· Group profit [1] of NOK 1,167 million, strong growth in savings and insurance
  · Operational result [1] of NOK 800 million, up 16% compared to Q1 2024
  · Combined ratio of 97%, down from 98% in Q1 2024, maintaining 90-92% ambition
for 2025
  · Solid balance sheet with Solvency II ratio of 198%
  · Share buybacks of NOK 0.3 billion executed as part of NOK 1.5 billion
program for 2025

"Despite the market uncertainty, Storebrand has had a solid start to the year.
The business continued to grow strongly across savings and insurance and we are
on track to reaching our profit and return on equity targets for 2025", says CEO
Odd Arild Grefstad.

"The insurance segment is growing strongly and improvements in profitability are
gradual. We have taken several measures to increase profitability and delivered
a total combined ratio across our insurance portfolio of 97 per cent in a
seasonally weak quarter. We follow P&C insurance and disability trends closely
and maintain our combined ratio target of 90-92 per cent in 2025", says
Grefstad.

"Amid the market volatility, we have seen an increase in demand for financial
advice and support. Our dedicated customer teams have worked hard to guide our
customers through the uncertainty, and I am impressed with the strong commitment
shown by the organisation", says CEO Odd Arild Grefstad.


Group Profit

Group profit was NOK 1,167 million in the 1st quarter, compared to NOK 1,082
million in the same period last year. This reflects solid underlying growth
across savings and insurance, a satisfactory cost development and robust
financial results.

Fee and administration income amounted to NOK 1,997 million in the 1st quarter.
This was an increase of 10 per cent compared to the same quarter last year.
Income growth was driven in particular by strong growth in asset management,
unit linked pensions and retail banking.

Total assets under management reached NOK 1,442 billion at the end of the 1[st]
quarter, representing growth of 13 per cent during the last year. Assets under
management declined by 2 per cent quarter-on-quarter, driven by currency
effects. Meanwhile, the loan balance in Storebrand Bank increased to NOK 89
billion, up by 14 per cent compared to the same quarter in 2024.

Improving Insurance Result Driven by Strong Growth
The insurance segment saw strong growth in the quarter, driven by both price
increases and volume growth. Insurance portfolio premiums were up by 21 per cent
year-on-year to reach NOK 9.5 billion. The insurance result stood at NOK 470
million in the quarter, up from NOK 367 million in the same period last year.

Profitability in insurance is still below targeted levels, with a total combined
ratio of 97 per cent in the quarter. Costs related to strong sales in the first
quarter had a negative impact. Several measures, including ongoing repricing,
are being implemented to lift profitability to the 90-92 per cent combined ratio
ambition for 2025.

Robust Financial Result
The financial items and risk result ended at NOK 367 million in the 1st quarter,
down from NOK 394 million in the same quarter last year. Company portfolio
returns and net profit sharing in Norway and Sweden contributed positively to
the result year-on-year in the quarter, whilst a weaker risk result for life and
pensions contributed negatively.

Ongoing Share Buyback Programme

Storebrand has a strong capital position with a solvency ratio of 198 per cent,
well above the overcapitalisation threshold of 175 per cent. Storebrand plans to
conduct NOK 1.5 billion in share buybacks across 2025, split into two tranches
of NOK 750 million each. NOK 0.3 billion in share buybacks were executed during
the quarter.

The long-term ambition is to conduct annual share buybacks of NOK 1.5 billion,
totaling NOK 12 billion until the end of 2030, in addition to increasing annual
dividends.

Key Figures in the Quarter: (Q1-2024 in brackets)

  · Solvency ratio: 198% (191%)
  · Earnings per share, adjusted for amortisation NOK 2.42 (NOK 2.09)
  · Equity NOK 32,705m (NOK 29,956m)
  · Assets under management NOK 1,442bn (NOK 1,281bn)

Activities Related to the 1st Quarter 2025

07:00: Release of stock exchange notification. Press release, quarterly report
and analyst presentation will be available on www.storebrand.no/ir

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

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

For further inquiries, please contact

Johannes Narum, Head of Investor Relations: johannes.narum@storebrand.no or
(+47) 993 33 569

Kjetil Ramberg Krøkje, Head of Strategy & Finance: kjetil.r.krokje@storebrand.no
or (+47) 934 12 155

Stig-Øyvind Blystad, Director of Communications: stig
-oyvind.blystad@storebrand.no or (+47) 918 47 226

About Storebrand

Storebrand is a Nordic financial group, delivering increased security and
financial wellness for people and companies. We offer sustainable solutions and
encourage our customers to take good economic decisions for the future. Our
purpose is clear: we create a brighter future.

Storebrand has about 55,000 corporate customers, 2.2 million individual
customers and manages NOK 1,442 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 is information is pursuant to the EU Market Abuse Regulation and subject to
the disclosure requirements pursuant to Section 5-12 the Norwegian Securities
Trading Act.

This information is based on the Storebrand Group's alternative income statement
and contains Alternative Performance Measures 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] Please see www.storebrand.no/ir provides for an overview of APMs used in
financial reporting.