Storebrand ASA

Investor Presentation • Apr 24, 2024

Supplementary Information

(unaudited)

Overview	3
Key figures 4
Shareholder structure	5
Financial results	6
Profit and loss – Storebrand Group6
Savings (non-guaranteed)	7
Profit and loss7
Key figures 7
Profit by product 8
Sales and markets 9
Reserves development 10
Insurance	11
Profit and loss 11
Key figures 12
Profit by product 13
Guaranteed pension	14
Profit and loss 14
Key figures 14
Profit by product 15
Investment return 16
Balance sheet 16
Sales and markets 17
Reserves and buffers 18
Key figures guaranteed products 19
Other	21
Profit and loss 21
Key figures 21

Storebrand Group	23
Profit and loss 23
Balance sheet 24
Storebrand Life Group (Alternative income statement)	25
Profit and loss – Storebrand Life Group 25
Balance sheet – Storebrand Life Group 26
Profit and loss – SPP Pension & Försäkring AB Group 26
Balance sheet – SPP Pension & Försäkring AB Group 27
Storebrand Asset Management Group (IFRS-Legal)	28
Profit and loss 28
Balance sheet 28
Storebrand Forsikring AS (IFRS-Legal)	29
Profit and loss 29
Balance sheet 29
Storebrand Bank Group (IFRS-Legal)	30
Profit and loss – Storebrand Bank Group 30
Balance sheet – Storebrand Bank Group 30
Key figures banking 31
Profit and loss – Storebrand Boligkreditt AS 31
Balance sheet – Storebrand Boligkreditt AS 32
Capital ratios – Storebrand Bank Group 32
Storebrand ASA (IFRS-Legal)	33
Profit and loss 33
Balance sheet 33

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.

Reporting structure

Key figures

Table 1: Key Figures

	2024	2023				2022
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3
Storebrand Group
Cash EPS 1)	2,09	7,85	5,71	3,98	1,82	6,31	4,48
Equity	29 956	29 531	28 940	28 902	30 266	29 519	29 061
Cash equivalent return on equity (ROE) annualised	14,5 %	14,6 %	11,8 %	15,3 %	12,9 %	12,7 %	7,8 %
Savings - non guaranteed
Premium income Unit Linked	7 479	7 225	7 055	7 024	6 883	6 583	6 279
Unit Linked reserves	410 180	379 516	353 448	357 150	343 347	314 992	302 337
AuM Asset Management	1 281 120	1 211 831	1 130 687	1 143 232	1 110 733	1 019 988	1 001 100
Retail lending	78 669	76 706	74 749	72 700	69 812	67 061	64 879
Insurance
Total portfolio premiums6)	7 835	7 405	7 216	7 085	6 885	6 729	6 558
Claims ratio	80 %	96 %	82 %	78 %	79 %	76 %	71 %
Cost ratio	17 %	18 %	18 %	18 %	19 %	20 %	18 %
Combined ratio	98 %	115 %	99 %	96 %	97 %	96 %	88 %
Guaranteed pension
Guaranteed reserves	285 322	283 986	277 789	279 358	282 559	273 673	275 622
Guaranteed reserves in % of total reserves	41,0 %	42,8 %	44,0 %	43,9 %	45,1 %	46,5 %	47,7 %
Net flow of premiums and claims	-2 773	-2 979	-2 720	-2 486	-2 198	-2 846	-2 720
Buffer capital in % of customer reserves Norway 2)	6,8 %	6,1 %	5,1 %	6,0 %	6,5 %	6,3 %	6,2 %
Buffer capital in % of customer reserves Sweden 3)	23,0 %	21,2 %	21,4 %	21,1 %	19,0 %	19,0 %	18,2 %
Solvency and Capital Adequacy
Solvency II ratio 4)	191 %	192 %	204 %	196 %	179 %	184 %	174 %
Solvency II Own Funds 4)	54 495	51 921	51 947	51 893	48 883	48 264	47 536
Solvency II Capital Requirement	28 593	27 098	25 460	26 542	27 289	26 263	27 322
Total capital ratio (Storebrand Bank Group)	21,4 %	21,8 %	20,1 %	20,7 %	20,2 %	21,3 %	20,3 %
Tier 1 capital ratio (Storebrand Bank Group)	18,2 %	18,5 %	16,7 %	17,2 %	16,5 %	17,2 %	16,1 %
CET1 capital ratio (Storebrand Bank Group)	16,9 %	17,0 %	15,2 %	15,7 %	14,9 %	15,7 %	14,4 %

1) Accumulated accounting year

2) Additional statutory reserves + market value adjustment reserve

3) Conditional bonuses

4) May 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.

6) Excludes portfolio premiums in Storebrand Helseforsikring AS (50% ownership sold to Ergo International Q2 2024).

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 31.03.2024 the shareholder structure¹ was as follows:

Table 2: Shareholder structure (31.03.2024)
Shareholder	Total %
Folketrygdfondet	10,25 %
T Rowe Price Global Investments	6,29 %
Vanguard Group	4,88 %
Storebrand ASA	4,73 %
Allianz Global Investors	4,12 %
DNB Asset Management	3,46 %
Storebrand Asset Management	2,92 %
Alfred Berg	2,82 %
KLP	2,38 %
BlackRock	2,24 %
Next 10 largest shareholders	14,08 %
Total - 20 largest shareholders	58,16 %

Table 3: Rating

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

¹ Based on look through analysis of beneficial owner.

