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1. Company Snapshot

1.a. Company Description

Storebrand ASA, through its subsidiaries, primarily provides insurance products and services in Norway the United States, Japan, and Sweden.The company operates through four segments: Savings, Insurance, Guaranteed Pension, and Other.The Savings segment offers retirement savings, defined contribution pensions, asset management, and retail banking products.


The Insurance segment provides health insurance, property and casualty insurance, personal risk products, and employee-related and pension-related insurance products.The Guaranteed Pension segment offers long-term pension savings products, such as defined contribution pensions, paid-up policies, and individual capital and pension insurance products.The Other segment provides life insurance products.


It also offers securities, and banking and investment services.The company serves private individuals, corporate and retail markets, companies, municipalities, and public sector.Storebrand ASA was founded in 1767 and is headquartered in Lysaker, Norway.

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1.b. Last Insights on STB

Storebrand ASA's recent performance was driven by robust earnings growth, with operating results surging 16% in Q2 2025. The company's assets under management reached a record high, demonstrating its resilience in a challenging market. Strategic share buybacks also contributed to the positive momentum, signaling confidence in its financial position. According to recent earnings calls, the company's growth trajectory remains intact, with a strong focus on delivering value to shareholders. (Source: Storebrand ASA Q2 2025 Earnings Call Highlights)

1.c. Company Highlights

2. Storebrand's Q3 Results Exceed Expectations with Strong Growth

Storebrand's third-quarter results were impressive, with a record high group profit of NOK 1.586 million, driven by continued growth, solid cost control, and improved insurance results. Earnings per share (EPS) came in at 3.08, surpassing analyst estimates of 2.54. Revenue growth was also robust, with insurance premiums exceeding NOK 10 billion, a 20% increase from the previous year. The operational result was NOK 1.091 million, up 16% year-on-year, benefiting from improving insurance results and growth in the business.

Publication Date: Oct -27

📋 Highlights
  • Record Group Profit:: NOK 1.586 billion in Q3, driven by growth, cost control, and improved insurance results.
  • Insurance Premium Growth:: Exceeded NOK 10 billion, up 20% YoY, with operational results rising 16% to NOK 1.091 billion.
  • Shareholder Returns:: Target of NOK 12 billion in annual buybacks by 2030, alongside growing dividends.
  • Solvency Ratio Decline:: 195% (down from 200% Q3 2023) due to business growth and regulatory assumptions.
  • Asset Management Expansion:: NOK 1,561 billion in AUM with NOK 16 billion net inflows, reflecting strong market confidence.

Financial Performance

The company's financial performance was strong across the board, with a quarterly result before amortization of NOK 1.586 billion, representing an 11% increase compared to the second quarter this year. The solvency ratio stood at 195%, down from 200% last quarter, due to growth in the business and changes in regulatory assumptions. As CFO Kjetil Krokje noted, "we're generating around 18% solvency before dividends, buybacks, and other items on a run rate basis," indicating a strong capital position.

Business Segment Performance

Storebrand's key business areas performed well, with occupational pension, asset management, and retail insurance all showing significant growth. The company now manages over 20% of the assets under management in the individualized pension market, and Storebrand Asset Management reached NOK 1,561 billion in assets under management. The retail insurance business also saw strong growth, with a market share of 7.6% in retail P&C, up from 7.4% last quarter.

Valuation and Outlook

With a Price-to-Book Ratio (P/B) of 2.16 and a Dividend Yield of 3.0%, Storebrand's valuation appears reasonable compared to its peers. Analysts estimate next year's revenue growth at 5.2%, which is slightly higher than the industry average. Given the company's strong financial performance and growth prospects, it is likely that Storebrand will continue to outperform its peers. The company's commitment to returning NOK 12 billion to shareholders through annual buybacks by 2030 also provides additional support for the stock.

Sustainability and Capital Management

Storebrand's sustainability targets are on track, with the company ranked among the top 5% in the insurance industry in the S&P Global Corporate Sustainability Assessment. The company's capital management strategy is also focused on optimizing its capital position, with a plan to upstream capital from the life insurance company to the holding company. As Odd Arild Grefstad stated, "we're pleased to see the development in the Guaranteed segment, where we've been building buffers and taking out interest rate mismatches, giving opportunities for more stable and growing profit sharings."

3. NewsRoom

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Suspension is lifted and trading can resume

Oct -28

Source:

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Suspended trading due to challenges with NAV calculations

Oct -28

Source:

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LVMH: Share transactions disclosure

Sep -09

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What Does the Steep 20% Drop Mean for Rémy Cointreau’s 2025 Outlook?

