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Storebrand ASA
Quarterly Report • Jul 11, 2025
3766_rns_2025-07-11_77a93d53-2ee9-4e8a-9e71-7119ec2a441a.pdf
Quarterly Report
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Interim report 2nd quarter 2025
Storebrand Group (unaudited)
| Storebrand Group 3 | |
|---|---|
| Savings 6 | |
| Insurance 7 | |
| Guaranteed pension 9 | |
| Other 10 | |
| Balance sheet and capital situation 11 | |
| Outlook 13 |
| Income statement 15 | |
|---|---|
| Statement of comprehensive income 16 | |
| Statement of financial position17 | |
| Statement of changes in equity18 | |
| Statement of cash flow 19 | |
| Notes 21 |
| Income statement 37 |
|---|
| Statement of comprehensive income 37 |
| Statement of financial position38 |
| Statement of changes in equity39 |
| Statement of cash flow 40 |
| Notes 41 |
| Declaration by member of Board 42 |
- Fee and administration income of NOK 2,070m in the quarter, up 10% year on year
- Operational result up by 16% year-on-year, supported by improving insurance results
- Improved financial result, driven by profit sharing in Norway and robust company portfolio returns
- Cash equivalent earnings3 of NOK 1,427m in the 2nd quarter, up by 19% year-on-year4
• Return on Equity3 (annualised) of 18% in the 2nd quarter
Storebrand'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.
Cash equivalent earnings1
| 2025 | 2024 | 01.01 - 30.06 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q2 | Q1 | Q4 | Q3 | Q2 | 2025 | 2024 | 2024 |
| Fee and administration income | 2,070 | 1,997 | 1,908 | 1,971 | 1,888 | 4,067 | 3,706 | 7,585 |
| Insurance result | 635 | 470 | 394 | 483 | 396 | 1,105 | 763 | 1,640 |
| Operational cost | -1,751 | -1,667 | -1,600 | -1,509 | -1,465 | -3,418 | -2,962 | -6,072 |
| Cash equivalent earnings from operations | 953 | 800 | 702 | 944 | 819 | 1,753 | 1,507 | 3,153 |
| Financial items and risk result life | 474 | 367 | 363 | 563 | 1,431 | 841 | 1,824 | 2,751 |
| Cash equivalent earnings before amortisation | 1,427 | 1,167 | 1,065 | 1,507 | 2,249 | 2,594 | 3,331 | 5,904 |
| Amortisation and write-downs of intangible assets | -78 | -77 | -77 | -73 | -72 | -155 | -145 | -295 |
| Cash equivalent earnings before tax | 1,349 | 1,090 | 988 | 1,434 | 2,177 | 2,439 | 3,186 | 5,609 |
| Tax | -190 | -117 | -353 | -141 | -213 | -307 | -360 | -854 |
| Cash equivalent earnings after tax | 1,159 | 973 | 635 | 1,293 | 1,964 | 2,132 | 2,826 | 4,754 |
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 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 provided2 .
Financial performance (IFRS)
Group profit before amortisation and tax was NOK 1,515m (2,546m) in the 2nd quarter and NOK 2,740m (NOK 3,725m) year to date. The profit in the 2nd quarter of 2024 was positively affected by a financial gain from the divestment of Storebrand Health Insurance. Storebrand Group's net insurance service result was NOK 725m (NOK 451m) in the 2nd quarter and NOK 1,315m (NOK 1,229m) year to date. The improved insurance service result is mainly attributed to positive development for the insurance contracts measured according to the premium allocation approach. On a general basis, higher volatility is expected under IFRS 17 due to the measurement models applied.
Financial performance (alternative income statement)
Storebrand Group's cash equivalent earnings before amortisation were NOK 1,427m (NOK 2,249m) in the 2nd quarter and NOK 2,594m (NOK 3,331m) year to date. The strong result reflects continued underlying growth across the business, improved insurance results and a strong financial result. Compared to the 2nd quarter last year, cash equivalent earnings before amortisation increased by 19%, adjusted for the net gain from the divestment of Storebrand Health Insurance in the 2nd quarter of 2024.
Total fee and administration income amounted to NOK 2,070m (NOK 1,888m) in the 2nd quarter and NOK 4,067m (NOK 3,706m) year to date, corresponding to an increase of 10% compared to the same quarter last year and an increase of 10% year to date. 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.
The Insurance result amounted to NOK 635m (NOK 396m) in the 2nd quarter and NOK 1,105m (NOK 763m) year to date. Compared to the 2nd quarter of 2024, both the Retail and Corporate segments contributed to improved results, driven by repricing measures and solid volume growth. Within Retail, P&C products saw a positive result development, while individual life saw a negative development. Results in the Corporate segment reflected a stable development within life related coverages.
1 The income statement is based on reported IFRS results for the individual group companies. The statement differs from the official accounts layout.
2 Due to the fundamental differences between IFRS 17 and the alternative income statement, it is not possible to reconcile the numbers.
3 Please see www.storebrand.no/ir for an overview of APMs used in financial reporting.
4 Adjusted for the net gain from the divestment of Storebrand Health Insurance in the 2nd quarter last year.
The total combined ratio for the Insurance segment was 91% (97%) in the 2nd quarter and 94% (97%) year to date. Uncertainty persists regarding disability development in Norwegian society, and Storebrand is closely monitoring the situation.
The Group's operational cost amounted to NOK -1,751m (NOK -1,465m) in the 2nd quarter and NOK -3,418m (NOK - 2,962m) year to date. The increase is mainly attributed to the acquisition of AIP, higher agent commissions driven by increased insurance sales, investment in growth and digital initiatives. The Outlook chapter contains comments related to the full year cost guidance.
Overall, the cash equivalent earnings from operations amounted to NOK 953m (NOK 819m) in the 2nd quarter and NOK 1,753m (NOK 1,507m) year to date, up 16% year on year. The cash equivalent earnings from operations were negatively affected by a negative contribution from AIP where quarterly earnings volatility may be expected.
The 'financial items and risk result' amounted to NOK 474m (NOK 1,431m) in the 2nd quarter and NOK 841m (NOK 1,824m) year to date. The comparable numbers for 2024 include the net gain of NOK 1,047m from the divestment of Storebrand Health Insurance. Company portfolio returns were robust, and profit sharing and risk results in the guaranteed portfolio increased. Net profit sharing amounted to NOK 172m (NOK 119m) in the 2nd quarter and NOK 259m (NOK 188m) year to date. The risk result amounted to NOK 21m (NOK 10m) in the 2nd quarter and NOK 58m (NOK 54m) year to date.
Amortisation of intangible assets from acquired business amounted to NOK -78m (NOK -72m) in the 2nd quarter and NOK -155m (NOK -145m) year to date.
Tax expenses for the Group amounted to NOK -190m (NOK - 213m) in the 2nd quarter and NOK -307m (NOK -360m) year to date. The quarterly effective tax rate was 14%. The low effective tax rate in the quarter is due to taxable unrealised losses on currency hedges related to the Swedish business and corresponding non-taxable unrealised gains on the shares in the subsidiaries, as the Swedish krona appreciated against the Norwegian krone. 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.
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 was 200% at the end of the 2nd quarter, an increase of 2 percentage points from the 1st quarter. The implementation of CRR3 for Norwegian Banks had a positive contribution on the solvency ratio of approx. 5 percentage points. This was partly offset by strong equity markets that led to an increased SCR. The solvency ratio continues to be well above the threshold for overcapitalisation of 175%.
Storebrand submitted an internal model application to the Norwegian FSA in the 2nd quarter of 2024.
Dividend and share buyback
During the first half of 2025, Storebrand executed NOK 750m in share buybacks, with NOK 473m completed in the 2nd quarter. Storebrand has approval from the FSA to conduct NOK 1.5bn in share buybacks for the full year, subject to a solvency ratio above 175%. Based on the strong solvency position and a forward-looking assessment, the Board intends to continue the share buyback program with a tranche amounting to a maximum of NOK 750m in the 2nd half of the year. The tranche will be initiated on 11 July 2025 and end no later than 19 December 2025. The ambition is to return NOK 12bn of excess capital by the end of 2030 as the run-off of the guaranteed business releases capital.
Cash equivalent earnings by segment
| Cash equivalent earnings before amortisation | 1,427 | 1,167 | 1,065 | 1,507 | 2,249 | 2,594 | 3,331 | 5,904 |
|---|---|---|---|---|---|---|---|---|
| Other profit | 147 | 105 | 64 | 162 | 1,195 | 252 | 1,313 | 1,539 |
| Guaranteed pension | 356 | 261 | 285 | 346 | 306 | 617 | 595 | 1,226 |
| Insurance | 289 | 142 | 106 | 214 | 118 | 432 | 225 | 546 |
| Savings - non-guaranteed | 634 | 659 | 610 | 785 | 630 | 1,293 | 1,197 | 2,592 |
| NOK million | Q2 | Q1 | Q4 | Q3 | Q2 | 2025 | 2024 | 2024 |
| 2025 | 2024 | 01.01 - 30.06 | Full year |
Group - Key figures
| 2025 | 2024 | 01.01 - 30.06 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| Q2 | Q1 | Q4 | Q3 | Q2 | 2025 | 2024 | 2024 | |
| Cash equivalent EPS | 2.87 | 2.42 | 1.66 | 3.12 | 4.59 | 5.29 | 6.69 | 11.47 |
| Equity | 31,609 | 32,705 | 32,113 | 30,672 | 29,986 | 31,609 | 29,986 | 32,113 |
| Cash ROE, annualised | 17.9% | 15.2% | 10.7% | 21.2% | 33.3% | 16.2% | 23.0% | 18.4% |
| Solvency II ratio | 200% | 198% | 200% | 190% | 191% | 200% | 191% | 200% |
Financial metrics
| Target | Actual | |
|---|---|---|
| Cash return on equity (last 12 months, after tax) | 14% | 15% |
| Future Storebrand (Savings & Insurance)* | 7% | |
| Back book (Guaranteed & Other)* | 42% | |
| Pay-out ratio after tax, total** | 74% | |
| Dividend pay-out ratio | 43% | |
| Share buybacks | 32% | |
| Solvency II ratio Storebrand Group | > 150% | 200% |
* The RoE is calculated based on the profit for the last 12 months, after tax and before amortisation of intangible assets, divided on a pro forma distribution of the IFRS equity less hybrid capital per line of business (opening balance). The capital is allocated based on the capital consumption under SII and CRD IV adjusted for positive capital contribution to own funds. The segments Savings, Insurance and Other are calibrated at 150% of the capital requirement (before own funds contribution), while the remainder of the capital is allocated to the Guaranteed segment. The methodology is an estimation of ROE pr. reporting segment.
