Storebrand ASA

Investor Presentation • Jul 11, 2025

Supplementary Information

(unaudited)

Overview	3
Key figures 4
Shareholder structure	5
Financial results	6
Profit and loss – Storebrand Group6
Savings (non-guaranteed)	7
Profit and loss7
Key figures 7
Profit by product 8
Sales and markets 9
Reserves development 10
Insurance	11
Profit and loss 11
Key figures 12
Profit by product 12
Guaranteed pension	13
Profit and loss 13
Key figures 13
Profit by product 14
Investment return 15
Balance sheet 15
Sales and markets 15
Reserves and buffers 17
Key figures guaranteed products 18
Other	20
Profit and loss 20
Key figures 20

Storebrand Group	21
Profit and loss 21
Balance sheet 21
Storebrand Life Group (Alternative income statement)	22
Profit and loss – Storebrand Life Group 22
Balance sheet – Storebrand Life Group 23
Profit and loss – SPP Pension & Försäkring AB Group 23
Balance sheet – SPP Pension & Försäkring AB Group 23
Storebrand Asset Management Group (IFRS-Legal)	24
Profit and loss 24
Balance sheet 24
Storebrand Forsikring AS (IFRS-Legal)	25
Profit and loss 25
Balance sheet 25
Storebrand Bank Group (IFRS-Legal)	26
Profit and loss – Storebrand Bank Group 26
Balance sheet – Storebrand Bank Group 26
Key figures banking 27
Profit and loss – Storebrand Boligkreditt AS 27
Balance sheet – Storebrand Boligkreditt AS 27
Capital ratios – Storebrand Bank Group 28
Storebrand ASA (IFRS-Legal)	28
Profit and loss 28
Balance sheet 28

Overview

Storebrand is the leading provider of life insurance and pensions in the Nordic region. The group provides both guaranteed and non-guaranteed savings, as well as insurance, to retail customers, corporate customers, municipalities and to the public sector.

Reporting and legal structure

Storebrand's reporting structure deviates from the legal structure. The main lines in the reporting structure are shown below. The supplementary information is structured around Savings (nonguaranteed), Guaranteed pension, Insurance and Other.

Storebrand consists of a number of legal entities. Profit and Balance sheet of these legal entities can be found in the last part of this document. Separate interim reports for Storebrand Livsforsikring AS and Storebrand Bank ASA can also be downloaded at www.storebrand.com/ir.

Accounting principles

Storebrand Group accounts are presented in accordance with the Alternative Reporting (ARO) and International Financial Reporting Standards (IFRS) approved by the European Union.

Reporting structure

Key figures

Table 1: Key Figures

	2025		2024				2023
NOK million	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Storebrand Group
Cash EPS 1 )	5,29	2,42	11,47	9,81	6,69	2,09	7,85
Equity	31 609	32 705	32 113	30 672	29 986	29 956	29 531
Cash equivalent return on equity (ROE) annualised	17,9 %	15,2 %	10,7 %	21,2 %	33,3 %	14,5 %	14,6 %
Savings - non guaranteed
Premium income Unit Linked	7 971	7 911	7 717	7 617	7 739	7 475	7 309
Unit Linked reserves	475 193	446 308	458 525	448 514	425 589	410 180	384 504
AuM Asset Management	1 506 704	1 441 878	1 468 840	1 347 397	1 298 128	1 281 120	1 211 831
Retail lending	92 318	89 419	86 501	84 818	82 155	78 669	76 706
Insurance
Total portfolio premiums2 )	9 915	9 475	8 846	8 574	8 184	7 835	7 405
Claims ratio	74 %	79 %	82 %	76 %	80 %	80 %	96 %
Cost ratio	18 %	18 %	18 %	17 %	17 %	17 %	18 %
Combined ratio	91 %	97 %	100 %	94 %	97 %	98 %	115 %
Guaranteed pension
Guaranteed reserves	301 739	295 001	290 799	294 115	287 990	285 323	283 986
Guaranteed reserves in % of total reserves	38,8 %	39,8 %	38,8 %	39,6 %	40,4 %	41,0 %	42,5 %
Net flow of premiums and claims	-2 524	-2 997	-3 133	-2 780	-2 840	-2 773	-2 977
Buffer capital in % of customer reserves Norway 3)	8,1 %	7,3 %	7,4 %	7,5 %	6,8 %	6,8 %	6,1 %
Buffer capital in % of customer reserves Sweden 4 )	25,0 %	24,4 %	24,4 %	23,5 %	23,4 %	23,0 %	21,2 %
Solvency and Capital Adequacy
Solvency II ratio 5 )	200 %	198 %	200 %	190 %	191 %	191 %	192 %
Solvency II Own Funds 5)	57 917	55 863	55 908	55 453	54 331	54 495	51 921
Solvency II Capital Requirement	28 943	28 246	28 000	29 182	28 430	28 593	27 098
Total capital ratio (Storebrand Bank Group)	24,0 %	21,3 %	22,1 %	21,3 %	21,3 %	21,4 %	21,8 %
Tier 1 capital ratio (Storebrand Bank Group)	21,3 %	18,9 %	19,2 %	18,2 %	18,2 %	18,2 %	18,5 %
CET1 capital ratio (Storebrand Bank Group)	19,9 %	17,7 %	18,0 %	17,0 %	16,9 %	16,9 %	17,0 %

1) Accumulated accounting year

2) Excludes portfolio premiums in Storebrand Helseforsikring AS (50% ownership sold to Ergo International Q2 2024).

3) Additional statutory reserves + market value adjustment reserve

4) Conditional bonuses

5) May include transitional capital in relevant quarters

Shareholder structure

Shares in Storebrand ASA are quoted on the Oslo Stock Exchange (OSE) with the ticker code STB. Storebrand ASA has a share capital of NOK 2 177 million. There are 435 484 411 shares with a par value of NOK 5.

As of 30.06.2025 the shareholder structure1 was as follows:

Table 2: Shareholder structure (30.06.2025)

Shareholder	Total
	%
Folketrygdfondet	10,7 %
T Rowe Price Global Investments	5,0 %
DNB Asset Management	4,3 %
Vanguard Group	3,8 %
KLP	2,5 %
BlackRock	2,5 %
Storebrand Asset Management	2,3 %
Alfred Berg	2,2 %
Nordea	2,0 %
Columbia Threadneedle	1,6 %
Next 10 largest shareholders	13,7 %
Total - 20 largest shareholders	50,3 %
Source: Modular Finance

Table 3: Rating

	Rating agency S&P
Storebrand ASA	BBB+ / Stable
Storebrand Livsforsikring AS	A / Stable
Storebrand Bank ASA	A / Stable
Storebrand Boligkreditt AS	AAA

Table 4: Geographical dispersion

Norway	50 %
United States	23 %
Germany	5 %
United Kingdom	4 %
Others	19 %
Source: Modular Finance

¹ Based on look through analysis of beneficial owner.

