Storebrand ASA

Earnings Release • Feb 12, 2025

STOREBRAND ASA: Results for the fourth quarter of 2024

STOREBRAND ASA: Results for the fourth quarter of 2024

· Group profit [1] of NOK 1,065m in the 4[th] quarter and NOK 5,904m for the

full year

· The Board proposes a dividend of NOK 4.7 per share for 2024, up 15% from

2023

· The Board initiates new buyback program with target of NOK 1.5 billion in

2025

· Solvency II ratio of 200%

· Insurance results improving according to plan to reach below 92% in combined

ratio for 2025

· Record-high assets under management of NOK 1,469 billion

"2024 was a record strong year for Storebrand in terms of result and capital

distribution, and I am very pleased to see that we gained trust among new and

existing customers. During the year we delivered around NOK 84 billion in

returns to our clients and supported about 200 thousand customers in insurance

related cases. Storebrand was also the only Norwegian company present on the

global Dow Jones Sustainability Index for 2024. We are very proud of that", says

CEO Odd Arild Grefstad.

"Across the year we achieved double-digit growth across all business areas,

including in asset management, where the acquisition of the Danish

infrastructure business AIP Management was a significant milestone. Assets under

management reached a record NOK 1,469 billion, solidifying our number one

position in Norway. I want to thank the organisation for their efforts during

the year", says CEO Odd Arild Grefstad.

Group Profit[ ][1] Up by 46 Per Cent Compared to Q4 2023

Group profit was NOK 1,065 million in the 4[th] quarter, up by 46 per cent

compared to the same period last year. For the full year, group profit ended at

NOK 5,904 million (NOK 3,480 million in 2023). In addition to a record-strong

operating result, the group delivered a solid financial result for the full

year.

Record-Strong Operating Result in 2024

Operating profit amounted to NOK 702 million in the 4[th] quarter and NOK 3,153

million for the full year, up by 49% from 2023. The strong result reflects

continued double-digit growth across unit linked pensions, asset management,

insurance and the bank. Cost control and improving insurance results also

contributed positively during the year. Supported by strong asset return,

positive net flows, the acquisition of AIP Management and currency developments,

total assets under management increased to NOK 1,469 billion during the year.

This is a new record level and up by 21 per cent compared to the end of 2023.

Gradually Improving Insurance Result

The insurance result gradually improved, with NOK 394 million for the quarter

and NOK 1,640 million across 2024. The total combined ratio stood at 100 per

cent in the quarter and 97 per cent for the full year (102% in 2023). Whilst

repricing and other measures had a positive impact, results were still behind

the 90-92 per cent combined ratio target for 2025. Measures will continue to be

implemented until targeted levels are achieved.

Strong Financial Result

The financial result stood at NOK 363 million in the quarter and NOK 2,751

million for the full year (NOK 1,362 million in 2023). The robust full-year

result reflects a gain of NOK 1,047 million from the divestment of Storebrand

Helseforsikring AS, increased profit sharing in Norway and Sweden, and solid

company portfolio returns against a backdrop of higher interest rates.

Solid Capital Position

Storebrand has a strong capital position with a solvency ratio of 200 per cent,

an increase of 10 percentage points since the previous quarter. The solvency

ratio was positively affected by increasing interest rates, regulatory

assumptions and cash earnings in the quarter. It remains well above the

threshold for overcapitalisation of 175 per cent.

Increasing Dividend and NOK 1.5 billion Share Buybacks

The Board proposes an ordinary dividend of NOK 4.7 per share for 2024 to the

Annual General Meeting. The dividend proposal represents an increase of 15% per

share from 2023. Based on the strong solvency ratio of 200%, the share buyback

program continues with NOK 1.5 billion in 2024. This will be executed in two

traches, with an initial tranche of NOK 750 million commencing today.

Storebrand's long-term ambition is to execute annual share buybacks totaling NOK

12 billion up to 2030 of which NOK 3.5 billion had been executed at the end of

2024. The share buybacks come in addition to increasing annual dividends.

Key Figures in the Quarter: (Q4-2023 in brackets)

· Solvency ratio: 200 per cent (192 per cent)

· Earnings per share, adjusted for amortisation NOK 1.66 (NOK 2.14 [2])

· Equity NOK 32,113m (NOK 29,531m)

· Assets under management NOK 1,469bn (NOK 1,212bn)

Activities Related to the 4[th] Quarter 2024

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

and analyst presentation will be available on www.storebrand.no/ir.

10:00: Live investor and analyst conference in English. A webcast will be

available at www.storebrand.no/ir. The presentation will be available on demand

afterwards. Analysts who would like to ask questions at the end of the

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

https://www.storebrand.no/en/investor-relations/quarterly-reporting/programme.

For further inquiries, please contact:

Johannes Narum, Head of Investor Relations: johannes.narum@storebrand.no or

(+47) 993 33 569

Kjetil Ramberg Krøkje, Head of Strategy & Finance: kjetil.r.krokje@storebrand.no

or (+47) 934 12 155

Stig-Øyvind Blystad, Director of Communications: stig

-oyvind.blystad@storebrand.no or (+47) 918 47 226

About Storebrand

Storebrand is a Nordic financial group, delivering increased security and

financial wellness for people and companies. We offer sustainable solutions and

encourage our customers to take good economic decisions for the future. Our

purpose is clear: we create a brighter future.

Storebrand has about 55,000 corporate customers, 2.2 million individual

customers and manages NOK 1,469 billion. The Group is headquartered at Lysaker

outside of Oslo, Norway. Storebrand (STB) is listed on Oslo Stock Exchange.

Visit us on www.storebrand.no.

This information is pursuant to the EU Market Abuse Regulation and subject to

the disclosure requirements in Section 5-12 the Norwegian Securities Trading

Act.

This information is based on the Storebrand Group's alternative income statement

and contains Alternative Performance Measures (APM) as defined by the European

Securities and Market Authority (ESMA). The alternative income statement is

based on reported IFRS results for the individual group companies. The statement

differs from the official accounts layout. An overview of APMs used in financial

reporting is available on storebrand.com/ir.

[1] Cash equivalent earnings before amortisation and tax.

http://www.storebrand.no/ir provides an overview of APMs used in financial

reporting.

[2] EPS for 2023 not adjusted for changed periodisation of performance-related

income from the first quarter 2024.