Storebrand ASA

Investor Presentation • Oct 22, 2025

Storebrand Q3 2025

22 October 2025 Odd Arild Grefstad – CEO Kjetil R. Krøkje – CFO

Changes in executive management

Kjetil R. Krøkje has been appointed as the new Chief Financial Officer (CFO) of Storebrand Group.

Outgoing CFO Lars Aa. Løddesøl will step down following nearly 25 years as part of Storebrand's executive management, the last 14 years as CFO.

We thank Lars for his dedicated service and warmly welcome Kjetil to the executive management of Storebrand.

Financial Highlights Q3 2025

Record strong operating profit and solid financial results

16% AuM growth² ; NOK 1 561bn per Q3'25

11% growth in unit linked reserves²

20% growth in insurance premiums ², exceeding NOK 10bn

19% Return on Equity in Q3'25³

195% Solvency ratio

Increasing dividend and a long-term share buyback commitment

^1. Based on current share count in Storebrand ASA

^2. Regulatory cancelled due to Covid-19

^3. Subject to financial performance and prevailing market conditions.

Sustainable Nordic Savings and Insurance Group

Future Storebrand Growth focus in capital-light business areas in front book

Leading Provider Occupational Pensions Norway & Sweden

Nordic Powerhouse in Asset Management A B C

Growing Challenger in Norwegian Retail Market

Strategic enablers Unlocking growth

D

People First Leadership in Sustainability Digital Frontrunner

Capital Management For shareholder returns

Growing ordinary dividends from earnings ∼1.5bn¹ annual buybacks NOK ~12bn by YE2030

Additional capital generation

5

Double digit growth continues across the Group

^1. Growth figures expressed as CAGR from FY 2018 to FY 2024

Leading Provider Occupational Pensions Norway & Sweden

Quarterly Highlights

Storebrand and Kron have seen increasing market share within the individualised pension account segment year-to-date, now having more than 20% of the AUM in the market

Increasing activity among closed pension funds with one transfer signed during the third quarter

Several tender processes are ongoing within public occupational pension

^1. Primarily related to products within pension related disability insurance and group life

^2. Growth figures expressed as CAGR from FY 2018 to FY 2024

Storebrand launches product to prevent disability

As part of the claims improvement program, early care concept "VEL" is Results from pilot launched and will be integrated into all disability insurance products

• Individuals at risk of falling out of working life receive personalised treatment
• VEL helps more people participate in working life
• VEL helps reduce payouts and improve profitability

Nordic Powerhouse in Asset Management

Quarterly Highlights

Assets under management of NOK 1,561bn, up 16% since Q3 last year Positive net flow of NOK 16bn in the quarter, of which the majority is related to external capital

Strong contribution from outperformance in active funds, performance-based income of NOK 90m in the quarter and NOK 239m year to date

The government has proposed tax exemptions for income from securities for mutual funds. Consequently, Storebrand will maintain Norwegian domicile for its mutual funds instead of relocating them to other jurisdictions

Our active Norwegian flagship fund has now delivered 10,000% net returns to customers

Facts and figures

Storebrand Norge, our oldest equity fund, has now delivered 10,000% net return to customers since its launch in the fall 1983

A milestone in Norwegian fund history, with no known domestic equity fund reaching this level of total return

The fund has outperformed its reference index by approximately 4,300 percentage points net of returns

Growing Challenger in Norwegian Retail Market

Quarterly Highlights

26% growth in Retail Insurance Portfolio Premiums, 7.6% market share in Norwegian retail P&C compared to 7.4% in the previous quarter ¹

Quarterly result NOK 272m for Retail Insurance in the quarter, up from NOK 112m in 2024

Bank lending portfolio up by 12% year-on-year to NOK 95bn

Portfolio premiums (NOK billion) Retail Insurance 2018 2019 2020 2021 2022 2023 2024 2025 Q3 1.7 1.9 2.3 3.1 3.7 4.1 4.9 5.9 +19%² 26% YOY

^1. According to market data from Finance Norway as of Q2 2025.

^2. Growth figures expressed as CAGR from FY 2018 to FY 2024 3. Individuals working for Storebrand's corporate pension customers

Kron: Leading scalable savings platform with pension seamlessly integrated

Key Figures

Strong results and solid solvency position

^1. Result before amortisation and tax.

^2. Cash equivalent return on equity (ROE) annualised.

^3. Earnings per share after tax adjusted for amortisation of intangible assets.

