Storebrand (STB) Investor presentation summary

Overview and strategy

• Market leader in pensions in Norway and strong in Sweden, with significant presence in asset management and retail banking.

• Focus on capital-light business areas, shifting away from guaranteed products to savings and insurance.

• Strategic priorities include sustainability, digitalization, and capital management for shareholder returns.

• Committed to net-zero investment portfolios by 2050, with intermediate 2025 targets.

• Group structure is diversified, with multiple business units and no single shareholder holding over 25%.

Financial performance and growth

• Achieved double-digit growth in unit linked pensions, asset management, insurance, and retail banking from 2018 to Q2 2025.

• Q2 2025 group result was NOK 2,594 million, with 16% AuM growth and 18% return on equity.

• Cash equivalent earnings before amortisation reached NOK 1,427 million in Q2 2025.

• Strong profit contributions from savings, insurance, and guaranteed pension segments.

• Maintains ambition for >14% group return on equity by 2025.

Capital position and solvency

• Solid capital position with a 200% Solvency II ratio in Q2 2025, well above the 150% target.

• Moderate leverage and strong debt servicing capacity, with leverage ratio around 19-20%.

• Consistent capital management policy, returning excess capital via share buybacks when solvency exceeds 175%.

• Liquidity position remains strong, supported by undrawn revolving credit facilities.

• Asset allocation for guaranteed products remains diversified across bonds, equities, real estate, and loans.