Storebrand ASA

Annual Report • Feb 9, 2022

Supplementary Information

OVERVIEW 4
REPORTING AND LEGAL STRUCTURE 4 REPORTING STRUCTURE 4
LEGAL STRUCTURE 4 KEY FIGURES 5
SHAREHOLDER STRUCTURE 6
ACCOUNTING PRINCIPLES 7
FINANCIAL RESULTS 8
PROFIT – STOREBRAND GROUP 8
SAVINGS (NON-GUARANTEED) 10
PROFIT 10
KEY FIGURES 10
PROFIT BY PRODUCT 11
SALES AND MARKETS 12 RETURNS 13
RESERVES DEVELOPMENT 13
INSURANCE 15
PROFIT 15
KEY FIGURES 16 PROFIT BY PRODUCT 16
GUARANTEED PENSION 18
PROFIT 18
KEY FIGURES 18
INVESTMENT RETURN 20 BALANCE SHEET 21
SALES AND MARKETS 21
RESERVES AND BUFFERS 22
ADDITIONAL INFO GUARANTEED PORTFOLIOS 23
OTHER 25
PROFIT 25
KEY FIGURES 25
STOREBRAND GROUP 27
PROFIT 27
BALANCE SHEET 28
STOREBRAND LIFE GROUP (IFRS-LEGAL) 29
PROFIT - STOREBRAND LIFE GROUP 29 BALANCE SHEET – STOREBRAND LIFE GROUP 30
PROFIT - SPP PENSION & FÖRSÄKRING AB GROUP 31
BALANCE SHEET - SPP PENSION & FÖRSÄKRING AB GROUP 31
STOREBRAND ASSET MANAGEMENT GROUP (IFRS-LEGAL) 32
PROFIT 32
BALANCE SHEET 32
STOREBRAND HELSEFORSIKRING AS (IFRS-LEGAL 100%) 33
PROFIT 33
BALANCE SHEET 33
STOREBRAND FORSIKRING AS (IFRS-LEGAL) 34

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

Overview

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

Reporting and legal structure

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

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

Reporting structure

Key figures

Table 1: Key Figures

	2021				2020
NOK million	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Storebrand Group
Earnings per ordinary share (after tax) 1)	6.68	4.73	3.46	0.94	5.02	3.16	1.52
Equity	37 709	36 735	35 823	36 069	35 923	35 181	34 396
Quarterly adjusted ROE, annualised	12.8 %	8.7 %	16.1 %	6.9 %	12.4 %	11.0 %	7.1 %
Savings - non guaranteed
Premium income Unit Linked	5 350	5 201	5 316	5 346	5 163	5 064	4 890
Unit Linked reserves	308 351	295 790	295 195	278 702	268 331	242 198	222 209
AuM Asset Management	1 096 556	1058 435	1037 470	987 397	962 472	920 540	880 177
Retail lending	57 015	55 663	54 288	51 594	49 474	47 771	47 208
Insurance
Total portfolio premiums	6 445	6 263	6 133	5 745	5 288	5 201	5 037
Claims ratio	78 %	74 %	74 %	82 %	70 %	73 %	76 %
Cost ratio	19 %	15 %	17 %	17 %	17 %	15 %	16 %
Combined ratio	96 %	90 %	91 %	98 %	87 %	88 %	92 %
Guaranteed pension
Guaranteed reserves	290 862	292 161	294 909	286 410	287 614	286 427	284 339
Guaranteed reserves in % of total reserves	48.5 %	49.7 %	50.0 %	50.7 %	51.7 %	54.2 %	56.1 %
Net transfer of guaranteed reserves	447	-683	-94	6 941	704	697	- 8
Buffer capital in % of customer reserves Norway 2)	11.2 %	10.8 %	11.3 %	9.8 %	11.0 %	10.5 %	9.5 %
Buffer capital in % of customer reserves Sweden 3)	17.8 %	15.5 %	15.1 %	14.1 %	11.4 %	10.2 %	9.3 %
Solidity
Solvency II ratio 4)	175 %	178 %	172 %	176 %	178 %	179 %	163 %
Solvency II Own Funds 4)	52 098	52 021	53 571	52 039	52 611	52 849	50 658
Solvency II Capital Requirement	29 796	29 287	31 228	29 583	29 605	29 497	31 116
Solidity capital (Storebrand Life Group) 5)
Total capital ratio (Storebrand Bank Group)	74 074	73 780	75 284	69 352	72 766	72 047	67 279
Tier 1 capital ratio (Storebrand Bank Group)	20.3 %	19.6 %	18.5 %	17.4 %	18.7 %	18.0 %	18.6 %
CET1 capital ratio (Storebrand Bank Group)	16.8 %	16.1 %	16.8 %	15.6 %	16.7 %	16.0 %	16.6 %
	15.4 %	14.7 %	15.3 %	14.1 %	15.1 %	14.4 %	14.9 %

1) Accumulated accounting year

2) Additional statutory reserves + market value adjustment reserve

3) Conditional bonuses

4) May include transitional capital in relevant quarters

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

Shareholder structure

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

As of 31.12.2021 the shareholder structure¹ was as follows:

Table 2: Shareholder structure

Shareholder	Total %
Folketrygdfondet	10.94 %
Allianz Global Investors	6.96 %
T Rowe Price Global Investments	5.95 %
EQT Fund Management	3.92 %
Alfred Berg	3.50 %
KLP	3.08 %
Vanguard Group	2.67 %
Handelsbanken Asset Management	2.09 %
DNB Asset Management	2.09 %
Storebrand Asset Management	2.01 %
Next 10 largest shareholders	15.05 %
Total - 20 largest shareholders	58.25 %

Table 3: Rating

	Rating company
	S&P
Storebrand ASA	BBB (S)	P=positive outlook
Storebrand Livsforsikring AS	A- (S)	S=stable outlook
Storebrand Bank ASA	A- (S)	N=negative outlook
Storebrand Boligkreditt AS	AAA

Fig. 1: Geographical dispersion

Norway	49 %
USA	13 %
Sweden	11 %
Germany	9 %
England	9 %
Others	9 %

Fig. 1: Geographical dispersion

¹ Based on look through ananlysis of beneficial owner.