^5. Average of Defined benefit, Paid up and Individual in Norway.

^6. Expected return is calculated based on current asset allocation using normal risk premiums for the next 12 months.

Solvency position and sensitivities Q3 2025

Storebrand Group

• A strong post tax result contributed positively to the solvency position, but this was offset by the initiated NOK 750m buyback program and a negative effect from regulatory assumptions.
• Growth in the capital light business and increased allocation to equities, with higher expected return and a higher capital requirement, had a negative impact.

Storebrand Group | Profit

Operational result up by 16% year-on-year, supported by improving insurance results

1 Profit		Q3		to date	Full year
NOK million	2025	2024	2025	2024	2024
Fee and administration income	2 124 ,	1 971 ,	6 191 ,	5 677 ,	7 585 ,
Insurance result	697	483	1 802 ,	1 246 ,	1 640 ,
Operational cost	-1 730 ,	-1 509 ,	-5 148 ,	-4 472 ,	-6 072 ,
Cash equivalent earnings from operations	1 091 ,	944	2 844 ,	2 451 ,	3 153 ,
Financial items and risk result life	495	563	1 335 ,	2 387 ,	2 751 ,
Cash equivalent earnings before amortisation	1 586 ,	1 507 ,	4 180 ,	4 838 ,	5 904 ,
Amortisation and write-downs of intangible assets	-128	-73	-283	-218	-295
Cash equivalent earnings before tax	1 458 ,	1 434 ,	3 897 ,	4 620 ,	609 5 ,
Tax	-269	-141	-576	-501	-854
Cash equivalent earnings after tax	1 189 ,	1 293 ,	3 320 ,	4 119 ,	4 754 ,

Storebrand Group | Profit

Profit by line of business

1 Profit		Q3	Year	to date	Full year
NOK million	2025	2024	2025	2024	2024
Fee and administration income	2 124 ,	1 971 ,	6 191 ,	677 5 ,	585 7 ,
Insurance result	697	483	1 802 ,	1 246 ,	1 640 ,
Operational cost	-1 730 ,	-1 509 ,	148 -5 ,	472 -4 ,	-6 072 ,
Cash from equivalent earnings operations	1 091 ,	944	2 844 ,	2 451 ,	3 153 ,
life Financial items and risk result	495	563	1 335 ,	2 387 ,	2 751 ,
Cash equivalent earnings before amortisation	1 586 ,	1 507 ,	4 180 ,	4 838 ,	5 904 ,

Profit line of business per	Q3		Year to	Full year
NOK million	2025	2024	2025	2024	2024
Savings - non-guaranteed	815	785	2 109 ,	1 982 ,	2 592 ,
Insurance	364	214	796	440	546
Guaranteed pension	316	346	933	941	1 226 ,
Other profit	91	162	343	1 476 ,	1 539 ,
Cash equivalent earnings before amortisation	1 586 ,	1 507 ,	4 180 ,	4 838 ,	5 904 ,

Savings (non-guaranteed)

Growth continuing across the savings segment

Profit	Q3		Year t	Full year
NOK million	2025	2024	2025	2024	2024
Fee and administration income	1,825	1,660	5,298	4,721	6,327
Operational cost	-1,103	-948	-3,278	-2,818	-3,831
Cash equivalent earnings from operations	721	712	2,019	1,902	2,497
Financial result	94	73	89	80	96
Cash equivalent earnings before amortisation	815	785	2,109	1,982	2,592

Profit per product line	Q3		Year t	Full year
NOK million	2025	2024	2025	2024	2024
Unit linked Norway	177	171	518	504	689
Unit linked Sweden	88	87	222	253	332
Asset management	342	343	781	779	987
Retail banking 1	208	184	587	447	584
Cash equivalent earnings before amortisation	815	785	2,109	1,982	2,592

Savings (non-guaranteed)

Key figures

Insurance

Improved insurance result on back of continued growth, repricing and other measures

Profit		Q3		Year to date
NOK million	2025	2024	2025	2024	2024
f Insurance premiums .o.a.	2 475 ,	2 044 ,	7 140 ,	5 874 ,	8 008 ,
Claims f .o.a.	-1 778 ,	-1 561 ,	-5 338 ,	-4 628 ,	-6 368 ,
Operational cost	-416	-351	-1 245 ,	-1 014 ,	-1 404 ,
Cash equivalent earnings from operations	281	132	557	232	236
Financial result	83	82	239	208	310
Cash equivalent earnings before amortisation	364	214	796	440	546

