· Group profit [1] of NOK 1,799 million, up 26 percent year-on-year.
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· Operating profit of NOK 1,119 million, up 17 percent year-on-year.
· Insurance result of NOK 889 million, combined ratio of 87 percent.
· Return on Equity of 16 percent last twelve months.
· Solvency ratio of 200 percent, share buyback programme of NOK 1 billion
initiated today.
“Storebrand delivers record-strong results for the quarter. The operating profit
rose 17 percent year-on-year, driven by robust underlying growth in insurance
and disciplined cost control across the group. This reflects our sustained focus
on efficiency and the dedication of employees who continue to win the trust of
new customers. I am also pleased that our long-term work on the balance sheet
and capital management has positioned us to capitalise on higher interest rates,
as reflected in increased profit sharing and a strong financial result. We have
strong momentum and remain on track to deliver on our ambition of NOK 7 billion
in profit and a 17 percent return on equity by 2028,” says CEO Odd Arild
Grefstad.
“I am very pleased that we have signed an agreement for Knif Trygghet Forsikring
AS to become part of Storebrand. The company holds a strong position in the
market for non-profit and voluntary organisations, with portfolio premiums of
around NOK 800 million. This strengthens Storebrand’s position within P&C
insurance, particularly in the Norwegian corporate market where Knif Trygghet
holds a market share of around one percent. Our most important task going
forward is to retain the expertise, customer insight and relationships the
company has built, so that together we can further develop a strong,
comprehensive offering for the benefit of our customers,” says Grefstad.
“For Storebrand, sustainability is an integral part of our business strategy and
the products we deliver, and our work in this area continues to be
internationally recognised. This year, Time Magazine ranked Storebrand among the
50 most sustainable companies in the world. We have also once again been
included in the respected Dow Jones Best-in-Class World Index - as the only
Scandinavian company in the insurance category. Our customers should feel
confident that Storebrand makes responsible choices that help manage and grow
value in savings, pension and insurance over time,” says Grefstad.
Underlying earnings growth and cost control across the group
Storebrand achieved operating profits of NOK 1,119 million (953 million) in the
2nd quarter, up by 17 percent year-on-year. The result growth is driven by
strong underlying development and cost control across the business areas. The
insurance segment was a particularly strong contributor, driven by growth and
improved profitability.
Fee and administration income amounted to NOK 2,031 million (2,070 million) in
the 2nd quarter. The development is attributed to a reversal of performance
-based income in asset management, negative currency effects and reduced net
interest income in the bank. Assets under management reached a new record of NOK
1,658 billion at the end of the quarter, up 10 percent from the same period last
year.
Group operational costs are up 2.8 percent year-on-year, well within the
guidance of 5 percent annual cost growth. The satisfactory cost development
reflects efficiency measures in the savings segment, where the asset management
business cut costs by 12 percent year-on-year, in addition to positive currency
effects.
The financial result amounted to NOK 680 million (474 million) in the quarter.
Favourable financial markets contributed to solid returns on the company
portfolios and increased profit sharing. Group profit increased 26 percent to
NOK 1,799 million (1,427 million). The profit after tax increased 19 percent to
NOK 1,380 million (1,159 million).
Continued strong growth in retail P&C insurance
It was a strong second quarter for insurance, with the insurance result up 40
percent year-on-year, ending at NOK 889 million (635 million). The growth was
primarily driven by the retail market, with volume growth and low claims. The
combined ratio in retail ended at 79.9 percent, down 10.3 percentage points year
-on-year. Storebrand’s market share within retail P&C insurance increased to 8.1
percent, from 7.5 percent the year before [2].
The overall combined ratio for the insurance segment ended at 86.7 percent, down
4.7 percentage points year-on year. Portfolio premiums increased by 12 percent
over the same period, to NOK 11.1 billion.
Ongoing share buyback programme with strong capital position
Storebrand’s capital position remains strong, with a solvency ratio of 200
percent, well above the threshold for share buybacks of 175 percent.
Storebrand plans to execute NOK 2 billion in share buybacks in 2026, split into
two tranches of NOK 1 billion. The first tranche was completed on 30 June. The
second tranche starts today, 15 July, and will conclude no later than 18
December this year.
The long-term ambition is to conduct at least NOK 12 billion in share buybacks
by the end of 2030, in addition to increasing annual dividends. By the end of
the second quarter of 2026, shares totalling NOK 6 billion had been bought back
since the share buyback programme was initiated in 2022.
Key figures in the quarter (Q2 2025 in brackets)
· Earnings per share (EPS), adjusted for amortisation: NOK 3.43 (NOK 2.87)
· Equity: NOK 32,606 million (NOK 31,609 million)
· Assets under management (AuM): NOK 1,658 billion (NOK 1,507 billion)
· Return on equity (ROE), trailing twelve months: 16 percent (15 percent)
· Solvency ratio: 200 percent (200 percent)
Activities related to 2nd quarter 2026
07:30 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:
Trond Finn Eriksen, Group CIO: trond.finn.eriksen@storebrand.no or (+47) 991 64
135
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 1,658
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,
http://www.storebrand.no/ir provides an overview of APMs used in financial
reporting.
[2] According to the latest market data from Finance Norway (Q1 2026).
Kilde
