casualty business will be required to implement IFRS 17 in the statutory reporting. For the life insurance business, IFRS 17 is not expected to be applied in the statutory reporting requirements. The effects from the implementation of IFRS 17 is thus not expected to significantly affect the Solvency calculations nor dividend capacity.

Sustainable Finance

The European Union's Action Plan on Sustainable Finance aims to contribute to realising the Paris goals of reduced carbon emissions. It intends to increase the share of sustainable investments, promote long-termism and clarify which financial products are actually sustainable. This is followed by new regulation to increase investments in sustainable activities and increase the resilience of the financial system when it comes to climate risk. New legislation introducing the EU Taxonomy on classification of sustainable activities and regulation on climaterelated disclosures in Norwegian law was passed in December 2021. The new rules for sustainable finance will establish standards for sustainable asset management, as well as clarify disclosure and customer information requirements. The development should result in a higher quality of financial and nonfinancial reporting, give better information to key stakeholders, and make it easier to compare data across the financial sector.

Dividend policy

Storebrand has established a framework for capital management that links dividends to the solvency margin. The dividend policy intends to reflect the strong growth in fee-based earnings, the more volatile financial markets related earnings and the future capital release from the guaranteed book. The Board's ambition is to pay a gradually and growing ordinary dividend. When the solvency margin is sustainably above 180% without material use of transitional capital, the Board intends to conduct a share buyback program. The purpose of the buyback program is to return excess capital released from the guaranteed liabilities that are in long-term run-off.

Storebrand's dividend policy is stated as following:

Storebrand aims to pay an ordinary dividend of more than 50% of Group result after tax. The Board of Directors' ambition is to pay ordinary dividends per share of at least the same nominal amount as the previous year. Ordinary dividends are subject to a sustainable solvency margin of above 150%. If the solvency margin is above 180%, the Board of Directors intends to propose special dividends or share buy backs.

Lysaker, 3 May 2022

Income statement

	01.01 - 31.03		Full year
NOK million Notes	2022	2021	2021
Premium income	14,318	17,507	53,681
Net income from financial assets and real estate for the company:
- equities and fund units at fair value	-10	3	37
- bonds and other fixed-income securities at fair value	-148	40	220
- derivatives at fair value	74	50	94
- loans at fair value	-22	2	3
- bonds at amortised cost	51	57	220
- loans at amortised cost	221	168	720
- profit from investments in associated companies/joint ventures	6	8	30
Net income from financial assets and real estate for the customers:
- equities and fund units at fair value	-14,125	17,928	53,776
- bonds and other fixed-income securities at fair value	-2,070	-298	780
- derivatives at fair value	-6,038	-2,154	-2,834
- loans at fair value	5	3	26
- bonds at amortised cost	967	992	4,101
- loans at amortised cost	30	-71	275
- properties	461	641	2,164
- profit from investments in associated companies/joint ventures	117	81	790
Other income	1,077	1,127	5,698
Total income	-5,087	36,083	119,781
Insurance claims	-10,655	-9,495	-52,529
Change in insurance liabilities	13,239	-23,667	-50,615
Change in capital buffer	5,013	-271	-4,827
Operating expenses 8	-1,430	-1,369	-5,784
Other expenses	-274	-253	-836
Interest expenses	-180	-158	-686
Total expenses before amortisation	5,714	-35,213	-115,278
Group profit before amortisation	628	870	4,503
Amortisation of intangible assets	-138	-125	-527
Group pre-tax profit	489	745	3,976
Tax expenses 9	398	-302	-846
Profit/loss for the period	887	443	3,130
Profit/loss for the period attributable to:
Share of profit for the period - shareholders	884	441	3,121
Share of profit for the period - hybrid capital investors	2	2	9
Total	887	443	3,130
Earnings per ordinary share (NOK)	1.88	0.94	6.68
Average number of shares as basis for calculation (million)	470.2	466.7	467.1

Statement of comprehensive income

	31.03.22		Full year
NOK million	2022	2021	2021
Profit/loss for the period	887	443	3,130
Actuarial assumptions pensions own employees	-2	-2	131
Fair value adjustment of properties for own use	3	58	139
Other comprehensive income allocated to customers	-3	-58	-139
Tax on other comprehensive income elements not to be reclassified to profit/loss			8
Total other comprehensive income elements not to be reclassified to profit/loss	-2	-2	140
Exchange rate adjustments	-164	-151	-167
Gains/losses from cash flow hedging	-4	-14	-52
Total other comprehensive income elements that may be reclassified to profit/loss	-168	-165	-219
Total other comprehensive income elements	-169	-167	-79
Total comprehensive income	717	276	3,051
Total comprehensive income attributable to:
Share of total comprehensive income - shareholders	715	274	3,042
Share of total comprehensive income - hybrid capital investors	2	2	9
Total	717	276	3,051

Statement of financial position

NOK million Notes	31.03.22	31.03.21	31.12.21
Assets company portfolio
Deferred tax assets	1,235	1,574	1,104
Intangible assets and excess value on purchased insurance contracts	6,420	6,068	6,667
Tangible fixed assets	1,243	1,332	1,266
Investments in associated companies and joint ventures	448	290	387
Financial assets at amortised cost:
- Bonds 7	12,359	9,518	12,955
- Loans to financial institutions 7	116	88	67
- Loans to customers 7, 10	41,837	33,879	38,503
Reinsurers' share of technical reserves	52	48	32
Investment properties at fair value 7		50
Biological assets		67
Accounts receivable and other short-term receivables	6,988	6,971	11,024
Financial assets at fair value:
- Equities and fund units 7	528	359	543
- Bonds and other fixed-income securities 7	27,187	29,055	27,706
- Derivatives 7	897	1,177	903
- Loans to customers 7, 10	531	586	489
Bank deposits	4,167	6,570	3,543
Minority portion of consolidated mutual funds	67,707	68,437	54,912
Total assets company portfolio	171,716	166,068	160,101
Assets customer portfolio
Investments in associated companies and joint ventures	7,977	5,903	7,141
Financial assets at amortised cost:
- Bonds 7	99,813	102,062	104,974
- Bonds held-to-maturity 7	8,426	10,992	8,441
- Loans to customers 7, 10	21,553	22,953	23,051
Reinsurers' share of technical reserves	12	11	13
Investment properties at fair value 7	33,270	31,181	33,376
Properties for own use 7	1,606	1,566	1,659
Accounts receivable and other short-term receivables	2,530	723	638
Financial assets at fair value:
- Equities and fund units 7	261,314	244,518	277,783
- Bonds and other fixed-income securities 7	134,266	139,871	140,810
- Derivatives 7	3,488	4,231	2,916
- Loans to customers 7, 10	6,856	7,465	7,443
Bank deposits	8,187	10,882	6,443
Total assets customer portfolio	589,298	582,358	614,689
Total assets	761,014	748,426	774,790

Statement of financial position (continued)