** The pay-out ratio is based on the cash-result after tax and amortisation
Savings
• Fee and administration income up by 13% year-on-year to NOK 1,767m
• Cash equivalent earnings before amortisation up by 1% year-on-year to NOK 634m
• 24% growth in cash equivalent earnings before amortisation within Retail banking including Kron
The Savings segment includes savings products without interest rate guarantees. The segment consists of Defined Contribution pensions in Norway and Sweden under the Unit Linked products, as well as asset management and retail banking products.
Savings – Results
| 2025 | 2024 | 01.01 - 30.06 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q2 | Q1 | Q4 | Q3 | Q2 | 2025 | 2024 | 2024 |
| Fee and administration income | 1,767 | 1,706 | 1,607 | 1,660 | 1,567 | 3,473 | 3,061 | 6,327 |
| Operational cost | -1,119 | -1,056 | -1,012 | -948 | -923 | -2,175 | -1,870 | -3,831 |
| Cash equivalent earnings from operations | 648 | 650 | 594 | 712 | 644 | 1,298 | 1,191 | 2,497 |
| Financial result | -14 | 9 | 16 | 73 | -13 | -5 | 7 | 96 |
| Cash equivalent earnings before amortisation | 634 | 659 | 610 | 785 | 630 | 1,293 | 1,197 | 2,592 |
Financial performance
The Savings segment reported cash equivalent earnings before amortisation of NOK 634m (NOK 630m) in the 2nd quarter and NOK 1,293m (NOK 1,197m) year to date, up by 1% compared to the 2nd quarter last year.
Fee and administration income in the Savings segment amounted to NOK 1,767m (NOK 1,567m) in the 2nd quarter and NOK 3,473m (NOK 3,061m) year to date, corresponding to growth of 12% year-on-year (adjusted for currency effect NOK vs SEK). In Asset Management, fee and administration income grew by 21% compared to the same quarter last year. Excluding the AIP Management acquisition, fee and administration income increased by 13%. Performance based income amounted to NOK 91m in the quarter, up from NOK 63m in Q2 2024. In Unit Linked Norway, income grew by 11% compared to the same quarter last year. Structural growth in the underlying business and positive markets were supportive. In Sweden, fee and administration income decreased by 3% compared to the same quarter last year, mainly due to negative effect from market movements, currency effects and lower margins. In Retail Banking including Kron and savings distribution, income grew by 15% from the 2nd quarter last year. Volume growth impacted positively, whilst the development in the net interest margin impacted negatively, declining from 1.57% in the 4th quarter last year to 1.51% in the 2nd quarter.
Operational costs amounted to NOK -1,119m (NOK -923m) in the 2nd quarter and NOK -2,175m (NOK -1,870m) year to date. The cost increase is related to the AIP acquisition, growth in the business, and underlying price inflation and wage growth.
The financial result was NOK -14m (NOK -13m) in the 2nd quarter and NOK -5m (NOK 7m) year to date.
Balance sheet and market trends
Total assets under management stood at NOK 1,507bn at the end of the 2nd quarter compared to NOK 1,469bn at the end of the 4th quarter last year. The growth was driven by positive market return in the quarter.
Assets under management in Unit Linked increased to NOK 475bn (NOK 426bn) from NOK 446bn last quarter. Unit Linked premiums increased to NOK 8.0bn (NOK 7.7bn) in the 2nd quarter. In the Norwegian Unit Linked business, AUM increased to NOK 261bn (NOK 232bn) from NOK 245bn last quarter. Net inflow amounted to NOK 1.7bn (NOK 1.5bn). In the Swedish Unit Linked business, AUM increased by NOK 12bn in the 2nd quarter and amounted to NOK 213bn at end of the period. Net inflow in Sweden amounted to NOK 1.4bn (NOK 1.7bn) in the 2nd quarter.
The bank lending portfolio increased by NOK 2.9bn (3%) to NOK 92.3bn during the quarter.
Savings - Key figures
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| NOK million | Q2 | Q1 | Q4 | Q3 | Q2 | |
| Premium income Unit Linked | 7,971 | 7,911 | 7,717 | 7,617 | 7,736 | |
| Unit Linked reserves | 475,193 | 446,308 | 458,525 | 448,514 | 425,589 | |
| AuM Asset Management | 1,506,704 | 1,441,878 | 1,468,840 | 1,347,397 | 1,298,128 | |
| Retail lending* | 92,318 | 89,419 | 86,501 | 84,818 | 82,155 |
*Includes mortgages on the Storebrand Livsforsikring AS balance sheet
Insurance
• 23% growth in insurance premiums f.o.a. year-on-year
• 27% growth in Retail insurance premiums f.o.a. year-on-year
• Combined ratio of 91% in the quarter compared to 97% in Q2 2024
The Insurance segment includes P&C insurance and personal risk products in the Norwegian retail market and employer's liability insurance and pension-related insurance in the Norwegian and Swedish corporate markets.
Insurance – Results
| 2025 | 2024 | 01.01 - 30.06 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q2 | Q1 | Q4 | Q3 | Q2 | 2025 | 2024 | 2024 |
| Insurance premiums f.o.a. | 2,408 | 2,256 | 2,134 | 2,044 | 1,955 | 4,665 | 3,830 | 8,008 |
| Claims f.o.a. | -1,774 | -1,786 | -1,740 | -1,561 | -1,559 | -3,560 | -3,067 | -6,368 |
| Operational cost | -430 | -399 | -390 | -351 | -336 | -829 | -663 | -1,404 |
| Cash equivalent earnings from operations | 205 | 71 | 4 | 132 | 60 | 276 | 100 | 236 |
| Financial result | 85 | 72 | 102 | 82 | 58 | 156 | 126 | 310 |
| Cash equivalent earnings before amortisation | 289 | 142 | 106 | 214 | 118 | 432 | 225 | 546 |
| Claims ratio | 74% | 79% | 82% | 76% | 80% | 76% | 80% | 80% |
| Cost ratio | 18% | 18% | 18% | 17% | 17% | 18% | 17% | 18% |
| Combined ratio | 91% | 97% | 100% | 94% | 97% | 94% | 97% | 97% |
Financial performance
Insurance premiums f.o.a. amounted to NOK 2,408m (NOK 1,955m) in the 2nd quarter and NOK 4,665m (NOK 3,830m) year to date, corresponding to an increase of 23% compared to the same quarter last year and an increase of 22% year to date. 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 18% (17%), with cost amounting to NOK -430m (NOK -336m) in the 2nd quarter and NOK -829m (NOK -663m) year to date.
For the segment overall, cash equivalent earnings before amortisation amounted to NOK 289m (NOK 118m) in the 2nd quarter and NOK 432m (NOK 225m) year to date. The total combined ratio was 91% (97%) in the 2nd quarter and 94% (97%) year to date. The combined ratio improvement stemmed from several measures, including repricing across segments. Uncertainty persists regarding disability development in Norwegian society, and Storebrand is closely monitoring the situation. Storebrand maintains the 90-92% combined ratio ambition for the full year of 2025.
Within 'Retail insurance', strong growth continued with premiums f.o.a. up by 27% in the 2nd quarter year over year. The growth is attributed to significant price increases and continued volume growth. The cash equivalent earnings before amortisation were NOK 182m (NOK 33m) in the 2nd quarter and NOK 258m (NOK 89m) year to date. Within Retail, P&C products had a positive development, and individual life had a negative development, driven by increased disability claims. The claims ratio was 69% (80%) in the 2nd quarter and 73% (80%) year to date. Operational cost increased to NOK -289m (NOK -219m) in the 2nd quarter and NOK -549m (NOK - 424m) year to date, mainly due to higher agent commissions driven by strong sales. Agent commissions increased by NOK 40m compared to Q2 2024. Altogether, the segment delivered a combined ratio of 90% (100%) in the 2nd quarter and 94% (100%) year to date.
In 'Corporate insurance', premiums f.o.a. increased by 19% in the 2nd quarter. Due to a continued adverse disability development in Norway, prices were significantly increased with effect from 2025. The development was stable and as expected in the 2nd quarter. The situation is monitored closely. 'Corporate insurance' reported cash equivalent earnings before amortisation of NOK 107m (NOK 85m) in the 2nd quarter and NOK 174m (NOK 137m) year to date. The result in the quarter represents a stable development within life related coverages. The establishment of the corporate P&C business is still in the ramp-up phase and had a moderate positive effect on the results. In sum, 'Corporate insurance' reported a combined ratio of 93% (93%) in the 2nd quarter and 94% (94%) year to date.
The Insurance investment portfolio is primarily invested in fixed income securities with short to medium duration and achieved a financial return of 1.3% in the 2nd 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. Overall growth in annual portfolio premiums amounted to 21% compared to the same quarter last year. Growth in 'Retail insurance' amounted to 26% and 'Corporate insurance' grew by 15%. Storebrand has an ambition to grow the insurance business, particularly within P&C. As of the 2nd quarter, 57% of the insurance portfolio was accounted for by 'Retail insurance'. Storebrand is one of the fastest growing companies within Norwegian retail P&C and held a market share of 7.4% as of the 1st quarter compared to 6.9% in the same quarter last year adjusted for divested business, according to the latest market data.
Insurance – Portfolio premiums
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| NOK million | Q2 | Q1 | Q4 | Q3 | Q2 |
| Retail insurance | 5,679 | 5,342 | 4,938 | 4,715 | 4,511 |
| Corporate insurance* | 4,236 | 4,133 | 3,908 | 3,859 | 3,673 |
| Total written premiums | 9,915 | 9,475 | 8,846 | 8,574 | 8,184 |
| Investment portfolio** | 12,505 | 12,252 | 11,364 | 11,371 | 11,345 |
* Excludes portfolio premiums in Storebrand Helseforsikring AS (50% ownership sold to Ergo International Q2 2024).
** Ca. NOK 3.8bn of the investment portfolio is linked to disability coverages where the investment result goes to the customer reserves and not as a result element in the P&L.
Guaranteed pension
• Fee and administration income at NOK 389m, a stable development year-on-year
• Net profit sharing of NOK 172m against backdrop of supportive equity markets
• Buffer capital at 8.1% of guaranteed reserves, up from 6.8% in the corresponding quarter last year
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 | 01.01 - 30.06 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q2 | Q1 | Q4 | Q3 | Q2 | 2025 | 2024 | 2024 |
| Fee and administration income | 389 | 373 | 376 | 385 | 388 | 763 | 779 | 1,540 |
| Operational cost | -226 | -236 | -222 | -223 | -211 | -462 | -426 | -871 |
| Cash equivalent earnings from operations | 163 | 138 | 154 | 162 | 177 | 301 | 352 | 669 |
| Risk result life & pensions | 21 | 36 | -22 | 3 | 10 | 58 | 54 | 35 |
| Net profit sharing | 172 | 87 | 153 | 181 | 119 | 259 | 188 | 522 |
| Cash equivalent earnings before amortisation | 356 | 261 | 285 | 346 | 306 | 617 | 595 | 1,226 |
Financial performance
Guaranteed pension achieved cash equivalent earnings before amortisation of NOK 356m (NOK 306m) in the 2nd quarter and NOK 617m (NOK 595m) year to date.
