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Storebrand ASA
Quarterly Report • May 7, 2025
3766_rns_2025-05-07_ef36489b-a356-4820-968e-9c51fde3ca75.pdf
Quarterly Report
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Interim report 1st quarter 2025
Storebrand Livsforsikring AS (unaudited)
Contents
Financial performance business areas
| Storebrand Livsforsikring Group 3 | |
|---|---|
| Savings 6 | |
| Insurance 7 | |
| Guaranteed pension 9 | |
| Other 10 | |
| Balance, Solidity and Capital situation 11 | |
| Outlook 11 | |
Financial statements/notes
| Statement of comprehensive income Storebrand Livsforsikring Group 14 | |
|---|---|
| Statement of financial position Storebrand Livsforsikring Group 15 | |
| Statement of changes in equity Storebrand Livsforsikring Group16 | |
| Statement of cash flow 17 | |
| Notes Storebrand Livsforsikring Group 18 | |
| Statement of comprehensive income Storebrand Livsforsikring AS 30 | |
| Statement of financial position Storebrand Livsforsikring AS 33 | |
| Statement of changes in equity Storebrand Livsforsikring AS 37 | |
| Notes Storebrand Livsforsikring AS 38 | |
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. This document contains alternative performance measures (APM) as defined by The European Securities and Market Authority (ESMA). An overview of APM can be found at www.storebrand.com/ir.
Interim report Storebrand Livsforsikring Group First quarter 2025
Storebrand Livsforsikring AS is a wholly owned subsidiary of the listed company Storebrand ASA. For information about the Storebrand Group's 1st quarter result please refer to the Storebrand Group's interim report for the 1st quarter of 2025. Storebrand Group'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.
How to read this report
From 2023, the Storebrand Group reports its official IFRS financial statements in accordance with IFRS 17 and IFRS 9, which replaced IFRS 4 and IAS 39 on 1 January 2023. A short comment on the financial performance under IFRS is given in the subsection below and detailed disclosure is available under the "Financial statements Storebrand Livsforsikring Group" section. For the remaining part of the report, Storebrand continues to report and comment on the alternative income statement in parallel with IFRS statements of financial position. The alternative income statement is based on the statutory accounts of all the main subsidiaries and is an approximation of the cash generated in the period, while the IFRS statement includes profit-and-loss effects of updated estimates and assumptions about the timing of future cash flows and insurance services provided1 .
Financial performance (IFRS)
The Livsforsikring Group's profit before amortisation and tax was NOK 917m in the quarter, compared to NOK 1,046m for the corresponding period last year. Higher insurance expenses contributed negatively. The Livsforsikring Group's net insurance service result was NOK 608m (NOK 870m) in the 1st quarter. The decrease in the insurance service result stemmed from a negative development in claims. On a general basis, higher volatility is expected under IFRS 17 due to the measurement models applied.
Financial performance (alternative income statement)
| 2025 | 2024 | Full year | ||||
|---|---|---|---|---|---|---|
| NOK million | Q1 | Q4 | Q3 | Q2 | Q1 | 2024 |
| Fee and administration income | 1,021 | 1,024 | 1,005 | 995 | 988 | 4,012 |
| Insurance result | 264 | 201 | 282 | 303 | 276 | 1,063 |
| Operational expenses | -790 | -770 | -742 | -705 | -709 | -2,926 |
| Cash equivalent earnings from operations | 495 | 456 | 545 | 593 | 555 | 2,149 |
| Financial items and risk result life & pension | 295 | 330 | 417 | 287 | 313 | 1,347 |
| Cash equivalent earnings before amortisation | 790 | 786 | 962 | 881 | 868 | 3,496 |
| Amortisation | -47 | -46 | -46 | -46 | -46 | -185 |
| Cash equivalent earnings before tax | 744 | 740 | 915 | 835 | 822 | 3,311 |
| Tax | -58 | -236 | -55 | -164 | -130 | -585 |
| Cash equivalent earnings after tax | 685 | 504 | 861 | 670 | 692 | 2,726 |
1 Due to the fundamental differences between IFRS 17 and the alternative income statement, it is not possible to reconcile the numbers.
The figures in brackets are from the corresponding period previous year.
The Livsforsikring Group's cash equivalent earnings before amortisation and tax was NOK 790m (NOK 868m) in the 1st quarter. The moderate result reflects a weaker insurance result and cost level.
Total fee and administration income amounted to NOK 1,021m (NOK 988m) in the 1st quarter, corresponding to an increase of 3% compared to the same quarter last year. The rise in fee and administration income is attributed to the savings segment, which experienced solid growth in Unit Linked.
The Insurance result amounted to NOK 264m (NOK 276m) in the 1st quarter. Compared to the 1st quarter of 2024, both the Retail and Corporate segments contributed to improved results, driven by repricing measures and solid volume growth. A significant portion of the portfolio was repriced during the annual renewal in the first quarter, with churn remaining within normal variation. Pension related disability insurance (Corporate) demonstrated satisfactory result development. In general, disability claims remained at a high level with weaker results for some smaller portfolios.
The Livsforsikring Group's operational cost amounted to NOK -790m (NOK -709m) in the 1st quarter. The increase is mainly attributed investment in growth and digital efforts in addition to underlying price inflation and wage growth. The Storebrand Group continues to focus on strong cost discipline, as demonstrated over the past decade.
Overall, the cash equivalent earnings from operations amounted to NOK 495m (NOK 555m) in the 1st quarter.
The 'financial items and risk result' amounted to NOK 295m (NOK 313m) in the 1st quarter. Company portfolio returns and net profit sharing were robust, whilst the risk result saw a somewhat weaker development. Net profit sharing amounted to NOK 87m (NOK 70m) in the 1st quarter. The risk result amounted to NOK 36m (NOK 44m) in the 1st quarter and was negatively affected by weak development within longevity and disability.
Amortisation of intangible assets from acquired business amounted to NOK -47m (NOK -46m) in the 1st quarter.
Tax expenses for the Livsforsikring Group amounted to NOK -58m (NOK -130m) in the 1st quarter. The low effective tax rate in the quarter is mainly due to a high contribution to the pre-tax result from the Swedish business, reflecting a significant strengthening of the Swedish krona against the Norwegian krone. The unrealised losses on currency hedges related to the Swedish business and corresponding non-deductible unrealised gains on the shares in the subsidiaries also contributes this quarter. The estimated normal tax rate is 19-22%, depending on each legal entity's contribution to the Group result. Currency fluctuations and varying tax rates in different countries of operations impact the quarterly tax rate.
Profit Storebrand Livsforsikring group - by business ares
| 2025 | 2024 | Full year | ||||
|---|---|---|---|---|---|---|
| NOK million | Q1 | Q4 | Q3 | Q2 | Q1 | 2024 |
| Savings | 251 | 265 | 258 | 253 | 246 | 1,021 |
| Insurance | 136 | 112 | 182 | 190 | 172 | 655 |
| Guaranteed pensions | 261 | 285 | 346 | 306 | 289 | 1,226 |
| Other | 142 | 125 | 177 | 132 | 161 | 594 |
| Cash equivalent earnings before amortisation | 790 | 786 | 962 | 881 | 868 | 3,496 |
The Group reports its cash equivalent earnings by business segment. For a more detailed description, see the sections by segment in the report.
Capital situation
The solvency ratio for Storebrand Livsforsikring AS was 274% at the end of the 1st quarter, an increase of 6 percentage points from the previous quarter. The capital requirement relating to SPP falls as dividends are paid, boosting the solvency ratio. New subordinated loans of MNOK 700 and MSEK 300 further increases the solvency, while a lower Volatility Adjustment and higher symmetrical adjustment dampens the solvency ratio.
Savings
- Fee and administration income increased 8% year on year
- Cash equivalent earnings from operations up 8% year on year
- 3% decrease in Unit Linked Reserves in Q1 due to weaker financial markets
The Savings segment includes products for retirement savings with no interest rate guarantees. The segment consists of defined contribution pensions in Norway and Sweden.
Savings - Results
| 2025 | 2024 | Full year | ||||
|---|---|---|---|---|---|---|
| NOK million | Q1 | Q4 | Q3 | Q2 | Q1 | 2024 |
| Fee and administration income | 648 | 648 | 620 | 606 | 598 | 2,472 |
| Operational expenses | -389 | -392 | -363 | -354 | -358 | -1,467 |
| Cash equivalent earnings from operations | 259 | 256 | 258 | 252 | 240 | 1,005 |
| Financial items and risk result life & pension | -8 | 9 | 0 | 1 | 6 | 16 |
| Cash equivalent earnings before amortisation | 251 | 265 | 258 | 253 | 246 | 1,021 |
Financial Performance
The Savings segment reported cash equivalent earnings before amortisation of NOK 251m (NOK246m) in the 1st quarter.
The fee and administration income in the Savings segment amounted to NOK 648m (NOK 598m) in the 1st quarter, corresponding to a growth of 7% (adjusted for currency effect NOK vs SEK). In Unit Linked Norway, income grew by 8% compared to the same quarter last year. Structural growth in the underlying business and positive markets were supportive. In Sweden, fee and administration income grew by 6% compared to the same quarter last year.
Operational cost amounted to NOK -389m (NOK -358m) in the 1st quarter. The stable cost development is largely
explained by efficiency measures. Growth in the business in addition to underlying price inflation and wage growth affected the cost level.