Financial results

Profit and loss – Storebrand Group

Table 4: Group profit

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Fee and administration income	1 818	1 739	1 768	1 670	1 605	6 782
Insurance result	367	64	318	382	357	1 122
Operational cost	-1 498	-1 542	-1 394	-1 460	-1 391	-5 787
Cash equivalent earnings from operations	688	262	692	592	571	2 117
Financial items and risk result life	394	465	378	264	255	1 362
Cash equivalent earnings before amortisation	1 082	728	1 070	856	826	3 480
Amortisation and write-downs of intangible assets	-73	-114	-146	-56	-62	-379
Cash equivalent earnings before tax	1 009	614	924	800	763	3 101
Tax	-147	19	-195	222	70	116
Cash equivalent earnings after tax	862	633	729	1 021	833	3 217

Table 5: Group profit by result area

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Savings - non-guaranteed	567	399	574	475	414	1 862
Insurance	108	-193	100	63	56	27
Guaranteed pension	289	433	314	293	285	1 326
Other profit	119	88	82	25	71	265
Cash equivalent earnings before amortisation	1 082	728	1 070	856	826	3 480

Table 6: Earnings per share

	2024	2023				Full year
NOK	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Cash equivalent earnings after tax, adj. for amort.	935	966	788	998	843	3 596
Average number of shares (millions)	446	-	-	-	-	458
Cash EPS1	2,09	2,14	1,73	2,16	1,82	7,85

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

	2024	2023
	Q 1	Q 4	Q 3	Q 2	Q 1
Profit	1,0124	0,9960	0,9892	0,9991	0,9807
Balance	1,0146	1,0077	0,9794	0,9919	1,0100

Table 7: Exchange rates SEK/NOK

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 and loss

Table 8: Savings - non-guaranteed

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Fee and administration income	1 494	1 388	1 420	1 349	1 287	5 443
Operational cost	-947	-972	-852	-898	-861	-3 582
Cash equivalent earnings from operations	547	416	568	451	426	1 861
Financial result	20	-16	6	24	-12	1
Cash equivalent earnings before amortisation	567	399	574	475	414	1 862

Table 9: Savings - by non-guaranteed product

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Unit linked Norway	162	124	137	101	137	499
Unit linked Sweden	84	44	69	55	64	232
Asset management	212	150	235	191	141	717
Retail banking	148	104	147	152	96	500
Kron*	-39	-23	-14	-25	-23	-85
Cash equivalent earnings before amortisation	567	399	574	475	414	1 862

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

Key figures

Table 10: Savings - non-guaranteed

	2024	2023
NOK million	Q1	Q4	Q3	Q2	Q1
Unit linked Reserves	410 180	379 516	353 448	357 150	343 347
Unit linked Premiums	7 479	7 225	7 055	7 024	6 883
AuM Asset Management	1 281 120	1 211 831	1 130 687	1 143 232	1 110 733
Retail Lending*	78 669	76 706	74 749	72 700	69 812

*Includes mortgages on the Storebrand Livsforsikring AS balance sheet

Profit by product

Table 11: Unit Linked Norway

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Fee and administration income	331	296	305	287	323	1 212
Operational cost	-169	-173	-167	-181	-186	-707
Cash equivalent earnings from operations	162	123	138	106	138	505
Financial result	- 0	1	- 1	- 6	- 0	- 6
Cash equivalent earnings before amortisation	162	124	137	101	137	499
Fee Margin on reserves	0,61 %	0,58 %	0,62 %	0,59 %	0,70 %	0,62 %
Reserves	226 482	209 345	196 674	196 119	191 251	209 345

Table 12: Unit linked Sweden

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Fee and administration income	267	256	244	251	236	987
Operational cost	-189	-208	-186	-194	-171	-759
Cash equivalent earnings from operations	78	48	58	57	65	229
Financial result	6	- 4	11	- 2	- 2	3
Cash equivalent earnings before amortisation	84	44	69	55	64	232
Fee Margin on reserves	0,60 %	0,63 %	0,61 %	0,64 %	0,66 %	0,64 %
Reserves	183 698	170 171	156 774	161 031	152 096	535 578

Table 13: Asset Management segment

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Fee and administration income	601	559	594	562	503	2 218
Of which performance based income	73	30	70	67	47	214
Operational cost	-417	-424	-369	-390	-374	-1 558
Cash equivalent earnings from operations	184	135	225	172	128	661
Financial result	28	15	10	19	12	56
Cash equivalent earnings before amortisation	212	150	235	191	141	717
Fee margin	0,19 %	0,19 %	0,21 %	0,20 %	0,19 %	0,20 %
Assets Under Management (AUM)	1 281 120	1 211 831	1 130 687	1 143 232	1 110 733	1 211 831

Table 14: Retail Banking

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Fee and administration income	290	272	273	245	222	1 013
Operational cost	-128	-137	-112	-105	-104	-458
Cash equivalent earnings from operations	162	135	162	140	118	555
Financial result	-14	-30	-14	12	-23	-55
Cash equivalent earnings before amortisation	148	104	147	152	96	500
Retail lending*	78 669	76 706	74 749	72 700	69 812	76 706
Net interest margin retail banking	1,52 %	1,44 %	1,46 %	1,43 %	1,39 %	1,44 %
Net interest income retail banking	270	250	241	223	203	250

* Includes mortgages on the Storebrand Livsforsikring AS balance sheet

Sales and markets

Table 15: New sales

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Unit Linked premiums* Norway	609	244	591	342	731	1 907
- of which annual premiums	231	64	266	105	264	699
- of which single premiums	378	180	325	237	466	1 209
Unit Linked premiums* Sweden	665	803	621	841	849	3 114
- of which annual premiums	452	610	434	627	681	2 351
- of which single premiums	212	193	187	214	168	763
Savings (non guaranteed) premiums*	1 274	1 047	1 212	1 183	1 580	5 022
- of which annual premiums	684	674	700	732	946	3 050
- of which single premiums	590	373	512	452	635	1 971

*Annual premium equivalent. The numbers for 2023 include Danica effects and may be subject to minor updates.

