Interim report
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Interim report 2nd quarter 2025 Storebrand Group (unaudited)
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Interim Report Storebrand Group 2 Contents Financial performance business areas Storebrand Group ............................................................................................................................................................................................ 3 Savings ............................................................................................................................................................................................................. 6 Insurance .......................................................................................................................................................................................................... 7 Guaranteed pension ....................................................................................................................................................................................... 9 Other ............................................................................................................................................................................................................... 10 Balance sheet and capital situation ............................................................................................................................................................. 11 Outlook ........................................................................................................................................................................................................... 13 Financial statements Storebrand Group Income statement ......................................................................................................................................................................................... 15 Statement of comprehensive income ......................................................................................................................................................... 16 Statement of financial position ..................................................................................................................................................................... 17 Statement of changes in equity .................................................................................................................................................................... 18 Statement of cash flow ................................................................................................................................................................................. 19 Notes .............................................................................................................................................................................................................. 21 Financial statements Storebrand ASA Income statement ......................................................................................................................................................................................... 37 Statement of comprehensive income ......................................................................................................................................................... 37 Statement of financial position ..................................................................................................................................................................... 38 Statement of changes in equity .................................................................................................................................................................... 39 Statement of cash flow ................................................................................................................................................................................. 40 Notes .............................................................................................................................................................................................................. 41 Declaration by member of Board ................................................................................................................................................................ 42 Important notice: This document may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may be beyond the Storebrand Group’s control. As a result, the Storeb rand Group’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in these forward -looking statements. Important factors that may cause such a difference for the Storebrand Group include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) market related risks such as changes in equi ty markets, interest rates and exchange rates, and the performance of financial markets generally. The Storebrand Group assumes no responsibility to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make. This document contains alternative performance measures (APM) as defined by The European Securities and Market Authority (ESMA). An overview of APM can be found at www.storebrand.com/ir.
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3 Interim Report Storebrand Group Storebrand Group • Fee and administration income of NOK 2,070m in the quarter, up 10% year on year • Operational result up by 16% year-on-year, supported by improving insurance results • Improved financial result, driven by profit sharing in Norway and robust company portfolio returns • Cash equivalent earnings3 of NOK 1,427m in the 2nd quarter, up by 19% year-on-year4 • Return on Equity3 (annualised) of 18% in the 2nd quarter Storebrand’s ambition is to provide our customers with financial freedom and security by being the best provider of long -term savings and insurance. The Group offers an integrated product range spanning from life insurance, P&C insurance, asset management and banking to private individuals, companies and public sector entities. The Group is divided into the segments Savings, Insurance, Guaranteed Pens ion and Other. Cash equivalent earnings1 2025 2024 01.01 - 30.06 Full year NOK million Q2 Q1 Q4 Q3 Q2 2025 2024 2024 Fee and administration income 2,070 1,997 1,908 1,971 1,888 4,067 3,706 7,585 Insurance result 635 470 394 483 396 1,105 763 1,640 Operational cost -1,751 -1,667 -1,600 -1,509 -1,465 -3,418 -2,962 -6,072 Cash equivalent earnings from operations 953 800 702 944 819 1,753 1,507 3,153 Financial items and risk result life 474 367 363 563 1,431 841 1,824 2,751 Cash equivalent earnings before amortisation 1,427 1,167 1,065 1,507 2,249 2,594 3,331 5,904 Amortisation and write-downs of intangible assets -78 -77 -77 -73 -72 -155 -145 -295 Cash equivalent earnings before tax 1,349 1,090 988 1,434 2,177 2,439 3,186 5,609 Tax -190 -117 -353 -141 -213 -307 -360 -854 Cash equivalent earnings after tax 1,159 973 635 1,293 1,964 2,132 2,826 4,754 How to read this report From 2023, the Storebrand Group reports its official IFRS financial statements in accordance with IFRS 17 and IFRS 9, which replaced IFRS 4 and IAS 39 on 1 January 2023. A short comment on the financial performance under IFRS is given in the subsection below and detailed disclosure is available under the "Financial statements Storebrand Group" section. For the remaining part of the report, Storebrand continues to report and comment on the alternative income statement in parallel with IFRS statements of fina ncial position. The alternative income statement is based on the statutory accounts of all the main subsidiaries and is an approximation of the cash generated in the period, while the IFRS statement includes profit-and-loss effects of updated estimates and assumptions about the timing of future cash flows and insurance services provided2. Financial performance (IFRS) Group profit before amortisation and tax was NOK 1,515m (2,546m) in the 2nd quarter and NOK 2,740m (NOK 3,725m) year to date. The profit in the 2nd quarter of 2024 was positively affected by a financial gain from the divestment of Storebrand Health Insuran ce. Storebrand Group’s net insurance service result was NOK 725m (NOK 451m) in the 2nd quarter and NOK 1,315m (NOK 1,229m) year to date. The improved insurance service result is mainly attributed to positive development for the insurance contracts measured according to the premium allocation approach. On a general basis, higher volatility is expected under IFRS 17 due to the measurement models applied. 1 The income statement is based on reported IFRS results for the individual group companies. The statement differs from the off icial accounts layout. 2 Due to the fundamental differences between IFRS 17 and the alternative income statement, it is not possible to reconcile the numbers. 3 Please see www.storebrand.no/ir for an overview of APMs used in financial reporting . 4 Adjusted for the net gain from the divestment of Storebrand Health Insurance in the 2nd quarter last year . Financial performance (alternative income statement) Storebrand Group’s cash equivalent earnings before amortisation were NOK 1,427m (NOK 2,249m) in the 2nd quarter and NOK 2,594m (NOK 3,331m) year to date. The strong result reflects continued underlying growth across the business, improved insurance results and a strong financial result. Compared to the 2nd quarter last year, cash equivalent earnings before amortisation increased by 19%, adjusted for the net gain from the divestment of Storebrand Health Insurance in the 2nd quarter of 2024. Total fee and administration income amounted to NOK 2,070m (NOK 1,888m) in the 2nd quarter and NOK 4,067m (NOK 3,706m) year to date, corresponding to an increase of 10% compared to the same quarter last year and an increase of 10% year to date. The rise in fee and administration income is attributed to the savings segment, which experienced solid growth across Unit Linked, Asset Management, and Retail Banking. The Insurance result amounted to NOK 635m (NOK 396m) in the 2nd quarter and NOK 1,105m (NOK 763m) year to date . Compared to the 2nd quarter of 2024, both the Retail and Corporate segments contributed to improved results, driven by repricing measures and solid volume growth. Within Retail, P&C products saw a positive result development, while individual life saw a negative development. Results in the Corporate segment reflected a stable development within life related coverages.
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Interim Report Storebrand Group 4 The total combined ratio for the Insurance segment was 91% (97%) in the 2nd quarter and 94% (97%) year to date . Uncertainty persists regarding disability development in Norwegian society, and Storebrand is closely monitoring the situation. The Group’s operational cost amounted to NOK -1,751m (NOK -1,465m) in the 2nd quarter and NOK -3,418m (NOK - 2,962m) year to date. The increase is mainly attributed to the acquisition of AIP, higher agent commissions driven by increased insurance sales, investment in growth and digital initiatives. The Outlook chapter contains comments related to the full year cost guidance. Overall, the cash equivalent earnings from operations amounted to NOK 953m (NOK 819m) in the 2nd quarter and NOK 1,753m (NOK 1,507m) year to date, up 16% year on year. The cash equivalent earnings from operations were negatively affected by a negative contribution from AIP where quarterly earnings volatility may be expected. The ‘financial items and risk result ’ amounted to NOK 474m (NOK 1,431m) in the 2nd quarter and NOK 841m (NOK 1,824m) year to date. The comparable numbers for 2024 include the net gain of NOK 1,047m from the divestment of Storebrand Health Insurance. Company portfolio returns were robust, and profit sharing and risk result s in the guaranteed portfolio increased. Net profit sharing amounted to NOK 172m (NOK 119m) in the 2nd quarter and NOK 259m (NOK 188m) year to date. The risk result amounted to NOK 21m (NOK 10m) in the 2nd quarter and NOK 58m (NOK 54m) year to date. Amortisation of intangible assets from acquired business amounted to NOK -78m (NOK -72m) in the 2nd quarter and NOK -155m (NOK -145m) year to date. Tax expenses for the Group amounted to NOK -190m (NOK - 213m) in the 2nd quarter and NOK -307m (NOK -360m) year to date. The quarterly effective tax rate was 14%. The low effective tax rate in the quarter is due to taxable unrealised losses on currency hedges related to the Swedish business and corresponding non-taxable unrealised gains on the shares in the subsidiaries, as the Swedish krona appreciated against the Norwegian krone . The estimated normal tax rate is 19 -22%, depending on each legal entity’s contribution to the Group result. Currency fluctuations and varying tax rates in different countries of operations impact the quarterly tax rate. The Group reports its cash equivalent earnings by business segment. For a more detailed description, see the sections by segment in the report. Capital situation The solvency ratio was 200% at the end of the 2nd quarter, an increase of 2 percentage points from the 1st quarter. The implementation of CRR3 for Norwegian Banks had a positive contribution on the solvency ratio of approx. 