Balance sheet and market trends
Assets under management in Unit Linked decreased to NOK 446bn (NOK 410bn) from NOK 459bn last quarter. Unit Linked premiums increased to NOK 7.9bn (NOK 7.5bn) in the 1st quarter. In the Norwegian Unit Linked business, AUM decreased to NOK 245bn (NOK 226bn) from NOK 248bn last quarter due to somewhat weaker markets. Net inflow amounted to NOK 1.6bn (NOK 3.4bn). In the Swedish Unit Linked business, AUM decreased by NOK 9bn in the quarter and amounted to NOK 202bn at end of the period. Net inflow in Sweden amounted to NOK 1.6bn (NOK 1.3bn) in the 1st quarter.
Savings - Key figures
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| NOK mill | Q1 | Q4 | Q3 | Q2 | Q1 |
| Unit Linked Reserves | 446,308 | 458,525 | 448,514 | 425,589 | 410,180 |
| Unit Linked Premiums | 7,911 | 7,717 | 7,617 | 7,739 | 7,479 |
Insurance
• 12% growth in insurance premiums f.o.a. compared to the corresponding quarter last year
• Combined ratio of 91% in the quarter compared to 86% in Q1 2024
The Insurance segment includes personal risk products in the Norwegian and Swedish retail market and employee insurance and pension-related insurance in the Norwegian and Swedish corporate markets.
Insurance - Results
| 2025 | 2024 | Full year | ||||
|---|---|---|---|---|---|---|
| NOK million | Q1 | Q4 | Q3 | Q2 | Q1 | 2024 |
| Insurance result | 264 | 201 | 282 | 303 | 276 | 1,063 |
| - Insurance premiums f.o.a. | 1,188 | 1,146 | 1,094 | 1,072 | 1,057 | 4,369 |
| - Claims f.o.a. | -924 | -944 | -812 | -768 | -781 | -3,306 |
| Operational expenses | -157 | -148 | -144 | -133 | -128 | -553 |
| Cash equivalent earnings from operations | 107 | 53 | 138 | 171 | 148 | 510 |
| Financial items and risk result life & pension | 29 | 59 | 44 | 19 | 24 | 145 |
| Cash equivalent earnings before amortisation | 136 | 112 | 182 | 190 | 172 | 655 |
Financial Performance
Insurance premiums f.o.a. amounted to NOK 1,188m (NOK 1,057m) in the 1st quarter, corresponding to an increase of 12% compared to last year. A significant portion of the portfolio was repriced during the annual renewal in the first quarter, with churn remaining within normal variation. The cost ratio was 13% (12%), with cost amounting to NOK -157m (NOK -128m) in the 1st quarter.
For the segment overall, cash equivalent earnings before amortisation amounted to NOK 136m (NOK -172m) in the 1st quarter. The total combined ratio was 91% (86%) in the 1st quarter. The combined ratio increase was due to increased disability in the retail segment. Significant uncertainty persists regarding disability development in Norwegian society, and Storebrand is closely monitoring the situation.
In 'Corporate insurance', including Pension related disability and Group life insurance, premiums f.o.a. increased by 14% in the 1st quarter. Due to a continued adverse disability development in Norway, prices were significantly increased with effect from the 1st quarter 2025. The situation is followed closely. 'Corporate insurance' reported cash equivalent earnings before amortisation of NOK 98m (NOK 67m) in the
1st quarter. The result in the quarter represents a stable development within life related coverages. In sum, 'Corporate insurance' reported a combined ratio of 91% (93%) in the 1st quarter.
Within 'Retail insurance' the cash equivalent earnings before amortisation was NOK 37m (NOK 104m) in the 1st quarter. The negative development was driven by increased disability claims. The claims ratio was 72% (54%) in the 1st quarter. Altogether, the segment delivered a combined ratio of 91% (74%) in the 1st 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. The Storebrand Group has an ambition to grow the insurance business.
Overall growth in annual portfolio premiums was 13% compared to the same quarter last year. Growth in 'Individual life' amounted to 8%. 'Group life' grew by 20%, driven by price adjustments, sales and salary increases, and 'Pension related disability insurance' grew by 12%, driven by price adjustments and salary increases.
Portfolio premiums (annual)
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| NOK million | Q1 | Q4 | Q3 | Q2 | Q1 |
| Individual life * | 1,312 | 1,279 | 1,256 | 1,238 | 1,217 |
| Group life ** | 1,359 | 1,281 | 1,283 | 1,198 | 1,137 |
| Pension related disability insurance *** | 2,259 | 2,173 | 2,143 | 2,071 | 2,011 |
| Portfolio premium | 4,930 | 4,733 | 4,682 | 4,507 | 4,365 |
| * Individual life disability insurance |
** Group disability, workers compensation insurance
*** DC disability risk premium Norway and disability risk Sweden
Key Figures
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | |
| Claims ratio | 78% | 82% | 74% | 72% | 74% |
| Cost ratio | 13% | 13% | 13% | 12% | 12% |
| Combined ratio | 91% | 95% | 87% | 84% | 86% |
Guaranteed pension
- Reduced fee and administration income due to run-off and reduced fees from corporate pension funds
- Public occupational pension mandates of NOK 4.5bn won in 2024 were transferred in Q1
• Improved profit-sharing result despite turbulent markets
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
| 2025 | 2024 | Full year | ||||
|---|---|---|---|---|---|---|
| NOK million | Q1 | Q4 | Q3 | Q2 | Q1 | 2024 |
| Fee and administration income | 373 | 376 | 385 | 388 | 391 | 1,540 |
| Operational cost | -236 | -222 | -223 | -211 | -215 | -871 |
| Cash equivalent earnings from operations | 138 | 154 | 162 | 177 | 175 | 669 |
| Risk result life & pensions | 36 | -22 | 3 | 10 | 44 | 35 |
| Net profit sharing | 87 | 153 | 181 | 119 | 70 | 522 |
| Cash equivalent earnings before amortisation | 261 | 285 | 346 | 306 | 289 | 1,226 |
Financial performance
Guaranteed pension achieved cash equivalent earnings before amortisation of NOK 261m (NOK 289m) in the 1st quarter.
Fee and administration income amounted to NOK 373m (NOK 391m) in the 1st quarter. The development reflects a reduced contribution from the sub-segments in long-term run-off, and lower income level within paid-up polices due to reduced fees from transferred closed corporate pension funds which were significant last year. Growth in assets under management including new sales within Norwegian public sector pensions had a positive effect.
Operational cost amounted to NOK -236m (NOK -215m) in the 1st quarter. The cost increase is mainly attributed to growth initiatives in the public sector in Norway and increased activity for capital-light guaranteed products in Sweden.
The cash equivalent earnings from operations fell to NOK 138m (NOK 175m) in the 1st quarter.
The risk result was NOK 36m (NOK 44m) in the 1st quarter. In sum the result is satisfactory, but there is some volatility in subsegments explained by reserve adjustments in the Norwegian business. Reserve adjustments improved the result in paid-up policies and a reserve strengthening reduced the result in defined benefit. In Sweden a solid longevity result contributed to the positive development. Net profit sharing amounted to NOK 87m (NOK 70m) in the 1st quarter. Profit sharing was negatively affected by turbulent financial markets in the quarter.
Balance sheet and market trends
The majority of the guaranteed products are in long term runoff. As of the 1st quarter, customer reserves of guaranteed pensions amounted to NOK 295bn. This is an increase of NOK 4bn in the quarter, driven by the positive transfer of public sector pensions. A growth area for Storebrand is public sector occupational pensions, where Storebrand won its first mandates in 2020. Storebrand expects several tender processes to occur in the second half of 2025.
Net flow of guaranteed pensions amounted to NOK -3.0bn in the quarter (NOK -2.8bn in Q1 2024).
Storebrand's strategy is to maintain solid buffer capital levels in order to secure customer returns and shield shareholder's equity during turbulent market conditions. Buffer capital was NOK 31.0bn as of the 1st quarter. As a share of guaranteed reserves, buffer capital levels amounted to 7.3% (6.8%) in Norway and 24.4% (23.0%) in Sweden. This does not include off-balance sheet excess values of bonds at amortised cost, which at the end of the 1st quarter amounted to a deficit of NOK -13.7bn (NOK -10.6bn).
Guaranteed pension – Key figures
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| NOK million | Q1 | Q4 | Q3 | Q2 | Q1 |
| Guaranteed reserves | 295,001 | 290,799 | 294,115 | 287,990 | 285,323 |
| Guaranteed reserves in % of total reserves | 39.8% | 38.8% | 39.6% | 40.4% | 41.0% |
| Net flow of premiums and claims | -2,997 | -3,133 | -2,780 | -2,840 | -2,773 |
| Buffer capital in % of customer reserves Norway | 7.3% | 7.4% | 7.5% | 6.8% | 6.8% |
| Buffer capital in % of customer reserves Sweden | 24.4% | 24.4% | 23.5% | 23.4% | 23.0% |
Other
Under Other, the company portfolios of Storebrand Livsforsikring and SPP are reported.
| 2025 | 2024 | Full year | ||||
|---|---|---|---|---|---|---|
| NOK million | Q1 | Q4 | Q3 | Q2 | Q1 | 2024 |
| Operational expenses | -9 | -7 | -12 | -7 | -9 | -35 |
| Cash equivalent earnings from operations | -9 | -7 | -12 | -7 | -9 | -35 |
| Financial items and risk result life & pension | 151 | 132 | 189 | 138 | 169 | 629 |
| Cash equivalent earnings before amortisation | 142 | 125 | 177 | 132 | 161 | 594 |
Financial Performance
The Other segment reported cash equivalent earnings before amortisation of NOK 142m (NOK 161m) in the 1st quarter. The result in the quarter was driven by the financial result, where the contribution from returns in the company portfolios was robust.
The operational cost amounted to NOK -9m (NOK -9m) in the 1st quarter.