Table 16: Unit Linked - Premiums (excluding transfers)

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Unit Linked (occupational pension) Norway	4 011	4 004	3 943	3 817	3 985	15 748
Unit Linked (retail) Norway	510	400	419	373	410	1 603
Unit Linked Sweden	2 958	2 820	2 693	2 835	2 488	10 836
Total	7 479	7 225	7 055	7 024	6 883	28 187

Table 17: Unit Linked - Transfer balance

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Premium reserves received
Unit Linked Norway*	3 326	1 277	2 886	1 682	2 925	8 770
Unit Linked Sweden	1 591	1 486	1 514	1 677	1 375	6 051
Total received	4 917	2 762	4 400	3 358	4 300	14 821
Premium reserves transferred
Unit Linked Norway*	-3 600	-2 317	-3 312	-6 136	-3 420	-15 184
Unit Linked Sweden	-2 232	-1 848	-1 181	-1 610	-1 095	-5 734
Total transferred	-5 832	-4 165	-4 493	-7 746	-4 514	-20 918
Net transfers	-915	-1 403	-93	-4 387	-214	-6 097
*The numbers from Q3 2022 to Q4 2023 include Danica effects and may be subject to minor updates.

Table 18: Return Defined Contribution - standard profiles Norway
	2024	2023				Full year
Return	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Extra low risk	1,0 %	2,6 %	0,6 %	-0,1 %	1,2 %	4,3 %
Low risk	2,9 %	3,7 %	-0,1 %	1,1 %	2,4 %	7,1 %
Balanced	5,5 %	5,3 %	-0,9 %	2,7 %	4,0 %	11,1 %
High risk	8,0 %	6,2 %	-1,7 %	4,5 %	5,7 %	14,7 %
Extra high risk	8,7 %	6,7 %	-1,9 %	4,8 %	6,2 %	15,8 %

Reserves development

Table 19a: Development customer funds, quarter

	Reserves Unit Linked	Reserves Unit Linked
NOK million	Norway	Sweden
Funds at 31.12.2023	209 345	170 171
Premium income	4 521	2 958
Insurance claims	-807	-976
Transfers	-273	-641
Asset return	13 788	16 590
Other & FX	-91	-4 404
Funds at 31.03.2024	226 482	183 698

Table 19b: Development customer funds, YTD

	Reserves	Reserves
	Unit Linked	Unit Linked
NOK million	Norway	Sweden
Funds at 31.12.2023	209 345	170 171
Premium income	4 521	2 958
Insurance claims	-807	-976
Transfers	-273	-641
Asset return	13 788	16 590
Other & FX	-91	-4 404
Funds at 31.03.2024	226 482	183 698

Table 20a: Assets under Management by client

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
External	626 016	588 022	542 191	551 260	526 916	588 022
Group internal	655 104	623 810	588 496	591 971	583 818	623 810
Total	1 281 120	1 211 831	1 130 687	1 143 232	1 110 733	1 211 831
External share	49 %	49 %	48 %	48 %	47 %	49 %

Table 20b: Assets under Management by asset type

	2024	2023				Full year
	Q1	Q4	Q3	Q2	Q1	2023
Equities	48 %	48 %	47 %	47 %	46 %	48 %
Bonds	34 %	34 %	35 %	35 %	36 %	34 %
Alternatives	16 %	15 %	16 %	16 %	16 %	15 %
Other	2 %	2 %	2 %	2 %	2 %	2 %
Total	100 %	100 %	100 %	100 %	100 %	100 %

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

Fund	Return	Benchmark	AuM NOK bn 31.03.2024
Delphi Global	25,7 %	15,6 %	3,8
SKAGEN Focus	10,1 %	14,8 %	3,8
SKAGEN Global	15,0 %	14,8 %	43,6
SKAGEN Kon-Tiki	10,1 %	8,0 %	15,3
SKAGEN m2	3,5 %	4,2 %	1,5
SKAGEN Vekst	10,9 %	13,4 %	11,3

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 and loss

Table 21: Insurance

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Insurance premiums f.o.a.	1 875	1 776	1 734	1 727	1 672	6 908
Claims f.o.a.	-1 508	-1 712	-1 415	-1 345	-1 315	-5 787
Operational cost	-327	-328	-305	-308	-310	-1 251
Cash equivalent earnings from operations	40	-263	13	74	47	-129
Financial result	68	70	86	-11	9	155
Cash equivalent earnings before amortisation	108	-193	100	63	56	27
Claims ratio	80 %	96 %	82 %	78 %	79 %	84 %
Cost ratio	17 %	18 %	18 %	18 %	19 %	18 %
Combined ratio	98 %	115 %	99 %	96 %	97 %	102 %

Table 22: By lines of business

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
P&C & Individual life1)	41	- 4	32	82	72	182
Health & Group life 2)	10	-137	4	-81	-24	-238
Pension related disability insurance Nordic 3)	57	-52	65	62	8	82
Cash equivalent earnings before amortisation	108	-193	100	63	56	27

1) Individual life and disability, property and casualty insurance

2) Group life and workers comp, the segment is exluding the contribution from health insurance from Q1 2024 (divested business)

3) DC disability risk result Norway and disability risk Sweden

Key figures

Table 23a: Portfolio Premiums

	2024	2023
NOK million	Q1	Q4	Q3	Q2	Q1
P&C & Individual life	4 676	4 430	4 293	4 202	4 081
Health & Group life*	1 137	1 047	1 039	1 027	970
Pension related disability insurance Nordic	2 022	1 928	1 884	1 856	1 834
Total written premiums	7 835	7 405	7 216	7 085	6 885
Investment portfolio**	10 896	11 538	11 273	11 266	10 881

* Excludes premiums in Storebrand Helseforsikring AS (50% ownership sold to Ergo International with closing Q2 2024).

