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Investor Presentation Q2 2019 Investor Presentation Q2 2019 Compelling combination of self-funded savings growth and capital return from maturing guaranteed back-book 1 Important information: 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 . Delivered on financial targets . Transformed business from guaranteed to non- guaranteed Key Takeaways . Well positioned to capture capital light and profitable savings growth . Back book capital consumption has peaked: increased capital return to shareholders 3 Strategy 4 250 years of pioneering in the Nordic financial industry 1767 1847 1861 1917 1995 2006 Foundation Expanded into Pioneered Pioneered Pioneered First - among the first other P&C Life Insurance Occupational sustainable fully digital Norwegian P&C insurance Pensions investments P&C operation companies delivering fire insurance 5 Storebrand - An Integrated Financial Service Group Insurance . Health, P&C and group life Asset Management insurance . NOK 752bn in AuM of . NOK 4.5bn in which 33% external assets portfolio premiums . 100% of investments Pension & Savings subject to sustainability . 40k corporate customers screening . 2m individual customers . NOK ~460bn of reserves of which 43% Unit Linked Retail Bank • Capital synergies . Internet Bank . NOK 46bn of net • Customer synergies lending • Cost synergies • Data synergies 6 All numbers as of Q2 2019 Delivered on Financial Targets Target Actual 2018 Return on equity1 > 10% 8.2%/13.7% Dividend pay-out ratio1 > 50% 68% % Solvency II margin Storebrand Group2 > 150% 173% 1 Before amortisation after tax. Pay out ratio is adjusted for extraordinary tax benefit as per stock exchange release 15 January 2019. 7 2 Including transitional rules. Leading position in Norway and strong contender in Sweden Market share occupational pensions (Defined Contribution) Norway 1 Sweden 2 31% 20% 28% 17% 15% 14% 14% 7% 9% 9% Storebrand DNB Nordea Gjensidige Sparebank 1 LF SEB Skandia SPP Movestic Clear value proposition World leader in corporate sustainability Best customer satisfaction with all time high score for large Norwegian corporates 2017: #2 overall Best customer service 2018: #1 insurance in Sweden 8 1 Finance Norway. Gross premiums defined contribution with and without investment choice. Q4 2018 2 Insurance Sweden. Segment Unit Linked pensions 'Other occupational pensions' (written premiums) Q4 2018 Demographic change has driven pension reforms in Norway with opportunities emerging Workers per pensioner Occupational pension coverage2 1950 Public pension replacement rate1 100 % II 60 % 55 % 40 % Before Now I Pension Now pillar Retail savings Before Now (AuM, bn NOK)3 III 1 000 380 2050 Now Soon 1 OECD (2005-2017) Pensions at a Glance. Gross pension replacement rates from mandatory public pensions based on 2 NOU 2005:15 Obligatorisk tjenestepensjon. Utredning nr. 13 fra Banklovkommisjonen. 9 average earner. 3 See page 20. Moderate replacement rates and a wealthy population with an overweight in bank deposits fuel growth potential in retail market for savings Household disposable income1 Net replacement rate2 Household financial assets Norway3 NOK 1 600 bn Switzerland Netherlands 6% Norway 37 554 Italy 9% Germany Spain France France 15% Sweden 31 947 Sweden 55% Netherlands Greece United Kingdom Germany 70% Italy Norway 49% Spain Switzerland Greece United Kingdom Bank deposits Ind. Life & pension Mutual funds Stocks 10 1 OECD (2018), Household disposable income (indicator). Gross adjusted, USD 2016. 3 Bank Deposits: SSB (2016) Formuesrekneskap for hushald – Bankinnskot. Mutual funds: VFF (2017) Norske 2 OECD (2017), Pensions at a Glance 2017: OECD and G20 Indicators. Net mandatory public personkunder – Forvaltningskapital. Stocks: VPS ASA (2017) Eierfordeling i børsnoterte selskap – Aksjer – Lønnstakere and private pension replacement rates, average earner. o.a., Ind. Life & Pensoin: see next page Continued shift from Guaranteed to Non-guaranteed pension Historic premium income1 Current share of reserves2 Expected flow of reserves3 Guaranteed premiums Non-guaranteed premiums Guaranteed Non-guaranteed Claims NOKm Guaranteed Non-guaranteed NOKbn 16 000 5% 3 3 2 2 2 14 000 4% 12 000 10 000 3% reserves -13 -13 -13 -13 -13 8 000 of 2019E 2020E 2021E 2022E 2023E 6 000 2% 18 Share 16 17 17 4 000 15 1% 2 000 0 0% 2012 2018 2012 2018 10 20 30 40 50 60 70 80 90 100 -3 -4 -4 -5 -6 Policyholder age 1 Guaranteed: Defined Benefit Norway and Guaranteed npension Swede, excl. transfers. Non-guaranteed: Unit Linked (occupational pension) Norway and Sweden, excl. transfers. 