5 percentage points. This was partly offset by strong equity markets that led to an increased SCR . The solvency ratio continues to be well above the threshold for overcapitalisation of 175%. Storebrand submitted an internal model application to the Norwegian FSA in the 2nd quarter of 2024. Dividend and share buyback During the first half of 2025, Storebrand executed NOK 750m in share buybacks, with NOK 473m completed in the 2nd quarter. Storebrand has approval from the FSA to conduct NOK 1.5bn in share buybacks for the full year, subject to a solvency ratio above 175%. Based on the strong solvency position and a forward-looking assessment, the Board intends to continue the share buyback program with a tranche amounting to a maximum of NOK 750m in the 2nd half of the year. The tranche will be initiated on 11 July 2025 and end no later than 19 December 2025. The ambition is to return NOK 12bn of excess capital by the end of 2030 as the run -off of the guaranteed business releases capital. Cash equivalent earnings by segment 2025 2024 01.01 - 30.06 Full year NOK million Q2 Q1 Q4 Q3 Q2 2025 2024 2024 Savings - non-guaranteed 634 659 610 785 630 1,293 1,197 2,592 Insurance 289 142 106 214 118 432 225 546 Guaranteed pension 356 261 285 346 306 617 595 1,226 Other profit 147 105 64 162 1,195 252 1,313 1,539 Cash equivalent earnings before amortisation 1,427 1,167 1,065 1,507 2,249 2,594 3,331 5,904
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5 Interim Report Storebrand Group Group - Key figures 2025 2024 01.01 - 30.06 Full year Q2 Q1 Q4 Q3 Q2 2025 2024 2024 Cash equivalent EPS 2.87 2.42 1.66 3.12 4.59 5.29 6.69 11.47 Equity 31,609 32,705 32,113 30,672 29,986 31,609 29,986 32,113 Cash ROE, annualised 17.9% 15.2% 10.7% 21.2% 33.3% 16.2% 23.0% 18.4% Solvency II ratio 200% 198% 200% 190% 191% 200% 191% 200% Financial metrics Target Actual Cash return on equity (last 12 months, after tax) 14% 15% Future Storebrand (Savings & Insurance)* 7% Back book (Guaranteed & Other)* 42% Pay-out ratio after tax, total** 74% Dividend pay-out ratio 43% Share buybacks 32% Solvency II ratio Storebrand Group > 150% 200% * The RoE is calculated based on the profit for the last 12 months, after tax and before amortisation of intangible assets, divided on a pro forma distribution of the IFRS equity less hybrid capital per line of business (opening balance). The capital is allocated based on the capital consumption under SII and CRD IV adjusted for positive capital contribution to own funds. The segments Savings, Insurance and Other are calibrated at 150% of the capital requirement (before own funds contribution), while the remainder of the capital is allocated to the Guaranteed segment. The methodology is an estimation of ROE pr. reporting segment. ** The pay-out ratio is based on the cash-result after tax and amortisation
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Interim Report Storebrand Group 6 Savings • Fee and administration income up by 13% year-on-year to NOK 1,767m • Cash equivalent earnings before amortisation up by 1% year-on-year to NOK 634m • 24% growth in cash equivalent earnings before amortisation within Retail banking including Kron The Savings segment includes savings products without interest rate guarantees. The segment consists of Defined Contribution pensions in Norway and Sweden under the Unit Linked products, as well as asset management and retail banking products. Savings – Results 2025 2024 01.01 - 30.06 Full year NOK million Q2 Q1 Q4 Q3 Q2 2025 2024 2024 Fee and administration income 1,767 1,706 1,607 1,660 1,567 3,473 3,061 6,327 Operational cost -1,119 -1,056 -1,012 -948 -923 -2,175 -1,870 -3,831 Cash equivalent earnings from operations 648 650 594 712 644 1,298 1,191 2,497 Financial result -14 9 16 73 -13 -5 7 96 Cash equivalent earnings before amortisation 634 659 610 785 630 1,293 1,197 2,592 Financial performance The Savings segment reported cash equivalent earnings before amortisation of NOK 634m (NOK 630m) in the 2nd quarter and NOK 1,293m (NOK 1,197m) year to date, up by 1% compared to the 2nd quarter last year. Fee and administration income in the Savings segment amounted to NOK 1,767m (NOK 1,567m) in the 2nd quarter and NOK 3,473m (NOK 3,061m) year to date , corresponding to growth of 12% year-on-year (adjusted for currency effect NOK vs SEK). In Asset Management, fee and administration income grew by 21% compared to the same quarter last year . Excluding the AIP Management acquisition, fee and administration income increased by 1 3%. Performance based income amounted to NOK 91m in the quarter, up from NOK 63m in Q2 2024. In Unit Linked Norway, income grew by 11% compared to the same quarter last year. Structural growth in the underlying business and positive markets were supportive. In Sweden, fee and administration income decreased by 3% compared to the same quarter last year, mainly due to negative effect from market movements, currency effects and lower margins. In Retail Banking including Kron and savings distribution, income grew by 15% from the 2nd quarter last year. Volume growth impacted positively, whilst the development in the net interest margin impacted negatively, declining from 1.57% in the 4th quarter last year to 1.51% in the 2nd quarter. Operational costs amounted to NOK -1,119m (NOK -923m) in the 2nd quarter and NOK -2,175m (NOK -1,870m) year to date. The cost increase is related to the AIP acquisition, growth in the business, and underlying price inflation and wage growth. The financial result was NOK -14m (NOK -13m) in the 2nd quarter and NOK -5m (NOK 7m) year to date. Balance sheet and market trends Total assets under management stood at NOK 1,507bn at the end of the 2nd quarter compared to NOK 1,469bn at the end of the 4th quarter last year. The growth was driven by positive market return in the quarter. Assets under management in Unit Linked increased to NOK 475bn (NOK 426bn) from NOK 446bn last quarter. Unit Linked premiums increased to NOK 8.0bn (NOK 7. 7bn) in the 2nd quarter. In the Norwegian Unit Linked business, AUM increased to NOK 261bn (NOK 232bn) from NOK 245bn last quarter. Net inflow amounted to NOK 1. 7bn (NOK 1.5bn). In the Swedish Unit Linked business, AUM increased by NOK 12bn in the 2nd quarter and amounted to NOK 213bn at end of the period. Net inflow in Sweden amounted to NOK 1.4bn (NOK 1.7bn) in the 2nd quarter. The bank lending portfolio increased by NOK 2.9bn (3%) to NOK 92.3bn during the quarter. Savings - Key figures 2025 2024 NOK million Q2 Q1 Q4 Q3 Q2 Premium income Unit Linked 7,971 7,911 7,717 7,617 7,736 Unit Linked reserves 475,193 446,308 458,525 448,514 425,589 AuM Asset Management 1,506,704 1,441,878 1,468,840 1,347,397 1,298,128 Retail lending* 92,318 89,419 86,501 84,818 82,155 *Includes mortgages on the Storebrand Livsforsikring AS balance sheet
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7 Interim Report Storebrand Group Insurance • 23% growth in insurance premiums f.o.a. year-on-year • 27% growth in Retail insurance premiums f.o.a. year-on-year • Combined ratio of 91% in the quarter compared to 97% in Q2 2024 The Insurance segment includes P&C insurance and personal risk products in the Norwegian retail market and employer’s liability insurance and pension-related insurance in the Norwegian and Swedish corporate markets. Insurance – Results 2025 2024 01.01 - 30.06 Full year NOK million Q2 Q1 Q4 Q3 Q2 2025 2024 2024 Insurance premiums f.o.a. 2,408 2,256 2,134 2,044 1,955 4,665 3,830 8,008 Claims f.o.a. -1,774 -1,786 -1,740 -1,561 -1,559 -3,560 -3,067 -6,368 Operational cost -430 -399 -390 -351 -336 -829 -663 -1,404 Cash equivalent earnings from operations 205 71 4 132 60 276 100 236 Financial result 85 72 102 82 58 156 126 310 Cash equivalent earnings before amortisation 289 142 106 214 118 432 225 546 Claims ratio 74% 79% 82% 76% 80% 76% 80% 80% Cost ratio 18% 18% 18% 17% 17% 18% 17% 18% Combined ratio 91% 97% 100% 94% 97% 94% 97% 97% Financial performance Insurance premiums f.o.a. amounted to NOK 2,408m (NOK 1,955m) in the 2nd quarter and NOK 4,665m (NOK 3,830m) year to date, corresponding to an increase of 23% compared to the same quarter last year and an increase of 22% year to date. A significant portion of the portfolio was repriced during the annual renewal in the first quarter, with churn remaining within normal variation . The cost ratio was 18% (17%), with cost amounting to NOK -430m (NOK -336m) in the 2nd quarter and NOK -829m (NOK -663m) year to date. For the segment overall, cash equivalent earnings before amortisation amounted to NOK 289m (NOK 118m) in the 2nd quarter and NOK 432m (NOK 225m) year to date. The total combined ratio was 91% (97%) in the 2nd quarter and 94% (97%) year to date. The combined ratio improvement stemmed from several measures, including repricing across segments. Uncertainty persists regarding disability development in Norwegian society, and Storebrand is closely monitoring the situation. Storebrand maintains the 90 -92% combined ratio ambition for the full year of 2025. Within ' Retail insurance ', strong growth continued with premiums f.o.a. up by 27% in the 2nd quarter year over year . The growth is attributed to significant price increases and continued volume growth. The cash equivalent earnings before amortisation were NOK 182m (NOK 33m) in the 2nd quarter and NOK 258m (NOK 89m) year to date . Within Retail, P&C products had a positive development, and individual life had a negative development, driven by increased disability claims . The claims ratio was 69% (80%) in the 2nd quarter and 73% (80%) year to date. Operational cost increased to NOK -289m (NOK -219m) in the 2nd quarter and NOK -549m (NOK - 424m) year to date , mainly due to higher agent commissions driven by strong sales . Agent commissions increased by NOK 40m compared to Q2 2024. Altogether, the segment delivered a combined ratio of 90% (100%) in the 2nd quarter and 94% (100%) year to date. In 'Corporate insurance', premiums f.o.a. increased by 1 9% in the 2nd quarter. Due to a continued adverse disability development in Norway, prices were significantly increased with effect from 2025. The development was stable and as expected in the 2nd quarter. The situation is monitored closely. 'Corporate insurance' reported cash equivalent earnings before amortisation of NOK 107m (NOK 85m) in the 2nd quarter and NOK 174m (NOK 137m) year to date. The result in the quarter represents a stable development within life related coverages. The establishment of the corporate P&C business is still in the ramp-up phase and had a moderate positive effect on the results. In sum, 'Corporate insurance' reported a combined ratio of 93% (93%) in the 2nd quarter and 94% (94%) year to date. The Insurance investment portfolio is primarily invested in fixed income securities with short to medium duration and achieved a financial return of 1.3% in the 2nd quarter. Balance sheet and market trends The Insurance segment offers a broad range of products to the retail market in Norway, as well as to the corporate market in both Norway and Sweden. Overall growth in annual portfolio premiums amounted to 21% compared to the same quarter last year. Growth in ' Retail insurance ' amounted to 26% and 'Corporate insurance' grew by 15%. Storebrand has an ambition to grow the insurance business, particularly within P&C. As of the 2nd quarter, 57% of the insurance portfolio was accounted for by 'Retail insurance'. Storebrand is one of the fastest growing companies within Norwegian retail P&C and held a market share of 7.4% as of the 1st quarter compared to 6.9% in the same quarter last year adjusted for divested business, according to the latest market data.
