Storebrand-An attractive case playing out-07/15/2026

Research evidence excerpt

Storebrand-An attractive case playing out-07/15/2026

Storebrand

QUARTERLY REVIEW | 15 JUL 2026

An attractive case playing out Target price (NOK) 215

Another solid quarter from Storebrand, giving con dence in the growth Share price (NOK) 198

and pro tability trajectory. We lift our EPS by 6-2% for 2026-28E and

raise DPS expectations by 3-6% following the report. While valuation has

re-rated, we still nd the case attractive given the structural growth and

attractive retail positions, which we believe will yield ~11% EPS CAGR

through 2028E. We reiterate Buy, lifting TP to NOK 215 (205).

Forecast changes

All segments ahead of expectations with Insurance standing out % 2026e 2027e 2028e

Storebrand delivered another strong quarter, with pre-tax result 17-16% ahead of EPS 6 3 2

expectations. Financial results were broadly stronger than expected, but EPS adj 5 3 2

operating pro5t was still a beat of 7/5% vs. our/cons expectations. Insurance

pro5tability has improved substantially with Q2 combined ratio at 87%, down by Source: Pareto Securities

~4.7 p.p. y/y, leading to a H1'26 combined ratio of 90%. This means that the

insurer has already reached its 2028 target of <90% in H1'26, still including cost

ratio headwind from high sales through agents. Retail was the standout with a Ticker STB.OL, STB NO

combined ratio of 80%, although partly supported by run-off gains, while Sector Insurance

Corporate at 96% was softer due to reserve strengthening in group life disability. Shares fully diluted (m) 418.6

On a full segment basis, we interpret the communication today as if these effects Market cap (NOKm) 82,892

largely net out and that reported segment 5gures are close to the underlying. Free float (%) 100

Lifting EPS by 6-2% for 2026-28E, including Knif from Q4'26