Fee and administration income amounted to NOK 389m (NOK 388m) in the 2nd quarter and NOK 763m (NOK 779m) year to date. The development reflects a reduced contribution within paid-up polices due to reduced fees from transferred closed corporate pension funds which were significant last year. Growth in public sector pensions had a positive effect.
Operational cost amounted to NOK -226m (NOK -211m) in the 2nd quarter and NOK -462m (NOK -426m) year to date. 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 163m (NOK 177m) in the 2nd quarter and NOK 301m (NOK 352m) year to date.
The risk result was NOK 21m (NOK 10m) in the 2nd quarter and NOK 58m (NOK 54m) year to date. Overall, the result saw a stable development in the quarter, with some underlying variation across sub-segments. Paid-up policies contributed positively to the result, while defined benefit and guaranteed products in Sweden contributed negatively. Net profit sharing amounted to NOK 172m (NOK 119m) in the 2nd quarter and NOK 259m (NOK 188m) year to date. Strong equity markets in the 2nd quarter improved profit sharing in both Norway and Sweden. However, this was partly offset by a reduced 'volatility adjustment' in the Swedish business.
Balance sheet and market trends
The majority of the guaranteed products are in long term runoff. As of the 2nd quarter, customer reserves of guaranteed pensions amounted to NOK 302bn. This represented an increase of NOK 7bn in the quarter, driven by currency effects as well as growth in public pension in Norway and capital-light guaranteed products in Sweden. A growth area for Storebrand is public sector occupational pensions, where Storebrand won its first mandates in 2020. Several tender processes are ongoing, with additional tenders expected in the second half of 2025. Overall, the net flow of guaranteed pensions amounted to NOK -2.5bn in the quarter (NOK -2.8bn in Q2 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 stood at NOK 33.8bn (NOK 29.2bn) as of the 2nd quarter. As a share of guaranteed reserves, buffer capital levels amounted to 8.1% (6.8%) in Norway and 25.0% (23.4%) in Sweden. This does not include off-balance sheet excess values of bonds at amortised cost, which at the end of the 2nd quarter amounted to a deficit of NOK -11.1bn (NOK -12.7bn).
Guaranteed pension – Key figures
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| NOK million | Q2 | Q1 | Q4 | Q3 | Q2 |
| Guaranteed reserves | 301,739 | 295,001 | 290,799 | 294,115 | 287,990 |
| Guaranteed reserves in % of total reserves | 38.8% | 39.8% | 38.8% | 39.6% | 40.4% |
| Net flow of premiums and claims | -2,524 | -2,997 | -3,133 | -2,780 | -2,840 |
| Buffer capital in % of customer reserves Norway | 8.1% | 7.3% | 7.4% | 7.5% | 6.8% |
| Buffer capital in % of customer reserves Sweden | 25.0% | 24.4% | 24.4% | 23.5% | 23.4% |
Other
The result for Storebrand ASA is reported under Other, as well as the financial result for the company portfolios of Storebrand Life Insurance and SPP. Group eliminations are reported in a separate table below.
Results excluding eliminations
| 2025 | 2024 | 01.01 - 30.06 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q2 | Q1 | Q4 | Q3 | Q2 | 2025 | 2024 | 2024 |
| Fee and administration income | 4 | 7 | 8 | 4 | 4 | 11 | 11 | 23 |
| Operational cost | -66 | -65 | -59 | -65 | -66 | -132 | -147 | -271 |
| Cash equivalent earnings from operations | -62 | -59 | -51 | -61 | -62 | -121 | -136 | -248 |
| Financial result | 209 | 164 | 115 | 223 | 1,257 | 373 | 1,450 | 1,788 |
| Cash equivalent earnings before amortisation | 147 | 105 | 64 | 162 | 1,195 | 252 | 1,313 | 1,539 |
Eliminations
| 2025 | 2024 | 01.01 - 30.06 | Full year | |||||
|---|---|---|---|---|---|---|---|---|
| NOK million | Q2 | Q1 | Q4 | Q3 | Q2 | 2025 | 2024 | 2024 |
| Fee and administration income | -90 | -90 | -82 | -78 | -72 | -180 | -144 | -305 |
| Operational cost | 90 | 90 | 82 | 78 | 72 | 180 | 144 | 305 |
| Financial result | ||||||||
| Cash equivalent earnings before amortisation |
Financial performance
The Other segment reported cash equivalent earnings before amortisation of NOK 147m (NOK 1,195m) in the 2nd quarter and 252m (NOK 1,313m) year to date. The comparable numbers for 2024 include the net gain of NOK 1,047m from the divestment of Storebrand Health Insurance. 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 -66m (NOK -66m) in the 2nd quarter and -132m (NOK -147m) year to date.
The financial result in the segment amounted to NOK 209m in the 2nd quarter and 373m year to date. The underlying result was mainly driven by returns in the company portfolios of SPP and Storebrand Life Insurance, and the financial result of Storebrand ASA. The company portfolios are primarily invested in interest-bearing securities in Norway and Sweden. The Norwegian company portfolio achieved a return of 1.3% in the 2nd quarter and 2.4% year to date, while the Swedish company portfolio reported a return of 1.1% in the 2nd quarter and 1.8% year to date. The company portfolios in the Norwegian and Swedish life insurance companies and the holding company amounted to NOK 28.7bn at the end of the quarter.
Storebrand is funded by a combination of equity and debt. Interest expenses for the Group amounted to NOK -185m in the quarter excluding hedging effects. The funding cost in Storebrand Bank is reported as part of the bank financials.
Balance sheet and capital situation
- Solvency II ratio 200%, an increase of 2 percentage points from the previous quarter
- Annualised Cash return on equity of 17.9% in the quarter
- Buffer capital at 8.1% of customer reserves with guarantees in Norway and 25.0% in Sweden
Continuous monitoring and active risk management is a core area of Storebrand'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.
140% 150% 160% 170% 180% 190% 200% 210%
Storebrand Group
Solvency
-10,0 10,0 30,0 50,0 70,0 90,0 110,0 130,0 150,0
The solvency ratio was 200% at the end of the 2nd quarter, an increase of 2 percentage points from the 1st quarter. The implementation of CRR3 for Norwegian Banks had a positive contribution on the solvency ratio of approx. 5 percentage points. This was partly offset by strong equity markets that led to an increased SCR. The solvency ratio continues to be well above the threshold for overcapitalisation of 175%.
Solvency development - Storebrand Group
Cash equivalent return on equity
The Group's quarterly Cash ROE1 (annualised) 17.9% in the 2nd quarter, driven by a strong result and a low reported tax rate. The current Cash ROE target is 14%.
Storebrand ASA
Storebrand ASA held liquid assets of NOK 4.2bn at the end of the 2nd quarter. Storebrand ASA's total interest-bearing liabilities were NOK 1.0bn at the end of the 2nd quarter, of which NOK 0.5bn matures in September 2025. In addition, the company has an unused revolving credit facility of EUR 200m.
Storebrand ASA owned 6,685,077 of the company's own shares at the end of the 2nd quarter, representing 1.54% of the share capital. Shares purchased under buyback programs will normally be redeemed, subject to permission from NFSA and Storebrand's AGM.
Storebrand Livsforsikring AS Customer buffers (NOR)
Buffer capital in % of customer reserves Norway
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, buffer capital can be allocated to the customer as surplus.
The buffer fund amounted to NOK 15.9bn at the end of the 2nd quarter, corresponding to 8.1% of customer funds with a guarantee. The buffer fund increased by NOK 1.7bn in the quarter. Due to lower interest rates, the excess value of bonds and loans valued at amortised cost increased by NOK 2.6bn during the quarter and NOK 2.1bn year to date, amounting to NOK -11.1bn at the end of the quarter. The excess value of bonds and loans at amortised cost is not included in the financial statements of Storebrand Livsforsikring AS.
Allocation of guaranteed customer assets (NOR)
Customer assets increased by NOK 20.0bn during the quarter and NOK 20.2bn year to date, amounting to NOK 474bn at the end of the 2nd quarter. Of this, customer assets within nonguaranteed savings increased by NOK 16.8bn during the quarter and NOK 13.3bn year to date, amounting to NOK 261bn at the end of the 2nd quarter. Guaranteed customer assets increased by NOK 3.2bn during the quarter and NOK 6.9 year to date, amounting to NOK 213bn at the end of 2nd quarter. The flexible buffer fund introduced in 2024 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.
SPP Customer buffers (SWE)
Conditional bonuses in % of customer funds with guarantee
The buffer capital (conditional bonuses) amounted to SEK 16.8bn at the end of the 2nd quarter, an increase of SEK 0.8bn during the quarter and SEK 0.4bn year to date.
Allocation of guaranteed customer assets (SWE)
Customer assets increased by SEK 11.3bn during the quarter, amounting to SEK 282bn at the end of the 2nd quarter 2025. Of this, customer assets within non-guaranteed savings increased by SEK 9.0bn during the quarter, amounting to SEK 201bn at the end of the 2nd quarter. Guaranteed customer assets increased by SEK 2.2bn during the quarter, amounting to SEK 81bn at the end of 2nd quarter.
Storebrand Bank
Loans outstanding increased by NOK 2.8bn during the 2nd quarter. The home mortgage portfolio managed on behalf of Storebrand Livsforsikring AS increased by NOK 0.1bn in the quarter. The combined portfolio of loans in Storebrand Bank and Storebrand Livsforsikring increased by NOK 2.9bn in the quarter and NOK 5.9bn year to date.
The Storebrand Bank Group has reduced its risk-weighted balance sheet by NOK 2.2bn year to date. The calculation basis has decreased significantly compared to the first quarter, primarily due to the implementation of a new standardised approach under the EU's Capital Requirements Regulation (CRR3), which came into effect in Norway on 1 April 2025. The new risk weights result in lower capital requirements for certain loan categories, particularly residential mortgages with low loan-to-value (LTV) ratios. The Storebrand Bank Group had own funds of NOK 6.3bn at the end of the 2nd quarter. The capital adequacy ratio was 24.0% at the end of the quarter, up from 22.1% at end 2024, while the Core Equity Tier 1 (CET1) ratio stood at 19.9%, compared to 18.0% at end year 2024.
Outlook
Strategy
Storebrand delivers financial security and freedom to individuals and businesses. The Group aims 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.
Storebrand's strategy gives a compelling combination of capitallight 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 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 growth and revenue for Storebrand.
In Sweden, SPP is a market challenger within the non-unionised pensions segment, 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 run-off.