NOK million Notes	31.03.22	31.03.21	31.12.21
Equity and liabilities
Paid-in capital	13,193	12,849	13,192
Retained earnings	25,011	22,995	24,291
Hybrid capital	226	226	226
Total equity	38,430	36,069	37,709
Subordinated loans 6,7	11,181	11,183	11,441
Customer buffer 11	28,487	28,857	33,693
Insurance liabilities	554,632	546,259	575,457
Pension liabilities	179	339	181
Deferred tax	795	841	832
Financial liabilities:
- Loans and deposits from credit institutions 6,7	183	534	502
- Deposits from banking customers 7	18,050	15,744	17,239
- Securities issued 6,7	25,938	23,688	24,924
- Derivatives company portfolio	494	131	208
- Derivatives customer portfolio	3,269	1,377	1,840
- Other non-current liabilities	1,185	1,291	1,210
Other current liabilities	10,485	13,675	14,643
Minority portion of consolidated mutual funds	67,707	68,437	54,912
Total liabilities	722,584	712,357	737,081
Total equity and liabilities	761,014	748,426	774,790

Statement of changes in equity

	Majority's share of equity
NOK million	Share capital 1)	Own shares	Share premium	Total paid in equity	Currency translation differences	Other equity 2)	Total retained earnings	Hybrid capital 3)	Total equity
Equity at 31 December 2020	2,339	-2	10,521	12,858	1,208	21,631	22,839	226	35,923
Profit for the period						3,121	3,121	9	3,130
Total other comprehensive income elements					-167	87	-79		-79
Total comprehensive income for the period					-167	3,208	3,042	9	3,051
Equity transactions with owners:
Own shares		-7		-7		-97	-97		-104
Issue of shares	21		320	341					341
Hybrid capital classified as equity						2	2		2
Paid out interest hybrid capital								-9	-9
Dividend paid						-1,513	-1,513		-1,513
Other						18	18		18
Equity at 31 December 2021	2,360	-9	10,842	13,192	1,041	23,249	24,291	226	37,709
Profit for the period						884	884	2	887
Total other comprehensive income elements					-164	-6	-169		-169
Total comprehensive income for the period					-164	879	715	2	717
Equity transactions with owners:
Own shares		1		1		8	8		9
Hybrid capital classified as equity						1	1		1
Paid out interest hybrid capital								-2	-2
Other						-3	-3		-3
Equity at 31 March 2022	2,360	-9	10,842	13,193	877	24,134	25,011	226	38,430

1) 471 974 890 shares with a nominal value of NOK 5.

2) Includes undistributable funds in the risk equalisation fund amounting to NOK 620 million and security reserves/natural perials capital amounting NOK 153 million. 3) Perpetual hybrid tier 1 capital classified as equity.

Equity at 31 December 2020	2,339	-2	10,521	12,858	1,208	21,631	22,839	226	35,923
Profit for the period						441	441	2	443
Total other comprehensive income elements					-151	-16	-167		-167
Total comprehensive income for the period					-151	425	274	2	276
Equity transactions with owners:
Own shares		-9		-9		-122	-122		-131
Hybrid capital classified as equity						1	1		1
Paid out interest hybrid capital								-2	-2
Other						3	3		3
Equity at 31 March 2021	2,339	-11	10,521	12,849	1,056	21,938	22,995	226	36,069

Statement of cash flow

	01.01 - 31.03
NOK million	2022	2021
Cash flow from operating activities
Net receipts premium - insurance	6,900	8,642
Net payments claims and insurance benefits	-4,286	-5,444
Net receipts/payments - transfers	930	4,613
Other receipts/payments - insurance liabilities	-105	-4
Receipts - interest, commission and fees from customers	271	208
Payments - interest, commission and fees to customers	-8	-16
Taxes paid	-142	-114
Payments relating to operations	-1,537	-1,337
Net receipts/payments - other operating activities	2,178	1,524
Net cash flow from operations before financial assets and banking customers	4,200	8,072
Net receipts/payments - loans to customers	-1,575	-2,132
Net receipts/payments - deposits bank customers	796	237
Net receipts/payments - securities	414	-5,016
Net receipts/payments - investment properties	200	233
Receipts - sale of investment properties		418
Payments - purchase of investment properties	-218	-119
Net change in bank deposits for insurance customers (bank deposit in customer portfolio)	-1,833	-756
Net cash flow from financial assets and banking customers	-2,217	-7,135
Net cash flow from operating activities	1,982	937
Cash flow from investing activities
Payments - purchase of subsidiaries	-22	-22
Net receipts/payments - sale/purchase of fixed assets	-16	-91
Net receipts/payments - sale/purchase of associated companies and joint ventures	-628
Net cash flow from investing activities	-667	-113
Cash flow from financing activities
Receipts - new loans		1,880
Payments - repayments of loans	-473	-214
Payments - interest on loans	-87	-48
Receipts - subordinated loans	400	3,004
Payments - repayment of subordinated loans	-150	-373
Payments - interest on subordinated loans	-45	-87
Receipts - loans to financial institutions	6,669	271
Payments - repayments of loans from financial institutions	-6,988	-1,391
Receipts - issuing of share capital / sale of shares to employees	12	10
Payments - repayment of share capital		-141
Payments - interest on hybrid capital	-2	-2
Net cash flow from financing activities	-665	2,910
Net cash flow for the period	650	3,734
Cash and cash equivalents at the start of the period	3,611	2,878
Currency translation cash/cash equivalents in foreign currency	23	47
Cash and cash equivalents at the end of the period1)	4,283	6,658

1) Consists of:
Loans to financial institutions	116	88
Bank deposits	4,167	6,570
Total	4,283	6,658

Storebrand Group Notes to the interim accounts Storebrand Group

Note Accounting policies

1

The Group's interim financial statements include Storebrand ASA, subsidiaries, associated companies and joint ventures. The financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements do not contain all the information that is required in full annual financial statements.

A description of the accounting policies applied in the preparation of the financial statements are provided in the 2021 annual report, and the interim financial statements are prepared in accordance with these accounting policies.

There are none new or changed accounting standards that entered into effect in 2022 that have significant effect on Storebrand's consolidated financial statements.

Note 2

Important accounting estimates and judgements

In preparing the Group's financial statements the management are required to make estimates, judgements and assumptions of uncertain amounts. The estimates and underlying assumptions are reviewed on an ongoing basis and are based on historical experience and expectations of future events and represent the management's best judgement at the time the financial statements were prepared.

Actual results may differ from these estimates.

A description of the most critical estimates and judgements that can affect recognised amounts is included in the 2021 annual report in note 2, insurance risk in note 7 and valuation of financial instruments at fair value is described in note 13.

Note 3

Acquisition

Danica Pensjonsforsikring AS

Storebrand Livsforsikring AS has 20. December 2021 entered into an agreement to buy 100% of the shares in Danica Pensjonsforsikring AS, Norway ("Danica"). Danica, a subsidiary of Danske Bank, is the 6th largest provider of Defined Contribution pensions in Norway with 5% market share. Storebrand Livsforsikring AS will pay NOK 2.01 billion for the shares of Danica (adjusted for the change in the net asset value of Danica in the period from 30 September 2021 to 31 December 2021). The conclusion of the transaction is expected in the second quarter 2022 and is subject to approval from the Norwegian Financial Supervisory Authority and the Norwegian Competition Authority.

