Storebrand ASA Annual Report 2023

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FY2023 Annual Report · Storebrand ASA

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Storebrand ASA

Annual report
2023

Table of contents

3. Shareholder matters

4. Annual Accounts and Notes

Storebrand Group

183

Income statement

184 Statement of total comprehensive

income

185 Statement of Financial Position

187 Statement of changes in equity

188 Statement of cash flow

190 Notes

Storebrand ASA

283

Income statement

283 Statement of total comprehensive

income

284 Statement of Financial Position

286 Statement of changes in equity

287 Statement of cash flow

288 Notes

301 Declaration by member of the

Board and the CEO

302

Independent auditor’s report

5. Appendix

310 Group Executive Management CVs

314 Board of Directors CVs

Introduction

Facts and figures 2023

Foreword by our CEO

Foreword by the Chair

Highlights in 2023

1. This is Storebrand

11 About Storebrand

12 Storebrand’s history

13 Organisation

14 Group Executive Management

15 Board of Directors

2. Director’s Report

18 Strategy 2023-25: “Leading the

way in sustainable value creation”

Strategic highlights 2023

23 Group Results 2023

29 Group Financial Statements

Storebrand (IFRS)

30 Official Financial Statements of

Storebrand ASA

31 Risk

35 Outlook

41 Corporate governance

Sustainability Report

51 Storebrand’s sustainability agenda

54 Materiality analysis and material topics

57 Sustainable finance

Environment

114 Social

142 Governance

154 Appendix sustainability report

155 The Storebrand Group’s report
pursuant to the Norwegian
Transparency Act

160 Financed emissions

165 TCFD index

168 GRI index

174 Declaration by member of the

Board and the CEO

175

Independent auditor’s statement
on sustainability reporting

Number of employees:

Group result 1), NOK million:

2,308

3,480

Return on equity:

13 %

Solvency ratio:

192 %

Assets under management,
NOK billion:

Investments in fossil-free funds, NOK billion /
share of assets under management:

1,212

569 / 47 %

Real estate investments with
green certificates:

61.9 %

Dow Jones World Sustainability
Index, score / percentile:

79 / 97

Investments in solutions, NOK billion /
share of assets under management:

154.9 / 12.8 %

1) Cash equivalent earnings adjusted for amortisation. Cash result is an APM defined by Storebrand.

8.2 %

4.9 %

6.5 %

6.9 %

7.2 %

Storebrand
Moderate
Equity content

Competitor
1

Competitor
2

Competitor
3

Competitor
4

Assets under management,
Unit Linked (NOK billion)

Assets under management,
Asset Management (NOK billion)

Written premiums
Insurance (NOK billion)

+20 %

380

315

+19 %

1,212

1,020

+12 %

8.7

7.8

2022

2023

2022

2023

2022

2023

Fee and administration income
(NOK billion)

Group Profit **)
(NOK billion)

Earnings per share, adjusted
for amortisation ***) (NOK)

+12 %

6,062

6,782

+27 %

3,480

2,732

+24 %

7.85

6.31

2022

2023

2022

2023

2022

2023

* Returns based on comparable investment portfolios with moderate risk (ca. 50 per cent equity exposure) for active Defined Contribution plans.
** Profit before amortisation and taxes.
*** Cash equivalent earnings adjusted for amortisation. Cash EPS is an APM defined by Storebrand. www.storebrand.no/ir provides an overview of APMs used in financial reporting.

Storebrand increased its results in 2023 in a world characterised
by rising conflict levels, extreme weather and inflation. We earned
the trust of an increasing number of customers in both private and
commercial markets. We also took new steps as a responsible
corporate citizen.

Odd Arild Grefstad
Group Chief Executive Officer

While the war in Ukraine continued, a new round of
the long-running Israeli-Palestinian conflict broke out,
both having wide-ranging and deadly impact on civilian
populations. Continued high inflation and rising interest
rates throughout the year caused increased financial
strain on households and many businesses in the Nordic
market. Our proficient employees stayed close to our
customers in these uncertain conditions, assisting private
individuals and business leaders with advice on savings
and investment opportunities.

I am pleased that an increasing number of customers
chose Storebrand’s products and services within
pensions, savings, insurance, banking, and asset
management in 2023. Kron and Danica, which were
integrated into the Group in 2023 following acquisitions
the previous year, contributed to this. During the year, we
strengthened our position as a proactive challenger in
the Norwegian retail market with strong developments in
banking, savings, and insurance.

Our deep roots, which date back to 1767, have given
Storebrand a solid foundation in our markets. We have
long-term relationships and benefit from significant
customer trust. In Norway we are the market leader in
occupational pensions, and we also have achieved an
increasingly solid position in Sweden. In addition, we
are Norway’s largest private asset manager with more
than NOK 1,200 billion under management. We work
ambitiously and purposefully to create long-term value for
both customers and owners.

Our core mission is to secure our customers when
accidents happen and ensure that their savings grow
so that they can live the lives they want. For our retail
customers, Storebrand provides a safety net beyond
public welfare schemes. In the corporate market, we
make it possible for businesses to take risks, develop
their business, attract employees, and create value for
both owners and employees. Our goal is to be close to
our customers and make it easy for them to make good
choices for the future. As in previous years, our customers
ranked Storebrand as the best supplier of occupational
pensions in 2023. We work hard every day to maintain and
build customer loyalty in all segments.

