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

Heads-up for Q4-report, 12 February

Stepping up profit sharing and distribution

Storebrand (Buy, TP: NOK140.00) - Minor model adjustment

We have updated our estimates to reflect the closing of the AIP transaction, which increased Storebrand’s ownership in the Danish infrastructure fund from 10% to 60%. Closing in mid-November, the transaction should affect the latter half of Q4. In sum, we see this as mostly neutral, having made only limited estimate revisions to our 2025–2026e EPS. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK140 target price.

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 ...