New Risk • Jul 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.3% Last year net profit margin: 16% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (0.6% operating cash flow to total debt). Minor Risk Profit margins are more than 30% lower than last year (6.3% net profit margin). Live-News • Jul 17
Storebrand Unveils 1 Billion Buyback After Q2 Profit Rises on P&C Growth Storebrand reported stronger-than-expected Q2 2026 results, with profit after tax up 19% and operational earnings up 17% year-on-year, and at the same time announced a NOK 1 billion share buyback program to be completed by 18 December 2026.
The quarter was driven by improved insurance profitability, record growth in retail P&C where Storebrand has now logged 30 consecutive quarters of market share gains in Norway, and a 12% reduction in asset-management costs, partly supported by favorable market conditions for investment returns and profit sharing.
Storebrand shares trade at NOK 196.70, with the stock up 14.9% year to date, after a near 5% rise around the Q2 release that Jefferies linked to broad-based strength across divisions and strong insurance performance.
The combination of earnings momentum, continued P&C expansion, cost cuts and a defined buyback size and end date provides clearer visibility on how Storebrand is currently using excess capital, while the reaffirmed 2028 profit and ROE targets underline execution risk if market conditions or insurance profitability were to weaken. Reported Earnings • Jul 16
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: kr3.39 (up from kr2.79 in 2Q 2025). Revenue: kr1.87b (down 93% from 2Q 2025). Net income: kr1.43b (up 19% from 2Q 2025). Profit margin: 76% (up from 4.4% in 2Q 2025). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 30%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is expected to decline by 59% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.5%. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Apr 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.3% Last year net profit margin: 16% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (0.6% operating cash flow to total debt). Minor Risk Profit margins are more than 30% lower than last year (6.3% net profit margin). Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: kr1.38 (vs kr2.26 in 1Q 2025) First quarter 2026 results: EPS: kr1.38 (down from kr2.26 in 1Q 2025). Net income: kr586.0m (down 40% from 1Q 2025). Revenue is expected to decline by 75% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 6.0%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Apr 10
Storebrand ASA Announces Cash Dividend for 2025 Storebrand ASA announced cash dividend of NOK 5.4 per share for 2025. Ex-date is 10 April 2026. Upcoming Dividend • Apr 03
Upcoming dividend of kr5.40 per share Eligible shareholders must have bought the stock before 10 April 2026. Payment date: 21 April 2026. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Norwegian dividend payers (7.5%). Lower than average of industry peers (4.7%). Reported Earnings • Mar 18
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: kr11.70 (down from kr12.49 in FY 2024). Revenue: kr59.4b (down 27% from FY 2024). Net income: kr5.02b (down 8.7% from FY 2024). Profit margin: 8.5% (up from 6.8% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 9.6%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is expected to decline by 61% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.1%. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 32% per year. Recent Insider Transactions • Feb 26
Group Chief Executive Officer recently bought kr1.8m worth of stock On the 18th of February, Odd Grefstad bought around 10k shares on-market at roughly kr177 per share. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Odd's only on-market trade for the last 12 months. Recent Insider Transactions • Feb 23
Group Chief Executive Officer recently bought kr1.8m worth of stock On the 18th of February, Odd Grefstad bought around 10k shares on-market at roughly kr177 per share. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Odd has been a buyer over the last 12 months, purchasing a net total of kr3.6m worth in shares. Recent Insider Transactions • Feb 20
Group Chief Executive Officer recently bought kr1.8m worth of stock On the 18th of February, Odd Grefstad bought around 10k shares on-market at roughly kr177 per share. This transaction amounted to 3.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Odd has been a buyer over the last 12 months, purchasing a net total of kr3.6m worth in shares. Declared Dividend • Feb 13
Dividend increased to kr5.40 Dividend of kr5.40 is 15% higher than last year. Ex-date: 10th April 2026 Payment date: 21st April 2026 Dividend yield will be 3.1%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (46% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 15% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 12
