Q4: +8% PTP beat from Savings (perf. fees) and Insurance

A solid Q4 on the back of a solid CMD

Systematic returns

CMD: Strong profit guidance, weaker on distribution

Heads-up ahead of CMD (Dec 10th)

Nordic non-life insurance - Q3 reporting wrap

Insurance ensures growth

Q3: +15% adj. PTP beat from Savings/Insurance

Wind at its back

Nordic non-life insurance - Q2 reporting wrap

Strong insurance outcome and financials

Stronger insurance and profit sharing

Heads-up for Q2-report, 11 July

AUM rebound drives earnings growth

Norway: Best ideas Q2'25

Insurance trip: 16 insurers in three days

Non-life have price increases > inflation in all markets, most in Norway. Life insurance growth with rapid growth & dividend payments. Prefer ALMB, Sampo, Solid, Tryg among non-life; STB for life

ROE held back by too-high capital base

Storebrand (Buy, TP: NOK149.00) - Insurance repricing on track

Q1 PTP before amortisation was NOK1,167m, up 8% YOY, driven by strong growth in Banking and Insurance. While high sales activity had a negative impact on the insurance cost ratio, the combined ratio continued to improve through premium growth of 20% YOY, leaving Storebrand close to the 90–92% target for 2025. We have made fairly limited EPS revisions for 2026–2027e, and reiterate our BUY and NOK149 target price.

Softer operating profit, better financials

Adj PTP +5%/-2%, on better financials, but much weaker op.profit. Softer fee, insurance and opex behind the miss, financials beat. Cons.est.rev -2-4%, stock -2% to 4% on the operating profit miss

Heads-up for Q1-report, 7 May