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Interim Report Storebrand Group 8 Insurance – Portfolio premiums 2025 2024 NOK million Q2 Q1 Q4 Q3 Q2 Retail insurance 5,679 5,342 4,938 4,715 4,511 Corporate insurance* 4,236 4,133 3,908 3,859 3,673 Total written premiums 9,915 9,475 8,846 8,574 8,184 Investment portfolio** 12,505 12,252 11,364 11,371 11,345 * Excludes portfolio premiums in Storebrand Helseforsikring AS (50% ownership sold to Ergo International Q2 2024). ** Ca. NOK 3.8bn of the investment portfolio is linked to disability coverages where the investment result goes to the customer reserves and not as a result element in the P&L.
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9 Interim Report Storebrand Group Guaranteed pension • Fee and administration income at NOK 389m, a stable development year-on-year • Net profit sharing of NOK 172m against backdrop of supportive equity markets • Buffer capital at 8.1% of guaranteed reserves, up from 6.8% in the corresponding quarter last year The Guaranteed Pension segment includes long-term pension savings products that give customers a guaranteed rate of return, but most products are closed for new business and are in run-off. The area includes defined benefit pensions in Norway and Sweden, p aid-up policies, public sector occupational pensions, and individual capital and pension insurance. Guaranteed pension – Results 2025 2024 01.01 - 30.06 Full year NOK million Q2 Q1 Q4 Q3 Q2 2025 2024 2024 Fee and administration income 389 373 376 385 388 763 779 1,540 Operational cost -226 -236 -222 -223 -211 -462 -426 -871 Cash equivalent earnings from operations 163 138 154 162 177 301 352 669 Risk result life & pensions 21 36 -22 3 10 58 54 35 Net profit sharing 172 87 153 181 119 259 188 522 Cash equivalent earnings before amortisation 356 261 285 346 306 617 595 1,226 Financial performance Guaranteed pension achieved cash equivalent earnings before amortisation of NOK 356m (NOK 306m) in the 2nd quarter and NOK 617m (NOK 595m) year to date. Fee and administration income amounted to NOK 389m (NOK 388m) in the 2nd quarter and NOK 763m (NOK 779m) year to date. The development reflects a reduced contribution within paid-up polices due to reduced fees from transferred closed corporate pension funds which were significant last year. Growth in public sector pensions had a positive effect. Operational cost amounted to NOK -226m (NOK -211m) in the 2nd quarter and NOK -462m (NOK -426m) year to date. The cost increase is mainly attributed to growth initiatives in the public sector in Norway and increased activity for capital -light guaranteed products in Sweden. The cash equivalent earnings from operations fell to NOK 163m (NOK 177m) in the 2nd quarter and NOK 301m (NOK 352m) year to date. The risk result was NOK 21m (NOK 10m) in the 2nd quarter and NOK 58m (NOK 54m) year to date . Overall, the result saw a stable development in the quarter, with some underlying variation across sub -segments. Paid -up policies contributed positively to the result, while defined benefit and guaranteed products in Sweden contributed negatively . Net profit sharing amounted to NOK 172m (NOK 119m) in the 2nd quarter and NOK 259m (NOK 188m) year to date. Strong equity markets in the 2nd quarter improved profit sharing in both Norway and Sweden. However, this was partly offset by a reduced ‘volatility adjustment’ in the Swedish business. Balance sheet and market trends The majority of the guaranteed products are in long term run - off. As of the 2nd quarter, customer reserves of guaranteed pensions amounted to NOK 302bn. This represented an increase of NOK 7bn in the quarter, driven by currency effects as well as growth in public pension in Norway and capital-light guaranteed products in Sweden. A growth area for Storebrand is public sector occupational pensions, where Storebrand won its first mandates in 2020. Several tender processes are ongoing, with additional tenders expected in the second half of 2025. Overall, the net flow of guaranteed pensions amounted to NOK -2.5bn in the quarter (NOK -2.8bn in Q2 2024). Storebrand’s strategy is to maintain solid buffer capital levels in order to secure customer returns and shield shareholder’s equity during turbulent market conditions. Buffer capital stood at NOK 33.8bn (NOK 29.2bn) as of the 2nd quarter. As a share of guaranteed reserves, buffer capital levels amounted to 8.1% (6.8%) in Norway and 25.0% (23.4%) in Sweden. This does not include off -balance sheet excess values of bonds at amortised cost, which at the end of the 2nd quarter amounted to a deficit of NOK -11.1bn (NOK -12.7bn). Guaranteed pension – Key figures 2025 2024 NOK million Q2 Q1 Q4 Q3 Q2 Guaranteed reserves 301,739 295,001 290,799 294,115 287,990 Guaranteed reserves in % of total reserves 38.8% 39.8% 38.8% 39.6% 40.4% Net flow of premiums and claims -2,524 -2,997 -3,133 -2,780 -2,840 Buffer capital in % of customer reserves Norway 8.1% 7.3% 7.4% 7.5% 6.8% Buffer capital in % of customer reserves Sweden 25.0% 24.4% 24.4% 23.5% 23.4%
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Interim Report Storebrand Group 10 Other The result for Storebrand ASA is reported under Other, as well as the financial result for the company portfolios of Storebrand Life Insurance and SPP. Group eliminations are reported in a separate table below . Results excluding eliminations 2025 2024 01.01 - 30.06 Full year NOK million Q2 Q1 Q4 Q3 Q2 2025 2024 2024 Fee and administration income 4 7 8 4 4 11 11 23 Operational cost -66 -65 -59 -65 -66 -132 -147 -271 Cash equivalent earnings from operations -62 -59 -51 -61 -62 -121 -136 -248 Financial result 209 164 115 223 1,257 373 1,450 1,788 Cash equivalent earnings before amortisation 147 105 64 162 1,195 252 1,313 1,539 Eliminations 2025 2024 01.01 - 30.06 Full year NOK million Q2 Q1 Q4 Q3 Q2 2025 2024 2024 Fee and administration income -90 -90 -82 -78 -72 -180 -144 -305 Operational cost 90 90 82 78 72 180 144 305 Financial result Cash equivalent earnings before amortisation Financial performance The Other segment reported cash equivalent earnings before amortisation of NOK 147m (NOK 1,195m) in the 2nd quarter and 252m (NOK 1,313m) year to date. The comparable numbers for 2024 include the net gain of NOK 1,047m from the divestment of Storebrand Health Insurance. The result in the quarter was driven by the financial result, where the contribution from returns in the company portfolios was robust. The operational cost amounted to NOK -66m (NOK -66m) in the 2nd quarter and -132m (NOK -147m) year to date. The financial result in the segment amounted to NOK 209m in the 2nd quarter and 373m year to date . The underlying result was mainly driven by returns in the company portfolios of SPP and Storebrand Life Insurance, and the financial result of Storebrand ASA. The company portfolios are primarily invested in interest -bearing securities in Norway and Sweden . The Norwegian company portfolio achieved a return of 1.3% in the 2nd quarter and 2.4% year to date, while the Swedish company portfolio reported a return of 1.1% in the 2nd quarter and 1.8% year to date. The company portfolios in the Norwegian and Swedish life insurance companies and the holding company amounted to NOK 28.7bn at the end of the quarter. Storebrand is funded by a combination of equity and debt. Interest expenses for the Group amounted to NOK -185m in the quarter excluding hedging effects . The funding cost in Storebrand Bank is reported as part of the bank financials.
