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Annual Report Storebrand ASA 2019

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Annual Report Storebrand ASA 2019 Annual Report 2019 Sustainable Solutions and Investments STOREBRAND ANNUAL REPORT 2019 Page 1, Photographer: Mikael Svensson/Johner Page 5, Photographer: Nathan Anderson/Unsplash Page 6, Photographer: Ole Berg-Rusten, NTB Page 9, Photographer: Alexey Topolyanskiy /Unsplash Page 17, Photographer: Bevan Goldswain/Offset.com Page 19, Photographer: Aurora Photos, USA / Offset.com Page 20, Photographer: Michael Nolan /Offset.com Page 23, Photographer: Unsplash Page 25, Photographer: Sarah Bridgeman/Offset.com Page 26, Photographer: Shutterstock/TunedIn by Westend61 Page 27, Photographer: Maskot/Offset.com Page 30, Photographer: Olga Kashubin Page 32, Photographer: Shutterstock/KYTan Page 35, Photographer: Maskot Bildbyrå /Johnér Bildbyrå AB Page 37, Photographer: Shutterstock/Syda Productions Page 38, Photographer: Kate Vredevoogd/Offset.com Page 43, Photographer: Shutterstock / Halfpoint Page 45, Photographer: Shutterstock Page 47, Photographer: Colourbox.com Page 51, Photographer: The Good Brigade/Offset.com Page 53, Photographer: Mikael Svensson / Johner Bildbyra AB / Offset.com Page 59, Photographer: Cultura / Offset.com Page 60, Photographer: Shutterstock / Kamil Macniak Page 63, Photographer: Unsplash Page 67, Photographer: Shutterstock/loreanto Page 71, Photographer: Storebrand archive Page 75, Photographer: Maskot/Offset.com Page 76, Photographer: Nixon Johansen Cáceres/Johnér Bildbyrå AB Page 77, Photographer: Martin Pålsson/Offset.com Page 85, Photographer: Shutterstock/Westend61 Premium Page 197, Photographer: Maskot/Offset.com Page 209, Photographer: Luigi Vaccarella/SIME Page 221, Photographer: Johnér Images/Karl Forsberg Important notice: This document may contain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may be beyond the Storebrand Group’s control. As a result, the Storebrand Group’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in these forward-looking statements. Important factors that may cause such a difference for the Storebrand Group include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) market related risks such as changes in equity markets, interest rates and exchange rates, and the performance of financial markets generally. The Storebrand Group assumes no responsibility to update any of the forward-looking statements contained in this document or any other forward-looking statements it may make. 2 Table of contents Introduction 7. Shareholder matters 4 Facts and figures 2019 6 Letter from the Group Chief Executive Officer 8. Directors´ report 68 Strategy 1. This is Storebrand 72 Capital situation, rating & risk 74 Regulatory changes 10 Storebrand at a glance 77 Working environment and HSE 11 Organisation 78 Group financial results 12 Executive mangament 83 Official financial statements 13 Board of Directors 14 Strategic highlights 9. Annual Accounts 2. Climate Risk and and Notes Storebrand Group Opportunity 86 Income statement 87 Statement of total comprehensive income 88 Statement of finacial position 3. Financial Capital and 90 Statement of changes in equity Investment Universe 91 Statement of cash flow 93 Notes 26 Provide a return to the owners and customers 27 A driving force for sustainable investments Storebrand ASA 33 Key performance indicators 171 Income statement 171 Statement of total comprehensive income 172 Statement of finacial position 4. Customer and Community 173 Statement of changes in equity Relations 174 Statement of cash flow 36 Financial freedom in all stages of life 175 Notes 38 Engaging, relevant and responsible advice 188 Declaration by member of the Board and the CEO 40 Engaging our customers through digital experiences 189 Independent auditor´s report 41 Digital trust 42 Key performance indicators 10. Governance 198 Corporate Governance 5. People 207 Companies in the Storebrand Group 46 A culture for learning 47 Committed and courageous employees 11. Sustainability assurance 48 Diversity and equal opportunities 50 Key performance indicators 210 TCFD index 212 GRI index 218 Auditor’s statement on sustainability 6. Keeping Our House in Order 12. Appendix 54 Anti-corruption 222 Definitions key performance indicators 54 Anti-money laundering, financial crime and terror 224 Executive management CVs financing 228 Group board of directors CVs 57 Reducing our internal carbon footprint 58 Sustainable practices throughout our value chain 60 Corporate citizenship 61 Key performance indicators 3 STOREBRAND ANNUAL REPORT 2019 Facts and figures 2019 Group profit NOK million Return on equity 3 037 1) 8.0% Solvency margin NOK billion invested in