The financial result for the Other segment amounted to NOK 151m (NOK 169m) in the 1st quarter. The result was driven by returns in the company portfolios of SPP and Storebrand Life Insurance. The company portfolios are primarily invested in interest-bearing securities in Norway and Sweden. The Norwegian company portfolio achieved a return of 1.1% in the 1st quarter, while the Swedish company portfolio reported a return of 0.8% in the 1st quarter. The company portfolios in the Norwegian and Swedish life insurance companies and the holding company amounted to NOK 24.9bn at the end of the quarter.
The Storebrand Livsforsikring Group is funded by a combination of equity and subordinated loans. Interest expenses in the quarter amounted to NOK -132m excluding hedging effects.
Balance sheet and capital situation
Continuous monitoring and active risk management is a core area of the Storebrand Group's business. Risk and solidity are both followed up on at the Group level and in the legal entities. Regulatory requirements for financial strength and risk management follow the legal entities to a large extent. The section is thus divided up by legal entities.
Storebrand Livsforsikring AS Customer buffers (NOR)
Buffer capital in % of customer reserves
The buffer fund is distributed across individual contracts and can be used to cover the difference between contracts' annual interest guarantee and achieved investment return, including when returns are negative. Storebrand can set aside all or part of a surplus on the return to a buffer fund. Furthermore, funds in the buffer fund can be assigned to the customer as surplus.
The buffer fund amounted to NOK 14.2bn at the end of the 1st quarter, corresponding to 7.3% of customer funds with a guarantee. The buffer fund increased by NOK 0.1bn in the quarter. Due to higher interest rates, the excess value of bonds and loans valued at amortized cost increased by NOK 0.5bn during the quarter and amounted to NOK -13.7bn at the end of the quarter. The excess value of bonds and loans at amortized cost is not included in the financial statements of Storebrand Livsforsikring AS.
Allocation of guaranteed customer assets (NOR)
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Customer assets increased by NOK 0.2bn during the quarter, amounting to NOK 454bn at the end of 1st quarter 2025. Of this, customer assets within non-guaranteed savings decreased by NOK 3.5bn during the quarter, amounting to NOK 245bn at the end of the 1st quarter. Guaranteed customer assets increased by NOK 3.6bn during the quarter, amounting to NOK 209bn at the end of 1st quarter. The new flexible buffer fund has led to increased allocation to assets with higher risk such as equities, with a corresponding positive effect on expected returns for customers and shareholders.
Conditional bonuses in % of customer funds with guarantee
The buffer capital (conditional bonuses) amounted to SEK 16.0bn at the end of the 1st quarter, down by SEK 0.4bn during the quarter.
Allocation of guaranteed customer assets (SWE)
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Customer assets decreased by SEK 14.3bn during the quarter, amounting to SEK 271bn at the end of 1st quarter 2025. Of this, customer assets within non-guaranteed savings decreased by SEK 12.4bn during the quarter, amounting to NOK 191bn at the end of the 1st quarter. Guaranteed customer assets decreased by SEK 1.9bn during the quarter, amounting to SEK 79bn at the end of 1st quarter.
Outlook
Strategy
The Storebrand Group delivers financial security and freedom to individuals and businesses. The Group aim to make it easy for customers to make good financial decisions for the future by offering sustainable solutions: Together we create a future to look forward to.
The Storebrand Group's strategy gives a compelling combination of capital-light 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.
The Storebrand Group aims to (a) be 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, cost and revenue synergies across the Group provide a solid platform for profitable growth and value creation.
In Norway, the market for Defined Contribution pensions is growing structurally due to the young nature of the product. High single-digit growth in Defined Contribution premiums and double-digit growth in assets under management are expected during the next years. Storebrand aims to defend its strong position in the market, while also focusing on cost leadership and improved customer experience through end-to-end digitalisation. As a leading occupational pension provider in the private sector, Storebrand also has a competitive pension offering to the Norwegian public sector, a large and fast growing market. It is currently dominated by one player and represents a potential additional source of revenue for Storebrand.
In Sweden, SPP is a market challenger within the segment for non-unionised pensions, with an edge in digital and ESG-enhanced solutions. SPP is a significant profit contributor to the Storebrand Group, supported by an ongoing capital release from its guaranteed products in runoff. SPP's ambition is to achieve double digit annual growth, driven by a strong value proposition, growth in capital light guaranteed savings and selected portfolio transfers.
Overall reserves of guaranteed pensions are expected to decrease in the coming years. Guaranteed reserves represent a declining share of the Group's total pension reserves and amounted to less than 40% of the pension reserves at the end of the quarter, 1 percentage point lower than a year ago. With interest rates having risen to significantly higher levels than the average level of interest rate guarantees, the prospects for future profit sharing with customers have increased.
The brand name 'Storebrand' is well recognised in Norway. Together with capital, customer and operational synergies in the business, it supports rapid growth in the Norwegian retail market.
Financial performance
Storebrand expects top line growth in both fee-based income and insurance. In 2024, the insurance results were severely affected by persistent high levels of disability. Several measures, including repricing, are implemented and the board expects the insurance results to gradually improve from last year level.
Storebrand maintains a disciplined cost culture. To meet the Storebrand Group's profit ambitions, Storebrand invests in profitable growth. This includes growth in digital solutions, public occupational pensions in addition to acquired business. Within savings and pension, the Group continues its focus on automation and efficiency measures to maintain cost leadership in core markets. Growth investments have gradually increased costs, and cost reduction measures will be implemented if ambitions are not achieved.
Risk
Storebrand is exposed to several risk factors. The notes in this report and the annual report give comprehensive information about the main risk factors.
Regulatory changes
Occupational pension
Following a broad pension agreement in the Norwegian Parliament in 2024, age limits in the pension system will increase as life expectancy increases. This applies to both the lower age limit for withdrawal of pensions and the upper age limit for earning a pension in the social security pension system. The Ministry of Finance is working on adapting occupational pensions to life expectancy adjusted age limits. Storebrand expects increased lower age limit for withdrawal, extended minimum withdrawal periods and changes regarding disability pensions from occupational pension schemes.
The governing Labour party's parliamentary election manifesto for the period 2025-2029 proposes a gradual increase of the minimum savings rate for mandatory occupational pensions in cooperation with the social partners.
The market for municipal occupational pensions Storebrand has filed two complaints to the EFTA Surveillance Authority (ESA). Storebrand has claimed that municipalities, regional health authorities (RHAs) and hospitals have entered contracts on occupational pension with KLP, in breach of the rules on public procurement. Storebrand has also claimed that municipalities, RHAs and hospitals have granted KLP state aid in violation of European Economic Area (EEA) Agreement. According to Storebrand, the mutual company KLP is given access to capital from municipalities and hospitals on more favourable terms than other market participants would receive by withholding retained earnings when customers move to other providers.
ESA gave preliminary views on the issues raised in the public procurement case, in a letter to Norwegian authorities dated 29 February 2024. ESA's preliminary view is that public sector occupational pension contracts fall within the scope of public procurement law, and that the lack of tender processes in this market constitutes a consistent and general practice in failure to observe EEA public procurement law with regard to the award and/or modification of contracts concerning insured public sector occupational pension contracts.
The Norwegian government responded to ESAs preliminary view on 14 June 2024. The government's letter to ESA did not present new arguments or views compared to submissions made before ESA's preliminary view. Storebrand therefore expects ESA to initiate infringement proceedings in the public procurement case.
ESA is still considering the state aid case.
Storebrand Livsforsikring AS
Profit before tax was NOK 1,636 million (1,525 million) in the 1st quarter. Premium incomes amounted to NOK 15,363 million (NOK 13,387 million). The increase in the quarter is due to higher transfer in premium reserves and pension capital, and a higher premium. A solid growth in premiums from group pension and defined contribution pensions contributed to the increase in the quarter. There have been good returns in both the company portfolio in the first three months of 2025, despite widening credit spreads. Claims amounted to NOK 10,667 million (7,573 million) in the 1st quarter, partly as a result of increased disability cases but also a significant amount due to transfer of premium reserves to others. A small increase in operating costs is mainly attributed to investment in growth and digital initiatives. Storebrand continued to focus on strong cost discipline, as demonstrated over the past decade. Dividends and group contributions from subsidiaries amounting to NOK 1,196 million (NOK 1,023 million) have been booked in the first quarter.
