Storebrand ASA (SREDF) Q4 2025 Earnings Call Highlights: Record Profits and Strategic Growth …

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Thu, February 12, 2026 at 12:03 AM GMT+9 4 min read

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**Group Profit:** NOK1,515 million for the quarter, a 42% increase year on year.

**Operational Result:** NOK1,131 million, up by 61% year on year.

**Return on Equity:** 16% for the full year.

**Dividends:** Increased by 15% to NOK5.4 per share.

**Share Buybacks:** NOK5 billion completed by end of 2025, with NOK2 billion planned for 2026.

**Insurance Premiums Growth:** 20% increase from the previous year.

**Asset Management Performance-Related Income:** NOK475 million for 2025.

**Retail Insurance Portfolio Premiums Growth:** 26% increase in 2025.

**Solvency Margin:** 194%, down from 195% last quarter.

**Tax Charge:** 20% for the quarter, 15% for the full year.

**Combined Ratio:** 92% for the last 12 months, down from 97% last year.

**Operational Cost:** NOK6.9 billion, excluding performance-related costs.

**Assets Under Management (AUM):** Record high levels across the business.

**Liquidity:** NOK3.7 billion as of the start of 2026.

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Release Date: February 11, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Storebrand ASA (SREDF) achieved a record high NOK5.7 billion result for 2025, surpassing their target by 14%.

The company saw a 26% growth in operational results for the full year, driven by short-tailed insurance and capital-light savings products.

Return on equity was 16% for the full year, significantly surpassing the target of 14%.

Storebrand ASA (SREDF) increased dividends by 15% to NOK5.4 per share and plans to conduct NOK2 billion in share buybacks during 2026.

The company reported double-digit growth across the group, with significant growth in insurance premiums up by 20% from the previous year.

Negative Points

The solvency margin decreased by 1 percentage point in the quarter, although it remains robust.

The bank segment delivered a weak fourth quarter due to periodization of loan losses and reduced net interest rate income.

The Unit Linked business saw a NOK2 billion transfer out in the fourth quarter, which the company is working to address.

The disability segment in insurance has been underperforming, requiring high double-digit pricing increases to address profitability.

The guaranteed reserves as a percentage of total reserves continue to fall, indicating a decline in this segment.

Q & A Highlights

Q: Can you provide insights into the results of the Savings segment, particularly asset management, and what should be expected from ongoing fundraisings in 2026? A: Kjetil Krkje, CFO, explained that NOK150 million came from performance-related fees and NOK70 million from event-driven fees in Q4. They expect similar fees in 2026, with AIP’s EUR2 billion fund expected to close by early 2027, adding another EUR1 billion. The Unit Linked transfer balance is in a growing market, but pricing on risk has been unprofitable. Measures are being taken to make the transfer balance neutral or positive in 2026.

Story Continues  

Q: What measures are being taken to address the deterioration in the Disability segment and the retail insurance profitability? A: Kjetil Krkje, CFO, stated that high double-digit pricing increases have been implemented for renewals. Disability is a long-tail business, and pricing adjustments are crucial. Odd Arild Grefstad, CEO, added that they are focusing on profitability and have introduced a well-being program to assist customers in preventing disability.

Q: Can you elaborate on the letter of intent with Knif and the move of Kron customers to the Storebrand platform? A: Odd Arild Grefstad, CEO, mentioned that Knif has a strong position in the non-profit sector, and Storebrand sees potential synergies, especially in capital. Regarding Kron, Kjetil Krkje, CFO, clarified that only pension customers are moving to Storebrand Life Insurance’s platform, maintaining the wide fund offering on Kron.

Q: What is the guidance for the Insurance segment’s combined ratio and remittances in 2026? A: Kjetil Krkje, CFO, stated that the target is a combined ratio of 90% or below by 2028, with gradual improvement expected. Remittances are projected to be NOK1 billion above results next year, with strong liquidity positions anticipated by year-end 2026.

Q: What was the value proposition that led to the agreement with Santander, and are there more opportunities in the car financing channel? A: Kjetil Krkje, CFO, highlighted that Storebrand’s robust P&C setup and strong brand name were key factors. Odd Arild Grefstad, CEO, added that the brand’s strength aids in dealer partnerships. They are exploring other opportunities in the car financing channel.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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