Guaranteed reserves in run-off represent a declining share of the Group's total pension reserves and amounted to less than 39% of the pension reserves at the end of the quarter. 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. 5
In addition to managing internal pension funds, Storebrand Asset Management is growing its external mandates from institutional and retail investors. Storebrand is a local partner for Nordic investors, and a gateway to the Nordics for international investors. The product offering includes a full product range of index, factor and actively managed funds. Storebrand is also one of the strongest providers of alternatives (private equity, real estate, private debt and infrastructure) in the Nordic region. Over the past three decades, Storebrand has focused on sustainable investments with a strong track record.
The brand name 'Storebrand' is well known in Norway. Together with capital, customer and operational synergies in the business, it supports rapid growth in the Norwegian retail market. P&C insurance is a key area for profitable and capital efficient growth. Storebrand Bank plays an important strategic role in offering a complete range of financial products and services to the retail market.
Financial performance
Storebrand expects top line growth in both fee-based income and insurance. In 2024, the insurance results were negatively affected by continued high claims in P&C and disability related lines of business. Several measures, including repricing, are implemented and Storebrand maintains the 90-92% combined ratio ambition for the full year of 2025.
To meet the Group's profit ambitions, Storebrand invests in profitable growth. Storebrand has double digit growth ambitions for 2025 and a corresponding cost guidance of NOK 6.8bn for the full year. A cost reclassification will lead to NOK 100m in cost increases for 2025 compared to last year and the guided NOK 6.8bn therefore corresponds to NOK 6.9bn under new recognition. This change does not impact results, as there is a corresponding increase in income5 .
The underlying cost development since the beginning of the year is broadly in line with the plan. Performance-related costs, record-strong insurance sales, and currency effects have led to an additional NOK 80 million in costs compared to the guided amount year-to-date. Storebrand remains committed to strong cost discipline, as demonstrated over the past decade. Cost reduction measures will be implemented if ambitions are not achieved.
At the Capital Markets Day in 2023, Storebrand announced an ambition to achieve cash equivalent earnings before amortisation and tax of NOK 5bn in 2025. The Return on Equity target for the group was raised from 10% to 14%. Storebrand will host a Capital Markets Day on 10th of December 2025 to provide a strategic and financial update on the business.
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.
Storebrand is developing a partial internal model for risk measurement and risk management and has applied to the NFSA for approval of the model. The internal model is currently used to better understand the risk in the business as a supplement to the standard model.
5 The reclassification of cost in Storebrand's alternative accounting means that some costs in the asset management sub-segment, which were previously recognised as a reduction in fee income, will be recorded as increased costs amounting to approx. NOK 100m for the full year of 2025. The effect on the
operating result remains unchanged, meaning that there is a corresponding positive effect on the fee and administration income. The comparative figures for 2024 are not restated.
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. We expect increased lower age limit for withdrawal, increased minimum withdrawal periods and changes regarding disability pensions from occupational pension schemes. Furthermore, changes regarding disability pensions from occupational pension schemes are being explored.
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.
Paid-up policies in Norway
The Ministry of Finance has conducted a public hearing on proposals for changes in the regulation of paid-up policies. Among the proposals being considered are more flexible guarantee regulations which could facilitate more long-term investment strategies with increased risk taking. The public consultation showed broad support for the proposals from both labour market parties and consumer organizations. Storebrand expects the Government to present a bill to Parliament in 2025.
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.
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 in the public procurement case is that the lack of tender processes in this market constitutes a consistent and general practice in failure to observe EEA public procurement law.
The government's answer 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.
Competitive regulation for Norwegian mutual funds
The Ministry of Finance has conducted a public hearing on changes in the regulation of mutual funds, to improve the competitiveness of Norwegian-domiciled funds. Among the proposals is making interest income tax-free in all mutual funds. On the other hand, other proposals will introduce tax on previously tax-free income and add administrative complexity. These issues have been addressed by the industry in the hearing, as well as by Storebrand to the Ministry of Finance. We expect the Ministry of Finance to conclude and deliver a proposal to parliament soon.
A broad political majority in parliament has asked the government to develop industrial policies for the financial sector to ensure a competitive regulatory framework.
Capital management and Dividend policy
Storebrand has established a framework for capital management that links dividends to the solvency margin. The dividend policy intends to reflect the strong growth in fee-based earnings, the more volatile financial markets related earnings and the capital release from the guaranteed book. The Board's ambition is to pay a gradually growing ordinary dividend. When the solvency margin is sustainably above 175%, the Board will conduct share buyback programs. The purpose of buyback programs is to return excess capital released from the guaranteed liabilities that are in long-term run-off. The ambition is to return NOK 1.5bn annually and a total of NOK 12bn of excess capital by the end of 2030, primarily in the form of share buybacks, while generating additional excess capital which may fund further growth or could be returned to shareholders.
Storebrand is developing a partial internal model for risk measurement and risk management. The internal model is currently used to better understand the risk in the business and as a supplement to the public capital requirement calculations based on the standard model. Storebrand has applied to the FSA for approval to use a partial internal model in public capital requirement calculations.
Storebrand dividend policy:
The Board of Directors' ambition is to pay ordinary dividends per share of at least the same nominal amount as the previous year. Ordinary dividends are subject to a sustainable solvency margin of above 150%. If the solvency margin is above 175%, the Board of Directors intends to propose special dividends or share buybacks.
Lysaker, 10 July 2025 Board of Directors of Storebrand ASA
Income statement
| Q2 | 01.01 - 30.06 | Full year | ||||
|---|---|---|---|---|---|---|
| NOK million | Notes | 2025 | 2024 | 2025 | 2024 | 2024 |
| Income from unit linked | 564 | 551 | 1,141 | 1,094 | 2,265 | |
| Income from asset management | 885 | 775 | 1,736 | 1,512 | 3,420 | |
| Income from banking activities | 1,201 | 1,060 | 2,366 | 2,063 | 4,285 | |
| Other income | 93 | 43 | 201 | 141 | 370 | |
| Operating income excl. insurance | 2,744 | 2,429 | 5,444 | 4,810 | 10,340 | |
| Insurance revenue | 5 | 2,875 | 2,456 | 5,617 | 4,978 | 10,282 |
| Insurance service expenses | 5 | -2,151 | -2,007 | -4,285 | -3,757 | -7,925 |
| Net expenses from reinsurance contracts held | 5 | 2 | 3 | -17 | 8 | 17 |
| Net insurance service result | 5 | 725 | 451 | 1,315 | 1,229 | 2,374 |
| Operating income incl. insurance result | 3,469 | 2,880 | 6,759 | 6,039 | 12,714 | |
| Operating expenses | -1,465 | -1,264 | -2,855 | -2,572 | -5,234 | |
| Interest expenses banking activities | -851 | -757 | -1,695 | -1,481 | -3,052 | |
| Other expenses | -29 | -33 | -60 | -68 | -150 | |
| Total expenses | -2,345 | -2,054 | -4,610 | -4,122 | -8,436 | |
| Operating profit | 1,124 | 825 | 2,149 | 1,918 | 4,279 | |
| Profit from investment in associates and joint ventures | 135 | 104 | 281 | 172 | 428 | |
| Net income on financial and property investments | 33,850 | 13,671 | 15,302 | 46,472 | 74,837 | |
| Net change in investment contract liabilities | -21,461 | -8,110 | -3,285 | -37,253 | -57,458 | |
| Finance expenses from insurance contracts issued | -11,934 | -3,746 | -11,282 | -7,151 | -14,096 | |
| Interest expenses securities issued and other interest expenses | -199 | -199 | -426 | -434 | -922 | |
| Net finance result | 391 | 1,720 | 591 | 1,807 | 2,789 | |
| Profit before amortisation | 1,515 | 2,546 | 2,740 | 3,725 | 7,067 | |
| Amortisation of intangible assets | -97 | -87 | -193 | -182 | -424 | |
| Profit before income tax | 1,418 | 2,458 | 2,547 | 3,543 | 6,643 | |
| Tax expenses | -224 | -295 | -376 | -475 | -1,121 | |
