Storebrand (STB) SEB Nordic Conference presentation summary

Strategic direction and business model

• Focus on sustainable value creation and leadership in the Nordic savings and insurance market.

• Transitioning to a capital-light business model with strong group synergies.

• Growth emphasis on unit linked pensions, asset management, and retail banking.

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

Financial performance and growth

• Double-digit growth across unit linked pensions, asset management, insurance, and retail banking from 2016 to Q3 2024.

• Group result up 41% year-over-year, with operating profit up 36% and financial result up 49%.

• Strong earnings momentum driven by scalable business model and improved insurance results.

• Savings and asset management segments show robust profit growth, while insurance profitability is gradually improving.

Capital management and shareholder returns

• Solvency II ratio at 190% in Q3 2024, well above the 150% target.

• Policy to return excess capital via share buybacks when solvency exceeds 175%.

• History of growing dividends per share and share buybacks, with an ambition of NOK 12bn in buybacks by 2030.

• Earnings per share growth supported by ongoing buybacks and strong profit ambition for 2025.