Financial results

Profit and loss – Storebrand Group

Table 5: Group profit

	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
Share of cash-result attributed to minorities	-13	-9	-1	-	-	-22	-	-1

Table 6: Group profit by result area

	2025		2024		01.01 - 30.06			Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Savings - non-guaranteed	634	659	610	785	630	1 293	1 197	2 592
Insurance	289	142	106	214	118	432	225	546
Guaranteed pension	356	261	285	346	306	617	595	1 226
Other profit	147	105	64	162	1 195	252	1 313	1 539
Cash equivalent earnings before amortisation	1 427	1 167	1 065	1 507	2 249	2 594	3 331	5 904

Table 7: Earnings per share

	2025	2024				01.01 - 30.06
NOK	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Cash equivalent earnings after tax, adj. for amort.	1 237	1 050	712	1 366	2 036	2 287	2 971	5 049
Average number of shares (millions)	432	-	-	-	-	432	444	440
Cash EPS1	2,87	2,42	1,66	3,12	4,59	5,29	6,69	11,47

1) Cash EPS is an APM defined by Storebrand. Please see www.storebrand.no/ir for an overview of APMs used in financial reporting

Table 8: Exchange rates SEK/NOK

	2025		2024
	Q2	Q1	Q4	Q3	Q2
Profit	1,0516	1,0375	1,0171	1,0153	1,0092
Balance	1,0618	1,0487	1,0279	1,0391	1,0054

Savings (non-guaranteed)

Savings (non-guaranteed) comprises Defined Contribution in Norway and Sweden, Asset Management and Bank products to the retail market. The report on Savings (non-guaranteed) consequently includes profit from Storebrand Livsforsikring AS, SPP Pension & Försäkring AB, Storebrand Asset Management AS and Storebrand Bank ASA.

Profit and loss

Table 9: Savings - non-guaranteed¹

	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

1 Due to internal transactions in the Savings segment there has been minor adjustments to the figures in table 9 for Q1 2025

Table 10: Savings - by non-guaranteed product

	2025		2024			01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Unit linked Norway	165	176	185	171	171	341	333	689
Unit linked Sweden	58	76	80	87	82	134	166	332
Asset management	221	219	208	343	224	439	436	987
Retail banking1	190	189	138	184	153	379	263	584
Cash equivalent earnings before amortisation	634	659	610	785	630	1 293	1 197	2 592

¹The segment includes Kron and savings distribution

Key figures

Table 11: Savings - non-guaranteed

	2025		2024
NOK million	Q2	Q1	Q4	Q3	Q2
Unit linked Reserves	475 193	446 308	458 525	448 514	425 589
Unit linked Premiums	7 971	7 911	7 717	7 617	7 739
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

Profit by product

Table 12: Unit Linked Norway

	2025		2024				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Fee and administration income	340	358	353	340	329	698	660	1 353
Operational cost	-175	-182	-168	-170	-159	-357	-328	-665
Cash equivalent earnings from operations	165	176	185	170	170	341	332	688
Financial result	0	-0	-0	0	1	0	1	1
Cash equivalent earnings before amortisation	165	176	185	171	171	341	333	689
Fee Margin on reserves	0,54 %	0,58 %	0,58 %	0,57 %	0,57 %	0,55 %	0,59 %	0,58 %
Reserves	261 527	244 753	248 216	242 616	232 432	261 526	232 432	248 216

Table 13: Unit linked Sweden

	2025		2024				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Fee and administration income	283	290	294	280	277	573	544	1 119
Operational cost	-212	-207	-224	-193	-195	-419	-384	-801
Cash equivalent earnings from operations	71	83	70	87	82	154	160	317
Financial result	-12	-8	10	-0	0	-20	6	15
Cash equivalent earnings before amortisation	58	76	80	87	82	134	166	332
Fee Margin on reserves	0,55 %	0,56 %	0,57 %	0,56 %	0,59 %	0,55 %	0,60 %	0,59 %
Reserves	213 666	201 555	210 309	205 898	193 157	213 666	193 157	210 309

Table 14: Asset Management segment

	2025		2024			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Fee and administration income	774	715	622	698	638	1 489	1 238	2 558
Of which performance based income	91	58	-28	90	63	149	135	197
Operational cost	-553	-505	-450	-428	-409	-1 057	-826	-1 705
Cash equivalent earnings from operations	221	210	171	270	228	432	412	853
Financial result	-0	8	36	73	-4	8	24	133
Cash equivalent earnings before amortisation	221	219	208	343	224	439	436	987
Fee margin	0,21 %	0,20 %	0,18 %	0,21 %	0,20 %	0,20 %	0,20 %	0,19 %
Assets Under Management (AUM)							1 506 704 1 441 878 1 468 840 1 347 397 1 298 128 1 506 704 1 298 128 1 468 840

Table 15: Retail Banking incl. Kron and savings distribution

	2025		2024			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Fee and administration income	370	343	337	341	323	713	618	1 297
Of which Kron and savings distribution	19	17	7	7	6	36	11	26
Operational cost	-179	-163	-170	-157	-160	-341	-332	-659
Of which Kron and savings distribution	-26	-30	-20	-19	-38	-55	-82	-121
Cash equivalent earnings from operations	191	181	168	184	163	372	287	638
Financial result	-1	8	-30	-0	-10	7	-24	-54
Cash equivalent earnings before amortisation	190	189	138	184	153	379	263	584
Retail lending*	92 318	89 419	86 501	84 818	82 155	92 318	82 155	76 706
Net interest margin retail banking	1,51 %	1,47 %	1,57 %	1,60 %	1,60 %	1,49 %	1,60 %	1,44 %
Net interest income retail banking	324	301	308	303	295	626	295	250

* Includes mortgages on the Storebrand Livsforsikring AS balance sheet

Sales and markets

Table 16: New sales

	2025		2024			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Unit Linked premiums Norway	301	742	278	258	223	1 043	832	1 368
- of which annual premiums	69	304	83	75	44	373	275	432
- of which single premiums	231	439	195	184	179	670	557	936
Unit Linked premiums Sweden	598	628	599	606	671	1 226	1 335	2 541
- of which annual premiums	390	412	387	359	420	802	872	1 619
- of which single premiums	209	215	212	247	251	424	463	922
Savings (non guaranteed) premiums	899	1 370	877	865	894	2 269	2 168	3 909
- of which annual premiums	459	716	470	434	464	1 175	1 148	2 051
- of which single premiums	440	654	407	431	430	1 094	1 020	1 858