In 2023, the world was exposed to numerous and severe
climate-related events, including floods, forest fires and
droughts. We must be prepared for extreme weather to
become the new normal, also within the Nordic region.
In Norway, the storm ”Hans” caused major damage to
many people and resulted in large payouts from insurance
companies. Working together with customers and other
industry players to prevent injury and property damage,
is becoming more important. Increasingly, we also assess
climate risk as part of our investment decisions.

During 2023, we strengthened our efforts to integrate
sustainability into our strategy, governance structures
and culture. This work will continue in 2024. Storebrand
is recognised for our sustainability work over many years.
The field of sustainability is changing rapidly and is subject
to many regulations. Ensuring lasting progress in this area
requires deep expertise and systematic work, over time.

Table of contentsFacts and figures 2023 3Foreword by our CEO 5Foreword by the Chair 7Highlights in 2023 8 1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. AppendixWe will continue to invest in companies that contribute
to solving the UN Sustainable Development Goals. Going
forward, we will strengthen our efforts to reverse the trend
of increasing disability and exclusion in society, a topic we
worked extensively on in 2023 as well.

Technology and digitalisation played a significant role in
both society and business in 2023. Artificial intelligence
(AI) became more accessible and was applied by people
and enterprises in an increasing number of areas. At
Storebrand, we have long used advanced machine
learning to, among other things, optimise risk pricing,
detect insurance fraud, and strengthen customer
relationships. Going forward, the use of AI will provide
many new opportunities to streamline and further improve
both work processes and customer services. As we try out
new applications for AI, our customers should be confident
that we are using the new technologies responsibly.

For the first time in three years, we invited owners,
analysts, and other interested parties to a full Capital

Markets Day in 2023. Here we presented Storebrand’s
business, growth strategy and financial ambitions. Going
forward, the Group will prioritise profitable and scalable
growth. In both the private and corporate markets, we
see a great potential to increase sales across our product
areas. Customers who use several of our products and
services are the most satisfied and loyal. Increasing the
proportion of customers who have broad relationships
with Storebrand will help ensure future-oriented and
robust operations. As a result of higher interest rates, we
announced at the Capital Markets Day increased targets
for return on equity, profit development and distribution of
capital to our owners going forward.

Storebrand’s organisation is well equipped for 2024.
We place great emphasis on further developing our own
employees and succeed in attracting new, skilled people
with different backgrounds and expertise. Together, we
will continue to work to deliver good customer experiences
and market-leading returns to customers and owners.

Storebrand proved resilient in a year characterised by serious climate-related events,
geopolitical unrest, challenging economic times and technological advances. The Board
is very satisfied with the company’s ability to continuously adapt operations and at the
same time ensure good returns for customers.

Didrik Munch
Chair, Storebrand ASA

Solid results and active risk management ensured good
returns and led to a solvency ratio of 192 per cent at
the end of the fourth quarter of 2023, up a total of 8
percentage points from the same time in 2022. Therefore,
we maintained our ambition to pay increasing nominal
dividends to our owners. In addition, we increased our
share buy-back ambition to NOK 1.5 billion annually and
NOK 12 billion by the end of 2030.

At the Capital Markets Day 2023, Storebrand presented
new financial ambitions based on structural growth
and increased earnings from its guaranteed pension
business. Higher interest rates also contribute positively
to the company’s earning capacity through increased
financial results. The Board of Directors raised the Group’s
profit ambition, targeting a cash result before tax and
amortisation of NOK 5 billion in 2025. The target for the
Group’s return on equity was increased from 10 per cent
to more than 14 per cent.

It was inspiring to see that Storebrand managed to defend
a market-leading position within occupational pensions
in 2023, while at the same time increasing market shares
in areas where the Group has a challenger position. With
good competitiveness and a presence in markets with high
underlying growth, Storebrand also has a solid foundation
for high value creation going forward. In recent years,
Storebrand has worked to gradually replace guaranteed
pension schemes with less capital-intensive activities. As
a result, Storebrand has evolved from being a Norwegian
supplier of traditional defined benefit pensions to a broad
financial Group offering insurance products, defined
contribution pensions, savings and investment solutions
and asset management throughout the Nordic region.

Storebrand maintained its position as the fourth largest
asset manager in the Nordic region in 2023. Total assets
increased to record levels in 2023 and totalled NOK 1,212
billion at the end of the fourth quarter, up by NOK 192
billion in 2023. About half of the pension assets under
management, and 75 per cent of total assets, consist of
non-guaranteed savings. The retail market was a strong
contributor to the Group’s growth in 2023 as the year

before, with solid developments in both banking and
insurance despite large payments related to weather-
related injuries and disability.

Again, Storebrand delivered high absolute returns on
managed Defined Contribution pension in 2023. In the
last three and last five years, we have also achieved
the best returns in the market for our core product
occupational pensions, for both the high equity and
the moderate equity content profiles. The results give
us significant competitive advantages in an important
growth area. In our Swedish business SPP, we achieved
24 per cent growth in premium income in 2023. This
strengthened the basis for investments in further business
development. Storebrand is the market leader in defined-
contribution pensions in Norway with a market share of
30 per cent, and the biggest challenger in Sweden with a
market share of 16 per cent.

