Storebrand ASA

Latest Results (04.04.2026):

Storebrand ASA — Q4 2025 (full‑year 2025 results): Storebrand reports a Group result before amortisation and tax of NOK 5,695 million for 2025 (2024: NOK 5,904m). Fee and administration income rose to NOK 8,573 million (2024: NOK 7,585m). Assets under management reached NOK 1,609 billion and Unit Linked reserves about NOK 520 billion. Return on equity was 16% and the Group solvency ratio was 194% at year‑end 2025. The Board proposes an ordinary dividend of NOK 2.3 billion (NOK 5.40 per share) and 2025 buy‑backs totalled NOK 1.5 billion (NOK 5 billion returned since 2022).

Headline financials

Group result before amortisation and tax: NOK 5,695m (2024: NOK 5,904m). Fee & administration income: NOK 8,573m (2024: NOK 7,585m). Operating profit strengthened (operating profit cited as up 26% in the report) and cash result before amortisation and tax was reported at NOK 5,339m.

Assets under management

Total AuM: NOK 1,609bn (≈ +10% y/y). Unit Linked reserves rose to ~NOK 520bn (+13% y/y). Net inflows, positive market returns and structural growth in pensions and asset management supported the increase.

Insurance business

Insurance (portfolio premiums) and related fee income grew: insurance premiums for own account NOK 9,705m (+21% y/y). Combined ratio improved to ~92.5% (from 97.1%), claims ratio ~74.8%. Insurance operating profit and profit sharing benefited from repricing, volume growth and improved claims development.

Capital, solvency and buffers

Solvency ratio (standard formula): 194% at year‑end 2025. Buffer capital increased (noted at ~NOK 36bn excluding unrealised gains on HTM bonds across the Group; Storebrand Livsforsikring buffer was ~8.5% of reserves in Norway and ~27.3% in Sweden). Guaranteed reserves ≈ NOK 306bn (≈37.1% of total balance sheet).

Shareholder distribution

Board proposes ordinary dividend NOK 2.3bn (NOK 5.40 per share). Share buy‑backs of NOK 1.5bn completed in 2025; total buy‑backs since 2022 amount to NOK 5bn. The Group stated a capital distribution ambition and target capital distribution metrics (capital distribution ratio reported at 85% for 2025).

Bank and lending

Storebrand Bank lending grew ~12% to NOK 96.8bn. Storebrand Bank ASA CET1 ~18.1% and total capital ratio ~21.8% at year‑end 2025; Boligkreditt covered bond programme rated AAA.

Costs and profitability drivers

Group operating costs increased to NOK -7,042m (2024: -6,072m), reflecting investments in growth, digitalisation, performance‑based costs and inflation. The report highlights cost discipline targets, but near‑term cost growth reflects strategic investments.

Other notable items

Storebrand highlights strong performance across flagship funds (e.g., Storebrand Norge milestone), strategic transactions (acquisition of AIP stake, AIP fund closings), continued green bond issuances (NOK 17.4bn since 2021) and an updated Green Bond Framework. The report also notes targets lifted for 2028 (Group result target NOK 7bn and ROE target 17%).