On the Right Side of History

Leading the way in sustainable value creation

✓Compelling combination of self- funded growth and capital return for shareholders

✓Value beyond return for customers

CAPITAL MARKETS DAY December 10, 2020 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 | Agenda

Topic Presenter

Karin Greve-Isdahl Welcome EVP Communications & Sustainability

Odd Arild Grefstad Sustainable Nordic Savings and Insurance Group Group CEO

Staffan Hansén Digital Leader in the Swedish Pension Market EVP, CEO SPP

Geir Holmgren Market Leader in a Growing and Changing Norwegian Pension Market EVP, CEO Storebrand Livsforsikring AS

Jan Erik Saugestad Nordic Powerhouse in Asset Management EVP, CEO Asset Management

Heidi Skaaret Accelerating Growth in the Norwegian Retail Market EVP Retail Norway

Lars Aa. Løddesøl Managing for Increased Profitability, a Strong Solvency Position and Growing Dividends Group CFO

Odd Arild Grefstad, Group CEO Lars Aa. Løddesøl, Group CFO Q&A Kjetil R. Krøkje, Group Head of Finance & Strategy Daniel Sundahl, Group Head of IR & Rating

3 | Sustainable Nordic Savings and Insurance Group

Odd Arild Grefstad Group CEO

4 250 years of pioneering in the Nordic financial industry - Future Storebrand builds strategic strengths

ILLUSTRATIVE Retail Insurance & Bank

Asset Management

Unit Linked Pensions and Guaranteed pensions Savings

1767 1847 1861 1917 1995 2020 2050

Foundation: P&C Pioneered Pioneered Pioneered Norwegian Insurance Life Occupational sustainable Fire Insurance expansion Insurance Pensions investments

5 | Leader in Occupational Pension and Asset Management, and a challenger in the Retail Market

Occupational Pensions Norway Occupational Pensions Sweden ✓ Digital leader Defined Contribution share1 Defined Contribution share2 ✓ Best customer satisfaction in Sweden with all time high score for 29% 18% 18% 28% large Norwegian corporates 14% 12% 15% 11% 7% 9%

Storebrand DNB Nordea Sparebank 1 Gjensidige LF SPP SEB Skandia Movestic

Asset Management Nordics Retail Norway AuM Private Asset Manager ✓ Best in responsible Retail Savings share4 Insurance share4 investments3 3 Market position in Norway & Sweden 34% 4% with high growth

16% 15% 14% #1 #5 5% Norway Nordics DNB Nordea Spareb. 1 Storebrand Danske Bank inkl SKAGEN

1 Finance Norway. Gross premiums incl. with inv. choice. Q3 2020, NKB Barcode Intelligence 3 Norwegian Fund and Asset Management Association, Prospera (NO & SE) 2020 6 | 2 Insurance Sweden. Non-unionised 'Other occ. pensions' (premiums, net transfers) Q3 2020 4 Norwegian Fund and Asset Management Association, Finance Norway Q3 2020 Structurally strong markets with resilient economic development

GDP growth (IMF estimates 2020) Net Government Debt (% of GDP)

150,0 % 5,0 % 1,5 % 2,0 % 1,8 % 1,3 % 1,3 % 106,8 % 109,7 % 0,9 % 85,1 % 98,1 % 0,0 % 100,0 % 50,0 % 9,2 % -5,0 % -2,8 % -4,7 % -4,3 % 0,0 % -10,0 % -5,9 % -8,3 % -9,8 % -50,0 % -15,0 % -100,0 % Norway Sweden USA Euro Zone UK G7 -150,0 % -111,3 % GDP Growth 2010-2020 Estimated Growth 2020 Norway Sweden USA Euro Zone UK G7

Unemployment Inequality: GINI coefficient

10,0 % 8,7 % 8,9 % 8,9 % USA 7,2 % China UK 5,4 % 4,5 % Spain 5,0 % Japan Germany France 0,0 % Sweden Norway Sweden USA Euro Zone UK G7 Norway Average 2010-2020 Latest 0 10 20 30 40 50

7 | Source: GDP growth, Government Debt and Unemployment: IMF World Economic Outlook, October 2020; GINI Coefficient: World Bank Open Data Nr.1 insurance company globally1

Top 10% most sustainable company 25 in the world2 years of sustainable Nr.1 investments sustainable investments in Norway and Sweden3

1 Corporate Knights ranking, January 2020 3 KANTAR SIFI | Prospera ranking 2020 Norway/Sweden 8 | 2 Dow Jones Sustainability Indices, November 2020 8.3 Employee engagement Strong employee score1 engagement and increasing attractiveness among young professionals #1 Most attractive2 employer in finance for young professionals

9 | 1Score: 1-10, outperforming the benchmark for financial industry 7.8 2YPAI: Young Professional Attraction Index Norway, 2020 Delivered strong growth in Savings and Insurance

Unit Linked Asset management

+9% +19% 220 831 179 721 707 168 571 577 128 140 487 535 105 442 85 64

2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019

UL reserves (NOK bn) AuM (NOK bn)

Insurance Retail bank

+5% +11% 46,5 48,2 4 327 4 502 4 462 4 455 4 698 42,1 35,4 3 308 3 569 3 699 23,7 23,9 23,9 26,9

2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 Portfolio premiums (NOK m) Balance (NOK bn)

10 | Delivered on transition from guaranteed to capital light business

Premiums Storebrand1 Profit Storebrand2 Shift in total Storebrand AUM3

26 278 3 037 831 24 584 20% 41% 40% 15% 49% 1 960

442 2% 14% 18% 64% 15% 9% 32% 65%

NOK m NOK 59% NOK bn NOK

NOK m NOK 45% 21% 36% 26% 15% 14% 2012 2019 2012 2019 2012 2019 External AM Clients Guaranteed Guaranteed Insurance Savings Guaranteed Insurance Savings Other/internal Savings

1 Pension premiums in Guaranteed products, Insurance and Unit Linked products 3 Savings: Unit linked reserves, Guaranteed: Guaranteed reserves, External: External 11 | 2 Profit before amortisation, "Guaranteed" includes "Other" segmen. AUM in SAM, Other/internal: residual group internal AUM incl company portfolio Delivered on commercial ambitions from CMD 2018

Occupational Asset Retail Savings Insurance Costs Pension Management

Double Double #1 digit #1 digit >10% ~5% 90-92% 0% market position CAGR Pension Norwegian CAGR retail ROE Long term Combined Cost Pension Norway Sweden asset manager Savings Norway retail bank growth Ratio increase1 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓

Bank and Insurance delivered on targets in 2019, deliver on targets in 2020 adjusted for COVID effects 12 | 1 Cost target is excluding performance related costs, acquired business and FX-effects within Group Group Strategy Sustainable Nordic Savings and Insurance Group

A B C Future Storebrand Leading Provider Nordic Powerhouse in Growing Challenger in Growth focus in Occupational Pensions Asset Management Norwegian Retail Market capital-light business Norway & Sweden areas in front book

Strategic D Leadership in Sustainability differentiators E Digital Frontrunner

Capital Management of Growing ordinary dividends NOK ∼10bn capital release I II capital and back book from earnings from back book by 2030 balance sheet

Compelling combination of self-funded growth in front-book and capital return from maturing guaranteed back-book

13 13 | A In Norway, manage for increased profits in a market with Occupational product changes in 2021 Pension

