Storebrand-Broad Q2 beat to drive estimates higher-07/15/2026

研报英文原文证据摘录

Storebrand-Broad Q2 beat to drive estimates higher-07/15/2026

gs of NOK 1,735m are 17-16% above cons/PAS, driven by all segments. Compared to consensus

expectations, the Insurance segment is the largest positive deviation (in % and in NOK).

• Savings: Cash earnings of NOK 708m vs. cons/PAS NOK 672/617m. In Asset Management, performance fees of NOK -6m compares to

our NOK -30m estimate. Assets under management of NOK 1,658bn up by 7.5% q/q vs. our 8.5% estimate. Hence, AuM 1% below our

expectation but 2.5% ahead of consensus expectations (avg. at 1,619 in company poll, we were the ‘high’ estimate this quarter).

• Fee margins in Unit Linked Norway in line with our expectation at NOK 195m vs. est. NOK 196m, with slightly more fee pressure offset by

higher AuM. In UL Norway, reserves are up 12% q/q, while we had expected 7.3%, but note that this includes a NOK 11.9bn portfolio

transfer from Storebrand Bank to the Unit Linked reserves. In Sweden, reserves are up 15% vs. our 9.9% estimate, with margins reported

above our expectation and costs in line with our expectations.

• Within Retail Banking, there is clear pressure on net interest income, dropping to 275m (down 8% q/q) and spot on our NOK 275m

expectation. The NIM is expected to rebound in Q3 driven by repricing (our view). Loan loss of NOK 3m in the quarter, but a positive

financial result of NOK 15m (not likely to impact forward estimates). Due to marginally lower other income, pre-financial result is NOK

134m vs. our NOK 136m expectation. The bank grows well in the quarter at 1.8% q/q vs our 1.5% estimate.

• Insurance: Cash earnings of NOK 480m, beating cons/PAS at NOK 386/433m. Combined ratio in the quarter at 87% vs. our 88.8%

estimate and consensus at 90%.