The businesses of Kron and Danica, acquired by
Storebrand in 2022, were fully integrated into the Group
in 2023. With Danica, we strengthened our distribution
power and presence within occupational pensions in
the market for small and medium-sized enterprises,
in addition to strengthening our personal risk offering.
Kron, our new digital savings and investment service,
was ranked as number one in the EPSI 2023 customer
satisfaction survey. Several other surveys also showed
that we were among the very best in several customer
segments in the commercial market. The respondents
particularly emphasised the competence of Storebrand’s
advisors, the quality of digital solutions and our ability to
follow up the corporate customer employees. Storebrand
again won all tender processes related to occupational
pensions in the public sector and has won contracts worth
more than NOK 20 billion over the past four years.

The Board is very pleased with Storebrand’s ability to
navigate through challenging waters. With good results
in 2023, the Group strengthened its foundation for future
value creation and to deliver on ambitious growth and
profitability targets for both 2024 and 2025.

January-March

April-June

• Storebrand increases the dividend to NOK 3.7 per share,

and at the same time announces a share buy-back
programme amounting to NOK 500 million.

• Storebrand’s emission reduction and portfolio targets
are approved by the Science Based Targets initiative.
That means the targets are in line with the levels
required to meet the Paris Agreement.

• Storebrand tops the SHE Index, a ranking of Norwegian
companies’ work with gender equality, diversity and
inclusion.

• In connection with the second quarter result

presentation, Storebrand initiates share buybacks
totalling NOK 1 billion for the second half of 2023.
• Storebrand Asset Management is rated at the top by
institutional investors in Kantas SIFO’s annual survey.
• The annual Storebrand conference takes place: Invest in
the future. Around 370 of our most important customers
and partners participated, gaining insight into how they
can invest in the solutions of the future.

• Storebrand received a ruling from the Tax Appeals

Committee (Skatteklagenemda), which gives
Storebrand full consent regarding the uncertain tax
position for the income year 2015. A tax gain of NOK
440 million is recognised.

July-September

October-December

• Moody’s Investors Service upgrades Storebrand’s
rating to A2. This means that the rating agency
considers Storebrand to have a strong capacity to
meet financial obligations. Storebrand is rewarded for
increased diversification of the Group’s operations and
reduced risk from the guaranteed products. Only a few
companies have such a high rating in Norway.

• Storebrand gathers all employees for the Storebrand

day, focusing on what artificial intelligence is and how it
can be used in everyday work.

• Storebrand announces the sale of its 50 per cent

ownership stake in Storebrand Helseforsikring AS, to
joint-venture partner ERGO International AG. Storebrand
will continue to distribute health insurance in the
Norwegian and Swedish markets through a distribution
agreement with Ergo. The transaction is expected to
have a positive impact on results of approximately NOK
1.1 billion in 2024.

• Broad involvement at Arendalsuka. Storebrand hosted
19 events and participated in numerous hosted by
others. Among the topics on our event agenda were
inclusion and diversity, nature and climate, geopolitics
and the oil fund, senior policy and public service
pensions.

• Storebrand launches a Nordic corporate trainee

programme, where graduates participate in an 18 month
work rotation in three different business areas.
• At the end of the quarter, Storebrand reported a

solvency ratio of 204 per cent, the strongest solvency
reported since the introduction of the regulatory
framework Solvency II.

• Together with Nature Action 100, Storebrand publishes
a list of companies they will work with to protect and
restore nature.

• Storebrand hosts a Capital Markets Day for the first time
since 2020, announcing ambitious growth, profitability
and sustainability goals for the future. The return on
equity target is increased from 10 per cent to 14 per
cent, and a result ambition of NOK 5 billion in Group
cash result in 2025 is launched. The ambition of
increasing annual dividends was maintained, whilst the
ambition for share buybacks was increased from NOK 10
billion to NOK 12 billion within the end of 2030.

• Storebrand is considered a global leader in sustainability

work. As the only Norwegian company, Storebrand
was listed on the renowned Dow Jones World Global
Sustainability Index. The index ranks companies that are
in the top ten per cent in their industry – and Storebrand
is among the top three per cent globally in the insurance
industry.

• SPP achieves top ratings in the Söderberg & Partners

sustainability ranking.

• Kron, Storebrand’s investment app, receives the highest

score in EPSI’s annual customer satisfaction survey
within savings and investment.

• Storebrand Funds in Sweden launches new bond fund,

Global Short Corporate Bond.

• The Ministry of Finance issued a subpoena against the
Tax Appeals Committee in the tax case concerning
whether group contributions should reduce the tax value
of shares. The Tax Appeals board gave a judgement
that provided full support for the Storebrand view in the
case in point June 2023. There is no new information in
the subpoena which, in Storebrands’ opinion, provides
grounds for changes in the company’s accounts.
• The share buyback programme for the year of 2023
is completed, and Storebrand has thereby acquired
outstanding shares with a total value of NOK 1.5 billion
during the year.