Changed market dynamics due to introduction of Storebrand responds with improvements in both Earnings expected to grow in 2023 IPA Savings and Insurance

Operational improvements:

Expected short term margin 973 pressure from introduction of End-to-end digitalisation Individual Pensions Account in 2021 Cost leadership

239 New Growth initiatives: 2019 2020e 2021e 2022e 2023e Total results Corporate Market Norway Public Sector Pension Profit(mNOK) before amortisation and tax (NOK m) Occuptional UL Business (NOK m) Introduced 1 January 2021 Total results Corporate Market Norway (NOK m) SME P&C Insurance

14 | A In Sweden, gain market shares by winning the transfer market Occupational Pension

Attractive market with solid growth By being a leader in the transfer market… …SPP aims to grow faster than our competition

8% 25% 14-16% expected yearly market growth SPP market share1 in expected SPP growth CAGR in premiums to 2023 transfer market 2020 in premiums 2020-2023

15 | 1 Source: Insurance Sweden, 12 months average as of Q3, excl transfer of Brummer Life to SPP B In Asset Management, build a Nordic Powerhouse in sustainable Asset investing with profitable growth Management

With foundation in captive assets from pension … grown to a leading multi-boutique asset Growth forward as a Nordic Powerhouse in savings… manager, with large part external clients sustainable investing

921

AuM (NOK bn) 41% Ambition 577 #1 AuM Norway Nordic Powerhouse Non-captive 24% NOK 250 bn

A AuM growth to 2023 Leading provider 59% Occupational Pension Captive 76% Norway & Sweden Part of Storebrand

2015 Q3 2020

16 | In Retail Norway, accelerate growth by building on strengths C Retail from Corporate Market and Asset Management

Building on leading strengths …we provide top-class financial services to Retail has become increasingly important part of in B2B markets… targeted retail customers the group…

A Leading provider Occupational Pension Norway & Sweden ∼27% Share of group profit1 253 years of experience in insurance Savings Insurance Bank 22% 29% market share in occupational pension 19% #1 customer satisfaction

B

Nordic Powerhouse Asset Management 1.3 million customers in database 2015 2019 E2023

5.4 million Norway population …with high growth potential forward #1 in Norway 400 thousand employees with active World Leader sustainability occupational pensions Strong brands

17 | 1 Retail Norway Share of Profit before Amortisation and Tax Sustainability as a differentiator, D Leadership in Sustainability the reason we focus on value beyond return

Our Leadership in Sustainability is a foundation for increased value creation for all stakeholders

Increased Employee Value Increased Customer Value Increased Shareholder Value

Giving a higher return for our customers, while at the same time pushing the world in the right direction

Meeting customer demands with Purpose driven organisation Better risk adjusted return for Support and develop a future for top talent attracts and retains top talent our customers our customers to look forward to to create further growth and increased shareholder return

Aiming for Paris Alignment throughout the entire value chain

Climate neutral Climate neutral Climate neutral operations since 2008 suppliers by 2025 investments by 2050

18 | The technology platform is our engine for growth E Digital Frontrunner – and a key enabler for future competitiveness

Our products, services and POWERED BY DATA & ANALYTICS customer experience are driven by • 17% improved disability pricing • 85% increase fraud detected our technology platform FULL SCALE CLOUD TRANSFORMATION • 15% infrastructure cost reduction expected Building on our strong technology • 60% cost reduction with cloud analytics pipeline foundation, we have adapted to a digital business model BACK-END CORE RENEWAL • 50 MSEK lower cost base SPP • 15% efficiency gains in B2B customer service Leveraging key technologies we are going digital to the core, enabling END-TO-END DIGITALIZATION • 75% handling times reduction disability claims growth and future competitiveness • 25% yearly growth in digital sales

19 | Storebrand Ambition 2021-2023: Earnings growth across the business

A B C Leading Provider Nordic Powerhouse in Growing Challenger in Occupational Pensions Asset Management Norwegian Retail Market Norway & Sweden

Norway: #1 private sector Double digit occupational pensions NOK 250 bn growth insurance, Sweden: AuM growth combined ratio <92% Double digit premium growth Unit Linked

Group profit1 of NOK ∼ 4 bn in 2023

20 | 1 Group profit before amortisation and tax Storebrand is a blend of growing high ROE future business, and low ROE run-off business

Future Run-off ILLUSTRATIVE Storebrand business

Savings & Insurance Guaranteed4 Group

IFRS earnings1 (NOKm) 1 500 1 026 2 526

Allocated Equity2 32.9 (NOKbn) 5.3 27.5

Pro forma RoE adj. (%)3 28% 4% 8%

The equity in the Group sits within different legal units. This allocation of equity is done on a pro-forma basis to reflect an approximation to the IFRS equity consumed in the different reporting segments after group diversification. The estimated allocation is based on the capital consumption under SII and CRD IV adjusted for positive capital contribution to own funds. Savings, Insurance and Other segment is calibrated at 150% solvency. The remainder of the capital is allocated to the Guaranteed segment.

FY 2019 numbers 3 1 IFRS earnings are profit after tax adj. for amortisation IFRS earnings / allocated equity as described above 21 | 4 2 IFRS opening balance equity. See note above for pro-forma allocation. Includes earnings and equity in the "Other" reporting segment Capital ambition: Earnings growth will continue to grow ordinary dividends, run-off of back book will realease excess capital

I Growing ordinary dividends from earnings II NOK ∼10bn capital release from back book by 2030

Regulatory cancelled due to Covid-19 ∼10bn 3.25 3.00 2.50 0.40

NOK 1.55 NOKbn 2.10 1.55

2016 2017 2018 2019 2020 2030 Special dividends Ordinary dividends

22 | Financial targets are maintained for a robust balance sheet, a profitable business, and reaffirming commitment to growing dividends

Target Actual 2018 Actual 2019

% Solvency 2 margin Storebrand Group1 > 150% 173% 176%

> 50% NOK 3.00 Cancelled Dividend pay-out ratio2 due to & nominal growth 68% Covid-19

Return on equity3 8.2% 8.0%

> 10% 'Future Storebrand' 41% 28%

'Backbook' 3% 4%

1 Including transitional rules 2 Dividend / Profit after tax. The dividend pay-out ratio in 2018 is adjusted for extraordinary tax effects from legislation changes. 23 | 3 Profit after tax adj. for amortisation / OB Equity. In 2018, ROE is adjusted for extraordinary tax effects from legislation changes. ▪ The Group is in strong growth and expects to deliver a group profit of approximately NOK 4 bn in 2023. We will continue with strong cost discipline while investing in new growth areas that will continue the transformation of the company. Key Takeaways ▪ Storebrand will get back to paying dividends in 2021. NOK ∼10 billion of capital is expected to be released as the guaranteed liabilities are paid out.

▪ This is not the time to be on the wrong side of history. We will uncompromisingly be setting the standard and aim to be the World's most sustainable financial company.