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: kr11.70 (down from kr12.48 in FY 2024). Revenue: kr23.5b (down 71% from FY 2024). Net income: kr5.02b (down 8.7% from FY 2024). Profit margin: 21% (up from 6.8% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 9.6%. Earnings per share (EPS) also surpassed analyst estimates by 14%. Revenue is expected to decline by 20% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.0%. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 28% per year. Ankündigung • Feb 11
Storebrand ASA Plans to Propose Cash Dividend for the 2025 Accounting Year, Payable on April 21 , 2026 Storebrand ASA plans to propose a cash dividend of NOK 5.40 per share for the 2025 accounting year. The formal decision regarding the dividend will be made at the company’s Annual General Meeting on 9 April 2026. The dividend amount is NOK 5.40 per share and will be declared in NOK. The last day including the right to the dividend is 9 April 2026, with the ex-date set for 10 April 2026. The record date is 13 April 2026, and payment will be made from 21 April 2026. The date of approval is 9 April 2026. Ankündigung • Nov 14
Storebrand ASA, Annual General Meeting, Apr 09, 2026 Storebrand ASA, Annual General Meeting, Apr 09, 2026. Reported Earnings • Oct 23
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: kr3.09 (up from kr2.53 in 3Q 2024). Revenue: kr24.2b (up 39% from 3Q 2024). Net income: kr1.32b (up 20% from 3Q 2024). Profit margin: 5.5% (down from 6.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is expected to decline by 77% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.6%. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 27% per year. Recent Insider Transactions • Aug 01
Independent Director recently bought kr1.0m worth of stock On the 28th of July, Viveka Ekberg bought around 7k shares on-market at roughly kr149 per share. This transaction amounted to 8.8% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr10m more in shares than they have sold in the last 12 months. Reported Earnings • Jul 13
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: kr2.79 (down from kr4.86 in 2Q 2024). Revenue: kr39.5b (up 113% from 2Q 2024). Net income: kr1.20b (down 44% from 2Q 2024). Profit margin: 3.0% (down from 12% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Revenue is expected to decline by 66% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.5%. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Earnings are forecast to decline by an average of 5.4% per year for the foreseeable future. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: kr2.27 (vs kr2.01 in 1Q 2024) First quarter 2025 results: EPS: kr2.27 (up from kr2.01 in 1Q 2024). Revenue: kr5.44b (down 86% from 1Q 2024). Net income: kr985.0m (up 9.8% from 1Q 2024). Profit margin: 18% (up from 2.4% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is expected to decline by 89% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Ankündigung • Apr 12
Storebrand ASA Approves Appointment of Nomination Committee Members Storebrand ASA at its AGM held on April 9, 2025, approved the appointment of Nils Bastiansen, Fridtjof Berents, Liv Monica Stubholt and Lars Jansen Viste as members of the Nomination Committee, all for a term of 1 year. Nils Bastiansen is elected as Chairman of the Nomination Committee for a term of 1 year. Ankündigung • Apr 10
Storebrand ASA Announces Cash Dividend for 2024 Storebrand ASA announced cash dividend of NOK 4.7 per share for 2024. Ex-date is 10 April 2025. Upcoming Dividend • Apr 03
Upcoming dividend of kr4.70 per share Eligible shareholders must have bought the stock before 10 April 2025. Payment date: 24 April 2025. Payout ratio is a comfortable 38% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Lower than top quartile of Norwegian dividend payers (8.8%). Lower than average of industry peers (4.3%). Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: kr12.48 (vs kr7.31 in FY 2023) Full year 2024 results: EPS: kr12.48 (up from kr7.31 in FY 2023). Revenue: kr81.4b (up 39% from FY 2023). Net income: kr5.49b (up 64% from FY 2023). Profit margin: 6.8% (up from 5.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 74% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 6.9%. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 21
Storebrand ASA Announces Demise of Marianne Bergmann Roren, Independent Director With great sorrow, the Board of Directors and management of Storebrand received the news of Marianne Bergmann Røren's passing on February 18th, after a courageous battle with cancer. Marianne was a skilled and dedicated business leader with deep insight into both industry and the business world in general. Since 2020, she has been a valued member of the Board of Directors at Storebrand ASA. During these years, she successfully built a strong bridge between strategic, commercial, and regulatory work. Declared Dividend • Feb 15