** 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	2024
Share	Q1
Equities	3 %
Real estate	3 %
Credit bonds	0 %
Money market	27 %
Government guaranteed	0 %
Loans	20 %
Bonds at amortized cost	47 %
Total	100 %

Fig. 1: Company portfolio STB Insurance segment

Profit by product

Table 24: P&C & Individual life

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Insurance premiums f.o.a.	1 115	1 082	1 032	1 011	985	4 109
Claims f.o.a.	-888	-887	-817	-727	-708	-3 139
Operational cost	-242	-248	-229	-234	-228	-938
Cash equivalent earnings from operations	-15	-53	-15	50	49	32
Financial result	56	49	46	32	23	150
Cash equivalent earnings before amortisation	41	-4	32	82	72	182
Claims ratio	80 %	82 %	79 %	72 %	72 %	76 %
Cost ratio	22 %	23 %	22 %	23 %	23 %	23 %
Combined ratio	101 %	105 %	101 %	95 %	95 %	99 %

Table 25: Health & Group life

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Insurance premiums f.o.a.	306	263	261	267	266	1 057
Claims f.o.a.	-270	-382	-261	-271	-238	-1 152
Operational cost	-37	-35	-35	-34	-33	-137
Cash equivalent earnings from operations	- 2	-154	-35	-37	- 5	-232
Financial result	11	18	39	-44	-19	- 6
Cash equivalent earnings before amortisation	10	-137	4	-81	-24	-238
Claims ratio	88 %	145 %	100 %	101 %	90 %	109 %
Cost ratio	12 %	13 %	14 %	13 %	12 %	13 %
Combined ratio	101 %	159 %	113 %	114 %	102 %	122 %

Table 26: Pension related disability insurance Nordic

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Insurance premiums f.o.a.	455	431	441	449	422	1 742
Claims f.o.a.	-350	-443	-337	-347	-369	-1 495
Operational cost	-48	-45	-41	-41	-49	-176
Cash equivalent earnings from operations	57	-56	63	61	3	71
Financial result	0	4	1	1	5	11
Cash equivalent earnings before amortisation	57	-52	65	62	8	82
Claims ratio	77 %	103 %	76 %	77 %	88 %	86 %
Cost ratio	10 %	10 %	9 %	9 %	12 %	10 %
Combined ratio	88 %	113 %	86 %	86 %	99 %	96 %

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 and loss

Table 27: Guaranteed pension

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Fee and administration income	391	422	413	387	378	1 600
Operational cost	-215	-205	-209	-216	-192	-822
Cash equivalent earnings from operations	175	217	204	171	186	778
Risk result life & pensions	44	77	69	69	81	296
Net profit sharing	70	139	41	53	18	252
Cash equivalent earnings before amortisation	289	433	314	293	285	1 326
Fee margin on reserves	0,55 %	0,60 %	0,59 %	0,55 %	0,55 %	0,57 %
Guaranteed reserves	285 322	283 986	277 789	279 358	282 559	283 986

Table 28: By guaranteed pension product

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Defined benefit (private & public sector), Norway	62	85	80	58	59	283
Paid-up policies, Norway	100	116	107	110	119	453
Individual life and pension, Norway	6	10	10	8	5	33
Guaranteed products, Sweden	120	221	116	118	102	557
Cash equivalent earnings before amortisation	289	433	314	293	285	1 326

Key figures

Table 29: Guaranteed pension

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Guaranteed reserves	285 322	283 986	277 789	279 358	282 559	283 986
Guaranteed reserves in % of total reserves	41,0 %	42,8 %	44,0 %	43,9 %	45,1 %	42,8 %
Net flow of premiums and claims	-2 773	-2 979	-2 720	-2 486	-2 198	-10 383
Buffer capital in % of customer reserves Norway	6,8 %	6,1 %	5,1 %	6,0 %	6,5 %	6,1 %
Buffer capital in % of customer reserves Sweden	23,0 %	21,2 %	21,4 %	21,1 %	19,0 %	21,2 %

Profit by product

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

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Fee and administration income	123	142	139	136	126	544
Operational cost	-79	-70	-83	-86	-68	-306
Cash equivalent earnings from operations	44	72	57	50	58	237
Risk result life & pensions	19	20	22	12	4	57
Net profit sharing	-	- 7	2	- 4	- 3	-12
Cash equivalent earnings before amortisation	62	85	80	58	59	283
Fee margin on reserves	1,05 %	1,25 %	1,24 %	1,23 %	1,22 %	1,23 %
Reserves	48 186	45 697	45 444	44 368	43 983	45 697
Fee, interest rate guarantee SBL	75	91	91	88	84	354

Table 31: Paid-up policies, Norway

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Fee and administration income	133	151	150	119	122	542
Operational cost	-73	-73	-71	-69	-65	-278
Cash equivalent earnings from operations	60	78	79	51	56	264
Risk result life & pensions	29	39	34	59	63	195
Net profit sharing	11	- 0	- 6	- 0	- 0	- 7
Cash equivalent earnings before amortisation	100	116	107	110	119	453
Fee margin on reserves	0,37 %	0,42 %	0,42 %	0,33 %	0,34 %	0,38 %
Reserves	145 207	143 441	144 420	143 180	143 882	143 441

Table 32: Individual life and pension, Norway

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Fee and administration income	1	1	1	1	2	4
Operational cost	-	-	-	-	-	-
Cash equivalent earnings from operations	1	1	1	1	2	4
Risk result life & pensions	-	1	-	- 0	- 1	- 1
Net profit sharing	5	9	9	7	4	30
Cash equivalent earnings before amortisation	6	10	10	8	5	33
Fee margin on reserves	0,02 %	0,03 %	0,04 %	0,05 %	0,06 %	0,05 %
Reserves	8 694	8 847	9 054	9 250	9 607	8 847

Table 33: Guaranteed pension, Sweden

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Fee and administration income	133	128	123	131	128	510
Operational cost	-63	-61	-56	-62	-58	-238
Cash equivalent earnings from operations	71	66	67	69	70	272
Risk result life & pensions	- 4	19	13	- 3	15	44
Net profit sharing	54	136	36	51	17	240
Cash equivalent earnings before amortisation	120	221	116	118	102	557
Fee margin on reserves	0,63 %	0,62 %	0,61 %	0,63 %	0,64 %	0,62 %
Reserves	83 236	86 000	78 871	82 560	85 087	324 893

