Storebrand (STB) ABG Nordic Insurance Trip presentation summary

Continued double-digit growth across business segments

• Unit linked pension reserves grew 19% year-over-year to NOK 426bn by Q2 2024, with a CAGR of 18% since 2016.

• Assets under management increased 14% year-over-year to NOK 1,298bn, with a CAGR of 13% since 2016.

• Insurance portfolio premiums rose 16% year-over-year, and retail bank loan balances grew 13% year-over-year.

Strong Q2 2024 financial performance

• Operating result driven by growth and cost control, with a group result of MNOK 1,047 for Q2 2024.

• Financial result boosted by the divestment of Storebrand Health Insurance.

• Solvency ratio reached 191%, and a NOK 1.1bn share buyback program is ongoing.

Strategic transactions and capital management

• Increased ownership in AIP Management from 10% to 60%, with EUR 8bn in investor commitments.

• Divestment of 50% ownership in Storebrand Health Insurance concluded, resulting in a positive financial gain.

• Investment in new corporate headquarters with a gross property value of NOK ~1.7bn.