Lysaker, 6 May 2025 Board of Directors Storebrand Livsforsikring AS
Statement of comprehensive income
| 01.01 - 31.03 | Full year | ||
|---|---|---|---|
| NOK million | 2025 | 2024 | 2024 |
| Insurance revenue | 1,662 | 1,691 | 6,589 |
| Insurance service expenses | -1,045 | -816 | -3,990 |
| Net expenses from reinsurance contracts held | -9 | -5 | -16 |
| Net insurance service result | 608 | 870 | 2,582 |
| Income from unit linked | 577 | 543 | 2265 |
| Other income | 86 | 78 | 295 |
| Total income | 1,271 | 1,491 | 5,142 |
| Operating expenses | -450 | -410 | -1,694 |
| Other expenses | -14 | -15 | -54 |
| Operating profit | 806 | 1,066 | 3,395 |
| Income from investments in subsidiaries, associated companies and joint ventures companies |
147 | 69 | 448 |
| Net income on financial and property investments | -18,664 | 32,680 | 73,198 |
| Net change in investment contract liabilities | 18,176 | -29,143 | -57,458 |
| Finance expenses from insurance contracts issued | 652 | -3,414 | -14,110 |
| Interest expenses securities issued and other interest expenses | -200 | -211 | -813 |
| Net financial result | 111 | -20 | 1,265 |
| Profit/loss before amortisation and tax | 917 | 1,046 | 4,660 |
| Amortisation and write-downs intangible assets | -40 | -39 | -157 |
| Tax expenses | -99 | -169 | -871 |
| Profit/loss for the period | 778 | 838 | 3,632 |
| Change in actuarial assumptions | 2 | -14 | |
| Fair value adjustment of properties for own use | |||
| Other comprehensive income allocated to customers | |||
| Tax on other comprehensive income not to be reclassified to | |||
| profit/loss Other comprehensive income not to be reclassified to | 2 | -14 | |
| profit/loss | |||
| Profit/loss cash flow hedging | |||
| Translation differences foreign exchange | -96 | -42 | -118 |
| Unrealised profit/loss on financial instruments FVOCI | 54 | -47 | -23 |
| Tax on other comprehensive income that may be reclassified to | -14 | 12 | 6 |
| profit/loss Other comprehensive income that may be reclassified to profit |
|||
| /loss | -56 | -77 | -135 |
| Other comprehensive income | -54 | -77 | -149 |
| TOTAL COMPREHENSIVE INCOME | 724 | 761 | 3,483 |
| PROFIT IS ATTRIBUTABLE TO: | |||
| Share of profit for the period - shareholders | 778 | 838 | 3,632 |
| Share of profit for the peride - non-controlling interests | |||
| COMPREHENSIVE INCOME IS ATTRIBUTABLE TO: | |||
| Share of profit for the period - shareholders | 724 | 761 | 3,483 |
| Share of profit for the peride - non-controlling interests |
Statement of financial position
| NOK million | 31.03.25 | 31.12.24 |
|---|---|---|
| ASSETS | ||
| Other intangible assets | 2,574 | 2,617 |
| Total intangible assets | 2,574 | 2,617 |
| Tangible fixed assets | 671 | 654 |
| Tax assets | 2,007 | 2,105 |
| Equities and units in subsidiaries, associated companies and joint ventures | 7,114 | 7,325 |
| Investment properties | 37,015 | 36,225 |
| Loans | 26,239 | 25,734 |
| Bonds and other fixed-income securities | 290,359 | 290,219 |
| Equities and fund units | 392,255 | 414,712 |
| Derivatives | 5,343 | 2,448 |
| Bank deposits | 16,482 | 8,102 |
| Total investments | 774,807 | 784,766 |
| Insurance contracts assets | ||
| Reinsurance contracts assets | 165 | 180 |
| Receivable in the group | 181 | 178 |
| Accounts receivable and other short-term receivables | 30,578 | 49,032 |
| TOTAL ASSETS | 810,982 | 839,533 |
| EQUITY AND LIABILITIES | ||
| Paid in equity | 15,959 | 15,959 |
| Earned equity | -1,574 | 1,851 |
| Total equity | 14,384 | 17,810 |
| Subordinated loans and hybrid tier 1 capital | 10,083 | 9,979 |
| Insurance contracts liabilities | 324,285 | 323,974 |
| Reinsurance contracts liabilities | 13 | 11 |
| Investment contracts liabilities | 418,070 | 429,471 |
| Pension liabilities etc. | 53 | 58 |
| Deferred tax | 1,145 | 1,135 |
| Lease liabilities | 653 | 641 |
| Derivatives | 5,813 | 8,907 |
| Liabilities to group companies | 589 | 33 |
| Other liabilities | 35,894 | 47,515 |
| Total liabilities | 786,515 | 811,744 |
| TOTAL EQUITY AND LIABILITIES | 810,982 | 839,533 |
Statement of changes in equity
| Majority's share of equity | ||||||
|---|---|---|---|---|---|---|
| NOK million | Share capital |
Share premium |
Other paid in equity |
Total paid in equity |
Other equity |
Total equity |
| Equity at 1.1.2024 | 3,540 | 9,711 | 2,327 | 15,578 | 1,808 | 17,386 |
| Profit for the period | 3,632 | 3,632 | ||||
| Other comprehensive income | -149 | -149 | ||||
| Total comprehensive income for the period | 3,483 | 3,483 | ||||
| Equity transactions with owner: | ||||||
| Received dividend/group contributions | 381 | 381 | 381 | |||
| Paid dividend/group contributions | -3,439 | -3,439 | ||||
| Other | ||||||
| Equity at 31.12.2024 | 3,540 | 9,711 | 2,708 | 15,959 | 1,852 | 17,810 |
| Profit for the period | 778 | 778 | ||||
| Other comprehensive income | -54 | -54 | ||||
| Total comprehensive income for the period | 724 | 724 | ||||
| Equity transactions with owner: | ||||||
| Received dividend/group contributions | ||||||
| Paid dividend/group contributions | -4,150 | -4,150 | ||||
| Other | ||||||
| Equity at 31.03.2025 | 3,540 | 9,711 | 2,708 | 15,959 | -1,574 | 14,385 |
Storebrand Livsforsikring Group/AS Statement of cash flow
| Storebrand Livsforsikring | Storebrand Livsforsikring AS |
|||
|---|---|---|---|---|
| group 01.01 - 31.03 |
01.01 - 31.03 | |||
| 2024 | 2025 NOK million | 2025 | 2024 | |
| Cash flow from operating activities | ||||
| 6,045 | 4,933 Net received - direct insurance | 4,509 | 5,636 | |
| -5,515 | -3,523 Net claims/benefits paid - direct insurance | -1,977 | -3,987 | |
| 3,955 | 1,554 Net receipts/payments - policy transfers | 1,318 | 3,823 | |
| 465 | 680 Net change insurance liabilities | 639 | 315 | |
| -190 | -326 Taxes paid | |||
| -782 | -771 Net receipts/payments operations | -477 | -427 | |
| -5,461 | 1,844 Net receipts/payments - other operational activities | -867 | -104 | |
| -1,482 | 4,392 Net cash flow from operating activities before financial assets | 3,145 | 5,256 | |
| -163 | -699 Net receipts/payments - loans to customers | -392 | 40 | |
| 4,576 | 8,055 Net receipts/payments - financial assets | 6,800 | -5,121 | |
| 227 | 159 Net receipts/payments - property activities | |||
| 7 Receipts - sale of investment properties | ||||
| -146 | Payment - purchase of investment properties | |||
| 4,494 | 7,523 Net cash flow from operating activities from financial assets | 6,408 | -5,081 | |
| 3,012 | 11,914 Net cash flow from operating activities | 9,553 | 175 | |
| Cash flow from investing activities | ||||
| Net payments - purchase/capitalisation associated companies | ||||
| -1 | -6 Net receipts/payments - sale/purchase of fixed assets | -2 | -1 | |
| -1 | -6 Net cash flow from investing activities | -2 | -1 | |
| Cash flow from financing activities | ||||
| 1,012 Receipts - subordinated loans issued | 1,012 | |||
| -862 | -811 Repayment of subordinated loans | -811 | -862 | |
| -257 | -230 Payments - interest on subordinated loans | -230 | -257 | |
| Payments received of dividend and group contribution | 1,196 | 1,020 | ||
| -2,934 | -3,600 Payment of dividend and group contribution | -3,600 | -2,934 | |
| -4,053 | -3,630 Net cash flow from financing activities | -2,434 | -3,033 | |
| -1,042 | 8,278 Net cash flow for the period | 7,117 | -2,858 | |
| -5,536 | 756 of which net cash flow for the period before financial assets | 709 | 2,223 | |
| -1,042 | 8,278 Net movement in cash and cash equivalent assets | 7,117 | -2,858 | |
| 13,201 | 8,102 Cash and cash equivalents at the start of the period | 4,304 | 9,817 | |
| 18 | 102 Currency translation differences | |||
| 12,177 | 16,482 Cash and cash equivalent assets at the end of the period | 11,421 | 6,959 |
Storebrand Livsforsikring Group Notes to the financial statements
Note
1
Basis for preparation
The Livsforsikring Group's interim financial statements include Storebrand Livsforsikring AS, subsidiaries, associated and joint-ventures companies. The financial statements are prepared in accordance with IAS 34 Interim Financial Reporting for the consolidated financial statements. The interim financial statements do not contain all the information that is required in full annual financial statements. Please refer to notes in the annual report for detailed information.
A description of the accounting policies applied in the preparation of the financial statements are provided in the 2024 annual report, and the interim financial statements are prepared in accordance with these accounting policies.
There are no new or changed accounting standards that entered into effect in 2025 that have significant effect on Storebrand's consolidated financial statements.
In preparing the Livsforsikring 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 2024 annual report in note 2, financial market risk and insurance risk in note 6 and valuation of financial instruments and properties are described in note 11.