Accounting principles

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

Financial results

Profit – Storebrand Group

Table 4: Group profit

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	2 108	1 544	1 473	1 482	1 674	6 607	5 676
Insurance result	307	342	332	220	338	1 201	825
Operational cost	-1 377	-1 124	-1 119	-1 057	-1 086	-4 678	-4 068
Operating profit	1 038	762	686	645	926	3 130	2 433
Financial items and risk result life	329	151	667	225	298	1 372	278
Profit before amortisation	1 367	912	1 353	870	1 225	4 503	2 711
Amortisation and write-downs of intangible assets	-140	-133	-129	-125	-125	-527	-492
Profit before tax	1 227	779	1 225	745	1 099	3 976	2 219
Tax	-310	-181	-52	-302	-227	-846	136
Profit after tax	917	598	1 173	443	872	3 130	2 355

Table 5: Group profit by result area

	2021				2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Savings - non-guaranteed	916	476	435	528	664	2 355	1 730
Insurance	61	162	145	55	175	423	204
Guaranteed pension	485	315	310	322	396	1 432	805
Other profit	-95	-40	464	-35	-10	293	-28
Profit before amortisation	1 367	912	1 353	870	1 225	4 503	2 711

Table 6a: Earnings per share

	2021				2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Profit after tax (majority)	915	596	1 170	441	870	3 121	2 345
Earnings per share	1.95	1.28	2.51	0.94	1.86	6.68	5.02
Average number of shares (millions)	-	-	-	-	-	467.1	467.2
Earnings per share adjusted for amortisation of intangible assets	2.25	1.56	2.79	1.21	2.13	7.81	6.07

Tabel 6b: Group adjusted Cash flow 1)

	2021			2020			Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Profit after tax	917	598	1 173	443	872	3 130	2 355
Amortisation and adjusted non-payable tax 2)	425	300	177	403	334	1 305	367
Adjusted Cash flow	1 342	898	1 349	846	1 206	4 435	2 722

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

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

Table 7: Exchange rates SEK/NOK

	2021				2020
	Q4	Q3	Q2	Q1	Q4
Profit	1.0019	1.0075	1.0048	1.0145	1.0227
Balance	0.9740	0.9978	1.0062	0.9771	1.0425

Savings (non-guaranteed)

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

Profit

Table 8: Savings - non-guaranteed

	2021	2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	1 748	1 182	1 129	1 156	1 336	5 215	4 392
Operational cost	-838	-716	-703	-671	-704	-2 927	-2 611
Operating profit	910	466	427	485	633	2 288	1 781
Financial items and risk result life	6	9	8	43	31	67	-51
Profit before amortisation	916	476	435	528	664	2 355	1 730

Table 9: Savings - by non-guaranteed product

	2021						Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Unit linked Norway	83	126	129	145	105	483	413
Unit linked Sweden	114	124	121	159	107	518	369
Asset management	660	136	132	150	384	1 078	757
Retail banking	60	89	53	73	68	275	191
Profit before amortisation	916	476	435	528	664	2 355	1 730

Key figures

Table 10: Savings - non-guaranteed

	2021				2020
NOK million	Q4	Q3	Q2	Q1	Q4
Unit linked Reserves	308 351	295 790	295 195	278 702	268 331
Unit linked Premiums	5 350	5 201	5 316	5 346	5 163
AuM Asset Management	1 096 556	1 058 435	1 037 470	987 397	962 472
Retail Lending 1)	57 015	55 663	54 288	51 594	49 474

1) Includes mortgages on the Storebrand Livsforsikring AS balance sheet

Profit by product

Table 11: Unit Linked Norway

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	251	266	271	281	237	1 068	1 013
Operational cost	-168	-139	-141	-135	-134	-583	-556
Operating profit	83	127	130	145	103	485	457
Financial items and risk result life	0	-1	-1	-0	2	-2	-44
Profit before amortisation	83	126	129	145	105	483	413
Fee Margin on reserves	0.65 %	0.70 %	0.73 %	0.80 %	0.72 %	0.72 %	0.85 %
Reserves	157 892	151 404	150 741	144 324	137 089	157 892	137 089

Table 12: Unit linked Sweden

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	268	270	259	295	260	1 093	948
Operational cost	-160	-144	-142	-146	-156	-594	-583
Operating profit	107	126	117	149	104	499	366
Financial items and risk result life	6	-2	4	10	2	19	3
Profit before amortisation	114	124	121	159	107	518	369
Fee Margin on reserves	0.73 %	0.75 %	0.74 %	0.89 %	0.81 %	0.78 %	0.81 %
Reserves	150 459	144 386	144 454	134 379	131 242	150 459	131 242

Table 13: Asset Management segment

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	1 070	484	454	446	699	2 455	1 903
Operational cost	-417	-347	-333	-302	-332	-1 399	-1 164
Operating profit	653	137	122	145	367	1 056	739
Financial items	7	-1	10	6	17	22	18
Profit before amortisation	660	136	132	150	384	1 078	757
Income earned not booked 1)	-	134	157	73	-	-	-
Profit before amortisation including income earned not booked	-	270	288	224	-	-	-
Fee Margin on reserves	0.40 %	0.18 %	0.18 %	0.18 %	0.30 %	0.24 %	0.22 %
Reserves	1 096 556	1 058 435	1 037 470	987 397	962 472	1 096 556	962 472

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

Table 14: Retail Banking

	2021		2020			Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	159	162	145	133	140	600	527
Operational cost	-92	-86	-87	-87	-81	-352	-308
Operating profit	67	77	58	46	59	248	219
Financial items	-7	12	-5	27	10	28	-28
Profit before amortisation	60	89	53	73	68	275	191
Retail lending 1)	57 015	55 663	54 288	51 594	49 474	46 526	57 015
Net interest margin retail banking	1.19 %	1.22 %	1.14 %	1.10 %	1.13 %	1.21 %	1.17 %
Net interest income retail banking	137	137	122	112	113	98	509

1) Includes mortgages on the Storebrand Livsforsikring AS balance sheet

Sales and Markets

Table 15: New sales

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Unit Linked premiums 1) Norway	514	458	365	240	156	1 577	1 204
- of which annual premiums	48	65	35	112	84	260	570
- of which single premiums	466	393	330	128	72	1 317	634
Unit Linked premiums 1) Sweden	505	417	456	412	385	1 790	2 373
- of which annual premiums	401	312	332	313	287	1 359	1 512
- of which single premiums	104	105	124	99	98	431	861
Savings (non guaranteed) premiums 1)	1 019	875	821	652	541	3 367	3 577
- of which annual premiums	450	377	367	425	371	1 619	2 082
- of which single premiums	570	498	454	227	170	1 748	1 494

1) Annual premium equivalent

Table 16: Unit Linked - Premiums (excluding transfers)

	2021				2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Unit Linked (occupational pension) Norway	2 793	2 705	2 657	2 742	2 695	10 898	10 871
Unit Linked (retail) Norway	586	505	572	604	623	2 267	1 908
Unit Linked Sweden	1 971	1 990	2 087	1 999	1 844	8 048	7 406
Total	5 350	5 201	5 316	5 346	5 163	21 212	20 185

