Steady Course through Volatile Straits
· A solid first quarter, with group profit [1] of NOK 1,353 million, up by 16
percent year-on-year.
· Operating profit [1] of 1,026 million, up by 28 percent year-on-year.
· Strong insurance result [1] of NOK 665 million, up by 42 percent year-on
-year.
· Storebrand's Norwegian retail P&C market share grew from 7.1 to 7.9 percent
year-on-year [2].
· Record-high solvency ratio of 206 percent in the quarter.
· Return on Equity [1] of 15 percent last twelve months.
"Storebrand delivered a solid first quarter of 2026. The insurance segment
contributed substantially. The improvement is driven by a growing number of
retail customers choosing Storebrand as their insurance provider. We are the
fastest-growing player in the profitable retail P&C market, now holding a market
share of around 8 percent," says CEO Odd Arild Grefstad.
"The world is marked by significant uncertainty and conflicts affecting markets,
businesses and people. Storebrand has demonstrated resilience over time and this
quarter is no exception. I am particularly pleased to see double-digit growth in
the operational result in both unit linked and asset management. In both areas,
efficiency programmes and cost discipline are delivering the intended results.
In asset management we are seeing the cost-income ratio come down, in line with
the priorities we set out at the Capital Markets Day in December," says
Grefstad.
"Our technology and business teams are moving significantly faster as we scale
AI-driven development across the organisation and increase the share of software
built in-house. At the same time, we are deploying advanced AI capabilities in a
range of business functions and identifying both commercial impact and
operational efficiency gains throughout our value chain," says Grefstad.
"I am also very pleased that Parliament has passed a new legislation on paid-up
policies, a change we have worked towards for many years. The old rules forced
paid-up policies into overly cautious investment strategies, and customers have
gradually lost purchasing power as a result. The new framework enables long-term
investment strategies, with higher expected pensions for around 600,000
Norwegians," says Grefstad.
Strong operational result development across all business segments
Storebrand achieved operating profits of NOK 1,026 million (800 million) in the
1st quarter, up by 28 percent year-on-year, driven by positive development
across all segments. The financial result amounted to NOK 327 million (367
million) in the quarter. Financial market volatility contributed to limited
profit sharing and moderate returns in the company portfolios. The group profit
before tax and amortisation amounted to NOK 1,353 million (1,167 million), up by
16 percent year-on-year.
Fee and administration income amounted to NOK 2,097 million (1,997 million) in
the 1st quarter, up by 5 percent year-on-year. The income growth was driven by
the savings segment, which recorded growth across all sub-segments.
The insurance result improved by 42 percent year-on-year, amounting to NOK 665
million (470 million) in the quarter. Earnings before amortisation rose 98
percent over the same period. The improvement was mainly driven by the Retail
segment, with strong result development despite high distribution costs from
successful sales. Storebrand is building on the momentum from being the fastest
-growing retail player, growing portfolio premiums by 23 percent year-on-year,
driven by repricing measures and more customers choosing Storebrand as their
insurance provider. The total combined ratio improved 4 percentage points,
ending at 93 percent (97 percent) in the quarter.
Group operational costs are up 4 percent year-on-year, well within the guidance
of 5 percent annual cost growth communicated at the Capital Markets Day in
December.
The NOK appreciated approximately 7 percent against the SEK in the quarter.
Currency movements of this magnitude will negatively affect earnings and assets
under management, impacting both our Swedish business and asset management more
broadly. Due to hedging instruments, this currency movement also impacts the
effective tax rate, which ended on 36 percent in the quarter. The estimated
normal tax rate is 19-22 percent.
Positive changes in the regulation of paid-up policies
A recent legislation introduces significant changes to the regulation of paid-up
policies and other guaranteed pension products, with effect from second half of
2026. Changes include more flexible guarantee rules, designed to support long
-term investment strategies. The change enables higher exposure to assets
classes with higher expected customer returns, and will on expected basis
improve pensions for customers and profit-sharing for shareholders.
Ongoing share buyback programme with strong capital position
Storebrand's capital position remains strong. The solvency ratio was 206 percent
at the end of the first quarter, well above the threshold for share buybacks of
175 percent. Storebrand plans to execute NOK 2 billion in share buybacks in
2026, split in two tranches of NOK 1 billion each. During the quarter, NOK 0.4
billion were executed.
Key figures for the quarter (Q1 2025 in brackets)
· Earnings per share (EPS), adjusted for amortisation [1]: NOK 2.10 (NOK 2.42)
· Equity: NOK 33,982 million (NOK 32,705 million)
· Assets under management (AuM): NOK 1,543 billion (NOK 1,442 billion)
· Annualised Return on Equity (ROE) [1]: 12 percent (15 percent)
· Solvency ratio: 206 percent (198 percent)
Activities related to the 1st quarter 2026
07:00 CET: Release of stock exchange notification. Press release, quarterly
report and analyst presentation available on www.storebrand.no/ir.
10:00 CET: Live investor and analyst conference in English. A webcast will be
available at www.storebrand.no/ir. The presentation will be available on demand
afterwards. Analysts who would like to ask questions at the end of the
presentation must register for and participate in the MS Teams Webinar.
Link to registration and webcast: https://www.storebrand.no/en/investor
-relations/quarterly-reporting/programme.
For further inquiries, please contact:
Johannes Narum, Head of Investor Relations: johannes.narum@storebrand.no or
(+47) 993 33 569
Kjetil Ramberg Krøkje, Group CFO: kjetil.r.krokje@storebrand.no or (+47) 934
12 155
Stig-Øyvind Blystad, Director of Communications: stig
-oyvind.blystad@storebrand.no or (+47) 918 47 226
About Storebrand
Storebrand is a Nordic financial group, delivering increased security and
financial wellness for people and companies. We offer sustainable solutions and
encourage our customers to make good economic decisions for the future. Our
purpose is clear: we create a brighter future.
Storebrand has about 61,000 corporate customers, 2.6 million individual
customers and manages NOK 1,543 billion. The Group is headquartered at Lysaker
outside of Oslo, Norway. Storebrand (STB) is listed on Oslo Stock Exchange.
Visit us on www.storebrand.no.
This information is pursuant to the EU Market Abuse Regulation and subject to
the disclosure requirements in Section 5-12 the Norwegian Securities Trading
Act.
This information is based on the Storebrand Group's alternative income statement
and contains Alternative Performance Measures (APM) as defined by the European
Securities and Market Authority (ESMA). The alternative income statement is
based on reported IFRS results for the individual group companies. The statement
differs from the official accounts layout. An overview of APMs used in financial
reporting is available on storebrand.com/ir.
[1] Cash equivalent earnings before amortisation and tax.
http://www.storebrand.no/ir provides an overview of APMs used in financial
reporting.
[2] According to the latest market data from Finance Norway (Q4 2025).