Sep -09

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Société Foncière Lyonnaise (ENXTPA:FLY): Assessing Valuation After a Year of Solid Share Price Gains

Sep -09

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Minor Hotels Europe & Americas (BME:NHH): Exploring Valuation After Steady Share Performance

Sep -09

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What Recent Earnings Mean for Forvia’s 2025 Value Prospects

Sep -09

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Assessing Veolia Environnement (ENXTPA:VIE) Valuation as Investors Eye Subtle Shifts in Utility Stocks

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.39%)

6. Segments

Insurance

Expected Growth: 4.5%

Growing demand for insurance products in Norway, driven by increasing awareness of financial protection and rising disposable incomes, will fuel Storebrand ASA's growth. Additionally, the company's diversified product portfolio and strong brand presence will contribute to its market share expansion.

Savings

Expected Growth: 22.5%

The growth of savings from Storebrand ASA is driven by increasing consumer awareness of the price difference between national brands and store-brand products, leading to a shift in purchasing behavior towards cost-effective options.

Guaranteed Pension

Expected Growth: 4.5%

Growing demand for predictable income in retirement, increasing life expectancy, and shifting workforce demographics drive growth in guaranteed pension products, ensuring a stable financial foundation for retirees.

Other

Expected Growth: 4.5%

Storebrand ASA's Other segment, comprising real estate and investments, is expected to grow driven by increasing demand for diversified investment portfolios and rising property values in Norway.

7. Detailed Products

Private Label Products

Storebrand ASA offers a wide range of private label products, including food, non-food, and health and beauty products, to retailers across Norway and Sweden.

Financial Services

Storebrand ASA provides a range of financial services, including insurance, pension, and savings products, to individuals and businesses.

Retail Concepts

Storebrand ASA develops and operates retail concepts, including convenience stores, supermarkets, and online shopping platforms.

Digital Solutions

Storebrand ASA offers digital solutions, including e-commerce platforms, mobile apps, and data analytics tools, to retailers and other businesses.

Logistics and Distribution

Storebrand ASA provides logistics and distribution services, including warehousing, transportation, and supply chain management.

8. Storebrand ASA's Porter Forces

Forces Ranking

Threat Of Substitutes

Storebrand ASA operates in the insurance industry, where substitutes are limited. However, customers may choose to self-insure or opt for alternative financial products, posing a moderate threat.

Bargaining Power Of Customers

Storebrand ASA's customers are individuals and businesses, who have limited bargaining power due to the company's strong brand and diversified product offerings.

Bargaining Power Of Suppliers

Storebrand ASA relies on a network of suppliers, including reinsurers and IT providers. While these suppliers have some bargaining power, the company's scale and diversification mitigate this risk.

Threat Of New Entrants

The insurance industry has high barriers to entry, including regulatory requirements and capital requirements. This limits the threat of new entrants to Storebrand ASA's market.

Intensity Of Rivalry

The Norwegian insurance market is highly competitive, with several established players competing for market share. Storebrand ASA must invest in marketing and product development to maintain its position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 64.47%
Debt Cost 5.40%
Equity Weight 35.53%
Equity Cost 9.93%
WACC 7.01%
Leverage 181.46%

11. Quality Control: Storebrand ASA passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Bank Handlowy

A-Score: 7.6/10

Value: 5.8

Growth: 7.6

Quality: 8.0

Yield: 10.0

Momentum: 7.0

Volatility: 7.0

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BAWAG

A-Score: 7.3/10

Value: 4.5

Growth: 7.2

Quality: 7.2

Yield: 8.8

Momentum: 9.5

Volatility: 6.3

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VIG

A-Score: 7.2/10

Value: 6.4

Growth: 4.2

Quality: 6.2

Yield: 7.5

Momentum: 10.0

Volatility: 9.0

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PKO Bank Polski

A-Score: 7.0/10

Value: 5.8

Growth: 8.6

Quality: 6.8

Yield: 10.0

Momentum: 7.0

Volatility: 3.7

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Storebrand

A-Score: 6.6/10

Value: 6.3

Growth: 6.3

Quality: 4.2

Yield: 5.6

Momentum: 8.0

Volatility: 9.3

1-Year Total Return ->

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St. James's Place

A-Score: 5.7/10

Value: 5.8

Growth: 4.7

Quality: 5.7

Yield: 4.4

Momentum: 9.5

Volatility: 4.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

156.8$

Current Price

156.8$

Potential

-0.00%

Expected Cash-Flows