Dividend increased to kr4.70 Dividend of kr4.70 is 15% higher than last year. Ex-date: 10th April 2025 Payment date: 24th April 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (38% earnings payout ratio) but not covered by cash flows (314% cash payout ratio). The dividend has increased by an average of 15% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to decline by 8.1% over the next 3 years. However, it would need to fall by 58% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Feb 13
Full year 2024 earnings released: EPS: kr12.54 (vs kr7.31 in FY 2023) Full year 2024 results: EPS: kr12.54 (up from kr7.31 in FY 2023). Revenue: kr20.6b (down 65% from FY 2023). Net income: kr5.52b (up 65% from FY 2023). Profit margin: 27% (up from 5.7% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 13
Storebrand Asa Proposes Cash Dividend, Payable from 24 April 2025 Storebrand ASA proposed cash dividend of NOK 4.70 per share, payable from 24 April 2025, record date of 11 April 2025 and ex-date of 10 April 2025. Date of approval of dividend on 9 April 2025. Price Target Changed • Jan 22
Price target increased by 8.9% to kr132 Up from kr122, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of kr127. Stock is up 30% over the past year. The company is forecast to post earnings per share of kr11.20 for next year compared to kr7.31 last year. Recent Insider Transactions • Nov 08
Independent Director recently bought kr531k worth of stock On the 30th of October, Viveka Ekberg bought around 4k shares on-market at roughly kr126 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr631k. Insiders have collectively bought kr1.9m more in shares than they have sold in the last 12 months. Ankündigung • Nov 08
Storebrand ASA, Annual General Meeting, Apr 09, 2025 Storebrand ASA, Annual General Meeting, Apr 09, 2025. Recent Insider Transactions • Nov 06
Independent Director recently bought kr531k worth of stock On the 30th of October, Viveka Ekberg bought around 4k shares on-market at roughly kr126 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr631k. Insiders have collectively bought kr1.9m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Oct 25
Independent Vice Chairman of the Board recently bought kr631k worth of stock On the 23rd of October, Martin Skancke bought around 5k shares on-market at roughly kr126 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Martin has been a buyer over the last 12 months, purchasing a net total of kr953k worth in shares. Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: kr2.53 (vs kr1.25 in 3Q 2023) Third quarter 2024 results: EPS: kr2.53 (up from kr1.25 in 3Q 2023). Net income: kr1.10b (up 95% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Jul 14
Second quarter 2024 earnings released: EPS: kr4.86 (vs kr1.74 in 2Q 2023) Second quarter 2024 results: EPS: kr4.86 (up from kr1.74 in 2Q 2023). Revenue: kr18.6b (down 4.4% from 2Q 2023). Net income: kr2.16b (up 167% from 2Q 2023). Profit margin: 12% (up from 4.2% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Board Change • May 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Viveka Ekberg was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Apr 30
Storebrand ASA (OB:STB) commences an Equity Buyback Plan for 44,797,268 shares, representing 9.62% of its issued share capital, under the authorization approved on April 4, 2024. Storebrand ASA (OB:STB) commences share repurchases on April 25, 2024, under the program mandated by the shareholders in the Annual General Meeting on April 4, 2024. As per the mandate, the company is authorized to repurchase up to 44,797,268 shares, representing 9.62% of its issued share capital for a nominal value of NOK 223.99 million, provided that the number of shares repurchased and the shares held in treasury shall not exceed 10% of the share capital at any given time. The minimum and maximum amount that may be paid per share will be NOK 5 per share and NOK 150 per share. The purpose of program is to acquire treasury shares for fulfilment of the company’s obligations under the group’s share purchase program and long-term incentive schemes for employees. The shares repurchased pursuant to this authorization can also be used as consideration for the acquisition of other businesses, for subsequent sale or redemption by a write-down of the share capital through treasury shares being deleted. The share repurchase program will be valid till December 31, 2025. As of March 12, 2024, the company had 465,497,866 issued shares and 20,873,472 treasury shares.
On April 19, 2024, the company initiated a Market Repurchase after receiving approval from Norwegian Financial Supervisory Authority. The program will commence after the release of the first quarter result for 2024.