Investment return

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

	2024	2023				Full year
	Q1	Q4	Q3	Q2	Q1	2023
Paid-up policies	1,1 %	1,5 %	-0,2 %	0,2 %	0,9 %	2,3 %
Individual	1,1 %	2,1 %	0,2 %	0,6 %	1,1 %	4,0 %
Defined Benefit (private sector)	1,3 %	1,1 %	0,2 %	-0,4 %	0,9 %	1,8 %
Public Occupational Pensions	3,2 %	2,8 %	-1,0 %	2,3 %	2,8 %	7,0 %
Average return guaranteed products	1,4 %	1,6 %	-0,2 %	0,3 %	1,0 %	2,7 %

Table 36: Value adjusted return guaranteed pension products, Sweden

	2024	2023				Full year
	Q1	Q4	Q3	Q2	Q1	2023
Defined Benefit	0,4 %	8,6 %	-1,9 %	0,1 %	3,0 %	9,8 %
Defined contribution (w. guarantees)	1,1 %	7,7 %	-1,6 %	0,5 %	3,0 %	9,7 %

Balance sheet

Table 37: Guaranteed pension products

	2024	2023
NOK million	Q1	Q4	Q3	Q2	Q1
Defined Benefit (private & public sector), Norway	48 186	45 697	45 444	44 368	43 983
Paid-up policies, Norway	145 207	143 441	144 420	143 180	143 882
Individual life and pension, Norway	8 694	8 847	9 054	9 250	9 607
Guaranteed Products, Sweden	83 236	86 000	78 871	82 560	85 087
Guaranteed Reserves	285 322	283 986	277 789	279 358	282 559

Sales and markets

Table 38: New sales guaranteed pension 1)

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Guaranteed pension, Norway	296	5	22	24	137	188
- of which annual premiums	51	0	14	7	43	63
- of which single premiums	245	5	9	17	94	124
Guaranteed pension, Sweden	97	83	52	47	68	250
- of which annual premiums	59	63	40	27	40	170
- of which single premiums	39	20	12	20	28	80
Guaranteed pension	394	88	74	71	205	438
- of which annual premiums	110	63	54	33	83	233
- of which single premiums	284	25	20	37	122	204

1) Annual premium equivalent

Table 39: Premiums (excluding transfers) pension products

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Defined Benefit (private & public sector), Norway	921	761	984	1 257	1 304	4 306
Paid-up policies, Norway	67	55	63	43	54	216
Individual life and pension, Norway	49	49	45	46	96	235
Guaranteed products, Sweden	360	293	248	253	337	1 130
Total	1 397	1 158	1 339	1 599	1 791	5 888

Table 40: Transfer balance (Guaranteed Pension)

	2024	2023				Full year
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1	2023
Premium reserves received
Norway 1)	3 216	473	3 291	146	1 263	5 173
Sweden	203	72	20	60	80	233
Total received	3 419	545	3 311	206	1 344	5 406
Premium reserves transferred
Norway 1)	-34	-27	-60	-55	-40	-181
Sweden	-114	-84	-110	-109	-74	-377
Total transferred	-148	-111	-170	-163	-113	-558
Net transfers	3 271	433	3 141	43	1 230	4 848

1) This line includes internal transfers to paid-up policies with investment choice (shown in Unit Linked - 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	Guarantee d products - Sweden
Funds at 31.12.2023	25 402	16 719	136 118	8 385	70 962
Premium income	643	278	67	49	360
Insurance claims	-344	-255	-1 853	-280	-1 441
Transfers	-102	2 815	467	2	89
Internal transfers DB to Paid-Up (Norway)	-1 584		1 626
Asset return	354	661	1 633	113	485
Other	-37	-1 026	-651	-50	-2 801
Funds at 31.03.2024	24 333	19 193	137 409	8 218	67 654

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

NOK million	DB (private sector)	Public Occ. Pensions	Paid-up policies	Individual	Guarantee d products - Sweden
Funds at 31.12.2023	25 402	16 719	136 118	8 385	70 962
Premium income	643	278	67	49	360
Insurance claims	-344	-255	-1 851	-280	-1 441
Transfers	-102	2 815	467	2	89
Internal transfers DB to Paid-Up (Norway)	-1 584		1 626
Asset return	354	661	1 633	113	485
Other	-37	-1 026	-651	-50	-2 801
Funds at 31.03.2024	24 333	19 193	137 409	8 218	67 654

Table 43: Buffer capital*

	2024	2023
NOK million	Q 1	Q 4	Q 3	Q 2	Q 1
Buffer fund	12 926	2 071	891	713	1 620
Market value adjustment reserve**	67	2 411	1 675	1 974	1 691
Excess value of bonds at amortised cost	-12 438	-10 559	-17 086	-15 542	-9 817
Additional statutory reserve	-	6 919	6 997	8 308	8 700
Conditional bonuses SPP	16 039	15 039	13 880	14 408	13 567
Total	16 593	15 881	6 357	9 862	15 761

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

** The historical numbers were previously reported including Public Occupational Pensions buffer fund

Key figures guaranteed products

Table 44a: Key terms products, Norway

	DB (private & public
NOK million	sector)	Paid-up	Individual
Interest rate guarantee p.a.	2,1 %	3,1 %	3,3 %
Funds	43 525	137 409	8 218
Buffer fund	4 660	7 792	481
Risk Equalisation Fund	- 5	925	-
Expected return on assets**	5,1 %	4,4 %	4,0 %

