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Storebrand CMD 2020 Presentation

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Storebrand CMD 2020 Presentation 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
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