Table 17: Unit Linked - Premiums (excluding transfers)

	2025 2024					01.01 - 30.06
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Unit Linked (occupational pension) Norway	4 259	4 439	4 275	4 202	4 029	8 698	8 036	16 514
Unit Linked (retail) Norway	378	377	400	387	437	755	947	1 733
Unit Linked Sweden	3 334	3 096	3 042	3 028	3 274	6 429	6 232	12 301
Total	7 971	7 911	7 717	7 617	7 739	15 882	15 214	30 548

Table 18: Unit Linked - Transfer balance

	2025		2024				01.01 - 30.06
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Premium reserves received
Unit Linked Norway	2 040	4 039	1 624	1 534	1 455	6 079	4 781	7 939
Unit Linked Sweden	1 658	1 767	1 589	2 080	1 834	3 425	3 424	7 093
Total received	3 698	5 806	3 214	3 614	3 288	9 503	8 205	15 032
Premium reserves transferred
Unit Linked Norway	-4 200	-6 176	-3 867	-3 006	-3 681	-10 376	-7 281	-14 154
Unit Linked Sweden	-2 405	-2 028	-1 770	-2 142	-2 180	-4 433	-4 411	-8 324
Total transferred	-6 605	-8 204	-5 637	-5 148	-5 861	-14 809	-11 692	-22 478
Net transfers	-2 907	-2 399	-2 424	-1 534	-2 573	-5 306	-3 487	-7 446

Table 19: Return Defined Contribution - standard profiles Norway

	2025		2024				01.01 - 30.06
Return	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Extra low risk	1,9 %	1,3 %	0,5 %	2,2 %	1,3 %	3,2 %	2,3 %	5,0 %
Low risk	3,5 %	0,1 %	1,0 %	2,8 %	1,5 %	3,6 %	4,4 %	8,2 %
Balanced	5,6 %	-1,1 %	1,6 %	3,7 %	1,9 %	4,5 %	7,4 %	12,7 %
High risk	7,3 %	-2,5 %	2,3 %	4,3 %	2,2 %	4,8 %	10,2 %	16,8 %
Extra high risk	7,9 %	-3,1 %	2,5 %	4,5 %	2,2 %	4,8 %	10,9 %	17,9 %

Reserves development

Table 20a: Development customer funds, quarter

	Reserves	Reserves
	Unit Linked	Unit Linked
NOK million	Norway	Sweden
Funds at 31.03.2025	244 753	201 555
Premium income	4 637	3 334
Insurance claims	-870	-1 217
Transfers	-2 160	-747
Asset return	15 267	8 006
Other & FX	-101	2 735
Funds at 30.06.2025	261 526	213 666

Table 20b: Development customer funds, YTD

NOK million	Reserves Unit Linked	Reserves Unit Linked Sweden 210 309
Funds at 31.12.2024	Norway 248 216
Premium income	9 453	6 429
Insurance claims	-1 966	-2 482
Transfers	-4 298	-1 008
Asset return	10 323	-5 821
Other & FX	-201	6 239
Funds at 30.06.2025	261 526	213 666

Table 21a: Assets under Management by client

	2025	2024			01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
External	799 632	763 802	796 059	675 797	635 696	799 632	635 696	796 059
Group internal	707 072	678 076	672 781	671 600	662 433	707 072	662 433	672 781
Total		1 506 704 1 441 878 1 468 840 1 347 397 1 298 128 1 506 704 1 298 128 1 468 840
External share	53 %	53 %	54 %	50 %	49 %	53 %	49 %	54 %

Table 21b: Assets under Management by asset type

	2025	2024				01.01 - 30.06
	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Equities	49 %	47 %	50 %	51 %	50 %	49 %	50 %	50 %
Bonds	30 %	31 %	29 %	33 %	34 %	30 %	34 %	29 %
Alternatives	19 %	20 %	20 %	14 %	14 %	19 %	14 %	20 %
Other	2 %	2 %	1 %	2 %	2 %	2 %	2 %	1 %
Total	100 %	100 %	100 %	100 %	100 %	100 %	100 %	100 %

Table 22: AuM and YTD return in mutual funds with performance fees

Fund		Return Benchmark AuM NOK bn
		30.06.2025
Delphi Global	5,6 %	-2,5 %	6,6
SKAGEN Focus	2,2 %	-1,9 %	3,2
SKAGEN Global	0,7 %	-1,9 %	42,6
SKAGEN Kon-Tiki	8,5 %	2,7 %	16,1
SKAGEN m2	1,4 %	-4,9 %	1,3
SKAGEN Vekst	5,2 %	0,4 %	12,5

Insurance

Insurance is an operational and reporting unit consisting of Storebrand Forsikring AS and the majority of risk products written within life and pension in Norway (Storebrand Livsforsikring AS), with the exception of risk coverage bundled to the guaranteed life products.

Insurance offers standard property and casualty insurance products and one-year risk products in the Norwegian retail market. In the corporate market, Storebrand offers pension related disability insurance, group life and workers' compensation insurance, in addition to P&C insurance to SMEs.

Profit and loss

Table 23: Insurance

	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 %

Table 24: By lines of business

	2025	2024				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Retail insurance1	182	75	93	112	33	258	89	293
Corporate insurance2	107	67	14	102	85	174	137	253
Cash equivalent earnings before amortisation	289	142	106	214	118	432	225	546

1) Retail property and casualty (P&C) insurance, and individual life and disability insurance sold to the retail market

2) Defined contribution disability risk Norway, Group life and workers compensation Norway, P&C insurance to SMB market in Norway, and disability risk Sweden. The segment excludes the contribution from health insurance from Q1 2024 (divested business)

Key figures

Table 25a: 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 premiums in Storebrand Helseforsikring AS (50% ownership sold to Ergo International with closing Q2 2024).

**Approx. NOK 3.8bn of the investment portfolio is linked to disability coverages where the investment result goes to the customer reserves.

