Storebrand ASA

Investor Presentation • Feb 12, 2025

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Storebrand Q4 2024

12 February 2025 Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO

Good progress during 2024, strong value creation for customers and shareholders

Highlights for Q4 and the full year 2024

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Continued successful growth execution and solid dividend increase

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

2. Growth figures from corresponding period in Q4 2023 to Q4 2024 year on year

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Step up in dividend to NOK 4.70 per share, increase of ~15% from last year

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4 1. Based on current share count in Storebrand ASA 2. Regulatory cancelled due to Covid-19

Sustainable Nordic Savings and Insurance Group

Double digit growth continues across the Group

2016 2017 2018 2019 2020 2021 2022 2023 2024

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^{35 42 47 48 50 57 67 77 87} 2016 2017 2018 2019 2020 2021 2022 2023 2024

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Leading Provider Occupational Pensions Norway & Sweden

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Quarterly and Annual Highlights

SPP delivers a record strong result in 2024

Highest customer satisfaction and best digital solution in the Norwegian corporate market²

Several tenders, with a total AuM of NOK 4.5bn, were won in public sector pensions – will be transferred in H1 2025

7 1. Growth figures expressed as CAGR from FY 2016 to FY 2023 2. Based on survey conducted by Origo Group

Nordic Powerhouse in Asset Management Quarterly and Annual Highlights

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The AIP Management acquisition closed in the 4th quarter, bringing highly skilled infrastructure people and capabilities, and NOK 95bn to the Group

Another quarter and year of positive net flow, AUM up 21% for the full year

Highlights in the quarter include net inflow of NOK 7bn from institutional clients and NOK 7bn from the pension business

Strong and consistent positive net flow in Asset Management

Growing Challenger in Norwegian Retail Market

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Quarterly and Annual Highlights

Kron's AuM increased by 97% for the full year, number of customers up by 57% Achieved the highest customer satisfaction in the market ¹

Market share in retail P&C of 6.9% compared to 6.6% in the same quarter last year ²

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Continued strong growth and increased market shares in the Retail bank in the 4th quarter

1. Customer satisfaction for savings and investment services in 2024 from EPSI

2. According to the latest market data from Finance Norway. Last year's figures include Storebrand Helseforsikring AS.

3. Excludes all written premiums in Storebrand Helseforsikring AS. 4. Growth figures expressed as CAGR from FY 2016 to FY 2023

Strong earnings momentum in 2024

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

2. Excluding the gain from the sale of Storebrand Health Insurance

Earnings per share growth strengthened by ongoing buybacks

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1. Shares outstanding at year end, adjusted for own shares

12 2. Growth figures expressed as CAGR from FY 2022 to FY 2024

1. Excluding the gain from the divestment of Storebrand Helseforsikring AS

Key Figures

Improved financial result and a solid solvency position

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SII Own funds ³and SCR Expected return above guaranteed interest rate, Norway ⁴

1. Result before amortisation and tax.

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1. Earnings per share after tax adjusted for amortisation of intangible assets. 3. Own Funds including transitional capital.

2. Average of Defined benefit, Paid up and Individual in Norway

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

Expect to maintain robust liquidity levels in the HoldCo during 2025

High capital generation lifts solvency from 192% at the start of the year to 200% at year end

Solvency II development 2024

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ILLUSTRATIVE

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Storebrand Group Solvency position and sensitivities Q4 2024

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• The solvency ratio was positively affected by increasing interest rates, regulatory assumptions and cash earnings in the quarter
• The approved share buybacks of NOK 1.5bn will affect solvency negatively by approx. 5 percentage points in 2025

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

Storebrand Group | Profit

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Strong income growth & financial result, improving insurance results

1 Profit	Q4		Full year
NOK million	2024	2023	2024	2023
Fee and administration income	1 908	1 739	7 585	6 782
Insurance result	394	6 4	1 640	1 122
Operational cost	1 600 -	1 542 -	6 072 -	5 787 -
Cash from equivalent earnings operations	702	262	3 153	2 117
Financial items and risk result life	363	465	2 751	1 362
Cash equivalent earnings before amortisation	1 065	728	5 904	3 480
Amortisation and write downs of intangible assets -	77 -	114 -	295 -	379 -
Cash before equivalent earnings tax	988	614	5 609	3 101
Tax	353 -	1 9	854 -	116
Cash equivalent earnings after tax	635	633	4 754	3 217