Table of contentsFacts and figures 2023 3Foreword by our CEO 5Foreword by the Chair 7Highlights in 2023 8 1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. AppendixThis is Storebrand01About Storebrand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

Storebrand’s history . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12
Organisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
Group Executive Management. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

Table of contents1. This is StorebrandAbout Storebrand 11Storebrand’s history 12Organisation 13Group Executive Management 14Board of Directors 152. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. AppendixAbout Storebrand

Storebrand is a Nordic financial Group, headquartered in Oslo, Norway. We offer
pension, savings, insurance and banking products to individuals, businesses, and
public enterprises. Storebrand has played an important role in the lives of people and
companies for more than 250 years.

As a responsible corporate citizen, we want to contribute to solving the challenges of our time. Today, we are one of
the Nordic region’s largest private asset managers, with NOK 1,212 billion invested in more than 4,700 companies
worldwide. Over two million people in Norway and Sweden have invested their savings with us. We manage their money
and offer products and services in order to give our customers increased financial security and freedom. Our goal is to
make it easier for customers to invest in the future by making good financial choices today. Our purpose is clear: We
create a brighter future.

Our driving force
Our driving force helps create a future to look forward to. We will be closest to the
customer, in a simple and sustainable way, to deliver increased financial security
and wellness.

A brighter future
We work relentlessly so that more people can envision an
optimistic future. People are hopeful because they can
afford the life they want and know that together we are
making the world a better place.

Brave pioneer
We believe that there is always room for improvement. This
requires courage to challenge the status quo and willing-
ness to learn by trial and error. We don’t simply choose
the path of least resistance, rather we act in ways that are
best for our clients based on our wealth of experience and
knowledge. Both as a corporation and as individuals.

Security and financial wellness
Our products and services can significantly improve our customer’s well-being - now and for the future. We ensure that what they
value the most is taken care of and enable them the freedom to realise their dreams.

1767
Almindelige Brand-
Forsikrings-Anstalt is
established as a compulsory
fire insurance for buildings in
Norwegian cities.

1867
The non-life insurance company
Norden is established as a
competitor to Storebrand.

1936
Storebrand buys Europeiske,
Norway’s leading travel
insurer.

1990
Storebrand and UNI
Forsikring decide to
merge and receive
a formal licence in
January 1991.

1847
Private interests establish
Christiania almindelige
Brandforsikrings-Selskab
for Varer og Effecter. The
company is referred to as
Storebrand.

1923
Storebrand buys almost all
the shares in Idun. With a
few exceptions, the rest is
acquired during the 1970s.

1978
Storebrand changes the logo
and introduces the ”link”
as an easily recognisable
trademark. The formal name
of the holding company
changes to the Storebrand
Group Ltd.

1996
The company
changes its name
to Storebrand ASA
and establishes
Storebrand bank ASA.

1814
After Norway’s secession from
Denmark, the scheme is continued,
and the administration transferred to
Christiania.

1861
Storebrand’s owners
establish Norway’s first
privately owned life
insurance company, Idun.

1917
The life insurance
company Norske Folk is
founded.

1963
Storebrand takes over
Norske Fortuna. Brage and
Fram merge and become
the country’s largest life
company.

1995
Storebrand establishes
sustainable investment
in Storebrand Asset
Management.

1925
Christiania Almindelige
Forsikrings-Aksjeselskap,
referred to as Storebrand,
changes its name to
Christiania almindelige
Forsikrings-Aksjeselskap
Storebrand.

1984
Norges Brannkasse and
Norske Folk become UNI
Forsikring.

2017
Storebrand acquires SKAGEN
and celebrates its 250th
anniversary.

2021
Storebrand’s Asset
management exceeds
NOK 1000 billion.

2019
Storebrand acquires the
investment company Cubera
Private Equity AS, which
manages several private
equity funds in the Nordic
countries and internationally.

2023
More customers choose
Storebrand, double-digit
growth in pensions, asset
management and insurance.

1999
Storebrand, Skandia and
Pohjola gather their non-life
insurance activities in the new
Nordic Swedish-registered
company ”If Skadeförsäkring
ab”. Storebrand sells out five
years later.

2009
Storebrand confirms that
talks have been held about
a possible merger with
Gjensidige. The talks ended
without result.

2006
Storebrand
re-enters P&C
insurance market.

2014
Storebrand Asset
Management exceeds
NOK 500 billion.

1998
Storebrand Helseforsikring
is established.

2007
Storebrand acquires
the Swedish pension
company SPP and forms
the Nordic region’s
leading life insurance
Group.

2016
Storebrand launches ”Our
Driving Force”, a mission
statement with a vision to create
a future to look forward to.

2022
Storebrand acquires
Danica Pensjon Norway
and the investment app
Kron and introduces
a policy on nature for
investments.

2005
The Storting decides that all
companies must introduce
occupational pensions (OTPs)
by 2007.

2012
Storebrand launches its
new vision: ”Our customers
recommend us”. Odd Arild
Grefstad is appointed new
CEO.

2020
Storebrand is included in the
Dow Jones Sustainability
Index, ranked as one of the
world’s 10 per cent most
sustainable listed companies.

Legal structure (simplified)*

Storebrand ASA

Storebrand
Livsforsikring AS

Storebrand
Forsikring AS

Storebrand
Bank ASA

Storebrand
Asset Management AS

Storebrand
Facilities AS

Kron AS

Storebrand
Helseforsikring AS
(50 %)**

Storebrand Holding AB

Storebrand Boligkreditt AS

SPP Pension & Försäkring AB

Storebrand Fonder AB

Storebrand Fastigheter AB

SKAGEN AS

Capital Investment A/S

Cubera Private Equity AS

* See page 40 for a complete list of the companies in the Storebrand Group.
** Storebrand ASA has entered into an agreement to sell its 50 per cent stake in Storebrand Helseforsikring AS. The transaction is planned to be completed in the first half of 2024.

