Storebrand ASA

Earnings Release • Feb 7, 2024

Supplementary Information

(unaudited)

OVERVIEW 4
REPORTING AND LEGAL STRUCTURE 4 REPORTING STRUCTURE 4 LEGAL STRUCTURE 4
KEY FIGURES 5
SHAREHOLDER STRUCTURE 6
ACCOUNTING PRINCIPLES 4
FINANCIAL RESULTS 7
PROFIT – STOREBRAND GROUP 7
SAVINGS (NON-GUARANTEED) 8
PROFIT 8 KEY FIGURES 8 PROFIT BY PRODUCT 9 SALES AND MARKETS 10 RETURNS 11 RESERVES DEVELOPMENT 11
INSURANCE 13
PROFIT 13 KEY FIGURES 14 PROFIT BY PRODUCT 14
GUARANTEED PENSION 16
PROFIT 16 KEY FIGURES 16 INVESTMENT RETURN 18 BALANCE SHEET 19 SALES AND MARKETS 19 RESERVES AND BUFFERS 20
OTHER 23
PROFIT 23 KEY FIGURES 23
STOREBRAND GROUP 25
PROFIT 25 BALANCE SHEET 26
STOREBRAND LIFE GROUP (IFRS-LEGAL) 27
PROFIT - STOREBRAND LIFE GROUP 27 BALANCE SHEET – STOREBRAND LIFE GROUP 28 PROFIT - SPP PENSION & FÖRSÄKRING AB GROUP 29 BALANCE SHEET - SPP PENSION & FÖRSÄKRING AB GROUP 29
STOREBRAND ASSET MANAGEMENT GROUP (IFRS-LEGAL) 30
PROFIT 30 BALANCE SHEET 30
STOREBRAND HELSEFORSIKRING AS (IFRS-LEGAL 100%) 31
PROFIT 31 BALANCE SHEET 31
STOREBRAND FORSIKRING AS (IFRS-LEGAL) 32
PROFIT 32

BALANCE SHEET 32
STOREBRAND BANK GROUP (IFRS-LEGAL) 33
PROFIT 33
BALANCE SHEET 33
STOREBRAND ASA (IFRS-LEGAL) 36
PROFIT 36
BALANCE SHEET 36

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.

Key figures

Table 1: Key Figures

	2023				2022
NOK million	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Storebrand Group
Cash EPS 1)	7,85	5,71	3,98	1,82	6,31	4,48	3,33
Equity	29 531	28 940	28 902	30 266	29 519	29 061	28 968
Cash equiv alent return on equity (ROE) annualised	14,6 %	11,8 %	15,3 %	12,9 %	12,7 %	7,8 %	8,1 %
Savings - non guaranteed
Premium income Unit Linked	7 309	7 289	7 283	6 936	6 593	5 642	5 333
Unit Linked reserv es	379 516	353 448	357 150	343 347	314 992	302 337	276 319
AuM Asset Management	1 211 831	1 130 687	1 143 232	1 110 733	1 019 988	1 001 100	1 008 705
Retail lending	76 706	74 749	72 700	69 812	67 061	64 879	62 559
Insurance
Total portfolio premiums	8 697	8 447	8 294	8 065	7 822	7 648	7 005
Claims ratio	96 %	82 %	78 %	79 %	76 %	71 %	71 %
Cost ratio	18 %	18 %	18 %	19 %	20 %	18 %	18 %
Combined ratio	115 %	99 %	96 %	97 %	96 %	88 %	88 %
Guaranteed pension
Guaranteed reserv es	283 986	277 789	279 358	282 559	273 673	275 622	274 918
Guaranteed reserv es in % of total reserv es	42,8 %	44,0 %	43,9 %	45,1 %	46,5 %	47,7 %	49,9 %
Net flow of premiums and claims	-2 977	-2 720	-2 486	-2 198	-2 846	-2 720	-2 454
Buffer capital in % of customer reserv es Norw ay 2)	6,1 %	5,1 %	6,0 %	6,5 %	6,3 %	6,2 %	6,9 %
Buffer capital in % of customer reserv es Sw eden 3)	21,2 %	21,4 %	21,1 %	19,0 %	19,0 %	18,2 %	17,5 %
Solvency and Capital Adequacy
Solv ency II ratio 4)	192 %	204 %	196 %	179 %	184 %	174 %	195 %
Solv ency II Ow n Funds 4)	51 921	51 947	51 893	48 883	48 264	47 536	51 150
Solv ency II Capital Requirement	27 098	25 460	26 542	27 289	26 263	27 322	26 286
Total capital ratio (Storebrand Bank Group)	21,8 %	20,1 %	20,7 %	20,2 %	21,3 %	20,3 %	19,1 %
Tier 1 capital ratio (Storebrand Bank Group)	18,5 %	16,7 %	17,2 %	16,5 %	17,2 %	16,1 %	14,8 %
CET1 capital ratio (Storebrand Bank Group)	17,0 %	15,2 %	15,7 %	14,9 %	15,7 %	14,4 %	13,6 %

1) Accumulated accounting year

2) Additional statutory reserves + market value adjustment reserve

3) Conditional bonuses

4) M ay include transitional capital in relevant quarters

5) The term solidity capital encompasses equity, subordinated loan capital, the risk equalisation fund, the market value adjustment reserve, additional statutory reserves, conditional bonuses, excess value/deficit related to bonds at amortised cost and accrued profit.

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 2 327 million. There are 465 497 866 shares with a par value of NOK 5.

As of 31.12.2023 the shareholder structure¹ was as follows:

Table 2: Shareholder structure (31.12.2023)

Shareholder	Total %
Folketry gdfondet	10,25 %
T Row e Price Global Inv estments	6,28 %
Vanguard Group	4,88 %
Allianz Global Inv estors	3,91 %
Storebrand ASA	3,90 %
KLP	3,23 %
DNB Asset Management	2,51 %
Alfred Berg	2,50 %
Storebrand Asset Management	2,40 %
Nordea Asset Management	2,27 %
Nex t 10 largest shareholders	15,07 %
Total - 20 largest shareholders	57,22 %

Table 3: Rating

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

Fig. 1: Geographical dispersion

Norw ay	51 %
USA	17 %
England	8 %
Germany	5 %
Denmark	4 %

Fig. 1: Geographical dispersion

¹ Based on look through ananlysis of beneficial owner.