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11 Interim Report Storebrand Group Balance sheet and capital situation • Solvency II ratio 200%, an increase of 2 percentage points from the previous quarter • Annualised Cash return on equity of 17.9% in the quarter • Buffer capital at 8.1% of customer reserves with guarantees in Norway and 25.0% in Sweden Continuous monitoring and active risk management is a core area of Storebrand's business. Risk and solidity are both followed up on at the Group level and in the legal entities. Regulatory requirements for financial strength and risk management follow the legal entities to a large extent. The section is thus divided up by legal entities. Storebrand Group Solvency The solvency ratio was 200% at the end of the 2nd quarter, an increase of 2 percentage points from the 1st quarter. The implementation of CRR3 for Norwegian Banks had a positive contribution on the solvency ratio of approx. 5 percentage points. This was partly offset by strong equity markets that led to an increased SCR. The solvency ratio continues to be well above the threshold for overcapitalisation of 175%. Cash equivalent return on equity The Group’s quarterly Cash ROE 1 (annualised) 17.9% in the 2nd quarter, driven by a strong result and a low reported tax rate. The current Cash ROE target is 14%. Storebrand ASA Storebrand ASA held liquid assets of NOK 4.2bn at the end of the 2nd quarter. Storebrand ASA’s total interest -bearing liabilities were NOK 1.0bn at the end of the 2nd quarter, of which NOK 0.5bn matures in September 2025. In addition, the company has an unused revolving credit facility of EUR 200m. Storebrand ASA owned 6,685,077 of the company’s own shares at the end of the 2nd quarter, representing 1.54% of the share capital. Shares purchased under buyback programs will normally be redeemed, subject to permission from NFSA and Storebrand's AGM. Storebrand Livsforsikring AS The buffer fund is distributed across individual contracts and can be used to cover the difference between contracts’ annual interest guarantee and achieved investment return, including when returns are negative. Storebrand can set aside all or part of a surplus on the return to a buffer fund. Furthermore, buffer capital can be allocated to the customer as surplus. The buffer fund amounted to NOK 15.9bn at the end of the 2nd quarter, corresponding to 8.1% of customer funds with a guarantee. The buffer fund increased by NOK 1.7bn in the quarter. Due to lower interest rates, the excess value of bonds and loans valued at amortised cost increased by NOK 2.6bn during the quarter and NOK 2.1bn year to date, amounting to NOK -11.1bn at the end of the quarter . The excess value of bonds and loans at amortised cost is not included in the financial statements of Storebrand Livsforsikring AS. Customer assets increased by NOK 20.0bn during the quarter and NOK 20.2bn year to date, amounting to NOK 474bn at the end of the 2nd quarter. Of this, customer assets within non - guaranteed savings increased by NOK 16.8bn during the quarter and NOK 13.3bn year to date, amounting to NOK 261bn at the end of the 2nd quarter. Guaranteed customer assets 54,3 55,5 55,9 55,9 57,928,4 29,2 28,0 28,2 28,9 191% 190% 200% 198% 200% 140% 150% 160% 170% 180% 190% 200% 210% -10,0 10,0 30,0 50,0 70,0 90,0 110,0 130,0 150,0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Solvency 2 OF Solvency 2 SCR Solvency 2 ratio Solvency development - Storebrand Group 6,8 % 7,5 % 7,4 % 7,3 % 8,1 % Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Buffer capital in % of customer reserves Norway Customer buffers (NOR) 64% 64% 63% 64% 62% 13% 13% 12% 12% 12% 3% 2% 2% 2% 3% 10% 10% 10% 10% 10% 11% 12% 12% 12% 13% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Equities Real estate Bonds & Money market Loans Bonds at amortised cost Allocation of guaranteed customer assets (NOR)
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Interim Report Storebrand Group 12 increased by NOK 3.2bn during the quarter and NOK 6.9 year to date, amounting to NOK 213bn at the end of 2nd quarter. The flexible buffer fund introduced in 2024 has led to increased allocation to assets with higher risk such as equities, with a corresponding positive effect on expected returns for customers and shareholders. SPP The buffer capital (conditional bonuses) amounted to SEK 16.8bn at the end of the 2nd quarter, an increase of SEK 0.8bn during the quarter and SEK 0.4bn year to date. Customer assets increased by SEK 1 1.3bn during the quarter, amounting to SEK 282bn at the end of the 2nd quarter 2025. Of this, customer assets within non-guaranteed savings increased by SEK 9.0bn during the quarter, amounting to SEK 201bn at the end of the 2nd quarter. Guaranteed customer assets increased by SEK 2.2bn during the quarter, amounting to SEK 81bn at the end of 2nd quarter. Storebrand Bank Loans outstanding increased by NOK 2.8bn during the 2nd quarter. The home mortgage portfolio managed on behalf of Storebrand Livsforsikring AS increased by NOK 0.1bn in the quarter. The combined portfolio of loans in Storebrand Bank and Storebrand Livsforsikring increased by NOK 2.9bn in the quarter and NOK 5.9bn year to date. The Storebrand Bank Group has reduced its risk-weighted balance sheet by NOK 2.2bn year to date. The calculation basis has decreased significantly compared to the first quarter, primarily due to the implementation of a new standardised approach under the EU’s Capital Requirements Regulation (CRR3), which came into effect in Norway on 1 April 2025. The new risk weights result in lower capital requirements for certain loan categories, particularly residential mortgages with low loan-to-value (LTV) ratios. The Storebrand Bank Group had own funds of NOK 6.3bn at the end of the 2nd quarter. The capital adequacy ratio was 24.0% at the end of the quarter, up from 22.1% at end 2024, while the Core Equity Tier 1 (CET1) ratio stood at 19.9%, compared to 18.0% at end year 2024. 23,4% 23,5% 24,4% 24,4% 25,0% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Conditional bonuses in % of customer funds with guarantee Customer buffers (SWE) 22% 21% 19% 18% 17% 45% 46% 48% 48% 48% 14% 14% 14% 15% 15% 19% 19% 20% 19% 21% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Equities Real estate Bonds & Money market Loans Allocation of guaranteed customer assets (SWE)
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13 Interim Report Storebrand Group Outlook Strategy Storebrand delivers financial security and freedom to individuals and businesses. The Group aims to make it easy for customers to make good financial decisions for the future by offering sustainable solutions: Together we create a future to look forward to. Storebrand's strategy gives a compelling combination of capital- light growth in the front book, i.e. the growth areas of the “future Storebrand”, and capital return from a maturing back book of guaranteed pensions. The Group aims to (a) be the leading provider of Occupational Pensions in both Norway and Sweden, (b) continue a strategy to build a Nordic Powerhouse in Asset Management and (c) ensure fast growth as a challenger in the Norwegian retail market for financial service s. The combined capital, cost and revenue synergies across the Group provide a solid platform for profitable growth and value creation. In Norway, the market for Defined Contribution pensions is growing structurally due to the young nature of the product. High single-digit growth in Defined Contribution premiums and double-digit growth in assets under management are expected during the nex t years. Storebrand aims to defend its strong position in the market, while also focusing on cost leadership and improved customer experience through end -to-end digitalisation. As a leading occupational pension provider in the private sector, Storebrand al so has a competitive pension offering to the Norwegian public sector, a large and fast growing market. It is currently dominated by one player and represents a potential additional source of growth and revenue for Storebrand. In Sweden, SPP is a market challenger within the non-unionised pensions segment, with an edge in digital and ESG -enhanced solutions. SPP is a significant profit contributor to the Storebrand Group, supported by an ongoing capital release from its guaranteed products in run-off. Guaranteed reserves in run -off represent a declining share of the Group’s total pension reserves and amounted to less than 39% of the pension reserves at the end of the quarter . With interest rates having risen to significantly higher levels than the average level of interest rate guarantees, the prospects for future profit sharing with customers have increased. 5 In addition to managing internal pension funds, Storebrand Asset Management is growing its external mandates from institutional and retail investors. Storebrand is a local partner for Nordic investors, and a gateway to the Nordics for international investors. The product offering includes a full product range of index, factor and actively managed funds. Storebrand is also one of the strongest providers of alternatives (private equity, real estate, private debt and infrastructure) in the Nordic region. 5 The reclassification of cost in Storebrand's alternative accounting means that some costs in the asset management sub -segment, which were previously recognised as a reduction in fee income, will be recorded as increased costs amounting to approx. NOK 100m for the full year of 2025. The effect on the Over the past three decades, Storebrand has focused on sustainable investments with a strong track record. The brand name 'Storebrand' is well known in Norway. Together with capital, customer and operational synergies in the business, it supports rapid growth in the Norwegian retail market. P&C insurance is a key area for profitable and capital efficient growth. Storebrand Bank plays an important strategic role in offering a complete range of financial products and services to the retail market. Financial performance Storebrand expects top line growth in both fee -based income and insurance. In 2024, the insurance results were negatively affected by continued high claims in P&C and disability related lines of business. S everal measures, including repricing, are implemented and Storebrand maintains the 90-92% combined ratio ambition for the full year of 2025. To meet the Group’s profit ambitions, Storebrand invests in profitable growth. Storebrand has double digit growth ambitions for 2025 and a corresponding cost guidance of NOK 6.8bn for the full year. A cost reclassification will lead to NOK 100m in cost increases for 2025 compared to last year and the guided NOK 6.8bn therefore corresponds to NOK 6.9bn under new recognition. This change does n ot impact results, as there is a corresponding increase in income5. The underlying cost development since the beginning of the year is broadly in line with the plan. Performance-related costs, record-strong insurance sales, and currency effects have led to an additional NOK 80 million in costs compared to the guided amount year-to-date. Storebrand remains committed to strong cost discipline, as demonstrated over the past decade. Cost reduction measures will be implemented if ambitions are not achieved. At the Capital Markets Day in 2023, Storebrand announced an ambition to achieve cash equivalent earnings before amortisation and tax of NOK 5bn in 2025. The Return on Equity target for the group was raised from 10% to 14%. Storebrand will host a Capital Markets Day on 10 th of December 2025 to provide a strategic and financial update on the business. Risk Storebrand is exposed to several risk factors. The notes in this report and the annual report give comprehensive information about the main risk factors. Storebrand is developing a partial internal model for risk measurement and risk management and has applied to the NFSA for approval of the model. The internal model is currently used to better understand the risk in the business as a supplement to the standard model. operating result remains unchanged, meaning that there is a corresponding positive effect on the fee and administration income. The comparative figures for 2024 are not restated.