Operational business areas
The Group’s business is divided into four operational
areas with a clear division of commercial responsibility:
Corporate market Norway, Corporate market Sweden
(SPP), Asset management, and Retail market Norway.
See the Director’s report for more information about the
business strategy of each operational area.

Insurance
Consists of the Group’s risk products in Norway and
Sweden. This includes health insurance in the corporate
and retail markets, personal insurance and pension-
related insurance in the corporate market, as well as non-
life insurance and personal risk insurance in the Norwegian
retail market.

Reporting segments
In the Group’s financial reporting, the business is divided
into four reporting segments: Savings, Insurance,
Guaranteed pension, and Other. Within each reporting
segment, products have comparable performance
elements and comparable risks.

Savings
Products that encompass pension and savings
without interest rate guarantees. This includes Defined
Contribution pension schemes in Norway and Sweden,
asset management and savings, and banking products for
private individuals.

Guaranteed pensions
Consists of products that include long-term pension
savings with guaranteed returns. These include
occupational pension schemes in Norway and Sweeden,
independent personal pensions and pension insurance.

Other
Consists of other companies within the Storebrand Group,
including smaller subsidiaries of Storebrand Livsforsikring
and SPP, as well as results from the company portfolios.

Back left to right: Jan Erik Saugestad (Executive Vice President, Asset Mgmt.), Jenny Rundbladh (Executive Vice President, SPP),
Trygve Håkedal (Executive Vice President, Digital) and Tove Selnes (Executive Vice President, People).

Front left to right: Lars Aa. Løddesøl (Group CFO and Executive Vice President Strategy, Legal and Sustainability), Odd Arild Grefstad (Group CEO),
Vivi Måhede Gevelt (Executive Vice President, Corporate Market) and Camilla Leikvoll (Executive Vice President, Retail Market).

See appendix on page 310 for Group Executive Management CVs.

Back left to right: Svein-Thomas Lømork (Employee Representative), Hanne Seim Grave (Employee Representative), Hans-Petter Bache-Salvesen
(Employee Representative), Fredrik Åtting (Board Director) and Martin Skancke (Board Director).

Front left to right: Christel Elise Borge (Board Director), Didrik Munch (Board Chair), Jarle Roth (Board Director) and Karin Bing Orgland (Board Director).
Marianne Bergmann Røren (Board Director) was not present when the photo was taken.

See appendix on page 314 for full resumes for Board of Directors and Committee members.

Board of Directors
The Board is ultimately accountable for management of
the Storebrand Group. This means, among other things,
that the Board will ensure responsible organisation of the
business and establish plans, budgets, and procedures.
The Board oversees the administrative management of
the Group, maintaining insight into the Group’s financial
position.

In addition, the Board shall ensure that business activities,
accounting and asset management are subject to
proper scrutiny. All shareholder-elected directors are
independent and do not have significant business relations
with Storebrand. All directors are non-managerial staff.

Member
Christel Elise Borge
Karin Bing Orgland
Marianne Bergmann Røren
Martin Skancke
Fredrik Åtting
Jarle Roth

Member (Employee Representative)
Hanne Seim Grave
Hans Petter Bache-Salvesen
Svein Thomas Lømork

Committees
The Board has appointed four committees to support its
role: the Audit Committee, the Compensation Committee,
the Strategy Committee, and the Risk Committee. More
information on the role of each committee can be found on
page 45.

Strategy Committee

Audit Committee

Leader
Didrik Munch

Member
Fredrik Åtting
Christel Elise Borge
Jarle Roth
Hans Petter Bache-Salvesen

Leader
Karin Bing Orgland

Member
Martin Skancke
Hanne Seim Grave
Marianne Bergmann Røren

Risk Committee

Compensation Committee

Leader
Martin Skancke

Medlem
Fredrik Åtting
Jarle Roth
Svein Thomas Lømork

Leader
Didrik Munch

Member
Marianne Bergmann Røren
Hans Petter Bache-Salvesen

Nomination Committee

Leader
Nils Halvard Bastiansen

Member (shareholder-elected)
Anders Gaarud
Liv Monica Stubholt
Lars Jansen Viste

Director’s Report

02Strategy 2023-25: “Leading the way in sustainable value creation» . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

The Director’s Report is a statement
from the Board of Directors and CEO that
describes Storebrand’s achieved results
and strategy for competitive long-term
returns to shareholders and customers.
It also explains how Storebrand affects
the environment and people, and how
environmental and social conditions can
affect Storebrand’s financial situation
and value creation.