Financial results

Profit – Storebrand Group

Table 4: Group profit

	2023				2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	1 959	1 681	1 591	1 552	1 641	6 782	6 062
Insurance result	64	318	382	357	390	1 122	1 664
Operational cost	-1 542	-1 394	-1 460	-1 391	-1 410	-5 787	-5 008
Cash equiv alent earnings from operations	481	605	513	518	621	2 117	2 718
Financial items and risk result life	465	378	264	255	219	1 362	13
Cash equivalent earnings before amortisation	947	983	777	773	841	3 480	2 732
Amortisation and w rite-dow ns of intangible assets	-114	-146	-56	-62	-62	-379	-202
Cash equivalent earnings before tax	833	837	720	711	778	3 101	2 530
Tax	19	-195	222	70	12	116	225
Cash equivalent earnings after tax	853	642	942	781	790	3 217	2 754

Table 5: Group profit by result area

	2023				2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Sav ings - non-guaranteed	619	487	395	361	456	1 862	1 653
Insurance	-193	100	63	56	92	27	596
Guaranteed pension	433	314	293	285	270	1 326	903
Other profit	88	82	25	71	23	265	-420
Cash equivalent earnings before amortisation	947	983	777	773	841	3 480	2 732

Table 6: Earnings per share

	2023				2022		Full year
NOK	Q4	Q3	Q2	Q1	Q4	2023	2022
Cash equiv alent earnings after tax , adj. for amortisation	966	788	998	843	852	3 596	2 956
Av erage number of shares (millions)	-	-	-	-	-	458	468
Cash EPS1	2,14	1,73	2,16	1,82	1,83	7,85	6,31

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

Table 7: Exchange rates SEK/NOK

	2023				2022
	Q4	Q3	Q2	Q1	Q4
Profit	0,9960	0,9892	0,9991	0,9807	0,9506
Balance	1,0077	0,9794	0,9919	1,0100	0,9454

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

Table 8: Savings - non-guaranteed

	2023	2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	1 607	1 333	1 269	1 234	1 293	5 443	4 733
Operational cost	-972	-852	-898	-861	-848	-3 582	-3 031
Cash equiv alent earnings from operations	635	481	371	373	445	1 861	1 701
Financial result	-16	6	24	-12	11	1	-49
Cash equivalent earnings before amortisation	619	487	395	361	456	1 862	1 653

Table 9: Savings - by non-guaranteed product

	2023				2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Unit linked Norw ay	124	137	101	137	92	499	383
Unit linked Sw eden	44	69	55	64	69	232	322
Asset management	370	148	112	88	208	717	667
Retail banking	104	147	152	96	87	500	281
Kron*	-23	-14	-25	-23		-85
Cash equivalent earnings before amortisation	619	487	395	361	456	1 862	1 653

* The stand-alone result from Kron will be reported separately in the integration period

Key figures

Table 10: Savings - non-guaranteed

	2023				2022
NOK million	Q4	Q3	Q2	Q1	Q4
Unit linked Reserv es	379 516	353 448	357 150	343 347	314 992
Unit linked Premiums	7 225	7 055	7 024	6 883	6 583
AuM Asset Management	1 211 831	1 130 687	1 143 232	1 110 733	1 019 988
Retail Lending*	76 706	74 749	72 700	69 812	67 061

*Includes mortgages on the Storebrand Livsforsikring AS balance sheet

Profit by product

Table 11: Unit Linked Norway

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	296	305	287	323	301	1 212	1 097
Operational cost	-173	-167	-181	-186	-212	-707	-701
Cash equiv alent earnings from operations	123	138	106	138	89	505	396
Financial result	1	-1	-6	-0	3	-6	-13
Cash equivalent earnings before amortisation	124	137	101	137	92	499	383
Fee Margin on reserv es	0,58 %	0,62 %	0,59 %	0,70 %	0,69 %	0,62 %	0,68 %
Reserv es	209 345	196 674	196 119	191 251	179 461	209 345	179 461

Table 12: Unit linked Sweden

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	256	244	251	236	226	987	916
Operational cost	-208	-186	-194	-171	-163	-759	-606
Cash equiv alent earnings from operations	48	58	57	65	63	229	310
Financial result	-4	11	-2	-2	6	3	11
Cash equivalent earnings before amortisation	44	69	55	64	69	232	322
Fee Margin on reserv es	0,63 %	0,61 %	0,64 %	0,66 %	0,67 %	0,64 %	0,67 %
Reserv es	170 171	156 774	161 031	152 096	135 531	170 171	135 531

Table 13: Asset Management segment

	2023				2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	779	507	483	450	576	2 218	2 012
Operational cost	-424	-369	-390	-374	-368	-1 558	-1 342
Cash equiv alent earnings from operations	354	138	93	76	208	661	670
Financial result	15	10	19	12	0	56	-3
Cash equivalent earnings before amortisation	370	148	112	88	208	717	667
Income earned not booked*	-	87	79	53	-	-	-
Profit before amortisation including income
earned not booked	-	235	191	141	-	-	-
Fee Margin on reserv es	0,27 %	0,18 %	0,17 %	0,17 %	0,23 %	0,20 %	0,19 %
Reserv es	1 211 831	1 130 687	1 143 232	1 110 733	1 019 988	1 211 831	1 019 988

* Performance fees to be booked at the end of the year given investment performance in Skagen and Delphi.

Table 14: Retail Banking

	2023	2022			Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	272	273	245	222	189	1 013	709
Operational cost	-137	-112	-105	-104	-104	-458	-383
Cash equiv alent earnings from operations	135	162	140	118	85	555	325
Financial result	-30	-14	12	-23	1	-55	-44
Cash equivalent earnings before amortisation	104	147	152	96	87	500	281
Retail lending*	76 706	74 749	72 700	69 812	67 061	76 706	67 061
Net interest margin retail banking	1,44 %	1,46 %	1,43 %	1,39 %	1,18 %	1,43 %	1,19 %
Net interest income retail banking	250	241	223	203	167	917	610

* Includes mortgages on the Storebrand Livsforsikring AS balance sheet

Sales and Markets

Table 15: New sales

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Unit Linked premiums* Norw ay	244	591	342	731	1 557	1 907	1 714
- of w hich annual premiums	64	266	105	264	389	699	546
- of w hich single premiums	180	325	237	466	1 167	1 209	1 167
Unit Linked premiums* Sw eden	803	621	841	849	864	3 114	2 613
- of w hich annual premiums	610	434	627	681	719	2 351	2 151
- of w hich single premiums	193	187	214	168	144	763	461
Savings (non guaranteed) premiums*	1 047	1 212	1 183	1 580	2 420	5 022	4 326
- of w hich annual premiums	674	700	732	946	1 108	3 050	2 698
- of w hich single premiums	373	512	452	635	1 312	1 971	1 629

*Annual premium equivalent. The numbers for Q3 2022 to Q2 2023 includes Danica effects and can be slightly updated from quarter to quarter.

