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2023
· The Board initiates new buyback program with target of NOK 1.5 billion in
2025
· Solvency II ratio of 200%
· Insurance results improving according to plan to reach below 92% in combined
ratio for 2025
· Record-high assets under management of NOK 1,469 billion
“2024 was a record strong year for Storebrand in terms of result and capital
distribution, and I am very pleased to see that we gained trust among new and
existing customers. During the year we delivered around NOK 84 billion in
returns to our clients and supported about 200 thousand customers in insurance
related cases. Storebrand was also the only Norwegian company present on the
global Dow Jones Sustainability Index for 2024. We are very proud of that”, says
CEO Odd Arild Grefstad.
“Across the year we achieved double-digit growth across all business areas,
including in asset management, where the acquisition of the Danish
infrastructure business AIP Management was a significant milestone. Assets under
management reached a record NOK 1,469 billion, solidifying our number one
position in Norway. I want to thank the organisation for their efforts during
the year”, says CEO Odd Arild Grefstad.
Group Profit[ ][1] Up by 46 Per Cent Compared to Q4 2023
Group profit was NOK 1,065 million in the 4[th] quarter, up by 46 per cent
compared to the same period last year. For the full year, group profit ended at
NOK 5,904 million (NOK 3,480 million in 2023). In addition to a record-strong
operating result, the group delivered a solid financial result for the full
year.
Record-Strong Operating Result in 2024
Operating profit amounted to NOK 702 million in the 4[th] quarter and NOK 3,153
million for the full year, up by 49% from 2023. The strong result reflects
continued double-digit growth across unit linked pensions, asset management,
insurance and the bank. Cost control and improving insurance results also
contributed positively during the year. Supported by strong asset return,
positive net flows, the acquisition of AIP Management and currency developments,
total assets under management increased to NOK 1,469 billion during the year.
This is a new record level and up by 21 per cent compared to the end of 2023.
Gradually Improving Insurance Result
The insurance result gradually improved, with NOK 394 million for the quarter
and NOK 1,640 million across 2024. The total combined ratio stood at 100 per
cent in the quarter and 97 per cent for the full year (102% in 2023). Whilst
repricing and other measures had a positive impact, results were still behind
the 90-92 per cent combined ratio target for 2025. Measures will continue to be
implemented until targeted levels are achieved.
Strong Financial Result
The financial result stood at NOK 363 million in the quarter and NOK 2,751
million for the full year (NOK 1,362 million in 2023). The robust full-year
result reflects a gain of NOK 1,047 million from the divestment of Storebrand
Helseforsikring AS, increased profit sharing in Norway and Sweden, and solid
company portfolio returns against a backdrop of higher interest rates.
Solid Capital Position
Storebrand has a strong capital position with a solvency ratio of 200 per cent,
an increase of 10 percentage points since the previous quarter. The solvency
ratio was positively affected by increasing interest rates, regulatory
assumptions and cash earnings in the quarter. It remains well above the
threshold for overcapitalisation of 175 per cent.
Increasing Dividend and NOK 1.5 billion Share Buybacks
The Board proposes an ordinary dividend of NOK 4.7 per share for 2024 to the
Annual General Meeting. The dividend proposal represents an increase of 15% per
share from 2023. Based on the strong solvency ratio of 200%, the share buyback
program continues with NOK 1.5 billion in 2024. This will be executed in two
traches, with an initial tranche of NOK 750 million commencing today.
Storebrand’s long-term ambition is to execute annual share buybacks totaling NOK
12 billion up to 2030 of which NOK 3.5 billion had been executed at the end of
2024. The share buybacks come in addition to increasing annual dividends.
Key Figures in the Quarter: (Q4-2023 in brackets)
· Solvency ratio: 200 per cent (192 per cent)
· Earnings per share, adjusted for amortisation NOK 1.66 (NOK 2.14 [2])
· Equity NOK 32,113m (NOK 29,531m)
· Assets under management NOK 1,469bn (NOK 1,212bn)
Activities Related to the 4[th] Quarter 2024
07:30: 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:
Programme - Storebrand.
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 1,469 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 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.
http://www.storebrand.no/ir provides an overview of APMs used in financial
reporting.
[2] EPS for 2023 not adjusted for changed periodisation of performance-related
income from the first quarter 2024.
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