On April 24, 2024, the company announced that it will repurchase up to NOK 1,100 million worth of its shares. The purpose of the share buyback program is to return excess capital to
shareholders by reducing the share capital of the company. The program will commence from today and will be valid till December 20, 2024. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: kr2.03 (vs kr2.25 in 1Q 2023) First quarter 2024 results: EPS: kr2.03 (down from kr2.25 in 1Q 2023). Revenue: kr37.7b (up 106% from 1Q 2023). Net income: kr905.0m (down 13% from 1Q 2023). Profit margin: 2.4% (down from 5.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Ankündigung • Apr 05
Storebrand ASA Announces Cash Dividend for the Year 2023 Storebrand ASA announced a cash dividend of NOK 4.1 per share for the year 2023. The ex-date is on 5 April 2024. Upcoming Dividend • Mar 29
Upcoming dividend of kr4.10 per share Eligible shareholders must have bought the stock before 05 April 2024. Payment date: 16 April 2024. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 4.1%. Lower than top quartile of Norwegian dividend payers (7.6%). Lower than average of industry peers (4.9%). Reported Earnings • Mar 17
Full year 2023 earnings released: EPS: kr7.31 (vs kr5.07 in FY 2022) Full year 2023 results: EPS: kr7.31 (up from kr5.07 in FY 2022). Revenue: kr73.9b (up 359% from FY 2022). Net income: kr3.35b (up 41% from FY 2022). Profit margin: 4.5% (down from 15% in FY 2022). The decrease in margin was driven by higher expenses. Combined ratio: 102.0% (up from 91.0% in FY 2022). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 6% per year. Recent Insider Transactions • Feb 11
Independent Director recently bought kr358k worth of stock On the 7th of February, Jarle Roth bought around 4k shares on-market at roughly kr89.44 per share. This transaction amounted to 80% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr34m more in shares than they have sold in the last 12 months. Declared Dividend • Feb 09
Dividend increased to kr4.10 Dividend of kr4.10 is 11% higher than last year. Ex-date: 5th April 2024 Payment date: 16th April 2024 Dividend yield will be 4.5%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 15% per year over the past 7 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 08
Full year 2023 earnings released: EPS: kr7.37 (vs kr5.07 in FY 2022) Full year 2023 results: EPS: kr7.37 (up from kr5.07 in FY 2022). Revenue: kr73.9b (up 359% from FY 2022). Net income: kr3.38b (up 42% from FY 2022). Profit margin: 4.6% (down from 15% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • Feb 07
Storebrand ASA Proposes Cash Dividend, Payable from 16 April 2024 Storebrand ASA proposed cash dividend of NOK 4.10 per share, payable from 16 April 2024, record date of 8 April 2024 and ex-date of 5 April 2024. Date of approval of dividend on 4 April 2024. Ankündigung • Dec 14
Storebrand ASA to Report Fiscal Year 2023 Final Results on Mar 14, 2024 Storebrand ASA announced that they will report fiscal year 2023 final results on Mar 14, 2024 Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: kr1.25 (vs kr0.76 in 3Q 2022) Third quarter 2023 results: EPS: kr1.25 (up from kr0.76 in 3Q 2022). Net income: kr567.0m (up 61% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Jul 20
Independent Director recently bought kr17m worth of stock On the 18th of July, Fredrik Atting bought around 200k shares on-market at roughly kr86.20 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr35m more in shares than they have sold in the last 12 months. Reported Earnings • Jul 14
Second quarter 2023 earnings released: EPS: kr1.75 (vs kr0.87 in 2Q 2022) Second quarter 2023 results: EPS: kr1.75 (up from kr0.87 in 2Q 2022). Net income: kr810.0m (up 98% from 2Q 2022). Revenue is expected to decline by 102% p.a. on average during the next 2 years, while revenues in the Insurance industry in Europe are expected to grow by 8.0%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Board Change • May 18
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Jarle Roth was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • May 14
Group CFO and EVP of Finance recently bought kr139k worth of stock On the 11th of May, Lars Loddesol bought around 2k shares on-market at roughly kr79.52 per share. This transaction amounted to 1.0% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr16m. Lars has been a buyer over the last 12 months, purchasing a net total of kr215k worth in shares. Recent Insider Transactions • Apr 08
Insider recently bought kr16m worth of stock On the 3rd of April, Fredrik Atting bought around 200k shares on-market at roughly kr81.24 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr30m more in shares than they have sold in the last 12 months. Upcoming Dividend • Apr 07
Upcoming dividend of kr3.70 per share at 4.5% yield Eligible shareholders must have bought the stock before 14 April 2023. Payment date: 25 April 2023. Payout ratio is a comfortable 73% but the company is paying out more than the cash it is generating. Trailing yield: 4.5%. Lower than top quartile of Norwegian dividend payers (8.3%). Lower than average of industry peers (5.1%). Reported Earnings • Mar 27