Quantfolio AS

Profit by segments

Storebrand Asset Management AS acquired 3 100 000 shares in Quantfolio AS on 11 January 2022 at a purchase price of NOK 65 million. This represents 34.13% of the ownership interest in the company.

Note

4

Storebrand's operation includes the segments Savings, Insurance, Guaranteed Pension and Other.

Savings

The savings segment includes products for retirement savings with no interest rate guarantees. The segment consists of defined contribution pensions in Norway and Sweden, asset management and retail banking products. In addition, certain other subsidiaries in Storebrand Livsforsikring and SPP are included in Savings.

Insurance

The insurance segment provides health insurance in the Norwegian and Swedish corporate and retail markets, P&C insurance and personal risk products in the Norwegian retail market in addition to employer's liability insurance and pension-related insurance in the Norwegian and Swedish corporate markets.

Guaranteed pension

The guaranteed pension segment includes long-term pension saving products which provides customers a guaranteed rate of return. The area includes defined benefit pensions in Norway and Sweden, paid-up policies and individual capital and pension insurances.

Other

The result for Storebrand ASA is reported under Other, as well as the result for the company portfolios of Storebrand Livsforsikring and SPP. The elimination of intra-group transactions is also included in the Other segment.

Reconciliation with the official profit and loss accounting

Profit in the segments are reconciled with the corporate profit and loss account before tax. The corporate profit and loss account include gross income and gross expenses linked to both the insurance customers and owners. The various segments are to a large extent followed up on net profit margins, including risk and administration results. The profit lines that are used in segment reporting will therefore not be identical with the profit lines in the corporate profit and loss account.

A description of the most important differences is included in the 2021 annual report in note 4 Segment reporting.

	01.01 - 31.03		Full year
NOK million	2022	2021	2021
Savings	404	528	2,355
Insurance	109	55	423
Guaranteed pension	232	322	1,432
Other	-116	-35	293
Group profit before amortisation	628	870	4,503
Amortisation of intangible assets	-138	-125	-527
Group pre-tax profit	489	745	3,976

Segment information as of 01.01 - 31.03

		Savings Insurance		Guaranteed pension
	01.01 - 31.03		01.01 - 31.03		01.01 - 31.03
NOK million	2022	2021	2022	2021	2022	2021
Fee and administration income	1,136	1,156			391	383
Insurance result			365	220
- Insurance premiums for own account			1,397	1,194
- Claims for own account			-1,032	-974
Operating expense	-702	-671	-251	-202	-202	-197
Operating profit	434	485	114	18	189	186
Financial items and risk result life & pension	-30	43	-5	37	43	136
Group profit before amortisation	404	528	109	55	232	322
Amortisation of intangible assets 1)
Group pre-tax profit

	Other		Storebrand Group
		01.01 - 31.03	01.01 - 31.03
NOK million	2022	2021	2022	2021
Fee and administration income	-70	-57	1,457	1,482
Insurance result			365	220
- Insurance premiums for own account			1,397	1,194
- Claims for own account			-1,032	-974
Operating expense	11	13	-1,145	-1,057
Operating profit	-59	-44	678	645
Financial items and risk result life & pension	-57	9	-50	225
Group profit before amortisation	-116	-35	628	870
Amortisation of intangible assets 1)			-138	-125
Group pre-tax profit			489	745

1) Amortisation of intangible assets are included in Storebrand Group

Key figures by business area

	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
NOK million	2022	2021	2021	2021	2021	2020	2020	2020
Group
Earnings per ordinary share 1)	1.88	6.68	4.73	3.46	0.94	5.02	3.16	1.52
Equity	38,430	37,709	36,735	35,823	36,069	35,923	35,181	34,396
Savings
Premium income Unit Linked2)	5,288	5,350	5,201	5,316	5,346	5,163	5,064	4,890
Unit Linked reserves	291,036	308,351	295,790	295,195	278,702	133,262	117,298	222,209
AuM asset management		1,039,654 1,096,556 1,058,435 1,037,470			987,397	962,472	920,540	880,177
Retail lending	59,223	57,033	55,663	54,288	51,594	49,474	47,771	47,208
Insurance
Total written premiums	6,808	6,445	6,263	6,133	5,745	5,201	5,037	5,037
Claims ratio2)	74%	78%	74%	74%	82%	70%	73%	76%
Cost ratio 2)	18%	19%	15%	17%	17%	17%	15%	16%
Combined ratio 2)	92%	96%	90%	91%	98%	87%	88%	92%
Guaranteed pension
Guaranteed reserves	281,474	290,862	292,161	294,909	286,410	287,614	286,427	284,339
Guaranteed reserves in % of total reserves	49%	49%	50%	50%	51%	68%	71%	56%
Net transfer out of guaranteed reserves 2)	-2,609	-2,735	-2,876	-2,550	-2,107	-2,817	-2,813	-8
Capital buffer in % of customer reserves Storebrand Life Group3)	9%	11%	11%	11%	10%	11%	11%	9%
Capital buffer in % of customer reserves SPP 4)	18%	18%	16%	15%	14%	11%	10%	9%
Solidity
Solvency II 5)	184%	175%	178%	172%	176%	178%	179%	163%
Solidity capital (Storebrand Life Group 6)	57,712	74,074	73,780	75,284	69,352	72,766	72,047	67,279
Capital adequacy Storebrand Bank	20.5%	20.3%	19.6%	18.5%	17.4%	18.7%	18.0%	18.6%
Core Capital adequacy Storebrand Bank	15.6%	16.8%	16.1%	16.8%	15.6%	16.7%	16.0%	16.6%

1) Accumulated

2) Quarterly figures

3) Additional statutory reserves + market value adjustment reserve

4) Conditional bonuses

5) See note 13 for specification of Solvency II

6) 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

Financial market risk and insurance risk

Risks are described in the annual report for 2021 in note 7 (Insurance risk), note 8 (Financial market risks), note 9 (Liquidity risk), note 10 (Credit risk) and note 11 (Risk concentrations).

Financial market risk

Note 5

Market risk means changes in the value of assets due to unexpected volatility or price changes in the financial markets. It also refers to the risk that the value of the insurance liability develops differently than the assets due to interest rate changes. The most significant market risks for Storebrand are interest rate risk, equity market risk, property price risk, credit risk and currency exchange rate risk.

For the life insurance companies, the financial assets are invested in a variety of sub-portfolios. Market risk affects Storebrand's income and profit differently in the different portfolios. There are three main types of sub-portfolios: company portfolios, customer portfolios without a guarantee (unit linked) and customer portfolios with a guarantee.

The market risk in the company portfolios has a direct impact on Storebrand's profit.