| Profit for the period | 1,194 | 2,163 | 2,171 | 3,068 | 5,522 | |
| Profit/loss for the period attributable to: | ||||||
| Share of profit for the period - shareholders | 1,200 | 2,156 | 2,178 | 3,053 | 5,494 | |
| Share of profit for the period - hybrid capital investors | 7 | 7 | 14 | 15 | 30 | |
| Share of profit for the period - non-controlling interests | -13 | -22 | -1 | |||
| Total | 1,194 | 2,163 | 2,171 | 3,068 | 5,522 | |
| Earnings per ordinary share (NOK) | 2.79 | 4.86 | 5.04 | 6.87 | 12.48 | |
| Average number of shares as basis for calculation (million) | 431.9 | 444.1 | 440.3 |
Statement of comprehensive income
| Q2 | 01.01 - 30.06 | Full year | |||
|---|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2025 | 2024 | 2024 |
| Profit/loss for the period | 1,194 | 2,163 | 2,171 | 3,068 | 5,522 |
| Actuarial assumptions pensions own employees | -5 | -4 | -3 | -4 | -27 |
| Fair value adjustment of properties for own use | -1 | 5 | 70 | ||
| Tax on other comprehensive income not to be reclassified to profit/loss | 2 | ||||
| Other comprehensive income not to be reclassified to profit/loss | -4 | 2 | -4 | 45 | |
| Exchange rate adjustments | 68 | 33 | -102 | 31 | -43 |
| Change in unrealised gains on financial instruments available for sale | 123 | 33 | 177 | -14 | -21 |
| Tax on other comprehensive income that may be reclassified to profit/loss |
-31 | -8 | -44 | 4 | 5 |
| Other comprehensive income that may be reclassified to profit/loss | 161 | 58 | 32 | 20 | -58 |
| Other comprehensive income | 155 | 54 | 34 | 17 | -13 |
| Total comprehensive income | 1,349 | 2,218 | 2,204 | 3,085 | 5,509 |
| Total comprehensive income attributable to: | |||||
| Share of total comprehensive income - shareholders | 1,355 | 2,210 | 2,212 | 3,070 | 5,481 |
| Share of total comprehensive income - hybrid capital investors | 7 | 7 | 14 | 15 | 30 |
| Share of total comprehensive income - non-controlling interests | -13 | -22 | -1 | ||
| Total | 1,349 | 2,218 | 2,204 | 3,085 | 5,509 |
Statement of financial position
| NOK million | Notes | 30.06.25 | 31.12.24 |
|---|---|---|---|
| Assets | |||
| Deferred tax assets | 1,782 | 2,147 | |
| Intangible assets | 6,536 | 6,721 | |
| Tangible fixed assets | 2,658 | 2,654 | |
| Investments in associated companies and joint ventures | 8,286 | 7,412 | |
| Assets held for sale | |||
| Minority portion of consolidated mutual funds | 69,363 | 63,567 | |
| Reinsurance contracts assets | 322 | 316 | |
| Investment properties | 4 | 37,419 | 36,225 |
| Loans to customers | 4 | 100,531 | 94,586 |
| Loans to financial institutions | 4 | 2,247 | 2,781 |
| Equities and fund units | 4 | 423,873 | 414,959 |
| Bonds and other fixed-income securities | 4 | 311,727 | 303,803 |
| Derivatives | 4 | 4,450 | 2,568 |
| Other assets | 32,433 | 49,831 | |
| Bank deposits | 17,740 | 9,241 | |
| Total assets | 1,019,367 | 996,811 | |
| Equity and liabilities | |||
| Paid-in capital | 12,986 | 13,012 | |
| Retained earnings | 17,890 | 18,347 | |
| Hybrid capital | 353 | 353 | |
| Non-controlling interests | 381 | 402 | |
| Total equity | 31,609 | 32,113 | |
| Pension liabilities | 171 | 173 | |
| Deferred tax | 1,480 | 1,409 | |
| Minority portion of consolidated mutual funds | 69,363 | 63,567 | |
| Insurance contracts liabilities | 5 | 339,015 | 325,611 |
| Investment contracts liabilities | 5 | 445,031 | 429,471 |
| Reinsurance contracts liabilities | 5 | 4 | 11 |
| Subordinated loan capital | 3 | 10,609 | 10,807 |
| Other non-current liabilities | 848 | 841 | |
| Deposits from banking customers | 35,514 | 31,403 | |
| Debt raised by issuance of securities | 3 | 42,303 | 39,669 |
| Loans and deposits from credit institutions | 3 | 2,039 | 3,415 |
| Derivatives | 4 | 4,411 | 8,988 |
| Other liabilities | 36,968 | 49,331 | |
| Total liabilities | 987,757 | 964,698 | |
| Total equity and liabilities | 1,019,367 | 996,811 |
Statement of changes in equity
| Majority's share of equity | Non | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NOK million | Share capital 1) |
Own shares |
Share premium |
Total paid in equity |
Currency translation differences |
Other equity |
Total retained earnings |
Hybrid capital 2) |
controll -ing interest s |
Total equity |
| Equity 31.12.23 | 2,327 | -91 | 10,842 | 13,078 | 739 | 15,305 | 16,044 | 408 | 29,531 | |
| Profit for the period | 5,494 | 5,494 | 30 | -1 | 5,522 | |||||
| Total other comprehensive income elements |
-43 | 29 | -13 | -13 | ||||||
| Total comprehensive income for the period |
-43 | 5,523 | 5,481 | 30 | -1 | 5,509 | ||||
| Equity transactions with owners: | ||||||||||
| Own shares | -88 | 21 | -67 | -1,379 | -1,379 | -1,446 | ||||
| Hybrid capital classified as equity | 7 | 7 | -55 | -47 | ||||||
| Paid out interest hybrid capital | -30 | -30 | ||||||||
| Dividend paid | -1,817 | -1,817 | -1,817 | |||||||
| Other | 10 | 10 | 404 | 414 | ||||||
| Equity 31.12.24 | 2,240 | -70 | 10,842 | 13,012 | 697 | 17,650 | 18,346 | 353 | 402 | 32,113 |
| Profit for the period | 2,178 | 2,178 | 14 | -22 | 2,171 | |||||
| Total other comprehensive income elements |
-102 | 135 | 34 | 34 | ||||||
| Total comprehensive income for the period |
-102 | 2,313 | 2,212 | 14 | -22 | 2,204 | ||||
| Equity transactions with owners: | ||||||||||
| Own shares | -62 | 37 | -26 | -664 | -664 | -690 | ||||
| Hybrid capital classified as equity | 4 | 4 | 4 | |||||||
| Paid out interest hybrid capital | -14 | -14 | ||||||||
| Dividend paid | -2,028 | -2,028 | -2,028 | |||||||
| Other | 21 | 21 | 21 | |||||||
| Equity 30.06.25 | 2,177 | -33 | 10,842 | 12,986 | 595 | 17,295 | 17,890 | 353 | 381 | 31,609 |
1) 435 484 411 shares with a nominal value of NOK 5.
2) Perpetual hybrid tier 1 capital classified as equity.
Statement of cash flow
| 01.01 - 30.06 | |||
|---|---|---|---|
| NOK million | 2025 | 2024 | |
| Cash flow from operating activities | |||
| Receipts premium - insurance | 17,084 | 14,592 | |
| Payments claims and insurance benefits | -12,308 | -11,983 | |
| Net receipts/payments - transfers | -84 | 712 | |
| Net change insurance liabilities | 1,917 | 1,872 | |
| Receipts - interest, commission and fees from customers | 2,230 | 1,915 | |
| Payments - interest, commission and fees to customers | -139 | -119 | |
| Taxes paid | -603 | -538 | |
| Payments relating to operations | -4,473 | -4,381 | |
| Net receipts/payments - other operating activities | 5,156 | -2,760 | |
| Net cash flow from operations before financial assets and banking customers | 8,780 | -690 | |
| Net receipts/payments - loans to customers | -5,930 | -4,470 | |
| Net receipts/payments - deposits bank customers | 3,586 | 4,443 | |
| Net receipts/payments - securities | 4,591 | 1,246 | |
| Net receipts/payments - investment properties | 311 | 364 | |
| Receipts - sale of investment properties | 595 | ||
| Payments - purchase of investment properties | -7 | -97 | |
| Net cash flow from financial assets and banking customers | 2,550 | 2,079 | |
| Net cash flow from operating activities | 11,331 | 1,390 | |
| Cash flow from investing activities | |||
| Receipts - sale of subsidiaries | 1,313 | ||
| Payments - purchase of subsidiaries | -19 | -1,621 | |
| Net receipts/payments - sale/purchase of fixed assets | -56 | -45 | |
| Payments - purchase of associated companies and joint ventures | -12 | -26 | |
| Net cash flow from investing activities | -87 | -381 | |
| Cash flow from financing activities | |||
| Receipts - new loans | 9,344 | 6,439 | |
| Payments - repayments of loans | -6,699 | -5,873 | |
| Payments - interest on loans | -1,203 | -1,153 | |
| Receipts - subordinated loans | 1,008 | ||
| Payments - repayment of subordinated loans | -1,362 | -862 | |
| Payments - interest on subordinated loans | -422 | -456 | |
| Receipts - loans to financial institutions | 3,772 | 1,997 | |
| Payments - repayments of loans from financial institutions | -5,148 | -1,780 | |
| Receipts - issuing of share capital / sale of shares to employees | 85 | 65 | |
| Payments - repayment of share capital | -751 | -809 | |
| Payments - dividends | -2,028 | -1,817 | |
| Payments - repayment of hybrid capital | -55 | ||
| Payments - interest on hybrid capital | -14 | -16 | |
| Net cash flow from financing activities | -3,418 | -4,320 | |
| Net cash flow for the period | 7,825 | -3,311 | |
| Cash and cash equivalents at the start of the period | 12,022 | 15,054 | |
| Currency translation cash/cash equivalents in foreign currency | 140 | -11 |
| 01.01 - 30.06 | ||||
|---|---|---|---|---|
| NOK million | 2025 | 2024 | ||
| Cash and cash equivalents at the end of the period 1) | 19,987 | 11,732 | ||
| 1) Consists of: | ||||
| Loans to financial institutions | 2,247 | 368 | ||
| Bank deposits | 17,740 | 11,364 | ||
| Total | 19,987 | 11,732 |
Notes to the interim accounts Storebrand Group
Note G1
Basis for preparation
The Group's interim financial statements include Storebrand ASA, subsidiaries, associated companies and joint ventures. The financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements do not contain all the information that is required in the 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.
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 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 7 and valuation of financial instruments and investment properties in note 12.
Note G2
Profit by segments
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 4.
