Storebrand ASA

Record profitability, but EPS down (rates/profit sharing/tax headwind): - Q3 operating result best on record: +7% YoY to NOK 1.162bn (adjusted for NOK 20m nonrecurring costs, NOK 1.182bn, +8%). - Group result: NOK 1.517bn, -4% YoY (lower financial result mainly from higher interest rates + wider credit spreads reducing profit sharing and returns on company capital). - EPS NOK 2.54 vs NOK 3.08 prior year; annualized ROE 14% (12-month ROE 15%). Surprise/negative driver: unusually high tax rate (32%) due to SEK weakening (~6%) and tax asymmetry from hedging (adds ~NOK 160m vs “normal”).

Capital strength & capital return plans (solvency not binding, regulatory uplift coming): - Solvency ratio ~200%, stable QoQ and well above 150% target across stress scenarios. - Regulatory upside expected: from Q1 2027 Solvency II amendments + guaranteed pension rule changes expected to lift solvency by >10 percentage points (reduced risk margin; standard model moves toward internal model). - Management says solvency is not a binding constraint for dividends/buybacks now; main constraint is earnings/cash generation and outlook, not capital adequacy.

Guidance and targets intact (2028 outcome target + ongoing cost discipline): - 2026 target: still NOK 7.3–7.4bn operating-cost guidance range (before currency/performance effects), with cost growth ~5% YTD, consistent with Capital Markets Day. - 2028 group target reaffirmed: NOK 7bn group result and ROE 17%, plus growing dividends every year. - Buybacks underway: already NOK 1.5bn of the 2026 NOK 2bn buyback completed; balance to follow in Q4.