The market risk in customer portfolios without a guarantee (unit linked) is borne by the customers, meaning Storebrand is not directly affected by changes in value. Nevertheless, changes in value do affect Storebrand's profit indirectly. Income is based mainly on the size of the portfolios, while the costs tend to be fixed. Lower returns from the financial market than expected will therefore have a negative effect on Storebrand's income and profit.

For customer portfolios with a guarantee, the net risk for Storebrand will be lower than the gross market risk. The extent of risk sharing with customers depends on several factors, the most important being the size and flexibility of the customer buffers, and the level and duration of the interest rate guarantee. If the investment return is not sufficiently high to meet the guaranteed interest rate, the shortfall will be met by using customer buffers in the form of risk capital built up from previous years' surpluses. Risk capital primarily consists of unrealised gains, additional statutory reserves, and conditional bonuses. Storebrand is responsible for meeting any shortfall that cannot be covered by the customer buffers.

For guaranteed customer portfolios, the risk is affected by changes in the interest rate level. Rising interest rates are negative in the short term because resulting price depreciation for bonds and interest rates swaps reduce investment return and buffers. But long term, rising interest rates are positive due to higher probability of achieving a return above the guarantee.

The first quarter has been volatile for financial markets. At the turn of the year, renewed restrictions due to widespread outbreaks of the Omicron-variant of Covid-19 affected the market.

Towards the end of February, the Russian invasion of Ukraine unsettled the markets. The Russian equity-market was closed for business after the invasion and is still closed for non-Russian parties. The international society has put in place widespread bans on doing business with Russian parties. This has introduced significant risk for pricing and tradability of Russian assets. Storebrand has decided to exit all investment in Russia, but the execution requires markets to reopen with sufficient transparency to ensure that bans are not violated. The direct effect for investment return and results are small, as Storebrand has limited exposure to Russian assets in the corporate portfolios and guaranteed customer portfolios. The main financial risk for Storebrand is from effects the war may have on the financial market in general.

Going into 2022, inflation was increasing due to supply-shortages. The trend has been reinforced during the first quarter as the Ukraine war has led to a surge in energy and raw-material prices. There is growing risk for the pick-up in inflation to be more than transitory. Higher inflation and expectations for central banks to gradually increase rates and reduce the monetary stimulus, has led to increased interest rates. In March, Bank of Norway increased the policy rate by 0,25 percentage points to 0,75 percent.

The effects from Covid-19, the increase in inflation and the effects from the war in Ukraine going forward, implies that the risk may still be higher than normal market risk. Storebrand has risk management which through policies and principles handles and dampens the effect of volatile financial markets.

Global equities fell 5 percent in the first quarter. The fall was more severe just after the outbreak of war, but the equitymarket recovered towards the end of the quarter. Norwegian equities rose 5 percent in the first quarter as rising oil- and gas-prices was positive. The credit spreads for corporate bonds rose but reversed partly towards the end of the quarter in line with more positive equity markets.

Long-term interest rates rose strongly in the first quarter. The Norwegian 10-year swap-rate rose 0,9 percentage points to 2.8 percent. The Swedish 10-year swap-rate rose 0.9 percentage points to 1.9 percent. Short term interest rates have

increased in Norway, as the Bank of Norway continued to increase interest rates and signalled more aggressive increases going forward. In Sweden, the short-term interest rates are still close to zero. Most of the interest rate investments in the Norwegian customer portfolios are held at amortized cost. This dampens the effect from interest rate changes on booked returns. The amortized cost portfolio valuation in the accounts is now higher than fair value. For other bond investments and exposure towards interest rate swaps, the increase in interest rates have affected investment returns negatively. Higher interest rates are positive for reinvestment opportunities and for the solvency position.

The Norwegian krone strengthened 4 percent against the Swedish krone, 3 percent against the Euro and were little changed against the US dollar in the first quarter. A high degree of currency hedging in the portfolio means that the exchange rate fluctuations have a modest effect on results and Storebrand's market risk.

Financial instruments valued at fair value level three are priced based on models. Examples of such financial instruments are investment property, private equity, and mortgages. The valuation models gather and employ information from a wide range of well-informed sources. There is greater uncertainty regarding the input factors and the valuation from these models than normal. Any continued spread of Covid-19, governmental measurements to contain the spread, the war in Ukraine, sanctions against Russia and rapid increase in inflation, creates extra uncertainty for the economy and may have impact on the valuation of financial instruments. There is a large range of possible outcomes for these input data and thus for the modelled prices. Hence, the values reflect management's best estimate, but contain greater uncertainty than in a normal quarter.

During the first quarter the investment allocation towards equities has been somewhat reduced because of normal risk management. Other than that, investment allocation has not been materially changed.

The market-based return for guaranteed customer portfolios in Norway in general was negative in the first quarter because of weak equity and credit markets and increased interest rates. The booked return was positive after use of customer buffers, mainly market value adjustment reserve. The return for guaranteed customer portfolios in Sweden was negative. The effect on the financial result was limited, as reduced value of the liabilities from higher interest rates compensated for lower asset values.

The return for the unit linked portfolios was generally slightly negative in the first quarter due to weak equity markets.

Sensitivity analyses

The tables show the fall in value for Storebrand Life Insurance and SPP's investment portfolios because of immediate changes in value related to financial market risk. The calculation is model-based, and the result is dependent on the choice of stress level for each category of asset. The stresses have been applied to the company portfolio and guaranteed customer portfolios as of 31 March 2022. The effect of each stress changes the return in each investment profile.

Unit linked insurance without a guaranteed annual return is not included in the analysis. For these products, the customers bear the market risk, and the effect of a falling market will not directly affect the result or buffer capital.

The amount of stress is the same that is used for the company's risk management. Two stress tests have been defined. Stress test 1 is a fall in the value of shares, corporate bonds, and property in combination with lower interest rates. Stress test 2 is a somewhat smaller fall in the value of shares, corporate bonds, and property in combination with higher interest rates.

Level of stress

	Stresstest 1	Strestest 2
Interest level (parallel shiftt)	-100bp	+100bp
Equity	-20%	- 12 %
Property	- 12 %	- 7 %
Credit spread (share of Solvency II)	50 %	30 %

Because it is the immediate market changes that are calculated, dynamic risk management will not affect the outcome. If it is assumed that the market changes occur over a period, then dynamic risk management would reduce the effect of the negative outcomes and reinforce the positive outcomes to some extent.

As a result of customer buffers, the effect of the stresses on the result will be lower than the values described in the tables. As of 31 March 2022, the customer buffers are of such a size that the effects on the result are significantly lower.