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Interim Report Storebrand Group 14 Regulatory changes Occupational pension Following a broad pension agreement in the Norwegian Parliament in 2024, age limits in the pension system will increase as life expectancy increases. This applies to both the lower age limit for withdrawal of pensions and the upper age limit for earning a pension in the social security pension system. The Ministry of Finance is working on adapting occupational pensions to life expectancy adjusted age limits. We expect increased lower age limit for withdrawal, increased minimum withdrawal periods a nd changes regarding disability pensions from occupational pension schemes. Furthermore, changes regarding disability pensions from occupational pension schemes are being explored. The governing Labour party’s parliamentary election manifesto for the period 2025-2029 proposes a gradual increase of the minimum savings rate for mandatory occupational pensions, in cooperation with the social partners. Paid-up policies in Norway The Ministry of Finance has conducted a public hearing on proposals for changes in the regulation of paid -up policies. Among the proposals being considered are more flexible guarantee regulations which could facilitate more long -term investment strategies with increased risk taking. The public consultation showed broad support for the proposals from both labour market parties and consumer organizations. Storebrand expects the Government to present a bill to Parliament in 2025. The market for municipal occupational pensions Storebrand has filed two complaints to the EFTA Surveillance Authority (ESA). Storebrand has claimed that municipalities, regional health authorities (RHAs) and hospitals have entered contracts on occupational pension with KLP, in breach of the rules on public procurement. Storebrand has also claimed that municipalities, RHAs and hospitals have granted KLP state aid in violation of European Economic Area (EEA) Agreement. ESA gave preliminary views on the issues raised in the public procurement case, in a letter to Norwegian authorities dated 29 February 2024. ESA’s preliminary view in the public procurement case is that the lack of tender processes in this market constitutes a consistent and general practice in failure to observe EEA public procurement law. The government’s answer to ESA did not present new arguments or views compared to submissions made before ESA’s preliminary view. Storebrand therefore expects ESA to initiate infringement proceedings in the public procurement case. ESA is still considering the state aid case. Competitive regulation for Norwegian mutual funds The Ministry of Finance has conducted a public hearing on changes in the regulation of mutual funds, to improve the competitiveness of Norwegian -domiciled funds. Among the proposals is making interest income tax-free in all mutual funds. On the other hand, other proposals will introduce tax on previously tax-free income and add administrative complexity. These issues have been addressed by the industry in the hearing, as well as by Storebrand to the Ministry of Finance. We expect the Ministry of Finance to conclude and deliver a proposal to parliament soon. A broad political majority in parliament has asked the government to develop industrial policies for the financial sector to ensure a competitive regulatory framework. Capital management and Dividend policy Storebrand has established a framework for capital management that links dividends to the solvency margin. The dividend policy intends to reflect the strong growth in fee-based earnings, the more volatile financial markets related earnings and the capital release from the guaranteed book. The Board’s ambition is to pay a gradually growing ordinary dividend. When the solvency margin is sustainably above 175%, the Board will conduct share buyback programs. The purpose of buyback programs is to return excess c apital released from the guaranteed liabilities that are in long-term run-off. The ambition is to return NOK 1.5bn annually and a total of NOK 12bn of excess capital by the end of 2030, primarily in the form of share buybacks, while generating additional excess capital which may fund further growth or could be returned to shareholders. Storebrand is developing a partial internal model for risk measurement and risk management. The internal model is currently used to better understand the risk in the business and as a supplement to the public capital requirement calculations based on the standard model. Storebrand has appli ed to the FSA for approval to use a partial internal model in public capital requirement calculations. Storebrand dividend policy: The Board of Directors’ ambition is to pay ordinary dividends per share of at least the same nominal amount as the previous year. Ordinary dividends are subject to a sustainable solvency margin of above 150%. If the solvency margin is above 175%, the Board of Directors intends to propose special dividends or share buybacks. Lysaker, 10 July 2025 Board of Directors of Storebrand ASA
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Storebrand Group 15 Interim Report Storebrand Group Income statement Q2 01.01 - 30.06 Full year NOK million Notes 2025 2024 2025 2024 2024 Income from unit linked 564 551 1,141 1,094 2,265 Income from asset management 885 775 1,736 1,512 3,420 Income from banking activities 1,201 1,060 2,366 2,063 4,285 Other income 93 43 201 141 370 Operating income excl. insurance 2,744 2,429 5,444 4,810 10,340 Insurance revenue 5 2,875 2,456 5,617 4,978 10,282 Insurance service expenses 5 -2,151 -2,007 -4,285 -3,757 -7,925 Net expenses from reinsurance contracts held 5 2 3 -17 8 17 Net insurance service result 5 725 451 1,315 1,229 2,374 Operating income incl. insurance result 3,469 2,880 6,759 6,039 12,714 Operating expenses -1,465 -1,264 -2,855 -2,572 -5,234 Interest expenses banking activities -851 -757 -1,695 -1,481 -3,052 Other expenses -29 -33 -60 -68 -150 Total expenses -2,345 -2,054 -4,610 -4,122 -8,436 Operating profit 1,124 825 2,149 1,918 4,279 Profit from investment in associates and joint ventures 135 104 281 172 428 Net income on financial and property investments 33,850 13,671 15,302 46,472 74,837 Net change in investment contract liabilities -21,461 -8,110 -3,285 -37,253 -57,458 Finance expenses from insurance contracts issued -11,934 -3,746 -11,282 -7,151 -14,096 Interest expenses securities issued and other interest expenses -199 -199 -426 -434 -922 Net finance result 391 1,720 591 1,807 2,789 Profit before amortisation 1,515 2,546 2,740 3,725 7,067 Amortisation of intangible assets -97 -87 -193 -182 -424 Profit before income tax 1,418 2,458 2,547 3,543 6,643 Tax expenses -224 -295 -376 -475 -1,121 Profit for the period 1,194 2,163 2,171 3,068 5,522 Profit/loss for the period attributable to: Share of profit for the period - shareholders 1,200 2,156 2,178 3,053 5,494 Share of profit for the period - hybrid capital investors 7 7 14 15 30 Share of profit for the period - non-controlling interests -13 -22 -1 Total 1,194 2,163 2,171 3,068 5,522 Earnings per ordinary share (NOK) 2.79 4.86 5.04 6.87 12.48 Average number of shares as basis for calculation (million) 431.9 444.1 440.3
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Storebrand Group Interim Report Storebrand Group 16 Statement of comprehensive income Q2 01.01 - 30.06 Full year NOK million 2025 2024 2025 2024 2024 Profit/loss for the period 1,194 2,163 2,171 3,068 5,522 Actuarial assumptions pensions own employees -5 -4 -3 -4 -27 Fair value adjustment of properties for own use -1 5 70 Tax on other comprehensive income not to be reclassified to profit/loss 2 Other comprehensive income not to be reclassified to profit/loss -6 -4 2 -4 45 Exchange rate adjustments 68 33 -102 31 -43 Change in unrealised gains on financial instruments available for sale 123 33 177 -14 -21 Tax on other comprehensive income that may be reclassified to profit/loss -31 -8 -44 4 5 Other comprehensive income that may be reclassified to profit/loss 161 58 32 20 -58 Other comprehensive income 155 54 34 17 -13 Total comprehensive income 1,349 2,218 2,204 3,085 5,509 Total comprehensive income attributable to: Share of total comprehensive income - shareholders 1,355 2,210 2,212 3,070 5,481 Share of total comprehensive income - hybrid capital investors 7 7 14 15 30 Share of total comprehensive income - non-controlling interests -13 -22 -1 Total 1,349 2,218 2,204 3,085 5,509
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Storebrand Group 17 Interim Report Storebrand Group Statement of financial position NOK million Notes 30.06.25 31.12.24 Assets Deferred tax assets 1,782 2,147 Intangible assets 6,536 6,721 Tangible fixed assets 2,658 2,654 Investments in associated companies and joint ventures 8,286 7,412 Assets held for sale Minority portion of consolidated mutual funds 69,363 63,567 Reinsurance contracts assets 322 316 Investment properties 4 37,419 36,225 Loans to customers 4 100,531 94,586 Loans to financial institutions 4 2,247 2,781 Equities and fund units 4 423,873 414,959 Bonds and other fixed-income securities 4 311,727 303,803 Derivatives 4 4,450 2,568 Other assets 32,433 49,831 Bank deposits 17,740 9,241 Total assets 1,019,367 996,811 Equity and liabilities Paid-in capital 12,986 13,012 Retained earnings 17,890 18,347 Hybrid capital 353 353 Non-controlling interests 381 402 Total equity 31,609 32,113 Pension liabilities 171 173 Deferred tax 1,480 1,409 Minority portion of consolidated mutual funds 69,363 63,567 Insurance contracts liabilities 5 339,015 325,611 Investment contracts liabilities 5 445,031 429,471 Reinsurance contracts liabilities 5 4 11 Subordinated loan capital 3 10,609 10,807 Other non-current liabilities 848 841 Deposits from banking customers 35,514 31,403 Debt raised by issuance of securities 3 42,303 39,669 Loans and deposits from credit institutions 3 2,039 3,415 Derivatives 4 4,411 8,988 Other liabilities 36,968 49,331 Total liabilities 987,757 964,698 Total equity and liabilities 1,019,367 996,811
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Storebrand Group Interim Report Storebrand Group 18 Statement of changes in equity Majority's share of equity Non- controll -ing interest s NOK million Share capital 1) Own shares Share premium Total paid in equity Currency translation differences Other equity Total retained earnings Hybrid capital 2) Total equity Equity 31.12.23 2,327 -91 10,842 13,078 739 15,305 16,044 408 29,531 Profit for the period 5,494 5,494 30 -1 5,522 Total other comprehensive income elements -43 29 -13 -13 Total comprehensive income for the period -43 5,523 5,481 30 -1 5,509 Equity transactions with owners: Own shares -88 21 -67 -1,379 -1,379 -1,446 Hybrid capital classified as equity 7 7 -55 -47 Paid out interest hybrid capital -30 -30 Dividend paid -1,817 -1,817 -1,817 Other 10 10 404 414 Equity 31.12.24 2,240 -70 10,842 13,012 697 17,650 18,346 353 402 32,113 Profit for the period 2,178 2,178 14 -22 2,171 Total other comprehensive income elements -102 135 34 34 Total comprehensive income for the period -102 2,313 2,212 14 -22 2,204 Equity transactions with owners: Own shares -62 37 -26 -664 -664 -690 Hybrid capital classified as equity 4 4 4 Paid out interest hybrid capital -14 -14 Dividend paid -2,028 -2,028 -2,028 Other 21 21 21 Equity 30.06.25 2,177 -33 10,842 12,986 595 17,295 17,890 353 381 31,609 1) 435 484 411 shares with a nominal value of NOK 5. 2) Perpetual hybrid tier 1 capital classified as equity.