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

Table 44b: Key terms portfolio, Sweden

		Defined
NOK million	Defined Benefit	cont. (w. guarantee)
Investment return (YTD)	0,4 %	1,1 %
Interest rate guarantee	2,5 %	2,7 %
Prospective reserve	35 655	32 953
Conditional Bonuses	9 502	6 534
Deferred Capital Contribution	38	3 308
Expected return assets 1)	4,3 %	4,6 %
Duration liabilities	5,5	5,3
Discount rate 2)	2,9 %	2,8 %
Consolidation ratio 3)	109 %

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 Benefit	Defined cont. (w/ guarantee)
Equities	18 %	21 %
Real estate	14 %	14 %
Bonds & Money market	49 %	40 %
Loans	20 %	24 %
Sum	100 %	100 %

Table 45b: Allocation Norway

	Defined Benefit	Paid-Up (Total)	Individual
Equities	17 %	7 %	5 %
Real estate	13 %	10 %	7 %
Bonds & Money market	4 %	4 %	3 %
Loans	15 %	13 %	10 %
Bonds at amortised cost	51 %	66 %	73 %
Sum	100 %	100 %	100 %

Sensitivities Sweden - guaranteed portfolio financial result

Storebrand provided a guiding for the financial result in the Swedish guaranteed portfolios at the Capital Markets Day in December 2023. This guiding is subject to normalised market conditions. For investors and analysts that wish to estimate the financial result in the Swedish guaranteed portfolios based on financial market movements, sensitivities are provided in the excel version of Supplementary Information. Please keep in mind that the financial result in these portfolios is subject to many factors not reflected by the sensitivities. It follows that the estimates from the sensitivities can deviate significantly from the actual results and that sensitivities should preferably be used to estimate the direction of the result (not the exact magnitude).

20

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 and loss

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

	2024	2023				01.01 - 31.03		Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2024	2023	2023
Fee and administration income	6	1	5	6	6	6	6	18
Operational cost	-81	-109	-99	-109	-94	-81	-94	-411
Cash equivalent earnings from operations	-74	-108	-93	-104	-88	-74	-88	-393
Financial result	193	196	176	129	159	193	159	658
Cash equivalent earnings before amortisation	119	88	82	25	71	119	71	265

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

Table 46b: Eliminations

	2024	2023				01.01 - 31.03		Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2024	2023	2023
Fee and administration income	-72	-71	-71	-71	-66	-72	-66	-279
Operational cost	72	71	71	71	66	72	66	279
Financial result	-	-	-	-	-	-	-	-
Cash equivalent earnings before amortisation and longevity	-	-	-	-	-	-	-	-

Key figures

Table 47: Storebrand group selected Company portfolios

	2024	2023
NOK million	Q1	Q4	Q3	Q2	Q1
Storebrand ASA	4 595	2 367	3 314	3 778	5 528
Storebrand Livsforsikring AS	19 840	22 578	21 871	20 844	20 814
SPP Pension & Försäkring AB	5 313	5 347	4 762	5 153	4 910
Total	29 748	30 292	29 947	29 776	31 251

Table 48a: Company portfolio SPP Pension & Försäkring AB

2024	Asset class	2024
Q1	Share	Q1
-	Equities	1 %
-	Real estate	1 %
71 %	Bonds & Money market	21 %
29 %	Loans	15 %
100 %	Bonds at amortized cost	62 %

Table 48b: Company portfolio Storebrand Livsforsikring AS

Sum	100 %

Table 49: Storebrand group debt - excl. bank

	2024	2023
NOK million	Q1	Q4	Q3	Q2	Q1
Subordinated loan capital - STB Life (Group)	9 963	10 672	9 627	9 834	10 233
Bonds Storebrand ASA	501	501	501	501	501
Bank loan Storebrand ASA 1)	0	0	0	0	0
Total debt	10 465	11 173	10 128	10 335	10 734

1) Storebrand ASA has a MEUR 200 undrawed multicurrency revolving credit facility

Storebrand Group

Profit and loss

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

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Storebrand Life Group	1 046	716	679	479	1 012	2 887
Storebrand Asset Management Group	130	370	148	112	88	717
Storebrand Bank Group	148	104	147	152	96	500
Storebrand Forsikring AS	-65	-88	-42	3	28	-99
Storebrand Helseforsikring AS 1)	-	11	34	-52	-20	-27
Storebrand ASA/Other	-81	-54	-38	-79	-46	-218
Profit before amortisation and write-downs	1 179	1 058	928	616	1 157	3 759
Amortisation and write-downs of intangible assets	-94	-95	-182	-92	-98	-466
Profit before tax	1 085	964	746	524	1 060	3 294
Tax	-180	-27	-172	292	-10	84
Profit after tax	905	937	574	816	1 050	3 377

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

Balance sheet

Table 52: Storebrand Group - balance sheet

NOK million	Share in %	31.03.2024	31.12.2023
Intangible assets	1 %	8 807	9 189
Shares in associated companies	1 %	7 972	7 823
Equities and fund units	39 %	371 865	333 866
Bonds and other fixed-income securities	31 %	298 964	292 407
Derivatives	0 %	2 009	8 093
Loans to financial institutions	0 %	1 070	1 138
Loans to customers	9 %	89 088	86 761
Investment properties	4 %	34 671	34 382
Bank deposits	1 %	13 423	13 916
Other assets	14 %	137 596	109 366
Total assets	100 %	965 465	896 940
Equity	3 %	29 956	29 531
Insurance contracts liabilities	33 %	322 427	318 225
Investment contracts liabilities	40 %	388 752	354 270
Subordinated loan capital	1 %	10 792	11 501
Loans and deposits from credit institutions	0 %	0	283
Deposits from banking customers	3 %	25 641	23 948
Debt raised by issuance of securities	4 %	41 842	40 655
Other liablilities	15 %	146 055	118 526
Total liabilities and equity capital	100 %	965 465	896 940

Storebrand Life Group (Alternative income statement)

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 and loss – Storebrand Life Group