Stresstest 1

		Storebrand Livsforsikring
Sensitivity	NOK Million	Share of portfolio	NOK Million	Share of portfolio
Interest rate risk	3,794	1.7%	-372	-0.4%
Equtiy risk	-3,837	-1.7%	-2,361	-2.8%
Property risk	-2,845	-1.2%	-1,339	-1.6%
Credit risk	-950	-0.4%	-803	-0.9%
Total	-3,837	-1.7%	-4,875	-5.7%

Stresstest 2

Sensitivity		Storebrand Livsforsikring
	NOK Million	Share of portfolio	NOK Million	Share of portfolio
Interest rate risk	-3,794	-1.7%	372	0.4%
Equtiy risk	-2,302	-1.0%	-1,416	-1.7%
Property risk	-1,659	-0.7%	-781	-0.9%
Credit risk	-570	-0.2%	-482	-0.6%
Total	-8,325	-3.6%	-2,307	-2.7%

Storebrand Livsforsikring

Stress test 2, which includes an increase in interest rates, makes the greatest impact for Storebrand Livsforsikring. The overall market risk is NOK 8.3 billion (NOK 9.7 billion as of 31 December 2021), which is equivalent to 3.6 (4.2) percent of the investment portfolio.

If the stress causes the return to fall below the guarantee, it will have a negative impact on the result. Similarly, if the customer buffer is not adequate the result will also be negatively impacted. Other negative effects on the result are a lower return from the company portfolio and that there is no profit sharing from paid-up policies and individual contracts.

SPP Pension & Försäkring

For SPP it is stress test 1, which includes a fall in interest rates, that creates the greatest impact. The overall market risk is SEK 4.9 billion (SEK 5.0 billion as of 31 December 2021), which is equivalent to 5.7 (5.4) percent of the investment portfolio.

The buffer situation for the individual contracts will determine if all or portions of the fall in value will affect the financial result. If the portion of the fall in value cannot be covered by the customer buffer the result will be affected. In addition, the reduced profit sharing or loss of the indexing fees may affect the financial result.

Insurance risk

Insurance risk is the risk of higher-than-expected payments and/or an unfavourable change in the value of an insurance liability due to actual developments deviating from what was expected when premiums or provisions were calculated. Most of the insurance risk for the Group is related to life insurance. Changes in longevity is the greatest insurance risk for

Storebrand because higher longevity means that the guaranteed benefits must be paid over a longer period. There are also risks related to disability and early death.

The development of the insurance reserves is dependent on future scenarios and are currently more uncertain than normal. Storebrand will continue to monitor the development of Covid-19 and effects for the economy. A prolonged situation with high unemployment could lead to higher disability levels and increased reserves. However, the current insurance reserves represent Storebrand's best estimate of the insurance liabilities.

Other insurance risk was not materially changed during the first quarter.

Note Liquidity risk

6

Specification of subordinated loans 1)

						Book value
NOK million	Nominal	value Currency	Interest rate	Call date	31.03.22	31.03.21	31.12.21
Issuer
Perpetual subordinated loans 2)
Storebrand Livsforsikring AS	1,100	NOK	Variable	2024	1,101	1,100	1,100
Storebrand Livsforsikring AS 3)	900	SEK	Variable	2026	845		876
Dated subordinated loans
Storebrand Livsforsikring AS 3) 4)	750	SEK	Variable	2021		740	0
Storebrand Livsforsikring AS 3)	1,000	SEK	Variable	2022	940	981	976
Storebrand Livsforsikring AS 3)	900	SEK	Variable	2025	844	882	877
Storebrand Livsforsikring AS 3)	1,000	SEK	Variable	2024	939	981	976
Storebrand Livsforsikring AS	500	NOK	Variable	2025	500	499	499
Storebrand Livsforsikring AS 3)	250	EUR	Fixed	2023	2,631	2,762	2,685
Storebrand Livsforsikring AS 3) 5)	300	EUR	Fixed	2031	2,555	2,963	2,876
Storebrand Bank ASA	150	NOK	Variable	2022		150	150
Storebrand Bank ASA	125	NOK	Variable	2025	125	125	125
Storebrand Bank ASA	300	NOK	Variable	2026	300		300
Storebrand Bank ASA	400	NOK	Variable	2027	401
Total subordinated loans and hybrid tier 1 capital					11,181	11,183	11,441

1) Storebrand Bank ASA has issued hybrid tier 1 capital bonds/hybrid capital that is classified as equity. See the statement of changes in equity.

2) In the case of perpetual subordinated loans, the cash flow is calculated through to the first call date

3) The loans are subject to hedge accounting

4) The loan has been repaid on 11.10.21

5) EUR 300 million in Storebrand`s first green bond issuance in March 2021

Specification of loans and deposits from credit institutions

	Book value
NOK million	31.03.22	31.03.21	31.12.21
Call date
2021		534
2022	183		502
Total loans and deposits from credit institutions	183	534	502

Specification of securities issued

	Book value
NOK million	31.03.22	31.03.21	31.12.21
Call date
2021		876
2022	3,583	6,011	5,532
2023	4,760	4,754	3,282
2024	6,102	6,107	6,100
2025	6,131	5,150	6,139
2026	4,597		3,075
2027			795
2031	765	791
Total securities issued	25,938	23,688	24,924

The loan agreements contain standard covenants.

Covered bonds

For issued covered bonds, a regulatory requirement for over-collateralisation of 102 per cent and an overcollateralisation requirement of 109.5 per cent for bonds issued before 21 June 2017 apply.

Credit facilities

Storebrand ASA has an unused credit facility of EUR 200 million, expiration December 2025.

Note 7

Valuation of financial instruments and investment properties

Storebrand classify financial instruments valued at fair value in three different levels. The criteria for the classification and processes associated with valuing are described in more detail in note 13 in the annual report for 2021.

The company has established valuation models and gathers information from a wide range of well-informed sources with a view to minimize any uncertainty in the valuations.

Valuation of financial instruments at amortised cost

NOK million	Fair value 31.03.22	Book value 31.03.22	Fair value 31.12.21	Book value 31.12.21
Financial assets
Loans to and due from financial institutions	116	116	67	67
Loans to customers - corporate	4,619	4,736	5,057	5,046
Loans to customers - retail	58,408	58,654	56,521	56,507
Bonds held to maturity	8,723	8,426	9,103	8,441
Bonds classified as loans and receivables	107,414	112,172	120,623	117,929
Total financial assets 31.03.22	179,280	184,106
Total financial assets 31.12.21			191,371	187,991
Financial liabilities
Debt raised by issuance of securities	25,946	25,938	25,000	24,924
Loans and deposits from credit institutions	183	183	502	502
Deposits from banking customers	18,050	18,050	17,239	17,239
Subordinated loan capital	11,245	11,181	11,584	11,441
Total financial liabilities 31.03.22	55,424	55,351
Total financial liabilities 31.12.21			54,324	54,106

