Storebrand ASA

Investor Presentation • Jul 11, 2025

6_Title Slide

Storebrand Q2 2025

11 July 2025 Odd Arild Grefstad – CEO Lars Aa. Løddesøl – CFO

Highlights Q2 2025

Title and Subtitle only than six colors in your graph.

Strong quarter driven by robust operating and financial results

1. Cash equivalent earnings before amortisation and tax. www.storebrand.no/ir provides an overview of APMs used in financial reporting

2. Growth figures from corresponding period in Q2 2024 to Q2 2025 year on year, 2025 AUM is including acquired business (AIP Management)

3. Annualised Cash Return on Equity, as defined in the overview of APMs used in financial reporting available on www.storebrand.no/ir

2

Executed NOK 750m in share buybacks in first half, NOK 750m tranche in second half initiated today ¹

Title only than six colors in your graph.

1. Subject to a solvency level above 175%

3

1. Regulatory approved, last tranche ending on 19 December 2025

Sustainable Nordic Savings and Insurance Group

Double digit growth continues across the Group

Title only than six colors in your graph.

5

Leading Provider Occupational Pensions Norway & Sweden

Title only than six colors in your graph.

Quarterly Highlights

Entered into agreement to acquire portfolio of Aspida Forsikring, an agency offering P&C insurance to the Norwegian corporate market. Expected to add ~900 new customers with an annual premiums of around NOK ~40m

Several tender processes are ongoing within Public Occupational Pension, with additional tenders expected in the second half of 2025

6

Increasing activity among closed pension funds, one transfer signed in the second quarter

2018 2021 2022 2023 2024 2025

2019 2020

Q2

1. Primarily related to products within pension related disability insurance and group life 2. Growth figures expressed as CAGR from FY 2018 to FY 2024

Nordic Powerhouse in Asset Management

Title only than six colors in your graph.

Quarterly Highlights

Assets under management in excess of NOK 1.5 trillion, a new record level, supported by financial markets in the quarter

Strong contribution from outperformance in active funds, performance-based income of NOK 91m in the quarter and NOK 149m year to date

Growing Challenger in Norwegian Retail Market

Title only than six colors in your graph.

Quarterly Highlights

7.4% market share in Norwegian retail P&C compared to 7.1% in the previous quarter ¹

Bank lending portfolio up by 12% year-on-year to NOK 92bn

Pension solution now available in Kron app to more than 500,000 pension customers 3, unlocking additional growth and added cross-sales

1. According to market data from Finance Norway as of Q1 2025. 2. Growth figures expressed as CAGR from FY 2018 to FY 2024

2. Individuals working for Storebrand's corporate pension customers

Improved profitability in Insurance, maintaining 90-92% combined ratio ambition for 2025

Title and Subtitle only than six colors in your graph.

9

Key Figures

Strong results and solid solvency position

Title and Subtitle only than six colors in your graph.

SII Own funds ⁴and SCR Expected return above guaranteed interest rate, Norway ⁵

1. Result before amortisation and tax.

10

1. Cash equivalent return on equity (ROE) annualised.

2. Earnings per share after tax adjusted for amortisation of intangible assets.

3. Own Funds including transitional capital.

4. Average of Defined benefit, Paid up and Individual in Norway.

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

Storebrand Group Solvency position and sensitivities Q2 2025

Title and Subtitle only than six colors in your graph.

▪ This was partly offset by negative contribution from strong equity markets, VA and SA

11

Storebrand Group | Profit

Title and Subtitle only than six colors in your graph.

Continued underlying growth across the business, improved insurance results and robust financial results

1 Profit	Q2		Year to date		Full year
NOK million	2025	2024	2025	2024	2024
Fee and administration income	2 070	1 888	4 067	3 706	7 585
Insurance result	635	396	1 105	763	1 640
Operational cost	-1 751	-1 465	-3 418	-2 962	-6 072
Cash equivalent earnings from operations	953	819	1 753	1 507	3 153
Financial items and risk result life	474	1 431	841	1 824	2 751
Cash equivalent earnings before amortisation	1 427	2 249	2 594	3 331	904 5
Amortisation and write-downs of intangible assets	-78	-72	-155	-145	-295
Cash equivalent earnings before tax	1 349	2 177	2 439	3 186	5 609
Tax	-190	-213	-307	-360	-854
Cash equivalent earnings after tax	1 159	1 964	2 132	2 826	4 754

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

12

Storebrand Group | Profit

Title and Subtitle only than six colors in your graph.

