Storebrand ASA — Earnings Release 2025

May 7, 2025

STOREBRAND ASA: Results for the first quarter of 2025

STOREBRAND ASA: Results for the first quarter of 2025

· Group profit [1] of NOK 1,167 million, strong growth in savings and insurance

· Operational result [1] of NOK 800 million, up 16% compared to Q1 2024

· Combined ratio of 97%, down from 98% in Q1 2024, maintaining 90-92% ambition

for 2025

· Solid balance sheet with Solvency II ratio of 198%

· Share buybacks of NOK 0.3 billion executed as part of NOK 1.5 billion

program for 2025

"Despite the market uncertainty, Storebrand has had a solid start to the year.

The business continued to grow strongly across savings and insurance and we are

on track to reaching our profit and return on equity targets for 2025", says CEO

Odd Arild Grefstad.

"The insurance segment is growing strongly and improvements in profitability are

gradual. We have taken several measures to increase profitability and delivered

a total combined ratio across our insurance portfolio of 97 per cent in a

seasonally weak quarter. We follow P&C insurance and disability trends closely

and maintain our combined ratio target of 90-92 per cent in 2025", says

Grefstad.

"Amid the market volatility, we have seen an increase in demand for financial

advice and support. Our dedicated customer teams have worked hard to guide our

customers through the uncertainty, and I am impressed with the strong commitment

shown by the organisation", says CEO Odd Arild Grefstad.

Group Profit

Group profit was NOK 1,167 million in the 1st quarter, compared to NOK 1,082

million in the same period last year. This reflects solid underlying growth

across savings and insurance, a satisfactory cost development and robust

financial results.

Fee and administration income amounted to NOK 1,997 million in the 1st quarter.

This was an increase of 10 per cent compared to the same quarter last year.

Income growth was driven in particular by strong growth in asset management,

unit linked pensions and retail banking.

Total assets under management reached NOK 1,442 billion at the end of the 1[st]

quarter, representing growth of 13 per cent during the last year. Assets under

management declined by 2 per cent quarter-on-quarter, driven by currency

effects. Meanwhile, the loan balance in Storebrand Bank increased to NOK 89

billion, up by 14 per cent compared to the same quarter in 2024.

Improving Insurance Result Driven by Strong Growth

The insurance segment saw strong growth in the quarter, driven by both price

increases and volume growth. Insurance portfolio premiums were up by 21 per cent

year-on-year to reach NOK 9.5 billion. The insurance result stood at NOK 470

million in the quarter, up from NOK 367 million in the same period last year.

Profitability in insurance is still below targeted levels, with a total combined

ratio of 97 per cent in the quarter. Costs related to strong sales in the first

quarter had a negative impact. Several measures, including ongoing repricing,

are being implemented to lift profitability to the 90-92 per cent combined ratio

ambition for 2025.

Robust Financial Result

The financial items and risk result ended at NOK 367 million in the 1st quarter,

down from NOK 394 million in the same quarter last year. Company portfolio

returns and net profit sharing in Norway and Sweden contributed positively to

the result year-on-year in the quarter, whilst a weaker risk result for life and

pensions contributed negatively.

Ongoing Share Buyback Programme

Storebrand has a strong capital position with a solvency ratio of 198 per cent,

well above the overcapitalisation threshold of 175 per cent. Storebrand plans to

conduct NOK 1.5 billion in share buybacks across 2025, split into two tranches

of NOK 750 million each. NOK 0.3 billion in share buybacks were executed during

the quarter.

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

totaling NOK 12 billion until the end of 2030, in addition to increasing annual

dividends.

Key Figures in the Quarter: (Q1-2024 in brackets)

· Solvency ratio: 198% (191%)

· Earnings per share, adjusted for amortisation NOK 2.42 (NOK 2.09)

· Equity NOK 32,705m (NOK 29,956m)

· Assets under management NOK 1,442bn (NOK 1,281bn)

Activities Related to the 1st Quarter 2025

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

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

10:00: Live investor and analyst conference in English. A webcast will be

available at www.storebrand.no/ir The presentation 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

For further inquiries, please contact

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

(+47) 993 33 569

Kjetil Ramberg Krøkje, Head of Strategy & Finance: kjetil.r.krokje@storebrand.no

or (+47) 934 12 155

Stig-Øyvind Blystad, Director of Communications: stig

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

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 take 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 1,442 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 is 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 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 storebrand.com/ ir.

[1] Please see www.storebrand.no/ir provides for an overview of APMs used in

financial reporting.