Storebrand (AO) | Buy | Q2 results: Strong beat and excellent combined ratio

Research evidence excerpt

Storebrand (AO) | Buy | Q2 results: Strong beat and excellent combined ratio

News comment

Release date: 15 July 2026

Batikan Kaya

Equity Research Analyst

+44 207 621 5148

bkaya@keplercheuvreux.com

Fahad Changazi

Buy +44 207 621 5151Storebrand

fchangazi@keplercheuvreux.com

Norway | Insurance Beta Profile: MCap: NOK77.8bn

Target Price: NOK216.00 Bloomberg: STB NO Reuters: STB.OL

Current Price: NOK188.60 Free float 100%

Up/downside: 14.5% Avg. daily volume (NOKm) 211.9

YTD abs performance 9.2% Market data: 14 July 2026

52-week high/low (NOK) 188.70/145.50

Q2 results: Strong beat and excellent combined ratio

Key points:

Storebrand reported strong Q2 results this morning, with a broad earnings beat versus consensus. Group profit before

amortisation came in at NOK1,799m, 16% above consensus, while cash EPS was 20% ahead. The company beat across almost

every line, although a large part of the upside came from financial result and risk result, which we see as lower-quality earnings

components.

The cleanest positive was Insurance profitability. The combined ratio came in at 86.7%, 3.3pps better than consensus, supported

by strong retail P&C growth and low claims. Retail combined ratio was particularly strong at 79.9%.

Solvency was slightly below consensus, but capital return remains fully on track. The Solvency II ratio was 200%, 4pps below

consensus, but remains comfortably above the 175% buyback threshold. Storebrand also initiated the second NOK1bn tranche of

its 2026 buyback programme, as expected.

The stock has outperformed the SXIP by 3% YTD, but underperformed by 1% over the last week. Given this, we expect a positive reaction

today, driven by the broad earnings beat and strong insurance profitability, partly tempered by the quality of the beat and sustainability