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Fee and administration income	988	975	963	926	921	3 784
Insurance result	276	-13	238	231	194	650
Operational cost	-709	-752	-727	-754	-728	-2 961
Financial items and risk result life and pension	313	395	261	237	225	1 119
Cash equivalent earnings before amortisation	868	605	734	640	612	2 591
Amortisation	-46	-46	-133	-44	-50	-273
Cash equivalent earnings before tax	822	559	601	596	562	2 318
Tax	-130	11	-137	275	289	438
Cash equivalent earnings after tax	692	570	463	872	852	2 756

Balance sheet – Storebrand Life Group

	Share of total
NOK million	assets		31.03.2024 31.12.2023 31.12.2022
Intangible assets	0 %	2 744	2 792	2 968
Investments	93 %	736 983	701 603	631 905
Other assets	7 %	53 337	52 043	7 590
Total assets	100 %	793 064	756 438	642 463
Equity Subordinated loan capital 1)	2 %	14 707	17 385	16 772
Insurance contracts liabilities	1 %	9 963	10 672	9 757
Investment contracts liabilities	40 %	320 846	316 783	302 205
Other debts	49 %	388 752	354 270	292 931
Total equity and liabilities	7 %	58 797	57 328	20 798
Total equity and liabilities	100 %	793 064	756 438	642 463

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

Profit and loss – SPP Pension & Försäkring AB Group

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

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Total administration income	423	417	390	404	385	1 595
Total administration cost	- 261	- 284	-244	-267	-240	-1 036
Administration result	162	133	146	136	144	560
Risk result	37	22	61	7	29	119
Profit sharing & Indexation fee	46	235	18	7	75	335
Change in DCC & Other financial result	20	- 110	17	30	-53	-116
Return on company portfolio	77	98	62	49	55	264
Profit before amortisation	342	379	305	229	250	1 162
Amortisation and write-downs	- 21	- 22	-20	-21	-20	-83
Pre-tax profit/loss	321	357	285	208	230	1 080

Balance sheet – SPP Pension & Försäkring AB Group

	Share of total
NOK million	Assets		31.03.2024 31.12.2023 31.12.2022
Intangible assets Longterm shares and interest from group	0 %	957	1 007	989
companies	3 %	8 658	8 852	8 281
Shares	4 %	10 851	10 182	9 092
Bonds	20 %	57 446	60 823	54 639
Assets - Unit link	63 %	183 698	170 171	135 530
Other financial assets	8 %	23 988	23 684	31 763
Other assets	3 %	8 247	8 516	4 352
Total assets	100 %	293 845	283 235	244 646
Equity	2 %	7 196	8 102	7 366
Minority interests' share in equity	1 %	2 105	2 171	2 228
Subordinated loan capital	0 %	0	0	0
Premium reserve for own account	23 %	68 509	71 870	66 915
Insurance fund reserves - defined contribution
and UL	68 %	199 279	185 210	148 071
Other liabilities	6 %	16 756	15 882	20 066
Total equity and liabilities	100 %	293 845	283 235	244 646

Storebrand Asset Management Group (IFRS-Legal)

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

Profit and loss

Table 57: Profit - Storebrand Asset Management Group

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Fee and administration income	1 033	1 274	1 007	983	920	4 184
Operational cost	- 931	-920	-869	-890	-844	-3 523
Financial result	28	15	10	19	12	56
Cash equivalent earnings before amortisation	130	370	148	112	88	717
Amortisation	- 38	-38	-38	-38	-38	-153
Cash equivalent earnings before tax	92	331	110	73	50	564
Tax	- 14	-80	-26	-16	- 8	-130
Cash equivalent earnings after tax	78	251	83	57	42	433

Balance sheet

Table 58: Balance sheet - Storebrand Asset Management Group

NOK million	Share in %	31.03.2024	31.12.2023	31.12.2022
Intangible assets	54,9 %	2 631	2 631	2 701
Investments portfolio	32,5 %	1 557	1 482	1 236
Other assets	12,6 %	601	642	645
Total assets	100 %	4 790	4 755	4 582
Equity	66,5 %	3 187	3 592	3 454
Other debts	33,5 %	1 603	1 163	1 128
Total equity and liabilities	100 %	4 790	4 755	4 582

Storebrand Forsikring AS (IFRS-Legal)

Profit and loss

Table 61: Profit - Storebrand Forsikring AS

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Insurance premiums f.o.a.	818	787	738	732	702	2 959
Claims f.o.a.	- 727	-710	-657	-581	- 539	-2 487
Operational cost	- 199	-197	-166	-172	- 159	- 694
Financial result	44	31	44	25	23	123
Result before amortisation	-65	-88	-42	3	28	-99
Amortisation	- 13	-13	-13	-13	- 13	- 51
Pre tax profit	- 77	-101	-55	-9	15	-151
Tax	19	25	14	2	- 4	37
Profit/loss	- 58	-76	-41	-7	11	-113

Balance sheet

Table 62: Balance sheet - Storebrand Forsikring AS

NOK million			Share in % 31.03.2024 31.12.2023 31.12.2022
Intangible assets	4 %	121	133	179
Investments portfolio	82 %	2 355	2 434	2169
Other assets	14 %	387	211	207
Total assets	100 %	2 864	2 778	2 554
Equity	35 %	1 013	1 071	1074
Insurance liabilities	55 %	1 582	1 442	1043
Other debts	9 %	270	265	437
Total equity and liabilities	100 %	2 864	2 778	2 554

Storebrand Bank Group (IFRS-Legal)

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

Profit and loss – Storebrand Bank Group

Table 63: Profit - Storebrand Bank Group

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Net interest income	270	250	241	223	203	917
Net fee and commission income	20	22	32	23	19	96
Other operating income	- 1	- 1	2	4	- 7	- 2
Total income	289	271	275	249	216	1 011
Operating cost	- 128	- 137	- 112	- 105	- 104	- 458
Cash equivalent earnings before loan losses	161	134	164	144	112	553
Loan loss provision	- 13	- 30	- 16	8	- 16	- 54
Cash equivalent earnings before tax	148	104	147	152	96	500