Table 16: Unit Linked - Premiums (excluding transfers)

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Unit Linked (occupational pension) Norw ay	4 004	3 943	3 817	3 985	3 760	15 748	13 074
Unit Linked (retail) Norw ay	400	419	373	410	499	1 603	1 660
Unit Linked Sw eden	2 820	2 693	2 835	2 488	2 324	10 836	8 748
Total	7 225	7 055	7 024	6 883	6 583	28 187	23 482

Table 17: Unit Linked - Transfer balance

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Premium reserv es receiv ed
Unit Linked Norway*	1 277	2 886	1 682	2 925	2 009	8 770	6 257
Unit Linked Sweden	1 486	1 514	1 677	1 375	1 126	6 051	3 542
Total receiv ed	2 762	4 400	3 358	4 300	3 135	14 821	9 799
Premium reserv es transferred
Unit Linked Norway*	-2 317	-3 312	-6 136	-3 420	-2 691	-15 184	-11 017
Unit Linked Sweden	-1 848	-1 181	-1 610	-1 095	-954	-5 734	-4 376
Total transferred	-4 165	-4 493	-7 746	-4 514	-3 645	-20 918	-15 393
Net transfers	-1 403	-93	-4 387	-214	-511	-6 097	-5 594

Returns

Table 18: Return Defined Contribution - standard profiles Norway

	2023			2022		Full year
Return	Q4	Q3	Q2	Q1	Q4	2023	2022
Ex tra low risk	2,6 %	0,6 %	-0,1 %	1,2 %	1,0 %	4,3 %	-1,6 %
Low risk	3,7 %	-0,1 %	1,1 %	2,4 %	2,4 %	7,1 %	-3,7 %
Balanced	5,3 %	-0,9 %	2,7 %	4,0 %	3,9 %	11,1 %	-6,8 %
High risk	6,2 %	-1,7 %	4,5 %	5,7 %	5,1 %	14,7 %	-8,5 %
Ex tra high risk	6,7 %	-1,9 %	4,8 %	6,2 %	5,8 %	15,8 %	-8,4 %

Reserves development

Table 19a: Development customer funds, quarter

NOK million	Reserves Unit Linked - Norway	Reserves Unit Linked - Sweden
Funds at 30.09.2023	196 674	156 774
Premium income	4 404	2 693
Insurance claims	-808	-962
Transfers	-1 040	-362
Asset return	10 283	7 395
Other & FX	-167	4 633
Funds at 31.12.2023	209 345	170 171

Table 19b: Development customer funds, YTD

NOK million	Reserves Unit Linked - Norway	Reserves Unit Linked - Sweden
Funds at 31.12.2022	179 461	135 531
Premium income	17 351	10 836
Insurance claims	-3 248	-3 388
Transfers	-6 454	317
Asset return	22 729	18 248
Other & FX	-494	8 628
Funds at 31.12.2023	209 345	170 171

Table 20a: Assets under Managment by client

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Ex ternal	588 022	542 191	551 260	526 916	474 261	588 022	474 261
Group internal	623 810	588 496	591 971	583 818	545 727	623 810	545 727
Total	1 211 831	1 130 687	1 143 232	1 110 733	1 019 988	1 211 831	1 019 988
Ex ternal share	49 %	48 %	48 %	47 %	46 %	49 %	46 %

Table 20b: Assets under Managment by asset type

	2023				2022		Full year
	Q4	Q3	Q2	Q1	Q4	2023	2022
Equities	48 %	47 %	47 %	46 %	44 %	48 %	44 %
Bonds	34 %	35 %	35 %	36 %	38 %	34 %	38 %
Alternatives	15 %	16 %	16 %	16 %	17 %	15 %	17 %
Other	2 %	2 %	2 %	2 %	2 %	2 %	2 %
Total	100 %	100 %	100 %	100 %	100 %	100 %	100 %

Table 20c: AuM and YTD return in mutual funds with performance fees

Fund	Return	Benchmark	AuM NOK bn 31.12.2023
Delphi Global	26,5 %	27,6 %	2,5
SKAGEN Focus	27,0 %	26,0 %	3,4
SKAGEN Global	21,5 %	26,0 %	38,3
SKAGEN Kon-Tiki	15,6 %	13,2 %	14,9
SKAGEN m2	16,3 %	11,7 %	1,5
SKAGEN Vekst	21,3 %	24,7 %	10,2

Insurance

Insurance is an operational and reporting unit consisting of Storebrand Forsikring AS, Storebrand Helseforsikring 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, one-year risk products and health insurance in the Norwegian retail market and workers' compensation and group life insurance for the corporate market.

Profit

Table 21: Insurance

	2023				2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Insurance premiums f.o.a.	1 776	1 734	1 727	1 672	1 630	6 908	6 088
Claims f.o.a.	-1 712	-1 415	-1 345	-1 315	-1 240	-5 787	-4 424
Operational cost	-328	-305	-308	-310	-318	-1 251	-1 112
Cash equiv alent earnings from operations	-263	13	74	47	72	-129	552
Financial result	70	86	-11	9	20	155	43
Contribution from SB Helseforsikring AS	11	34	-52	-20	0	-27	-1
Cash equivalent earnings before amortisation	-193	100	63	56	92	27	596
Claims ratio	96 %	82 %	78 %	79 %	76 %	84 %	73 %
Cost ratio	18 %	18 %	18 %	19 %	20 %	18 %	18 %
Combined ratio	115 %	99 %	96 %	97 %	96 %	102 %	91 %

Table 22: By lines of business

	2023				2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
P&C & Indiv idual life1)	-4	32	82	72	68	182	387
Health & Group life 2)	-137	4	-81	-24	-17	-238	8
Pension related disability insurance Nordic 3)	-52	65	62	8	41	82	201
Cash equivalent earnings before amortisation	-193	100	63	56	92	27	596

1) Individual life and disability, property and casualty insurance

2) Group life and workers comp. including contribution from health insurance (consolidated under Financial result)

3) DC disability risk result Norway and disability risk Sweden

Key Figures

Table 23a: Portfolio Premiums

	2023				2022
NOK million	Q4	Q3	Q2	Q1	Q4
P&C & Indiv idual life	4 430	4 293	4 202	4 081	4 013
Health & Group life*	2 339	2 270	2 236	2 150	2 071
Pension related disability insurance Nordic	1 928	1 884	1 856	1 834	1 738
Total written premiums	8 697	8 447	8 294	8 065	7 822
Inv estment portfolio**	12 330	12 081	12 052	11 413	10 642

* Includes all written premiums in Storebrand Helseforsikring AS (50/50 joint venture with Ergo International). ** Ca. NOK 3,2bn 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.

