Storebrand ASA

Investor Presentation • May 10, 2023

Storebrand Q1 2023

10 May 2023

Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO

1

Highlights Q1 2023

Strong underlying growth and record high assets under management, but increased disability impacts profit negatively

¹Cash equivalent earnings (APM) before amortisation and tax split between Cash equivalent earnings from operations and Financial items and risk result life, and Profit/loss before amortisation and tax split between Operating profit and Net financial result (IFRS).

² Growth figures are from corresponding quarter in 2022 to 2023.

2

Despite macro and financial turbulence, Storebrand stands strong

External factors	Implications to Storebrand
Turbulent financial markets	High quality investments stand strong
Continued high interest rates	Positive for company portfolio and guaranteed book
Percistent high inflation	Impacts Unit Link and risk product premiums positively, puts pressure on cost and claims
Weakened NOK	Higher AUM, affects cost in foreign currency negatively
Increased disability	Affects "Group-life" and "Pension related disability Nordics"

Disability increasing in Norwegian population

1 Norwegian Labour and Welfare Administration- https://www.nav.no/no/nav-og-samfunn/statistikk/aap-nedsatt-arbeidsevne-og-uforetrygd-statistikk/uforetrygd

2 Disability statistics as a percentage from 18-67 years:https://www.nav.no/no/nav-og-samfunn/statistikk/aap-nedsatt-arbeidsevne-og-uforetrygd-statistikk/tabeller/mottakere-av-uforetrygd-som-andel-av-befolkningen--etter-fylke-og-kjonn.aldersstandardiserte-tall.pr.31.03.2014-2023-.prosent

3 Recipients of work assessment allowance https://www.nav.no/no/nav-og-samfunn/statistikk/aap-nedsatt-arbeidsevne-og-uforetrygd-statistikk/arbeidsavklaringspenger

4

Pursuing our Group Strategy: Leading The Way In Sustainable Value Creation to be a leading Sustainable Nordic Savings and Insurance Group

Strong organic growth in the Unit Linked business, supported by the Danica acquisition

Leading Provider Occupational Pensions Norway & Sweden A

Unit Linked premiums grew 30% year on year

• Danica integration according to plan
• Positive new sales and transfer balance development in both Norwegian and Swedish business

For the first time, SPP is selectable in both segments in the unionized market¹ in Sweden:

• Unit linked
• Capital light guarantees

Highlights Unit Linked premiums (NOK million)

1) In Sweden, Occupational pension is not mandatory and the employer signs a collective agreement ("unionised solution") or purchase a solution on the free, competitive market. It is attractive to be chosen for the unionized market, since you are chosen as a firm for the next five years 6

All time high Assets Under Management supported by strong Net Flow in the quarter

Nordic Powerhouse in Asset Management

B

Retail bank driving growth and value creation as a central part of the retail market offering

Growing Challenger in Norwegian Retail Market

C

Storebrand continues the digital journey

Cloud Transformation

Core Renewal

Digital Business

Accelerating our adoption of Artificial Intelligence (AI)

• Building on broad experience and unique in-house competence
• Mobilizing the organization to leverage the potential in the new wave of generative AI
• Ensuring safe and responsible use, paying close attention to risks

Digital Frontrunner E

Storebrand will continue its existing reporting, result lines renamed to Cash equivalent earnings due to implementation of IFRS 17

Key Takeaways
----------------------	--	--	--	--

Key Takeaways Alternative Income Statement

Impacted items

• Storebrand will continue its current Alternative Performance Measure (APM) reporting with the four reporting segments post IFRS 17
• This reporting is still a good approximation of free cash flow and value creation generated by the business
• Result lines renamed to Cash equivalent earnings, 2022-numbers are adjusted (see below) to provide comparable figures
• Cash equivalent earnings cannot be reconciled with IFRS result due to the backward-looking nature of cash reporting vs forward-looking IFRS

NOK million	2023	2022
Fee and administration income
Insurance result [1]
Operational cost
Cash equivalent earnings from operations
Financial items and risk result life [1]
Cash equivalent earnings before amortisation
Amortisation and write-downs of intangible assets [2]
Cash equivalent earnings before tax
Tax [3]
Cash equivalent earnings after tax

[1] Non-material changes to Insurance segment due to introduction of IFRS 17 in Storebrand Forsikring's (P&C business) company accounts

[2] Amortisation will be lower due to exclusion of Group adjustments

[3] Tax will change due to exclusion of tax on Group adjustments

Key Figures

Improved financial result and a solid solvency position

Customer buffers development³ SII Own funds⁴ and SCR

¹ Cash equivalent earnings before amortisation and tax ² Cash equivalent earnings per share after tax adjusted for amortisation of intangible assets.

