Storebrand (STB) Q3 2025 earnings summary

Executive summary

• Record-high group profit of NOK 1,586 million in Q3 2025, up 5% year-over-year, driven by growth, cost control, and improved insurance results.

• Operational result reached NOK 1,091 million, up 16% year-over-year.

• Double-digit growth continues across all business segments, with strong positions in occupational pensions, asset management, and retail financial services.

• Strategic focus on sustainability, digitalization, and capital-light business areas as growth enablers.

• Kjetil R. Krøkje appointed as new CFO, succeeding Lars Aa. Løddesøl after 14 years.

Financial highlights

• Group profit before amortisation and tax (IFRS) was NOK 1,807 million in Q3 2025, up from NOK 1,396 million in Q3 2024.

• Insurance premiums exceeded NOK 10 billion, a 20% increase from last year.

• Assets under management (AUM) grew 16% year-over-year to NOK 1,561 billion.

• Earnings per share at NOK 3.08; cash EPS for Q3 2025 was 3.12.

• Solvency II ratio at 195%, down from 200% last quarter, but well above the 175% threshold.

Outlook and guidance

• Double-digit growth ambition for 2025 with cost guidance of NOK 6.9 billion for the full year.

• Dividend growth expected to be consistent with previous years, with share buybacks planned if solvency margin remains above 175%.

• VAT Act changes expected to increase costs by NOK 100 million annually from H2 2026; mitigation measures underway.

• Combined ratio ambition for insurance remains at 90-92%, with 2025 potentially slightly higher due to strong sales and weather-related claims.

• Expectation of a negative impact of less than NOK 50 million from Storm Amy in Q4.