Storebrand ASA

Investor Presentation • Feb 8, 2023

Storebrand Q4 2022

8 February 2023

Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO

1

Highlights Q4 2022 Strong underlying growth with a solid solvency position

¹Result before amortisation and tax.

² Growth figures are from corresponding quarter in 2021 to 2022.

³ Pending approval from the NFSA

2

Storebrand reaffirms its commitment to deliver growing ordinary dividends and continues the share buyback program

Historical dividends/share buybacks Proposed dividends/share buybacks

Comments

• The Board proposes an ordinary dividend of NOK 3.70 per share for 2022. This represents a NOK 0.20 nominal increase (+6%) compared to the previously paid dividend, and a pay-out ratio of 72%.
• The Board intends to continue with a share buyback program with a tranche amounting to NOK 500m pending approval from the NFSA.

3

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

Double-digit growth across the business, but AUM growth is paused in 2022 due to financial market turbulence

Strong growth in new sales and in pension premiums within Occupational pensions Norway and Sweden

4.2 0.8 1.8 0.7 1.6 2021 2.6 2022 3.4 +25% Numbers in BNOK Q4 2020 Q1 2021 -1.7 Q3 2021 Q2 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 -0.3 -0.5 -0.9 -1.1 -0.5 -0.4 -0.1 0.2 2021 8.0 13.2 21.2 13.5 8.7 23.5 1.3 2022 +11% Competitive DC pension returns¹ Unit Linked new sales³ and premiums Turnaround in Swedish transfer balance⁴ -6.8% 2022 3 years CAGR 5 years CAGR 2.7% -9.2% 4.9% 5.2% 3.8% Storebrand Competitors² Sweden Norway Danica Numbers in BSEK

peers

6

Digital sales handling time reduced from days to immediate in Norway

Historically higher return compared to Positive development on new sales and transfer balance

³ Measured as annual premium equivalent (APE) ⁴ Unit Linked Sweden

Leading Provider Occupational Pensions Norway & Sweden

A

Continued net inflow in Asset Management with strengthened relative market position in a year with challenging markets

Solid performance relative to Nordic peers in 2022 AUM: Positive net flow, but negative market development in 2022 ¹

Nordic Asset Managers	AuM-development YTD1 (%)	AuM € millions
Company 1	-8,0%	60,2
Storebrand Asset Management	-8,7%	97,8
Company 3	-9,0%	10,1
Company 4	-10,3%	52,8
Company 5	-11,0%	75,3
Company 6	-13,6%	15,6
Company 7	-14,5%	95,7
Company 8	-15,0%	17,0
Company 9	-15,4%	23,7
Company 10	-17,0%	341,4
Company 11	-17,7%	14,4
Company 12	-18,0%	80,8
Company 13	-18,4%	152,2
Company 14	-18,7%	88,8
Company 15	-25,0%	186,6

Retail Market's growth story continues through 2022 Growing Challenger in

Norwegian Retail Market C

Agreement to scale distribution of individual life through Danske Bank

Storebrand gets recognition for its systematic longterm work for a more sustainable world ^D Leadership in Sustainability

Storebrand gets recognition for its sustainability work also in 2022

Among world's 10 % most sustainable listed companies ranked by Dow Jones Sustainability index

Ranked as one of world's most sustainable companies by Corporate Knights/Global 100

Ranked nr. 1 across the board on sustainable investments in Norway, Sweden and Denmark by Prospera

Most sustainable life insurance company in Sweden according to Söderberg & Partners

Maintained focus on green financing of sustainable assets

Issued three green bonds in 2022

~48% of total subordinated debt issued as green bonds

Holistic sustainability reporting with several KPI's

Investments in Solutions companies (NOK billion)

Integrated Sustainability and Annual Report 2022

About us

Founding member of Net Zero Asset Owner Alliance

More than 2 million Number of customers

A

10

Investments Operations People

Companies excluded due to serious climate and environmental damage 199

Carbon footprint in equity investments: tonnes of CO2 equivalents per 1 MNOK in sales revenue

14 (18)

(index)

Investments in fossil free funds, NOK billion (% of AUM)

100% Assets under management screened against sustainability criteria

Target to reduce CO2 emissions from our investments by 2025

32 %

68%

Real estate investments with green certificates

100 %

premiums from electric cars

Purchasing volume from environmentally certified

Greenhouse gas emissions from

suppliers 64%

Share of insurance

26%

Number of employees in Storebrand ASA

Female Board of Directors at Storebrand ASA

50%

Women at executive management level: share of women

56%

Women at management level 3: share of women

42%

Avg. number of employees that have completed e-learning courses on ethics, privacy, anti-corruption, AML and information security, in 2022.