Note 2
Profit by segments
Storebrand Group's operation includes the segments Savings, Insurance, Guaranteed Pension and Other. A description of the segment reporting and the reconciliation between the profit and loss statement and alternative statement of the result (segment) is included in the 2024 annual report in note 3.
| Savings | Insurance | Guaranteed pension | ||||
|---|---|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Fee and administration income | 648 | 598 | 373 | 391 | ||
| Insurance result | 264 | 276 | ||||
| - Insurance premiums for own account | 1,188 | 1,057 | ||||
| - Claims for own account | -924 | -781 | ||||
| Operational cost | -389 | -358 | -157 | -128 | -236 | -215 |
| Cash equivalent earnings from operations | 259 | 240 | 107 | 148 | 138 | 175 |
| Financial items and risk result life & pension | -8 | 6 | 29 | 24 | 36 | 44 |
| Net profit sharing | 87 | 70 | ||||
| Cash equivalent earnings before amortisation | 251 | 246 | 136 | 172 | 261 | 289 |
Segment information Q1
| Other | Storebrand Livsforsikring group |
|||
|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2025 | 2024 |
| Fee and administration income | 1,021 | 988 | ||
| Insurance result | 264 | 276 | ||
| - Insurance premiums for own account | 1,188 | 1,057 | ||
| - Claims for own account | -924 | -781 | ||
| Operational cost | -9 | -9 | -790 | -709 |
| Cash equivalent earnings from operations | -9 | -9 | 495 | 555 |
| Financial items and risk result life & pension | 151 | 169 | 295 | 313 |
| Cash equivalent earnings before amortisation | 142 | 161 | 790 | 868 |
| Amortisation and write-downs intangible assets | -47 | -46 | ||
| Cash equivalent earnings before tax | 142 | 161 | 744 | 822 |
| Tax | -58 | -130 | ||
| Cash equivalent earnings after tax | 685 | 692 |
Note 3
Liquidity risk
Specification of subordinated loans
| Nominal | Currency | Interest | Call | Book value Book value | ||
|---|---|---|---|---|---|---|
| NOK million | value | rate | date | 31.03.25 | 31.12.24 | |
| Issuer | ||||||
| Perpetual subordinated loans 1) | ||||||
| Storebrand Livsforsikring AS2) | 900 SEK | Variable | 2026 | 947 | 928 | |
| Storebrand Livsforsikring AS | 300 NOK | Variable | 2028 | 303 | 302 | |
| Storebrand Livsforsikring AS2) | 400 SEK | Variable | 2028 | 423 | 414 | |
| Storebrand Livsforsikring AS2) | 300 NOK | Fixed | 2028 | 320 | 313 | |
| Storebrand Livsforsikring AS | 700 NOK | Variable | 2030 | 705 | ||
| Storebrand Livsforsikring AS2) | 300 SEK | Variable | 2030 | 316 | ||
| Dated subordinated loans | ||||||
| Storebrand Livsforsikring AS 2,4) | 862 SEK | Variable | 2025 | 887 | ||
| Storebrand Livsforsikring AS | 426 NOK | Variable | 2025 | 427 | 427 | |
| Storebrand Livsforsikring AS3) | 650 NOK | Variable | 2027 | 653 | 653 | |
| Storebrand Livsforsikring AS 2,3) | 750 NOK | Fixed | 2027 | 761 | 748 | |
| Storebrand Livsforsikring AS 2,3) | 1,250 NOK | Variable | 2027 | 1,259 | 1,259 | |
| Storebrand Livsforsikring AS2) | 300 EUR | Fixed | 2031 | 2,923 | 3,022 | |
| Storebrand Livsforsikring AS 2,3) | 1,000 SEK | Variable | 2029 | 1,047 | 1,026 | |
| Total subordinated loans and hybrid capital | 10,083 | 9,979 |
1) Regarding perpetual subordinated loans, the cash flow has been calculated until the first call.
2) The loans are subject to hedge accounting.
3) Green bonds
4) The loan has been repaid in 2025
Note 4
Valuation of financial instruments and investment properties
The Storebrand Group categorises financial instruments valued at fair value on three different levels. Criteria for the categorisation and processes associated with valuing are described in more detail in note 11 in the annual report for 2024.
The company has established valuation models and gathers information from a wide range of wellinformed sources with a view to minimize the uncertainty of valuations.
| NOK million | Fair value | Fair value | Book value | Book value |
|---|---|---|---|---|
| 31.03.25 | 31.12.24 | 31.03.25 | 31.12.24 | |
| Subordinated loan capital | 10,115 | 10,012 | 10,083 | 9,979 |
| Level 1 | Level 2 | Level 3 | |||
|---|---|---|---|---|---|
| NOK million | Quoted prices |
Observable assumptions |
Non observable assumptions |
Total 31.03.2025 |
Total 31.12.2024 |
| Bonds and other fixed income securities | |||||
| - Government bonds | 984 | 984 | 1,150 | ||
| - Corporate bonds | 3,402 | 3,402 | 3,484 | ||
| - Structured notes | 1,338 | 1,338 | 1,519 | ||
| Total bonds and other fixed income securities 31.03.2025 | 5,725 | 5,725 | |||
| Total bonds and other fixed income securities 31.12.2024 | 6,154 | 6,154 |
Valuation of financial instruments and properties at fair value
| Level 1 | Level 2 | Level 3 Non |
|||
|---|---|---|---|---|---|
| NOK million | Quoted prices |
Observable assumptions |
observable | 31.03.25 | 31.12.24 |
| Assets | assumptions | ||||
| Equities and fund units | |||||
| - Equities | 53,835 | 338 | 74 | 54,247 | 58,126 |
| - Fund units | 312,190 | 25,817 | 338,007 | 356,587 | |
| Total equities and fund units 31.03.2025 | 53,835 | 312,528 | 25,890 | 392,254 | |
| Total equities and fund units 31.12.2024 | 57,719 | 330,789 | 26,204 | 414,712 | |
| Total loans to customers | |||||
| - Loans to customers - corporate | 9,095 | 9,095 | 8,199 | ||
| - Loans to customers - private | 17,143 | 17,143 | 17,535 | ||
| Bonds and other fixed income securities | |||||
| - Government bonds | 28,793 | 30,694 | 59,487 | 61,162 | |
| - Corporate bonds | 86,061 | 9 | 86,070 | 90,864 | |
| - Structured notes | 42,743 | 42,743 | 37,694 | ||
| - Collateralised securities | 2,648 | 2,648 | 2,582 | ||
| - Bond funds | 80,100 | 13,587 | 93,687 | 91,763 | |
| Total bonds and other fixed income securities 31.03.2025 | 28,793 | 242,245 | 13,595 | 284,634 | |
| Total bonds and other fixed income securities 31.12.2024 | 28,996 | 241,129 | 13,941 | 284,065 | |
| Derivatives: | |||||
| - Equity derivatives | 38 | 38 | 37 | ||
| - Interest derivatives | -3,979 | -3,979 | -3,240 | ||
| - Currency derivatives | 3,472 | 3,472 | -3,256 | ||
| Total derivatives 31.03.2025 | -507 | 38 | -469 | ||
| - derivatives with a positive market value | 5,300 | 44 | 5,343 | 2,448 | |
| - derivatives with a negative market value | -5,807 | -6 | -5,813 | -8,907 | |
| Total derivatives 31.12.2024 | -6,496 | 37 | -6,459 | ||
| Properties: | |||||
| - investment properties | 35,158 | 35,158 | 34,404 | ||
| - Owner-occupied properties | 1,857 | 1,857 | 1,820 | ||
| Total properties 31.03.2025 | 37,015 | 37,015 | |||
| Total properties 31.12.2024 | 36,225 | 36,225 |
There is no significant movement between level 1 and level 2 in this quarter.
Movement level 3
| NOK million | Equities | Fund units | Loans to customers |
Corporate bonds |
Bond funds | Investment properties |
Owner occupied properties |
|---|---|---|---|---|---|---|---|
| Book value 01.01 | 72 | 26,133 | 25,734 | 8 | 13,933 | 34,404 | 1,820 |
| Net profit/loss | 2 | 28 | 118 | -485 | -79 | -2 | |
| Supply/disposal | -433 | 294 | -89 | 201 | 38 | ||
| Sales/overdue/settlement | |||||||
| To quoted prices and observable assumptions | |||||||
| Currency translation differences | 92 | 92 | 227 | 272 | |||
| Other | -2 | 360 | |||||
| Book value 31.03.2025 | 73 | 25,817 | 26,239 | 8 | 13,587 | 35,158 | 1,857 |
As of 31 March 2025, Storebrand Livsforsikring had NOK 6.997 million invested in Storebrand Eiendomsfond Norge KS and VIA, 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 is described in note 11 in the 2024 annual report. There is no significant change in sensitivity in this quarter.