fossil free funds 176% 277 Assets under Management, NOK billion Assets under Management screened for sustainability criteria 831 100% 1) profit before amortisation 4 5 LETTER FROM THE GROUP CHIEF EXECUTIVE OFFICER Financial freedom for our customers Odd Arild Grefstad Group Chief Executive Officer 6 STOREBRAND ANNUAL REPORT 2019 2019 was an important year for Storebrand, with organisational changes making Financial freedom us even better equipped to meet our customers’ needs, and to create economic growth and good returns for both our customers and our shareholders. It was also for our customers a year where we noticed an increased focus on sustainability from financial markets and our customers, allowing us to further leverage our position as a leading provider of sustainable financial services. Storebrand is Norway’s largest private asset manager. We continue our focus on delivering products and services A buoyant financial market combined with prudent man- that create good financial returns and are also aligned with the agement of assets under management (AuM) resulted in us objectives of the UN Sustainable Development Goals. Almost managing a total of 831 billion Norwegian kroner on behalf of one third of our AuM is now invested in fossil-free solutions. our customers at the end of 2019. We had a strong financial The reduction in carbon emissions from our portfolio is driven result, delivering a profit before amortisation of NOK 3.037 primarily by customer expectations, as well as our duty to billion Norwegian kroner. manage financial risk on behalf of our customers and share- holders. This fits well with our overall ambition to be net carbon In a rapidly changing world, no business can take their existence neutral by 2050 - in line with the Paris Agreement. We became for granted. The finance sector is undergoing a digital transfor- one of the 12 founding members of the Net-Zero Asset Owner mation, and our customers expect seamless experiences from Alliance in 2019. We came second in the Ethical Bank Guide’s all the products and services they buy. To meet our customers’ ranking of sustainable financial institutions. expectations to high quality digital services, we established two new roles to bring a stronger focus on technology and innova- Climate change adaptation and the transition to a low carbon tion into our group management team. This is in addition to an economy provide both risks and opportunities for Storebrand. increased focus on digitalisation throughout our business. Sustainability is integrated into all investment decisions we make, and in 2019 we further strengthened climate risk analy- In 2019, Storebrand was again ranked first in the annual ses and disclosure through adopting the recommendations of Norwegian Customer Survey, which measures satisfaction the Task Force on Climate-related Financial Disclosures (TCFD). and loyalty amongst corporate customers in Norway. We are committed to creating excellent customer experiences, such We have set our course. In 2020 we will continue to deliver as gathering all occupational pensions in one place, giving cus- new and innovative services to our customers, helping them to tomers better control over their future finances. achieve financial freedom to realise their goals and fulfil their dreams. We also made the exciting decision to re-enter the Norwegian municipal occupational pensions market. This market is esti- mated to be twice the size of the corporate pensions market, and we are well-prepared to take part in tender processes for Odd Arild Grefstad municipal occupational pensions in 2020. Our operations in Sweden, under the brand SPP, delivered yet another impressive result in 2019. Growth in new sales and transfers is very strong, supported by an increasing portfolio of digital solutions, including Sajna, a fully digital occupational pension that won Digital Project of the Year at this year’s CIO Awards. 7 1 This is Storebrand We create a future to look forward to by delivering simple and sustainable pensions and savings. 10 Storebrand at a glance 11 Organisation 12 Executive management 13 Board of directors 14 Strategic highlights 9 STOREBRAND ANNUAL REPORT 2019 Storebrand at a glance OUR VISION AND DRIVING FORCE Storebrand is a financial group, headquartered in Oslo, Norway. Engelsk We offer pension, savings, insurance and banking products to individuals, businesses and public enterprises. We work hard to understand our customers well enough to consistently meet WHY their expectations. Customers shall be safe in the knowledge A future to look that we put their needs first. forward to We have been a part of people’s lives for more than 250 years.
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