24 | Digital Leader in the Swedish Pension Market

Staffan Hansén EVP, CEO SPP

25 ▪ SPP has become a significant result contributor to the Storebrand Group, driven by earnings growth and ongoing capital release Key Takeaways ▪ Growth is expected to continue, driven by an edge in digital solutions and a strong market position

26 | Front book growth has improved the quality of earnings…

Healthy growth in unit linked AuM...... has improved core earnings … ..at a lower cost

AuM (SEK bn) AuM (SEK bn) (SEK m)

+14% 605 550 -9% +12% 112 522 451 146 87 88 168 79 71 362

996 870

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2019

Unit linked Operating profit Comission to brokers Operating cost

27 27 | …while pension payments from the back book have released capital

Guaranteed savings have peaked… ... with large pension payments… ... releasing capital in excess of earnings

(SEK bn) (SEK bn) (SEK bn)

SEK +3.1 bn 83 83 83 80 83 5.0

-5,4 -5,4 -5,4 -5,3 -5,3 1.9

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Profit after tax Distributed dividends

28 28 | SPP is growing in its core market… Competitive market for occupational pensions, unit linked

Market growth SPP growth (SEK bn)

+8% +14-16%

+7% +20% 7.4

6.2 Gross transfers 4.8 4.3 Gross transfers

Premium income excl transfers Premium income excl transfers

2017 Q3 2018 Q3 2019 Q3 2020 Q3 2023e 2017 Q3 2018 Q3 2019 Q3 2020 Q3 2023e

29 | Source: Insurance Sweden, 12 months q4-q3, excluding Brummer Life ... driving up market shares….

Premium income (Incl transfers) Transfers New Sales APE1 (Excl transfers)

% % % 25 30 24 SPP 22 22% SPP 25 20 25% 20 18 SPP 20 16 18% 14 15 15 12 10 10 8 10 6 5 4 2 5 0 0 2016 Q4- 2017 Q4- 2018 Q4- 2019 Q4- 2016 Q4- 2017 Q4- 2018 Q4- 2019 Q4- 2016 Q4- 2017 Q4- 2018 Q4- 2019 Q4- 2017 Q3 2018 Q3 2019 Q3 2020 Q3 2017 Q3 2018 Q3 2019 Q3 2020 Q3 2017 Q3 2018 Q3 2019 Q3 2020 Q3

Länsförs. Movestic SEB Trygg Skandia SPP

Source: Insurance Sweden, 12 months average as of Q3, excl transfer of Brummer Life to SPP 30 | 1APE stands for annual premium equivalent …whilst selected portfolio transfers have added growth

SEK 5.2 bn AuM (2020)

31 | Strategic priorities towards 2023

Digital Double digit Leader growth

▪ Digital to the core ▪ Trusted advisor ▪ Scalability ▪ Transfer factory ▪ Reduced time-to-market ▪ Sustainability brand strength

32 | SPP has undergone a four year digitalisation journey… Digital Leader

Digitalisation as a business New IT platform New ways of working differentiator

Initially a IT cost case… …turned into a growth enabler… …transforming the whole SPP

33 | …which has given SPP strong advantages… Digital Leader

Reduced Scalability Digital to the core time-to-market Ability to grow at low Front-end digitally linked Ability to react fast marginal cost to back-end to customer needs

34 | Double The transfer market is a key pocket of growth for SPP… Digit Growth

Target annual Yearly transfers SPP's market share Yearly transfers growth in net tomorrow? in gross transfers today1 transfers 2% 7% 25%

2%

1 SEK300 0001,300 MSEK bn 2016 2020 2020 2023 addressable market

SPP's market share …where new legislation is opening up the … in a sleeping market… increasing rapidly… transfer market

35 | 1Source: Insurance Sweden, unit linked, occupational pensions and collective agreement Double …where success rests on the features defining SPP Digit Growth

Trusted advisor Transfer factory Brand strength

The "go-to" for qualified advice The "go-to" for simplicity and The "go-to" for sustainable smoothness savings

36 | Double Digital Sustainable savings is becoming ever more important Digit Leader Growth

Your Carbon Footprint at SPP What's in it for SPPs customers?

Your Comparable Visualizing carbon footprint savings savings Data input to company reporting New tool for employer branding 35%

Tons Tons 9.0 13.9

All SPP's mutual funds

*Example of footprint data based on employees of SPP are fossil free since 2019

37 | Key Ambitions 2021-2023

Double digit #1 in unit linked market premium growth share1

38 | 1 Premium income including transfers, competitive "non-unionised" market for occupational pensions Market Leader in a Growing and Changing Norwegian Market

Geir Holmgren EVP, CEO Storebrand Livsforsikring AS

39 ▪ Market leadership in an attractive and growing occupational pension market

▪ Well positioned for the new Individual Pension Account (IPA) market

Key Takeaways ▪ A challenger in a profitable and fast-growing public sector pension market

▪ Expand insurance offering to P&C insurance for SMEs by realising customer, capital and distribution synergies

40 | Market leader in an attractive growth market - Private sector occupational pensions

Strong AuM market growth Defined Contribution, Market growth - Defined Contribution gross premiums run-off for Defined Benefit

NOK bn NOK bn +5-8% Defined Contribution private sector Defined Benefit private sector (excl. paid-ups) +11-14% 35 +13% 34 30 339 28 316 +21% 23 248 20 226 17 180 143 148 121 129 95 65 51 47 39

2014 2015 2016 2017 2018 2019 2020e 2021--> 2014 2015 2016 2017 2018 2019 2020 2021--> (Q3)

▪ Potential for increased gross premiums going forward due to ▪ Structural shift from Defined Benefit to Defined Contribution regulatory changes in minimum contributions

41 | Source: Finance Norway Statistics, Storebrand estimates. Key success factors in the corporate pension and insurance market

Attractive Superior economic value client service proposition

Sustainable high performing Market leading investment digital portals funds

42 | Well positioned as a full range provider in a changing market

Product Market share1 Changes Competitive edge

▪ Barriers of entry: IT, scale Private sector 29% Individual Pension Accounts 2021 economies Occupational pension ▪ Only provider with a full product Public sector 1% Pension reform effective 2020 offering incl. closed book products

▪ Culture of pension expertise

Group Life/workers comp 10% ▪ Strong capital synergies under Solvency 2.

Health insurance 15% ▪ Complementary employee Insurance benefit products to Disability pension 35% occupational pensions.

P&C insurance Insr acquisition 2020 adds SME customers

43 | 1 Source: Finance Norway, Q3 2020. Public sector estimated incl. new sales 2020. Strategic priorities to maintain market leadership and profitability towards 2023

Remain #1 provider of Growing challenger in Expand insurance offering private sector occupational pensions public occupational pensions to P&C insurance for SMEs after implementation of Individual Pension Accounts (IPA)

44 | IPA Public P&C Storebrand is well positioned to remain #1 provider of Individual Pension Accounts (IPA)

1 2 3 Well positioned for growth and Individual Pension Accounts from 2021 Bridging price changes individualisation

973

239

Pension and long-term savings 2019 2020e 2021e 2022e 2023e Total results Corporate Market Norway ▪ New regulation 2021 ▪ Gradual(mNOK) implementation through 2021 ▪ Digital first strategy ▪ Build on our strong value proposition for ▪ Sources of fee income removed by merging products ▪ High customer centricity to retain and attract employees and employers into one account individuals ▪ Implement E2E initiatives and cost measures ▪ Continued strong underlying volume growth in product

45 | IPA Public P&C Competitive edge through end-to-end digitalisation in the occupational pension market

Digital Digital Automating Customer customer interface communication core processes satisfaction

Cost leadership

46 | IPA Public P&C Challenger in a profitable public sector market - Significant competence, technology and asset management synergies

1 2 3 High market Gradual entrance Profitable and potential1 into market capital light