Table 17: Unit Linked - Transfer balance

	2021		2020			Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Premium reserves received
Unit Linked Norway	4 341	3 674	2 824	1 261	348	12 100	5 437
Unit Linked Sweden	805	853	916	787	763	3 361	7 679
Total received	5 145	4 527	3 740	2 049	1 111	15 461	13 116
Premium reserves transferred
Unit Linked Norway	-6 935	-6 624	-5 262	-2 673	-752	-21 494	-4 783
Unit Linked Sweden	-2 488	-1 947	-1 821	-1 282	-1 102	-7 538	-2 885
Total transferred	-9 423	-8 571	-7 083	-3 955	-1 855	-29 032	-7 668
Net transfers	-4 278	-4 043	-3 343	-1 906	-744	-13 571	5 448

Returns

Table 18: Return Defined Contribution - standard profiles Norway

	2021				2020	Full year
Return	Q4	Q3	Q2	Q1	Q4	2021	2020
Extra low risk	0.2 %	0.1 %	0.5 %		0.9 %	0.8 %	3.9 %
Low risk	1.9 %	0.6 %	2.0 %	1.7 %	3.6 %	6.2 %	6.1 %
Balanced	4.3 %	0.9 %	4.3 %	3.9 %	7.4 %	13.4 %	9.2 %
High risk	7.2 %	0.8 %	6.3 %	6.3 %	10.4 %	20.6 %	10.0 %
Extra high risk	7.9 %	1.7 %	7.1 %	7.0 %	11.6 %	23.7 %	10.8 %

Reserves development

Table 19a: Development customer funds, quarter

	Reserves Unit	Reserves Unit
NOK million	Linked - Norway	Linked - Sweden
Funds at 30.09.2021	151 404	144 386
Premium income	3 379	1 972
Insurance claims	-568	-3 339
Transfers	-2 595	-1 683
Asset return	6 364	10 283
Other & FX	-92	-1 160
Funds at 31.12.2021	157 892	150 459

Table 19b: Development customer funds, YTD

NOK million	Reserves Unit Linked - Norway	Reserves Unit Linked - Sweden
Funds at 31.12.2020	137 089	131 242
Premium income	13 165	8 048
Insurance claims	-2 088	-10 633
Transfers	-9 394	-4 177
Asset return	19 416	28 267
Other & FX	-295	-2 288
Funds at 31.12.2021	157 892	150 459

Table 20a: Assets under Managment by client

	2021			2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
External	504 368	478 101	452 093	424 721	409 461	504 368	409 461
Group internal	592 187	580 335	585 377	562 676	553 011	592 187	553 011
Total	1 096 556	1 058 435	1 037 470	987 397	962 472	1 096 556	962 472
External share	46 %	45 %	44 %	43 %	43 %	46 %	43 %

Table 20b: Assets under Managment by asset type

	2021			2020	Full year
	Q4	Q3	Q2	Q1	Q4	2021	2020
Equities	45 %	43 %	44 %	42 %	40 %	45 %	40 %
Bonds	38 %	40 %	41 %	43 %	45 %	38 %	45 %
Alternatives	15 %	15 %	12 %	12 %	13 %	15 %	13 %
Other	2 %	2 %	4 %	3 %	3 %	2 %	3 %
Total	100 %	100 %	100 %	100 %	100 %	100 %	100 %

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

Fund	Return	Benchmark	AuM NOK bn 31.12.2021
Delphi Global	13.1 %	25.5 %	3.1
SKAGEN Focus	20.6 %	22.1 %	1.8
SKAGEN Global	34.0 %	22.1 %	41.0
SKAGEN Kon-Tiki	-2.4 %	0.4 %	14.9
SKAGEN m2	22.9 %	26.1 %	2.3
SKAGEN Vekst	25.5 %	22.0 %	9.1

Insurance

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

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

Profit

Table 21: Insurance

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Insurance premiums f.o.a.	1 366	1 336	1 279	1 194	1 136	5 175	4 331
Claims f.o.a.	-1 059	-995	-946	-974	-799	-3 974	-3 506
Operational cost	-253	-207	-214	-202	-194	-875	-712
Operating profit	54	135	119	18	143	326	113
Financial result Contribution from SB Helseforsikring AS	6 -9	27 13	27 10	37 3	32 5	97 17	91 34
Profit before amortisation	61	162	145	55	175	423	204
Claims ratio	78 %	74 %	74 %	82 %	70 %	77 %	81 %
Cost ratio	19 %	15 %	17 %	17 %	17 %	17 %	16 %
Combined ratio	96 %	90 %	91 %	98 %	87 %	94 %	97 %

Table 22: By lines of business

Pension related disability insurance Nordic 3)	13	18	42	-17	43	56	112
Health & Group life 2)	-6	-24	-7	10	24	-26	-171
P&C & Individual life1)	54	168	110	62	108	393	263
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
	2021				2020	Full year

1) Individual life and disability, property and casualty insurance

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

3) DC disability risk result Norway and disability risk Sweden

Key Figures

Table 23a: Portfolio Premiums

	2021				2020
NOK million	Q4	Q3	Q2	Q1	Q4
P&C & Individual life*	3 301	3 160	3 053	2 738	2 144
Health & Group life 1)	1 775	1 752	1 734	1 714	1 870
Pension related disability insurance Nordic	1 369	1 351	1 346	1 293	1 274
Total written premiums	6 445	6 263	6 133	5 745	5 288
Investment portfolio 2)	9 584	9 879	9 813	9 726	8 840

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

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

Table 23b: Company portfolio Storebrand Insurance segment

Asset class	2021
Share	Q4
Equities	4 %
Real estate	5 %
Credit bonds	4 %
Money market	28 %
Government guaranteed	1 %
Loans	18 %
Bonds at amortized cost	39 %
Total	100 %

Profit by product

Table 24: P&C & Individual life

	2021				2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Insurance premiums f.o.a.	805	779	724	631	559	2 939	2 065
Claims f.o.a.	-577	-472	-467	-458	-328	-1 973	-1 379
Operational cost	-178	-144	-154	-136	-131	-612	-451
Operating profit	50	163	104	37	101	355	234
Financial result	4	4	6	25	8	39	28
Profit before amortisation	54	168	110	62	108	393	263
Claims ratio	72 %	61 %	64 %	73 %	59 %	67 %	67 %
Cost ratio	22 %	18 %	21 %	22 %	23 %	21 %	22 %
Combined ratio	94 %	79 %	86 %	94 %	82 %	88 %	89 %