Segment information as of Q2
| Savings Q2 |
Insurance Q2 |
Guaranteed pension Q2 |
||||
|---|---|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Fee and administration income | 1,767 | 1,567 | 389 | 388 | ||
| Insurance result | 635 | 396 | ||||
| - Insurance premiums for own account | 2,408 | 1,955 | ||||
| - Claims for own account | -1,774 | -1,559 | ||||
| Operating expense | -1,119 | -923 | -430 | -336 | -226 | -211 |
| Cash equivalent earnings from operations | 648 | 644 | 205 | 60 | 163 | 177 |
| Financial items and risk result life & pension | -14 | -13 | 85 | 58 | 193 | 129 |
| Cash equivalent earnings before amortisation | 634 | 630 | 289 | 118 | 356 | 306 |
| Amortisation of intangible assets 1) | ||||||
| Cash equivalent earnings before tax |
| Other | Storebrand Group | ||||
|---|---|---|---|---|---|
| Q2 | Q2 | ||||
| NOK million | 2025 | 2024 | 2025 | 2024 | |
| Fee and administration income | -86 | -68 | 2,070 | 1,888 | |
| Insurance result | 635 | 396 | |||
| - Insurance premiums for own account | 2,408 | 1,955 | |||
| - Claims for own account | -1,774 | -1,559 | |||
| Operating expense | 24 | 6 | -1,751 | -1,465 | |
| Cash equivalent earnings from operations | -62 | -62 | 953 | 819 | |
| Financial items and risk result life & pension | 209 | 1,257 | 474 | 1,431 | |
| Cash equivalent earnings before amortisation | 147 | 1,195 | 1,427 | 2,249 | |
| Amortisation of intangible assets 1) | -78 | -72 | |||
| Cash equivalent earnings before tax | 1,349 | 2,177 |
Segment information as of 01.01 - 30.06
| Savings 01.01 - 30.06 |
Insurance 01.01 - 30.06 |
Guaranteed pension 01.01 - 30.06 |
||||
|---|---|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Fee and administration income | 3,473 | 3,061 | 763 | 779 | ||
| Insurance result | 1,105 | 763 | ||||
| - Insurance premiums for own account | 4,665 | 3,830 | ||||
| - Claims for own account | -3,560 | -3,067 | ||||
| Operating expense | -2,175 | -1,870 | -829 | -663 | -462 | -426 |
| Cash equivalent earnings from operations | 1,298 | 1,191 | 276 | 100 | 301 | 352 |
| Financial items and risk result life & pension | -5 | 7 | 156 | 126 | 316 | 243 |
| Cash equivalent earnings before amortisation | 1,293 | 1,197 | 432 | 225 | 617 | 595 |
| Amortisation of intangible assets 1) | ||||||
| Cash equivalent earnings before tax |
| Other | Storebrand Group | ||||
|---|---|---|---|---|---|
| 01.01 - 30.06 | 01.01 - 30.06 | ||||
| NOK million | 2025 | 2024 | 2025 | 2024 | |
| Fee and administration income | -169 | -134 | 4,067 | 3,706 | |
| Insurance result | 1,105 | 763 | |||
| - Insurance premiums for own account | 4,665 | 3,830 | |||
| - Claims for own account | -3,560 | -3,067 | |||
| Operating expense | 48 | -3 | -3,418 | -2,962 | |
| Cash equivalent earnings from operations | -121 | -136 | 1,753 | 1,507 | |
| Financial items and risk result life & pension | 373 | 1,450 | 841 | 1,824 | |
| Cash equivalent earnings before amortisation | 252 | 1,313 | 2,594 | 3,331 | |
| Amortisation of intangible assets 1) | -155 | -145 | |||
| Cash equivalent earnings before tax | 2,439 | 3,186 | |||
| Tax | -307 | -360 | |||
| Reconcilation between cash equivalent earning and | |||||
| profit for the period | 39 | 243 | |||
| Profit for the year | 2,171 | 3,068 |
1) Amortisation of intangible assets is included in Storebrand Group
Note G3
Liquidity risk
Specification of subordinated loans 1)
| Book value | ||||||
|---|---|---|---|---|---|---|
| NOK million | Nominal | value Currency | Interest | rate Call date 30.06.25 31.12.24 | ||
| Issuer | ||||||
| Perpetual subordinated loans 2) | ||||||
| Storebrand Livsforsikring AS3) | 900 | SEK | Flytende | 2026 | 958 | 928 |
| Storebrand Livsforsikring AS | 300 | NOK | Flytende | 2028 | 303 | 302 |
| Storebrand Livsforsikring AS3) | 400 | SEK | Flytende | 2028 | 428 | 414 |
| Storebrand Livsforsikring AS3) | 300 | NOK | Fast | 2028 | 329 | 313 |
| Storebrand Livsforsikring AS | 700 | NOK | Flytende | 2030 | 704 | |
| Storebrand Livsforsikring AS3) | 300 | SEK | Flytende | 2030 | 318 | |
| Dated subordinated loans | ||||||
| Storebrand Livsforsikring AS3,5) | 862 | SEK | Flytende | 2025 | 887 | |
| Storebrand Livsforsikring AS5) | 426 | NOK | Flytende | 2025 | 427 | |
| Storebrand Livsforsikring AS4) | 650 | NOK | Flytende | 2027 | 653 | 653 |
| Storebrand Livsforsikring AS3,4) | 750 | NOK | Fast | 2027 | 783 | 748 |
| Storebrand Livsforsikring AS3,4) | 1,250 | NOK | Flytende | 2027 | 1,259 | 1,259 |
| Storebrand Livsforsikring AS3) | 300 | EUR | Fast | 2031 | 3,112 | 3,022 |
| Storebrand Livsforsikring AS3,4) | 1,000 | SEK | Flytende | 2029 | 1,060 | 1,026 |
| Storebrand Bank ASA | 125 | NOK | Flytende | 2025 | 126 | |
| Storebrand Bank ASA | 300 | NOK | Flytende | 2026 | 300 | 300 |
| Storebrand Bank ASA | 400 | NOK | Flytende | 2027 | 402 | 403 |
| Total subordinated loans and hybrid tier 1 capital |
10,609 | 10,807 |
1) Storebrand Bank ASA has issued hybrid tier 1 capital bonds/hybrid capital that is classified as equity. See the statement of changes in equity.
2) In the case of perpetual subordinated loans, the cash flow is calculated through to the first call date
3) The loans are subject to hedge accounting
4) Green bonds
5) The loan has been repaid in 2025
Specification of loans and deposits from credit institutions
| Book value | ||||
|---|---|---|---|---|
| NOK million | 30.06.25 | 31.12.24 | ||
| Call date | ||||
| 2025 | 3,415 | |||
| 2026 | 2,039 | |||
| Total loans and deposits from credit institutions | 2,039 | 3,415 |
Specification of securities issued
| Book value | ||
|---|---|---|
| NOK million | 30.06.25 | 31.12.24 |
| Call date | ||
| 2025 | 1,457 | 6,040 |
| 2026 | 9,213 | 10,367 |
| 2027 | 10,384 | 10,379 |
| 2028 | 10,704 | 9,946 |
| 2029 | 8,597 | 995 |
| 2031 | 1,253 | 1,248 |
| 2038 | 695 | 693 |
| Total securities issued | 42,303 | 39,669 |
The loan agreements contain standard covenants.
Credit facilities
Storebrand ASA has an unused credit facility of EUR 200 million, expiration December 2029 with two one-year extension options.
Note Valuation of financial instruments and investment properties
G4
Valuation of financial instruments at amortised cost
| Fair value | Book value | Fair value | Book value | |
|---|---|---|---|---|
| NOK Million | 30.06.25 | 30.06.25 | 31.12.24 | 31.12.24 |
| Financial assets | ||||
| Loans to and due from financial institutions | 2,247 | 2,247 | 2,781 | 2,781 |
| Loans to customers - retail | 345 | 345 | 355 | 355 |
| Bonds classified as loans and receivables | 6,905 | 6,889 | 6,284 | 6,278 |
| Total financial assets 30.06.25 | 9,497 | 9,481 | ||
| Total financial assets 31.12.24 | 9,420 | 9,414 | ||
| Financial liabilities | ||||
| Debt raised by issuance of securities | 42,283 | 42,303 | 39,569 | 39,669 |
| Loans and deposits from credit institutions | 2,039 | 2,039 | 3,415 | 3,415 |
| Deposits from banking customers | 35,514 | 35,514 | 31,403 | 31,403 |
| Subordinated loan capital | 10,641 | 10,609 | 10,840 | 10,807 |
| Total financial liabilities 30.06.25 | 90,477 | 90,465 | ||
| Total financial liabilities 31.12.24 | 85,226 | 85,295 |
Valuation of financial instruments at fair value over OCI (FVOCI)
| Level 2 | Level 3 | Total fair value | ||
|---|---|---|---|---|
| NOK Million | Observable assumptions |
Non observable assumptions |
30.06.25 | 31.12.24 |
| Assets | ||||
| Loans to customers | ||||
| - Loans to customers - retail | 73,555 | 73,555 | 67,721 | |
| Total loans to customers 30.06.25 | 73,555 | 73,555 | ||
| Total loans to customers 31.12.24 | 67,721 | 67,721 | ||
| Bonds and other fixed-income securities | ||||
| - Government bonds | 1,002 | 1,002 | 1,150 | |
| - Corporate bonds | 3,266 | 3,266 | 3,484 | |
| - Structured notes | 1,134 | 1,134 | 1,519 | |
| Total bonds and other fixed-income securities 30.06.25 |
5,403 | 5,403 | ||
| Total bonds and other fixed-income securities 31.12.24 |
6,154 | 6,154 |
Financial instruments at fair value over OCI - level 3
| NOK million | Loans to customers |
|---|---|
| Book value 01.01.25 | 67,721 |
| Net gains/losses on financial instruments | 8 |
| Additions | 17,983 |
| Sales | -12,158 |
| Book value 30.06.25 | 73,555 |
Valuation of financial instruments and real estate at fair value
| Level 1 | Level 2 | Level 3 | Total Fair Value | ||
|---|---|---|---|---|---|
| NOK Million | Quoted prices |
Observable assumptions |
Non observable assumptions |
30.06.25 | 31.12.24 |
| Assets: | |||||
| Equities and fund units | |||||
| - Equities | 58,671 | 405 | 170 | 59,247 | 58,200 |
| - Fund units | 336,529 | 28,098 | 364,627 | 356,759 | |
| Total equities and fund units 30.06.25 | 58,671 | 336,934 | 28,269 | 423,873 | |
| Total equities and fund units 31.12.24 | 57,719 | 330,999 | 26,242 | 414,959 | |
| Loans to customers | |||||
| - Loans to customers - corporate | 8,547 | 8,547 | 8,198 | ||
| - Loans to customers - retail | 18,084 | 18,084 | 18,312 | ||
| Total loans to customers 30.06.25 | 26,631 | 26,631 | |||
| Total loans to customers 31.12.24 | 26,510 | 26,510 | |||
| Bonds and other fixed-income securities | |||||
| - Government bonds | 32,887 | 31,441 | 64,328 | 61,513 | |
| - Corporate bonds | 111,819 | 144 | 111,963 | 90,363 | |
| - Structured notes | 17,049 | 17,049 | 37,694 | ||
| - Collateralised securities | 2,408 | 2,408 | 3,798 | ||
| - Bond funds | 91,185 | 12,502 | 103,687 | 98,004 | |
| Total bonds and other fixed-income securities 30.06.25 |
32,887 | 253,902 | 12,646 | 299,435 | |
| Total bonds and other fixed-income securities 31.12.24 |
28,996 | 248,435 | 13,941 | 291,371 | |
| Derivatives: | |||||
| - Equity derivatives | 37 | ||||
| - Interest derivatives | -1,504 | -1,504 | -3,201 | ||
| - Currency derivatives | 1,542 | 1,542 | -3,256 | ||
| Total derivatives 30.06.25 | 39 | 39 | |||
| - of which derivatives with a positive market value | 4,450 | 4,450 | 2,568 | ||
| - of which derivatives with a negative market value | -4,411 | -4,411 | -8,988 | ||
| Total derivatives 31.12.24 | -6,458 | 37 | -6,421 | ||
| Properties: | |||||
| Investment properties | 35,498 | 35,498 | 34,404 | ||
| Properties for own use | 1,921 | 1,921 | 1,820 | ||
| Total properties 30.06.25 | 37,419 | 37,419 | |||
| Total properties 31.12.24 | 36,225 | 36,225 |
3
There is no significant movements between level 1 and level 2 in this quarter.
Financial instruments and investment properties at fair value - level
| NOK million | Equities | Fund units |
Loans to customers |
Corporate bonds |
Bond funds |
Investment properties |
Properties for own use |
|---|---|---|---|---|---|---|---|
| Book value 01.01.25 | 107 | 26,135 | 26,511 | 8 | 13,933 | 34,404 | 1,820 |
| Net gains/losses on financial instruments |
-5 | 2,793 | 298 | 136 | -641 | -149 | 36 |
| Additions | 72 | 3 | 678 | 1 | 1,132 | 366 | 42 |
| Sales | -4 | -977 | -1,007 | -2,292 | -2 | ||
| Exchange rate adjustments | 150 | 151 | 370 | 444 | 23 | ||
| Other | -6 | 432 | 2 | ||||
| Book value 30.06.25 | 170 | 28,098 | 26,631 | 144 | 12,502 | 35,498 | 1,921 |
As at 30.06.25, Storebrand Livsforsikring had NOK 8.025 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 are described in note 12 in the 2024 annual report. There is no significant changes in sensitivity in this quarter.