11

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

Solvency movement from Q4 2022 to Q1 2023 Storebrand Group

Solvency position and sensitivities Q1 2023 Storebrand Group

Key takeaways

• Result generation from operations and positive changes stemming from model and assumption changes contributed positive to the solvency ratio
• The improvement was offset by increased equity exposure, a higher symmetric equity stress adjustment (SA) and decreased interest rates

13 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 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

Growth continues to be strong across the business, weaker insurance result due to disability

Profit1

	Q 1		Full year
NOK million	2023	2022	2022
Fee and administration income	1 552	1 457	6 062
Insurance result	357	372	1 664
Operational cost	-1 391	-1 145	-5 008
Cash equivalent earnings from operations	518	685	2 718
Financial items and risk result life	255	-49	13
Cash equivalent earnings before amortisation	773	636	2 732
Amortisation and write-downs of intangible assets	-62	-39	-202
Cash equivalent earnings before tax	711	597	2 530
Tax	70	386	225
Cash equivalent earnings after tax	781	983	2 754

Storebrand Group Profit by line of business Group

Profit¹

	Q	Full year
NOK million	2023	2022	2022
Fee and administration income	1 552	1 457	6 062
Insurance result	357	372	1 664
Operational cost	-1 391	-1 145	-5 008
Cash equivalent earnings from operations	518	685	2 718
Financial items and risk result life	255	-49	13
Cash equivalent earnings before amortisation	773	636	2 732

Profit per product line

	Q 1		Full year
NOK million	2023	2022	2022
Savings - non-guaranteed	361	404	1 653
Insurance	56	117	596
Guaranteed pension	285	232	903
Other profit	71	-116	-420
Cash equivalent earnings before amortisation	773	636	2 732

Savings (non-guaranteed)

All time high assets under management, strong growth in unit linked and retail banking

Profit

	Q	Full year
NOK million	2023	2022	2022
Fee and administration income	1 234	1 136	4 733
Operational cost	-861	-702	-3 031
Cash equivalent earnings from operations	373	434	1 701
Financial items and risk result life	-12	-30	-49
Cash equivalent earnings before amortisation	361	404	1 653

Profit per product line

	Q 1		Full year
NOK million	2023	2022	2022
Unit linked Norway	137	118	383
Unit linked Sweden	64	93	322
Asset management	88	148	667
Retail banking	96	45	281
Kron*	-23
Cash equivalent earnings before amortisation	361	404	1 653

Savings (non-guaranteed) Key figures

Assets under management

Movement in asset under management YTD¹

Insurance

Q1 impacted by seasonal claims in motor and high disability claims, continued solid growth

Profit

	Q 1		Full year
NOK million	2023	2022	2022
Insurance premiums f .o.a.	1 672	1 397	6 088
Claims f .o.a.	-1 315	-1 025	-4 424
Operational cost	-310	-251	-1 112
Cash equivalent earnings from operations	47	121	552
Financial result	9	-4	43
Cash equivalent earnings before amortisation	56	117	596

Profit per product line

	Q 1		Full year
NOK million	2023	2022	2022
P&C & Individual life	72	79	387
Health & Group life	-24	-6	8
Pension related disability insurance Nordic	8	44	201
Cash equivalent earnings before amortisation	56	117	596

Insurance Key figures

Key Takeaways Combined Ratio and Results

• 92% combined ratio trailing twelve months
• 1st quarter negatively impacted by seasonal claims in motor and high disability claims
• Inflation reflected in continuous repricing

Portfolio premiums Key Takeaways Premiums and Growth¹

• 20% overall portfolio premium growth
• 13% overall portfolio premium growth, adjusted for Danica
• Increased retail P&C market share from 6.0% in Q1 2022 to 6.4% in Q1 2023

19 ¹Growth figures from corresponding period in 2021 to 2022.

