• Group profit [1] of NOK 1,515m in the 4th quarter and NOK 5,695m for the full year.
• Record-strong operating profit [1] of 1,131 million in the 4th quarter, up by 61 percent year-on-year.
• The Board proposes a 15 percent dividend increase for 2025 and buybacks of NOK 2bn in 2026.
• Return on Equity [1] of 17 percent in the 4th quarter (annualised) and 16 percent in 2025.
• Insurance portfolio premiums were up by 20 percent year-on-year, reaching NOK 10.6bn.
• Results in asset management doubled from 4th quarter in 2024 and increased by 24 percent in 2025.

"2025 demonstrated the strength of our diversified business model. Group profit of NOK 5,695 million beat our target by nearly NOK 700 million. We achieved record-high NOK 1.6 trillion in assets under management and delivered NOK 147 billion in returns to our customers in 2025. This led to double-digit growth in fee and administration income for the year. The insurance result improved materially, with the combined ratio back to targeted levels while we maintain strong growth. This confirms our ability to continue delivering profitable growth across the business," says CEO Odd Arild Grefstad.

"We launched new financial and strategic priorities at our Capital Markets Day in December, and the organisation is now in execution mode. Our strong capital position gives us significant flexibility to fund growth and increase capital returns to shareholders. This is reflected in the 15 percent dividend growth and the increase to NOK 2 billion in share buybacks in 2026," says Grefstad.

"We prioritise targeted investments in artificial intelligence where value creation is greatest. Our AI-based insurance customer service is ranked best in the market, and we see AI-driven customer interaction as a key driver of strong customer satisfaction and improved cost efficiency going forward," says Grefstad.

"I am proud to see how our preventive VEL concept now reaches around 380,000 customers through our pension-related disability product. Rising disability is a serious societal challenge, and our most important contribution is to support people early, enabling more individuals to maintain their connection to working life. This preventive approach also supports economic sustainability by reducing the strain on welfare systems, employers and insurance providers," says Grefstad.

Group profit [1] increased by 42 percent from Q4 2024

Group profit was NOK 1,515 million in the 4th quarter, up by 42 percent compared to the same period last year. For the full year, group profit ended at NOK 5,695 million compared to NOK 5,904 million in 2024, which included the NOK 1,047 million net gain from the sale of Storebrand Health Insurance. Excluding the one-off effect from the divestment, group profit was up 17 percent year-on-year.

Record-strong operating result in 2025

Fee and administration income amounted to NOK 2,382 million in the 4th quarter, up by 25 percent from the 4th quarter in 2024. Fee and administration income increased by 13 percent to NOK 8,573 million (7,585 million) for the full year. The increase was primarily driven by the savings segment. Particularly asset management performed well, driven by high performance fees in active funds and a positive development in the infrastructure business AIP Management. 

The insurance result improved significantly, amounting to NOK 643 million (394 million) in the quarter and NOK 2,444 million (1,640 million) for the full year. The 49 percent increase for the full year is mainly attributed to significantly improved results in the Retail segment, where repricing measures and continued volume growth contributed positively. The combined ratio stood at 93 percent in the quarter (100 percent) and 92 percent for the full year. This is in line with the targeted 90-92 percent combined ratio for 2025.

Operating profit amounted to NOK 1,131 million in the 4th quarter, up by 61 percent from the 4th quarter in 2024. For the full year, operational profit was NOK 3,975 million, up by 26 percent compared to 2024. The strong result reflects continued underlying growth across the business, improved profitability in insurance, and satisfactory cost control.

Strong financial result

The financial result amounted to NOK 384 million (363 million) in the quarter and NOK 1,720 million (2,751 million) for the full year. Robust results in the company portfolios contributed positively in the quarter.  Excluding the net gain in 2024 of NOK 1,047 million from the divestment of Storebrand Health Insurance, the full-year financial result for 2025 was in line with 2024.

Solid capital position

Storebrand has a strong capital position. The solvency ratio was 194 percent at the end of the fourth quarter, well above the threshold for share buybacks of 175 percent. A strong post-tax result contributed positively to the solvency position but was offset by negative changes in regulatory assumptions.

Increasing dividend and NOK 2 billion share buybacks

The Board will propose an ordinary dividend of NOK 5.4 per share for 2025 to the Annual General Meeting. The proposed dividend represents an increase of 15 percent per share from 2024. Based on the strong solvency ratio, the share buyback program will be increased to NOK 2 billion in 2026. The program will be executed in two traches, with an initial tranche of NOK 1 billion commencing today. Storebrand's long-term ambition is to execute share buybacks exceeding NOK 12 billion up to 2030 year-end, of which NOK 5 billion had been executed at the end of 2025.

Key figures for the quarter (Q4 2024 in brackets)

• Earnings per share (EPS), adjusted for amortisation [1]: NOK 2.88 (NOK 1.66)
• Equity: NOK 33,588 million (NOK 32,113 million)
• Assets under management (AuM): NOK 1,609 billion (NOK 1,469 billion)
• Return on Equity (ROE) [1]: 17 percent (11 percent)
• Solvency ratio: 194 percent (200 percent)

Activities related to the 4th quarter 2025

07:30 CET: Release of stock exchange notification. 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 MS Teams Webinar.

Link to registration and webcast: 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, Group CFO: 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 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 1,609 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.