Profit by line of business

1 Profit	Q2		Year to date		Full year
NOK million	2025	2024	2025	2024	2024
Fee and administration income	2 070	1 888	4 067	3 706	7 585
Insurance result	635	396	1 105	763	1 640
Operational cost	-1 751	-1 465	-3 418	-2 962	-6 072
Cash equivalent earnings from operations	953	819	1 753	1 507	3 153
Financial items and risk result life	474	1 431	841	1 824	2 751
Cash equivalent earnings before amortisation	1 427	2 249	2 594	3 331	904 5

Profit line of business per	Q2		Year to date		Full year
NOK million	2025	2024	2025	2024	2024
Savings - non-guaranteed	634	630	1 293	1 197	2 592
Insurance	289	118	432	225	546
Guaranteed pension	356	306	617	595	1 226
Other profit	147	1 195	252	1 313	1 539
Cash equivalent earnings before amortisation	1 427	2 249	2 594	3 331	5 904

Savings (non-guaranteed)

Growth continuing across savings segment

Title and Subtitle only than six colors in your graph.

Profit	Q2		Year to date		Full year
NOK million	2025	2024	2025	2024	2024
Fee and administration income	1 767	1 567	3 473	3 061	6 327
Operational cost	-1 119	-923	-2 175	-1 870	-3 831
Cash from equivalent earnings operations	648	644	1 298	1 191	2 497
Financial result	-14	-13	-5	7	96
Cash equivalent earnings before amortisation	634	630	1 293	1 197	2 592

Profit product line per	Q2		Year to date		Full year
NOK million	2025	2024	2025	2024	2024
Unit linked Norway	165	171	341	333	689
Unit linked Sweden	58	82	134	166	332
Asset management	221	224	439	436	987
banking1 Retail	190	153	379	263	584
Cash equivalent earnings before amortisation	634	630	1 293	1 197	2 592

Key figures Savings (non-guaranteed)

Title and Subtitle only than six colors in your graph.

Assets under management Movement in asset under management ¹

Insurance

Improved insurance result on back of repricing and other measures

Title and Subtitle only than six colors in your graph.

Profit	Q2		Year to date		Full year
NOK million	2025	2024	2025	2024	2024
Insurance premiums f .o.a.	2 408	1 955	4 665	3 830	8 008
Claims f .o.a.	-1 774	-1 559	-3 560	-3 067	-6 368
Operational cost	-430	-336	-829	-663	-1 404
Cash equivalent earnings from operations	205	60	276	100	236
Financial result	85	58	156	126	310
Cash equivalent earnings before amortisation	289	118	432	225	546

Profit business line per	Q2		Year to date		Full year
NOK million	2025	2024	2025	2024	2024
insurance1 Retail	182	33	258	89	293
insurance2 Corporate	107	85	174	137	253
Cash before equivalent earnings amortisation	289	118	432	225	546

1. Retail property and casualty (P&C) insurance, and individual life and disability insurance

16 2. DC disability risk Norway, Group life and workers compensation Norway, and disability risk Sweden. The segment excludes the contribution from health insurance from Q1 2024 (divested business)

Insurance

Key figures

Title and Subtitle only than six colors in your graph.

• During the quarter, strong sales retail insurance led to NOK 40m in additional agent commissions compared to Q2 2024. Year to date agent commissions increased NOK 80m compared to H1 2024

• Storebrand maintains the 90-92% combined ratio ambition for the full year of 2025

• 23% overall growth in premiums f.o.a. compared to the corresponding period last year

• 7.4% market share in Norwegian retail P&C compared to 7.1% in the previous quarter ³

• 17 1. Combined ratio the past trailing twelve months.

  • 1. Excludes premiums in Storebrand Helseforsikring AS (50% ownership sold to Ergo International with closing Q2 2024). 3. According to the latest market data from Finance Norway.

Guaranteed pension

Title and Subtitle only than six colors in your graph.

Strong result supported by profit sharing in the quarter

Profit	Q2		Year to date		Full year
NOK million	2025	2024	2025	2024	2024
Fee and administration income	389	388	763	779	1 540
Operational cost	-226	-211	-462	-426	-871
Cash from equivalent earnings operations	163	177	301	352	669
Risk result life & pensions	21	10	58	54	35
Net profit sharing	172	119	259	188	522
Cash equivalent earnings before amortisation	356	306	617	595	1 226

Profit product line per	Q2		Year to date		Full year
NOK million	2025	2024	2025	2024	2024
Defined benefit (private & sector) public Norway ,	45	64	57	126	241
Norway1 Paid-up policies ,	185	108	283	214	395
Guaranteed products Sweden ,	127	135	278	255	589
Cash equivalent earnings before amortisation	356	306	617	595	1 226

Guaranteed pension

Title and Subtitle only than six colors in your graph.

Key figures

NOK million	Q2 2025	Q1 2025	Change
fund 2 Buffer	15 969	14 230	1 740 +
Excess value of bonds at amortised cost	-11 079	-13 669	2 590 +
Conditional bonuses SPP	17 853	16 776	1 078 +
Total	22 744	17 336	5 407 +

19 1. The term Buffer capital in this table is not consistent with the definition of buffer capital made in the IFRS accounting. 2. Includes Public Occupational Pensions buffer fund and market value adjustment reserve.