Table 23b: Company portfolio Storebrand Insurance segment

Asset class	2023
Share	Q4
Equities	2 %
Real estate	4 %
Credit bonds	0 %
Money market	32 %
Gov ernment guaranteed	0 %
Loans	19 %
Bonds at amortized cost	43 %
Total	100 %

Fig. 1: Company portfolio

Profit by product

Table 24: P&C & Individual life

	2023				2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Insurance premiums f.o.a.	1 082	1 032	1 011	985	982	4 109	3 608
Claims f.o.a.	-887	-817	-727	-708	-694	-3 139	-2 440
Operational cost	-248	-229	-234	-228	-241	-938	-816
Cash equiv alent earnings from operations	-53	-15	50	49	47	32	352
Financial result	49	46	32	23	21	150	34
Cash equivalent earnings before amortisation	-4	32	82	72	68	182	387
Claims ratio	82 %	79 %	72 %	72 %	71 %	76 %	68 %
Cost ratio	23 %	22 %	23 %	23 %	25 %	23 %	23 %
Combined ratio	105 %	101 %	95 %	95 %	95 %	99 %	90 %

Table 25: Health & Group life

	2023		2022			Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Insurance premiums f.o.a.	263	261	267	266	264	1 057	999
Claims f.o.a.	-382	-261	-271	-238	-247	-1 152	-888
Operational cost	-35	-35	-34	-33	-33	-137	-114
Cash equiv alent earnings from operations	-154	-35	-37	-5	-16	-232	-3
Financial result	18	39	-44	-19	-1	-6	12
Contribution from SB Helseforsikring AS	11	34	-52	-20	-0	-27	-1
Cash equivalent earnings before amortisation	-137	4	-81	-24	-17	-238	8
Claims ratio	145 %	100 %	101 %	90 %	94 %	109 %	89 %
Cost ratio	13 %	14 %	13 %	12 %	12 %	13 %	11 %
Combined ratio	159 %	113 %	114 %	102 %	106 %	122 %	100 %

Table 26: Pension related disability insurance Nordic

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Insurance premiums f.o.a.	431	441	449	422	383	1 742	1 481
Claims f.o.a.	-443	-337	-347	-369	-298	-1 495	-1 096
Operational cost	-45	-41	-41	-49	-44	-176	-182
Cash equiv alent earnings from operations	-56	63	61	3	41	71	203
Financial result	4	1	1	5	-0	11	-3
Cash equivalent earnings before amortisation	-52	65	62	8	41	82	201
Claims ratio	103 %	76 %	77 %	88 %	78 %	86 %	74 %
Cost ratio	10 %	9 %	9 %	12 %	12 %	10 %	12 %
Combined ratio	113 %	86 %	86 %	99 %	89 %	96 %	86 %

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

Table 27: Guaranteed pension

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	422	413	387	378	413	1 600	1 597
Operational cost	-205	-209	-216	-192	-233	-822	-850
Cash equiv alent earnings from operations	217	204	171	186	180	778	747
Risk result life & pensions	77	69	69	81	53	296	262
Net profit sharing	139	41	53	18	38	252	-106
Cash equivalent earnings before amortisation	433	314	293	285	270	1 326	903
Fee margin on reserv es	0,60 %	0,59 %	0,55 %	0,54 %	0,60 %	0,57 %	0,57 %
Guaranteed reserv es	283 986	277 789	279 358	282 559	273 673	283 986	273 673

Table 28: By guaranteed pension product

	2023						Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Defined benefit (priv ate & public sector), Norw ay	85	80	58	59	37	283	244
Paid-up policies, Norw ay	116	107	110	119	137	453	502
Indiv idual life and pension, Norw ay	10	10	8	5	13	33	33
Guaranteed products, Sw eden	221	116	118	102	83	557	124
Cash equivalent earnings before amortisation	433	314	293	285	270	1 326	903

Key figures

Table 29: Guaranteed pension

	2023			Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Guaranteed reserv es	283 986	277 789	279 358	282 559	273 673	283 986	273 673
Guaranteed reserv es in % of total reserv es	42,8 %	44,0 %	43,9 %	45,1 %	46,5 %	42,8 %	46,5 %
Net flow of premiums and claims	-2 979	-2 720	-2 486	-2 198	-2 846	-10 383	-10 187
Buffer capital in % of customer reserv es Norw ay	6,1 %	5,1 %	6,0 %	6,5 %	6,3 %	6,1 %	6,3 %
Buffer capital in % of customer reserv es Sw eden	21,2 %	21,4 %	21,1 %	19,0 %	19,0 %	21,2 %	19,0 %

Profit by product

Table 30: Defined benefit (private & public sector), Norway

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	142	139	136	126	140	544	511
Operational cost	-70	-83	-86	-68	-90	-306	-291
Cash equiv alent earnings from operations	72	57	50	58	49	237	220
Risk result life & pensions	20	22	12	4	-6	57	38
Net profit sharing	-7	2	-4	-3	-7	-12	-14
Cash equivalent earnings before amortisation	85	80	58	59	37	283	244
Fee margin on reserv es	1,25 %	1,24 %	1,23 %	1,18 %	1,35 %	1,23 %	1,26 %
Reserv es	45 697	45 444	44 368	43 983	41 514	45 697	41 514

Table 31: Paid-up policies, Norway

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	151	150	119	122	143	542	560
Operational cost	-73	-71	-69	-65	-66	-278	-259
Cash equiv alent earnings from operations	78	79	51	56	77	264	301
Risk result life & pensions	39	34	59	63	62	195	208
Net profit sharing	-0	-6	-0	-0	-1	-7	-7
Cash equivalent earnings before amortisation	116	107	110	119	137	453	502
Fee margin on reserv es	0,42 %	0,42 %	0,33 %	0,34 %	0,40 %	0,38 %	0,39 %
Reserv es	143 441	144 420	143 180	143 882	143 350	143 441	143 350

Table 32: Individual life and pension, Norway

	2023		2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	1	1	1	2	4	4	6
Operational cost	-	-	-	-	-0	-	-0
Cash equiv alent earnings from operations	1	1	1	2	4	4	6
Risk result life & pensions	1	-	-0	-1	0	-1	1
Net profit sharing	9	9	7	4	9	30	27
Cash equivalent earnings before amortisation	10	10	8	5	13	33	33
Fee margin on reserv es	0,03 %	0,04 %	0,05 %	0,06 %	0,15 %	0,05 %	0,06 %
Reserv es	8 847	9 054	9 250	9 607	9 718	8 847	9 718

Table 33: Guaranteed pension, Sweden

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	128	123	131	128	127	510	519
Operational cost	-61	-56	-62	-58	-77	-238	-299
Cash equiv alent earnings from operations	66	67	69	70	50	272	220
Risk result life & pensions	19	13	-3	15	-3	44	16
Net profit sharing	136	36	51	17	36	240	-112
Cash equivalent earnings before amortisation	221	116	118	102	83	557	124
Fee margin on reserv es	0,62 %	0,61 %	0,63 %	0,62 %	0,63 %	0,62 %	0,62 %
Reserv es	86 000	78 871	82 560	85 087	79 090	86 000	79 090

Investment return

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

	2023			2022	Full year
	Q4	Q3	Q2	Q1	Q4	2023	2022
Paid-up policies	1,5 %	-0,2 %	0,2 %	0,9 %	0,7 %	2,3 %	-1,1 %
Indiv idual	2,1 %	0,2 %	0,6 %	1,1 %	0,8 %	4,0 %	-0,6 %
Defined Benefit (priv ate sector)	1,1 %	0,2 %	-0,4 %	0,9 %	0,2 %	1,8 %	-3,0 %
Public Occupational Pensions	2,8 %	-1,0 %	2,3 %	2,8 %	1,1 %	7,0 %	-3,1 %
Average return guaranteed products	1,6 %	-0,2 %	0,3 %	1,0 %	0,7 %	2,7 %	-1,5 %

