STOREBRAND ASA: Results for the third quarter 2026

 Record-strong operating profit, driven by positive development in the insurance business

• Group profit [1] of NOK 1,517 million in the quarter and NOK 4,669 million year to date.
• Operating profit of NOK 1,162 million, up 7 percent year-on-year.
• Insurance result of NOK 895 million, combined ratio of 87 percent.
• Return on Equity of 15 percent over the last twelve months.
• Acquisition of Knif Trygghet Forsikring completed on 16 October.

"Storebrand delivers record-strong operating profit in the quarter, with still solid underlying growth in the savings and insurance segments. I am pleased with the improved operating profit. This means we are well on track to deliver on the 2028 targets of NOK 7 billion in group profit and 17 percent return on equity," says CEO Odd Arild Grefstad.

"I am particularly pleased that several large companies chose Storebrand as their pension provider in the quarter, while a growing number of retail customers chose us as their insurance provider. We are taking market shares in insurance and further strengthening our position with the acquisition of Knif Trygghet Forsikring, completed on 16 October," says Grefstad.

"Society needs preventive services. I am therefore very glad to see our VEL concept now delivering concrete results. So far this year VEL has reduced disability claims costs by around NOK 160 million, split between Storebrand and our customers. We were an early mover and are now well positioned with the industry's leading concept and a broad network of providers. Helping people back into work has numerous benefits, for individuals, for businesses and for society," says Grefstad.

"Storebrand's strategy is to grow in capital-light products and release capital from the guaranteed pension business. A strong balance sheet combined with higher earnings give room to both invest in growth and increase capital distribution to shareholders. The Board intends to propose a dividend of around NOK 6 per share for 2026 and a share buyback programme of NOK 2 billion for 2027, up from the previously communicated NOK 1.5 billion, subject to market conditions and necessary approvals," says Grefstad.

Continued earnings growth and cost control across the group

Fee and administration income amounted to NOK 2,139 million (2,124 million) in the quarter. Growth in assets under management supported higher income. This was partly offset by lower performance-based income in asset management, currency effects and lower net interest income in the bank.

Group operational costs amounted to NOK 1,872m in the quarter, up from NOK 1,730m in third quarter last year. The insurance segment accounted for a large portion of the increase, with higher distribution costs and ongoing investments in operations to support the strong growth. In the savings segment, cost growth was below 2 percent, with a 5 percent cost reduction in asset management. Costs at group level are up 5 percent year to date, in line with guidance.

Storebrand achieved an operating profit of NOK 1,162 million (1,091 million) in the third quarter, up 7 percent year-on-year. This is a record-strong operating profit, with a meaningful contribution from the growth and profitability improvements in insurance. Within Unit Linked and Asset Management, operating profit increased by 14 and 11 percent, respectively.

The financial result amounted to NOK 355 million (495 million) in the quarter. The reduction mainly reflects lower contribution from company portfolios and profit sharing due to rising interest rates in the quarter. Higher interest rates are supportive for the result development going forward.

The profit after tax was NOK 996 million (1,189 million), affected by an unusually high effective tax rate in the quarter. This was due to the NOK appreciating approximately 6 percent against the SEK during the quarter. Hedging instruments contributed to an effective tax rate of 32 percent. The estimated normalised tax rate is 19-22 percent.

Strong growth in the insurance segment continued

The insurance segment delivered another strong quarter, with the insurance result up 28 percent year-on-year. The growth was primarily driven by market share gains and a low claims ratio in the retail market. Storebrand's market share within retail P&C insurance increased to 8.3 percent, from 7.6 percent the year before [2]. The corporate market demonstrated healthy growth and stable profitability in the quarter.

The overall combined ratio for the insurance segment ended at 87 percent, a 2 percentage point improvement year-on-year. Portfolio premiums increased by 10 percent over the same period, to NOK 11.3 billion.

Robust balance sheet and capital position

Storebrand maintains a robust solvency ratio of 200 percent, unchanged from the previous quarter. Continued strong result generation was offset by the initiation of the second tranche of the share buyback programme for 2026. The amendments to the Solvency II framework and to the regulation of guaranteed pension products are expected to strengthen the solvency ratio by more than 10 percentage points from the first quarter of 2027.

Key figures in the quarter (Q3 2025 in brackets)

• Earnings per share (EPS), adjusted for amortisation: NOK 2.54 (NOK 3.08)
• Equity: NOK 33,223 million (NOK 32,496 million)
• Assets under management (AuM): NOK 1,633 billion (NOK 1,561 billion)
• Return on equity (ROE), trailing twelve months: 15 percent (15 percent)
• Solvency ratio: 200 percent (195 percent)

Activities related to the 3rd quarter 2026

07:00 CET: Press release, quarterly report and analyst presentation available on www.storebrand.no/ir.

10:00 CET: Live investor and analyst conference in English. A webcast will be available at www.storebrand.no/ir. The presentation will be available on demand afterwards. Analysts who would like to ask questions at the end of the presentation must register for and participate in the Teams webinar.

Link: https://www.storebrand.no/en/investor-relations/quarterly-reporting/programme

For further inquiries, please contact:

Johannes Narum, Head of Investor Relations: johannes.narum@storebrand.no or (+47) 993 33 569
Stig-Øyvind Blystad, SVP Group Communications: stig-oyvind.blystad@storebrand.no or (+47) 918 47 226

About Storebrand

Storebrand is a Nordic financial group, delivering increased security and financial wellness for people and companies. We offer sustainable solutions and encourage our customers to make good economic decisions for the future. Our purpose is clear: we create a brighter future. Storebrand has about 61,000 corporate customers, 2.6 million individual customers and manages NOK 1,633 billion. The Group is headquartered at Lysaker outside of Oslo, Norway. Storebrand (STB) is listed on Oslo Stock Exchange. Visit us on www.storebrand.no

This information is pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements in Section 5-12 of the Norwegian Securities Trading Act.

This information is based on the Storebrand Group's alternative income statement and contains Alternative Performance Measures (APM) as defined by the European Securities and Market Authority (ESMA). The alternative income statement is based on reported IFRS results for the individual group companies. The statement differs from the official accounts layout. An overview of APMs used in financial reporting is available on storebrand.com/ir.

[1] Cash equivalent earnings before amortisation and tax. This is an Alternative Performance Measure (APM). This press release contains several APMs; see www.storebrand.no/ir for an overview of APMs used in financial reporting.

[2] According to the latest market data from Finance Norway (Q2 2026).