Storebrand Model update post-1Q26

Research evidence excerpt

Storebrand Model update post-1Q26

J P M O R G A N Europe Equity Research

27 May 2026

Storebrand Underweight

STB.OL, STB NO

Model update post-1Q26 Price (26 May 26):Nkr181.00

▲Price Target (Dec-27):Nkr150.00

Prior (Dec-27):Nkr145.00

We are raising our cash earnings forecasts for Storebrand, following its 1Q26

results, with cash earnings before amortisation increasing by ~0.5%-3.5% over European Insurance

2026E. Cash earnings were in line with our forecasts at 1Q26, but with better Farooq Hanif AC

results in the capital-light Insurance and Savings businesses, and weaker results in (44 207) 742-8091

Guaranteed Pension. However, the latter was due to a lower profit-sharing result farooq.hanif@jpmorgan.com

in 1Q26, which we would consider a timing issue, and will be offset by better profit- Bingdi Fan, CFA

sharing later in 2026. In addition, revenues in the Insurance business grew to a (44-20) 7742-5336

bingdi.fan@jpmorgan.com

greater extent than we expected, supported by continued growth in market share

Kamran M Hossain

in the P&C business.

(44-20) 3493-3780

kamran.hossain@jpmorgan.com

However, we are lowering our IFRS earnings forecasts, which drive our EPS

Nadia Claressa

forecasts, largely due to lower results in asset management and a higher combined

(44-20) 7134-7613

ratio than we expected in 1Q26. There remains a disconnect between the lower cash nadia.claressa@jpmorgan.com

earnings and higher reported profits on an IFRS basis at Storebrand. While cash J.P. Morgan Securities plc

earnings are economically more meaningful, they are not comparable with other

stocks in the sector, or the Nordic region. Specialist Sales contact details:

Gigi Sparling - Specialist Sales -

We summarise changes to our forecasts in Figure 1Storebrand-sumaryofchangestoourestimates.