Storebrand (STB) Investor presentation summary

Overview and strategy

• Leading Nordic provider of occupational pensions, asset management, and a growing retail challenger, with 55,000 corporate customers and 2.2 million individuals served.

• Transitioned from capital-intensive guaranteed business to capital-light savings and insurance, with high-quality assets and diversified profit streams.

• Focus on sustainability, digitalization, and capital management, targeting net-zero investments by 2050 and growing dividends and buybacks.

• Double-digit growth in unit-linked pensions, asset management, insurance premiums, and retail banking since 2016.

• Market leader in Norway and Sweden for occupational pensions, with strong digital presence in Sweden.

Capital and solvency

• Maintains a solid capital position with a 200% Solvency II ratio at group level and 268% for Storebrand Livsforsikring AS as of Q4 2024.

• Capital management policy aims for nominally growing dividends and share buybacks when solvency exceeds 175%.

• Low leverage and strong liquidity, supported by a diversified capital base and undrawn revolving credit facility.

• S&P Global rates Storebrand Livsforsikring AS at A (stable) and Storebrand ASA at BBB+ (stable), reflecting improved capital adequacy and earnings.

• Asset allocation emphasizes high-quality fixed income, with average bond ratings of AA-/AA and book yields above 3%.

Financial performance Q4 and FY 2024

• Delivered NOK ~84bn in returns to customers and achieved value-accretive M&A and divestments.

• Group result before amortization and tax reached NOK 5,904m for FY 2024, with strong growth in assets under management (NOK 1,469bn), unit-linked reserves (+21%), and insurance premiums (+19%).

• Dividend per share increased to NOK 4.7, with approval for NOK 1.5bn share buybacks in 2025.

• Improved earnings per share to 4.59 and maintained a robust solvency position throughout the year.

• Insurance combined ratio targeted to return to 90-92% in 2025 after temporary losses; market share in Norwegian retail P&C increased.