• Customer reserves of NOK 302bn, up by NOK 7bn in the quarter, driven by currency effects as well as some underlying growth in capital-light guaranteed products
• Net profit sharing of NOK 172m in the quarter against backdrop of supportive equity markets

Buffer capital ¹Guaranteed reserves in % of total reserves

Other ¹

Robust financial result supported by strong company portfolio returns

Profit	Q2		Year to date		Full year
NOK million	2025	2024	2025	2024	2024
Fee and administration income	4	4	11	11	23
Operational cost	-66	-66	-132	-147	-271
Cash equivalent earnings from operations	-62	-62	-121	-136	-248
Financial result	209	1 257	373	1 450	1 788
Cash equivalent earnings before amortisation	147	1 195	252	1 313	1 539

Title and Subtitle only than six colors in your graph.

On track to reach sustainability targets

1. Listed equity and corporate bonds

2. Emissions intensity (weighted average of emissions relative to company revenue, tonnes of CO2e per NOK 1 million in sales income)

3. Emissions intensity (kgCO2e per m2), location based. Status is updated yearly

4. Status per year end 2024.

Title only

21 5. World's Most Sustainable Companies of 2025 | TIME

1. Per Q2 2025, except real estate solutions which is updated per end year 2024

Financial and Sustainability goals as presented on Capital Markets Day in December 2023

Capital Markets Day 2025 | December 10th

Key Details

When Wednesday, 10 December 2025 Time of day to be confirmed

Where The event will be hosted in a hybrid format — available via live webcast and in person at Storebrand's headquarters at Lysaker Park

What Strategic and financial update

We welcome your suggestions for content or questions you would like addressed. Please share your input with our Investor Relations team at ir@storebrand.no

A full agenda, registration and more information will be made available on Storebrand's IR site

Title only

Q&A

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

Group CFO & Executive Vice President

24

Title only than six colors in your graph.

Group CEO Group Head of Strategy & Finance

Lars Aa. Løddesøl Odd Arild Grefstad Kjetil R. Krøkje Johannes Narum

Head of Investor Relations

5_Title Slide

Appendix

Storebrand Group Solvency movement from Q1 2025 to Q2 2025

Title and Subtitle only than six colors in your graph.

Asset allocation and foreign currency exposure for unit linked and asset management sub-segments

FX exposure1	NOK	SEK	Other Foreign
Unit Linked Norway	70 %	0 %	30 %
Unit Linked Sweden	0 %	50 %	50 %
Asset management	40 %	20 %	40 %

Asset allocation1	Equities	Bonds	Alternatives
Unit Linked Norway	70 %	25 %	5 %
Unit Linked Sweden	80 %	20 %	0 %
Asset management	50 %	30 %	20 %

Asset allocation – Guaranteed products

Overview of Special items

Quarter	Special items NOKm	Comments
Q2 2024	1,047	• NOK ~1,047m in financial gain in Other segment related to the divestment of shares in Storebrand Health Insurance
Q3 2024	67	• NOK ~67m in financial gain in Savings segment, Asset Management sub-segment, related to the revaluation of the initial shareholding (10%) in AIP Management
Q4 2024	-	-
Q1 2025	-	• AIP Management had a negative effect of NOK ~20m on the operational result in the quarter, on 100% basis. STB expects a positive contribution for the full year. This effect is not included in special items. In addition, event-driven income in Asset Management was close to zero in Q1 2025. • Higher sales in the tied agent distribution channel had a 2 p.p. negative impact on the cost/combined ratio in the overall insurance segment compared to Q1 2024. This effect is not included in special items.
Q2 2025	-	• AIP Management had a negative effect of NOK ~30m on the operational result in the quarter on 100% basis (booked in the savings segment, asset management sub-segment). • Higher sales in the tied agent distribution channel had a NOK 40m negative impact on the operational cost in the overall insurance segment compared to Q2 2024. STB has no deferred acquisition cost in Insurance, when sales are strong all costs are taken up-front. This effect is not included in special items. • A reclassification in Storebrand's alternative accounting will affect the cost guidance for 2025. Please see the Outlook section in the Q2 2025 quarterly report for more information. The reclassification does not affect IFRS figures.

For further information

Important information

Title only than six colors in your graph.

This document may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may be beyond the Storebrand Group's control. As a result, the Storebrand Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in these forward-looking statements. Important factors that may cause such a difference for the Storebrand Group include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) market related risks such as changes in equity markets, interest rates and exchange rates, and the performance of financial markets generally.

The Storebrand Group assumes no responsibility to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make.

Thank you

Financial calendar

22 October 2025 Results Q3 2025 10 December 2025 Capital Markets Day

Title Big Only

1_End Slide Logo tagline