Storebrand Group | Profit

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Profit by line of business

1 Profit	Q4		Full year
NOK million	2024	2023	2024	2023
Fee and administration income	1 908	1 739	7 585	6 782
Insurance result	394	64	1 640	1 122
Operational cost	1 600 -	1 542 -	6 072 -	787 5 -
Cash equivalent earnings from operations	702	262	3 153	2 117
Financial items and risk result life	363	465	2 751	1 362
Cash equivalent earnings before amortisation	1 065	728	904 5	3 480

Profit line of business per	Q4		Full year
NOK million	2024	2023	2024	2023
Savings - non-guaranteed	610	399	2 592	1 862
Insurance	106	193 -	546	27
Guaranteed pension	285	433	1 226	1 326
Other profit	64	88	1 539	265
Cash equivalent earnings before amortisation	1 065	728	904 5	3 480

Savings (non-guaranteed)

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Continued growth and satisfactory result development

Profit	Q4		Full year
NOK million	2024	2023	2024	2023
Fee and administration income	1 607	1 388	6 327	5 443
Operational cost	1 012 -	972 -	3 831 -	3 582 -
Cash equivalent earnings from operations	594	416	2 497	1 861
Financial result	16	16 -	96	1
Cash equivalent earnings before amortisation	610	399	2 592	1 862

Profit product line per	Q4		Full year
NOK million	2024	2023	2024	2023
Unit linked Norway	185	124	689	499
Unit linked Sweden	80	44	332	232
Asset management	208	150	987	717
Retail banking	151	104	680	500
Kron*	13 -	23 -	96 -	85 -
Cash equivalent earnings before amortisation	610	399	2 592	1 862

Key figures Savings (non-guaranteed)

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Assets under management Movement in asset under management ¹

Insurance

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Improving insurance result as pricing measures are starting to show results

Profit	Q4		Full year
NOK million	2024	2023	2024	2023
Insurance premiums f o a	2 134	1 776	8 008	6 908
Claims f o a	1 740 -	1 712 -	6 368 -	787 5 -
Operational cost	390 -	328 -	1 404 -	1 251 -
Cash equivalent earnings from operations	4	-263	236	-129
Financial result	102	70	310	155
Cash before equivalent earnings amortisation	106	-193	546	27

Profit business line per	Q4		Full year
NOK million	2024	2023	2024	2023
P&C & Individual life	69	4 -	237	182
Group life	18 -	137 -	68	238 -
Pension related disability insurance Nordic	56	52 -	241	82
Cash equivalent earnings before amortisation	106	-193	546	27

Insurance

Key figures

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Combined ratio Key takeaways combined ratio and results

• P&C and Group life results negatively affected by NOK ~100 million caused by run-off losses and large losses above normalised level

• Measures implemented are expected to bring profitability back to the 90-92% targeted combined ratio for the full year of 2025

• 20% overall growth in premiums f.o.a. compared to the corresponding period last year

• 6.9% market share in Norwegian retail P&C compared to 6.6% in the same quarter last year ¹

Profitability in Insurance expected to improve as profitability measures are implemented when policies are renewed

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Renewals per quarter (in % of total portfolio premiums pre renewal)

Guaranteed pension

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Satisfactory result development, higher profit-sharing contribution equalled out by lower risk results for the full year

Profit	Q4		Full year
NOK million	2024	2023	2024	2023
Fee and administration income	376	422	1 540	1 600
Operational cost	222 -	205 -	871 -	822 -
Cash equivalent earnings from operations	154	217	669	778
Risk result life & pensions	22 -	77	35	296
Net profit sharing	153	139	522	252
Cash equivalent earnings before amortisation	285	433	1 226	1 326

Profit product line per	Q4		Full year
NOK million	2024	2023	2024	2023
Defined benefit (private & public sector) Norway ,	52	85	241	283
Paid policies Norway -up ,	70	116	346	453
Individual life and pension Norway ,	18	10	49	33
Guaranteed products Sweden ,	145	221	589	557
Cash before equivalent earnings amortisation	285	433	1 226	1 326