Guaranteed pension

Stable cash equivalent earnings from operations and continued strong risk result

Profit

	Q	Full year
NOK million	2023	2022	2022
Fee and administration income	378	391	1 597
Operational cost	-192	-202	-850
Cash equivalent earnings from operations	186	189	747
Risk result life & pensions	81	82	262
Net profit sharing	18	-39	-106
Cash equivalent earnings before amortisation	285	232	903

Profit per product line

	Q 1		Full year
NOK million	2023	2022	2022
Defined benefit (private & sector) public Norway ,	59	68	244
Paid-up policies Norway ,	119	122	502
life Individual and pension Norway ,	5	3	33
Guaranteed products Sweden ,	102	38	124
Cash equivalent earnings before amortisation	285	232	903

Guaranteed pension

Key figures

NOK million	Q1 2023	Q4 2022	Change
Market value adjustment reserve**	3 311	1 783	1 528 +
Excess value of bonds amortised at cost	-9 817	-10 197	380 +
Additional statutory reserve	8 700	9 664	- 964
Conditional bonuses SPP	13 567	12 540	1 027 +
Total	15 761	13 790	1 971 +

• Continued run-off of guaranteed reserves with net flow of premiums and pension payments of NOK -2.3bn in 1st quarter
• FX causes temporary increase in run-off reserves when measured in NOK
• Strengthened buffer capital by NOK 2bn¹ in the 1st quarter
• Strong risk result due to positive longevity result

Buffer capital* Guaranteed reserves in % of total reserves

* 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.

21

1) Excluding excess value of bonds at amortised cost

Other¹

Financial result improving from a higher interest rate level

Profit

	Q 1		Full year
NOK million	2023	2022	2022
Fee and administration income	6	6	17
Operational cost	-94	-64	-299
Cash equivalent earnings from operations	-88	-59	-282
Financial items and risk result life	159	-57	-138
Cash equivalent earnings before amortisation	71	-116	-420

Changes in IFRS from Q1 2023: Implementation of IFRS 17 and 9

Changes in IFRS	▪ IFRS 17 Insurance contracts is a new accounting standard, effective from 1 January 2023 IFRS 9 Financial instruments is also applicable to Storebrand from 1 January 2023 ▪ ▪ The Q1 results presented today are Storebrand's first under IFRS 17/9 A restated balance under IFRS 17 and 9, in addition to comparable figures for Q1 2022, are released today1 ▪
Information in this presentation	Information about financial reporting post IFRS changes in Storebrand ▪ ▪ High-level introduction to the P&L under IFRS 17/9 ▪ Appendix with sensitivities and balance sheet
Key effects	▪ Fundamentals will remain unchanged under IFRS 17 - no implications for strategy, risk appetite and business plans IFRS 17 do not affect Storebrand's solvency or ability to deliver capital returns ▪ ▪ Any changes to financial targets such as ROE will be released in connection with Capital Markets Day (CMD) in Q4 2023 IFRS 17/9 will serve as an additional source of information together with existing reporting in Storebrand ▪

Storebrand reporting post IFRS changes

The Group will continue its current Alternative Performance Measure (APM) reporting with the segments Savings, Insurance, Guaranteed Pension and Other

Quarterly reporting format		Adjustments and changes from Q1 2023
	This section shows Storebrand's Cash-equivalent reporting, based on APMs	Minor changes to Insurance segment (non-material) • Lower amortisation due to exclusion of Group adjustments • APM-result will be renamed to "Cash equivalent earnings" • Cash equivalent earnings cannot be reconciled with IFRS result • Lower Group Equity post IFRS 17 implementation •
	This section shows Storebrand Group's official IFRS statements with notes	Adoption of IFRS 17 for relevant products1 • Significant changes to financial statements and results •
	This section shows Storebrand ASA's official NGAAP statements with notes	Financial statements according to NGAAP • No changes in financial statements and results •

Simplified¹ P&L under IFRS – How to read the statement

Profit & Loss IFRS (MNOK)	Q1 2023	Q1 2022	Full year 2022	Comments - New IFRS statement
[1] Income from unit linked	508	451	1 888
Income from asset management	669	659	2 783
Income from banking activities	616	249	1 460	[1] Unit linked Norway and Sweden (excl. Norwegian
Other income	177	102	430	unit-linked sub-product FMI measured under IFRS 17)
[2] Operating income excl. Insurance	1 970	1 461	6 561
Insurance revenue	2 351	2 049	8 551	[2] Gross income from products outside IFRS 17,
[3] Insurance services expense	-1 696	-1 341	-6 203	essentially Savings products in the Alternative income statement
Net income (expenses) from reinsurance contracts	-19	-22	-66
[4] Insurance service result	637	687	2 282	[3] Note 8 in the quarterly report shows a detailed
Operating income incl. insurance result	2 606	2 147	8 842	breakdown of insurance related revenue and expenses
Operating expenses	-1 244	-1 020	-4 409	by product category, including CSM and Loss component information
Interest expenses from banking activities	-393	-92	-739
Other expenses	-112	-43	-94	[4] Result from Insurance and Guaranteed pension
Total expenses	-1 748	-1 155	-5 243	products subject to IFRS 17
Operating profit	858	992	3 600
[5] Net financial result1	299	-273	-919	[5] Includes both return on customer funds and Group
Profit/loss before amortisation and tax	1 157	719	2 681	investments. The Net financial result equals investment income and financing expenses for the Group
Amortisation of intangible assets	-98	-71	-324
Tax expenses	-10	412	19
Profit/loss for the period	1 050	1 060	2 376