Table 25: Health & Group life

	2021				2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Insurance premiums f.o.a.	205	209	219	211	257	844	999
Claims f.o.a.	-189	-235	-225	-193	-242	-842	-1 158
Operational cost	-25	-21	-21	-21	-15	-88	-74
Operating profit	-8	-47	-28	-2	-1	-85	-234
Financial result	3	23	21	13	24	59	63
Contribution from SB Helseforsikring AS	-9	13	10	3	5	17	34
Profit before amortisation	-6	-24	-7	10	24	-26	-171
Claims ratio	92 %	113 %	103 %	91 %	94 %	100 %	116 %
Cost ratio	12 %	10 %	10 %	10 %	6 %	10 %	7 %
Combined ratio	104 %	122 %	113 %	101 %	100 %	110 %	123 %

Table 26: Pension related disability insurance Nordic

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Insurance premiums f.o.a.	356	349	336	352	321	1 392	1 268
Claims f.o.a.	-294	-288	-254	-323	-229	-1 159	-968
Operational cost	-49	-42	-39	-45	-48	-176	-187
Operating profit	13	18	42	-17	43	56	112
Financial result	-	0	-	-	-0	0	-0
Profit before amortisation	13	18	42	-17	43	56	112
Claims ratio	83 %	83 %	76 %	92 %	71 %	83 %	76 %
Cost ratio	14 %	12 %	12 %	13 %	15 %	13 %	15 %
Combined ratio	96 %	95 %	87 %	105 %	87 %	96 %	91 %

Guaranteed pension

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

Profit

Table 27: Guaranteed pension

	2021	2020			Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	418	423	407	383	389	1 631	1 511
Operational cost	-248	-217	-227	-197	-218	-890	-861
Operating profit	169	206	180	186	171	741	650
Risk result life & pensions	63	70	21	32	14	187	19
Net profit sharing	253	38	108	104	211	504	136
Profit before amortisation	485	315	310	322	396	1 432	805
Fee margin on reserves	0.57 %	0.58 %	0.56 %	0.53 %	0.56 %	0.57 %	0.55 %
Guaranteed reserves	290 862	292 161	294 909	286 410	287 614	290 862	287 614

Table 28: By guaranteed pension product

	2021		2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Defined benefit (fee based)	46	51	36	-1	8	130	2
Paid-up policies, Norway	201	140	122	94	129	556	401
Individual life and pension, Norway	28	7	11	9	25	55	46
Guaranteed products, Sweden	211	118	142	221	233	691	356
Profit before amortisation	485	315	310	322	396	1 432	805

Key figures

Table 29: Guaranteed pension

	2021			2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Guaranteed reserves	290 862	292 161	294 909	286 410	287 614	290 862	287 614
Guaranteed reserves in % of total reserves	48.5 %	49.7 %	50.0 %	50.7 %	51.7 %	48.5 %	51.7 %
Net transfers	447	-683	-94	6 941	704	6 610	1 427
Buffer capital in % of customer reserves Norway	11.2 %	10.8 %	11.3 %	9.8 %	11.0 %	11.2 %	11.0 %
Buffer capital in % of customer reserves Sweden	17.8 %	15.5 %	15.1 %	14.1 %	11.4 %	17.8 %	11.4 %

Profit by product

Table 30: Defined benefit (fee based), Norway

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	120	119	119	105	106	464	412
Operational cost	-83	-68	-67	-58	-57	-276	-226
Operating profit	37	51	52	47	50	188	186
Risk result life & pensions	8	-1	-16	-40	-42	-48	-185
Net profit sharing	0	0	-1	-9	0	-10	0
Profit before amortisation	46	51	36	-1	8	130	2
Fee margin on reserves	1.28 %	1.26 %	1.26 %	1.25 %	1.40 %	1.28 %	1.34 %
Reserves	37 659	37 613	38 269	37 110	30 302	37 659	30 302
Fee, interest rate guarantee SBL	79	79	77	69	63	304	255

Table 31: Paid-up policies, Norway

	2021		2020			Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	149	148	141	118	123	556	474
Operational cost	-70	-61	-67	-55	-63	-252	-261
Operating profit	80	87	74	64	59	305	213
Risk result life & pensions	50	37	24	26	33	138	132
Net profit sharing	71	15	24	4	37	114	56
Profit before amortisation	201	140	122	94	129	556	401
Fee margin on reserves	0.40 %	0.40 %	0.38 %	0.33 %	0.34 %	0.38 %	0.33 %
Reserves	149 285	149 013	148 860	144 448	144 762	149 285	144 762

Table 32: Individual life and pension, Norway

	2021		2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	2	2	2	2	5	8	9
Operational cost	-0	-1	-1	-1	-0	-3	-2
Operating profit	2	1	1	1	4	5	7
Risk result life & pensions	-	-	-	-	-	-	-
Net profit sharing	26	6	9	8	21	49	39
Profit before amortisation	28	7	11	9	25	55	46
Fee margin on reserves	0.07 %	0.07 %	0.07 %	0.07 %	0.16 %	0.07 %	0.07 %
Reserves	10 735	11 005	11 216	11 326	11 511	10 735	11 511

Table 33: Guaranteed pension, Sweden*

	2021				2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	146	154	145	157	156	602	615
Operational cost	-96	-87	-92	-84	-98	-358	-372
Operating profit	51	67	53	73	58	244	244
Risk result life & pensions	5	33	13	46	23	96	72
Net profit sharing	155	18	76	102	152	350	41
Profit before amortisation	211	118	142	221	233	691	356
Fee margin on reserves	0.62 %	0.64 %	0.61 %	0.65 %	0.69 %	0.64 %	0.70 %
Reserves	93 184	94 531	96 563	93 526	101 038	93 184	101 038

*Includes Euroben, reported under "Other" prior to Q1 2021

Investment return

Table 34: Value adjusted return guaranteed pension products, Norway

	2021				2020	Full year
	Q4	Q3	Q2	Q1	Q4	2021	2020
Paid-up policies	1.6 %	0.5 %	1.8 %	0.0 %	1.4 %	3.9 %	5.7 %
Individual	1.3 %	0.6 %	1.5 %	0.3 %	1.0 %	3.7 %	3.9 %
Group defined benefit	1.7 %	0.4 %	2.2 %	0.0 %	1.6 %	4.3 %	5.6 %
Average return guaranteed products	1.6 %	0.5 %	1.9 %	0.0 %	1.4 %	3.9 %	5.5 %

Table 35: Booked return guaranteed pension products, Norway

	2021			2020	Full year
	Q4	Q3	Q2	Q1	Q4	2021	2020
Paid-up policies	1.3 %	1.1 %	1.3 %	0.9 %	2.0 %	4.6 %	5.0 %
Individual	1.2 %	1.0 %	1.1 %	0.5 %	1.3 %	3.8 %	3.6 %
Group defined benefit	1.5 %	1.1 %	1.3 %	0.8 %	2.0 %	4.7 %	4.3 %
Average booked return guaranteed products	1.3 %	1.1 %	1.3 %	0.8 %	1.9 %	4.5 %	4.8 %