Valuation of financial instruments and real estate at fair value

	Level 1	Level 2	Level 3
NOK million	Quoted prices	Observable assumptions	Non-observable assumptions	31.03.22	31.12.21
Assets:
Equities and fund units
- Equities	34,148	227	378	34,753	40,707
- Fund units		211,046	16,042	227,089	237,619
Total equities and fund units 31.03.22	34,148	211,274	16,420	261,842
Total equities and fund units 31.12.21	40,071	223,201	15,054		278,326
Loans to customers
- Loans to customers - corporate			6,856	6,856	7,443
- Loans to customers - retail			531	531	489
Total loans to customers 31.03.22			7,387	7,387
Total loans to customers 31.12.21			7,932		7,932
Bonds and other fixed-income securities
- Government bonds	15,972	10,518		26,490	31,148
- Corporate bonds		55,250	8	55,257	55,354
- Collateralised securities		4,935		4,935	5,550
- Bond funds		62,222	12,548	74,770	76,464
Total bonds and other fixed-income securities 31.03.22	15,972	132,925	12,556	161,453
Total bonds and other fixed-income securities 31.12.21	16,722	139,124	12,670		168,516
Derivatives:
- Interest derivatives		-808		-808	2,292
- Currency derivatives		1,429		1,429	-519
Total derivatives 31.03.22		622		622
- of which derivatives with a positive market value		4,384		4,384	3,820
- of which derivatives with a negative market value		-3,763		-3,763	-2,048
Total derivatives 31.12.21		1,772			1,772
Properties:
Investment properties			33,270	33,270	33,376
Properties for own use			1,606	1,606	1,659
Total properties 31.03.22			34,876	34,876
Total properties 31.12.21			35,035		35,035

There is no significant movements between level 1 and level 2 in this quarter.

Financial instruments and real estate at fair value - level 3

NOK million	Equities	Fund units	Loans to customers	Corporate bonds	Bond funds	Investment properties	Properties for own use
Book value 01.01.22	376	14,678	7,932	8	12,663	33,376	1,659
Net gains/losses on financial instruments	3	2,049	-161		30	-23
Additions		376	172		417	173	45
Sales	-1	-944	-285		-150
Exchange rate adjustments		-106	-268		-412	-456	-98
Other		-11	-2			199
Book value 31.03.22	378	16,042	7,387	8	12,548	33,270	1,606

As at 31.03.22, Storebrand Livsforisikring had NOK 7.977 million invested in Storebrand Eiendomsfond Norge KS and Ruseløkkveien 26 AS, Oslo. The investments are classified as "Investment in associated companies and joint ventures" in the Consolidated Financial Statements.

Sensitivity assessments

Sensitivity assessments of investments on level 3 are described in note 13 in the 2021 annual report. There is no significant changes in sensitivity in this quarter.

Note 8 Operating expenses

Total operating expenses	-1,430	-1,369	-5,784
Other operating expenses	-686	-664	-2,731
Amortisation/write-downs	-80	-68	-329
Personnel expenses	-663	-637	-2,725
NOK million	2022	2021	2021
	01.01 - 31.03		Full year

Note

Tax

9

The effective tax rate is influenced by the fact that the Group has operations in countries with tax rates that are different from Norway and differences from currency hedging of the Swedish subsidiary SPP. The tax rate for companies' subject to the financial tax is 25 per cent. The Storebrand Group includes companies that are both subject to and not subject to the financial tax. Therefore, when capitalising deferred tax/deferred tax assets in the consolidated financial statements, the company tax rate that applies for the individual companies is used (22 or 25 per cent).

The tax rate for companies in Sweden is 20.6 per cent.

Storebrand has hedged part of the currency risk from the investment in the Swedish subsidiaries. Gains/losses on currency derivatives are taxable/deductible, while agio/disagio on the shares in the subsidiaries falls under the exemption method. Hence, large SEK/NOK movements will affect the Group tax cost.

Uncertain tax positions

The tax rules for the insurance industry have undergone changes in recent years. In some cases, Storebrand and the Norwegian Tax Administration have had different interpretations of the tax rules and associated transitional rules. As a result of this, uncertain tax positions arise in connection with the recognised tax expenses. Whether or not the uncertain tax positions have to be recognised in the financial statements is assessed in accordance with IAS 12 and IFRIC 23. Uncertain tax positions will only be recognised in the financial statements if the company considers it to be probable that the Norwegian Tax Administration's interpretation will be accepted in a court of law. Significant uncertain tax positions are described below.

• A. In 2015, Storebrand Livsforsikring AS discontinued the Norwegian subsidiary, Storebrand Eiendom Holding AS, with a tax loss of approximately NOK 6.5 billion and a corresponding increase in the tax loss carryforward. In January 2018, Storebrand Livsforsikring AS received notice of an adjustment to the tax returns for 2015 which claimed that the calculated loss was excessive but provided no further quantification. Storebrand Livsforsikring AS disagrees with the arguments that were put forward and submitted its response to the Norwegian Tax Administration on 2 March 2018. The notice was unclear, but based on the notice, a provision was made in the 2017 annual financial statements for an uncertain tax position of approximately NOK 1.6 billion related to the former booked tax loss (appears as a reduction in the loss carryforward and, in isolation, gave an associated increased tax expense for 2017 of approximately NOK 0.4 billion). In May 2019, Storebrand Livsforsikring AS received a draft decision from the Norwegian Tax Administration claiming changes in the tax return from 2015. Storebrand disagrees with the notice from the Norwegian Tax Administration and submitted its response in October 2019. In March 2021 Storebrand received a decision from the Norwegian Tax Administration based on similar grounds as the ones outlined in the draft decision. Storebrand continues to disagree with the view of the Norwegian Tax Administration in this case and will challenge the decision. The company considers it to be probable that Storebrand's understanding of the tax legislation will be accepted by a court of law and thus, no additional uncertain tax position has been recognised in the financial statements based on the received decision. If the Norwegian Tax Administration's position is accepted, Storebrand estimates that a tax expense for the company of approximately NOK 1.2 billion will arise. There will also be negative effects for returns on customer assets after tax. The effects are based on best estimates and following a review with external expertise.
• B. New tax rules for life insurance and pension companies were introduced for the 2018 financial year. These rules contained transitional rules for how the companies should revalue/write-down the tax values as at 31 December 2018. In December 2018, the Norwegian Directorate of Taxes published an interpretive statement that Storebrand does not consider to be in accordance with the wording of the relevant act. When presenting the national budget for 2020 in October 2019, the Ministry of Finance proposed a clarification of the wording of the transitional rules in line with the interpretive statement from the Norwegian Directorate of Taxes. The clarification was approved by the Norwegian Parliament in December 2019. Storebrand considers there to be uncertainty regarding the value such subsequent work on a legal rule has as a source of law, and which in this instance only applies for a previous financial year. In the tax return for 2018, Storebrand Livsforsikring AS applied the wording in the original transitional rule. However, in October 2019 Storebrand received a notice of adjustment of tax assessment in line with the interpretive statement from the Norwegian Directorate of Taxes and the clarification from the Ministry of Finance. Storebrand Livsforsikring AS disagrees with the Norwegian Tax Administration's interpretation but considers it uncertain as to whether the company's interpretation will be accepted if the case is decided by a court of law. In April 2022 Storebrand received a decision from the Norwegian Tax Administration based on similar grounds as the ones outlined in the draft decision. Storebrand continues to disagree with the view of the Norwegian Tax Administration and intends to challenge the decision to the Norwegian Tax Appeals Committee. The uncertain tax position has therefore been recognised in the financial statements. Based on our revised best estimate, the difference between Storebrand's interpretation and the Norwegian Tax Administration's interpretation is approximately NOK 6.4 billion in an uncertain tax position. If Storebrand's interpretation is accepted, a deferred tax expense of approximately NOK 1.6 billion will be derecognised from the financial statements.
• C. The outcome of the interpretation of tax rules for group contributions referred to above under (A) will have an impact when calculating the effect from the transitional rules for the new tax rules referred to under point (B). An

