Q1 2025 Storebrand ASA Earnings Call Transcript
Key Points
- Storebrand ASA (SREDF) reported a 16% year-on-year increase in operating results, driven by strong growth in savings and insurance.
- The company executed share buybacks worth NOK440 million in the first quarter, with a long-term ambition to conduct annual share buybacks of EUR1.5 billion.
- Storebrand ASA (SREDF) saw a 9% year-on-year growth in Unit Linked volumes, supported by structural growth in Norway and Sweden.
- The company entered a new distribution partnership with Danske Bank in its Swedish pension business, expected to enhance market reach.
- Storebrand ASA (SREDF) reported a 24% increase in portfolio premiums in retail insurance since the first quarter of 2024, driven by effective repricing strategies and strong distribution.
- Fee administration income was slightly below expectations due to prioritization effects and lack of event-driven fees.
- The insurance result was somewhat behind expectations due to minor reserve strengthening and large losses.
- Operational costs increased by 11% due to the acquisition of AIP and higher sales-related costs in insurance.
- The financial result was slightly down in turbulent financial markets, impacting overall performance.
- Currency fluctuations had a negative effect on asset under management, primarily due to the strengthening of the Norwegian crown against the dollar.
Good morning, ladies and gentlemen, and welcome to Storebrand's 1st quarter result presentation. As usual, our CEO, Odd Arild Grefstad, will present the key highlights of the quarter, followed by CFO Lars Loddesol, who will dive deeper into the numbers.
At the end of the presentation, participants in the team's webinar will have a chance to ask questions. Details on how to join the webinar are found on the Investor Relations website. But without further ado, I give the word to our CEO, Odd Arild Grefstad.
Thank you, Johannes, and good morning, everyone. 2025 has so far been characterized by increased geopolitical uncertainty and market volatility. But the impact on Storebrand has been very limited and our risk management system works as intended. Equity markets have recovered since Liberation Day, and interest rate volatility has stabilized. Through the 1st quarter, we saw increased
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