79%

Key Figures

Improved financial result and a solid solvency position

Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 2.25 2.18 1.16 1.16 1.85

Customer buffers development³ SII Own funds⁴ and SCR

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

Solvency movement from Q3 to Q4 2022 Storebrand Group

Solvency movement from FY2021 to FY2022 Storebrand Group

Solvency position and sensitivities Q4 2022 Storebrand Group

Key takeaways

• Large decrease in volatility adjustment reduces the solvency position
• Risk management including increased reinsurance levels, reduced foreign currency exposure, and investments and balance sheet optimisations improve the solvency ratio

14 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

Strong growth in the insurance result, lower fee income due to less performance fees

Profit¹

	Q 4		FY
NOK million	2022	2021	2022	2021
Fee and administration income	1 641	2 108	6 062	6 607
Insurance result	393	307	1 670	1 201
Operational cost	-1 410	-1 377	-5 008	-4 678
Operating profit	624	1 038	2 724	3 130
Financial items and risk result life	217	329	-8	1 372
Profit before amortisation	841	1 367	2 716	4 503
Amortisation and write-downs of intangible assets	-160	-140	-596	-527
Profit before tax	681	1 227	2 120	3 976
Tax	23	-310	270	-846
Profit after tax	704	917	2 390	3 130

Storebrand Group

Profit by line of business

Group

Profit¹

	Q 4		FY
NOK million	2022	2021	2022	2021
Fee and administration income	1 641	2 108	6 062	6 607
Insurance result	393	307	1 670	1 201
Operational cost	-1 410	-1 377	-5 008	-4 678
Operating profit	624	1 038	2 724	3 130
life Financial items and risk result	217	329	-8	1 372
Profit before amortisation	841	1 367	2 716	4 503

Profit per line of business

	Q 4		FY
NOK million	2022	2021	2022	2021
Savings - non-guaranteed	456	916	1 653	2 355
Insurance	92	61	580	423
Guaranteed pension	270	485	903	1 432
Other profit	23	-95	-420	293
Profit before amortisation	841	1 367	2 716	4 503

Remittances close to current IFRS result

NOK 4bn Group profit ambition for 2023 maintained. Continued cost discipline despite growth ambitions in an inflationary environment

Savings (non-guaranteed)

AuM affected by financial markets, underlying growth and margins according to plan

Profit

	Q 4		FY
NOK million	2022	2021	2022	2021
Fee and administration income	1 293	1 748	4 733	5 215
Operational cost	-848	-838	-3 031	-2 927
Operating profit	445	910	1 701	2 288
Financial items and risk result life	11	6	-49	67
Profit before amortisation	456	916	1 653	2 355

Profit per product line

	Q 4		FY
NOK million	2022	2021	2022	2021
Unit linked Norway	92	83	383	483
Unit linked Sweden	69	114	322	518
Asset management	208	660	667	1 078
Retail banking	87	60	281	275
Profit before amortisation	456	916	1 653	2 355

Savings (non-guaranteed) Key figures

Assets under management

1.19 1.22 1.16 1.20 1.18 18 19 16 17 17 ^{39 40 46 48 50} Q4 2021 Q1 2022 Q2 2022 Q4 2022 ^{63 57} Q3 2022 ^{59 65 67} Life insurance balance sheet Bank balance sheet MNOK