Note
5
Insurance contracts
Sensitivities
| NOK Million | CSM as at end of period |
Impact on CSM | |
|---|---|---|---|
| 13,863 | |||
| Equity down | -25% | (2,658) | |
| Property down | - 10bp | (989) | |
| Interest rate up | + 50bp | 32 | |
| Interest rate down | - 50bp | (594) | |
| Spread up (credit and volatility adjustment) | + 50bp +15bp | (1,715) | |
| Mortality down | -5% | (319) | |
| Disability up | +5 % | (63) | |
| Expenses up | +5 % | (312) |
Insurance revenue and expenses
| 31.03.25 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Guaranteed pension | Insurance | |||||||
| NOK million | Guarantee d products - Norway |
Guarantee d products - Sweden |
Pension related disability insurance - Norway |
P&C and Individual Life |
Group Life and Disability Insurance |
Total | 31.03.24 | 31.12.24 |
| Contracts measured under VFA and GMM |
||||||||
| Amounts relating to changes in LRC | ||||||||
| Expected incurred claims and other insurance service expenses |
||||||||
| Expected incurred claims | 119 | 119 | 175 | 507 | ||||
| Expected incurred expenses | 147 | 51 | 38 | 236 | 223 | 906 | ||
| Change in the risk adjustment for non-financial risk for risk expired |
60 | 26 | 1 | 86 | 82 | 328 | ||
| CSM recognised in P&L for services provided |
286 | 117 | 91 | 493 | 516 | 1,999 | ||
| Other | ||||||||
| Recovery of insurance acquisition cash flows |
1 | 1 | 3 | 5 | 4 | 18 | ||
| Insurance revenue from contracts measured under VFA and GMM |
493 | 194 | 252 | 940 | 1,000 | 3,757 | ||
| Insurance revenue from contracts measured under the PAA |
318 | 404 | 722 | 691 | 2,831 | |||
| Total insurance revenue | 493 | 194 | 252 | 318 | 404 | 1,662 | 1,691 | 6,589 |
| Incurred claims and other directly attributable expenses |
||||||||
| Incurred claims | -111 | -208 | -442 | -761 | -711 | -2,609 | ||
| Incurred expenses | -164 | -55 | -36 | -55 | -52 | -362 | -318 | -1,316 |
| Changes that relate to past service - Adjustment to the LIC |
-80 | 24 | -56 | 249 | -7 | |||
| Losses on onerous contracts and reversal on those losses |
360 | -26 | -184 | -11 | 139 | -33 | -40 | |
| Insurance acquisition cash flows amortisation |
-1 | -1 | -3 | -5 | -4 | -18 | ||
| Total insurance service expenses | 194 | -83 | -334 | -343 | -480 | -1,045 | -816 | -3,990 |
| Net income (expenses) from reinsurance contracts held |
3 | -4 | -8 | -9 | -5 | -16 | ||
| Total insurance service result | 687 | 112 | -78 | -29 | -84 | 607 | 870 | 2,582 |
Guaranteed pension
Reconciliation of the measurement component of insurance contract balances
| 31.03.25 | ||||||
|---|---|---|---|---|---|---|
| Present value of future cash flows |
Risk adjustment for non financial risk |
CSM | Total | Total 31.12.2024 |
||
| NOK million Net opening balance |
299,507 | 4,038 | 13,507 | 317,052 | 310,239 | |
| Changes that relate to current service | ||||||
| CSM recognised in profit or loss for the services provided |
-493 | -493 | -1,999 | |||
| Change in the risk adjustment for non-financial risk for the risk expired |
-96 | -96 | -339 | |||
| Experience adjustments | 21 | 21 | 20 | |||
| Total changes that relate to current service | 21 | -96 | -493 | -568 | -2,317 | |
| Change that relate to future service | ||||||
| Changes in estimates that adjust the CSM | -742 | 408 | 334 | |||
| Changes in estimates that results in onerous contract losses or reversal of losses |
-357 | 119 | -239 | -385 | ||
| Contracts initially recognised in the period | -442 | 89 | 442 | 89 | 425 | |
| Total changes that relate to future service | -1,542 | 616 | 776 | -150 | 40 | |
| Changes that relate to past service | ||||||
| Adjustment to liabilities for incurred claims | ||||||
| Insurance service result | -1,520 | 520 | 282 | -718 | -2,277 | |
| Finance expenses from insurance contracts issued recognised in profit or loss |
-653 | 10 | -643 | 14,234 | ||
| Finance expenses from insurance contracts issued | -653 | 10 | -643 | 14,234 | ||
| Total amount recognised in comprehensive income |
-2,174 | 520 | 292 | -1,361 | 11,957 | |
| Other changes | 2 | 2 | -64 | |||
| Effect of changes in foreign exchange rates | 1,648 | 21 | 63 | 1,732 | 1,712 | |
| Cash flows | ||||||
| Premiums received | 866 | 866 | 9,953 | |||
| Claims and other directly attributable expenses paid | -1,410 | -1,410 | -16,672 | |||
| Insurance acquisition cash flows | -23 | -23 | -73 | |||
| Total cash flows | -567 | -567 | -6,792 | |||
| Net closing balance | 298,417 | 4,579 | 13,863 | 316,858 | 317,052 |
Insurance
Reconciliation of the liability for remaining coverage and the liability for incurred claims
| 31.03.25 | ||||||
|---|---|---|---|---|---|---|
| LIC for contracts under the LRC PAA |
||||||
| NOK million | Excluding loss component |
Loss component |
Present value of future cash flows |
Risk adjustment for non financial risk |
Total | Total 31.12.24 |
| Net opening balance | 299 | 9 | 6,477 | 137 | 6,922 | 6,544 |
| Insurance revenue | -722 | -722 | -2,831 | |||
| Insurance service expenses | ||||||
| Incurred claims and other directly attributable expenses |
756 | 756 | 2,503 | |||
| Adjustment to liabilities for incurred claims | 62 | -6 | 56 | 7 | ||
| Losses on onerous contracts and reversal of those losses |
11 | 11 | ||||
| Insurance acquisition cash flows amortisation | ||||||
| Insurance service expenses | 11 | 817 | -6 | 823 | 2,510 | |
| Insurance service result | -722 | 11 | 817 | -6 | 101 | -322 |
| Finance expenses from insurance contracts issued recognised in profit or loss |
-8 | -8 | -124 | |||
| Finance expenses from insurance contracts issued recognised in OCI |
||||||
| Finance expenses from insurance contracts issued |
-8 | -8 | -124 | |||
| Total amounts recognised in comprehensive income |
-722 | 11 | 809 | -6 | 93 | -445 |
| Investment components | ||||||
| Effect of changes in foreign exchange rates | 21 | 1 | 22 | 22 | ||
| Cash flows | ||||||
| Premiums recieved | 973 | 973 | 2,863 | |||
| Claims and other directly attributable expenses paid |
-583 | -583 | -2,062 | |||
| Insurance acquisition cash flows | ||||||
| Total cash flows | 973 | -583 | 390 | 801 | ||
| Net closing balance | 551 | 20 | 6,725 | 132 | 7,427 | 6,922 |
Note
6
Tax
A description of the accounting principles for tax, and the most significant impact on the effective tax rate is described in Storebrand Livsforsikring's annual report note 1,and note 20 (Group) and 26 (Company).
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 preponderance that the Norwegian Tax Administration's interpretation will be accepted in a court of law. For further description of uncertain tax positions, see note 20 (Group) and note 26 (Company) in the Annual Report. There has been no development in the uncertain tax positions in the quarter.
Note 7
Contingent assets and liabilities
| Storebrand Livsforsikring Group | |||||
|---|---|---|---|---|---|
| NOK million | 31.03.25 | 31.12.24 | |||
| Uncalled residual liabilities limitied partnership | 3,123 | 3,544 | |||
| Uncalled residual liabilities in alternative investment funds | 14,826 | 16,235 | |||
| Total contigent liabilities | 17,948 | 19,779 |
Guarantees essentially encompass payment and contract guarantees.
Storebrand Livsforsikring received a letter from the Norwegian FSA (Finanstilsynet) in 2023 regarding the fee structure on paid up policies for the year 2023. Storebrand is of the opinion that the fee is legitimate and hence that the company is entitled to it and has appealed the decision. Storebrand is awaiting further proceedings in the Ministry of Finance. There is uncertainty regarding the potential financial impact.
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 also note 2 and note 36 in the 2024 annual report.
Note 8 Information about related parties
The terms for transactions with management and related parties are stipulated in notes 22 for the parent company and note 38 for the group, in the 2024 annual report.
Storebrand Livsforsikring acquires mortgages from Storebrand Bank ASA at commercial terms. The total portfolio of loans bought as of 31 March 2025 is NOK 17.4 billion, net changes of NOK -0.1 billion year to date. Storebrand Livsforsikring AS pays management fees to Storebrand Bank ASA for management of the portfolios, the expense year to date is NOK 17.2 million.
Storebrand Livsforsikring has invested in bonds in Storebrand ASA, Storebrand AIF AS and Storebrand Boligkreditt AS. The investment in the bonds are respectively NOK 60 million, NOK 922 million and NOK 74 million. Storebrand Livsforsikring receives interests on the bonds.
