Storebrand: 2Q26 Preview: expecting high-single-digit growth in cash earnings before amortisation

Research evidence excerpt

Storebrand: 2Q26 Preview: expecting high-single-digit growth in cash earnings before amortisation

J P M O R G A N Europe Equity Research

16 June 2026

Storebrand Underweight

STB.OL, STB NO

2Q26 Preview: expecting high-single-digit growth in Price (15 Jun 26):Nkr174.50

cash earnings before amortisation Price Target (Dec-27):Nkr150.00

We are updating our estimates ahead of Storebrand’s 2Q26 results on 15th July European Insurance

AC2026, with our forecast for cash earnings broadly unchanged. We are raising our Farooq Hanif

estimates for Guaranteed Pensions by ~1% for 2026E, due to higher profit-sharing (44 207) 742-8091

assumed on the back of higher equity markets QTD. This is largely offset by ~1% farooq.hanif@jpmorgan.com

lower profits in the Savings (non-guaranteed) segment in 2026E, resulting from Bingdi Fan, CFA

lower performance fee income in 2Q26E given weaker performance in these funds. (44-20) 7742-5336

Our forecasts have also factored in the latest FX impact due to the appreciation of bingdi.fan@jpmorgan.com

NOK. We remain Underweight on Storebrand, which we still view as relatively Kamran M Hossain

expensive and with better capital return potential elsewhere in the sector. (44-20) 3493-3780

kamran.hossain@jpmorgan.com

We summarize our changes to key estimates in Figure 1Sumaryofchangestokeyestimates, with our 2Q26 forecasts Nadia Claressa

detailed in Figure 22Q26forcasts. (44-20) 7134-7613

nadia.claressa@jpmorgan.com

• Expecting 9% growth in cash earnings before amortisation in 2Q26E. The J.P. Morgan Securities plc

main contributor is Insurance (+31%), driven by continued double-digit Specialist Sales contact details:

growth momentum in top-line supported by pricing and larger market share.

Gigi Sparling - Specialist Sales -