Table 35: Booked return guaranteed pension products, Norway (excluding Danica)*

		2023				Full year
					2022
	Q4	Q3	Q2	Q1	Q4	2023	2022
Paid-up policies	0,7 %	-0,4 %	0,7 %	0,4 %	0,6 %	1,4 %	1,5 %
Indiv idual	0,6 %	0,2 %	0,8 %	0,7 %	0,6 %	2,4 %	2,0 %
Defined Benefit (priv ate sector)	0,3 %	0,2 %	0,1 %	0,1 %	0,2 %	0,8 %	0,5 %
Public Occupational Pensions
Average booked return guaranteed products	0,7 %	-0,2 %	0,6 %	0,3 %	0,5 %	1,4 %	1,4 %

* In cases where booked return is lower than guaranteed return the additional statuatory reserves are used to cover the difference

Table 36: Value adjusted return guaranteed pension products, Sweden

	2023				2022		Full year
	Q4	Q3	Q2	Q1	Q4	2023	2022
Defined Benefit	8,6 %	-1,9 %	0,1 %	3,0 %	2,0 %	9,8 %	-11,8 %
Defined contribution (w . guarantees)	7,7 %	-1,6 %	0,5 %	3,0 %	2,2 %	9,7 %	-9,1 %

Balance Sheet

Table 37: Guaranteed pension products

	2023				2022
NOK million	Q4	Q3	Q2	Q1	Q4
Defined Benefit (priv ate & public sector), Norw ay	45 697	45 444	44 368	43 983	41 514
Paid-up policies, Norw ay	143 441	144 420	143 180	143 882	143 350
Indiv idual life and pension, Norw ay	8 847	9 054	9 250	9 607	9 718
Guaranteed Products, Sw eden	86 000	78 871	82 560	85 087	79 090
Guaranteed Reserves	283 986	277 789	279 358	282 559	273 673

Sales and Markets

Table 38: New sales guaranteed pension 1)

	2023				2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Guaranteed pension, Norway	5	22	24	137	24	188	646
- of which annual premiums	0	14	7	43	3	63	247
- of which single premiums	5	9	17	94	21	124	399
Guaranteed pension, Sweden	83	52	47	68	125	250	330
- of which annual premiums	63	40	27	40	102	170	237
- of which single premiums	20	12	20	28	23	80	93
Guaranteed pension	88	74	71	205	149	438	975
- of which annual premiums	63	54	33	83	105	233	483
- of which single premiums	25	20	37	122	44	204	492

1) Annual premium equivalent

Table 39: Premiums (excluding transfers) pension products

	2023						Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Defined Benefit (priv ate & public sector), Norw ay	761	984	1 257	1 304	690	4 306	3 455
Paid-up policies, Norw ay	55	63	43	54	19	216	114
Indiv idual life and pension, Norw ay	49	45	46	96	107	235	310
Guaranteed products, Sw eden	293	248	253	337	297	1 130	1 211
Total	1 158	1 339	1 599	1 791	1 112	5 888	5 089

Table 40: Transfer balance (Guaranteed Pension)

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Premium reserv es receiv ed
Norway 1)	473	3 291	146	1 263	357	5 173	4 661
Sweden	72	20	60	80	66	233	2 539
Total received	545	3 311	206	1 344	423	5 406	7 200
Premium reserv es transferred
Norway 1)	-27	-60	-55	-40	-48	-181	-187
Sweden	-84	-110	-109	-74	-55	-377	-379
Total transferred	-111	-170	-163	-113	-103	-558	-566
Net transfers	433	3 141	43	1 230	320	4 848	6 635

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

Reserves and buffers

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

NOK million	DB (private sector)	Public Occ. Pensions	Paid-up policies	Individual	Guaranteed products - Sweden 2)
Funds at 30.09.2023	25 372	16 801	135 971	8 583	64 991
Premium income	448	313	55	49	293
Insurance claims	-352	-206	-1 809	-283	-1 487
Transfers	152	-217	509	2	-12
Internal transfers DB to Paid-Up (Norw ay )	-610		625
Asset return	90	481	1 023	29	6 010
Other	302	-454	-256	6	1 166
Funds at 31.12.2023	25 402	16 719	136 118	8 385	70 962

Table 42: Development customer funds (excluding buffer capital) - YTD

NOK million	DB (private sector)	Public Occ. Pensions	Paid-up policies	Individual	Guaranteed products - Sweden 2)
Funds at 31.12.2022	23 416	15 265	135 016	9 196	66 106
Premium income	2 323	1 983	216	235	1 130
Insurance claims	-1 295	-924	-7 161	-1 142	-5 765
Transfers	1 221	1 012	2 752	8	-144
Internal transfers DB to Paid-Up (Norw ay )	-1 658		1 711
Asset return	225	1 166	2 002	175	7 227
Other	1 169	-1 783	1 581	-87	2 407
Funds at 31.12.2023	25 402	16 719	136 118	8 385	70 962

Table 43: Buffer capital*

	2023				2022
NOK million	Q4	Q3	Q2	Q1	Q4
Market v alue adjustment reserv e**	4 482	2 565	2 687	3 311	1 783
Ex cess v alue of bonds at amortised cost	-10 559	-17 086	-15 542	-9 817	-10 197
Additional statutory reserv e	6 919	6 997	8 308	8 700	9 664
Conditional bonuses SPP	15 039	13 880	14 408	13 567	12 540
Total	15 881	6 357	9 862	15 761	13 790

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

the IFRS accounting

** Includes Public Occupational Pensions buffer fund

Key figures guaranteed products

Table 44 a: Key terms products, Norway (excluding Danica)

	DB
	(private &
	public
NOK million	sector)		Paid-up Individual
Interest rate guarantee p.a.	2,1 %	3,1 %	3,2 %
Funds	42 121	136 118	8 385
Additional Statutory Reserv e	728	3 193	289
Market Value Adjustment Reserv e*	2 533	1 856	54
Risk Equalisation Fund	-3	864	-
Ex pected return on assets**	4,9 %	4,2 %	3,8 %

*Includes Public Occupational Pensions buffer fund

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

Table 44 b: Key terms portfolio, Sweden

		Defined
		contribution
	Defined	(w.
NOK million	Benefit	guarantees)
Inv estment return (YTD)	9,8 %	9,7 %
Interest rate guarantee	2,7 %	2,7 %
Prospectiv e reserv e	36 407	33 473
Conditional Bonuses	9 084	5 946
Deferred Capital Contribution	38	3 298
Ex pected return assets 1)	4,0 %	4,2 %
Duration liabilities	5,5	5,3
Discount rate 2)	2,8 %	2,6 %
Consolidation ratio 3)	108 %

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 45a : Allocation Sweden

		Defined
		contribution
	Defined	(w/
	Benefit	guarantees)
Equities	18 %	20 %
Real estate	13 %	14 %
Bonds & Money market	49 %	41 %
Loans	20 %	25 %
Sum	100 %	100 %

Fig. 3: Asset allocation Guaranteed pension, Sweden

Table 45b: Allocation Norway (excluding Danica)

	Defined	Paid-Up
	Benefit	(Total)	Individual
Equities	13 %	4 %	3 %
Real estate	13 %	11 %	7 %
Bonds & Money market	9 %	9 %	8 %
Loans	15 %	14 %	9 %
Bonds at amortised cost	50 %	63 %	72 %
Sum	100 %	100 %	100 %

Fig. 2: Asset allocation Guaranteed pension,

Sensitivities Sweden - guaranteed portfolio financial result

Excluding potential indexation fee in the defined benefit portfolio and effect of the macro model used to discount liabilities (see description below).