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Storebrand Group 19 Interim Report Storebrand Group Statement of cash flow 01.01 - 30.06 NOK million 2025 2024 Cash flow from operating activities Receipts premium - insurance 17,084 14,592 Payments claims and insurance benefits -12,308 -11,983 Net receipts/payments - transfers -84 712 Net change insurance liabilities 1,917 1,872 Receipts - interest, commission and fees from customers 2,230 1,915 Payments - interest, commission and fees to customers -139 -119 Taxes paid -603 -538 Payments relating to operations -4,473 -4,381 Net receipts/payments - other operating activities 5,156 -2,760 Net cash flow from operations before financial assets and banking customers 8,780 -690 Net receipts/payments - loans to customers -5,930 -4,470 Net receipts/payments - deposits bank customers 3,586 4,443 Net receipts/payments - securities 4,591 1,246 Net receipts/payments - investment properties 311 364 Receipts - sale of investment properties 595 Payments - purchase of investment properties -7 -97 Net cash flow from financial assets and banking customers 2,550 2,079 Net cash flow from operating activities 11,331 1,390 Cash flow from investing activities Receipts - sale of subsidiaries 1,313 Payments - purchase of subsidiaries -19 -1,621 Net receipts/payments - sale/purchase of fixed assets -56 -45 Payments - purchase of associated companies and joint ventures -12 -26 Net cash flow from investing activities -87 -381 Cash flow from financing activities Receipts - new loans 9,344 6,439 Payments - repayments of loans -6,699 -5,873 Payments - interest on loans -1,203 -1,153 Receipts - subordinated loans 1,008 Payments - repayment of subordinated loans -1,362 -862 Payments - interest on subordinated loans -422 -456 Receipts - loans to financial institutions 3,772 1,997 Payments - repayments of loans from financial institutions -5,148 -1,780 Receipts - issuing of share capital / sale of shares to employees 85 65 Payments - repayment of share capital -751 -809 Payments - dividends -2,028 -1,817 Payments - repayment of hybrid capital -55 Payments - interest on hybrid capital -14 -16 Net cash flow from financing activities -3,418 -4,320 Net cash flow for the period 7,825 -3,311 Cash and cash equivalents at the start of the period 12,022 15,054 Currency translation cash/cash equivalents in foreign currency 140 -11
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Storebrand Group Interim Report Storebrand Group 20 01.01 - 30.06 NOK million 2025 2024 Cash and cash equivalents at the end of the period 1) 19,987 11,732 1) Consists of: Loans to financial institutions 2,247 368 Bank deposits 17,740 11,364 Total 19,987 11,732
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Storebrand Group 21 Interim Report Storebrand Group Notes to the interim accounts Storebrand Group The Group's interim financial statements include Storebrand ASA, subsidiaries, associated companies and joint ventures. The financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements do not con tain all the information that is required in the full annual financial statements. A description of the accounting policies applied in the preparation of the financial statements are provided in the 2024 annual report, and the interim financial statements are prepared in accordance with these accounting policies. There are no new or changed accounting standards that entered into effect in 202 5 that have significant effect on Storebrand's consolidated financial statements. In preparing the Group's financial statements the management are required to make estimates, judgements and assumptions of uncertain amounts. The estimates and underlying assumptions are reviewed on an ongoing basis and are based on historical experience and expectations of future events and represent the management's best judgement at the time the financial statements were prepared. Actual results may differ from these estimates. A description of the most critical estimates and judgements that can affect recognised amounts is included in the 2024 annual report in note 2, financial market risk and insurance risk in note 7 and valuation of financial instruments and investment properties in note 12. Note G1 Basis for preparation
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Storebrand Group Interim Report Storebrand Group 22 Storebrand's operation includes the segments Savings, Insurance, Guaranteed Pension and Other. A description of the segment reporting and the reconciliation between the profit and loss statement and alternative statement of the result (segment) is included in the 2024 annual report in note 4. Segment information as of Q2 Savings Insurance Guaranteed pension Q2 Q2 Q2 NOK million 2025 2024 2025 2024 2025 2024 Fee and administration income 1,767 1,567 389 388 Insurance result 635 396 - Insurance premiums for own account 2,408 1,955 - Claims for own account -1,774 -1,559 Operating expense -1,119 -923 -430 -336 -226 -211 Cash equivalent earnings from operations 648 644 205 60 163 177 Financial items and risk result life & pension -14 -13 85 58 193 129 Cash equivalent earnings before amortisation 634 630 289 118 356 306 Amortisation of intangible assets 1) Cash equivalent earnings before tax Other Storebrand Group Q2 Q2 NOK million 2025 2024 2025 2024 Fee and administration income -86 -68 2,070 1,888 Insurance result 635 396 - Insurance premiums for own account 2,408 1,955 - Claims for own account -1,774 -1,559 Operating expense 24 6 -1,751 -1,465 Cash equivalent earnings from operations -62 -62 953 819 Financial items and risk result life & pension 209 1,257 474 1,431 Cash equivalent earnings before amortisation 147 1,195 1,427 2,249 Amortisation of intangible assets 1) -78 -72 Cash equivalent earnings before tax 1,349 2,177 Note G2 Profit by segments
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Storebrand Group 23 Interim Report Storebrand Group Segment information as of 01.01 - 30.06 Savings Insurance Guaranteed pension 01.01 - 30.06 01.01 - 30.06 01.01 - 30.06 NOK million 2025 2024 2025 2024 2025 2024 Fee and administration income 3,473 3,061 763 779 Insurance result 1,105 763 - Insurance premiums for own account 4,665 3,830 - Claims for own account -3,560 -3,067 Operating expense -2,175 -1,870 -829 -663 -462 -426 Cash equivalent earnings from operations 1,298 1,191 276 100 301 352 Financial items and risk result life & pension -5 7 156 126 316 243 Cash equivalent earnings before amortisation 1,293 1,197 432 225 617 595 Amortisation of intangible assets 1) Cash equivalent earnings before tax Other Storebrand Group 01.01 - 30.06 01.01 - 30.06 NOK million 2025 2024 2025 2024 Fee and administration income -169 -134 4,067 3,706 Insurance result 1,105 763 - Insurance premiums for own account 4,665 3,830 - Claims for own account -3,560 -3,067 Operating expense 48 -3 -3,418 -2,962 Cash equivalent earnings from operations -121 -136 1,753 1,507 Financial items and risk result life & pension 373 1,450 841 1,824 Cash equivalent earnings before amortisation 252 1,313 2,594 3,331 Amortisation of intangible assets 1) -155 -145 Cash equivalent earnings before tax 2,439 3,186 Tax -307 -360 Reconcilation between cash equivalent earning and profit for the period 39 243 Profit for the year 2,171 3,068 1) Amortisation of intangible assets is included in Storebrand Group
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Storebrand Group Interim Report Storebrand Group 24 Specification of subordinated loans 1) Book value NOK million Nominal value Currency Interest rate Call date 30.06.25 31.12.24 Issuer Perpetual subordinated loans 2) Storebrand Livsforsikring AS 3) 900 SEK Flytende 2026 958 928 Storebrand Livsforsikring AS 300 NOK Flytende 2028 303 302 Storebrand Livsforsikring AS 3) 400 SEK Flytende 2028 428 414 Storebrand Livsforsikring AS 3) 300 NOK Fast 2028 329 313 Storebrand Livsforsikring AS 700 NOK Flytende 2030 704 Storebrand Livsforsikring AS 3) 300 SEK Flytende 2030 318 Dated subordinated loans Storebrand Livsforsikring AS 3,5) 862 SEK Flytende 2025 887 Storebrand Livsforsikring AS 5) 426 NOK Flytende 2025 427 Storebrand Livsforsikring AS 4) 650 NOK Flytende 2027 653 653 Storebrand Livsforsikring AS 3,4) 750 NOK Fast 2027 783 748 Storebrand Livsforsikring AS 3,4) 1,250 NOK Flytende 2027 1,259 1,259 Storebrand Livsforsikring AS 3) 300 EUR Fast 2031 3,112 3,022 Storebrand Livsforsikring AS 3,4) 1,000 SEK Flytende 2029 1,060 1,026 Storebrand Bank ASA 125 NOK Flytende 2025 126 Storebrand Bank ASA 300 NOK Flytende 2026 300 300 Storebrand Bank ASA 400 NOK Flytende 2027 402 403 Total subordinated loans and hybrid tier 1 capital 10,609 10,807 1) Storebrand Bank ASA has issued hybrid tier 1 capital bonds/hybrid capital that is classified as equity. See the statement of changes in equity. 2) In the case of perpetual subordinated loans, the cash flow is calculated through to the first call date 3) The loans are subject to hedge accounting 4) Green bonds 5) The loan has been repaid in 2025 Specification of loans and deposits from credit institutions Book value NOK million 30.06.25 31.12.24 Call date 2025 3,415 2026 2,039 Total loans and deposits from credit institutions 2,039 3,415 Note G3 Liquidity risk
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Storebrand Group 25 Interim Report Storebrand Group Specification of securities issued Book value NOK million 30.06.25 31.12.24 Call date 2025 1,457 6,040 2026 9,213 10,367 2027 10,384 10,379 2028 10,704 9,946 2029 8,597 995 2031 1,253 1,248 2038 695 693 Total securities issued 42,303 39,669 The loan agreements contain standard covenants. Credit facilities Storebrand ASA has an unused credit facility of EUR 200 million, expiration December 2029 with two one-year extension options.
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Storebrand Group Interim Report Storebrand Group 26 Valuation of financial instruments at amortised cost NOK Million Fair value 30.06.25 Book value 30.06.25 Fair value 31.12.24 Book value 31.12.24 Financial assets Loans to and due from financial institutions 2,247 2,247 2,781 2,781 Loans to customers - retail 345 345 355 355 Bonds classified as loans and receivables 6,905 6,889 6,284 6,278 Total financial assets 30.06.25 9,497 9,481 Total financial assets 31.12.24 9,420 9,414 Financial liabilities Debt raised by issuance of securities 42,283 42,303 39,569 39,669 Loans and deposits from credit institutions 2,039 2,039 3,415 3,415 Deposits from banking customers 35,514 35,514 31,403 31,403 Subordinated loan capital 10,641 10,609 10,840 10,807 Total financial liabilities 30.06.25 90,477 90,465 Total financial liabilities 31.12.24 85,226 85,295 Valuation of financial instruments at fair value over OCI (FVOCI) Level 2 Level 3 Total fair value NOK Million Observable assumptions Non- observable assumptions 30.06.25 31.12.24 Assets Loans to customers - Loans to customers - retail 73,555 73,555 67,721 Total loans to customers 30.06.25 73,555 73,555 Total loans to customers 31.12.24 67,721 67,721 Bonds and other fixed-income securities - Government bonds 1,002 1,002 1,150 - Corporate bonds 3,266 3,266 3,484 - Structured notes 1,134 1,134 1,519 Total bonds and other fixed-income securities 30.06.25 5,403 5,403 Total bonds and other fixed-income securities 31.12.24 6,154 6,154 Note G4 Valuation of financial instruments and investment properties
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Storebrand Group 27 Interim Report Storebrand Group Financial instruments at fair value over OCI - level 3 NOK million Loans to customers Book value 01.01.25 67,721 Net gains/losses on financial instruments 8 Additions 17,983 Sales -12,158 Book value 30.06.25 73,555
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Storebrand Group Interim Report Storebrand Group 28 Valuation of financial instruments and real estate at fair value Level 1 Level 2 Level 3 Total Fair Value NOK Million Quoted prices Observable assumptions Non- observable assumptions 30.06.25 31.12.24 Assets: Equities and fund units - Equities 58,671 405 170 59,247 58,200 - Fund units 336,529 28,098 364,627 356,759 Total equities and fund units 30.06.25 58,671 336,934 28,269 423,873 Total equities and fund units 31.12.24 57,719 330,999 26,242 414,959 Loans to customers - Loans to customers - corporate 8,547 8,547 8,198 - Loans to customers - retail 18,084 18,084 18,312 Total loans to customers 30.06.25 26,631 26,631 Total loans to customers 31.12.24 26,510 26,510 Bonds and other fixed-income securities - Government bonds 32,887 31,441 64,328 61,513 - Corporate bonds 111,819 144 111,963 90,363 - Structured notes 17,049 17,049 37,694 - Collateralised securities 2,408 2,408 3,798 - Bond funds 91,185 12,502 103,687 98,004 Total bonds and other fixed-income securities 30.06.25 32,887 253,902 12,646 299,435 Total bonds and other fixed-income securities 31.12.24 28,996 248,435 13,941 291,371 Derivatives: - Equity derivatives 37 - Interest derivatives -1,504 -1,504 -3,201 - Currency derivatives 1,542 1,542 -3,256 Total derivatives 30.06.25 39 39 - of which derivatives with a positive market value 4,450 4,450 2,568 - of which derivatives with a negative market value -4,411 -4,411 -8,988 Total derivatives 31.12.24 -6,458 37 -6,421 Properties: Investment properties 35,498 35,498 34,404 Properties for own use 1,921 1,921 1,820 Total properties 30.06.25 37,419 37,419 Total properties 31.12.24 36,225 36,225
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Storebrand Group 29 Interim Report Storebrand Group There is no significant movements between level 1 and level 2 in this quarter. Financial instruments and investment properties at fair value - level 3 NOK million Equities Fund units Loans to customers Corporate bonds Bond funds Investment properties Properties for own use Book value 01.01.25 107 26,135 26,511 8 13,933 34,404 1,820 Net gains/losses on financial instruments -5 2,793 298 136 -641 -149 36 Additions 72 3 678 1 1,132 366 42 Sales -4 -977 -1,007 -2,292 -2 Exchange rate adjustments 150 151 370 444 23 Other -6 432 2 Book value 30.06.25 170 28,098 26,631 144 12,502 35,498 1,921 As at 30.06.25, Storebrand Livsforsikring had NOK 8.025 million invested in Storebrand Eiendomsfond Norge KS and VIA, Oslo. The investments are classified as “Investment in associated Companies and joint ventures” in the Consolidated Financial Statements. Sensitivity assessments Sensitivity assessments of investments on level 3 are described in note 12 in the 2024 annual report. There is no significant changes in sensitivity in this quarter.