Profit business line per	Q3		Year to	Full year
NOK million	2025	2024	2025	2024	2024
insurance1 Retail	272	112	530	201	293
insurance2 Corporate	92	102	266	239	253
Cash equivalent earnings before amortisation	364	214	796	440	546

Insurance

Key figures

• Storebrand maintains the 90-92% combined ratio ambition

• Continued strong sales and weather-related claims ³ could lead to somewhat higher combined ratio for the full year

• Exceeded NOK 10bn in portfolio premiums for the first time

• 21% overall growth in premiums f.o.a. compared to the corresponding period last year
• 7.6% market share in Norwegian retail P&C compared to 7.4% in

^3. The financial impact of storm "Amy," which struck Norway after the close of the 3rd quarter, is expected to be limited to approximately NOK 50 million, net of reinsurance and including reinstatement premiums

^1. Combined ratio the past trailing twelve months.

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

Guaranteed pension

Solid result supported by profit sharing in the quarter

Profit	Q3		Year to	Full year
NOK million	2025	2024	2025	2024	2024
Fee and administration income	387	385	1 150 ,	1 163 ,	1 540 ,
Operational cost	-234	-223	-696	-649	-871
Cash from equivalent earnings operations	153	162	454	514	669
life & Risk result pensions	-21	3	36	57	35
Net profit sharing	184	181	442	369	522
Cash equivalent earnings before amortisation	316	346	933	941	1 226 ,

Profit product line per	Q3		Year to	Full year
NOK million	2025	2024	2025	2024	2024
Defined benefit (private & public sector) Norway ,	34	64	91	190	241
Norway1 Paid-up policies ,	151	93	434	307	395
Guaranteed Sweden products ,	130	189	408	444	589
Cash before equivalent earnings amortisation	316	346	933	941	1 226 ,

Guaranteed pension

Key figures

294

228

Reserves guaranteed products

Buffer capital ¹

NOK million	Q3 2025	Q2 2025	Change
Buffer fund 2	16,368	15,969	+ 399
Excess value of bonds at amortised cost	-12,709	-11,079	- 1,630
Conditional bonuses SPP	18,659	17,853	+ 806
Total	22,319	22,744	- 425

Key Takeaways

• Customer reserves of NOK 303bn, reflecting stable development and some minor transfers in the quarter.
• Net profit sharing of NOK 184m in the quarter, reflecting positive financial markets and a solid buffer capital position.

Guaranteed reserves in % of total reserves

^1. The term Buffer capital in this table is not consistent with the definition of buffer capital made in the IFRS accounting.

1. Includes Public Occupational Pensions buffer fund and market value adjustment reserve.

Other ¹

Robust financial result

Profit	Q3		Year to	Full year
NOK million	2025	2024	2025	2024	2024
Fee and administration income	4	4	14	15	23
Operational cost	-68	-65	-200	-212	-271
Cash equivalent earnings from operations	-64	-61	-185	-197	-248
Financial result	155	223	528	1 673 ,	1 788 ,
Cash equivalent earnings before amortisation	91	162	343	1 476 ,	1 539 ,

On track to reach sustainability targets

Science Solution CO2 emissions based targets investment³ Stocks and bonds¹ Real estate² Status 56% 51% 30% 17,5% Q3 2025 32% 32% > 42% 15% Targets reduction by 2025 reduction by 2025 of stocks and solution investments compared to 2018 level compared to 2018 level bonds by 2027 by 2025

Other highlights

Storebrand ranked among top 5% in the insurance industry in the S&P Global Corporate Sustainability Assessment.5

Storebrand Livsforsikring 1st place in Söderberg & Partners' ranking of sustainabiliv work among Norwegian Life Insurance companies.4

Storebrand, in partnership with AIP, acquired stake in UK battery energy storage system.⁶

^1. Emissions intensity (weighted average of emissions relative to company revenue, tonnes of CO2e per NOK 1 million in sales income), Status from 31.08.2025

^2. Emissions intensity (kgCO2e per m2), location based. Status per year end 2024

^3. Bonds; data from 31.08.2025. Equities from 31.08.2025. Infrastructure; from 30.06.2025. Real estate; from 30.06.2025. Private equity; from 31.12.2024 4. Source: www.soderbergpartners.no