Table 36: Value adjusted return guaranteed pension products, Sweden

	2021			2020		Full year
	Q4	Q3	Q2	Q1	Q4	2021	2020
Defined Benefit	1.8 %	-0.2 %	1.5 %	-0.6 %	1.4 %	3.4 %	4.8 %
Defined contribution (w. guarantees)	1.8 %	0.0 %	1.5 %	0.5 %	1.6 %	3.9 %	4.0 %

Balance Sheet

Table 37: Guaranteed pension products

	2021				2020
NOK million	Q4	Q3	Q2	Q1	Q4
Defined Benefit (fee based), Norway	37 659	37 613	38 269	37 110	30 302
Paid-up policies (retail), Norway	149 285	149 013	148 860	144 448	144 762
Individual life and pension, Norway	10 735	11 005	11 216	11 326	11 511
Guaranteed Products, Sweden	93 184	94 531	96 563	93 526	101 038
Guaranteed Reserves	290 862	292 161	294 909	286 410	287 614

Sales and Markets

Table 38: New sales guaranteed pension 1)

	2021				2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Guaranteed pension, Norway	54	- 65	20	710	10	720	75
- of which annual premiums	10	5	6	4	5	25	31
- of which single premiums	44	-70	14	706	4	695	43
Guaranteed pension, Sweden	100	59	66	57	115	282	367
- of which annual premiums	60	37	39	28	110	164	242
- of which single premiums	40	22	27	30	5	118	124
Guaranteed pension	154	- 6	86	768	125	1 002	442
- of which annual premiums	70	42	45	32	116	188	274
- of which single premiums	84	-48	41	736	9	813	168

1) Annual premium equivalent

Table 39: Premiums (excluding transfers) pension products

	2021		2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Defined Benefit (fee based), Norway	666	642	721	1 076	285	3 105	2 258
Paid-up policies, Norway	11	13	162	61	12	247	104
Individual life and pension, Norway	61	49	49	55	62	215	227
Guaranteed products, Sweden	591	351	350	399	385	1 691	1 564
Total	1 329	1 056	1 282	1 591	744	5 258	4 152

Table 40: Transfer balance (Guaranteed Pension)

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Premium reserves received
Norway 1)	548	-654	121	6 964	393	6 980	552
Sweden	45	69	47	77	402	237	1 315
Total received	593	-585	168	7 041	794	7217	1 867
Premium reserves transferred
Norway 1)	-3	26	-157	-39	-23	-172	-189
Sweden	-144	-124	-105	-61	-67	-435	-251
Total transferred	-147	-98	-262	-100	-90	-607	-440
Net transfers	447	-683	-94	6 941	704	6 610	1 427

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

Reserves and buffers

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

Defined Benefit 1) - Norway	Paid-up policies 2) - Norway	Individual 2) - Norway	Guaranteed products - Sweden 2)
33 170	135 659	9 998	81 928
594	11	61	591
-420	-1 703	-301	-1 568
421	123	2	-98
-622	668
514	1 856	140	1 496
-487	-1 624	-158	-2 810
33 170	134 990	9 742	79 539

1) Fee based

2) Profit sharing

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

NOK million	Defined Benefit 1) - Norway	Paid-up policies 2) - Norway	Individual 2) - Norway	Guaranteed products - Sweden 2)
Funds at 31.12.2020	26 317	131 445	10 446	90 451
Premium income	3 105	247	215	1 691
Insurance claims	-1 604	-6 690	-1 199	-6 033
Transfers	6 644	127	9	-197
Internal transfers DB to Paid-Up (Norway)	-2 882	2 937
Asset return	1 649	6 377	424	3 103
Other & FX	-58	547	-154	-9 476
Funds at 31.12.2021	33 170	134 990	9 742	79 539

1) Fee based

2) Profit sharing

Table 43: Buffer capital 1)

	2021				2020
NOK million	Q4	Q3	Q2	Q1	Q4
Market value adjustment reserve	6 309	5 692	6 820	5 549	7 170
Excess value of bonds at amortised cost	3 363	4 840	6 418	5 851	8 832
Additional statutory reserve	13 602	13 218	13 333	11 718	11 380
Conditional bonuses Sweden	13 781	12 725	12 680	11 590	10 769
Total	37 056	36 476	39 251	34 708	38 151

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

Additional info guaranteed portfolios

Table 44 a: Key terms products, Norway

DB	Paid-up	Individual
4.7 %	4.6 %	3.8 %
2.3 %	3.2 %	3.3 %
33 170	134 990	9 742
2 810	9 998	795
1 679	4 296	198
-26		0
3.3 %	3.3 %	3.3 %
		447

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

Fig. 2: Asset allocation Guaranteed pension, Norway

Equities

Table 44 b: Key terms portfolio, Sweden

	Defined	Defined contribution (w.
NOK million	Benefit	guarantees)
Investment return (YTD)	3.4 %	3.9 %
Interest rate guarantee	2.7 %	2.8 %
Prospective reserve	39 738	38 464
Conditional Bonuses	8 012	5 768
Deferred Capital Contribution	59	3 441
Expected return assets 1)	3.0 %	3.0 %
Duration liabilities	5.8	5.7
Discount rate 2)	1.9 %	1.6 %
Consolidation ratio 3)	114 %

1) Calculated based on current asset allocation for a period of next 12 months using normal risk

premiums, plus 10y swap rate

2) Calculated as UFR premium plus 10 y swap rate

3) Consolidation largest subportfolio

Table 45a : Allocation Sweden

Table 45b: Allocation Norway

	Defined Benefit	Defined contribution (w/ guarantees)
Equities	15 %	17 %
Real estate	13 %	13 %
Bonds & Money market	50 %	49 %
Loans	22 %	21 %
Sum	100 %	100 %

	Defined Benefit	Paid-Up (Total)	Individual
Equities	16 %	9 %	6 %
Real estate	14 %	11 %	8 %
Bonds & Money market	15 %	13 %	5 %
Loans	14 %	14 %	11 %
Bonds at amortised cost	42 %	53 %	70 %
Sum	100 %	100 %	100 %

Fig. 3: Asset allocation Guaranteed

pension, Sweden

Loans Bonds & Money market Real estate Equities

Sensitivities Sweden - guaranteed portfolio financial result

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

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

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

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

Other

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

Profit

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

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	8	6	4	4	9	21	9
Operational cost	-103	-52	-43	-47	-30	-246	-120
Operating profit	-96	-46	-39	-44	-21	-225	-111
Financial items and risk result life	0	6	503	9	11	518	83
Profit before amortisation	-95	-40	464	-35	-10	293	-28