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Storebrand Group Interim Report Storebrand Group 30 Insurance revenue and expenses 30.06.25 30.06.24 31.12.24 Guaranteed pension Insurance NOK Million Guaranteed products - Norway Guaranteed products - Sweden Pension related disability insurance - Norway P&C and Individual Life Group Life and Disability Insurance Total Total Total Contracts measured under VFA and GMM Amounts relating to changes in LRC Expected incurred claims and other insurance service expenses Expected incurred claims -1 -1 252 251 282 507 Expected incurred expenses 300 103 75 478 448 906 Change in the risk adjustment for non- financial risk for risk expired 117 54 5 175 163 328 CSM recognised in P&L for services provided 552 240 159 952 1,006 1,999 Recovery of insurance acquisition cash flows 2 3 6 11 8 18 Insurance revenue from contracts measured under VFA and GMM 971 400 497 1,867 1,906 3,757 Insurance revenue from contracts measured under the PAA 2,910 839 3,750 3,071 6,525 Total insurance revenue 971 400 497 2,910 839 5,617 4,977 10,282 Incurred claims and other directly attributable expenses Incurred claims 1 -267 -2,072 -809 -3,148 -2,807 -5,531 Incurred expenses -318 -112 -71 -663 -102 -1,265 -1,070 -2,241 Changes that relate to past service - Adjustment to the LIC -126 116 -10 77 -94 Losses on onerous contracts and reversal on those losses 318 -33 -126 -3 -6 150 50 -40 Insurance acquisition cash flows amortisation -2 -3 -6 -11 -8 -18 Total insurance service expenses -1 -147 -471 -2,864 -802 -4,285 -3,757 -7,925 Net income (expenses) from reinsurance contracts held -1 5 -11 -10 -17 8 16 Total insurance service result 968 252 31 35 28 1,315 1,229 2,374 Note G5 Insurance contracts
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Storebrand Group 31 Interim Report Storebrand Group Q2 2025 Q2 2024 Guaranteed pension Insurance NOK Million Guaranteed products - Norway Guaranteed products - Sweden Pension related disability insurance - Norway P&C and Individual Life Group Life and Disability Insurance Total Total Contracts measured under VFA and GMM Amounts relating to changes in LRC Expected incurred claims and other insurance service expenses Expected incurred claims 133 132 107 Expected incurred expenses 153 52 37 242 225 Change in the risk adjustment for non- financial risk for risk expired 57 28 4 89 81 CSM recognised in P&L for services provided 266 124 69 458 490 Recovery of insurance acquisition cash flows 1 2 3 6 4 Insurance revenue from contracts measured under VFA and GMM 477 205 245 927 906 Insurance revenue from contracts measured under the PAA 1,512 435 1,947 1,549 Total insurance revenue 477 205 245 1,512 435 2,874 2,455 Incurred claims and other directly attributable expenses Incurred claims -156 -1,036 -367 -1,559 -1,322 Incurred expenses -153 -57 -35 -348 -50 -644 -538 Changes that relate to past service - Adjustment to the LIC -46 92 45 -226 Losses on onerous contracts and reversal on those losses -41 -7 57 -2 4 12 83 Insurance acquisition cash flows amortisation -1 -2 -3 -6 -4 Total insurance service expenses -196 -65 -137 -1,432 -322 -2,151 -2,007 Net income (expenses) from reinsurance contracts held 2 3 -2 2 3 Total insurance service result 281 141 110 83 112 726 451
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Storebrand Group Interim Report Storebrand Group 32 GUARANTEED PENSION Reconciliation of the measurement component of insurance contract balances 30.06.25 NOK Million Present value of future cash flows Risk adjustment for non- financial risk CSM Total Total 31.12.24 Net opening balance 299,507 4,038 13,507 317,052 310,239 Changes that relate to current service CSM recognised in profit or loss for the services provided -952 -952 -1,999 Change in the risk adjustment for non-financial risk for the risk expired -191 -191 -339 Experience adjustments 54 54 20 Total changes that relate to current service 54 -191 -952 -1,089 -2,317 Change that relate to future service Changes in estimates that adjust the CSM -776 571 205 Changes in estimates that results in onerous contract losses or reversal of losses -306 44 -262 -385 Contracts initially recognised in the period -451 92 461 103 425 Total changes that relate to future service -1,533 707 667 -159 40 Insurance service result -1,479 516 -285 -1,248 -2,277 Finance expenses from insurance contracts issued recognised in profit or loss 11,181 19 11,200 14,234 Finance expenses from insurance contracts issued 11,181 19 11,200 14,234 Total amount recognised in comprehensive income 9,702 516 -266 9,952 11,957 Other changes 5 5 -64 Effect of changes in foreign exchange rates 2,718 35 106 2,859 1,712 Cash flows Premiums received 5,916 5,916 9,953 Claims and other directly attributable expenses paid -6,287 -6,287 -16,672 Insurance acquisition cash flows -45 -45 -73 Total cash flows -415 -415 -6,792 Net closing balance 311,516 4,589 13,348 329,453 317,052
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Storebrand Group 33 Interim Report Storebrand Group INSURANCE Reconciliation of the liability for remaining coverage and the liability for incurred claims 30.06.25 Total 31.12.24 LRC LIC for contracts under the PAA Total NOK Million Excluding loss compo- nent Loss compo- nent Present value of future cash flows Risk adjust- ment for non- financial risk Net opening balance 420 9 7,904 226 8,559 7,986 Insurance revenue -3,750 -3,750 -6,525 Insurance service expenses Incurred claims and other directly attributable expenses 3,645 3,645 6,350 Adjustment to liabilities for incurred claims -4 14 10 94 Losses on onerous contracts and reversal of those losses 10 10 Insurance service expenses 10 3,642 14 3,666 6,444 Insurance service result -3,750 10 3,642 14 -84 -80 Finance expenses from insurance contracts issued recognised in profit or loss 82 82 -138 Finance expenses from insurance contracts issued 82 82 -138 Total amounts recognised in comprehensive income -3,750 10 3,724 14 -2 -218 Effect of changes in foreign exchange rates 34 2 36 22 Cash flows Premiums received 4,085 4,085 6,571 Claims and other directly attributable expenses paid -3,115 -3,115 -5,802 Total cash flows 4,085 -3,115 969 769 Net closing balance 755 19 8,547 242 9,562 8,559
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Storebrand Group Interim Report Storebrand Group 34 Sensitivities NOK Million CSM as at end of period Impact on CSM 13,348 Equity -25% -2,797 Property -10bp -955 Interest rate +50bp 66 Interest rate -50bp -714 Spread (credit spead and VA) +50 bp+15bp -1,543 Mortality -5% -330 Disability +5% -55 Expenses +5% -331 A description of the accounting principles for tax, and the most significant impact on the effective tax rate is described in Storebrand ASA’s 2024 annual report note 1 and note 26 (Group). Uncertain tax positions The tax rules for the insurance industry have undergone changes in recent years. In some cases, Storebrand and the Norwegian Tax Administration have had different interpretations of the tax rules and associated transitional rules. As a result of this, uncertain tax positions arise in connection with the recognised tax expenses. Whether or not the uncertain tax positions have to be recognised in the financial statements is assessed in accordance with IAS 12 and IFRIC 23. Uncertain tax positions will only be recognised in the financial statements if the company considers it to be preponderance that the Norwegian Tax Administration’s interpretation will be accepted in a court of law. For further description of uncertain tax positions, see note 26 (Group) in the 2024 annual Report. There has been no development in the uncertain tax positions in the quarter. The Storebrand Group is an insurance-dominated, cross-sectoral financial group with capital requirements in accordance with Solvency II. Storebrand calculates Solvency II according to the standard method as defined in the Solvency II Regulations. Solidity and capital management is further described in the 2024 annual report in note 13. Note G6 Tax Note G7 Solidity and capital management
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Storebrand Group 35 Interim Report Storebrand Group Solvency capital 30.06.25 31.12.24 NOK million Total Group 1 unlimited Group 1 limited Group 2 Group 3 Total Share capital 2,177 2,177 2,240 Share premium 10,842 10,842 10,842 Reconciliation reserve 34,558 34,558 34,581 Counting subordinated loans 9,920 3,027 6,893 8,795 Deferred tax assets 60 60 223 Risk equalisation reserve 1,380 1,380 1,267 Deductions for CRD IV subsidiaries -7,290 -7,290 -7,144 Expected dividend -1,020 -1,020 -2,040 Total basic solvency capital 50,627 39,267 3,027 8,273 60 45,948 Subordinated capital for subsidiaries regulated in accordance with CRD IV 7,290 7,144 Total solvency capital 57,917 55,908 Total solvency capital available to cover the minimum capital requirement 44,399 39,267 3,027 2,105 42,468 Solvency capital requirement and -margin NOK million 30.06.25 31.12.24 Market risk 20,008 18,928 Counterparty risk 943 919 Life insurance risk 11,650 11,160 Health insurance risk 1,148 1,046 P&C insurance risk 1,068 951 Operational risk 1,571 1,503 Diversification -8,336 -7,880 Loss-absorbing ability deferred tax -4,577 -4,405 Total solvency capital requirement - insurance company 23,476 22,221 Capital requirements for subsidiaries regulated in accordance with CRD IV 5,467 5,778 Total solvency capital requirement 28,943 28,000 Solvency margin 200% 200% Minimum capital requirement 10,523 10,065 Minimum margin 422% 422%