Balance sheet – Storebrand Bank Group

Table 64: Balance sheet - Storebrand Bank Group

	Share in
NOK million	%	31.03.2024	31.12.2023	31.12.2022
Cash and deposits with central banks	0 %	108	6	8
Loans to and deposits with credit institutions	1 %	1 070	1 138	109
Financial assets designated at fair value
through P&L	5 %	3 623	3 486	2 209
Bonds at amortised cost	9 %	6 323	6 010	4 281
Net lending to customers	85 %	61 745	59 609	49 926
Deferred tax assets	0 %	0	0	-
Other assets	0 %	93	78	99
Total Assets	100 %	72 962	70 327	56 631
Liabilities to credit institutions	0 %	0	283	403
Deposits from and due to customers	35 %	25 641	23 948	19 478
Other financial liabilities	57 %	41 948	40 501	32 538
Provision for accrued expenses and liabilities	0 %	20	14	14
Deferred tax liabilities	0 %	45	24	10
Subordinated loan capital	1 %	828	829	828
Equity	6 %	4 479	4 727	3 361
Total Equity and Liabilities	100 %	72 962	70 327	56 631

Key figures banking

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

	2024	2023
NOK million	Q1	Q4	Q3	Q2	Q1
Gross lending (bn)	62	60	58	56	53
Customer deposit (bn)	26	24	23	22	20
Deposit/gross lending	41 %	40 %	39 %	40 %	38 %
Average Loan-to-Value (LTV)	61 %	63 %	62 %	62 %	62 %
Average LTV new loans	70 %	69 %	69 %	68 %	69 %
Loss as % of gross loans	-0,1 %	-0,2 %	-0,1 %	0,1 %	-0,1 %
Loan losses	- 13	-30	-16	8	-16
Non-performing loans with evidence of impairment	168	112	13	28	25
Non-performing loans without evidence of impairment	254	267	277	178	113
Operating expenses Banking	128	137	112	105	104
Cost as % of total assets	0,7 %	0,8 %	0,7 %	0,7 %	0,7 %
Cost/income banking activities	44 %	51 %	41 %	42 %	48 %

Profit and loss – Storebrand Boligkreditt AS

Table 66: Profit - Storebrand Boligkreditt AS

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Net interest income	118	86	80	84	77	327
Other operating income	- 5	2	0	0	- 7	- 6
Total income	113	88	80	84	69	321
Operating cost	- 45	- 41	- 40	- 41	- 38	- 159
Profit before loan losses	69	47	40	43	32	162
Loan loss provision	- 1	- 8	- 5	8	- 5	- 9
Pre-tax profit/loss	67	40	35	51	27	152

Balance sheet – Storebrand Boligkreditt AS

	Share in
NOK million	%	31.03.2024	31.12.2023	31.12.2022
Cash and deposits with central banks
Loans to and deposits with credit institutions	0 %	90	70	25
Financial assets designated at fair value
through P&L	3 %	1 239	1 362	1 129
Bonds at amortised cost	0 %	104	104	459
Net lending to customers	97 %	45 247	45 069	37 470
Deferred tax assets
Other assets	0 %	65	45	29
Total Assets	100 %	46 745	46 650	39 113
Liabilities to credit institutions	10 %	4 894	5 580	6 888
Deposits from and due to customers	0 %	0	0
Other financial liabilities	82 %	38 129	37 399	29 493
Provision for accrued expenses and liabilities	0 %	0	0	-
Deferred tax liabilities	0 %	45	45	25
Subordinated loan capital		-	-	-
Equity	8 %	3 678	3 626	2 707
Total Equity and Liabilities	100 %	46 745	46 650	39 113

Table 67: Balance sheet - Storebrand Boligkreditt AS

Capital ratios – Storebrand Bank Group

Table 68: Capital ratios, Storebrand Bank Group

	2024	2023
NOK million	Q1	Q4	Q3	Q2	Q1
Total capital ratio (Storebrand Bank Group)	21,4 %	21,8 %	20,1 %	20,7 %	20,2 %
Tier 1 capital ratio (Storebrand Bank Group)	18,2 %	18,5 %	16,7 %	17,2 %	16,5 %
CET1 capital ratio (Storebrand Bank Group)	16,9 %	17,0 %	15,2 %	15,7 %	14,9 %

Storebrand ASA (IFRS-Legal)

Profit and loss

Table 69: Storebrand ASA (holding)

	2024	2023				Full year
NOK million	Q1	Q4	Q3	Q2	Q1	2023
Group contributions and transfers	4 465	-	-	-	3 178	3 178
Interest income	2	87	1	4	1	93
Interest expense	- 7	- 8	- 7	- 6	- 6	-26
Realised/unrealised gains/losses on securities	34	-34	53	28	45	91
Other financial income/costs	- 1	-107	- 2	- 1	- 2	-112
Net financial items	27	-62	46	24	38	46
Total operating expenses	-69	-61	-52	-68	-62	-243
Pre-tax profit/loss	4 423	-123	-7	-44	3 154	2 980

Balance sheet

Table 70: Balance sheet - Storebrand ASA (holding)

NOK million		Share in % 31.03.2024 31.12.2023 31.12.2022
Shares in subsidiary	80 %	25 606	25 606	23 236
Financial assets at market value	14 %	4 595	2 367	4 669
Other assets	6 %	1 952	320	701
Total assets	100 %	32 153	28 293	28 606
Equity	97 %	31 318	27 470	27 825
Bond loan and other loans	2 %	501	501	501
Other liabilities	1 %	333	322	280
Total liabilities and equity capital	100 %	32 153	28 293	28 606

Financial calendar

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

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