equivalent interpretation to that described under (A) has been used as a basis in the financial statements when calculating tax input values on property shares owned by customer assets for 2016 and 2017. There is thus an uncertain tax position relating to the effect from the transitional rules described in (B). The received decision in April 2022 (described under (B)) has reduced the uncertain tax position and has led to a tax income of NOK 0.6 billion being booked in Q1 2022. This effect will depend on the interpretation and outcome of (A). If Storebrand's position is accepted under (A), Storebrand will recognise an additional tax income of approximately NOK 0.2 billion if Storebrand's position under (B) is accepted. If the Norwegian Tax Administration prevails with its argument under point (A), Storebrand will recognise a tax expense of approximately NOK 0.5 billion.

Storebrand has reviewed the uncertain tax positions as part of the annual reporting process. The review has not reduced the company's assessment of the probability that Storebrand's interpretation will be accepted in a court of law. The timeline for the continued process with the Norwegian Tax Appeals Committee is unclear, but if necessary, Storebrand will seek clarification from the court of law for the aforementioned uncertain tax positions.

Note 10

Loans

NOK million	31.03.22	31.03.21	31.12.21
Corporate market	11,635	13,315	12,532
Retail market	59,231	51,664	57,042
Gross loans	70,866	64,978	69,574
Write-down of loans losses	-88	-96	-88
Net loans1)	70,778	64,883	69,486
1) Of which Storebrand Bank	40,356	34,465	38,992
Of which Storebrand Livsforsikring	30,421	30,418	30,494

Non-performing and loss-exposed loans

NOK million	31.03.22	31.03.21	31.12.21
Non-performing and loss-exposed loans without identified impairment	51	75	48
Non-performing and loss-exposed loans with identified impairment	28	47	29
Gross non-performing loans	79	122	77
Individual write-downs	-16	-17	-18
Net non-performing loans1)	63	105	59

1) The figures apply in their entirety Storebrand Bank

Note Customer buffer

	11

13

Total capital buffer
Conditional bonuses	12,804	11,590	13,781
Market adjustment reserves 1)	3,938	5,549	6,309
Additional statutory reserves	11,745	11,718	13,602
NOK million	31.03.22	31.03.21	31.12.21

1)Includes the occupational pensions buffer fund. The Norwegian parliament passed new legislation in December 2021, valid from 1.1.2022, regulating the buffer capital within public occupational pension schemes. The new legislation merges the market value adjustment reserves with the additional statutory reserves into a more flexible customer buffer fund which can cover negative returns. There is no cap on the size of the new buffer fund.

Note 12 Contingent liabilities

NOK million	31.03.22	31.03.21	31.12.21
Unused credit facilities	3,481	3,173	3,322
Loan commitment retail market	5,396	4,792	3,516
Uncalled residual liabilities re limited partnership	4,865	5,502	4,870
Undrawn capital in alternative investment funds	10,775	7,876	10,093
Total contingent liabilities	24,518	21,344	21,801

Guarantees essentially encompass payment and contract guarantees

Unused credit facilities encompass granted and any unused credit accounts and credit cards, as well as, any unused flexible mortgage facilities.

Storebrand Group companies are engaged in extensive activities in Norway and abroad, and are subject for client complaints and may become a party in legal disputes, see note 2 and note 44 in the 2021 annual report.

Note Solidity and capital management

The Storebrand Group is an insurance-dominated, cross-sectoral financial group with capital requirements in accordance with Solvency II. Storebrand calculates Solvency II according to the standard method as defined in the Solvency II Regulations.

Consolidation is carried out in accordance with Section 18-2 of the Norwegian Act relating to Financial Undertakings and Financial Groups. The solvency capital requirement and minimum capital requirement for the Group are calculated in accordance with Section 46 (1)-(3) of the Solvency II Regulations using the standard method.

Capital management

Storebrand places particular emphasis on continually and systematically adapting the levels of equity in the Group. The level is adapted to the financial risk and capital requirements in the business, where growth and the composition of segments are important motivating factors for the need for capital. The purpose of capital management is to ensure an efficient capital structure and provide for an appropriate balance between in-house goals and regulatory and rating company requirements. If there is a need for new capital, this is raised by the holding company Storebrand ASA, which is listed on the stock exchange and is the ultimate parent company.

The Storebrand companies are subject to various capital requirements depending on the type of business. In addition to the capital requirements for the Storebrand Group and insurance companies, the banking and asset management businesses have capital requirements in accordance with CRD IV. The companies in the Group governed by CRD IV are included in the group's solvency capital and solvency capital requirements with their respective primary capital and capital requirements.

Storebrand has the goal of paying a dividend of more than 50% of the Group profit after tax. The board has the ambition of ordinary dividends per share being, at a minimum, at the same nominal level as the previous year. The normal dividend is paid with a sustainable solvency margin of more than 150%. If there is a solvency margin of more than 180%, the board's intention is to propose extraordinary dividends or share buy-backs. In general, equity in the Group can be controlled without material limitations if the capital requirement is met and the respective legal entities have sufficient solvency.

Solvency capital

	31.03.22				31.12.21
NOK million	Total	Group 1 unlimited	Group 1 limited	Group 2	Group 3	Total
Share capital	2,360	2,360				2,360
Share premium	10,842	10,842				10,842
Reconciliation reserve	29,379	29,379				28,711
Including the effect of the transitional arrangement
Counting subordinated loans	10,228		1,953	8,276		10,860
Deferred tax assets	76				76	356
Risk equalisation reserve	682			682		616
Deductions for CRD IV subsidiaries	-3,903	-3,903				-3,728
Expected dividend	-2,057	-2,057				-1,645
Total basic solvency capital	47,608	36,621	1,953	8,958	76	48,369
Subordinated capital for subsidiaries regulated in accordance with CRD IV	3,903					3,728
Total solvency capital	51,510					52,098
Total solvency capital available to cover the minimum capital requirement	40,570	36,621	1,953	1,996		40,688

Solvency capital requirement and -margin

NOK million	31.03.22	31.12.21
Market risk	23,679	25,258
Counterparty risk	908	720
Life insurance risk	10,122	10,829
Health insurance risk	926	931
P&C insurance risk	612	590
Operational risk	1,478	1,550
Diversification	-7,536	-7,804
Loss-absorbing ability defferred tax	-5,209	-5,218
Total solvency capital requirement - insurance company	24,979	26,856
Capital requirements for subsidiaries regulated in accordance with CRD IV	3,057	2,944
Total solvency capital requirement	28,036	29,800
Solvency margin	184%	175%
Minimum capital requirement	9,979	10,738
Minimum margin	407%	379%

The Storebrand Group has also a requirement to report capital adequacy in a multi-sectoral financial group (conglomerate directive). The calculation in accordance with the Solvency II regulations and capital adequacy calculation in accordance with the conglomerate directive give the same primary capital and essentially the same capital requirements.