PUBLIC Ambition AuM MUNICIPALITIES CORPORATIONS new customers 5 BNOK

2022 35 BNOK ANNUAL PREMIUMS ~2 BNOK 5 BNOK

400 BNOK AUM 50-60 BNOK 2021 5 BNOK ~10% ANNUAL GROWTH ~6% 2020

▪ Attractive AUM volume ▪ Significant synergies with private sector ▪ Capital light guaranteed Defined ▪ Strong market growth pension solutions Contribution product ▪ Expected RoE >10%

47 | 1 Storebrand estimates. IPA Public P&C Expand insurance offering to P&C insurance for SMEs - Significant customer, capital and distribution synergies

1 2 3 4 Improved value Build on existing High capital and Kickstarted with proposition systems and processes distribution synergies Insr-portfolio

%

▪Strong brand name ▪In-house competence ▪Diversification ▪Immediate profitability

48 | Key Ambitions 2021-2023

#1 market share NOK 5 bn Maintain profit level private sector annual AuM growth despite introduction of occupational pension public sector individual pension accounts

49 | Nordic Powerhouse in Asset Management

Jan Erik Saugestad EVP, CEO Storebrand Asset Management

50 ▪ Multi-boutique asset manager with a proven ability to grow the business both organically and through acquisitions

▪ E2E digitalisation and cloud platform to cater for digital client experiences and further scalability

▪ Growth through a broader Nordic distribution and Key Takeaways focused International distribution

▪ Growth in alternatives supported by captive capital and strengthened capabilities

▪ Recognised leadership in sustainable investments

51 | The Asset Management journey

Transformation and Modern and Future growth as a rise of Asset sustainable multi- Nordic Powerhouse Management boutique manager

A Nordic Asset Manager with a recognised #1 position in sustainable investments

AuM World 921 bn #1 #5 Leader AuM Norway AuM Nordics Sustainability

52 | Strong growth and increased share of non-captive Transformation and rise of Asset assets have boosted revenues Management

Growth in AuM1 from organic and structural initiatives...... have driven a high revenue growth

NOK bn Pension savings Norway Institutional clients Revenues2 (NOK m)

+84 +198

338 316 1,788 +13% 232 CAGR 140

2015 Q3 2020 2015 Q3 2020 67% 963 Pension savings Sweden Direct retail savings 36%

+32 +29 64% 33% 190 158 44 15 2015 2020 Non-captive Captive 2015 Q3 2020 2015 Q3 2020

53 | 1 Company capital, 34bn (31bn in Q4 2015), not allocated to any of the customer pipes 2 Q3 2020 revenues annualised Successful sales distribution to non-captive clients has been a key enabler for substantial net inflow

Outflow of guaranteed payments constraints net flow in pensions Strong sales to external clients enables AuM growth

Assets under Management Assets under Management Group internal pension savings External institutional clients and Norway and Sweden NOK bn direct retail NOK bn 506

381 37 16

464 5 29 336

2019 Net Flow Return1 Q3 2020 2019 Net Flow Return1 Q3 2020

54 | 1 Including FX effects Experienced and engaged employees in a larger and more diverse organisation

~300 ~160

2015 Nov 2020 number of nationalities # of employees 11

7,2 8,0

average tenure (regular 2018 Nov 2020 Norway, Sweden , employees) improved engagement Denmark, UK , Germany >9 years score by employees

55 | Modern and A modern and sustainable multi-boutique manager well sustainable multi-boutique positioned for further consolidation and growth manager

Index Active Fixed income Real Estate Cover key asset classes for clients Factor Private Equity Private Debt Infrastructure

Autonomous and complementary investment strategies Part of Storebrand Real Estate with strong brands

Efficient, scalable Shared distribution and shared platform - One policy for Cost efficient operations sustainable investments Shared technology platform

56 | Highly recognised by our clients and holds a strong competitive position

Score1: Willingness to recommend Score1: Sustainable Investments Our position:

Storebrand Asset Storebrand Asset 1 3,96 1 4,38 Management Management • High recognition and rating by 2 Company 2 3,92 2 Company 2 4,32 institutional clients in Norway and Sweden 3 Company 3 3,9 3 Company 3 3,94

4 Company 4 3,88 4 Company 4 3,89 • Willingness to recommend improved significantly 5 Company 5 3,87 5 Company 5 3,88 • Recognised leader in sustainable 6 Company 6 3,84 6 Company 6 3,74 investments 7 Company 7 3,81 7 Company 7 3,74 • New clients in Finland, Iceland and 8 Company 8 3,8 8 Company 8 3,63 Denmark

9 Company 9 3,7 9 Company 9 3,53 • European breakthrough with sustainable solutions 10 Company 10 3,6 10 Company 10 3,51

57 | 1 KANTAR SIFO | Prospera Fund Distributors & Selectors 2020 Sweden Clear strategic priorities to increase AuM by NOK 250 Future growth as a Nordic billion and maintain revenue margin through 2023 Powerhouse

E2E digitalisation Market expansion, Keep recognised #1 Growth in active Bolt-on M&A to for client experience client growth outside in sustainable and alternative grow the multi- and cost efficiency Norway investing assets boutique

58 | Improve client experience and cost efficiency by End-to- End digitalisation

Digital Foundation Cost Efficiency Client Experience

Wolf SCD -2 bps -1 bps

14 bps 12 bps 11 bps

Cloud based infrastructure and data platform 2017 Q3 2020 2023 Fixed Cost per year in bps of AuM

SAM invests in a strong digital foundation to efficiently absorb the growth ambitions and make client experience a differentiator for SAM to help increase revenues ✓ Robust platform ✓ Increased scalability ✓ Attract new business ✓ Increased quality ✓ Regulatory compliance ✓ Increase share of wallet ✓ Reduced operational risk ✓ Self served customers ✓ Retain existing clients

59 | Market expansion to grow both AuM and client base beyond Norway

Our vision: Current position: Key enablers

Foundation: Strong captive • Stronger Nordic distribution outside Norway • Robust position in Sweden; SAM Branch, SPP management Fonder, Storebrand Fastigheter • Streamlined hub for institutional clients in UK and Norway (conventional and UCITS products) • UCITS funds listed in Denmark and SKAGEN and SAM branch in Denmark Nordic Powerhouse for • Demand for Nordic solutions by domestic clients and institutional clients non-Nordic clients • Luxembourg SICAV's in place with marketing permissions • Strong demand for sustainable solutions and sustainable index solutions Preferred partner for • Luxembourg RAIF vehicles for private equity, Nordic wealth infrastructure and real estate managers • Extensive pipeline and breakthrough in the UK pension market • International client base in private equity through Cubera International provider • Well recognized by investment advisors of sustainable and Nordic solutions

60 | Keep #1 position in sustainable investments through innovative index solutions and active ownership

Sustainable investments is a key selection Significant growth in sustainable solutions We continue to raise the bar to stay ahead criteria for asset management clients with a positive impact and create action on the ground

Sustainable Fossil free investments Investments 2nd most (AuM, NOK bn) 1. Leading role in important factor1 320 active ownership on deforestation and nature Portfolio Mgmt 4.8 Competence 60

Sustainable 4.2 Investments 2017 Q3 20 2. New group climate strategy, Track Record 4.2 Investments in solutions with innovative anti- (AuM, NOK bn) lobby criteria 75 Product 4.0 Information 3. Raising the bar – 35 Storebrand, PKA and Distribution PenSam commit to a new 3.9 Compensation climate and 2017 Q3 20 infrastructure fund