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Storebrand Group Interim Report Storebrand Group 36 Capital- and capital requirement in accordance with the conglomerate directive NOK million 30.06.25 31.12.24 Capital requirements for CRD IV companies 6,429 6,394 Solvency capital requirements for insurance 23,476 22,221 Total capital requirements 29,905 28,615 Net primary capital for companies included in the CRD IV report 7,290 7,144 Net primary capital for insurance 50,627 49,070 Total net primary capital 57,917 56,214 Overfulfilment 28,012 27,599 Storebrand conducts transactions with related parties as part of its normal business activities. These transactions take place on commercial terms. The terms for transactions with management and related parties are stipulated in notes 20 and 44 in the 2024 annual report. Storebrand has not carried out any material transactions other than normal business transactions with related parties at the close of the 2nd quarter 2025. Note G8 Information about related parties
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Storebrand ASA 37 Interim Report Storebrand Group Income statement Q2 01.01 - 30.06 Full year NOK million 2025 2024 2025 2024 2024 Operating income Income from investments in subsidiaries 54 54 4,981 Net income and gains from financial instruments: - equities and other units -3 1 -3 -2 - bonds and other fixed-income securities 69 62 111 96 195 Other financial instruments 3 1,106 4 1,107 1,111 Operating income 126 1,165 169 1,201 6,285 Interest expenses -14 -8 -28 -16 -46 Other financial expenses -2 -4 -3 -5 -122 Operating expenses Personnel expenses -14 -13 -29 -27 -56 Other operating expenses -66 -45 -124 -100 -211 Total operating expenses -80 -58 -153 -127 -267 Total expenses -95 -70 -185 -148 -434 Profit before income tax 31 1,095 -16 1,053 5,850 Tax expenses 6 17 10 -152 Profit for the period 36 1,095 2 1,063 5,699 Statement of total comprehensive income Q2 01.01 - 30.06 Full year NOK million 2025 2024 2025 2024 2024 Profit for the period 36 1,095 2 1,063 5,699 Other total comprehensive income elements not to be classified to profit/loss Change in estimate deviation pension -10 Tax on other comprehensive elements 3 Total other comprehensive income elements -8 Total comprehensive income 36 1,095 2 1,063 5,691
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Storebrand ASA Interim Report Storebrand Group 38 Statement of financial position NOK million 30.06.25 31.12.24 Fixed assets Deferred tax assets 57 39 Tangible fixed assets 30 29 Shares in subsidiaries and associated companies 27,907 27,853 Total fixed assets 27,994 27,922 Current assets Owed within group 331 4,982 Other current receivables 30 28 Investments in trading portfolio: - equities and other units 29 28 - bonds and other fixed-income securities 4,198 3,176 Bank deposits 97 45 Total current assets 4,685 8,258 Total assets 32,678 36,180 Equity and liabilities Share capital 2,177 2,240 Own shares -33 -70 Share premium reserve 10,842 10,842 Total paid in equity 12,986 13,012 Other equity 18,490 19,116 Total equity 31,475 32,127 Non-current liabilities Pension liabilities 112 112 Securities issued 1,001 1,002 Total non-current liabilities 1,114 1,114 Current liabilities Debt within group 22 833 Provision for dividend 2,040 Other current liabilities 67 66 Total current liabilities 89 2,939 Total equity and liabilities 32,678 36,180
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Storebrand ASA 39 Interim Report Storebrand Group Statement of changes in equity NOK million Share capital Own shares Share premium Other equity Total equity Equity at 31. December 2023 2,327 -91 10,842 16,817 29,896 Profit for the period 5,699 5,699 Total other result elements -8 -8 Total comprehensive income 5,691 5,691 Provision for dividend -2,023 -2,023 Own shares bought back 2) -70 -1,430 -1,500 Own shares sold2) 3 51 54 Cancellation of own shares1) -88 88 Employee share2) 10 10 Equity at 31. December 2024 2,240 -70 10,842 19,116 32,127 Profit for the period 2 2 Total comprehensive income 2 2 Provision for dividend 12 12 Own shares bought back 2) -29 -721 -751 Own shares sold2) 3 57 61 Cancellation of own shares1) -62 62 Employee share2) 24 24 Equity at 30. June 2025 2,177 -33 10,842 18,490 31,475 1) 435 484 411 shares with a nominal value of NOK 5. Share capital reduced in May by NOK 62 million by cancellation of 12 488 270 shares. 2) In 2025, Storebrand ASA has bought 5.845.292 shares. In 2025, 660.215 shares were sold to our own employees. Holding of own shares 30. June 2025 was 6.685.077.
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Storebrand ASA Interim Report Storebrand Group 40 Statement of cash flow 01.01 - 30.06 NOK million 2025 2024 Cash flow from operational activities Net receipts/payments - securities at fair value -885 -1,689 Payments relating to operations -150 -131 Net receipts/payments - other operational activities 4,652 4,271 Net cash flow from operational activities 3,617 2,451 Cash flow from investment activities Receipts - sale of subsidiaries 1,313 Payments - purchase/capitalisation of subsidiaries -842 -1,370 Net receipts/payments - sale/purchase of property and fixed assets -1 Net cash flow from investment activities -843 -58 Cash flow from financing activities Receipts - new loans 499 Payments - interest on loans -28 -16 Receipts - sold own shares to employees 85 65 Payments - buy own shares -751 -809 Payments - dividends -2,028 -1,817 Net cash flow from financing activities -2,722 -2,079 Net cash flow for the period 52 314 Net movement in cash and cash equivalents 52 314 Cash and cash equivalents at start of the period 45 46 Cash and cash equivalents at the end of the period 97 361
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41 Interim Report Storebrand Group Notes to the financial statements Storebrand ASA The financial statements are presented in accordance with the accounting policies applied in the annual financial statements for 2024. The accounting policies are described in note 1 in the 2024 annual report. Storebrand ASA does not apply IFRS to the parent company's financial statements. In preparing the interim accounts, Storebrand has used assumptions and estimates that affect reported amounts of assets, liabilities, revenues, and costs, and information in the notes to the financial statements. The final values realised may differ from these estimates. NOK million Interest rate Currency Net nomial value 30.06.25 31.12.24 Bond loan 2020/2025 Variable NOK 500 501 502 Bond loan 2024/2029 Variable NOK 500 500 500 Total 1) 1,001 1,002 1) Loans are booked at amortised cost and include earned not due interest. Signed loan agreements have covenant requirements. Storebrand ASA has an unused drawing facility for EUR 200 million, expiration December 2029 with two one-year extension options. Note P1 Basis for preparation Note P2 Bond and bank loan
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Interim Report Storebrand Group 42 Declaration by the members of the Board and the CEO The Board of Directors and the Chief Executive Officer have today considered and approved the Interim report and Interim financial statements for Storebrand ASA and the Storebrand Group for the first six months of 2025 (Report for the first six months, 2025). The Interim report has been prepared in accordance with the requirements of IAS 34 Interim Financial Reporting as adopted by the EU and additional Norwegian requirements pursuant to the Norwegian Securities Trading Act. In the best judgement of the Board and the CEO, the financial statements for the first six months of 2025 have been prepared in accordance with applicable accounting standards, and the information in the financial statements provides a fair and true picture of the parent company’s and Group’s assets, liabilities, financial standing and results as a whole as at 30 June 2025. In the best judgement of the Board and the CEO, the six-month report provides a fair and true overview of important events during the accounting period and their effects on the financial statements for the first six months for Storebrand ASA and the Storebrand Group. In the best judgement of the Board and the CEO, the descriptions of the most important elements of risk and uncertainty that the Group faces in the remaining six months, and a description of related parties' material transactions, also provide a true and fair view. Lysaker, 10 July 2025 Board of Directors of Storebrand ASA Jarle Roth Chairman of the Board Martin Skancke Janne Flessum Lise M. Hestvik Benjamin Golding Christel Elise Borge Viveka Ekberg Hanne Seim Grave Lars Hognestad Stine Beate Moe Odd Arild Grefstad Chief Executive Officer
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43 Interim Report Storebrand Group Investor Relations contacts Lars Aa. Løddesøl Group CFO lars.loddesol@storebrand.no +47 934 80 151 Kjetil R. Krøkje Group Head of Finance, Strategy and M&A kjetil.r.krokje@storebrand.no +47 934 12 155 Johannes Narum Head of Investor Relations johannes.narum@storebrand.no +47 993 33 569 Financial calendar 22 October 2025 Results Q3 2025 10 December 2025 Capital Markets Day Storebrand ASA Professor Kohts vei 9, P.O. Box 500, N-1327 Lysaker, Norway Phone: +47 22 31 50 50 www.storebrand.com/ir