The sensitivities shown below are based on internal risk modelling. The sensitivities are a point in time estimate on the risk associated with market movements in the disclosed markets factors. Important assumptions behind the sensitivities are amongst others instantaneous change in the disclosed market factors and change in one market factor at a time.

The financial result may vary significantly from what the sensitivities indicate throughout a period based on amongst others: management action based on market movements throughout the period, several market factors moving simultaneously and indexes not giving a precise approximation of actual investment portfolio. For example the credit portfolio is constructed to be robust versus the liabilities and has a low correlation to ITRAXX. The Interest rate sensitivity is based on a parallel shift in the interest rate curve.

The insurance liabilities are valued using a macro extrapolation model for interest rates. In the current interest rate environment long dated interest rates are lower than the discount rate used in the macro model. This is estimated to give a result contribution of approximately MNOK 0 pr. quarter at the current Swedish interest rate level. Note that the estimate is based on internal actuarial and market assumptions and that the actual result contribution from this element will vary.

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

Table 46a: Other: operational costs and net financial results in company portfolios (Storebrand ASA, Storebrand Livsforsikring AS and SPP Pension & Försäkring AB) 1)

	2023				2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	1	5	6	6	2	18	17
Operational cost	-109	-99	-109	-94	-77	-411	-299
Cash equiv alent earnings from operations	-108	-93	-104	-88	-75	-393	-282
Financial result	196	176	129	159	98	658	-138
Cash equivalent earnings before amortisation	88	82	25	71	23	265	-420

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

Table 46b: Eliminations

	2023				2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	-71	-71	-71	-66	-66	-279	-284
Operational cost	71	71	71	66	66	279	284
Financial result	-	-	-	-	-	-	-
Cash equivalent earnings before amortisation and longevity	-	-	-	-	-	-	-

Key figures

Table 47: Storebrand group selected Company portfolios

	2023				2022
NOK million	Q4	Q3	Q2	Q1	Q4
Storebrand ASA	2 367	3 314	3 778	5 528	4 669
Storebrand Liv sforsikring AS	22 578	21 871	20 844	20 814	20 483
SPP Pension & Försäkring AB	5 347	4 762	5 153	4 910	4 343
Total	30 292	29 947	29 776	31 251	29 495

Table 48a: Company portfolio SPP Pension & Försäkring AB

Asset class	2023
Share	Q4
Equities	-
Real estate	-
Bonds & Money market	71 %
Loans	29 %
Sum	100 %

Equities Real estate

Table 48b: Company portfolio Storebrand Livsforsikring AS

Asset class	2023
Share	Q4
Equities	1 %
Real estate	1 %
Bonds & Money market	29 %
Loans	14 %
Bonds at amortized cost	55 %
Sum	100 %

Fig. 9: Company portfolio Storebrand Livsforsikring AS

Equities Real estate Bonds & Money market Loans

Table 49: Storebrand group debt - excl. bank

	2023				2022
NOK million	Q4	Q3	Q2	Q1	Q4
Subordinated loan capital - STB Life (Group)	10 672	9 627	9 834	10 233	9 757
Bonds Storebrand ASA	501	501	501	501	501
Bank loan Storebrand ASA 1)	0	0	0	0	0
Total debt	11 173	10 128	10 335	10 734	10 258

1) Storebrand ASA have a M EUR 200 undrawed multicurrency revolving credit facility

Storebrand Group

Profit

Table 51: Storebrand Group - IFRS-legal profit by sub group

	2023				2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Storebrand Life Group	716	679	479	1 012	594	2 887	1 673
Storebrand Asset Management Group	370	148	112	88	208	717	667
Storebrand Bank Group	104	147	152	96	87	500	281
Storebrand Forsikring AS	-88	-42	3	28	5	-99	167
Storebrand Helseforsikring AS 1)	11	34	-52	-20	-0	-27	-1
Storebrand ASA/Other	-54	-38	-79	-46	15	-218	-106
Profit before amortisation and write-downs	1 058	928	616	1 157	909	3 759	2 681
Amortisation and w rite-dow ns of intangible assets	-95	-182	-92	-98	-92	-466	-324
Profit before tax	964	746	524	1 060	817	3 294	2 357
Tax	-27	-172	292	-10	-332	84	19
Profit after tax	937	574	816	1 050	484	3 377	2 376

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

Balance sheet

Table 52: Storebrand Group - balance sheet

NOK million	Share in %	31.12.2023 31.12.2022
Intangible assets	1 %	9 189	8 969
Shares in associated companies	1 %	8 089	8 910
Equities and fund units	37 %	333 866	270 532
Bonds and other fix ed-income securities	33 %	292 407	275 894
Deriv ativ es	1 %	8 093	6 627
Loans to financial institutions	0 %	1 138	109
Loans to customers	10 %	86 761	77 878
Inv estment properties	4 %	34 382	35 171
Bank deposits	2 %	13 916	14 511
Other assets	12 %	109 100	71 050
Total assets	100 %	896 940	769 649
Equity	3 %	29 531	29 519
Insurance contracts liabilities	35 %	318 225	303 277
Inv estment contracts liabilities	39 %	354 270	292 931
Subordinated loan capital	1 %	11 501	10 585
Loans and deposits from credit institutions	0 %	283	403
Deposits from banking customers	3 %	23 948	19 478
Debt raised by issuance of securities	5 %	40 655	32 791
Other liablilities	13 %	118 526	80 665
Total liabilities and equity capital	100 %	896 940	769 649

Storebrand Life Group (Alternative income statment)

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 - Storebrand Life Group

Table 53: Storebrand Life Group (Alternative income statement)

	2023		2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	975	963	926	921	940	3 784	3 609
Insurance result	-13	238	231	194	243	650	939
Operational cost	-752	-727	-754	-728	-772	-2 961	-2 733
Financial items and risk result life and pension	395	261	237	225	115	1 119	-92
Cash equivalent earnings before amortisation	605	734	640	612	525	2 591	1 723
Amortisation	-46	-133	-44	-50	-50	-273	-151
Cash equivalent earnings before tax	559	601	596	562	476	2 318	1 572
Tax	11	-137	275	289	78	438	429
Cash equivalent earnings after tax	570	463	872	852	554	2 756	2 002

Balance sheet – Storebrand Life Group

Table 54: Balance sheet - Storebrand Life Group (IFRS-Legal)

