Storebrand ASA

Earnings Release • Oct 22, 2025

STOREBRAND ASA: Results for the 3rd Quarter 2025

STOREBRAND ASA: Results for the 3rd Quarter 2025

· Strong growth across Savings and Insurance

· Operational result [1] of NOK 1,091 million, up by 16 per cent year-on-year

· Group profit [1] of NOK 1,586 million, reflecting continued growth and

improved insurance result

· Annualised Return on Equity [1] of 19 per cent in the third quarter

"We're delivering a record-strong quarter as the business continues to grow by

double digits. Profitability in the Insurance segment strengthened further

during the quarter, with a combined ratio of 89 per cent, improving from 94 per

cent in the third quarter of 2024.", says Odd Arild Grefstad.

"I'm proud to see our innovative and preventive concept 'VEL', designed to help

employees stay healthy, recover faster, and reduce long-term sick leave, now

progressing from a pilot to full-scale implementation. VEL is now integrated

into our disability insurance product. Rising disability rates are a pressing

societal challenge that impact individuals, businesses, and society as a whole.

We hope that VEL will make a positive contribution - both by helping people who

need it, and reducing costs for society, companies and our own insurance

business.", says Grefstad.

"We are delivering strong momentum across all business areas and are well

positioned to reach our 2025 target. We look forward to sharing updated

strategic and financial ambitions at our Capital Markets Day on 10 December.",

adds Grefstad.

Strong Result Development Across the Business

Storebrand achieved a record-high operational result of NOK 1,091 million in the

third quarter, up 16 per cent year-on-year, driven by strong performance in the

Insurance segment. The financial result amounted to NOK 495 million in the third

quarter. Group profit rose 8 per cent year-on-year from the third quarter last

year to NOK 1,586 million.

Fee and administration income amounted to NOK 2,124 million in the third

quarter, up from NOK 1,971 million in the same quarter last year. The increase

in fees and administration income was driven by the savings segment, which

recorded growth across all sub-segments.

Insurance premiums rose 20 per cent in the third quarter, fuelled by robust

growth and repricing, especially within the Retail segment. The combined ratio

improved to 89 per cent from 94 per cent in the third quarter last year.

Storebrand exceeded NOK 10 billion in portfolio premiums. The market share in

Norwegian retail P&C was 7.6 per cent, compared to 7.4 per cent in the last

quarter [2].

Total assets under management stood at NOK 1,561 billion at the end of the third

quarter compared to NOK 1,469 billion at year-end 2024 and NOK 1,507 billion at

the end of the second quarter. The increase in the third quarter was driven by

NOK 16 billion of net flows and positive market returns. In addition, the bank

lending portfolio increased by NOK 2.9 billion during the quarter to NOK 95.3

billion.

Strong balance sheet and increased return on equity

Annualised return on equity [1] reached 19 per cent for the period, reflecting

both strong seasonal insurance result and a positive one-off item of NOK 70

million in the financial result.

Storebrand has a strong capital position reflected by a solvency ratio of 195

per cent at quarter-end, above the communicated 175 per cent threshold for

overcapitalization. Storebrand has an approval from the Norwegian FSA to conduct

NOK 1.5 billion in share buybacks for the full year of 2025, with NOK 342

million remaining to be completed during the fourth quarter.

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

totalling NOK 12 billion until the end of 2030, on top of increasing annual

dividends in the same period.

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

strategic update on the business and announce updated financial targets.

Key Figures in the Quarter (Q3 2024 in brackets)

· Solvency ratio: 195 per cent (190 per cent)

· Earnings per share, adjusted for amortisation [1]: NOK 3.08 (NOK 3.12)

· Equity: NOK 32,496 million (NOK 30,672 million)

· Assets under management: NOK 1,561 billion (NOK 1,347 billion)

· Annualised Return on Equity: 19 per cent (21 per cent)

Activities Related to the Third Quarter 2025

Wednesday 22 October 2025

07:00 CET: Release of stock exchange notification. Press release, quarterly

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

10:00 CET: Live streamed investor and analyst conference in English. A webcast

will be available for everyone to view on www.storebrand.com/ir, and will be

available on demand afterwards. Analysts who would like to ask questions at the

end of the presentation must register for and participate in the MS Teams

Webinar.

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

-reporting/programme) to registration and webcast

For Further Inquiries, Please Contact

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

(+47) 993 33 569

Stig-Øyvind Blystad, Director of Communications: stig

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

Aleksander Hennisdal, Leader of Financial & Strategic Communication:

aleksander.hannisdal@storebrand.no or (+47) 980 43 936

About Storebrand

Storebrand is a Nordic financial group, delivering increased security and

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

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

purpose is clear: we create a brighter future.

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

customers and manages NOK 1,561 billion. The Group is headquartered at Lysaker

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

Visit us on www.storebrand.no

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

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

Trading Act.

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

and contains Alternative Performance Measures ("APMs") as defined by the

European Securities and Market Authority (ESMA). The alternative income

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

The statement differs from the official accounts layout. An overview of APMs

used in financial reporting is available on www.storebrand.com/ir.

[1] An overview of APMs used in financial reporting can be found at

www.storebrand.no/ir.

[2] Market data from Finance Norway as of Q2 2025