[1] Unit linked Norway and Sweden (excl. Norwegian unit-linked sub-product FMI measured under IFRS 17)

[2] Gross income from products outside IFRS 17, essentially Savings products in the Alternative income statement

[3] Note 8 in the quarterly report shows a detailed breakdown of insurance related revenue and expenses by product category, including CSM and Loss component information

[4] Result from Insurance and Guaranteed pension products subject to IFRS 17

[5] Includes both return on customer funds and Group investments. The Net financial result equals investment income and financing expenses for the Group

Simplified¹ P&L under IFRS – Key takeaways

Profit & Loss IFRS (MNOK)	Q1 2023	Q1 2022	Full year 2022	Comments
Income from unit linked	508	451	1 888
Income from asset management	669	659	2 783
Income from banking activities	616	249	1 460
Other income	177	102	430
Operating income excl. Insurance	1 970	1 461	6 561
[3] Insurance revenue	2 351	2 049	8 551
Insurance services expense	-1 696	-1 341	-6 203	Release of risk adjustment •
Net income (expenses) from reinsurance contracts	-19	-22	-66
[2] Insurance service result	637	687	2 282
Operating income incl. insurance result	2 606	2 147	8 842
Operating expenses	-1 244	-1 020	-4 409
Interest expenses from banking activities	-393	-92	-739	the 1st quarter (NOK 687m)
Other expenses	-112	-43	-94
Total expenses	-1 748	-1 155	-5 243
Operating profit	858	992	3 600
Net financial result1	299	-273	-919	appendix
[1] Profit/loss before amortisation and tax	1 157	719	2 681
Amortisation of intangible assets	-98	-71	-324
Tax expenses	-10	412	19
Profit/loss for the period	1 050	1 060	2 376

[1] Group's profit before amortisation and tax was NOK 1,157m in quarter, compared to NOK 719m in 2022²

• High Group profit after tax expenses under IFRS compared to Cash equivalent earnings stems from:

• CSM created by equity on transition
• Release of risk adjustment
• Discounting effect on claims

[2] Insurance service result under IFRS was NOK 637m in the 1st quarter (NOK 687m)

[3] CSM release of NOK 513m in the quarter, CSM sensitivities and IFRS balance sheet shown in the appendix

Dividend policy adjusted to reflect changes in IFRS

Background and changes

• The following phrase has been a part of Storebrand's dividend policy: Storebrand aims to pay a dividend of more than 50 % of Group result after tax.
• The implementation of the new accounting standard IFRS 17 introduces increased volatility to the official IFRS financial statements
• Consequently, the Board of Directors has decided to remove the abovementioned phrase related to payout ratio
• Continued ambition of paying ordinary dividends per share of at least the same nominal amount as the previous year, subject to a solvency targets

"The Board of Directors ambition is to pay ordinary dividends per share of at least the same nominal amount as the previous year. Ordinary dividends are subject to a sustainable solvency margin of above 150%. If the solvency margin is above 175%, the Board of Directors intends to propose special dividends or share buy backs."

Dividend policy as of May 10, 2023

Q&A

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

Group CFO

Group CEO

Group CIO & Investor relations (Interim)

Lars Aa. Løddesøl

Odd Arild Grefstad

Trond Finn Eriksen

Appendix

Asset allocation – Guaranteed products

Equities Real estate Bonds & Money market Loans Bonds at amortised cost 31.03.2022 9% 12% 15% 15% 50% 30.06.2022 6% 12% 14% 14% 54% 30.09.2022 6% 12% 13% 14% 54% 31.12.2022 5% 12% 15% 14% 54% 31.03.2023 8% 12% 4% 14% 61% 0% 10% 20% 30% 40% 50% 60% 70%

