Storebrand Asa Stock Earnings Reports

Storebrand reported a strong Q2 2026 with record cash-based earnings of NOK 1.8 billion (up 26% YoY) and operational earnings up 17% YoY. Group results were supported by a rebound in equity markets, robust insurance performance (notably retail P&C: 30 consecutive quarters of market share gains; retail combined ratio ~80%), continued growth in unit-linked reserves (+19% YoY) and record AUM (NOK 1,658 billion, +10% YoY). The company announced a new NOK 1 billion buyback tranche for H2 2026 and reiterated its ambition for >NOK 12 billion in buybacks by 2030 alongside growing dividends. Solvency remains strong (solvency margin 200%) and liquidity in the holding company is robust (NOK 6.1 billion). Cost discipline is progressing (operational costs up <3% YoY; guidance NOK 7.3–7.4 billion for 2026), though fee income was slightly softer due to lower performance fees, bank funding costs and currency effects. Storebrand completed an agreement to acquire Knif Trygghet Forsikring (adds ~NOK 792m premiums) and highlighted strategic focus areas: leading occupational pensions in Norway/Sweden, Nordic asset management, and a fast-growing Norwegian retail challenger. Management noted remaining risks/uncertainties in disability claims in the corporate segment and early effects of new flexible guarantee rules (expected to increase paid-up policies and improve profit sharing and solvency by mid-single-digit), which could support higher future profit sharing and some shift to unit-linked solutions.