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

Table 46b: Eliminations

	2021				2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	-66	-67	-67	-60	-60	-260	-236
Operational cost	66	67	67	60	60	260	236
Financial result	-	-	-	-	-	-	-
Profit before amortisation and longevity	-	-	-	-	-	-	-

Key figures

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

	2021				2020
NOK million	Q4	Q3	Q2	Q1	Q4
Storebrand ASA	4 866	4 903	5 245	5 366	4 951
Storebrand Livsforsikring AS	23 026	23 611	22 516	21 760	21 173
SPP Pension & Försäkring AB	5 707	5 368	5 598	5 359	5 846
Total	33 600	33 882	33 358	32 485	31 970

Table 48a: Company portfolio SPP Pension & Försäkring AB

Asset class	2021
Share	Q4
Credit bonds	23 %
Money market	17 %
Government guaranteed	35 %
Loans	26 %
Mortgage Loans	100 %

Table 48b: Company portfolio Storebrand Livsforsikring AS

Asset class	2021
Share	Q4
Credit bonds	35 %
Money market	21 %
Bonds at amortized cost	41 %
Other	2 %
Sum	100 %

Fig. 8: Company portfolio SPP Pension & Försäkring AB

Credit bonds Money market

Fig. 9: Company portfolio Storebrand Livsforsikring AS

Other Credit bonds Money market Bonds at amortized cost

Table 49: Storebrand group debt - excl. bank

	2021				2020
NOK million	Q4	Q3	Q2	Q1	Q4
Subordinated loan capital - STB Life (Group)	10 865	11 758	10 929	10 908	8 834
Bonds Storebrand ASA	1 001	1 001	1 001	1 001	1 001
Bank loan Storebrand ASA 1)	0	0	0	0	0
Total debt	11 867	12 759	11 930	11 908	9 835

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

Storebrand Group

Profit

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

	2021				2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Storebrand Life Group	731	646	1 035	678	760	3 091	1 707
Storebrand Asset Management Group	660	136	132	150	384	1 078	757
Storebrand Bank Group	60	89	53	73	69	275	190
Storebrand Forsikring AS	14	85	50	-3	31	145	82
Storebrand Helseforsikring AS 1)	-9	13	10	3	5	17	34
Storebrand ASA/Other	-90	-57	74	-31	-24	-104	-60
Profit before amortisation and write-downs	1 367	912	1 353	870	1 225	4 503	2 711
Amortisation and write-downs of intangible assets	-140	-133	-129	-125	-125	-527	-492
Profit before tax	1 227	779	1 225	745	1 099	3 976	2 219
Tax	-310	-181	-52	-302	-227	-846	136
Sold/liquidated business	-	-	0	-	0	-	0
Profit after tax	917	598	1 173	443	872	3 130	2 355

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

Balance sheet

Table 52: Storebrand Group - balance sheet

NOK million	Share in %	31.12.2021	31.12.2020	31.12.2019
Assets company portfolio
Intangible assets	1 %	7 771	8 083	7 650
Shares in associated companies	0 %	387	283	227
Loans	5 %	38 570	31 161	29 839
Bonds at amortised cost	2 %	12 955	10 639	8 256
Real estate assessed at fair value	0 %	0	50	49
Financial assets at fair value	4 %	29 641	31 328	30 407
Bank deposits	0 %	3 543	2 775	3 119
Other assets	9 %	67 234	68 383	50 927
Assets customer portfolio
Bonds at amortised cost	15 %	113 416	105 872	103 167
Loans	3 %	23 051	23 769	23 735
Real estate assessed at fair value	4 %	33 376	32 067	29 366
Financial assets at fair value	55 %	428 952	394 860	333 014
Bank deposits	1 %	6 443	10 290	7 475
Other assets	1 %	9 450	8 203	5 939
Total assets	100 %	774 790	727 763	633 170
Equity	5 %	37 709	35 923	33 398
Subordinated loan capital	1 %	11 441	9 110	8 925
Buffer capital 1)	4 %	33 693	29 319	23 825
Technical reserves	74 %	575 457	536 028	477 171
Liabilities to financial institutions	0 %	502	1 653	446
Deposits from and liabilities to customers	2 %	17 239	15 506	14 404
Derivatives	0 %	2 048	964	994
Other allocations and liablilities	12 %	96 701	99 258	74 007
Total liabilities and equity capital	100 %	774 790	727 763	633 170

1) Includes conditional bonuses BenCo

Storebrand Life Group (IFRS-Legal)

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

The entities comprising Storebrand Life Group are as follows:

Profit - Storebrand Life Group

Table 53: Profit - Storebrand Life Group

	2021	2 020			Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	936	959	938	959	895	3 792	3 476
Insurance result	158	148	168	125	215	599	454
Operational cost	-699	-602	-614	-584	-620	-2 499	-2 427
Financial items and risk result life and pension	336	141	543	178	270	1 198	204
Whereof interest expenses	111	110	95	89	110	406	358
Profit before amortisation	731	646	1 035	678	760	3 091	1 707
Amortisation	-90	-92	-91	-92	-95	-366	-372
Profit before tax	641	554	944	586	665	2 725	1 336
Tax	-157	-118	-23	-265	-114	-563	344
Profit after tax	484	436	921	320	551	2 162	1 679

Balance sheet – Storebrand Life Group

Table 54: Balance sheet - Storebrand Life Group

	Share of
NOK million	total assets	31.12.2021	31.12.2020	31.12.2019
Intangible assets	1 %	3 513	4 026	3 824
Investments company portfolio	4 %	29 189	26 747	28 926
Investments guaranteed portfolio	46 %	305 059	306 419	282 391
Investments non-guaranteed portfolio	47 %	308 979	268 215	219 786
Other assets	2 %	13 364	10 499	8 207
Total assets	100 %	660 104	615 906	543 133
Equity 1)	4 %	26 010	25 616	25 437
Minority interests' share in equity	0 %	0	69	113
Subordinated loan capital 2)	2 %	10 865	8 834	8 649
Buffer capital 3)	5 %	33 693	29 319	23 825
Customer fund	87 %	573 539	534 683	476 040
Other debts	2 %	15 996	17 384	9 069
Total equity and liabilities	100 %	660 104	615 906	543 133

