Storebrand ASA — Investor Presentation 2021

Jul 14, 2021

Storebrand Q2 2021

14 July 2021

Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO

1

Highlights Q2 2021

³ Storebrand currently has no effect of the transitional rules in technical provisions

⁴YTD Performance fees to be booked at the end of the year given current investment performance in Skagen and Delphi

Group Strategy Sustainable Nordic Savings and Insurance Group

Strong growth

▪ NOK 157 bn growth y/y

Asset management

▪ NOK 24 bn net inflow in 2021 (14bn in non-captive assets)

Strong net flows in asset management

Estimated flow and return numbers Including Group internal pension savings Norway and Sweden, Institutional Clients and Direct retail savings Total numbers include company capital of 34bn in Q4 2020, and 38bn in Q2 2021.

Asset Management Exceeded NOK 1000 Billion in Assets Under Management in Q2

Digital Frontrunner – Asset Management Full Cloud Transformation Completed

Large-scale transformation project completed in 14 months

Move from traditional infrastructure to fully automated cloud services

Enabler for continued growth and future development of innovative services

Achieved results

• Future proofing
• Improved quality
• Increased efficiency
• Reduced risk
• Strengthened security
• Lower costs
• Engaged employees

Leadership in Sustainability – Asset Management Recognition for Demonstrated Sustainable Impact

Excellent Prospera Results Sustainability 2021¹ Key actions undertaken

#1 Institutional Sweden

#1 Institutional Norway

#1 Distributors Norway

• Active participation TNFD²
• STB ESG Plus approved for AMX³

100% of AuM sustainability screened – above 10% of AuM in green solution companies

P&C Insurance Continued organic growth and successful transfers from Insr

Portfolio Premiums and Market share - Retail Insurance Details

• A strong position in the market and cross-sales with other lines of business proves to be strong base for organic revenue growth

High single-digit organic growth

• Growth is accelerated by acquisition of the Insr portfolio, portfolio premiums of NOK 553 million is transferred to Storebrand at end Q2

Key Figures

Customer buffers development³ SII Own funds⁴ and SCR

¹ Result before amortisation and tax. Special Item Q2 2021 divestment AS Værdalsbruket. ² Earnings per share after tax adjusted for amortisation of intangible assets.

10

³ Excluding Excess values of HTM bonds. ⁴ Own Funds including transitional capital.

Solvency movement from Q1 2021 to Q2 2021 Storebrand Group

SII position Storebrand Group

Key takeaways

• Regulatory assumptions and lower interest rates reduce the Solvency in the quarter
• Strong returns and solid results give a positive contribution to the solvency position
• Sensitivities show a resilient Solvency position

¹The estimated Economic solvency position of Storebrand Group is calculated using the current Storebrand implementation of the Solvency II Standard model with the company's interpretation of the

12 transition rules from the NFSA. Output is sensitive to changes in financial markets, development of reserves, changes in assumptions and improvements of the calculation framework in the economic capital

model as well as changes in the Solvency II legislation and national interpretation of transition rules.

Storebrand Group

	Q 2		YTD
NOK million	2021	2020	2021	2020
Fee and administration income	1 473 ,	1 301 ,	2 954 ,	2 649 ,
Insurance result	332	255	552	184
Operational cost	-1 119 ,	-975	-2 176 ,	-1 999 ,
Operating profit	686	580	1 331 ,	834
life Financial items and risk result	667	228	893	-360
Profit before amortisation	1 353 ,	808	2 223 ,	474
Amortisation and write-downs of intangible assets	-129	-124	-254	-243
Profit before tax	1 225 ,	684	1 970 ,	231
Tax	-52	-231	-354	486
Profit after tax	1 173 ,	453	1 615 ,	717

Storebrand Group

	Q 2		YTD
NOK million	2021	2020	2021	2020
Fee and administration income	1 473 ,	1 301 ,	2 954 ,	2 649 ,
Insurance result	332	255	552	184
Operational cost	-1 119 ,	-975	-2 176 ,	-1 999 ,
Operating profit	686	580	1 331 ,	834
Financial items and risk result life	667	228	893	-360
Profit before amortisation	1 353 ,	808	2 223 ,	474

Profit per line of business

	Q 2		YTD
NOK million	2021	2020	2021	2020
Savings - non-guaranteed	435	396	963	672
Insurance	145	124	201	-144
Guaranteed pension	310	27	631	101
Other profit	464	261	428	-155
Profit before amortisation	1 353 ,	808	2 223 ,	474

14 ¹ The result may include special items. Please see storebrand.com/ir for a complete overview. Group