Note
Insurance contracts
G5
Insurance revenue and expenses
| 30.06.25 | 31.12.24 | |||||||
|---|---|---|---|---|---|---|---|---|
| Guaranteed pension | Insurance | |||||||
| NOK Million | Guaranteed products - Norway |
Guaranteed products - Sweden |
Pension related disability insurance - Norway |
P&C and Individual Life |
Group Life and Disability Insurance |
Total | Total | Total |
| Contracts measured under VFA and GMM |
||||||||
| Amounts relating to changes in LRC | ||||||||
| Expected incurred claims and other insurance service expenses |
||||||||
| Expected incurred claims | -1 | -1 | 252 | 251 | 282 | 507 | ||
| Expected incurred expenses | 300 | 103 | 75 | 478 | 448 | 906 | ||
| Change in the risk adjustment for non financial risk for risk expired |
117 | 54 | 5 | 175 | 163 | 328 | ||
| CSM recognised in P&L for services provided |
552 | 240 | 159 | 952 | 1,006 | 1,999 | ||
| Recovery of insurance acquisition cash flows |
2 | 3 | 6 | 11 | 8 | 18 | ||
| Insurance revenue from contracts measured under VFA and GMM |
971 | 400 | 497 | 1,867 | 1,906 | 3,757 | ||
| Insurance revenue from contracts measured under the PAA |
2,910 | 839 | 3,750 | 3,071 | 6,525 | |||
| Total insurance revenue | 971 | 400 | 497 | 2,910 | 839 | 5,617 | 4,977 | 10,282 |
| Incurred claims and other directly attributable expenses |
||||||||
| Incurred claims | 1 | -267 | -2,072 | -809 | -3,148 | -2,807 | -5,531 | |
| Incurred expenses | -318 | -112 | -71 | -663 | -102 | -1,265 | -1,070 | -2,241 |
| Changes that relate to past service - Adjustment to the LIC |
-126 | 116 | -10 | 77 | -94 | |||
| Losses on onerous contracts and reversal on those losses |
318 | -33 | -126 | -3 | -6 | 150 | 50 | -40 |
| Insurance acquisition cash flows amortisation |
-2 | -3 | -6 | -11 | -8 | -18 | ||
| Total insurance service expenses | -1 | -147 | -471 | -2,864 | -802 | -4,285 | -3,757 | -7,925 |
| Net income (expenses) from reinsurance contracts held |
-1 | 5 | -11 | -10 | -17 | 8 | 16 | |
| Total insurance service result | 968 | 252 | 31 | 35 | 28 | 1,315 | 1,229 | 2,374 |
| Q2 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Guaranteed pension Insurance |
|||||||
| NOK Million | Guaranteed products - Norway |
Guaranteed products - Sweden |
Pension related disability insurance - Norway |
P&C and Individual Life |
Group Life and Disability Insurance |
Total | Total |
| Contracts measured under VFA and GMM |
|||||||
| Amounts relating to changes in LRC | |||||||
| Expected incurred claims and other insurance service expenses |
|||||||
| Expected incurred claims | 133 | 132 | 107 | ||||
| Expected incurred expenses | 153 | 52 | 37 | 242 | 225 | ||
| Change in the risk adjustment for non financial risk for risk expired |
57 | 28 | 4 | 89 | 81 | ||
| CSM recognised in P&L for services provided |
266 | 124 | 69 | 458 | 490 | ||
| Recovery of insurance acquisition cash flows |
1 | 2 | 3 | 6 | 4 | ||
| Insurance revenue from contracts measured under VFA and GMM |
477 | 205 | 245 | 927 | 906 | ||
| Insurance revenue from contracts measured under the PAA |
1,512 | 435 | 1,947 | 1,549 | |||
| Total insurance revenue | 477 | 205 | 245 | 1,512 | 435 | 2,874 | 2,455 |
| Incurred claims and other directly attributable expenses |
|||||||
| Incurred claims | -156 | -1,036 | -367 | -1,559 | -1,322 | ||
| Incurred expenses | -153 | -57 | -35 | -348 | -50 | -644 | -538 |
| Changes that relate to past service - Adjustment to the LIC |
-46 | 92 | 45 | -226 | |||
| Losses on onerous contracts and reversal on those losses |
-41 | -7 | 57 | -2 | 4 | 12 | 83 |
| Insurance acquisition cash flows amortisation |
-1 | -2 | -3 | -6 | -4 | ||
| Total insurance service expenses | -196 | -65 | -137 | -1,432 | -322 | -2,151 | -2,007 |
| Net income (expenses) from reinsurance contracts held |
2 | 3 | -2 | 2 | 3 | ||
| Total insurance service result | 281 | 141 | 110 | 83 | 112 | 726 | 451 |
GUARANTEED PENSION
Reconciliation of the measurement component of insurance contract balances
| NOK Million | Present value of future cash flows |
Risk adjustment for non financial risk |
CSM | Total | Total 31.12.24 |
|---|---|---|---|---|---|
| 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 | -952 | -952 | -1,999 | ||
| Change in the risk adjustment for non-financial risk for the risk expired |
-191 | -191 | -339 | ||
| Experience adjustments | 54 | 54 | 20 | ||
| Total changes that relate to current service | 54 | -191 | -952 | -1,089 | -2,317 |
| Change that relate to future service | |||||
| Changes in estimates that adjust the CSM | -776 | 571 | 205 | ||
| Changes in estimates that results in onerous contract losses or reversal of losses |
-306 | 44 | -262 | -385 | |
| Contracts initially recognised in the period | -451 | 92 | 461 | 103 | 425 |
| Total changes that relate to future service | -1,533 | 707 | 667 | -159 | 40 |
| Insurance service result | -1,479 | 516 | -285 | -1,248 | -2,277 |
| Finance expenses from insurance contracts issued recognised in profit or loss |
11,181 | 19 | 11,200 | 14,234 | |
| Finance expenses from insurance contracts issued | 11,181 | 19 | 11,200 | 14,234 | |
| Total amount recognised in comprehensive income | 9,702 | 516 | -266 | 9,952 | 11,957 |
| Other changes | 5 | 5 | -64 | ||
| Effect of changes in foreign exchange rates | 2,718 | 35 | 106 | 2,859 | 1,712 |
| Cash flows | |||||
| Premiums received | 5,916 | 5,916 | 9,953 | ||
| Claims and other directly attributable expenses paid | -6,287 | -6,287 | -16,672 | ||
| Insurance acquisition cash flows | -45 | -45 | -73 | ||
| Total cash flows | -415 | -415 | -6,792 | ||
| Net closing balance | 311,516 | 4,589 | 13,348 | 329,453 | 317,052 |
INSURANCE
Reconciliation of the liability for remaining coverage and the liability for incurred claims
| 30.06.25 | ||||||
|---|---|---|---|---|---|---|
| LRC | LIC for contracts under the PAA |
|||||
| NOK Million | Excluding loss compo nent |
Loss compo nent |
Present value of future cash flows |
Risk adjust ment for non financial risk |
Total | Total 31.12.24 |
| Net opening balance | 420 | 9 | 7,904 | 226 | 8,559 | 7,986 |
| Insurance revenue | -3,750 | -3,750 | -6,525 | |||
| Insurance service expenses | ||||||
| Incurred claims and other directly attributable expenses |
3,645 | 3,645 | 6,350 | |||
| Adjustment to liabilities for incurred claims | -4 | 14 | 10 | 94 | ||
| Losses on onerous contracts and reversal of those losses |
10 | 10 | ||||
| Insurance service expenses | 10 | 3,642 | 14 | 3,666 | 6,444 | |
| Insurance service result | -3,750 | 10 | 3,642 | 14 | -84 | -80 |
| Finance expenses from insurance contracts issued recognised in profit or loss |
82 | 82 | -138 | |||
| Finance expenses from insurance contracts issued |
82 | 82 | -138 | |||
| Total amounts recognised in comprehensive income |
-3,750 | 10 | 3,724 | 14 | -2 | -218 |
| Effect of changes in foreign exchange rates | 34 | 2 | 36 | 22 | ||
| Cash flows | ||||||
| Premiums received | 4,085 | 4,085 | 6,571 | |||
| Claims and other directly attributable expenses paid |
-3,115 | -3,115 | -5,802 | |||
| Total cash flows | 4,085 | -3,115 | 969 | 769 | ||
| Net closing balance | 755 | 19 | 8,547 | 242 | 9,562 | 8,559 |
Sensitivities
| NOK Million | CSM as at end of period |
Impact on CSM | |
|---|---|---|---|
| 13,348 | |||
| Equity | -25% | -2,797 | |
| Property | -10bp | -955 | |
| Interest rate | +50bp | 66 | |
| Interest rate | -50bp | -714 | |
| Spread (credit spead and VA) | +50 bp+15bp | -1,543 | |
| Mortality | -5% | -330 | |
| Disability | +5% | -55 | |
| Expenses | +5% | -331 |
Note G6
Tax
A description of the accounting principles for tax, and the most significant impact on the effective tax rate is described in Storebrand ASA's 2024 annual report note 1 and note 26 (Group).
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 26 (Group) in the 2024 annual Report. There has been no development in the uncertain tax positions in the quarter.
Note Solidity and capital management
G7
The Storebrand Group is an insurance-dominated, cross-sectoral financial group with capital requirements in accordance with Solvency II. Storebrand calculates Solvency II according to the standard method as defined in the Solvency II Regulations.
Solidity and capital management is further described in the 2024 annual report in note 13.
Solvency capital
| 30.06.25 | 31.12.24 | |||||
|---|---|---|---|---|---|---|
| NOK million | Total | Group 1 unlimited |
Group 1 limited |
Group 2 | Group 3 | Total |
| Share capital | 2,177 | 2,177 | 2,240 | |||
| Share premium | 10,842 | 10,842 | 10,842 | |||
| Reconciliation reserve | 34,558 | 34,558 | 34,581 | |||
| Counting subordinated loans | 9,920 | 3,027 | 6,893 | 8,795 | ||
| Deferred tax assets | 60 | 60 | 223 | |||
| Risk equalisation reserve | 1,380 | 1,380 | 1,267 | |||
| Deductions for CRD IV subsidiaries | -7,290 | -7,290 | -7,144 | |||
| Expected dividend | -1,020 | -1,020 | -2,040 | |||
| Total basic solvency capital | 50,627 | 39,267 | 3,027 | 8,273 | 60 | 45,948 |
| Subordinated capital for subsidiaries regulated in accordance with CRD IV |
7,290 | 7,144 | ||||
| Total solvency capital | 57,917 | 55,908 | ||||
| Total solvency capital available to cover the minimum capital requirement |
44,399 | 39,267 | 3,027 | 2,105 | 42,468 |
Solvency capital requirement and -margin
| NOK million | 30.06.25 | 31.12.24 |
|---|---|---|
| Market risk | 20,008 | 18,928 |
| Counterparty risk | 943 | 919 |
| Life insurance risk | 11,650 | 11,160 |
| Health insurance risk | 1,148 | 1,046 |
| P&C insurance risk | 1,068 | 951 |
| Operational risk | 1,571 | 1,503 |
| Diversification | -8,336 | -7,880 |
| Loss-absorbing ability deferred tax | -4,577 | -4,405 |
| Total solvency capital requirement - insurance company | 23,476 | 22,221 |
| Capital requirements for subsidiaries regulated in accordance with CRD IV | 5,467 | 5,778 |
| Total solvency capital requirement | 28,943 | 28,000 |
| Solvency margin | 200% | 200% |
| Minimum capital requirement | 10,523 | 10,065 |
| Minimum margin | 422% | 422% |
Capital- and capital requirement in accordance with the conglomerate directive
| NOK million | 30.06.25 | 31.12.24 |
|---|---|---|
| Capital requirements for CRD IV companies | 6,429 | 6,394 |
| Solvency capital requirements for insurance | 23,476 | 22,221 |
| Total capital requirements | 29,905 | 28,615 |
| Net primary capital for companies included in the CRD IV report | 7,290 | 7,144 |
| Net primary capital for insurance | 50,627 | 49,070 |
| Total net primary capital | 57,917 | 56,214 |
| Overfulfilment | 28,012 | 27,599 |
Note G8
Information about related parties
Storebrand conducts transactions with related parties as part of its normal business activities. These transactions take place on commercial terms. The terms for transactions with management and related parties are stipulated in notes 20 and 44 in the 2024 annual report.
