Storebrand Q3 operating profit hits record as insurance result jumps 28%

• Storebrand ASA press release (SREDF): Q3 Adjusted EPS (adjusted for amortization): NOK 2.54 vs. NOK 3.08 a year ago.

• Group profit before amortization and tax: NOK 1.52B vs. NOK 1.19B a year ago.

• Operating profit: NOK 1.16B, up 7% Y/Y.

• Assets under management (AUM): NOK 1.633T vs. NOK 1.561T a year ago.

• Asset management: Net inflows of NOK 11B during the quarter; Storebrand Asset Management reported net revenue of NOK 814M.

• Insurance: Insurance result rose 28% Y/Y to NOK 895M; combined ratio improved to 87% from 89%.

• Insurance premiums: Portfolio premiums increased 10% Y/Y to NOK 11.3B; retail property and casualty insurance market share rose to 8.3% from 7.6%.

• Profit after tax: NOK 996M vs. NOK 1.19B a year ago, affected by a higher effective tax rate of 32%; the company estimated a normalized tax rate of 19%–22%.

• Solvency ratio: 200% vs. 195% a year ago, unchanged from the previous quarter.

• Return on equity: 15% over the trailing 12 months, unchanged Y/Y.

  • 2028 targets: Group profit of NOK 7B and return on equity of 17%; management said it remains on track to achieve both targets.

  • Operating costs: Full-year 2026 operational costs are expected to be around NOK 7.3B–NOK 7.4B, excluding currency and performance-related costs.

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