Table 25b: Company portfolio Storebrand Insurance segment

Asset class	2025
Share	Q2
Equities	3 %
Real estate	3 %
Credit bonds	0 %
Money market	29 %
Government guaranteed	0 %
Loans	17 %
Bonds at amortized cost	48 %
Total	100 %

Profit by product

Table 26: Retail insurance

	2025 2024					01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Insurance premiums f.o.a.	1 374	1 277	1 200	1 160	1 082	2 650	2 111	4 471
Claims f.o.a.	-951	-986	-903	-870	-866	-1 937	-1 685	-3 457
Operational cost	-289	-260	-258	-225	-219	-549	-424	-906
Cash equivalent earnings from operations	134	30	40	65	-2	164	3	107
Financial result	49	45	53	47	35	94	86	186
Cash equivalent earnings before amortisation	182	75	93	112	33	258	89	293
Claims ratio	69 %	77 %	75 %	75 %	80 %	73 %	80 %	77 %
Cost ratio	21 %	20 %	21 %	19 %	20 %	21 %	20 %	20 %
Combined ratio	90 %	98 %	97 %	94 %	100 %	94 %	100 %	98 %

Table 27: Corporate insurance

	2025 2024					01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Insurance premiums f.o.a.	1 035	979	934	885	873	2 014	1 719	3 537
Claims f.o.a.	-823	-800	-837	-692	-693	-1 623	-1 382	-2 911
Operational cost	-141	-139	-132	-126	-117	-280	-240	-498
Cash equivalent earnings from operations	71	40	-35	67	62	112	97	129
Financial result	36	27	49	35	23	63	40	124
Cash equivalent earnings before amortisation	107	67	14	102	85	174	137	253
Claims ratio	80 %	82 %	90 %	78 %	79 %	81 %	80 %	82 %
Cost ratio	14 %	14 %	14 %	14 %	13 %	14 %	14 %	14 %
Combined ratio	93 %	96 %	104 %	92 %	93 %	94 %	94 %	96 %

Guaranteed pension

Guaranteed pension comprises products associated with an explicit or implicit interest rate guarantee. Storebrand offers a limited amount of guaranteed products, and measures have been implemented in order to reduce the extent of these products.

Profit and loss

Table 28: Guaranteed pension

	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
Fee margin on reserves	0,52 %	0,51 %	0,51 %	0,53 %	0,54 %	0,52 %	0,54 %	0,53 %
Guaranteed reserves	301 739	295 001	290 799	294 115	287 990	301 739	287 990	290 799

Table 29: By guaranteed pension product

	2025		2024			01.01 - 30.06
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Defined benefit (private & public sector), Norway	45	12	52	64	64	57	126	241
Paid-up policies, Norway1	185	98	88	93	108	283	214	395
Guaranteed products, Sweden	127	151	145	189	135	278	255	589
Cash equivalent earnings before amortisation	356	261	285	346	306	617	595	1 226

1) This segment includes the sub-segment "Individual life and pension, Norway"

Key figures

Table 30: Guaranteed pension

	2025	2024			01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Guaranteed reserves	301 739	295 001	290 799	294 115	287 990	301 739	287 990	290 799
Guaranteed reserves in % of total reserves	38,8 %	39,8 %	38,8 %	39,6 %	40,4 %	38,8 %	40,4 %	38,8 %
Net flow of premiums and claims	-2 524	-2 997	-3 133	-2 780	-2 840	-5 608	-5 613	-11 343
Buffer capital in % of customer reserves Norway	8,1 %	7,3 %	7,4 %	7,5 %	6,8 %	8,1 %	6,8 %	7,4 %
Buffer capital in % of customer reserves Sweden	25,0 %	24,4 %	24,4 %	23,5 %	23,4 %	25,0 %	23,4 %	24,4 %

Profit by product

Table 31: Defined benefit (private & public sector), Norway

	2025		2024				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Fee and administration income	143	130	133	140	126	273	249	522
Operational cost	-78	-77	-74	-83	-76	-155	-156	-312
Cash equivalent earnings from operations	65	53	59	58	49	118	93	210
Risk result life & pensions	-20	-41	-7	6	14	-61	33	31
Net profit sharing	-	-	-	-	-	-	-	-
Cash equivalent earnings before amortisation	45	12	52	64	64	57	126	241
Fee margin on reserves	1,03 %	1,00 %	1,06 %	1,14 %	1,04 %	1,02 %	1,05 %	1,08 %
Reserves	56 643	54 108	49 991	49 894	48 833	56 643	48 833	49 991
Fee, interest rate guarantee SBL	81	78	79	80	77	159	152	311

Table 32: Paid-up policies, Norway¹

	2025 2024					01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Fee and administration income	114	111	108	112	134	225	268	488
Operational cost	-76	-88	-77	-77	-72	-164	-145	-299
Cash equivalent earnings from operations	38	24	31	35	62	62	123	189
Risk result life & pensions	26	58	-1	13	12	84	41	53
Net profit sharing	121	17	58	45	34	138	50	154
Cash equivalent earnings before amortisation	185	98	88	93	108	283	214	395
Fee margin on reserves	0,29 %	0,29 %	0,28 %	0,29 %	0,35 %	0,29 %	0,35 %	0,32 %
Reserves	155 926	155 223	155 719	154 378	153 828	155 926	153 828	155 719

1) This segment includes the sub-segment "Individual life and pension, Norway"

Table 33: Guaranteed pension, Sweden

	2025		2024			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Fee and administration income	133	132	136	132	129	265	262	530
Operational cost	-73	-71	-71	-63	-63	-144	-125	-260
Cash equivalent earnings from operations	60	61	65	69	66	121	137	270
Risk result life & pensions	16	20	-14	-15	-16	35	-20	-49
Net profit sharing	51	70	94	136	85	121	138	368
Cash equivalent earnings before amortisation	127	151	145	189	135	278	255	589
Fee margin on reserves	0,61 %	0,62 %	0,62 %	0,60 %	0,61 %	0,61 %	0,62 %	0,62 %
Reserves	89 170	85 670	85 089	89 843	85 329	89 170	85 329	85 089

Investment return

Table 34: Value adjusted return guaranteed pension products, Norway (excluding Danica)

	2025	2024				01.01 - 30.06
	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Paid-up policies	1,7 %	0,5 %	0,7 %	1,5 %	1,0 %	2,2 %	2,2 %	4,4 %
Defined Benefit (private sector)	2,1 %	0,8 %	0,9 %	1,6 %	1,0 %	2,9 %	2,3 %	4,8 %
Public Occupational Pensions	3,7 %	-0,2 %	1,6 %	2,5 %	1,7 %	3,5 %	4,9 %	9,0 %
Average return guaranteed products	2,0 %	0,5 %	0,8 %	1,6 %	1,1 %	2,5 %	2,5 %	4,9 %

Table 35: Value adjusted return guaranteed pension products, Sweden

	2025		2024			01.01 - 30.06		Full year
	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Defined Benefit	4,2 %	-0,8 %	-2,0 %	3,5 %	1,8 %	3,3 %	2,2 %	3,6 %
Defined contribution (w. guarantees)	4,1 %	-0,9 %	-1,4 %	3,4 %	1,9 %	3,1 %	2,9 %	4,9 %

