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

A setback for AUM and returns

Storebrand (Buy, TP: NOK149.00) - Strong start to the year

Fuelled by strong AUM growth within Savings, and the effects of several rounds of insurance repricing, we forecast a Q1 PTP (before amortisation) of NOK1,166m, ~8% stronger YOY. With the new NOK1.5bn buyback underway, the company is offering an attractive payout yield of 6–7%. We believe the stock is attractively valued at a 2026e P/E of c10x, when adjusting for the excess capital to be distributed. We reiterate our BUY, and have raised our target price to NOK149 (140).

Nordic non-life insurance – Q4 reporting wrap

Clearer capital repatriation path needed

Storebrand (Buy, TP: NOK140.00) - Strong repricing momentum

The insurance rebound continued to raise earnings, with PTP before amortisation up 61% YOY after a 15%-point improvement in the reported combined ratio. However, the performance was still hampered by elevated disability claims, and despite ~20% higher premiums YOY, the full effect from recent repricing measures has yet to be seen. We have reduced our 2025–2026e EPS by 2%, and reiterate our BUY and NOK140 target price.

It can better; but stock to reset down