Storebrand operating result rises 7% to 1,162 million kroner in third quarter
Key Facts
Storebrand said on 21 October 2026 its operating result rose to a record 1,162 million Norwegian kroner in the third quarter, up 7% year on year, supported by insurance growth and improved profitability. The result exceeded analysts' average forecast of 1,157 million kroner, according to the consensus compiled and published by the company ahead of the announcement. The group uses operating result as an alternative performance measure based on cash-equivalent earnings from operations. The operational improvement coincided with a decline in the group's cash-equivalent earnings before amortisation and after tax compared with the corresponding period. The company attributed the pressure on earnings to lower financial returns as interest rates rose, and to an increased tax burden driven by currency movements and hedging instruments.
Cash-equivalent earnings before amortisation totalled 1,517 million kroner in the third quarter of 2026, according to the quarterly report. The group had recorded 1,586 million kroner on the same measure in the third quarter of 2025. Earnings also fell short of analysts' average forecast of 1,593 million kroner, according to the consensus published on Storebrand's investor website. After tax, cash-equivalent earnings fell to 996 million kroner from 1,189 million kroner in the corresponding period a year earlier. The earnings statement also showed earnings per share adjusted for amortisation declining to 2.54 kroner from 3.08 kroner a year earlier.
Within the financial contribution, the result from financial items and life insurance risk fell to 355 million kroner, according to the group's quarterly report. This result stood at 495 million kroner in the third quarter of the previous year. Storebrand attributed the lower contribution from its portfolios and profit sharing to rising interest rates during the quarter. On taxes, the company described the effective tax rate as "unusually high, at 32%". The report linked the increase to currency movements and the impact of hedging instruments on the tax burden during the period.
In insurance, Storebrand reported a result of 895 million kroner for the third quarter, according to its official earnings statement. This exceeded analysts' average forecast of 848 million kroner in the company's consensus compilation ahead of the results. The insurance combined claims and expense ratio was 87%, with the business's profitability supporting the group's operating result. Storebrand had noted in its pre-results investor newsletter that the middle two quarters of the year are seasonally stronger than the first and last quarters. It attributed this seasonal pattern to winter, which increases claims in general insurance and disability-related coverage.
The group's solvency ratio stood at 200% at the end of the third quarter, according to Storebrand's statement. The ratio exceeded analysts' average forecast of 197%, according to the consensus published by the company. In its results presentation to analysts, the board announced its intention to propose growth of around 10% in the ordinary cash dividend per share for the 2026 financial year. The board made the proposal conditional on the company's performance, market conditions and the necessary approvals. The board also intends to propose share buybacks worth 2.0 billion Norwegian kroner in 2027, subject to market conditions and the necessary approvals.
On acquisitions, Storebrand completed its purchase of Knif Trygghet Forsikring on 16 October 2026, according to the results presentation to analysts. The group expects to merge the acquired company with Storebrand Forsikring during 2027. Storebrand had set out an ambition in its investor newsletter to reach group cash-equivalent earnings before amortisation and tax of 7 billion kroner in 2028. The group's shares trade on the Oslo Stock Exchange under the ticker STB, according to the share information page on its investor website. The company's financial calendar lists 10 February 2027 as the date for the release of its fourth-quarter 2026 report.