1) Includes risk equalisation fund and profit for the period

2) Includes accrued interest

Profit - SPP Pension & Försäkring AB Group

Table 55: Profit - SPP Pension & Försäkring AB Group

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Total administration income	442	447	422	435	429	1 746	1 594
Total administration cost	- 271	- 246	-243	-245	-268	-1 005	- 997
Administration result	171	202	179	190	161	742	596
Risk result	7	45	50	38	66	139	186
Profit sharing	32	- 1	24	18	20	74	76
Change in DCC	69	- 22	11	60	105	118	- 129
Indexation fee	38	38	38	38	33	151	128
Other	86	21	31	49	31	187	42
Financial result	225	36	105	165	190	530	117
Return on company portfolio	- 1	6	3	12	8	20	22
Interest cost subordinated debt	0	0	0	0	0	0	0
Other result	- 1	6	3	12	8	20	22
Profit before amortisation	401	288	336	406	424	1 431	921
Amortisation of intangible assets	- 20	- 20	-20	-20	-21	- 80	- 82
Write-downs intangible assets	0	0	0	0	0	0	0
Amortisation and write-downs	- 20	- 20	- 20	- 20	- 21	- 80	- 82
Pre-tax profit/loss	382	267	316	385	403	1 351	839

Balance sheet - SPP Pension & Försäkring AB Group

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

	Share of
NOK million	total Assets	31.12.2021	31.12.2020	31.12.2019
Intangible assets	0 %	1 068	1 215	1 091
Longterm shares and interest from group companies	3 %	9 087	9 120	7 139
Shares	4 %	9 712	9 579	6 189
Bonds	26 %	69 207	76 933	63 176
Assets - Unit link	56 %	150 459	131 242	105 255
Other financial assets	9 %	24 536	25 889	21 933
Other assets	2 %	4 665	5 688	4 344
Total assets	100 %	268 734	259 666	209 127
Equity	3 %	8 540	9 065	8 096
Minority interests' share in equity	1 %	2 191	1 580	1 305
Subordinated loan capital	0 %	0	0	0
Premium reserve for own account	30 %	80 361	91 295	73 263
Insurance fund reserves - defined contribution and UL	61 %	164 240	142 011	113 057
Other liabilities	5 %	13 402	15 715	13 406
Total equity and liabilities	100 %	268 734	259 666	209 127

Storebrand Asset Management Group (IFRS-Legal)

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

Profit

Table 57: Profit - Storebrand Asset Management Group

	2021				2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Fee and administration income	1 527	911	866	817	1 046	4 122	3 174
Operational cost	- 874	-775	-744	-672	-679	-3 066	-2 434
Financial result	7	-1	10	6	17	22	18
Profit before amortisation	660	136	132	150	383	1078	757
Amortisation	- 39	-30	-30	-30	-30	-129	-120
Profit before tax	621	106	102	120	353	949	637
Tax	- 154	-34	-14	-29	-98	-231	-162
Profit after tax	467	72	88	92	255	718	475

Balance sheet

Table 58: Balance sheet - Storebrand Asset Management Group

NOK million	Share in %	31.12.2021	31.12.2020	31.12.2019
Intangible assets	53.0 %	2 775	2 096	2 210
Investments portfolio	27.5 %	1 442	1 253	1 306
Other assets	19.5 %	1 023	615	501
Total assets	100 %	5 240	3 963	4 017
Equity	72.2 %	3 781	2 888	2 853
Other debts	27.8 %	1 459	1 076	1 665
Total equity and liabilities	100 %	5 240	3 963	4 017

Storebrand Helseforsikring AS (IFRS-Legal 100%)

Profit

Table 59: Profit - Storebrand Helseforsikring AS

	2021				2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Insurance premiums f.o.a.	243	239	225	224	221	930	843
Claims f.o.a.	-196	-167	-158	-186	- 173	- 706	- 633
Operational cost	-72	-39	-40	-35	- 36	- 186	- 125
Financial result	2	2	-1	5	1	8	4
Result before amortisation	-23	35	27	8	12	46	89
Amortisation	0	0	0	0	0	0	0
Result before tax	-23	35	27	8	12	46	89
Tax	6	-9	-7	-2	-3	-11	-22
Result after tax	-17	26	20	6	9	35	67

Balance sheet

Table 60: Balance sheet - Storebrand Helseforsikring AS

NOK million	Share in %	31.12.2021	31.12.2020	31.12.2019
Intangible assets	14 %	120	121	66
Investments portfolio	53 %	456	430	365
Other assets	34 %	292	254	219
Total assets	100 %	869	805	650
Equity	36 %	311	294	227
Insurance liabilities	51 %	442	435	361
Other debts	13 %	116	76	62
Total equity and liabilities	100 %	869	805	650

Storebrand Forsikring AS (IFRS-Legal)

Profit

Table 61: Profit - Storebrand Forsikring AS

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Insurance premiums f.o.a.	607	591	537	452	386	2 187	1 393
Claims f.o.a.	- 458	-397	-373	-357	- 264	-1 585	-1 022
Operational cost	- 138	-112	-118	-103	- 95	- 471	- 314
Financial result	3	4	3	5	4	15	24
Profit before amortisation	14	85	50	-3	31	145	82
Amortisation	- 11	-11	-8	-3	0	- 32	0
Profit before tax	3	74	42	-6	31	113	82
Tax	0	-19	-10	1	- 7	- 28	- 19
Profit after tax	3	56	31	-4	24	86	62

Balance sheet

Table 62: Balance sheet - Storebrand Forsikring AS

NOK million	Share in %	31.12.2021	31.12.2020	31.12.2019
Intangible assets	6 %	225	13	0
Investments portfolio	60 %	2 067	1 499	1295
Other assets	34 %	1 176	866	645
Total assets	100 %	3 467	2 378	1 940
Equity	31 %	1 066	668	467
Insurance liabilities	55 %	1 918	1 345	1131
Other debts	14 %	483	364	342
Total equity and liabilities	100 %	3 467	2 378	1 940

Storebrand Bank Group (IFRS-Legal)

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

Profit

Table 63: Profit - Storebrand Bank Group

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Net interest income	137	137	122	112	113	509	430
Net fee and commission income	22	26	21	21	27	90	97
Other operating income	- 4	6	-3	19	24	17	28
Total income	155	168	140	152	164	615	555
Operating cost	- 92	- 86	- 87	- 87	- 94	- 352	- 328
Profit before loan losses	63	82	54	64	70	264	227
Loan loss provision	- 3	7	- 1	9	- 1	12	- 37
Pre-tax profit/loss	60	89	53	73	69	275	190