61 | 1 KANTAR SIFO | Prospera Fund Distributors & Selectors 2020 Sweden Continue to grow in alternatives through new capabilities and fund launches

Global trends highlights importance of alternative assets Storebrand is well positioned to capture growth

Global revenues split by product1 (%) ▪ Total committed capital ~35bn Nordic gateway to ▪ Primary and secondary strategies, both Private Equity International and Nordic investments 29% ▪ Nordic and International client base 41% 45% 47% 49% Sustainable ▪ Total committed capital ~45bn ▪ 5-star GRESB rating, 48% BREEAM certified manager of Real ▪ Vehicles in Norway and Sweden, newly Estate launched Nordic Real Estate Fund

68% ▪ Partnership with highly reputed pension funds, 55% 49% 47% 45% Sustainable total commitment of up to ~45bn Infrastructure ▪ AIP ranked #1 on sustainability by GRESB ▪ Launched sustainable infrastructure fund

3% 4% 6% 6% 6% 2003 2008 2018 2019 E2024 High quality ▪ Total committed capital ~40bn ▪ Asset backed and senior loans Alternatives Active & Others Passive Private Debt ▪ Pension funds to build HTM portfolios

62 | 1 BCG Global Asset Management Market Sizing Database 2020 Protect and develop active equity by capitalising on our strengths as a multi-boutique

Active remains a very important part of revenues in the future Storebrand is well positioned to manage active strategies

Global revenues split by product1 (%) ▪ Clear, well documented investment rationale

Sustainable active ▪ Strong talent and team 29% Domestic Active 41% 45% 47% 49% ▪ Strong brand with demonstrated value proposition for clients

▪ Ability to run focused teams and strategies in a financially robust multi-boutique

68% ▪ In-house ESG research expertise with 55% Momentum strategies 49% 47% 45% material subject matter insight

▪ Experience of sophisticated risk management from captive management 3% 4% 6% 6% 6% ▪ Capacity to support cross learning and deep 2003 2008 2018 2019 E2024 forensic analysis by independent in-house Alternatives Active & Others Passive Value strategies team

63 | 1 BCG Global Asset Management Market Sizing Database 2020 Maintain revenue margin through growth in alternative assets and active equity

Change of product mix Strong growth in revenue margin1

214bn (23%) 3 bps 20 bps 104bn 17 bps

79bn (13%) 24bn 110bn 55bn

2015 Q3 2020 2015 Q3 2020

Active equity2 Alternatives

64 | 1 Theoretical margin reflecting index performance, thus excl. pure performance revenues and costs. 2 SKAGEN, Delphi, Storebrand Norwegian Equity, Storebrand/SPP Global Solutions and Storebrand Global ESG Plus Storebrand has track record of two recent and successful acquisitions

SKAGEN Funds, transaction Dec 2017 Cubera Private Equity, transaction April 2019

✓ Significant system contribution to joint Asset ✓ Full range private equity offering to Nordic clients Management Platform ✓ Strong gateway to the Nordics for International ✓ Enabled International expansion clients ✓ Strengthened position in mutual fund retail ✓ Three distinct, sustainable buyout strategies, Nordic market primary, Nordic secondary, International primary

Highlight Highlight Larger group synergies than estimated, and Wolf Successfully raised NOK 12bn after acquisition unit holder system now a group system

65 | Further M&A bolt-ons are considered to build additional capabilities and client offering

Consolidate Conventional Grow Alternatives Fintech Opportunities

▪ Products and solutions ▪ Private equity ▪ Client experience

▪ Markets and client ▪ Real estate ▪ E2E digitalisation segments ▪ Infrastructure ▪ AI and data

▪ Private debt

66 | Key Ambitions 2021-2023

AuM growth of NOK Maintain revenue Leadership in ~250 billion to 2023 margin sustainable investments

67 | Accelerating Growth in the Norwegian Retail Market

Heidi Skaaret EVP, Retail Norway

Photo by: Eirik Førde

68 ▪ The retail market in Norway is increasingly important as an engine for growth and profitability for Storebrand

▪ Storebrand is a challenger in a profitable Key Takeaways market - building on group strengths and synergies

▪ Storebrand's digital first strategy offers data- driven tailored solutions to customer segments where we have an advantage

69 | Ambitious retail growth strategy leveraging group strengths and opportunities in an attractive market

Attractive Norwegian retail market, with a We gain our customers trust by leveraging wealthy and digital mature population strategic group strengths

GDP (NOK) per capita Market leader occupational pension and 1.3 663 700 2019 million customers

90% brand recognition

Share of 9-79 year old 98% with internet access Leading asset manager

Capital synergies in mortgages and insurance Profit pool in targeted 28 BNOK retail market Leading sustainability position

70 70 | Source: SSB (internet access and GDP). Profit pool: Storebrand analysis Storebrand is a challenger in a growing market

Market share mutual funds % Market share P&C insurance % 4.1 11,9 Skagen 9,8 8,9 9,5 ~8% ~4% annual market 3.7 annual market 4,3 growth growth 3,4 3,2 3.7 2,5 3.5 Storebrand

2017 2018 2019 Q3 2020 2017 2018 2019 Q3 2020

Market share unit linked % Market share mortgage %

18.1

1,8 1,7 1,6 17.1 16.7 ~11% 1.5 ~6% annual market annual market 16.5 growth growth

2017 2018 2019 Q3 2020 2017 2018 2019 Q3 2020

71 71 | Source: Finans Norge, SSB, VFF and Storebrand estimates The retail business system leverages Storebrand's large customer base, and excellent digital capabilities driving scalable growth

DATA DRIVEN RECRUITING SEGMENTS AND CONCEPTS PRODUCT AREAS CUSTOMER DEVELOPMENT

Insurance MASS MARKET Employees with Value propositions: occupational pension Young, New family, Smart pension etc.

Seamless and individualised customer journeys across all Savings Partners with large channels customer bases (marketing, sales & service)

AFFLUENT MARKET Value propositions: Wealth, Smart Customers interested in Pension etc. Bank Storebrand

72 72 | Targeting continued strong growth in retail segment

Retail market revenues (NOK m) Volume growth (NOK bn)

AuM retail savings 10-12% CAGR +16% 39 +8% 32 36 25 +5% 2 870 2 647 2 498 2 385 2017 2018 2019 2020e 2023e

Retail mortgages ∼10% +6% CAGR 42 47 48 50

2017 2018 2019 2020e 2023e Retail insurance premiums 12-17% CAGR +9% 1.9 2.2 2017 2018 2019 P2020 1.7 1.7

2017 2018 2019 2020e 2023e

Note: Revenue calculated as fee and administration income for bank and savings and for insurance premium income; Forecast for 2020 based on 73 73 | development as of November 2020; AuM retail savings include Paid up policies with investment choice and Silver acquisition in 2018. Strategic priorities towards 2023

Value propositions tailored Strong digital capabilities and Leverage partnerships and to segments through data attractive customer solutions explore new business models analytics and individualised to support scalable growth for increased distribution customer journeys power and customer loyalty

74 | Attractive value propositions tailored to segment needs is a key driver of the growth agenda

Developing value propositions tailored to life cycle Holistic customer concepts and customer potential