Statement of comprehensive income
| 01.01 - 31.03 | Full year | ||
|---|---|---|---|
| NOK million | 2025 | 2024 | 2024 |
| TECHNICAL ACCOUNT: | |||
| Gross premiums written | 7,743 | 7,283 | 26,844 |
| Reinsurance premiums ceded | -12 | -11 | -33 |
| Premium reserves and pension capital transferred from other | 7,632 | 6,115 | 11,473 |
| companies Premiums for own account |
15,363 | 13,387 | 38,284 |
| Income from investments in subsidiaries, associated companies and joint ventures companies |
557 | 290 | 1,342 |
| of which from investment in property companies | 557 | 290 | 1,342 |
| Interest income and dividends etc. from financial assets | 1,444 | 1,367 | 5,944 |
| Changes in investment value | -184 | -155 | 813 |
| Realised gains and losses on investments | -682 | 1,351 | 2,155 |
| Total net income from investments in the collective portfolio | 1,135 | 2,853 | 10,255 |
| Income from investments in subsidiaries, associated companies and joint ventures companies |
207 | 89 | 464 |
| of which from investment in property companies | 207 | 89 | 464 |
| Interest income and dividends etc. from financial assets | 301 | 220 | 2,516 |
| Changes in investment value | -10,815 | 11,519 | 19,555 |
| Realised gains and losses on investments | 5,363 | 1,959 | 7,956 |
| Total net income from investments in the investment selection portfolio |
-4,945 | 13,788 | 30,490 |
| Other insurance related income | 255 | 235 | 976 |
| Gross claims paid | -4,355 | -3,937 | -15,860 |
| Claims paid - reinsurance | 3 | 2 | 9 |
| Premium reserves, pension capital etc.,and buffer fund transferred to | -6,314 | -3,638 | -14,272 |
| other companies | |||
| Claims for own account | -10,667 | -7,573 | -30,124 |
| To/from premium reserve, gross | -3,824 | -3,120 | -2,618 |
| Change in market value adjustment fund | -33 | -29 | 37 |
| Change in buffer fund | -111 | -414 | -3,154 |
| Change in premium fund, deposit fund and the pension surplus fund | -6 | ||
| To/from technical reserves for non-life insurance business Transfer of buffer fund from other insurance companies/pension |
-107 | -55 | -114 |
| funds | 592 | 434 | 306 |
| Changes in insurance obligations recognised in the Profit and Loss Account - contractual obligations |
-3,483 | -3,185 | -5,549 |
| Change in pension capital | 3,421 | -17,159 | -39,000 |
| Changes in insurance obligations recognised in the Profit and Loss Account - investment portfolio separately |
3,421 | -17,159 | -39,000 |
Statement of comprehensive income (continued)
| 01.01 - 31.03 | Full year | |||
|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2024 | |
| Profit on investment result | -57 | -1,458 | ||
| Risk result allocated to insurance contracts | -95 | -49 | -201 | |
| Other allocation of profit | -67 | -1,413 | -91 | |
| Unallocated profit | ||||
| Funds allocated to insurance contracts | -218 | -1,462 | -1,750 | |
| Management expenses | -60 | -56 | -232 | |
| Selling expenses | -116 | -73 | -285 | |
| Insurance-related administration expenses (incl. commissions for reinsurance received) |
-300 | -298 | -1,215 | |
| Insurance-related operating expenses | -477 | -427 | -1,731 | |
| Other insurance related expenses after reinsurance share | -10 | -12 | -29 | |
| Technical insurance profit | 375 | 446 | 1,820 | |
| NON-TECHNICAL ACCOUNT | ||||
| Income from investments in subsidiaries, associated companies and joint ventures companies |
1,413 | 1,099 | 1,271 | |
| Interest income and dividends etc. from financial assets | 133 | 182 | 897 | |
| Changes in investment value | 63 | 25 | -24 | |
| Realised gains and losses on investments | -128 | -6 | 16 | |
| Net income from investments in company portfolio | 1,481 | 1,301 | 2,160 | |
| Other income | 15 | 24 | 57 | |
| Management expenses | -5 | -5 | -20 | |
| Other expenses | -230 | -241 | -934 | |
| Total management expenses and other costs linked to the company portfolio |
-234 | -246 | -953 | |
| Profit or loss on non-technical account | 1,261 | 1,079 | 1,264 | |
| Profit before tax | 1,636 | 1,525 | 3,084 | |
| Tax expenses | -43 | -104 | -486 | |
| Profit before other comprehensive income | 1,593 | 1,421 | 2,598 | |
| Change in actuarial assumptions | 3 | |||
| Tax on other profit elements not to be reclassified to profit/loss | ||||
| Other comprehensive income not to be reclassified to profit/loss |
3 |
Statement of comprehensive income (continued)
| 01.01 - 31.03 | ||||
|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2024 | |
| Profit/loss cash flow hedging | ||||
| Other profit comprehensive income that may be reclassified to profit /loss |
||||
| Other comprehensive income | 3 | |||
| TOTAL COMPREHENSIVE INCOME | 1,593 | 1,421 | 2,601 |
Statement of financial position
| NOK million | 31.03.25 | 31.12.24 |
|---|---|---|
| ASSETS | ||
| ASSETS IN COMPANY PORTFOLIO | ||
| Goodwill | 302 | 302 |
| Other intangible assets | 969 | |
| Total intangible assets | 1,230 | 1,270 |
| Equities and units in subsidiaries, associated companies and joint ventures | 13,573 | 13,304 |
| of which investment in property companies | ||
| Loans at amortised cost | 3,450 | 3,182 |
| Bonds at amortised cost | 11,390 | 11,695 |
| Deposits at amoritsed cost | 345 | 365 |
| Equities and fund units at fair value | 393 | 356 |
| Bonds and other fixed-income securities at fair value | 3,980 | 4,951 |
| Derivatives at fair value | 75 | 102 |
| Total investments | 33,955 | |
| Receivables in connection with direct business transactions | 3,749 | 509 |
| Receivables in connection with reinsurance transactions | 18 | |
| Receivables with group company | 676 | |
| Other receivables | 43,029 | |
| Total receivables | 44,231 | |
| Tangible fixed assets | 12 | 11 |
| Cash, bank | 1,572 | 1,750 |
| Tax assets | 596 | 639 |
| Other assets designated according to type | 8 | |
| Total other assets | 2,187 | 2,407 |
| Other pre-paid costs and income earned and not received | 96 | 79 |
| Total pre-paid costs and income earned and not received | 96 | 79 |
| Total assets in company portfolio | 64,528 | 81,943 |
Statement of financial position (continued)
| NOK million | 31.03.25 | 31.12.24 |
|---|---|---|
| Equities and units in subsidiaries, associated companies and joint ventures | 21,864 | 21,297 |
| of which investment in property companies | 21,864 | 21,297 |
| Bonds at amortised cost | 147,128 | 145,093 |
| Loans at amoritsed cost | 17,508 | 17,395 |
| Deposits at amoritsed cost | 6,957 | 1,341 |
| Equities and fund units at fair value | 23,060 | 22,676 |
| Bonds and other fixed-income securities at fair value | 7,569 | 8,989 |
| Derivatives at fair value | 1,760 | 1,071 |
| Total investments in collective portfolio | 225,846 | 217,863 |
| Reinsurance share of insurance obligations | 159 | 157 |
| Equities and units in subsidiaries, associated companies and joint ventures | 8,015 | 7,818 |
| of which investment in property companies | 8,015 | 7,818 |
| Bonds at amortised cost | 319 | 216 |
| Loans at amoritsed cost | 618 | 607 |
| Deposits at amoritsed cost | 849 | |
| Equities and fund units at fair value | 181,407 | |
| Bonds and other fixed-income securities at fair value | 59,414 | |
| Loans at fair value | ||
| Derivatives at fair value | 294 | |
| Other financial assets | ||
| Total investments in investment selection portfolio | 244,413 | 250,606 |
| Total assets in customer portfolios | 470,417 | 468,626 |
| TOTAL ASSETS | 534,945 | 550,569 |
Statement of financial position (continued)
| NOK million | 31.03.25 | 31.12.24 |
|---|---|---|
| EQUITY AND LIABILITIES | ||
| Share capital | 3,540 | 3,540 |
| Share premium | 9,711 | 9,711 |
| Other paid in equity | 3,123 | 3,123 |
| Total paid in equity | 16,374 | 16,374 |
| Risk equalisation fund | 1,313 | 1,242 |
| Security reserves | 9 | 9 |
| Other earned equity | 8,962 | 7,441 |
| Total earned equity | 10,285 | 8,692 |
| Perpetual subordinated loans | 4,061 | 2,983 |
| Dated subordinated loans | 6,023 | 6,996 |
| Total subordinated loans and hybrid tier 1 capital | 9,979 | |
| Premium reserves | 199,341 | 195,551 |
| Market value adjustment reserve | 33 | |
| Buffer fund | 14,128 | |
| Premium fund, deposit fund and the pension surplus fund | 3,908 | |
| Unallocated profit to insurance contracts | 233 | |
| Other technical reserve | 905 | |
| Total insurance obligations in life insurance - contractual obligations | 214,493 | |
| Pension capital | 244,730 | 248,179 |
| Unallocated profit to insurance contracts | -15 | |
| Total insurance obligations in life insurance - investment portfolio separately | 244,715 | 248,179 |
Statement of financial position (continued)
| NOK million | 31.03.25 | 31.12.24 |
|---|---|---|
| Pension liabilities etc. | ||
| Deferred tax | 158 | 158 |
| Other provisions for liabilities | ||
| Total provisions for liabilities | 158 | 158 |
| Liabilities in connection with direct insurance | 3,237 | 861 |
| Liabilities in connection with reinsurance | 13 | 11 |
| Derivatives | 2,781 | 6,063 |
| Liabilities to group companies | 591 | 4,198 |
| Other liabilities | 27,030 | 41,347 |
| Total liabilities | 33,651 | 52,480 |
| Other accrued expenses and received, unearned income | 802 | 214 |
| Total accrued expenses and received, unearned income | 802 | 214 |
| TOTAL EQUITY AND LIABILITIES | 534,945 | 550,569 |
Storebrand Livsforsikring AS Statement of changes in equity
| NOK million | Share capital1) |
Share premium reserve |
Other paid in capital |
Total paid in equity |
Risk equalisatio n fund |
Security reserves |
Other equity |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Equity at 01.01.2024 | 3,540 | 9,711 | 2,708 | 15,959 | 1,067 | 7 | 9,167 | 26,200 |
| Profit for the period | 176 | 1 | 2,422 | 2,598 | ||||
| Other comprehensive income | 3 | 3 | ||||||
| Total comprehensive income for the period | 176 | 1 | 2,424 | 2,601 | ||||
| Equity transactions with owner: | ||||||||
| Received dividend/group contributions | 415 | 415 | 415 | |||||
| Paid dividend/group contributions | -4,150 | -4,150 | ||||||
| Other | ||||||||
| Equity at 31.12.2024 | 3,540 | 9,711 | 3,123 | 16,374 | 1,242 | 9 | 7,441 | 25,066 |
| Profit for the period | 71 | 1,522 | 1,593 | |||||
| Other comprehensive income | ||||||||
| Total comprehensive income for the period | 71 | 1,522 | 1,593 | |||||
| Equity transactions with owner: | ||||||||
| Received dividend/group contributions | ||||||||
| Paid dividend/group contributions | ||||||||
| Other | ||||||||
| Equity at 31.03.2025 | 3,540 | 9,711 | 3,123 | 16,374 | 1,313 | 9 | 8,963 | 26,659 |
1) 35 404 200 shares of NOK 100 par value.
Storebrand Livsforsikring AS Notes to the financial statements
Note 1
Basis for preparation
The financial statements are prepared in accordance with the Regulation on the annual accounts etc. of lifeinsurance companies" for the parent company. 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 2024 annual report, and the interim financial statements are prepared in accordance with these accounting policies.
See note 1 in the consolidated accounts for information about estimates, note 3 for information on subordinated loans and liquidity risk, note 6 for development in the uncertain tax positions and note 8 for information about related parties.