Balance sheet

Table 64: Balance sheet - Storebrand Bank Group

NOK million	Share in %	31.12.2021	31.12.2020	31.12.2019
Cash and deposits with central banks	1 %	313	50	280
Loans to and deposits with credit institutions	0 %	67	103	41
Financial assets designated at fair value through P&L	5 %	2 356	4 466	3 373
Bonds at amortised cost	8 %	3 546	3 277	1 137
Net lending to customers	86 %	38 992	31 780	30 187
Deferred tax assets	0 %	0	2	-
Other assets	0 %	85	104	110
Total Assets	100 %	45 360	39 783	35 127
Liabilities to credit institutions	1 %	502	1 653	446
Deposits from and due to customers	38 %	17 239	15 506	14 404
Other financial liabilities	53 %	24 113	19 806	17 598
Provision for accrued expenses and
liabilities	0 %	4	6	7
Subordinated loan capital	1 %	576	276	276
Equity	6 %	2 926	2 536	2 396
Total Equity and Liabilities	100 %	45 360	39 783	35 127

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

	2021				2020
NOK million	Q4	Q3	Q2	Q1	Q4
Gross lending (bn)	39	39	36	35	32
Customer deposit (bn)	17	17	18	16	16
Deposit/gross lending	44 %	43 %	48 %	46 %	49 %
Average Loan-to-Value (LTV)	57 %	56 %	55 %	55 %	56 %
Average LTV new loans	66 %	67 %	67 %	65 %	67 %
Loss as % of gross loans	0.0 %	0.1 %	0.0 %	0.1 %	0.0 %
Loan losses	- 3	7	-1	9	-1
Non-performing loans with evidence of impairment	29	38	39	47	50
Non-performing loans without evidence of impairment	48	54	70	43	70
Operating expenses Banking	92	86	87	87	81
Cost as % of total assets	0.8 %	0.8 %	0.8 %	0.9 %	0.8 %
Cost/income banking activities	59 %	51 %	62 %	58 %	54 %

Non-performing loans with evidence of impairment

Table 66: Profit - Storebrand Boligkreditt AS

	2021				2020	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Net interest income	71	76	61	58	65	265	197
Other operating income	- 1	-1	-1	4	0	2	- 16
Total income	70	75	60	61	65	266	181
Operating cost	- 26	- 25	- 23	- 22	- 21	- 95	- 84
Profit before loan losses	44	50	37	40	43	171	97
Loan loss provision	- 1	0	0	1	1	0	- 3
Pre-tax profit/loss	43	51	37	40	45	171	94

Table 67: Balance sheet - Storebrand Boligkreditt AS

NOK million	Share in %	31.12.2021	31.12.2020	31.12.2019
Cash and deposits with central banks	0 %	0	0	0
Loans to and deposits with credit institutions	0 %	6	8	7
Financial assets designated at fair value through P&L	5 %	1 369	1 456	101
Bonds at amortised cost	1 %	288	42	42
Net lending to customers	94 %	26 430	21 066	20 403
Deferred tax assets			0	0
Other assets	0 %	22	16	8
Total Assets	100 %	28 114	22 587	20 561
Liabilities to credit institutions Deposits from and due to customers	6 %	1 757	1 713	4 467
Other financial liabilities	88 %	24 602	19 259	14 556
Provision for accrued expenses and liabilities	0 %	0	0	0
Deferred tax liabilities	0 %	13	7	1
Subordinated loan capital	0 %	0	0	0
Equity	6 %	1 742	1 609	1 536
Total Equity and Liabilities	100 %	28 114	22 587	20 561

Storebrand ASA (IFRS-Legal)

Profit

Table 68: Storebrand ASA (holding)

	2021				2020		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2021	2020
Group contributions and transfers	-	-	-	3 018	2	3 018	3 175
Interest income	51	0	0	0	72	52	72
Interest expense	-5	-4	-5	-5	-5	-18	-44
Realised/unrealised gains/losses on securities	-46	9	12	11	-70	-14	-3
Other financial income/costs	-24	-20	166	2	-7	125	3
Net financial items	-23	-16	174	9	-10	144	28
Total operating expenses	-59	-41	-40	-40	-19	-180	-87
Pre-tax profit/loss	-82	-57	133	2 988	-28	2 982	3 116

Balance sheet

Table 69: Balance sheet - Storebrand ASA (holding)

NOK million	Share in %	31.12.2021	31.12.2020	31.12.2019
Shares in subsidiary	81 %	22 077	20 273	19 311
Financial assets at market value	18 %	4 866	4 951	3 307
Other assets	2 %	413	334	1 001
Total assets	100 %	27 357	25 558	23 620
Equity	94 %	25 722	24 154	21 194
Bond loan and other loans	4 %	1 001	1 001	1 309
Other liabilities	2 %	633	403	1 116
Total liabilities and equity capital	100 %	27 357	25 558	23 620

Solidity

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

Table 70: Solidity Storebrand Group

	2021				2020
NOK million	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Solvency II 1)	175 %	178 %	172 %	176 %	178 %	179 %	163 %
Solidity capital (Storebrand Life Group) 2)	74 074	73 780	75 284	69 352	72 766	72 047	67 279
Total capital ratio (Storebrand Bank Group)	20.3 %	19.6 %	18.5 %	17.4 %	18.7 %	18.0 %	18.6 %
Tier 1 capital ratio (Storebrand Bank Group)	16.8 %	16.1 %	16.8 %	15.6 %	16.7 %	16.0 %	16.6 %
CET1 capital ratio (Storebrand Bank Group)	15.4 %	14.7 %	15.3 %	14.1 %	15.1 %	14.4 %	14.9 %

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

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

Table 71: Solidity capital Storebrand Life Group

NOK million	31.12.2021	31.12.2020	31.12.2019	31.12.2018	31.12.2017
Equity	25 458	25 173	24 966	26 965	25 735
Subordinated loan capital 1)	11 013	9 004	8 488	7 788	8 426
Risk equalisation fund	547	438	466	234	143
Market value adjustment reserve	6 309	7 170	5 500	2 245	3 707
Additional statutory reserves (ASR)	13 602	11 380	9 023	8 494	8 254
Conditional bonus (CB)	13 781	10 769	9 302	8 243	9 176
Excess value/deficit related to bonds at amortised cost	3 363	8 832	4 697	5 009	8 531
Accrued profit 2)	0	0	0	0	0
Total	74 074	72 766	62 442	58 978	63 972
Customer funds excl. ASR and CB	271 086	258 389	248 803	249 932	250 143
Solidity capital as % of customer funds	27.3 %	28.2 %	25.1 %	23.6 %	25.6 %

1) Exclusive accrued interest

2) Includes unallocated profit to insurance contracts

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

Important notice:

This document may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may be beyond the Storebrand Group's control. As a result, the Storebrand Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in these forward-looking statements. Important factors that may cause such a difference for the Storebrand Group include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) market related risks such as changes in equity markets, interest rates and exchange rates, and the performance of financial markets generally. The Storebrand Group assumes no responsibility to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make.

Financial calendar

9 February 2022 Results Q4 2021 6 April 2022 AGM 4 May 2022 Results Q1 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

02/2022

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