Storebrand Storebrand Wealth Management Smart Pension 55 years+

Wealth Estimated potential. 40 000

Smart Nest Pension potential builder. 333 000 potential

270 000 Customer potential Customer

Life cycle driven events Individual Pension Plan

75 | Note: Estimated number of existing Storebrand customers in target segment of concept Strong digital capabilities support scalable growth

Digitalisation Distribution

Digital sales retail savings, AuM New savings app ▪ >100.000 users +25% ▪ Platform for sales and engagement

Claims 2017 2018 2019 2020 ▪ >85% digital claims share ▪ 43% claims process automation Digital sales insurance, Annual Premium

+27%

Digital mortgage process ▪ Fully digital application process collecting data from four external providers 2017 2018 2019 2020

76 76 | Leveraging partnerships with large customer base and exploring new business models

Growth through partners with large customer bases Growth through new business models

▪ Increased distribution power and strengthened ▪ Explore new services and business areas customer loyalty ▪ Explore strategic options to build or be part of new ▪ Access to attractive customer segments and ecosystems customer bases ▪ Learning and competency development ▪ Fueling growth in insurance and bank

130 000 members January 2015 250 000 cars sold 1 BNOK saved June 2020 June 2017

235 000 households April 2020 1 850 000 members Startup legal advice December 2020 June 2020

77 77 | Note: Month/year is when the agreement started Key Ambitions 2021-2023

Double digit growth Double digit growth Double digit growth retail insurance retail savings AUM retail mortgages premiums

<92% combined ratio

78 | Managing for Increased Profitability, a Strong Solvency Position and Growing Returns to Shareholders

Lars Aa. Løddesøl Group CFO

79 ▪ Earnings growth to bring group profit to NOK ∼4bn in 2023 ▪ Strong cash generation and liquidity ensure ordinary dividend growth ▪ High quality investments and solid customer Key Takeaways buffers secure customers returns and protect shareholders' equity ▪ Strong solvency position and sound capital generation ▪ Run-off of guaranteed book estimated to release NOK ∼10bn by 2030

80 | Growth ambitions to bring group profit to ∼4bn NOK in 2023

81 | Growth ambitions to bring group profit to NOK ∼4bn in 2023

Group profit (before amortisation and tax, NOK billion)

∼ 4.0

3.0

2.0 1.4 0.3 0.6 0.4

1.0 1.0

0.1 0.2 2012 2019 2023

Other Guaranteed Insurance Savings

82 | The ambition to reach NOK 4bn assumes margin pressure to be compensated by growth and cost discipline

Asset Unit Linked Bank Insurance Guaranteed Management

1 Volume (NOK) AUM AUM Lending Premiums f.o.a. AUM Q3 2020 252 bn 921 bn 48 bn 4.3 bn 277 bn (FY2020 est.)

CAGR ∼ 8-12 % ∼ 7-11 % ∼ 5-10 % ∼ 10-15 % < 0 % 2020-2023

Margin Fee income Fee income Net interest Combined ratio Fee income 2021-2023 ∼ 0.6 % - 0.8 % ∼ 0.18 % - 0.22 % ∼ 1.1 % - 1.3 % < 92 % ∼ 0.5 % - 0.6 %

83 | 1 Premiums f.o.a. (for own account) is gross premiums net of reinsurance. Sensitivities outside group control that may impact the result

Todays forward curve Normal risk premiums Regulatory changes

84 | Continued strong cost discipline and selective investments to support earnings growth

Flat nominal costs1 2012-2020 NOK bn

M&A, investments digitalisation and new business initiatives in 20213

4.4 Digital acceleration 4.0 3.8 New and acquired business 0.1 0.1 0.5 0.5 0.5

4.0 3.4 3.4 3.4 3.4

2012 2015 M&A1 2018 M&A2 2020e 2021e

SEK/NOK New business Cost base

PROVEN ABILITY TO ADAPT COST IF NEEDED

1 Cost is excluding performance related costs. 2 Skagen, Silver (2015-2018), Cubera, Brummer, PostNord, Insr (2018-2020). 85 | 3 New and acquired business: Public sector pensions and Insr portfolio transfer. Solvency regime rewards diversification of risk

SCR dominated by financial market risk… …gives strong diversification benefits to adding more insurance risk1

% of net SCR before diversification Percent of SCR diversified away under Solvency 2 for Storebrand Group

76%

67% Life 65% 26% P&C & Health 3% Counterparty Operational 3% 4% 43%

6% 63% Financial market Financial Life Counterparty Health P&C market

86 | 1 E.g. a NOK 100m increase of Insurance SCR leads to a NOK 24m increase of Basic SCR, because 76% are absorbed by diversification benefit (2020 Q3). Growing returns from front book and capital release from back book will generate a sustainable Return on Equity >10%

ILLUSTRATIVE Future Run-off Storebrand business

Savings Insurance Guaranteed4 Group

IFRS earnings1 (NOK m) 1 135 365 1 026 2 526

Allocated Equity2 (NOK bn) 4.8 0.6 27.5 32.9

Pro forma 24% RoE adj. (%)3 60% 4% 8%

The equity in the Group sits within different legal units. This allocation of equity is done on a pro-forma basis to reflect an approximation to the IFRS equity consumed in the different reporting segments after group diversification. The estimated allocation is based on the capital consumption under SII and CRD IV adjusted for positive capital contribution to own funds. Savings, Insurance and Other segment is calibrated at 150% solvency. The remainder of the capital is allocated to the Guaranteed segment.

FY 2019 numbers 87 | 1 IFRS earnings are profit after tax adj. for amortisation 3 IFRS earnings / allocated equity as described above 2 IFRS opening balance equity. See note above for pro-forma allocation. 4 Includes earnings and equity in the "Other" reporting segment Sustainable ROE > 10% is expected from 2023

Return on IFRS equity

14%2

12% 11% 11% 10% Target >10%1 10%

8% 8% 7%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e 2023e (Q3 YTD annualised)

88 | 1 Return on Equity is defined as: profit after tax, adj. for amortisation / opening balance equity 2including extraordinary tax effect Strong cash generation and liquidity support ordinary dividend capacity

89 | IFRS earnings close to cash, high remittance ratio

Storebrand Life Storebrand Storebrand Storebrand Asset Storebrand Bank ∑ Group3 Group Forsikring Helseforsikring Management

Earnings after tax1 1 846 101 24 213 414 2 082 (NOK m)

Remittance2 1 520 118 65 60 576 2 339 (NOK m)

Remittance ratio 82% 117% 271% 28% 137% 112%

Per share (NOK) 3.3 0.3 0.1 1.2 1.2 5.0

90 | 1 Numbers from FY 2019. 3 Group sum differs from consolidated earnings since the figure 2 Upstreamed capital to Storebrand ASA excludes the holding company Storebrand ASA and tax effects Strong liquidity position gives additional flexibility

Increased equity financed liquidity Liquidity position 2020e Storebrand ASA (holding), NOK bn

5,0 7.2 4,5

4,0 2.2 3,5 ~5.0 3,0 1.0 2,5

2,0

1,5 4.0 1,0

0,5

0,0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020e Liquidity Undrawn RCF Liquidity incl. RCF

Hold co liquidity Senior debt Debt Financed Equity financed Total liquidty inc RCF

91 | 2 Q3 2020. Subordinated debt divided on IFRS Equity + Subordinated debt Storebrand Group. Guaranteed book in run-off -High quality investments and solid customer buffers secure customers returns and protect shareholders' equity