	Share of
NOK million		total 31.12.2023	31.12.2022 31.12.2021
Intangible assets	0 %	2 792	2 968	1 906
Inv estments	93 %	701 603	631 905	648 574
Other assets	7 %	52 043	7 590	13 061
Total assets	100 %	756 438	642 463	663 540
Equity	2 %	17 385	16 772	17 933
Subordinated loan capital 1)	1 %	10 672	9 757	10 865
Insurance contracts liabilities	42 %	316 783	302 205	310 438
Inv estment contracts liabilities	47 %	354 270	292 931	309 330
Other debts	8 %	57 328	20 798	14 974
Total equity and liabilities	100 %	756 438	642 463	663 540

1) Includes accrued interest

Profit - SPP Pension & Försäkring AB Group

Table 55: Profit - SPP Pension & Försäkring Group (Alternative income statement)

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Total administration income	417	390	404	385	368	1 595	1 514
Total administration cost	- 284	- 244	-267	-240	-257	-1 036	- 960
Administration result	133	146	136	144	111	560	554
Risk result	22	61	7	29	19	119	123
Profit sharing	305	- 22	-15	68	0	335	0
Change in DCC	- 118	- 2	26	-69	29	- 163	- 159
Indexation fee	- 70	41	22	7	9	0	58
Other	8	19	4	16	49	48	115
Financial result	125	35	37	22	88	220	14
Return on company portfolio	98	62	49	55	20	264	- 104
Interest cost subordinated debt	0	0	0	0	0	0	0
Other result	98	62	49	55	20	264	- 104
Cash equivalent earnings before amortisation	379	305	229	250	237	1 162	586
Amortisation of intangible assets	- 22	- 20	-21	-20	-20	- 83	- 78
Write-downs intangible assets	0	0	0	0	0	0	0
Amortisation and write-downs	- 22	- 20	- 21	- 20	- 20	- 83	- 78
Cash equivalent earnings before tax	357	285	208	230	217	1 080	509

Balance sheet - SPP Pension & Försäkring AB Group

Table 56: Balance sheet - SPP Pension & Försäkring Group

	Share of
	total
NOK million	Assets	31.12.2023		31.12.2022 31.12.2021
Intangible assets	0 %	1 007	989	1 068
Longterm shares and interest from group companies	3 %	8 852	8 281	9 087
Shares	4 %	10 182	9 092	9 712
Bonds	21 %	60 823	54 639	69 207
Assets - Unit link	60 %	170 171	135 530	150 459
Other financial assets	8 %	23 684	31 763	24 536
Other assets	3 %	8 516	4 352	4 665
Total assets	100 %	283 235	244 646	268 734
Equity	3 %	8 102	7 366	8 540
Minority interests' share in equity	1 %	2 171	2 228	2 191
Subordinated loan capital	0 %	0	0	0
Premium reserv e for ow n account	25 %	71 870	66 915	80 361
Insurance fund reserv es - defined contribution and UL	65 %	185 210	148 071	164 240
Other liabilities	6 %	15 882	20 066	13 402
Total equity and liabilities	100 %	283 235	244 646	268 734

Storebrand Asset Management Group (IFRS-Legal)

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

Profit

Table 57: Profit - Storebrand Asset Management Group

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Fee and administration income	1 274	1 007	983	920	1 019	4 184	3 775
Operational cost	- 920	-869	-890	-844	-811	-3 523	-3 105
Financial result	15	10	19	12	0	56	-3
Cash equivalent earnings before amortisation	370	148	112	88	208	717	667
Amortisation	- 38	-38	-38	-38	-37	-153	-150
Cash equivalent earnings before tax	331	110	73	50	171	564	516
Tax	- 80	-26	-16	-8	-39	-130	-123
Cash equivalent earnings after tax	251	83	57	42	132	433	393

Balance sheet

Table 58: Balance sheet - Storebrand Asset Management Group

NOK million	Share in %	31.12.2023	31.12.2022	31.12.2021
Intangible assets	55,3 %	2 631	2 701	2 775
Inv estments portfolio	31,2 %	1 482	1 236	1 442
Other assets	13,5 %	642	645	1 023
Total assets	100 %	4 755	4 582	5 240
Equity	75,5 %	3 592	3 454	3 781
Other debts	24,5 %	1 163	1 128	1 459
Total equity and liabilities	100 %	4 755	4 582	5 240

Storebrand Helseforsikring AS (IFRS-Legal 100%)

Profit

Table 59: Profit - Storebrand Helseforsikring AS

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Insurance premiums f.o.a.	326	303	303	287	280	1 218	1 054
Claims f.o.a.	-256	-170	-394	-292	- 244	-1 113	- 882
Operational cost	-55	-53	-53	-48	- 46	- 209	- 180
Financial result	13	12	6	1	9	33	5
Profit before amortisation	28	91	-138	-53	-2	-71	-3
Amortisation	0	0	0	0	0	0	0
Pre tax profit	28	91	-138	-53	-2	-71	-3
Tax	-7	-23	35	13	1	18	1
Profit/loss	21	68	-104	-39	-1	-53	-2

Balance sheet

Table 60: Balance sheet - Storebrand Helseforsikring AS

NOK million	Share in %	31.12.2023	31.12.2022	31.12.2021
Intangible assets	7 %	82	101	120
Inv estments portfolio	63 %	784	467	456
Other assets	30 %	378	312	292
Total assets	100 %	1 244	881	869
Equity	43 %	531	309	311
Insurance liabilities	54 %	668	507	442
Other debts	4 %	46	65	116
Total equity and liabilities	100 %	1 244	881	869

Storebrand Forsikring AS (IFRS-Legal)

Profit

Table 61: Profit - Storebrand Forsikring AS

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Insurance premiums f.o.a.	787	738	732	702	706	2 959	2 653
Claims f.o.a.	- 710	-657	-581	-539	- 555	-2 487	-1 920
Operational cost	- 197	-166	-172	-159	- 173	- 694	- 605
Financial result	31	44	25	23	27	123	39
Result before amortisation	-88	-42	3	28	5	-99	167
Amortisation	- 13	-13	-13	-13	- 13	- 51	- 51
Pre tax profit	- 101	-55	-9	15	-8	-151	116
Tax	25	14	2	-4	2	37	- 29
Profit/loss	- 76	-41	-7	11	-6	-113	87

Balance sheet

NOK million	Share in %	31.12.2023	31.12.2022	31.12.2021
Intangible assets	5 %	133	179	225
Inv estments portfolio	88 %	2 434	2 169	2067
Other assets	8 %	211	207	132
Total assets	100 %	2 778	2 554	2 423
Equity	39 %	1 071	1 074	1037
Insurance liabilities	52 %	1 442	1 043	1011
Other debts	10 %	265	437	375
Total equity and liabilities	100 %	2 778	2 554	2 423

Table 62: Balance sheet - Storebrand Forsikring AS

Storebrand Bank Group (IFRS-Legal)

