Storebrand ASA

Earnings Release • Jul 11, 2025

STOREBRAND ASA: Results for the second quarter of 2025

STOREBRAND ASA: Results for the second quarter of 2025

· Group profit [1] of NOK 1,427 million, supported by robust operational and

financial results

· Operational result [1] of NOK 953 million, up 16% compared to Q2 2024

· Strengthened insurance result, combined ratio of 91%, an improvement from

97% in Q2 2024

· The share buyback programme continues with a new tranche amounting to NOK

750 million initiated today as part of a NOK 1,500 million programme for 2025

"We deliver a record-high operating result this quarter as the business

continues to grow in the double digits", says CEO Odd Arild Grefstad.

"Profitability in the insurance segment strengthened during the quarter. We

delivered a combined ratio of 91 per cent, an improvement from 97 per cent in

the first quarter. This represents a significant step towards reaching our 90-92

per cent combined ratio ambition for the full year", says Grefstad.

"We are on track to deliver on our NOK 5bn result target for 2025. We look

forward to providing updated strategic and financial ambitions at our Capital

Markets Day on December 10", says Grefstad.

"I am proud that our efforts within sustainability have been recognised by Time

Magazine, who has ranked Storebrand among the top 100 most sustainable companies

in the world. We are also the only Norwegian company on the list", says CEO Odd

Arild Grefstad.

Group Profit

Group profit was NOK 1,427 million in the second quarter, compared to NOK 1,202

million in the same period last year [2]. This reflects continued underlying

growth across the business, improved insurance results and a strong financial

result. Return on equity stood at 18 per cent in the quarter [3].

Fee and administration income amounted to NOK 2,070 million in the second

quarter, up by 10 per cent compared to the same quarter last year. The rise in

fee and administration income is attributed to the savings segment, which

experienced solid growth across unit linked, asset management, and retail

banking.

Total assets under management reached NOK 1,507 billion at the end of the second

quarter, up by 16 per cent during the last year, supported by the acquisition of

AIP Management. Meanwhile, the loan balance in Storebrand Bank increased to NOK

92 billion, up by 12 per cent year-on-year.

Improved Insurance Result

The insurance segment saw strong growth in the quarter, driven by both price

increases and volume growth. Insurance portfolio premiums were up by 21 per cent

year-on-year to reach NOK 9.9 billion. In retail P&C insurance, Storebrand's

market share in Norway increased to 7.4 per cent, up from 7.1 per cent in the

previous quarter [4].

The total combined ratio for the insurance segment in the quarter stood at 91

per cent, an improvement from 97 per cent in the first quarter.

Strong Financial Result

The financial items and risk result ended at NOK 474 million in the second

quarter, up from NOK 384 million in the same quarter last year [2]. Net profit

sharing of NOK 172 million and strong company portfolio returns contributed

positively to the result in the quarter.

Ongoing Share Buyback Programme

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

above the 175 per cent overcapitalisation threshold.

Storebrand plans to conduct NOK 1.5 billion in share buybacks across 2025, split

into two tranches of NOK 750 million each. The first tranche was completed on

June 26[th]. The second tranche will be initiated today, July 11[th], and will

conclude no later than December 19[th] of this year.

The long-term ambition is to conduct annual share buybacks of NOK 1.5 billion,

totalling NOK 12 billion until end 2030, in addition to increasing annual

dividends.

Storebrand will host a Capital Markets Day on the 10th of December 2025 to

provide a strategic update on the business and announce updated financial

targets.

Key Figures in the Quarter (Q2 2024 in brackets)

· Solvency ratio: 200% (191%)

· Earnings per share, adjusted for amortisation: NOK 2.87 (NOK 4.59[ ][5])

· Equity: NOK 31,609 million (NOK 29,986 million)

· Assets under management: NOK 1,507 billion (NOK 1,298 billion)

Activities Related to the Second Quarter 2025

06:30: Release of stock exchange notification. Press release, quarterly report

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

12:00: Live investor and analyst conference in English. A webcast will be

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

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

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

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

-reporting/programme

For further inquiries, please contact

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

(+47) 993 33 569

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

or (+47) 934 12 155

Stig-Øyvind Blystad, Director of Communications: stig

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

About Storebrand

Storebrand is a Nordic financial group, delivering increased security and

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

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

purpose is clear: we create a brighter future.

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

customers and manages NOK 1,507 billion. The Group is headquartered at Lysaker

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

Visit us on www.storebrand.no

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

the disclosure requirements pursuant to Section 5-12 the Norwegian Securities

Trading Act.

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

and contains Alternative Performance Measures as defined by the European

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

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

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

reporting is available on www.storebrand.com/ir.

[1] Cash equivalent earnings before amortisation and tax. www.storebrand.no/ir

provides an overview of APMs used in financial reporting.

[2] Q2 2024 here excludes a net gain of NOK 1,047 million from the sale of

Storebrand Health Insurance.

[3] Annualised return on equity in Q2 2025.

[4] According to the latest market data from Finance Norway.

[5] Q2 2024 here includes a net gain of NOK 1,047 million from the sale of

Storebrand Health Insurance.