Q2 2026 Storebrand ASA Earnings Call Transcript
Key Points
- Storebrand ASA (SREDF) reported a record strong group result with operational earnings up 17% year-on-year.
- The company achieved a 26% growth in cash-based earnings, reaching 1.8 billion NOK for the quarter.
- Storebrand ASA (SREDF) continues to strengthen its position in the Norwegian retail market, achieving 30 consecutive quarters of market share gains in P&C insurance.
- The company has been recognized globally for its sustainability efforts, being ranked among the 50 most sustainable companies by Time Magazine.
- Storebrand ASA (SREDF) launched a new 1 billion NOK buyback tranche for the second half of 2026, demonstrating strong capital distribution plans.
- The solvency margin decreased to 200%, down from 206% at the end of the first quarter, due to increased symmetrical adjustment of the equity stress.
- Fee and administration income decreased by 2% year-on-year, despite strong assets under management growth.
- The bank segment experienced a softer quarter with a net interest rate margin down to 1.17%, driven by lower deposit margins and increased funding costs.
- Corporate insurance had a negative development in portfolio premiums due to the outflow of a hybrid and guaranteed pensions customer.
- The company faces elevated uncertainty in disability-related reserves, particularly in the group life portfolio, which may impact future profitability.
Good morning, and welcome to Studrun's second quarter 2026 results presentation.
As usual, our CEO, Odd Arilgresta, will start by taking us through the key highlights.
He will then be followed by our CFO, Hertil Krescher, who will dive deeper into the numbers.
After the presentation, we will open up for questions from participants in the team's webinar.
Details on how to join the webinar are available on our investor relations website.
With that, I'll hand it over to you, Odaril.
Thank you, Siegewin, and good morning, everyone.
Storbrand built on the momentum from last year and made solid progress in the second quarter.
Our insurance business performed very well during the quarter and equity market rebounded.
Together, this contributed to a record strong group result with operational earnings up 17% year on year.
This reflects. The underlying strength and scalability of the group, and not least, the
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