Strategic highlights 2023. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19
The Group’s Results 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
Group Financial Statements Storebrand (IFRS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29
Official Financial Statements of Storebrand ASA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30
Risk
31
Outlook . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35
Corporate governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Sustainability Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49

Future Storebrand
Growth focus in
capital-light business
areas in front book

Leading Provider
Occupational Pensions
Norway & Sweden

Nordic Powerhouse in
Asset Management

Growing Challenger in
Norwegian Retail Market

Strategic enablers
Unlocking growth

People First

Leadership in Sustainability

Digital Frontrunner

Capital Management
For shareholder returns

Growing ordinary
dividends from earnings

1.5bn annual buybacks
NOK ~12bn by YE2030

∼∼

Additional
capital generation

Storebrand delivers security and financial freedom to
private individuals and companies. We want to motivate
our customers to make good and sustainable financial
choices for the future. Together, we can create a future to
look forward to. This is our aim as we strive to create value
for customers, shareholders, and society.

Storebrand’s strategy aims to provide an attractive
combination of capital efficient growth within what we
call Future Storebrand, and capital release from the
Guaranteed pensions business that is closed for new
business and is in run-off.

Storebrand aims to:

(A) be the leading provider of occupational pensions in

both Norway and Sweden

(B) continue a strategy of building a Nordic powerhouse in

asset management

retail market for financial services

The interaction between our business areas provides
synergies in the form of capital, economies of scale, and
value creation based on customer insight.

We believe the only way to secure a better future is to take
part in creating it. We actively use our position to lead
the way in sustainable value creation and to differentiate

ourselves from our competitors. Read more about our
social responsibility work in the chapters ”Storebrand’s
sustainability agenda”, ”Sustainable finance”, ”Climate
change”, ”Own employees”, ”Consumers and end-users”
and ”Business conduct”.

Storebrand offers financial products and services to retail
and commercial customers. Based on an increasingly
advanced technology platform, we offer a fully digital
business and distribution model. Our position as a digital
frontrunner will be a critical success factor in strengthening
our competitiveness in the years to come.

The Group aims to grow the ordinary dividend from
earnings, whilst ensuring capital-efficient management of
products with interest rate guarantees. The Group intends
to maintain a strong solvency and a balance adapted to the
risk in its operations. The threshold for overcapitalisation is
a solvency ratio exceeding 175 per cent. When the Group
is above 175 per cent the ambition is to repay significant
portions of this capital to shareholders through buyback
programs. In 2023, the buyback program was continued,
resulting in NOK 1.5 billion in share buybacks, equivalent
to approx. 4 per cent of outstanding shares. The ambition
is to return approx. NOK 1.5 billion annually via share
buybacks through 2030, amounting to a total of NOK 12
billion. At the same time, the Group expects additional
capital to be available for further growth or distribution to
shareholders.

2023 was characterised by geopolitical tension, war
and market turbulence. Simultaneously, high inflation
persisted, and the central banks raised interest rates eight
times in Norway, and four hikes in Sweden. Despite these
factors affecting Storebrand, the company demonstrated
resilience and adaptability. Through a combination of
dynamic risk management and a diversified business
model, Storebrand achieved a positive result development
and strengthened its solvency position. Underlying
growth was robust across all business areas, and higher
interest rates had a positive impact on the company
portfolios return. During the 2020 Capital Markets Day,
ambitious growth and margin goals were set, and in
2023, Storebrand delivered on these objectives across
all business areas except Insurance. 2023 proved to be
a challenging year for Insurance due to extraordinary
weather conditions, increased disability claims and
persistently high inflation.

Following a strategic review of the ownership in
Storebrand Helseforsikring AS, Storebrand decided to sell
its 50 per cent stake in Storebrand Helseforsikring AS to
joint-venture partner ERGO International AG. Storebrand
will continue to distribute health insurance in the
Norwegian and Swedish markets through a distribution
agreement with Ergo. The transaction is expected to take
place during the first half of 2024, with an estimated
positive impact on results of approximately NOK 1.1
billion.

Below is a review of strategic highlights for 2023 for the
various elements that constitute Storebrand’s Group
strategy.

Growth in capital-light business areas in the front
book

(A) Leading provider of occupational pensions in
Norway and Sweden
The core of Storebrand’s strategy is to gather and manage
savings from pension and institutional customers in
Norway and Sweden, as well as retail customers in
Norway. In 2023, the Group maintained its leading
position as provider of Defined Contribution pension
schemes with a market share of 30 per cent in Norway
and 16 per cent in Sweden.2) Due to solid market returns,

improved new sales and strong underlying growth,
assets under management in Unit Linked increased to
NOK 380 billion. This corresponds to a growth of 20 per
cent compared with last year. Since 2012, assets under
management in Unit Linked have grown by 18 per cent
annually. The structural growth in Defined Contribution
pension schemes contributed to net transfers of NOK 15.4
billion in new capital during the year.3) The Norwegian
business completed the integration of the Danica business
acquired in 2022, an important milestone in terms of
strengthening the presence in the SME segment. The
Swedish business SPP had strong new sales development
during 2023 leading to a market leading 24 per cent of
sales in Defined Contribution pensions.

Assets under Management, Unit Linked,
NOK billion

CAGR +18 %

251

220

168

179

+20 %

380

308

315

128

140

105

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2023 was a year with strong absolute returns for
Norwegian Defined Contribution pension customers
in Storebrand’s standard profiles. Equities and bonds
contributed positively to the returns, whilst the
contribution from real estate was negative for the year.