Balance sheet

Table 36: Guaranteed pension products

	2025		2024
NOK million	Q2	Q1	Q4	Q3	Q2
Defined Benefit (private & public sector), Norway	56 643	54 108	49 991	49 894	48 833
Paid-up policies, Norway	155 926	155 223	155 719	154 378	153 828
Guaranteed Products, Sweden	89 170	85 670	85 089	89 843	85 329
Guaranteed Reserves	301 739	295 001	290 799	294 115	287 990

Sales and markets

Table 37: New sales guaranteed pension 1)

	2025		2024				01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Guaranteed pension, Norway	20	492	57	10	5	512	302	369
- of which annual premiums	17	106	32	3	14	123	65	101
- of which single premiums	3	387	25	6	-9	390	236	267
Guaranteed pension, Sweden	91	103	102	90	96	194	193	386
- of which annual premiums	6 1	6 3	69	60	5 5	124	113	242
- of which single premiums	3 0	4 0	3 2	3 1	4 1	7 0	80	143
Guaranteed pension	111	596	159	100	101	707	495	754
- of which annual premiums	78	169	102	63	69	247	179	344
- of which single premiums	33	427	57	37	32	460	316	410

1) Annual premium equivalent

Table 38: Premiums (excluding transfers) pension products

	2025 2024				01.01 - 30.06 Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Defined Benefit (private & public sector), Norway	1 514	958	792	1 135	1 017	2 472	1 938	3 865
Paid-up policies, Norway	50	85	58	54	76	135	192	303
Guaranteed products, Sweden	359	375	402	308	340	734	700	1 410
Total	1 922	1 418	1 252	1 496	1 433	3 341	2 830	5 578

Table 39: Transfer balance (Guaranteed Pension)

	2025		2024			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Premium reserves received
Norway1 )	328	4 178	391	31	184	4 506	3 400	3 823
Sweden	240	277	147	162	182	517	385	694
Total received	568	4 454	538	193	366	5 022	3 785	4 516
Premium reserves transferred
Norway1 )	-56	-129	-16	-18	-17	-185	-52	-85
Sweden	-122	-87	-101	-110	-127	-209	-241	-452
Total transferred	-177	-216	-117	-128	-144	-393	-293	-537
Net transfers	391	4 238	422	65	222	4 629	3 492	3 979

1) This line includes internal transfers to paid-up policies with investment choice (shown in Unit Linked - Transfer Balance)

Reserves and buffers

Table 40: Development customer funds (excluding buffer capital) - single quarter

NOK million	DB (private sector)	Public Occ. Pensions	Paid-up policies	Guaranteed products - Sweden
Funds at 31.03.2025	24 595	24 474	146 066	69 393
Premium income	634	880	50	359
Insurance claims	-374	-360	-2 168	-1 568
Transfers	-60	15	318	118
Internal transfers DB to Paid-Up (Norway)	-135		137
Asset return	565	1 040	2 582	-731
Other	182	-638	-1 159	928
Funds at 30.06.2025	25 406	25 411	145 826	68 499

Table 41: Development customer funds (excluding buffer capital) - YTD

NOK million	DB (private sector)	Public Occ. Pensions	Paid-up policies	Guaranteed products - Sweden
Funds at 31.12.2024	24 510	20 710	146 368	69 786
Premium income	1 169	1 303	135	734
Insurance claims	-732	-665	-4 339	-1 481
Transfers	-170	3 804	686	308
Internal transfers DB to Paid-Up (Norway)	-603		624
Asset return	770	974	3 454	-731
Other	461	-716	-1 102	-117
Funds at 30.06.2025	25 406	25 411	145 826	68 499

Table 42: Buffer capital*

	2025		2024
NOK million	Q2	Q1	Q4	Q3	Q2
Buffer fund	15 924	14 197	14 128	14 209	12 908
Market value adjustment reserve**	45	33	0	53	63
Excess value of bonds at amortised cost	-11 079	-13 669	-13 211	-10 411	-12 666
Additional statutory reserve	-	-	-	-	-
Conditional bonuses SPP	17 853	16 776	16 855	16 700	16 172
Total	22 744	17 336	17 773	20 551	16 486

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

** The historical numbers were previously reported including Public Occupational Pensions buffer fund

Key figures guaranteed products

Table 43a: Key terms products, Norway

	DB (private & public
NOK million	sector)	Paid-up
Interest rate guarantee p.a.	2,0 %	3,1 %
Funds	50 817	145 826
Buffer fund	5 826	10 096
Risk Equalisation Fund	-46	1 194
Expected return on assets**	5,2 %	4,4 %

**Expected return is calculated based on current asset

allocation using normal risk premiums for the next 12 months

Table 43b: Key terms portfolio, Sweden

		Defined
		cont.
	Defined	(w.
NOK million	Benefit	guarantee)
Investment return (YTD)	3,3 %	3,1 %
Interest rate guarantee	2,5 %	2,6 %
Prospective reserve	36 380	33 931
Conditional Bonuses	10 380	7 469
Deferred Capital Contribution	39	3 263
Expected return assets 1)	4,2 %	4,6 %
Duration liabilities	5,6	5,5
Discount rate 2)	2,6 %	2,6 %
Consolidation ratio 3)	110 %

1) Calculated based on current asset allocation for a period of next 12 months using

normal risk premiums, plus 10y swap rate

2) Calculated as UFR premium plus 10 y swap rate

3) Consolidation largest subportfolio

Table 44a : Allocation Sweden

		Defined cont.
	Defined Benefit	(w/ guarantee)
Equities	18 %	24 %
Real estate	14 %	16 %
Bonds & Money market	53 %	42 %
Loans	15 %	18 %
Sum	100 %	100 %

Table 44b: Allocation Norway

	Defined Benefit	Paid-Up (Total)
Equities	22 %	10 %
Real estate	13 %	9 %
Bonds & Money market	4 %	2 %
Loans	15 %	11 %
Bonds at amortised cost	46 %	68 %
Other
Sum	100 %	100 %

Sensitivities Sweden - guaranteed portfolio financial result

Storebrand provided a guiding for the financial result in the Swedish guaranteed portfolios at the Capital Markets Day in December 2023. This guiding is subject to normalised market conditions. For investors and analysts that wish to estimate the financial result in the Swedish guaranteed portfolios based on financial market movements, sensitivities are provided in the excel version of Supplementary Information. Please keep in mind that the financial result in these portfolios is subject to many factors not reflected by the sensitivities. It follows that the estimates from the sensitivities can deviate significantly from the actual results and that sensitivities should preferably be used to estimate the direction of the result (not the exact magnitude).

Other

Other consists of the profit from Storebrand ASA, as well as the return on financial assets held in the company portfolios in the life and pension business in Storebrand Livsforsikring AS and SPP Pension & Försäkring AB.