Key figures Guaranteed pension

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NOK million	Q4 2024	Q3 2024	Change
Buffer fund	14 128	14 209	- 81
Market value adjustment reserve**	0	53	- 53
Excess value of bonds at amortised cost	-13 211	-10 411	- 2 800
Additional statutory reserve	0	0	0 +
Conditional bonuses SPP	16 855	16 700	155 +
Total	17 773	20 551	- 2 779

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

2. Includes Public Occupational Pensions buffer fund.

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** Historical numbers were previously reported including Public Occupational Pensions buffer fund

• Profit sharing above expectations, Sweden particularly strong
• There was limited number of tenders within public occupational pensions in 2024, however Storebrand won more than NOK 4.5bn which will be transferred in 2025

Buffer capital ¹Guaranteed reserves in % of total reserves

Lower financial result due to negative mark to market effects in the fourth quarter, positive development for the full year Other ¹

Profit	Q4		Full year
NOK million	2024	2023	2024	2023
Fee and administration income	8	1	23	18
Operational cost	59 -	109 -	271 -	411 -
Cash equivalent earnings from operations	51 -	108 -	248 -	393 -
Financial result	115	196	1 788	658
Cash before equivalent earnings amortisation	64	88	1 539	265

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On track to reach sustainability targets

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Other highlights

Pilot projects involving 500 participants have yielded good results. This will be scaled to all customers with disability insurance in 2025 with the goal of reducing disability.

NOK 16bn of green bonds issued and allocated since 2021 ²

• 1. Listed equity and corporate bonds
• 1. NOK 6.8bn from Storebrand Livsforsikring AS, NOK 9.0bn from Storebrand Boligkreditt AS and NOK 0.6bn from Storebrand Bank ASA.
• 1. Emissions intensity (weighted average of emissions relative to company revenue, tonnes of CO2e per NOK 1 million in sales income) 4. Emissions intensity (kgCO2e per m2), location based
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Financial and Sustainability goals as presented on Capital Markets Day in December 2023

Q&A

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Group CFO & Executive Vice President

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Group CEO Group Head of Strategy & Finance

Lars Aa. Løddesøl Odd Arild Grefstad Kjetil R. Krøkje Johannes Narum

Head of Investor Relations

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Appendix

Underlying cost in line with 2024 guiding – New guidance of NOK 6.8bn for 2025

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1) The cost guidance for 2024 excluded special items (NOK 21m), performance related cost (NOK 38m), acquired business (NOK 29m) and currency (see below)

31 2) The NOK has weakened to EUR, USD and DKK since the time of the 2024 guiding, with a total effect of NOK 91m on the cost base. The weakened NOK is reflected in the cost guidance for 2025 3) The guidance for 2025 is excluding currency effects, special items, M&A and performance-related cost in active funds (not hybrid fees)

Manage cost for earnings growth

• Cost managed for continued double digit growth in 2025
• Contingency plans and cost reduction initiatives will be initiated if revenue is delayed

Proven ability to adapt cost

Storebrand Group Solvency movement from Q3 2024 to Q4 2024

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Asset allocation – Guaranteed products

Overview of Special items

Quarter	Special items NOKm	Comments
Q4 2023	- 81	• NOK ~55m related to the integration cost and severance pay in Danica and Kron • NOK ~10m related to liquidation of branches in Asset Management • NOK ~15m related to IT one-offs in Retail Banking
Q1 2024	- 21	• NOK ~21m, mainly related to integration cost and severance pay in Kron
Q2 2024	1,047	• NOK ~1,047m in financial gain in Other segment related to the divestment of shares in Storebrand Health Insurance
Q3 2024	67	• NOK ~67m in financial gain in Savings segment, Asset Management sub-segment, related to the revaluation of the initial shareholding (10%) in AIP Management
Q4 2024	-	-

For further information

Important information

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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.

Thank you

Financial calendar

17 March 2025	Annual Report 2024
9 April 2025	Annual General Meeting
7 May 2025	Results Q1 2025
11 July 2025	Results Q2 2025
22 October 2025	Results Q3 2025

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