Storebrand has not carried out any material transactions other than normal business transactions with related parties at the close of the 2nd quarter 2025.
Income statement
| Q2 | 01.01 - 30.06 | ||||
|---|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2025 | 2024 | 2024 |
| Operating income | |||||
| Income from investments in subsidiaries | 54 | 54 | 4,981 | ||
| Net income and gains from financial instruments: | |||||
| - equities and other units | -3 | 1 | -3 | -2 | |
| - bonds and other fixed-income securities | 69 | 62 | 111 | 96 | 195 |
| Other financial instruments | 3 | 1,106 | 4 | 1,107 | 1,111 |
| Operating income | 126 | 1,165 | 169 | 1,201 | 6,285 |
| Interest expenses | -14 | -8 | -28 | -16 | -46 |
| Other financial expenses | -2 | -4 | -3 | -5 | -122 |
| Operating expenses | |||||
| Personnel expenses | -14 | -13 | -29 | -27 | -56 |
| Other operating expenses | -66 | -45 | -124 | -100 | -211 |
| Total operating expenses | -80 | -58 | -153 | -127 | -267 |
| Total expenses | -95 | -70 | -185 | -148 | -434 |
| Profit before income tax | 31 | 1,095 | -16 | 1,053 | 5,850 |
| Tax expenses | 6 | 17 | 10 | -152 | |
| Profit for the period | 36 | 1,095 | 2 | 1,063 | 5,699 |
Statement of total comprehensive income
| Q2 | 01.01 - 30.06 | ||||
|---|---|---|---|---|---|
| NOK million | 2025 | 2024 | 2025 | 2024 | 2024 |
| Profit for the period | 36 | 1,095 | 2 | 1,063 | 5,699 |
| Other total comprehensive income elements not to be classified to profit/loss |
|||||
| Change in estimate deviation pension | -10 | ||||
| Tax on other comprehensive elements | 3 | ||||
| Total other comprehensive income elements | -8 | ||||
| Total comprehensive income | 36 | 1,095 | 2 | 1,063 | 5,691 |
Statement of financial position
| NOK million | 30.06.25 | 31.12.24 |
|---|---|---|
| Fixed assets | ||
| Deferred tax assets | 57 | 39 |
| Tangible fixed assets | 30 | 29 |
| Shares in subsidiaries and associated companies | 27,907 | 27,853 |
| Total fixed assets | 27,994 | 27,922 |
| Current assets | ||
| Owed within group | 331 | 4,982 |
| Other current receivables | 30 | 28 |
| Investments in trading portfolio: | ||
| - equities and other units | 29 | 28 |
| - bonds and other fixed-income securities | 4,198 | 3,176 |
| Bank deposits | 97 | 45 |
| Total current assets | 4,685 | 8,258 |
| Total assets | 32,678 | 36,180 |
| Equity and liabilities | ||
| Share capital | 2,177 | 2,240 |
| Own shares | -33 | -70 |
| Share premium reserve | 10,842 | 10,842 |
| Total paid in equity | 12,986 | 13,012 |
| Other equity | 18,490 | 19,116 |
| Total equity | 31,475 | 32,127 |
| Non-current liabilities | ||
| Pension liabilities | 112 | 112 |
| Securities issued | 1,001 | 1,002 |
| Total non-current liabilities | 1,114 | 1,114 |
| Current liabilities | ||
| Debt within group | 22 | 833 |
| Provision for dividend | 2,040 | |
| Other current liabilities | 67 | 66 |
| Total current liabilities | 89 | 2,939 |
| Total equity and liabilities | 32,678 | 36,180 |
Storebrand ASA
Statement of changes in equity
| Share | Share | Total | |||
|---|---|---|---|---|---|
| NOK million | capital | Own shares | premium Other equity | equity | |
| Equity at 31. December 2023 | 2,327 | -91 | 10,842 | 16,817 | 29,896 |
| Profit for the period | 5,699 | 5,699 | |||
| Total other result elements | -8 | -8 | |||
| Total comprehensive income | 5,691 | 5,691 | |||
| Provision for dividend | -2,023 | -2,023 | |||
| Own shares bought back 2) | -70 | -1,430 | -1,500 | ||
| Own shares sold2) | 3 | 51 | 54 | ||
| Cancellation of own shares1) | -88 | 88 | |||
| Employee share2) | 10 | 10 | |||
| Equity at 31. December 2024 | 2,240 | -70 | 10,842 | 19,116 | 32,127 |
| Profit for the period | 2 | 2 | |||
| Total comprehensive income | 2 | 2 | |||
| Provision for dividend | 12 | 12 | |||
| Own shares bought back 2) | -29 | -721 | -751 | ||
| Own shares sold2) | 3 | 57 | 61 | ||
| Cancellation of own shares1) | -62 | 62 | |||
| Employee share2) | 24 | 24 | |||
| Equity at 30. June 2025 | 2,177 | -33 | 10,842 | 18,490 | 31,475 |
1) 435 484 411 shares with a nominal value of NOK 5. Share capital reduced in May by NOK 62 million by cancellation of 12 488 270 shares.
2) In 2025, Storebrand ASA has bought 5.845.292 shares. In 2025, 660.215 shares were sold to our own employees. Holding of own shares 30. June 2025 was 6.685.077.
Statement of cash flow
| 01.01 - 30.06 | ||
|---|---|---|
| NOK million | 2025 | 2024 |
| Cash flow from operational activities | ||
| Net receipts/payments - securities at fair value | -885 | -1,689 |
| Payments relating to operations | -150 | -131 |
| Net receipts/payments - other operational activities | 4,652 | 4,271 |
| Net cash flow from operational activities | 3,617 | 2,451 |
| Cash flow from investment activities | ||
| Receipts - sale of subsidiaries | 1,313 | |
| Payments - purchase/capitalisation of subsidiaries | -842 | -1,370 |
| Net receipts/payments - sale/purchase of property and fixed assets | -1 | |
| Net cash flow from investment activities | -843 | -58 |
| Cash flow from financing activities | ||
| Receipts - new loans | 499 | |
| Payments - interest on loans | -28 | -16 |
| Receipts - sold own shares to employees | 85 | 65 |
| Payments - buy own shares | -751 | -809 |
| Payments - dividends | -2,028 | -1,817 |
| Net cash flow from financing activities | -2,722 | -2,079 |
| Net cash flow for the period | 52 | 314 |
| Net movement in cash and cash equivalents | 52 | 314 |
| Cash and cash equivalents at start of the period | 45 | 46 |
| Cash and cash equivalents at the end of the period | 97 | 361 |
Notes to the financial statements Storebrand ASA
Note Basis for preparation
P1
The financial statements are presented in accordance with the accounting policies applied in the annual financial statements for 2024. The accounting policies are described in note 1 in the 2024 annual report.
Storebrand ASA does not apply IFRS to the parent company's financial statements.
In preparing the interim accounts, Storebrand has used assumptions and estimates that affect reported amounts of assets, liabilities, revenues, and costs, and information in the notes to the financial statements. The final values realised may differ from these estimates.
Note P2
| Bond and bank loan | |||
|---|---|---|---|
| -- | -- | -------------------- | -- |
| Interest | Net nomial | ||||
|---|---|---|---|---|---|
| NOK million | rate | Currency | value | 30.06.25 | 31.12.24 |
| Bond loan 2020/2025 | Variable | NOK | 500 | 501 | 502 |
| Bond loan 2024/2029 | Variable | NOK | 500 | 500 | 500 |
| Total 1) | 1,001 | 1,002 |
1) Loans are booked at amortised cost and include earned not due interest.
Signed loan agreements have covenant requirements.
Storebrand ASA has an unused drawing facility for EUR 200 million, expiration December 2029 with two one-year extension options.
Declaration by the members of the Board and the CEO
The Board of Directors and the Chief Executive Officer have today considered and approved the Interim report and Interim financial statements for Storebrand ASA and the Storebrand Group for the first six months of 2025 (Report for the first six months, 2025).
The Interim report has been prepared in accordance with the requirements of IAS 34 Interim Financial Reporting as adopted by the EU and additional Norwegian requirements pursuant to the Norwegian Securities Trading Act.
In the best judgement of the Board and the CEO, the financial statements for the first six months of 2025 have been prepared in accordance with applicable accounting standards, and the information in the financial statements provides a fair and true picture of the parent company's and Group's assets, liabilities, financial standing and results as a whole as at 30 June 2025. In the best judgement of the Board and the CEO, the six-month report provides a fair and true overview of important events during the accounting period and their effects on the financial statements for the first six months for Storebrand ASA and the Storebrand Group. In the best judgement of the Board and the CEO, the descriptions of the most important elements of risk and uncertainty that the Group faces in the remaining six months, and a description of related parties' material transactions, also provide a true and fair view.
Lysaker, 10 July 2025 Board of Directors of Storebrand ASA
Jarle Roth Chairman of the Board
| Martin Skancke | Janne Flessum | Lise M. Hestvik |
|---|---|---|
| Benjamin Golding | Christel Elise Borge | Viveka Ekberg |
| Hanne Seim Grave | Lars Hognestad | Stine Beate Moe |
| Odd Arild Grefstad Chief Executive Officer |
Financial calendar
22 October 2025 Results Q3 2025 10 December 2025 Capital Markets Day
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 ASA Professor Kohts vei 9, P.O. Box 500, N-1327 Lysaker, Norway Phone: +47 22 31 50 50
43 Interim Report Storebrand Group www.storebrand.com/ir