Profit and loss

Table 45a: Other: operational costs and net financial results in company portfolios (Storebrand ASA, Storebrand Livsforsikring AS and SPP Pension & Försäkring AB) 1)

	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

1) Excluding group eliminations (detailed in Table 45b). To get full segment profits, please summarize tables 46a and 46b.

Table 45b: 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	-	-	-	-	-	-	-	-

Key figures

Table 46: Storebrand group selected Company portfolios
--------------------------------------------------------	--	--	--

	2025		2024
NOK million	Q2	Q1	Q4	Q3	Q2
Storebrand ASA	4 228	6 207	3 204	3 495	3 508
Storebrand Livsforsikring AS	18 992	19 387	20 547	20 333	20 769
SPP Pension & Försäkring AB	5 438	5 518	5 616	5 407	5 462
Total	28 657	31 112	29 367	29 235	29 740

Table 47a: Company portfolio SPP Pension & Försäkring

Asset class	2025	Asset class	2025
Share	Q2	Share	Q2
Equities		Equities	1 %
Real estate		Real estate	1 %
Bonds & Money market	78 %	Bonds & Money market	27 %
Loans	22 %	Loans	13 %
		Bonds at amortized cost	58 %
Sum	100 %	Sum	100 %

Table 47b: Company portfolio STB Livsforsikring AS

58 %

Table 48: Storebrand group debt - excl. bank

	2025		2024
NOK million	Q2	Q1	Q4	Q3	Q2
Subordinated loan capital - STB Life (Group)	9 906	10 083	9 979	10 061	9 873
Bonds Storebrand ASA	1 001	1 002	1 002	1 001	1 001
Bank loan Storebrand ASA 1 )	0	0	0	0	0
Total debt	10 908	11 085	10 980	11 063	10 874

1) Storebrand ASA has a MEUR 200 undrawed multicurrency revolving credit facility

Storebrand Group

Profit and loss

Table 49: Storebrand Group - IFRS-legal profit by sub-group

	2025		2024			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Storebrand Life Group	1 087	917	1 422	935	1 257	2 004	2 303	4 660
Storebrand Asset Management Group	125	159	463	262	145	284	276	1 001
Storebrand Bank Group	190	189	138	196	184	379	332	667
Storebrand Forsikring AS	136	6	-5	33	-72	142	-137	-109
Storebrand Helseforsikring AS 1)	-	-	-	-	-	-	-	-
Storebrand ASA/Other	-23	-46	-70	-31	1 031	-69	950	849
Profit before amortisation and write-downs	1 515	1 225	1 947	1 396	2 546	2 740	3 725	7 067
Amortisation and write-downs of intangible assets	-97	-96	-93	-149	-87	-193	-182	-424
Profit before tax	1 418	1 128	1 854	1 246	2 458	2 547	3 543	6 643
Tax	-224	-152	-511	-135	-295	-376	-475	-1 121
Sold/liquidated business	-	-	0	-	0	-	0	-
Profit after tax	1 194	976	1 343	1 111	2 163	2 171	3 068	5 522

1) 50% of profit according to owner's share (50%)

Balance sheet

Table 50: Storebrand Group - balance sheet

NOK million		Share in % 30.06.2025 31.12.2024
Intangible assets	1 %	8 318	8 868
Shares in associated companies	1 %	8 286	7 412
Equities and fund units	42 %	423 873	414 959
Bonds and other fixed-income securities	31 %	311 727	303 803
Derivatives	0 %	4 450	2 568
Loans to financial institutions	0 %	2 247	2 781
Loans to customers	10 %	100 531	94 586
Investment properties	4 %	37 419	36 225
Bank deposits	2 %	17 740	9 241
Other assets	10 %	104 776	116 369
Total assets		100 % 1 019 367	996 811
Equity	3 %	31 609	32 113
Insurance contracts liabilities	33 %	339 015	325 611
Investment contracts liabilities	44 %	445 031	429 471
Subordinated loan capital	1 %	10 609	10 807
Loans and deposits from credit institutions	0 %	2 039	3 415
Deposits from banking customers	3 %	35 514	31 403
Debt raised by issuance of securities	4 %	42 303	39 669
Other liablilities	11 %	113 246	124 322

Storebrand Life Group (Alternative income statement)

The solidity ratio of Storebrand Life Group is often referred to, as it is the largest entity within the Storebrand Group. Storebrand Life Group comprises the consolidated numbers of Storebrand Livsforsikring AS and SPP Pension & Försäkring AB.

The entities comprising Storebrand Life Group are as follows:

Profit and loss – Storebrand Life Group

Table 51: Storebrand Life Group (Alternative income statement)

	2025		2024	01.01 - 30.06				Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Fee and administration income	1 012	1 021	1 024	1 005	995	2 034	1 983	4 012
Insurance result	264	264	201	282	303	528	580	1 063
Operational cost	-772	-790	-770	-742	-705	-1 563	-1 414	-2 926
Financial items and risk result life and pension	391	295	330	417	287	687	600	1 347
Cash equivalent earnings before amortisation	895	790	786	962	881	1 686	1 748	3 496
Amortisation	-46	-46	-46	-46	-46	-93	-92	-185
Cash equivalent earnings before tax	849	744	740	915	835	1 593	1 656	3 311
Tax	-236	-236	-236	-55	-164	-472	-294	-585
Cash equivalent earnings after tax	613	508	504	861	670	1 122	1 362	2 726

Balance sheet – Storebrand Life Group

	Share of
NOK million			total assets 30.06.2025 31.12.2024 31.12.2023
Intangible assets	0 %	2 522	2 617	2 792
Investments	96 %	812 208	784 766	701 603
Other assets	4 %	34 551	52 150	52 043
Total assets	100 %	849 281	839 533	756 438
Equity	2 %	16 174	17 810	17 385
Subordinated loan capital1 )	1 %	9 906	9 979	10 672
Insurance contracts liabilities	40 %	336 812	323 985	316 783
Investment contracts liabilities	52 %	445 031	429 471	354 270
Other debts	5 %	41 358	58 288	57 328
Total equity and liabilities	100 %	849 281	839 533	756 438

Table 52: Balance sheet - Storebrand Life Group (IFRS-Legal)

1) Includes accrued interest

Profit and loss – SPP Pension & Försäkring AB Group

Table 53: Profit - SPP Pension & Försäkring Group (Alternative income statement)

	2025		2024			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Total administration income	444	451	422	435	426	895	849	1 705
Total administration cost	- 302	- 296	-281	-275	-270	- 598	- 531	-1 087
Administration result	141	156	141	160	156	297	318	618
Risk result	26	40	0	7	27	65	65	71
Profit sharing & Indexation fee	107	33	-36	142	52	140	99	205
Change in DCC & Other financial result	- 29	56	172	28	54	28	74	273
Return on company portfolio	51	54	21	83	74	105	151	255
Profit before amortisation	296	338	297	419	364	635	706	1 423
Amortisation and write-downs	- 22	- 22	-20	-21	-21	- 44	- 42	-83
Pre-tax profit/loss	274	317	278	398	343	591	664	1 340