Savings (non-guaranteed)

Profit before amortisation	435	396	963	672
Financial items and risk result life	8	22	51	-76
Operating profit	427	374	911	748
Operational cost	-703	-600	-1 373 ,	-1 269 ,
Fee and administration income	1 129 ,	974	2 285 ,	2 017 ,
NOK million	2021	2020	2021	2020
	Q 2		YTD

Profit per product line

Q 2		YTD
2021	2020	2021	2020
129	126	274	195
121	81	281	160
132	133	282	235
53	55	126	82
435	396	963	672

Savings (non-guaranteed)

Comments¹

• 4% growth y/y in Unit Linked premiums
• 26% growth y/y in Unit Linked reserves
• 18% growth y/y in overall AuM in Asset Management
• 15% lending growth y/y in the Bank

Assets under management

Retail bank balance and net interest margin (%)

16 1 Growth figures from Q2 2020 to Q2 2021.

Insurance

Profit
	Q 2		YTD
NOK million	2021	2020	2021	2020
Insurance premiums f .o.a.	1 279 ,	1 070 ,	2 473 ,	2 090 ,
Claims f .o.a.	-946	-816	-1 920 ,	-1 906 ,
Operational cost	-214	-175	-416	-350
Operating profit	119	80	137	-166
Financial result	27	44	64	22
Profit before amortisation	145	124	201	-144
Profit per product line		Q 2		YTD
NOK million	2021	2020	2021	2020
P&C & Individual life	110	58	172	59
Health & Group life	-7	31	4	-232
Pension related disability insurance Nordic	42	35	26	29
Profit before amortisation	145	124	201	-144

Insurance

Comments Combined ratio and results

• 91% combined ratio, within target range (90-92%).
• Generally solid claims development, but still weak in Group life

• Strong cost control maintained with stable cost ratio at 17%

• 18% growth in annual portfolio premiums

• 48% growth in P&C & Individual life portfolio premiums.
• Insr customer portfolio transfers of NOK 553m completed

Guaranteed pension

Profit
	Q 2		YTD
NOK million	2021	2020	2021	2020
Fee and administration income	407	379	790	742
Operational cost	-227	-218	-424	-426
Operating profit	180	160	366	316
Risk result life & pensions	21	53	54	27
Net profit sharing	108	-187	212	-242
Profit before amortisation	310	27	631	101

Profit per product line

	Q	2		YTD
NOK million	2021	2020	2021	2020
Defined benefit (fee based)	36	26	34	17
Paid-up policies Norway ,	122	81	215	163
life Individual and pension Norway ,	11	8	20	5
Guaranteed products Sweden ,	142	-88	362	-85
Profit before amortisation	310	27	631	101

Guaranteed pension

NOK million	Q2 2021	Q1 2021	Change
Market value adjustment reserve	6 820 ,	5 549 ,	1 271 + ,
Excess value of bonds at amortised cost	6 418 ,	5 851 ,	566 +
Additional statutory reserve	13 333 ,	11 718 ,	1 615 + ,
Conditional bonuses Sweden	12 680 ,	11 590 ,	1 090 + ,
Total	39 251 ,	34 708 ,	4 543 + ,

• Defined Benefit NO reserves include new Public Occupational Pension mandates
• Guaranteed products SE now include Euroben reserves (previously under "Other")

Buffer capital Guaranteed reserves in % of total reserves

Profit
	Q 2		YTD
NOK million	2021	2020	2021	2020
Fee and administration income	4	0	7	0
Operational cost	-43	-35	-90	-65
Operating profit	-39	-34	-83	-64
Financial items and risk result life	503	296	511	-91
Profit before amortisation	464	261	428	-155

Q&A

Please follow the operator's instructions to ask questions in the conference call

Appendix

Storebrand Life Insurance asset allocation

24 Note: The graph shows the asset allocation for all products with an interest rate guarantee in Storebrand Life Insurance Norwegian operations.

SPP asset allocation

Leading the way in sustainable value creation

Investor Relations contacts

Lars Aa Løddesøl Group CFO

lars.loddesol@storebrand.no +47 9348 0151

Kjetil R. Krøkje Group Head of Finance & Strategy

Daniel Sundahl Group Head of IR & Rating

kjetil.r.krokje@storebrand.no +47 9341 2155

daniel.sundahl@storebrand.no +47 9136 1899

This document contains Alternative Performance Measures as defined by the European Securities and Market Authority (ESMA). An overview of APMs used in financial reporting is available on storebrand.com/ir.