Capital- and capital requirement in accordance with the conglomerate directive

NOK million	31.03.22	31.12.21
Capital requirements for CRD IV companies	3,242	3,125
Solvency capital requirements for insurance	24,979	26,856
Total capital requirements	28,221	29,982
Net primary capital for companies included in the CRD IV report	3,903	3,728
Net primary capital for insurance	47,608	48,369
Total net primary capital	51,510	52,098
Overfulfilment	23,289	22,116

Under Solvency II, the capital requirement from the CRD IV companies in the Group is included in accordance with their respective capital requirements. In a multi-sectoral financial group, all the capital requirements of the CRD IV companies are calculated based on their respective applicable requirements, including buffer requirement for the largest company in the Group (Storebrand Bank). This increases the total requirement from the CRD IV companies in relation to what is included in the Solvency II calculation. As at 31 March 2022, the difference amounted to NOK 185 million.

Note Information about related parties

14

Storebrand conducts transactions with related parties as part of its normal business activities. These transactions take place on commercial terms. The terms for transactions with management and related parties are stipulated in notes 23 and 46 in the 2021 annual report.

Storebrand has not carried out any material transactions other than normal business transactions with related parties at the close of the 1st quarter 2022.

Income statement

	01.01 - 31.03		Full year
NOK million	2022	2021	2021
Operating income
Income from investments in subsidiaries	9		4,542
Net income and gains from financial instruments:
- equities and other units	-2	-3	-2
- bonds and other fixed-income securities	-10	15	39
- financial derivatives/other financial instruments
Other financial instruments			204
Operating income	-2	12	4,783
Interest expenses	-6	-5	-18
Other financial expenses	14	2	-79
Operating expenses
Personnel expenses	-11	-11	-44
Other operating expenses	-38	-29	-136
Total operating expenses	-49	-40	-180
Total expenses	-41	-42	-277
Pre-tax profit	-43	-30	4,505
Tax	16	8	-258
Profit for the period	-27	-23	4,248

Statement of total comprehensive income

01.01 - 31.03		Full year
2022	2021	2021
-27	-23	4,248
		6
		-1
		4
-27	-23	4,252

Statement of financial position

NOK million	31.03.22	31.03.21	31.12.21
Fixed assets
Deferred tax assets	62	52	46
Tangible fixed assets	27	27	27
Shares in subsidiaries and associated companies	23,011	21,040	23,006
Total fixed assets	23,100	21,119	23,079
Current assets
Owed within group	1,738	1,138	4,542
Other current receivables	16	17	15
Investments in trading portfolio:
- equities and other units	53	54	55
- bonds and other fixed-income securities	7,398	5,313	4,811
- financial derivatives/other financial instruments
Bank deposits	182	1,319	28
Total current assets	9,387	7,841	9,450
Total assets	32,487	28,960	32,530
Equity and liabilities
Share capital	2,360	2,339	2,360
Own shares	-9	-11	-9
Share premium reserve	10,842	10,521	10,842
Total paid in equity	13,193	12,849	13,192
Other equity	15,112	12,464	15,128
Total equity	28,305	25,314	28,321
Non-current liabilities
Pension liabilities	142	157	142
Securities issued	1,002	1,001	1,001
Total non-current liabilities	1,143	1,158	1,143
Current liabilities
Debt within group	1,190	909	1,193
Provision for dividend	1,645	1,519	1,645
Other current liabilities	203	61	228
Total current liabilities	3,039	2,488	3,066
Total equity and liabilities	32,487	28,960	32,530

Statement of changes in equity

NOK million	Share capital Own shares		Share premium	Other equity	Total equity
Equity at 31. December 2020	2,339	-2	10,521	12,609	25,467
Profit for the period				4,248	4,248
Total other result elements				4	4
Total comprehensive income				4,252	4,252
Issues of shares	21		320		341
Provision for dividend				-1,640	-1,640
Own shares sold2)		-7		-97	-104
Employee share2)				4	4
Equity at 31. December 2021	2,360	-9	10,842	15,128	28,321
Profit for the period				-27	-27
Total other result elements
Total comprehensive income				-27	-27
Own shares sold2)		1		8	9
Employee share 2)				3	3
Equity at 31. March 2022	2,360	-9	10,842	15,112	28,305
1) 471 974 890 shares with a nominal value of NOK 5.

2) In 2022, 124 353 shares were sold to our own employees. Holding of own shares 31. March 2022 was 1 715 423.

2,339	-2	10,521	12,609	25,467
			-23	-23
			-23	-23
	-10		-134	-144
	1		12	13
			1	1
2,339	-11	10,521	12,464	25,314

Statement of cash flow

	01.01 - 31.03
NOK million	2022	2021
Cash flow from operational activities
Net receipts/payments - securities at fair value
Net receipts/payments - securities at fair value	-2,596	-404
Payments relating to operations	-59	-45
Net receipts/payments - other operational activities	2,812	1,999
Net cash flow from operational activities	157	1,550
Cash flow from investment activities
Payments - purchase/capitalisation of subsidiaries	-8	-156
Net cash flow from investment activities	-8	-156
Cash flow from financing activities
Payments - interest on loans	-6	-5
Receipts - sold own shares to employees	12	10
Payments - buy own shares		-141
Net cash flow from financing activities	6	-135
Net cash flow for the period	154	1,259
Net movement in cash and cash equivalents	154	1,259
Cash and cash equivalents at start of the period	28	61
Cash and cash equivalents at the end of the period	182	1,319

Notes to the financial statements Storebrand ASA

Note

1

Accounting policies

The financial statements are presented in accordance with the accounting policies applied in the annual financial statements for 2021. The accounting policies are described in the 2021 annual report. The financial statements are presented in accordance with the accounting policies applied in the annual financial statements for 2021. The accounting policies are described in the 2021 annual report.

Storebrand ASA does not apply IFRS to the parent company's financial statements.

Note Estimates

2

In preparing the interim accounts, Storebrand has used assumptions and estimates that affect reported amounts of assets, liabilities, revenues, and costs, and information in the notes to the financial statements. The final values realised may differ from these estimates.

Note 3 Bond and bank loan

Total 1)				1,002	1,001	1,001
Bond loan 2017/2022	Variable	NOK	500	501	500	501
Bond loan 2020/2025	Variable	NOK	500	500	501	500
NOK million	Interest rate	Currency	Net nomial value	2022	2021	2021
					01.01 - 31.03	Full year

1) Loans are booked at amortised cost and include earned not due interest.

Signed loan agreements have covenant requirements.

Storebrand ASA has an unused drawing facility for EUR 200 million, expiration December 2025.

Financial calendar

13 April 2023 AGM 2023

14 July 2022 Results Q2 2022 26 October 2022 Results Q3 2022 8 February 2023 Results Q4 2022

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

51 Interim Report Storebrand Group