92 | Guaranteed Back Book is in Run-Off

Premium income decline Policyholders retiring Net outflow expected

NOK bn % of reserves Accumulated net flow in guaranteed book, NOK bn

12 4% To be claimed Under payment -54

-108

3% -160 8 -206 -245 2% -275

4 1%

0% 0 2012 2020e 10 20 30 40 50 60 70 80 90 100 2025 2030 2035 2040 2045 2050 Policyholder age

93 | Norwegian and Swedish guaranteed portfolios. High and growing share of capital efficient AuM

Forecast assets under management in Storebrand Group (NOKbn) Implications

ILLUSTRATION 2 000 2020: 2030e: 72% of AuM ~90% of AuM non guaranteed non guaranteed ▪ Guaranteed pensions in run-off 1 500 → will release capital

▪ AuM growth from external asset management clients and non- 1 000 guaranteed savings → increased fee and adm. income and reduced sensitivity to financial markets

500 ▪ Growing free cash flow and dividend capacity

0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

External asset management clients Guaranteed pensions Non-guaranteed savings and other group internal

94 | High quality assets with fixed income as the backbone provide secure returns for guaranteed pensions

NOK 187 bn Bonds at amortized Bonds and Money 8% Equities cost Market Real estate 10% Bonds & Money market Average rating Loans Average rating 15% Bonds at amortized cost AA- AA 14%

Equities Real estate Loans NOK 90 bn 12% 12% 53% 90% Prime 90% 57% MSCI World Location & Quality Asset Backed

10% 18% Local Index (OMX & OBX) Norway Sweden

95 | Norwegian and Swedish guaranteed portfolios, Q3 2020. Return above discount rate generates capital, strong buffers give risk capacity and stability

Investment return over solvency II discount rate generates capital Buffers shield shareholders from short term IFRS volatility Customer buffer in % of reserves – Growing with expected IFRS return above guaranteed rate2 +3% ∼ 0.7 % 13% GUARANTEED NORWAY 10% Spread above discount rate (%)

Q3 2020 2030

+10%

∼ 0.8 % 20%

GUARANTEED SWEDEN 10% Spread above discount rate (%)

Q3 2020 2030

Swedish DB portfolio only

1 Expected return based on current asset allocation with risk premia. Discount rate for liabilities based on Solvency 2 curve, hence including UFR and VA. 96 | 2 Deterministic projection of expected return based on risk premia above todays risk-free forward curve. Strong solvency position -Capital generation to grow the solvency ratio to 180% by ~2023

97 | Continued capital generation will grow the solvency ratio and increase dividends ILLUSTRATIVE

Annual solvency generation 2021-2023 (%-points without transitional capital)

▪ Underlying solvency ratio without Capital generation from business ∼10% transitional is expected to grow at ~6-7% after dividends

▪ Transitional capital stabilises regulatory Run off guaranteed ∼3% solvency ratio in case of lower interest rates

Capital generation ∼13% ▪ Regulatory solvency with transitional is expected to remain stable due to amortisation of transitional capital in the next years Dividend ∼5-6% ▪ Transitional capital expected to be phased out in 3-5 years Net annual capital generation ∼6-7% ▪ Solvency generation and own measures are expected to bring solvency ratio without transitional to ∼180% in 2023

98 | 1 Solvency generation (%) on Solvency II ratio without transitional rules. Capital generation includes effect from lower expected UFR. Solvency position is resilient towards market movements

Solvency 2 ratio main sensitivities (est.)

182 179 176 176 178 176 170 13 ▪ Lower interest rates and 30 Solvency 31 30 45 37 23 market turmoil could target lead to a reduction in > 150%1 the solvency ratio w/o transitionals

▪ This could delay the Transitional prospect of 180% 163 S2 ratio without 150 147 148 146 solvency ratio in 2023 transitional 138 139 ▪ Transtionals stabilise the regulatory solvency position in adverse market scenarios

S2 ratio Interest Interest Equity Spread UFR Rating Q3 2020 rates rates -25% +50 bp, -15 bp migration: -50 bp +50 bp VA +15 bp 20% notched down one letter grade

99 | 1 Solvency target including transitional Target solvency ratios - more low risk and less volatile business means less need for solvency buffer in the future

SCR Buffer over SCR

'Future Storebrand' 'Run-off business' Solvency 2 Group (Q3 2020) Future Solvency 2 target range

Low volatility business with less Interest rate sensitive business in run- Todays solvency buffer calibrated to Future target solvency level should be market risk. Lower solvency target off. Needs higher solvency target and 150-180% of the SCR based on reduced as risk in the business reduces needed. to be backed by more capital. todays business composition. with run-off of guaranteed business.

∼ 200% 179%

∼ 140-160% 150-180% ∼ 100% 79% ∼ 115%1 ∼ 40-60% ∼ 15%

100% 100% 100% 100% 100% 100%

Bank and Savings & Guaranteed S2 ratio 2020 ∼2030 Asset Mgmt. Insurance & Other Storebrand Group Q3 2020 100 | 1 Equivalent to 14.4% CET1 ratio in Bank and CRD IV Asset Mgmt. – consolidated into group solvency ratio Toolbox available to manage solvency

Solvency-increasing measures Adjustments in Risk Appetite at a cost

Examples: Examples: ▪ Risk appetite and investment risk ▪ Subordinated Debt ▪ Group structure ▪ Investment hedging strategies ▪ M&A ▪ Reinsurance

Balance Solvency level today VS Solvency Increased IFRS expenses today VS potential in the future Solvency II increase today

101 | Run-off of guaranteed book will release NOK ∼10bn by 2030, aim to start buy backs in 2023

102 | Roadmap to capital release and share buybacks

All scenarios: Regulatory change, market volatility and decreased earnings are risk factors that can affect the pace and magnitude of capital release.

Scenario Description Exp. Capital Release ▪ Expect to reach 180% solvency before 2023, increased capital release sooner 1 Increasing rates >10 ▪ Increased capital generation due to lower capital requirement (SCR) billion by 2030

▪ Expect to reach 180% solvency in 2023 Roadmap to capital Base case: release and share buy 2 forward rate ~10 ▪ Capital generation expected to be unfolds backs around 6-7% after dividends billion by 2030

▪ Expect to reach 180% solvency after 2023, reduced and delayed capital release 3 Decreasing rates <10 ▪ Capital generation lower due to higher capital requirements (SCR) billion by 2030

Storebrand can deploy measures in the form of changed risk appetite, subordinated debt or reinsurance to manage solvency.