Balance sheet – SPP Pension & Försäkring AB Group

	Share of
NOK million			total Assets 30.06.2025 31.12.2024 31.12.2023
Intangible assets	0 %	871	918	1 007
Longterm shares and interest from group companies	3 %	9 450	9 075	8 852
Shares	4 %	12 248	11 436	10 182
Bonds	19 %	62 223	61 951	60 823
Assets - Unit link	65 %	213 666	210 309	170 171
Other financial assets	7 %	23 989	22 939	23 684
Other assets	2 %	6 168	6 586	8 516
Total assets	100 %	328 615	323 214	283 235
Equity	2 %	7 708	8 356	8 102
Minority interests' share in equity	1 %	2 338	2 331	2 171
Subordinated loan capital	0 %	0	0	0
Premium reserve for own account	22 %	72 153	69 971	71 870
Insurance fund reserves - defined contribution and UL	70 %	231 520	227 164	185 210
Other liabilities	5 %	14 896	15 392	15 882
Total equity and liabilities	100 %	328 615	323 214	283 235

Storebrand Asset Management Group (IFRS-Legal)

Storebrand Asset Management AS is regulated by the Norwegian FSA under the CRD IV framework.

Profit and loss

Table 55: Profit - Storebrand Asset Management Group

	2025 2024					01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Fee and administration income	1 239	1 210	1 454	1 184	1 086	2 449	2 120	4 757
Operational cost	-1 099	-1 045	-1 012	-978	-936	-2 144	-1 868	-3 858
Financial result	- 15	-5	22	57	-4	-20	24	102
Cash equivalent earnings before amortisation	125	159	463	262	145	284	276	1001
Amortisation	- 40	-40	-37	-32	-31	-79	-70	-138
Cash equivalent earnings before tax	86	119	426	231	114	205	206	863
Tax	- 33	-22	-105	-37	-28	-54	-42	-184
Cash equivalent earnings after tax	53	98	321	194	86	151	164	679

Balance sheet

Table 56: Balance sheet - Storebrand Asset Management Group

NOK million			Share in % 30.06.2025 31.12.2024 31.12.2023
Intangible assets	47,4 %	3 530	3 596	2 631
Investments portfolio	19,0 %	1 419	1 476	1 482
Other assets	33,6 %	2 506	2 594	642
Total assets	100 %	7 455	7 665	4 755
Equity	61,8 %	4 606	4 996	3 592
Other debts	38,2 %	2 849	2 670	1 163
Total equity and liabilities	100 %	7 455	7 665	4 755

Storebrand Forsikring AS (IFRS-Legal)

Profit and loss

Table 57: Profit - Storebrand Forsikring AS

	2025	2024			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Insurance premiums f.o.a.	1 173	1 068	988	950	883	2 241	1 701	3 639
Claims f.o.a.	- 803	-862	-795	-749	- 791	-1 664	-1 518	-3 062
Operational cost	- 276	-242	-241	-207	- 203	- 518	- 403	- 851
Financial result	41	42	44	39	39	84	83	165
Result before amortisation	136	6	-5	33	-72	142	-137	-109
Amortisation	- 13	-13	-13	-13	- 13	- 26	- 26	- 51
Pre tax profit	123	-7	-18	20	-85	116	-162	-160
Tax	- 31	2	5	-5	21	- 29	41	41
Profit/loss	92	-4	-13	15	-64	87	-121	-119

Balance sheet

Table 58: Balance sheet - Storebrand Forsikring AS
NOK million	Share in %		30.06.2025 31.12.2024 31.12.2023
Intangible assets	2 %	61	86	133
Investments portfolio	84 %	3 066	2 644	2434
Other assets	14 %	526	363	211
Total assets	100 %	3 653	3 093	2 778
Equity	36 %	1 319	1 141	1071
Insurance liabilities	54 %	1 967	1 637	1442
Other debts	10 %	367	314	265
Total equity and liabilities	100 %	3 653	3 093	2 778

Storebrand Bank Group (IFRS-Legal)

Storebrand Bank ASA is regulated by the Norwegian FSA under the CRD IV framework.

Profit and loss – Storebrand Bank Group

Table 59: Profit - Storebrand Bank Group
	2025		2024			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Net interest income	324	301	307	303	295	626	564	1 174
Net fee and commission income	26	25	23	31	22	51	42	96
Other operating income	27	13	4	5	6	40	4	13
Total income	378	339	333	339	322	717	611	1 283
Operating cost	- 183	- 167	- 174	- 138	- 122	- 350	- 250	- 562
Cash equivalent earnings before loan losses	195	172	159	201	200	367	361	721
Loan loss provision	- 9	12	- 25	- 4	- 16	4	- 29	- 59
Cash equivalent earnings before tax	186	185	134	196	184	371	332	663

Balance sheet – Storebrand Bank Group

Table 60: Balance sheet - Storebrand Bank Group
NOK million			Share in % 30.06.2025 31.12.2024 31.12.2023
Cash and deposits with central banks	0 %	126	6	6
Loans to and deposits with credit institutions	3 %	2 247	2 781	1 138
Financial assets designated at fair value through P&L	2 %	1 391	1 733	3 486
Bonds at amortised cost	8 %	6 889	6 278	6 010
Net lending to customers	87 %	74 702	68 853	59 609
Deferred tax assets	0 %	0		-0
Other assets	1 %	433	382	78
Total Assets	100 %	85 788	80 032	70 327
Liabilities to credit institutions	2 %	2 039	3 415	283
Deposits from and due to customers	41 %	35 514	31 403	23 948
Other financial liabilities	48 %	41 325	38 493	40 501
Provision for accrued expenses and liabilities	0 %	7	8	14
Deferred tax liabilities	0 %	103	58	24
Subordinated loan capital	1 %	703	829	829
Equity	7 %	6 098	5 827	4 727
Total Equity and Liabilities	100 %	85 788	80 032	70 327

