Storebrand: 2Q26 First Take: Strong P&C results drive a material beat – likely to result in positive revisions

Research evidence excerpt

Storebrand: 2Q26 First Take: Strong P&C results drive a material beat – likely to result in positive revisions

J P M O R G A N Europe Equity Research

15 July 2026

Storebrand Underweight

STB.OL, STB NO

2Q26 First Take: Strong P&C results drive a material Price (14 Jul 26):Nkr188.60

beat – likely to result in positive revisions

European Insurance

Our Take: Storebrand’s 2Q26 cash earnings results were materially ahead of Farooq Hanif AC

consensus and JPMe expectations, even after deducting NOK45m of ‘special (44 207) 742-8091

items’, the beat would have been 13% relative to consensus. This was driven again farooq.hanif@jpmorgan.com

by outperformance in the non-life Insurance segment, where an 87% combined Bingdi Fan, CFA

ratio in 2Q26 was 3ppts lower than consensus. Top-line growth remains strong in (44-20) 7742-5336

this segment, although a little lower than we expected, and Storebrand continues bingdi.fan@jpmorgan.com

to grow market share to 8.1% in Norwegian Retail P&C (from 7.5% in 2Q25). Kamran M Hossain

Results were also supported by strong AUM growth in Swedish unit-linked and a (44-20) 3493-3780

kamran.hossain@jpmorgan.com

strong profit-sharing result in guaranteed pensions. We expect the shares to react

Nadia Claressa

favourably to these results. It is not clear to what extent results in Insurance were (44-20) 7134-7613

supported by any non-recurring factors (e.g. better than normalised frequency / nadia.claressa@jpmorgan.com

large losses) and we note that these results mirror the strong performance of Nordic J.P. Morgan Securities plc

P&C peers in the Norwegian retail P&C market. However, we would expect

Specialist Sales contact details:consensus to raise estimates for this division to potentially bring the <90%

combined ratio target closer than 2028E.