Movement in asset under management YTD¹

Insurance

Strong volume and profit growth, Q4 weakened by high motor claims

Profit

	Q 4		FY
NOK million	2022	2021	2022	2021
f Insurance premiums .o.a.	1 630	1 366	6 088	5 175
Claims f .o.a.	-1 237	-1 059	-4 419	-3 974
Operational cost	-318	-253	-1 112	-875
Operating profit	75	54	558	326
Financial result	17	6	22	97
Profit before amortisation	92	61	580	423

Profit per product line

	Q 4		FY
NOK million	2022	2021	2022	2021
P&C & Individual life	69	54	371	393
Health & Group life	-17	-6	8	-26
Pension related disability insurance Nordic	41	13	201	56
Profit before amortisation	92	61	580	423

Insurance Key figures

Key Takeaways Combined Ratio and Results

• 95% overall combined ratio in the quarter and 91% in 2022 (target 90- 92%).
• Higher claims in P&C due to motor insurance in the 4th quarter
• Effective price adjustments contribute to profitability

Portfolio premiums Key Takeaways Premiums and Growth¹

• 21% overall portfolio premium growth
• 14% overall portfolio premium growth, adjusted for Danica
• Increased retail P&C market share from 5.9% to 6.2% in 2022

Guaranteed pension

Stable results despite turbulent markets

Profit

	Q 4		FY
NOK million	2022	2021	2022	2021
Fee and administration income	413	418	1 597	1 631
Operational cost	-233	-248	-850	-890
Operating profit	180	169	747	741
Risk result life & pensions	53	63	262	187
Net profit sharing	38	253	-106	504
Profit before amortisation	270	485	903	1 432

Profit per product line

	Q 4		FY
NOK million	2022	2021	2022	2021
Defined benefit (private & public sector) Norway ,	37	46	244	130
Paid-up policies Norway ,	137	201	502	556
Individual life and pension Norway ,	13	28	33	55
Guaranteed products Sweden ,	83	211	124	691
Profit before amortisation	270	485	903	1 432

Guaranteed pension

Key figures

24

NOK million	Q4 2022	Q3 2022	Change
reserve** Market value adjustment	1 783	1 408	375 +
Excess value of bonds at amortised cost	-10 197	-13 247	3 050 +
Additional statutory reserve	9 664	9 971	- 308
Conditional bonuses SPP	12 540	12 193	346 +
Total	13 790	10 326	3 464 +

• Continued run-off of guaranteed reserves with net flow of premiums and pension payments of NOK -10.5bn in 2022
• Strengthened customer buffer capital in the 4th quarter
• Strong risk result in 2022 due to less disability claims and improved longevity result
• New Public Occupational Pension mandates won in 2022 with reserves of NOK ~2bn to be received in 2023

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.

Other¹

Financial result improving from a higher interest rate level and with credit spreads narrowing

Profit

	Q 4		FY
NOK million	2022	2021	2022	2021
Fee and administration income	2	8	17	21
Operational cost	-77	-103	-299	-246
Operating profit	-75	-96	-282	-225
Financial items and risk result life	98	0	-138	518
Profit before amortisation	23	-95	-420	293

Q&A

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Appendix

Storebrand Group

Adjusted for performance related result in asset management

Profit¹

	Q 4		FY
NOK million	2022	2021	2022	2021
Fee and administration income	1 641	2 108	6 062	6 607
Insurance result	393	307	1 670	1 201
Operational cost	-1 410	-1 377	-5 008	-4 678
Operating profit	624	1 038	2 724	3 130
Financial items and risk result life	217	329	-8	1 372
Profit before amortisation	841	1 367	2 716	4 503

Adjusted for performance related result in asset management

	Q 4		FY
NOK million	2022	2021	2022	2021
Fee and administration income	1 508	1 539	5 939	6 057
Insurance result	393	307	1 670	1 201
Operational cost	-1 381	-1 281	-4 955	-4 423
Operating profit	520	565	2 654	2 836
Financial items and risk result life	217	329	-8	1 372
Profit before amortisation	737	893	2 646	4 208

Asset allocation – Guaranteed products

Equities Real estate Bonds & Money market Loans Bonds at amortised cost 31.12.2021 10% 11% 13% 14% 52% 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% 0% 10% 20% 30% 40% 50% 60%

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.