Storebrand (Buy, TP: NOK140.00) - Seeing the results of repricing

As the repricing efforts to counter inflationary pressure and increased disability trends start to yield results, along with more normal winter weather, we expect a solid Q4 pre-tax profit before amortisation of NOK1,015m, 7% stronger YOY, driven by an improved insurance result. We have made limited EPS revisions for 2025–2026e and reiterate our BUY and NOK140 target price.

Norway: Best ideas Q4'24

Nordic non-life insurance – Q3 reporting wrap

Delivering on earnings, cap.distribution next

Q3 significantly better than expected (financials); Estimates up 1-2% from better insurance; 20% earnings growth should warrant higher P/E multiple

Storebrand (Buy, TP: NOK140.00) - Set for continued insurance uplift

Helped by favourable financial markets, strong customer growth, and a large revaluation gain, Storebrand reported Q3 PTP before amortisation of NOK1,507m, a 41% increase YOY. On a higher AUM base, and accelerating insurance repricing, we have raised our 2025–2026e EPS by 3% and our target price to NOK140 (131), and reiterate our BUY.

Financials beat; insurance to drive revisions

Adj PTP +12%/+23%, adj. cash EPS +29%/+29%, vs ABG/Cons. Financials main driver behind beat, supported by strong CR of 94%. Cons.est.rev: +3-5% 24e-26e (Incurance); stock up 2-5%

Heads-up for Q3-report 23 October

On track for higher capital distribution

Storebrand (Buy, TP: NOK131.00) - Set for AUM and premium growth

We expect Q3 PTP before amortisation of NOK1,213m, up 13% YOY, driven by reinsurance repricing and still-strong AUM growth (results due at 07:00 CET on 23 October). We believe the ongoing repricing of insurance products should continue to reinforce the underwriting performance, as we expect Storebrand to close in on its long-term combined ratio target by end-2025. Based on higher earnings from Savings for 2025–2026e, we have raised our target price to NOK131 (129), and reiterate our BUY.

Insurance trip: 14 insurers in three days

High price increases in non-life = margin expansion; Attractive dividend levels to come from life units; BUY stability from Sampo/Tryg; earnings growth STB/GJF

Growth story unfolding – BUY

Q2: in line with our expectations, and a 6% beat vs. consensus. Raise estimates, but move capital distribution to EO DPS vs. SBB. Earnings growth should warrant higher P/E multiple – BUY.

Storebrand (Buy, TP: NOK129.00) - Strong momentum in Savings

PTP before amortisation, adjusting for the Helseforsikring gain, was 34% higher in Q2 YOY on strong growth in Savings and better Insurance results. Ongoing premium repricing is likely to bring insurance profitability closer to its targets in 2025, while the 191% solvency ratio supports the ongoing NOK1.1bn buyback programme. In addition, an internal solvency model application has been sent to the FSA. We have raised our 2025–2026e EPS by 1%. We reiterate our BUY and have raised our target price ...

Opex beat to lift estimates

Heads-up for Q2-report, 12 July

Agreement to increase AIP ownership to 60%

Storebrand (Buy, TP: NOK127.00) - Set for continued growth in AUM

We forecast Q2 PTP before amortisation of NOK2,163m on strong AUM growth, and a NOK1.1bn gain on the sale of Storebrand Helseforsikring (results due at 07:30 CET on 12 July). The higher AUM base due to Asset Management and Unit Linked reserves should raise Savings’ PTP, while the ongoing repricing supports growth in Insurance. We reiterate our BUY and have raised our target price to NOK127 (125), finding the stock attractively valued at a 2025e P/E of ~9x, adjusted for the expected capital relea...

Delivering the goods

Q2e: Adj. results bef. amort. of NOK 1.18bn and solvency ~190%. Ests. up on AUM (fees & perf.) and faster insurance profits (repricing). High earnings growth & capital repatriation; BUY, TP NOK 136 (135).

No surprises in our pre-summer lunch

Storebrand ASA: 1 director

A director at Storebrand ASA maiden bought 10,000 shares at 106.500NOK and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...

Earnings growth = higher capital repatriation

Q1 was softer than our bullish expectation, but a clear cons beat. Overall estimates intact and SBB of NOK 1.1bn has started. Earnings growth should warrant higher P/E multiple - BUY.