103 | Group capital management policy sets thresholds for distribution of cash dividends

Solvency II ratio

▪ Consider share buybacks when solvency ratio is above 180% without material use of transitional capital

180%

179% ▪ Ordinary dividend of >50% of Group profit after tax Current level ▪ Ambition is to pay nominally growing dividends per share ▪ Maintain investments in growth

150% ▪ Reduced dividend ▪ Consider risk reducing measures ▪ More selective investment in growth 130% ▪ No dividend ▪ Risk reducing measures

104 | Storebrand reaffirms its commitment to deliver growing ordinary dividends to shareholders

Regulatory cancelled due to Covid-19

3.25 3.00 ▪ IFRS result growth - Ordinary 2.50 dividends minimum 50% of result after tax with nominal growth. 0.40 1.55 ▪ Capital release from back book when solvency ratio is above 180% 2.10 without material use of transitional 1.55 capital. Share buybacks preferred instrument. 2016 2017 2018 2019

Special dividends Ordinary dividends

105 | Wrap-up: Managing for increased profitability, a strong solvency position and increased return to shareholders

106 | Ambition to deliver on all financial targets by 2023

Target

% Solvency II margin Storebrand Group1 > 150%

> 50% Dividend pay-out ratio2 & nominal growth

Return on equity3 > 10%

107 | 1 Including transitional rules 2 Dividend / Profit after tax. 3 Profit after tax adj. for amortisation / opening balance equity. Group Strategy Sustainable Nordic Savings and Insurance Group

A B C Future Storebrand Leading Provider Nordic Powerhouse in Growing Challenger in Growth focus in Occupational Pensions Asset Management Norwegian Retail Market capital-light business Norway & Sweden areas in front book

Strategic D Leadership in Sustainability differentiators E Digital Frontrunner

Capital Management of Growing ordinary dividends NOK ∼10bn capital release I II capital and back book from earnings from back book by 2030 balance sheet

Compelling combination of self-funded growth in front-book and capital return from maturing guaranteed back-book

108 108 | Appendix

Group structure Group debt Solvency 2 capital base Q3 2020 Investments

109 | Storebrand Group Structure Diversified cash flow to holding company Storebrand ASA

Legal structure (simplified) Storebrand ASA

Storebrand Asset Storebrand Livsforsikring AS Storebrand Bank ASA Storebrand Forsikring AS Management AS

Reporting structure

Storebrand Holding AB Benco SKAGEN AS

Storebrand ASA

Savings (non- Guaranteed Insurance Other guaranteed) pension SPP Pension & Försäkring AB

110 | Moderate leverage, fixed charge coverage, and rating give financial flexibility and more debt capacity

Moderate leverage Strong debt servicing capacity Solid rating

21% ~10x 17% A- stable outlook

Insurance Financial Strength Rating (IFSR)

"We also anticipate that Storebrand's capitalization will remain in the 'AA' range Subordinated Debt Subordinated debt EBITDA/Interest cost 2019 1 (%) of Solvency II (%) of IFRS Capital2 according to our capital model" (S&P 2020) Own Funds

111 | 1 November 20, 2020. S&P 'Ratings Direct Storebrand Group' Term structure debt

Term structure sub-debt Storebrand Livsforsikring1 (NOK bn) Term structure senior debt Storebrand ASA (NOK bn)

3.8

Perpetual Non- perpetual

2.1

1.1 1.4

1.0 0.5 0.5 0.8

1.0

2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025

112 | Numbers as per Q3 2020 Solvency II capital base Q3 2020

SCR and own funds (NOK bn) Own funds in % of SCR (excluding CRD IV subsidiaries)

OF % OF % of Regulatory limit of SCR total

53 3 CRD IV capital Tier 3 ≤ 15% SCR 0% 0% 8 Tier 2 1 Tier 1 restricted* 29 CRD IV capital 3 ≤ 50% SCR Tier 2 31% 17% requirements ∑ T2+T3

40 Tier 1 unrestricted Tier 1 ≤ 20% T1 4% 2% 27 Restricted SCR SII regulated entities Tier 1 ≥ 50% SCR 150% 81% Unrestricted ∑ All T1 SCR Own funds 185%1 100%

113 113 | 1 Solvency ratio excluding CRD IV subsidiaries. From IFRS equity to Solvency 2 Own Funds

NOK bn

IFRS Shareholders equity 35.2

Intangible assets -7.1

Full market values of assets +10.5

Best estimate liabilities -1.7

Transitional rules pre tax +11.6

Subordinated loans +8.9

Changes in deferred tax -2.6

Other -0.8

Forseeable dividends -1.1

Solvency 2 Own Funds 52.8

114 | Numbers as per Q3 2020. Dividends deducted on a quarterly basis based, i.e. 3/4 deducted from own funds pr Q3. Solvency Capital allocation main products

ILLUSTRATIVE PRO FORMA ALLOCATION BASED ON 179% SOLVENCY RATIO PER Q3 2020

Hard capital to Contribution Solvency ratio Reserves have 179%1 Run off/ to Own Funds SCR – before use of (NOK bn) Solvency ratio Growth ('VIF') hard capital (NOK bn)

Paid up policies and DB 165 1% 8% ~20% 21.2 RUN OFF

High guarantees Sweden 70 2% 7% ~40% 6.9 RUN OFF Back bookBack

Low guarantees Sweden 19 4% 4% ~100% 0.7 GROWTH

Unit Linked 252 4% 3% ~160% 0.7 GROWTH

Insurance (Premiums) 4.3 14% 19% ~70% 0.9 GROWTH Storebrand

Retail Bank (Lending) 48 N/A 5% 114% 2.6 GROWTH Future

Asset management (AuM) 921 N/A ~0% 135% 0.5 GROWTH

1 Hard capital (subordinated debt + equity – intangible assets) allocated based on solvency margin excluding CRD IV companies. This implies 185% solvency ratio for products regulated under Solvency II. CRD IV companies measured under local requirements, equivalent to 14.4% CET1 ratio in Bank and 115 115 | CRD IV requirements in Asset Mgmt High Quality Fixed Income I - Characteristics of Bonds at Amortised Cost1

Market & book value – no reinvestment (NOK bn) Rating distribution (%)

107 107 101 0% 10 10 93 9 87 9 83 22% AAA 8 8 71 27% AA 7 63 6 53 45 A 98 5 97 92 4 37 84 78 75 27 BBB 64 3 57 3 48 41 Unrated & BB 33 25 25% 25% Q3 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2020 Book value Excess value

Yield and rating development – no reinvestment Sector distribution (%)

4 %

3 %

2 % 24% 31% Sovereign and gov. Guaranteed 1 % Covered Bonds 0 % Financials Corporate AA 31% 14%

A

Q3 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

116 | 1 Excluding amortising loans. Norwegian guaranteed portfolio only. High Quality Fixed Income II - Characteristics of Mark to Market Fixed Income1

Rating distribution (%) Geographical distribution (%)

7% 17% AAA 24% 17% Europe ex. NO & SWE AA 3% 2% Norway 47% A Sweden BBB 14% Other Unrated & BB US 15% 55%

Sector distribution (%)

16% Sovereign and gov. Guaranteed 36% Covered Bonds Financials 25% Corporate

24%

117 | 1 Total of Norwegian and Swedish guaranteed fixed income portfolios. Excluding Mortgages, Loans & ABS. Paid-up policies Norway risk management tailored to liability characteristics

NOK Allocation 4 Allocation 5 49 bn. 19 bn.

Allocation 3 High 26 bn.

Allocation 2 Equity 24 bn. Bonds Amortizing Bonds & Loans

Buffer level Buffer Real Estate Allocation 1

19 bn. Low

Low Required book return High 118 | A future to look forward to

Investor Relations contacts

Lars Aa Løddesøl [email protected] Group CFO +47 9348 0151

Kjetil R. Krøkje [email protected] Group Head of +47 9341 2155 Finance & Strategy

Daniel Sundahl [email protected] Group Head of +47 9136 1899 IR & Rating

This document contains Alternative Performance Measures 119 | as defined by the European Securities and Market Authority (ESMA). An overview of APMs used in financial reporting is available on storebrand.com/ir.