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Introduction & Market Context
Storebrand ASA (OB:STB) presented its Q2 2025 results on July 11, 2025, revealing strong performance across all business segments. The Norwegian financial services group reported significant growth in assets under management, unit-linked reserves, and insurance premiums, continuing the positive momentum seen in Q1. Following the announcement, Storebrand’s stock rose 2.31%, reflecting positive investor sentiment toward the company’s results.
CEO Odd Arild Grefstad and CFO Lars Aa. Løddesøl presented the results, highlighting the company’s strategic progress as a sustainable Nordic savings and insurance group. The presentation revealed that Storebrand continues to strengthen its position in key markets while maintaining solid financial fundamentals.
Quarterly Performance Highlights
Storebrand reported impressive growth metrics across its business segments in Q2 2025. The company achieved a group result of 1,427 million NOK for the quarter, with year-to-date results reaching 2,594 million NOK. Return on equity stood at 18% for Q2, while the solvency ratio improved to 200%, up from 198% in the previous quarter.
As shown in the following chart of key financial metrics and growth figures:
The company demonstrated robust growth across all business segments, with assets under management increasing by 16% year-over-year to reach 1,507 billion NOK. Unit-linked reserves grew by 12%, while insurance premiums saw an impressive 21% increase. These figures align with Storebrand’s strategic focus on growth in its core business areas.
The following chart illustrates the consistent double-digit growth trends across the group’s various business segments:
Segment Performance
Savings and Asset Management
Storebrand’s asset management business reached a significant milestone in Q2, with assets under management exceeding 1.5 trillion NOK for the first time. This achievement was supported by favorable financial markets and strong active fund performance, which generated performance-based income of 91 million NOK in the quarter and 149 million NOK year-to-date.
The retail banking segment also performed well, with the lending portfolio growing by 12% year-on-year to 92 billion NOK. This growth reflects Storebrand’s increasing competitiveness in the Norwegian retail market.
As illustrated in the asset management performance chart:
Insurance
The insurance segment showed marked improvement in Q2 2025, with the combined ratio improving to 91% from 97% in Q1. This improvement aligns with Storebrand’s stated ambition of maintaining a 90-92% combined ratio for 2025. Portfolio premiums continued their strong growth trajectory, increasing by 21% year-over-year.
The company also announced the acquisition of Aspida Forsikring’s portfolio, a P&C agency that is expected to add approximately 900 new customers with annual premiums of around 40 million NOK. This acquisition supports Storebrand’s growth strategy in the insurance market.
The following chart shows the improved insurance profitability and combined ratio:
Guaranteed Pension
The guaranteed pension segment delivered strong results, supported by profit sharing. Despite the challenges of managing guaranteed products in the current interest rate environment, Storebrand reported that the expected return is 3.2%, which is 180 basis points above the guaranteed interest rate.
The company continues to manage its guaranteed portfolio effectively, maintaining adequate buffer capital while gradually reducing the proportion of guaranteed reserves relative to total reserves.
Strategic Initiatives & Outlook
Storebrand continues to execute its strategy as a sustainable Nordic savings and insurance group. The company focuses on three main areas: being a leading provider of occupational pensions in Norway and Sweden, establishing itself as a Nordic powerhouse in asset management, and growing as a challenger in the Norwegian retail market.
The company reported progress in its sustainability efforts, with 57% achievement toward its CO2 emissions reduction target for stocks and bonds, and 47% for real estate. Storebrand also reported 31% achievement toward its science-based targets and 18% achievement for solution investments, exceeding its 2025 target of 15%.
The following chart illustrates Storebrand’s progress toward its sustainability targets:
Looking ahead, Storebrand announced its upcoming Capital Markets Day, scheduled for December 10, 2025, where it will provide strategic and financial updates. The company remains on track to achieve its financial goals for 2025, including a group profit of 5 billion NOK and a return on equity exceeding 14%.
Solvency & Capital Management
Storebrand maintained a strong solvency position in Q2 2025, with the solvency ratio improving to 200% from 198% in Q1. This improvement was primarily driven by cash earnings (+4%), partially offset by share buybacks and loans (-2%).
The following chart details the solvency position and sensitivities:
The company continues to execute its share buyback program, with 750 million NOK already executed in 2025 and another 750 million NOK planned for the remainder of the year. This is part of Storebrand’s broader capital management approach, which focuses on growing ordinary dividends from earnings, annual buybacks of approximately 1.5 billion NOK, and additional capital generation.
As illustrated in the share buyback program update:
Storebrand’s strong Q2 2025 results demonstrate the company’s ability to generate consistent growth across all business segments while maintaining solid financial fundamentals. With improved insurance profitability, record assets under management, and a strong solvency position, the company appears well-positioned to achieve its strategic and financial goals for 2025 and beyond.
Full presentation:
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