Storebrand ASA

Record operating performance; strong YTD momentum - Q3 operating result (earnings from operations) NOK 1,162m, +7% YoY; best on record. Adjusted for NOK 20m non-recurring costs, operations delivered NOK 1,182m (+8%). - Group result (bottom line) NOK 1,517m, -4% YoY, mainly because higher interest rates and wider credit spreads reduced profit sharing and financial results (mark-to-model/financial items). - YTD group result NOK 4.7bn (+12%); ROE 15% (last 12 months). - Good: turning revenue growth into increasing results. Bad: lower “financial/ profit sharing” drag from rates/spreads.

Capital & shareholder returns: strong solvency, buybacks and dividend intentions - Solvency ratio 200% (stable QoQ; above 150% target)—not binding for capital distribution. - Board intends to propose ordinary dividend ~NOK 6 per share for 2026 (based on YTD performance). - Share buyback increased to NOK 2bn for 2027 (from previously guided NOK 1.5bn) subject to approvals/market conditions. - Already completed NOK 1.5bn of the 2026 buyback (out of NOK 2bn), with remaining buybacks expected in Q4. - Forecast/opportunity: solvency expected to strengthen from Q1 2027 by >10pp due to Solvency II amendments + guaranteed pension product regulatory changes (and change in risk margin). - Risk/challenge: solvency is strong now, but earnings/remittance still depend on investment returns and regulatory/product dynamics.

Strategy execution: occupational pensions, asset management, and retail P&C growth - Occupational pensions (Unit Linked reserves NOK 563bn; +16% avg annual since 2018) - Strong sales momentum in Norway: Unit Linked contracts NOK 4.4bn won; transfer balance expected to become positive in upcoming quarters (Q4 + early 2027) as these flows book/transfers. - Asset management - Costs down 5% YoY (scalability improving); reduced cost base while reinvesting. - Fee income stable overall; top-line margin guidance still 18–21 bps. - Performance/recognition: Storebrand Asset Management named Sustainable Investment Fund Management Group of the Year; AIP won ESG Equity Asset Manager award (Europe). - Norwegian retail challenger: Kron + P&C - Kron ~150,000 customers (+23% YoY). - Retail P&C portfolio premiums NOK 7bn (+18% YoY); market share 8.3% (up from 7.6%). - Combined ratio improved to 82% (from 85%); however Q3 included a fire in Drammen costing ~NOK 55m net of reinsurance.