^5, https://www.spglobal.com/sustainable1/en/scores/results?cid=4144815. As of 25/08/2025

^6. The infrastructure investment, consisting of three BESS assets (Battery Energy Storage System), will add flexible capacity and improve stability in the UK power market

Financial and Sustainability goals as presented on Capital Markets Day in December 2023

Group financial ambitions

5 NOK billion

Group profit 2025

Increasing every year

Dividends per share

14%

Return on Equity

1.5 NOK billion per year

Share buybacks

Group sustainability ambitions

Net-zero investments

Group-level by 2050

Workforce participation

Reduce disability

50/50

Gender balance

Science-based targets

Commitment for STB and suppliers

Upcoming Capital Markets Day | December 10th

Key Details Key Details

Topics

Strategic and financial update

When

Wednesday, 10 December 2025 from 13:00 - 16:00 CET

Where

The event will be hosted in a hybrid format, with the option to join via live webcast or attend in person at Storebrand's headquarters, Lysaker Park, Professor Kohts vei 9, 1366 Lysaker, Norway

Registration

For physical attendants, please register here For watching the webinar, please register here

Please contact Head of Investor Relations Johannes Narum, on Johannes.Narum@storebrand.no, for questions or assistance.

Q&A

Please join the MS Teams webinar to participate in the Q&A session

Odd Arild Grefstad Kjetil R. Krøkje Johannes Narum

Group CFO

Group CEO Head of Investor Relations

Appendix

Solvency movement from Q2 2025 to Q3 2025

Storebrand Group

Asset allocation and foreign currency exposure for unit linked and asset management sub-segments

FX exposure1	NOK	SEK	Other Foreign
Unit Linked Norway	70 %	0 %	30 %
Unit Linked Sweden	0 %	50 %	50 %
Asset management	40 %	20 %	40 %

Asset allocation1	Equities	Bonds	Alternatives
Unit Linked Norway	70 %	25 %	5 %
Unit Linked Sweden	80 %	20 %	0 %
Asset management	50 %	30 %	20 %

Asset allocation – Guaranteed products

Storebrand Livsforsikring AS (Norway) SPP (Sweden)

Overview of Special items

Quarter	Special items NOKm	Comments
Q3 2024	67	• NOK ~67m in financial gain in Savings segment, Asset Management sub-segment, related to the revaluation of the initial shareholding (10%) in AIP Management.
Q4 2024	-	-
Q1 2025	-	• AIP Management had a negative effect of NOK ~20m on the operational result in the quarter, on 100% basis. STB expects a positive contribution for the full year. This effect is not included in special items. In addition, event-driven income in Asset Management was close to zero in Q1 2025. • Higher sales in the tied agent distribution channel had a 2 p.p. negative impact on the cost/combined ratio in the overall insurance segment compared to Q1 2024. This effect is not included in special items.
Q2 2025	-	• AIP Management had a negative effect of NOK ~30m on the operational result in the quarter on 100% basis (booked in the savings segment, asset management sub-segment). • Higher sales in the tied agent distribution channel had a NOK 40m negative impact on the operational cost in the overall insurance segment compared to Q2 2024. • A reclassification affects the cost guidance for 2025. Please see the Outlook section in the Q2 2025 quarterly report.
Q3 2025	70 (finance) -50 (write-down)	• A NOK 70m financial gain was booked in Savings segment, Asset Management sub-segment, related to revaluation of earnout liabilities for the AIP Management acquisition. • A NOK -50m write-down of intangible assets associated with the Capital Investment acquisition was recognised under amortisations and write-downs in the quarter. • Higher sales in the tied agent distribution channel had a NOK 35m negative impact on the operational cost in the overall insurance segment compared to Q3 2024. STB has no deferred acquisition cost in Insurance, when sales are strong all costs are taken up-front. This effect is not included in special items.

For further information

Kjetil R. Krøkje Group CFO

kjetil.r.krokje@storebrand.no

+47 9341 2155

+47 9933 3569

Johannes Narum

johannes.narum@storebrand.no

Head of Investor

Relations

Important information

This document may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may be beyond the Storebrand Group's control. As a result, the Storebrand Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in these forward-looking statements. Important factors that may cause such a difference for the Storebrand Group include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) market related risks such as changes in equity markets, interest rates and exchange rates, and the performance of financial markets generally.

The Storebrand Group assumes no responsibility to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make.

Thank you

Financial calendar

10 December 2025 Capital Markets Day