Note Segments - profit by business area
2
Storebrand´s operation includes the segments Savings, Insurance, Guaranteed Pension and Other. A description of the segment reporting and the reconciliation between the profit and loss statement and alternative statement of the result (segment) is included in the 2024 annual report in note 3.
Segment information Q1
| Savings | Insurance | Guaranteed pension | ||||
|---|---|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Fee and administration income | 321 | 298 | 241 | 257 | ||
| Insurance result | 211 | 215 | ||||
| - Insurance premiums for own account | 1,111 | 976 | ||||
| - Claims for own account | -900 | -761 | ||||
| Operational cost | -154 | -145 | -143 | -114 | -164 | -153 |
| Cash equivalent earnings from operations | 167 | 153 | 68 | 101 | 77 | 105 |
| Financial items and risk result life & pension | -1 | 29 | 24 | 17 | 48 | |
| Net profit sharing | 17 | 16 | ||||
| Cash equivalent earnings before amortisation | 167 | 152 | 98 | 125 | 110 | 168 |
| Other | Storebrand Livsforsikring AS |
|||
|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2025 | 2024 |
| Fee and administration income | 562 | 555 | ||
| Insurance result | 211 | 215 | ||
| - Insurance premiums for own account | 1,111 | 976 | ||
| - Claims for own account | -900 | -761 | ||
| Operational cost | -7 | -6 | -468 | -418 |
| Cash equivalent earnings from operations | -7 | -6 | 305 | 352 |
| Financial items and risk result life & pension | 1,293 | 1,111 | 1,355 | 1,198 |
| Cash equivalent earnings before amortisation | 1,286 | 1,104 | 1,660 | 1,550 |
| Amortisation and write-downs intangible assets | -25 | -25 | ||
| Cash equivalent earnings before tax | 1,635 | 1,525 | ||
| Tax | -43 | -104 | ||
| Cash equivalent earnings after tax | 1,592 | 1,421 |
Note 3
Valuation of financial instruments and investment properties
The Storebrand Group categorises financial instruments valued at fair value on three different levels. Criteria for the categorisation and processes associated with valuing are described in more detail in note 12 in the annual report for 2024.
The Storebrand Group has established valuation models and gathers information from a wide range of well-informed sources with a view to minimize the uncertainty of valuations.
Fair value of financial assets and liabilities at amortised cost
| NOK million | Fair value 31.03.25 |
Fair value 31.12.24 |
Book value 31.03.25 |
Book value 31.12.24 |
|---|---|---|---|---|
| Financial assets | ||||
| Loans to customers - corporate | 4,135 | 3,641 | 4,162 | 3,654 |
| Loans to customers - retail | 17,145 | 17,537 | 17,415 | 17,530 |
| Bonds held to maturity | ||||
| Bonds classified as loans and receivables | 145,526 | 143,869 | 158,837 | 157,004 |
| Financial liabilities | ||||
| Subordinated loan capital | 10,253 | 10,154 | 10,083 | 9,979 |
Expected credit loss
| 31.03.25 | |||||||
|---|---|---|---|---|---|---|---|
| Stage 1 | Stage 2 | Stage 3 | |||||
| NOK million | 12 months ECL | Lifetime ECL - credit risk significantly increased |
LiftimeECL - credit impaired |
Total | |||
| 01.01.2025 | -69 | -69 | |||||
| The periods change in impairment losses stage 1 | |||||||
| The periods change in impairment losses stage 2 | |||||||
| The periods change in impairment losses stage 3 | 12 | -12 | |||||
| New loans/bonds | -5 | -5 | |||||
| Derecognition | 5 | 5 | |||||
| ECL on financial assets without change in stage | 7 | 7 | |||||
| 31.03.25 | -49 | -12 | -62 | ||||
| ECL FVOCI bonds | |||||||
| ECL Amortized Cost loan | -5 | -12 | -17 | ||||
| ECL Amortized Cost bonds | -44 | -44 | |||||
| Total | -49 | -12 | -62 |
Valuation of financial instruments and properties at fair value
| Level 1 | Level 2 | Level 3 | Total | ||
|---|---|---|---|---|---|
| NOK million | Quoted prices |
Observable assumptions |
Non observable assumptions |
31.03.25 | 31.12.24 |
| Assets | |||||
| Equities and fund units | |||||
| - Equities | 52,524 | 288 | 73 | 52,885 | 56,668 |
| - Fund units | 119,147 | 21,372 | 140,519 | 147,771 | |
| Total equities and fund units 31.03.2025 | 52,524 | 119,435 | 21,445 | 193,404 | |
| Total equities and fund units 31.12.2024 | 56,307 | 126,331 | 21,802 | 204,439 | |
| Total loans to customers | |||||
| - Loans to customers - corporate | |||||
| Bonds and other fixed income securities | |||||
| - Government bonds | 5,977 | 5,977 | 7,065 | ||
| - Corporate bonds | 2,503 | 2,503 | 3,029 | ||
| - Structured notes | 99 | 99 | 98 | ||
| - Collateralised securities | |||||
| - Bond funds | 60,921 | 2,609 | 63,530 | 63,163 | |
| Total bonds and other fixed income securities 31.03.2025 | 5,977 | 63,523 | 2,609 | 72,108 | |
| Total bonds and other fixed income securities 31.12.2024 | 7,065 | 63,560 | 2,729 | 73,354 | |
| Derivatives: | |||||
| - Interest derivatives | -1,507 | -1,507 | -1,386 | ||
| - Currency derivatives | 2,965 | 2,965 | -3,208 | ||
| Total derivatives 31.03.2025 | 1,458 | 1,458 | |||
| - derivatives with a positive market value | 4,238 | 4,238 | 1,468 | ||
| - derivatives with a negative market value | -2,781 | -2,781 | -6,063 | ||
| Total derivatives 31.12.2024 | -4,595 | -4,595 |
Movement level 3
| NOK million | Equities | Fund units | Loans to customers |
Corporate bonds |
Bond funds |
|---|---|---|---|---|---|
| Book value 01.01 | 72 | 21,730 | 2,729 | ||
| Merger | |||||
| Net profit/loss | 2 | 57 | -111 | ||
| Supply/disposal | -415 | -9 | |||
| Sales/overdue/settlement | |||||
| Book value 31.03.2025 | 73 | 21,372 | 2,609 |
Note 4
Contingent assets and liabilities
| Storebrand Livsforsikring AS | ||||
|---|---|---|---|---|
| NOK million | 31.03.25 | 31.12.24 | ||
| Uncalled residual liabilities limitied partnership | 3,024 | 3,437 | ||
| Uncalled residual liabilities in alternative investment funds | 11,822 | 13,001 | ||
| Total contigent liabilities | 14,846 | 16,438 |
Guarantees essentially encompass payment and contract guarantees.
Storebrand Livsforsikring received a letter from the Norwegian FSA (Finanstilsynet) in 2023 regarding the fee structure on paid up policies for the year 2023. Storebrand is of the opinion that the fee is legitimate and hence that the company is entitled to it and has appealed the decision. Storebrand is awaiting further proceedings in the Ministry of Finance. There is uncertainty regarding the potential financial impact.
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 also note 2 and note 42 in the 2024 annual report.
Note Solvency II
5
Storebrand Livsforsikring is an insurance company with capital requirements in accordance with Solvency II. See note 45 in the annual report for further description of solvency reporting.
Solvency capital
| 31.03.25 | 31.12.24 | |||||
|---|---|---|---|---|---|---|
| NOK million | Total | Group 1 unlimited |
Group 1 limited |
Group 2 | Group 3 | Total |
| Share capital | 3,540 | 3,540 | 3,540 | |||
| Share premium | 9,711 | 9,711 | 9,711 | |||
| Reconciliation reserve | 19,534 | 19,534 | 23,617 | |||
| Including the effect of the transitional arrangement | ||||||
| Counting subordinated loans | 9,728 | 3,018 | 6,710 | 9,206 | ||
| Deferred tax asset | ||||||
| Risk equalisation reserve | 1,313 | 1,313 | 1,242 | |||
| Expected dividend/group distributions | -507 | -507 | -3,732 | |||
| Non-counting tier 3 capital | -162 | -162 | -411 | |||
| Total solvency capital | 43,158 | 32,278 | 3,018 | 7,861 | 43,174 | |
| Total solvency capital available to cover the minimum capital requirement |
36,601 | 32,278 | 3,018 | 1,304 | 36,413 |
Solvency capital requirement and margin
| NOK million | 31.03.25 | 31.12.24 |
|---|---|---|
| Market | 14,231 | 15,001 |
| Counterparty | 865 | 838 |
| Life | 8,568 | 8,189 |
| Health | 855 | 826 |
| Operational | 1,054 | 1,034 |
| Diversification | -5,589 | -5,501 |
| Loss-absorbing tax effect | -4,261 | -4,265 |
| Total solvency requirement | 15,722 | 16,122 |
| Solvency margin | 274% | 268% |
| Minimum capital requirement | 6,521 | 6,503 |
| Minimum margin | 561% | 560% |
Financial calendar
7 May 2025 Results Q1 2025 11 July 2025 Results Q2 2025
22 October 2025 Results Q3 2025
Investor Relations contacts
Lars Aa. Løddesøl Group CFO [email protected] +47 934 80 151
Kjetil R. Krøkje
Group Head of Finance, Strategy and M&A [email protected] +47 934 12 155
Johannes Narum
Head of Investor Relations [email protected] +47 993 33 569
Storebrand Livsforsikring AS Professor Kohts vei 9, P.O. Box 500, N-1327 Lysaker, Norway Phone: +47 22 31 50 50
Interim Report Storebrand Livsforsikring AS 44
www.storebrand.com/ir