Storebrand ASA

Latest Results (20.11.2025):

Storebrand ASA — Q1 2025: The company reported a positive operating quarter despite volatile markets, driven by fee income growth, higher insurance results and continued inflows to unit‑linked and asset‑management businesses. Key operating metrics: cash equivalent earnings from operations NOK 800m (Q1 2025 vs NOK 688m Q1 2024), cash equivalent earnings before amortisation NOK 1,167m, and cash equivalent earnings before tax NOK 1,090m. Storebrand’s solvency position remained robust (around 198% SII) and the group executed NOK 0.3bn of share buybacks in the quarter as part of a NOK 1.5bn 2025 buyback program.

Profit & earnings

Fee and administration income rose to NOK 1,997m (Q1 2025 vs NOK 1,818m). Insurance result improved to NOK 470m and operational costs were NOK 1,667m. Financial items and risk result life was NOK 367m. Cash equivalent earnings after tax were NOK 973m (vs NOK 862m in Q1 2024). Cash EPS and annualised ROE were reported at approximately NOK 4.59 and 33% respectively.

Assets under management & unit‑linked

AuM showed strong growth year‑on‑year (reported ~13% YoY to around NOK 1,442bn including the AIP Management acquisition). Unit‑linked reserves rose ~9% YoY to NOK ~459bn, with continued net inflows from the captive unit‑linked business and new distribution partnerships (e.g., Danske Bank in Sweden).

Insurance & retail banking

Group insurance premiums grew materially (reported ~21% YoY). Retail banking and related savings (including Kron) showed strong performance: retail banking result contribution (incl. Kron) up 73% YoY and Kron AuM up ~47% YoY to ~NOK 24bn. Portfolio premiums in retail insurance increased and market share in retail P&C rose to ~7.1%.

Capital, solvency & sensitivities

Storebrand reported a Solvency II ratio around 198% for Q1 2025. The company noted sensitivity to interest‑rate and equity moves; solvency was positively supported by strong post‑tax results but reduced by the deduction of NOK 750m of share buybacks in the quarter.

Shareholder returns

Executed share buybacks of NOK 0.3bn in Q1 2025. The announced 2025 program targets NOK 1.5bn executed across two NOK 750m tranches (first tranche expected to be fully executed by 27 June 2025; the second tranche to commence after Q2 results).

Operational & growth highlights

Fee and administration income growth and positive net flows in asset management supported quarterly performance. Storebrand highlighted strong customer support metrics (availability >90%, faster response times) and continued strategic focus on sustainability, digital tools and targeted growth in occupational pensions and asset management.