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: kr5.07 (down from kr6.68 in FY 2021). Revenue: kr16.1b (down 87% from FY 2021). Net income: kr2.38b (down 24% from FY 2021). Profit margin: 15% (up from 2.6% in FY 2021). The increase in margin was driven by lower expenses. Combined ratio: 91.0% (down from 94.0% in FY 2021). Revenue missed analyst estimates by 44%. Earnings per share (EPS) exceeded analyst estimates by 4.9%. Revenue is forecast to stay flat during the next 2 years compared to a 10% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Mar 22
Independent Director recently bought kr230k worth of stock On the 17th of March, Marianne Roren bought around 3k shares on-market at roughly kr76.59 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr14m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 09
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: kr5.10 (down from kr6.68 in FY 2021). Revenue: kr16.1b (down 87% from FY 2021). Net income: kr2.39b (down 23% from FY 2021). Profit margin: 15% (up from 2.6% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 44%. Earnings per share (EPS) exceeded analyst estimates by 4.9%. Revenue is forecast to stay flat during the next 2 years compared to a 6.5% growth forecast for the Insurance industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 08
Storebrand Asa Proposes Ordinary Dividend for 2022, Payable from 25 April 2023 The board of Storebrand ASA proposed an ordinary dividend of NOK 3.70 per share for 2022 to the Annual General Meeting, equal to a total amount of NOK 1,718 million. This represents a NOK 0.20 nominal increase compared to the previously paid dividend, corresponding to an increase of 5.7%. Last day including right: 13 April 2023, Ex-date: 14 April 2023, Record date: 17 April 2023, Payment date: from 25 April 2023, Date of approval: 13 April 2023. Major Estimate Revision • Nov 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from kr13.7b to kr21.1b. EPS estimate fell from kr4.94 to kr4.81. Net income forecast to grow 3.1% next year vs 4.6% growth forecast for Insurance industry in Norway. Consensus price target broadly unchanged at kr93.56. Share price rose 7.6% to kr81.24 over the past week. Reported Earnings • Oct 26
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: kr0.82 (down from kr1.28 in 3Q 2021). Revenue: kr6.13b (down 63% from 3Q 2021). Net income: kr386.0m (down 35% from 3Q 2021). Profit margin: 6.3% (up from 3.6% in 3Q 2021). Revenue missed analyst estimates by 40%. Earnings per share (EPS) also missed analyst estimates by 2.6%. Revenue is expected to decline by 23% p.a. on average during the next 2 years, while revenues in the Insurance industry in Europe are expected to grow by 5.8%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Sep 29
Group Chief Executive Officer recently bought kr530k worth of stock On the 27th of September, Odd Grefstad bought around 7k shares on-market at roughly kr75.70 per share. This transaction amounted to 2.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Odd has been a buyer over the last 12 months, purchasing a net total of kr1.2m worth in shares. Recent Insider Transactions • Jul 17
Independent Director recently bought kr191k worth of stock On the 14th of July, Martin Skancke bought around 3k shares on-market at roughly kr76.40 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr791k more in shares than they have sold in the last 12 months. Reported Earnings • Jul 16
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: kr0.87 (down from kr2.51 in 2Q 2021). Revenue: -kr15.9b (down 153% from 2Q 2021). Net income: kr410.0m (down 65% from 2Q 2021). Revenue missed analyst estimates by 40%. Earnings per share (EPS) exceeded analyst estimates by 74%. Over the next year, revenue is expected to shrink by 45% compared to a 18% growth forecast for the industry in Norway. Over the last 3 years on average, earnings per share has increased by 8% per year and the company’s share price has also increased by 8% per year. Major Estimate Revision • Jul 15
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from kr20.4b to kr14.1b. EPS estimate increased from kr4.89 to kr5.42 per share. Net income forecast to shrink 26% next year vs 1.0% growth forecast for Insurance industry in Norway . Consensus price target down from kr100 to kr96.83. Share price rose 6.4% to kr75.52 over the past week. Price Target Changed • Jul 14
Price target decreased to kr96.83 Down from kr105, the current price target is an average from 5 analysts. New target price is 28% above last closing price of kr75.70. Stock is down 3.6% over the past year. The company is forecast to post earnings per share of kr4.89 for next year compared to kr6.68 last year. Major Estimate Revision • Jul 06
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from kr5.60 to kr4.89 per share. Revenue forecast steady at kr20.4b. Net income forecast to shrink 29% next year vs 1.2% growth forecast for Insurance industry in Norway . Consensus price target down from kr108 to kr103. Share price fell 6.9% to kr67.00 over the past week. Board Change • May 31
High number of new directors Employee Representative Director Hanne Grave was the last director to join the board, commencing their role in 2021. 