Key figures banking

Table 61: Storebrand Bank ASA (group) - Key Figures Banking

	2025		2024
	Q2	Q1	Q4	Q3	Q2
Gross lending (bn)	75	72	69	68	65
Customer deposit (bn)	36	35	31	30	29
Deposit/gross lending	47 %	48 %	46 %	45 %	44 %
Average Loan-to-Value (LTV)	61 %	59 %	61 %	61 %	61 %
Average LTV new loans	70 %	70 %	69 %	69 %	70 %
Loss as % of gross loans	0,0 %	0,1 %	-0,1 %	0,0 %	-0,1 %
Loan losses	- 9	12	-25	-4	-16
Non-performing loans with evidence of impairment	222	236	241	281	161
Non-performing loans without evidence of impairment	374	295	293	261	354
Return on Equity (%)	11,2 %	11,7 %	9,8 %	12,2 %	12,2 %
Operating expenses Banking	153	133	150	138	122
Cost as % of total assets	0,7 %	0,8 %	0,8 %	0,7 %	0,7 %
Cost/income banking activities	44 %	41 %	45 %	41 %	38 %

Profit and loss – Storebrand Boligkreditt AS

Table 62: Profit - Storebrand Boligkreditt AS

	2025						01.01 - 30.06	Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Net interest income	150	141	129	125	129	291	247	501
Other operating income	- 2	-1	-4	0	0	- 4	- 5	- 9
Total income	148	140	124	125	129	288	242	492
Operating cost	- 51	- 49	- 44	- 44	- 46	- 100	- 90	- 179
Profit before loan losses	97	91	80	81	83	188	152	313
Loan loss provision	- 1	2	-5	1	0	2	- 2	- 6
Pre-tax profit/loss	96	93	75	82	83	189	150	307

Balance sheet – Storebrand Boligkreditt AS

Table 63: Balance sheet - Storebrand Boligkreditt AS
NOK million			Share in % 30.06.2025 31.12.2024 31.12.2023
Cash and deposits with central banks
Loans to and deposits with credit institutions	0 %	89	91	70
Financial assets designated at fair value through P&L	2 %	787	482	1 362
Bonds at amortised cost	2 %	972	975	104
Net lending to customers	96 %	50 014	46 240	45 069
Deferred tax assets
Other assets	0 %	232	26	45
Total Assets	100 %	52 094	47 814	46 650
Liabilities to credit institutions	14 %	7 108	6 292	5 580
Deposits from and due to customers	0 %	0	0	0
Other financial liabilities	79 %	40 912	37 595	37 399
Provision for accrued expenses and liabilities	0 %	1	1	0
Deferred tax liabilities	0 %	60	60	45
Subordinated loan capital		-	-	-
Equity	8 %	4 013	3 866	3 626
Total Equity and Liabilities	100 %	52 094	47 814	46 650

Capital ratios – Storebrand Bank Group

Table 64: Capital ratios, Storebrand Bank Group
	2025		2024				2023
NOK million	Q2	Q1	Q4	Q3	Q2	Q1	Q4
Total capital ratio (Storebrand Bank Group)	24,0 %	21,3 %	22,1 %	21,3 %	21,3 %	21,4 %	21,8 %
Tier 1 capital ratio (Storebrand Bank Group)	21,3 %	18,9 %	19,2 %	18,2 %	18,2 %	18,2 %	18,5 %
CET1 capital ratio (Storebrand Bank Group)	19,9 %	17,7 %	18,0 %	17,0 %	16,9 %	16,9 %	17,0 %

Storebrand ASA (IFRS-Legal)

Profit and loss

Table 65: Storebrand ASA (holding)

	2025		2024			01.01 - 30.06		Full year
NOK million	Q2	Q1	Q4	Q3	Q2	2025	2024	2024
Group contributions and transfers	54	4 981	-	-	-	5 034	4 465	4 465
Interest income	3	1	179	12	7	4	9	199
Interest expense	-14	-14	-15	-15	-8	-28	-16	-46
Realised/unrealised gains/losses on securities	69	42	-144	56	58	112	92	5
Other financial income/costs	-2	-2	-21	-96	1 096	-3	1 095	978
Net financial items	57	27	-1	-42	1 153	84	1 180	1 136
Total operating expenses	-80	-73	-68	-71	-58	-153	-127	-267
Pre-tax profit/loss	31	4 935	-70	-114	1 095	4 965	5 518	5 334

Balance sheet

Table 66: Balance sheet - Storebrand ASA (holding)

NOK million			Share in % 30.06.2025 31.12.2024 31.12.2023
Shares in subsidiary	85 %	27 906	27 195	25 606
Financial assets at market value	13 %	4 228	3 204	2 367
Other assets	2 %	544	322	320
Total assets	100 %	32 678	30 721	28 293
Equity	96 %	31 475	29 366	27 470
Bond loan and other loans	3 %	1 001	1 002	501
Other liabilities	1 %	202	353	322
Total liabilities and equity capital	100 %	32 678	30 721	28 293

Capital

Table 67: Capital distribution

NOK million	2024	2023	2022	2021	2020
Dividends 1
Total	2 040	1 834	1 718	1 645	1 519
of which extraordinary	-	-	-	-	-
per share	4,7	4,1	3,7	3,5	3,2
Share buybacks
Total	1 500	1 500	500	-	-
per share	3,5	3,4	1,1	-	-
Total dividends and buybacks	3 540	3 334	2 218	1 645	1 519
Total dividends and buybacks per share	8,2	7,5	4,8	3,5	3,2

¹Reported dividend

Table 68: Shares outstanding

NOK million	2024	2023	2022	2021	2020
Shares reedemed	-18	-6	-	-	-
Shares issued	-	-	-	4	-
Total shares outstanding (year end)	448	465	472	472	468
Treasury shares	14	18	8	2	0
Shares outstanding adjusted for treasury shares (year end)	434	447	464	470	467

Table 69: Cash remittance by subsidiary per year

NOK million	2024	2023	2022	2021
Storebrand Life Group	3 600	2 934	1 760	2 160
Storebrand Asset Management Group	625	627	510	948
Storebrand Bank Group	50	98	-199	158
Storebrand Forsikring AS	-120	-147	104	86
Other	6	4	10	-
Group contributions and transfers	4 161	3 516	2 185	3 352

Table 70: Share buybacks

	2025		2024			Full year
	Q2	Q1	Q4	Q3	Q2	2024	2023
Number of own shares acquired in the period (million)	3,7	2,2	2,3	3,8	3,8	14,0	17,5
VWAP of acquired shares (NOK)	129	127	122	109	109	107	86
Share buybacks (NOK million)	473	277	278	413	416	1 500	1 500

Financial calendar

11 July 2025 Results Q2 2025 22 October 2025 Results Q3 2025

Investor relations contacts

Lars Aa. Løddesøl Group CFO lars.loddesol@storebrand.no +47 934 80 151

Kjetil R. Krøkje

Group Head of Finance, Strategy and M&A kjetil.r.krokje@storebrand.no +47 934 12 155

Johannes Narum

Head of Investor Relations johannes.narum@storebrand.no +47 993 33 569