Storebrand’s largest and most common investment
profiles, high and moderate equity content, both delivered
high absolute returns in 2023. Over the past 3 and 5
years, Storebrand has delivered the strongest returns in
the market at 5.5 per cent and 8.0 per cent for high equity
content, respectively, and 8.2 per cent and 11.0 per cent
for moderate equity content 4). For pension customers
with guaranteed returns, Storebrand’s dynamic and
risk-adjusted management ensured that despite volatile
financial markets throughout the year, the Group was able
to book the guaranteed return.

2) Source: Finance Norway – Gross premium due as of Q3 2023 and Swedish Finance as of Q3 2023.
3) Sum of premiums paid, pensions paid and relocation in both Norway and Sweden
4) Return based on comparable investment profiles with balanced risk (approx. 50% equity share) and high risk (approx. 80% equity share) within an active defined-contribution
pension scheme. Source: Norwegian Pension.

High equity content

11.1 % 11.6 % 10.9 %

12.2 % 11.6 %

5.5 %

4.1 %

3.9 %

4.6 %

3.1 %

8.0 %

6.0 %

7.0 %

7.1 %

7.6 %

2023

Last 3 years

Last 5 years

Moderate equity content

14.7 % 15.0 %

14.0 %

17.2 %

15.2 %

8.2 %

4.9 %

6.5 %

7.2 %

6.9 %

11.0 %

8.2 %

9.9 % 10.3 % 10.3 %

2023

Last 3 years

Last 5 years

Storebrand

Competitor

Storebrand has had a good start in the market for public
service pensions in Norway and has won all tender
processes since the new product regulations came into
place in 2019. Two tender processes were completed in
2023, and both contracts were awarded to Storebrand.
Storebrand has argued for an increasing number of
tender processes in this market and seeks clarification
on the lack of tender processes. The EFTA Surveillance
Authority (ESA) is expected to clarify in 2024 whether the
procurement of pension services is subject to tender in the
public sector (read more under the section “Regulatory
changes”). The Group has also continued to take over the
management of corporate pension funds, resulting in an
additional NOK 3.2 billion in assets under management
transferred in 2023.

(B) Nordic Powerhouse in asset management
Storebrand is the fourth largest asset manager in the
Nordic region, 5) and total assets under management are

the Group’s most important revenue driver. Storebrand
further strengthened its position in 2023 through strong
growth in assets under management.

Storebrand Asset Management aims to be a Nordic
asset management powerhouse by taking three market
positions: being a local Nordic partner, the gateway to
the Nordic region for foreign investors and a pioneer
in sustainable investments. At the end of the year,
Storebrand managed a total of NOK 1 212 billion, of which
51 per cent was on behalf of pension customers and 49
per cent was on behalf of external customers. The increase
in total assets under management of 19 per cent was due
to both positive contributions from financial markets and
net inflows for the year of NOK 70 billion. Since 2012,
the assets under management have grown by 10 per
cent annually through a combination of customer growth,
market returns and acquired business.

Assets under management,
NOK billion

Change in assets under management,
NOK billion

CAGR +10 %

+19 %

721

707

921

831

1,097 1,020

1,212

442

487

535

571

577

1,020

1,212

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2022

Return

Currency

2023

5) Source: AMWatch Q3 2023

Bank lendning balance, NOK billion

CAGR +9 %

+12 %

8.7

7.8

CAGR +11 %

+15 %

3.3

3.6

3.7

4.3

4.5

6.4

5.3

4.7

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

During the year, the position as a local Nordic partner was
strengthened. With a wide range of long-term investment
strategies, Storebrand succeeded in attracting new
customers in a highly competitive market. In Sweden,
Storebrand had the second highest net inflow. In
Denmark, total assets under management have more than
quintupled since Storebrand actively started investing
there in 2020.

International investors continued to show strong demand
for Storebrand’s alternative investment and ESG fund
offerings in 2023. Private equity firm Cubera, which
was acquired by Storebrand in 2019, continued to raise
capital in its new fund in 2023, and the fund now stands
at approximately EURO 700 million. To strengthen the
distribution of funds in the international market, several
new funds were launched on the Asset Management
Exchange (AMX) in Ireland. The platform has prompted a
number of British pension funds to consider Storebrand as
an asset manager.

The Group also took further steps to consolidate its
position as a world leader in sustainable investments.
Storebrand has a lot of influence through its investments.
The ambition is to reduce the carbon footprint of
companies Storebrand invest in by 32 per cent by 2025.
We will achieve this by influencing companies to reduce
their emissions. Storebrand conducts talks at senior
management level with the 20 companies that account for
the largest emissions in the Group’s investments.

At the end of the year, Storebrand managed NOK 569
billion in fossil-free funds and NOK 155 billion in what
we call solutions. Solutions are either investments in
companies that we believe contribute to sustainable
development and achieving the UN Sustainable
Development Goals, or investments in green bonds,
environmentally certified real estate and green
infrastructure.

Storebrand maintains strong growth momentum,
increasing market shares in the Norwegian retail market
for banking and insurance services. This is becoming an

increasingly important business area as pensions and
savings individualise.

Due to our corporate pensions and asset management
offering, Storebrand has systems and solutions that ensure
a solid foundation for delivering savings and insurance
products in the retail market. Together with the bank,
Storebrand offers fully digital distribution with integrated
value propositions for cross-selling between savings,
insurance and banking.

With 257 years of history, the brand name Storebrand
is strong. In Norway, 1.7 million people are customers of
Storebrand through its bank and insurance, investments
and pension schemes. These customers are our main
target group for additional financial services that may
enable them to achieve greater financial security and
wellness.