11 2 Guaranteed: Defined Benefit and Paid-up policies Norway and Guaranteed pension Sweden. Non-guaranteed: Unit Linked (occupational pension) Norway and Sweden. As of 2018. 3 Aggregated numbers from Norwegian and Swedish pension products. Acquired premiums from Silver excluded. Successful transition from Guaranteed to non-guaranteed Savings Premiums Storebrand1 Profit Storebrand2 Shift in total Storebrand AUM3 24 584 25 140 3 158 707 21% 36% 33% 49% 15% 1 960 442 5% 18% 24% 9% 15% 64% 37% 64% bn 59% NOK m NOK NOK NOK m NOK 40% 36% 21% 25% 15% 14% 2012 2018 2012 2018 2012 2018 External Guaranteed Guaranteed Insurance Savings Guaranteed Insurance Savings Other/internal Savings 12 1 Pension premiums in Guaranteed products, Insurance and Unit Linked products, Storebrand Group. 3 Savings: Unit linked reserves, Guaranteed: Guaranteed reserves, External: External AUM in Storebrand Asset 2 Profit before amortisation. "Guaranteed" includes "Other" segment. Managment, Other/internal: residual group internal AUM including company portfolio. Our strategy: A compelling combination of self-funding growth and capital return from maturing guaranteed back-book 1 A B C D Asset manager with Uniquely positioned in Build a world class Leading position strong competitive growing retail savings Bolt-on M&A Savings business Occupational Pension position and clear market - supported by growth opportunities Insurance A. Cost discipline B. SII capital management framework C. Increased return 2 0% 180% Manage balance 167% Q2 2019 sheet and capital 150% Manage for capital release and increased dividend pay-out ratio 2018 2020 13 1 Growth in Savings and Insurance Unit Linked Asset management +19% +8% 168 179 721 707 140 128 535 571 577 105 487 85 442 64 2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018 UL reserves (NOKbn) AuM (NOKbn) Insurance Retail bank +5% +12% 46.5 42.1 4 327 4 502 4 462 4 455 35.4 3 699 3 308 3 569 26.9 23.7 23.9 23.9 2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018 Portfolio premiums (NOKm) Balance (NOKbn) 14 A Occupational Pension Net premiums and market return drive AuM growth AuM development Unit Linked NOK bn Drivers of expected net premiums 12-15% 240 220 . Majority of premiums generated by active policies 200 180 . Growth driven by: 160 19% ─ Increased salaries and savings rates 140 ─ Population growth ─ Age distribution of policyholders 120 Expected market return ─ DB conversions 100 ─ New sales 80 ─ New retail savings products ─ Positive transfer balance 60 ─ Market returns 40 2012 2013 2014 2015 2016 2017 2018 2019E 2020E 15 1 Premiums net of claims. Includes Silver in 2018. A Occupational Pension Strong growth in Swedish Unit Linked1 +25% +20% 4 279 ~5% 3 435 2 854 2 570 2 625 H1 2015 H1 2016 H1 2017 H1 2018 H1 2019 16 1 Premium income in SEK and including transfers. A Occupational Pension Storebrand to enter Norwegian public sector pension market Large public sector market New regulation will make it attractive for opening up for competition Storebrand to enter the market again Annual market premium NOK bn1 . With effect from 2020, the pension system for 52 public employees will be adjusted to better fit the 2010 Norwegian pension reform. Market monopoly today. 29 . Capital efficient product offering. 5% expected annual market premium growth. Storebrand will build on existing systems and solutions and execute within previously Private Sector Public Sector2 communicated cost target for the group. Defined Contribution 1 Private sector as of 2018, Public sector est. 2018 1 17 2 NorwegianPrivate municipalities, sector as of does2018, not Public include sector pay as youest. go 2018 scheme for state employees. 2 Norwegian municipalities, does not include pay as you go scheme for state employees. B Building on our relationship with employers Retail to reach out to individuals Our position in the Norwegian ...gives us a customer base of 1.3 ..with above average financials occupational pension market… million individuals.. and savings capacity Household assets +78%
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