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

Profit

Table 63: Profit - Storebrand Bank Group

	2023		2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Net interest income	250	241	223	203	167	917	610
Net fee and commission income	22	32	23	19	22	96	98
Other operating income	- 1	2	4	-7	- 1	- 2	- 30
Total income	271	275	249	216	189	1 011	679
Operating cost	- 137	- 112	- 105	- 104	- 104	- 458	- 383
Cash equivalent earnings before loan losses	134	164	144	112	85	553	295
Loan loss prov ision	- 30	- 16	8	- 16	2	- 54	- 14
Cash equivalent earnings before tax	104	147	152	96	87	500	281

Balance sheet

Table 64: Balance sheet - Storebrand Bank Group

	Share in
NOK million	%	31.12.2023	31.12.2022 31.12.2021
Cash and deposits w ith central banks	0 %	6	8	313
Loans to and deposits w ith credit institutions	2 %	1 138	109	67
Financial assets designated at fair v alue through P&L	5 %	3 486	2 209	2 356
Bonds at amortised cost	9 %	6 010	4 281	3 546
Net lending to customers	85 %	59 609	49 926	39 001
Deferred tax assets	0 %	0		3
Other assets	0 %	78	99	85
Total Assets	100 %	70 327	56 631	45 372
Liabilities to credit institutions	0 %	283	403	502
Deposits from and due to customers	34 %	23 948	19 478	17 239
Other financial liabilities	58 %	40 501	32 538	24 113
Prov ision for accrued ex penses and liabilities	0 %	14	14	13
Deferred tax liabilities	0 %	24	10	-
Subordinated loan capital	1 %	829	828	576
Equity	7 %	4 727	3 361	2 930
Total Equity and Liabilities	100 %	70 327	56 631	45 372

Table 65: Storebrand Bank ASA (group) - Key Figures Banking

	2023				2022
NOK million	Q4	Q3	Q2	Q1	Q4
Gross lending (bn)	60	58	56	53	50
Customer deposit (bn)	24	23	22	20	19
Deposit/gross lending	40 %	39 %	40 %	38 %	39 %
Av erage Loan-to-Value (LTV)	63 %	62 %	62 %	62 %	58 %
Av erage LTV new loans	69 %	69 %	68 %	69 %	68 %
Loss as % of gross loans	-0,2 %	-0,1 %	0,1 %	-0,1 %	0,0 %
Loan losses	- 30	-16	8	-16	2
Non-performing loans w ith ev idence of impairment	112	13	28	25	25
Non-performing loans w ithout ev idence of impairment	267	277	178	113	73
Operating ex penses Banking	137	112	105	104	104
Cost as % of total assets	0,8 %	0,7 %	0,7 %	0,7 %	0,7 %
Cost/income banking activ ities	51 %	41 %	42 %	48 %	55 %

Fig. 9: Storebrand Bank ASA

Customer deposit (bn) Deposit/gross lending

Non-performing loans with evidence of impairment

Non-performing loans without evidence of impairment

Fig. 10: Storebrand Bank ASA

-

Fig. 12: Storebrand Bank ASA

Table 66: Profit - Storebrand Boligkreditt AS

	2023				2022	Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Net interest income	86	80	84	77	38	327	220
Other operating income	2	0	0	-7	- 5	- 6	- 13
Total income	88	80	84	69	33	321	207
Operating cost	- 41	- 40	- 41	- 38	- 33	- 159	- 118
Profit before loan losses	47	40	43	32	0	162	89
Loan loss prov ision	- 8	-5	8	-5	- 4	- 9	- 6
Pre-tax profit/loss	40	35	51	27	- 4	152	83

Table 67: Balance sheet - Storebrand Boligkreditt AS

	Share in
NOK million	%	31.12.2023	31.12.2022 31.12.2021
Cash and deposits w ith central banks
Loans to and deposits w ith credit institutions	0 %	70	25	6
Financial assets designated at fair v alue through P&L	3 %	1 362	1 129	1 369
Bonds at amortised cost	0 %	104	459	288
Net lending to customers	97 %	45 069	37 470	26 430
Deferred tax assets
Other assets	0 %	45	29	22
Total Assets	66 %	46 650	39 113	28 114
Liabilities to credit institutions	12 %	5 580	6 888	1 757
Deposits from and due to customers	0 %	0
Other financial liabilities	80 %	37 399	29 493	24 602
Prov ision for accrued ex penses and liabilities	0 %	0	-	13
Deferred tax liabilities	0 %	45	25
Subordinated loan capital		-	-	-
Equity	8 %	3 626	2 707	1 742
Total Equity and Liabilities	100 %	46 650	39 113	28 114

Table 68: Capital ratios, Storebrand Bank Group

	2023				2022
NOK million	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Total capital ratio (Storebrand Bank Group)	21,8 %	20,1 %	20,7 %	20,2 %	21,3 %	20,3 %	19,1 %
Tier 1 capital ratio (Storebrand Bank Group)	18,5 %	16,7 %	17,2 %	16,5 %	17,2 %	16,1 %	14,8 %
CET1 capital ratio (Storebrand Bank Group)	17,0 %	15,2 %	15,7 %	14,9 %	15,7 %	14,4 %	13,6 %

Storebrand ASA (IFRS-Legal)

Profit

Table 69: Storebrand ASA (holding)

	2023				2022		Full year
NOK million	Q4	Q3	Q2	Q1	Q4	2023	2022
Group contributions and transfers	-	-	-	3 178	-	3 178	4 551
Interest income	87	1	4	1	67	93	69
Interest expense	-8	-7	-6	-6	-5	-26	-23
Realised/unrealised gains/losses on securities	-34	53	28	45	-6	91	-40
Other financial income/costs	-107	-2	-1	-2	18	-112	110
Net financial items	-62	46	24	38	74	46	115
Total operating ex penses	-61	-52	-68	-62	-59	-243	-220
Pre-tax profit/loss	-123	-7	-44	3 154	15	2 980	4 446

Balance sheet

Share in Table 70: Balance sheet - Storebrand ASA (holding)

NOK million	%		31.12.2023 31.12.2022	31.12.2021
Shares in subsidiary	91 %	25 606	23 236	22 077
Financial assets at market v alue	8 %	2 367	4 669	4 866
Other assets	1 %	320	701	413
Total assets	100 %	28 293	28 606	27 357
Equity	97 %	27 470	27 825	25 722
Bond loan and other loans	2 %	501	501	1 001
Other liabilities	1 %	322	280	633
Total liabilities and equity capital	100 %	28 293	28 606	27 357

Financial calendar

7 February 2024 Results Q4 2023 14 March 2024 Results Q4 2023 4 April 2024 Annual General Meeting 24 April 2024 Results Q1 2024 12 July 2024 Results Q2 2024 23 October 2024 Results Q3 2024

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

Storebrand ASA Professor Kohts vei 9, P.O. Box 500, N-1327 Lysaker, Norway Phone: +47 22 31 50 50

www.storebrand.com/ir