Statement of financial position at transition to IFRS 17 1.1.22

Statement of financial position IFRS 17 (MNOK)	31.12.21	Reclassification	1.1.22
Assets
[1] Deferred tax assets	1 512	1 827	3 340
Other assets	8 715	-1 607	7 108
[2] Financial assets	690 114	3 372	693 486
Reinsurance contracts assets	32	0,9	33
Bank deposit	9 986	0	9 986
Receivables	9 816	-1 178	8 637
Minority portion of consolidated mutual funds	54 912	0	54 912
Total assets	775 088	2 415	777 502
Equity and liabilities
[3] Equity	37 709	-8 103	29 606
[4] Insurance liabilities (excl CSM)	300 819	-5 879	294 939
Contractual Service Margin (CSM)	0	11 810	11 810
Risk Adjustment (RA)	0	4 685	4 685
Investment contract liabilities	309 330	0	309 330
Reinsurance contract liabilities	14	0	14
Financial liabilities	57 565	9	57 573
Other liabilities	14 740	-108	14 632
Minority portion of consolidated mutual funds	54 912	0	54 912
Total liabilities	737 379	10 517	747 896
Total equity and liabilities	775 088	2 415	777 502

		Key Takeaways
--	--	---------------	--

[1] Increase of deferred tax assets driven by changes in equity when implementing IFRS 9 and IFRS 17

[2] Changes in financial assets mainly related to valuation of debt instruments measured at fair value through profit or loss, previously measured at amortised cost

[3] Equity down by 8 103 mNOK primarily due to establishment of the CSM and risk adjustment

[4] Insurance liabilities decreased by 5 879 mNOK due to reclassification of certain receivables to liabilities, new measurement models and discounting effects introduced by IFRS 17

Statement of financial position according to IFRS Q1 2023

Statement of financial position IFRS 17 (MNOK)	31.3.23	31.3.22	31.12.22
Assets
Deferred tax assets	2 840	3 167	2 979
Other assets1	7 689	6 115	7 163
Investments in associated companies and joint ventures	8 955	8 425	8 910
[1] Financial assets	715 116	649 275	673 926
Bank deposits	15 059	12 354	14 511
[2] Reinsurance contracts assets	310	43	317
Receivables	38 887	7 488	4 192
Minority portion of consolidated mutual funds	48 581	67 707	55 006
Total assets	837 437	754 574	767 004
Equity and liabilities
Equity	30 266	30 298	29 519
[3] Insurance contracts liabilities	313 647	317 050	303 210
Investment contract liabilities	319 854	268 540	292 931
[2] Reinsurance contract liabilities	51	6	38
Financial liabilities	80 593	60 199	76 992
Other liabilities2	44 446	10 774	9 309
Minority portion of consolidated mutual funds	48 581	67 707	55 006
Total liabilities	807 171	724 276	737 485
Total equity and liabilities	837 437	754 574	767 005

Key Takeaways

[1] Financial assets are measured at fair value

[2] Groups of insurance (or reinsurance) contracts that are in an asset position presented separately from groups of insurance (or reinsurance) contracts that are in a liability position

[3] CSM is a liability in the balance sheet. It is included in the "insurance contracts liabilities"

[3] Risk adjustment is a liability in the balance sheet. It is included in the "insurance contracts liabilities"

IFRS 17 CSM sensitivities Q1 2023

Storebrand Group

IFRS 17 and 9 abbreviations

PAA	Premium Allocation Approach (measurement model)
GMM	General Measurement Model (measurement model),
VFA	Variable Fee Approach (measurement model)
CSM	Contractual Service Margin – balance sheet liability, containing deferred discounted future profits of in-force business
RA	Risk Adjustment – additional reserve for non-financial risks, reflecting future compensation for uncertainty in cash flows
LC	Loss Component – balance sheet liability, booked for onerous contracts
Onerous contracts	Contract is onerous because the expected losses plus risk adj. are higher than expected income
CSM amortisation	The amount of CSM released from the balance sheet each period
PVFCF	Present value of future cash flows – discounted expected cash flows to policyholders and attributable expenses
OCI	Other Comprehensive Income. Refers to items of income and expense not recognized in profit or loss in accordance with IFRS Standards
NGAAP	The accounts for Statutory accounts is issued in accordance with Norwegian GAAP (NGAAP), which mainly corresponds to IFRS
Fair Value Approach	Price that would be received for an asset in an orderly transaction between market participants at the measurement date of transition

Leading the way in sustainable value creation

Investor Relations contacts

Lars Aa Løddesøl Group CFO

lars.loddesol@storebrand.no +47 9348 0151

Trond Finn Eriksen Group CIO & Head of Investor relations Interim

trond.finn.eriksen@storebrand.no +47 99164 135

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.