Strengthened distribution capabilities and strong demand
in the retail market contributed to continued strong growth
in 2023. Portfolio premiums in insurance grew by 12 per
cent and mortgage lending in the bank by 15 per cent. At
the same time, work has been done on integration and
development of the savings platform Kron, the fintech
company Storebrand acquired in 2022 and took over in
January 2023. Kron has shown strong growth in 2023,
increasing its number of customers and assets under
management by 50 and 60 per cent respectively.

People first
Storebrand’s employees are the most important source
of innovation, development and further growth for the
company. To succeed with the goals and create a future to
look forward to, we need employees who are competent
and brave pioneers.

Storebrand scores significantly better than the financial
industry average on employee engagement. This creates
value for employees, customers and shareholders alike.

Leadership in sustainability
For almost 30 years, Storebrand has pioneered
sustainable investments. We strive to create value for
our customers and positive ripple effects for society. We

More information about our sustainability work is
discussed later in our sustainability report.

Digital frontrunner
The use of technology makes it possible to combine
growth initiatives and measures for increased
competitiveness, while at the same time realising cost
reductions and efficiency gains. Smart use of data paves
the way for new business opportunities and efficiency
gains, both through digitalisation and automation.
Storebrand is adopting modern cloud solutions, enabling
faster time-to-market and better access to new digital
capabilities. The degree of automation is constantly
increasing, which leads to more efficient processes, lower
costs, increased sales and customer satisfaction.

More information about our digital initiatives is described
in the chapter ”Consumers and end-users” under the
section ”Digital innovator in financial services”.

Management of capital and balance sheet
Over the past ten years, Storebrand has succeeded in
transforming its business from capital-intensive products

with guaranteed returns, to fast-growing and self-financing
capital efficient products. Total assets have more than
doubled since 2012. At the end of the year, 76 per cent
of the total assets under management were related to
the capital efficient growth business, and less than 43
per cent of the pension assets on the balance sheet were
guaranteed reserves. Premiums paid and the Group’s
profit were mainly related to non-guaranteed savings and
insurance.

Storebrand’s fast-growing capital efficient business
generates a high return on equity, while the capital-
intensive business with interest rate guarantees that is in
run-off, generates a lower return on equity. The guaranteed
business ties up about 78 per cent of the Group’s equity
and achieved an adjusted return on equity of 8 per cent in
2023. The growth business achieved an adjusted return
on equity of 31 per cent. 6) The Group’s overall return on
equity (adjusted) was 13 per cent in 2023.

The solvency ratio was 192 per cent at the end of 2023, an
increase of 8 percentage points compared to the solvency
margin at the end of last year. This is after the provision of
dividends and completed share buybacks equivalent to 12
percentage points of solvency in 2023.

Storebrand wants to contribute to a growing market for
green bonds and stimulate the market for sustainable
investments and financing. See more information about
this in the Sustainability Report on page 49.

Development in Storebrand’s operations and balance sheet since 2012

Premium payments, NOK billion

Assets under management, NOK billion

Guaranteed pension

Insurance

External asset management customers

Guaranteed pension

Savings

Savings (internally managed)

6) Based on the IFRS equity at opening balance excl. hybrid capital and expected dividends. The split between the growth and guaranteed lines of business is based on the
consumption of unrestricted capital in Solvency II and CRD 4. Unit Linked and Insurance are adjusted to a solvency margin of 150 per cent, while Guaranteed Pension (including Other)
ties up about 240 per cent of its capital requirement. The RoE is calculated on trailing twelve months result after tax and before amortisation basis, divided by the allocated equity.

The Group results for 2023 are reported in accordance
with IFRS 17 and IFRS 9, which replace IFRS 4 and
IAS 39 starting from January 1, 2023. The purpose
of IFRS 17 is to establish consistent practices for the
accounting treatment of insurance contracts and enhance
transparency, both within insurance companies and across
sectors. The implementation of IFRS 17 significantly
impacts the accounting for insurance contracts within the
Storebrand Group, including the timing of recognition and
presentation in financial statements.

A brief overview of the financial results under IFRS
is discussed in the section titled ”Group Financial
Statements Storebrand (IFRS)” For other parts of the
annual report, the results are commented based on
the alternative reporting. This alternative reporting may
deviate substantially from the IFRS financial statements,
particularly for the insurance segment of the business
reporting under IFRS 17. While the alternative reporting
represents an approximation of the cash flow generated
during the period, the IFRS statement includes the impact
of updated estimates and assumptions about future cash
flows. Detailed information about the alternative reporting
and related key figures can be found on Storebrand’s
Investor Relations pages.

The alternative reporting is based on statutory accounting
prepared in accordance with Norwegian GAAP (NGAAP)
for Norwegian entities and Swedish GAAP (SGAAP) for
Swedish entities. The reporting framework is similar to
previous reporting under IFRS 4. The alternative result is
adjusted for intercompany transactions and result items
related to customer funds. The adoption of IFRS 17 does
not significantly impact the statutory financial statements
under Norwegian and Swedish GAAP, nor does it
materially affect the alternative reporting. Therefore, the
results in the alternative reporting continue to be a good
approximation of the free cash flow generated by the
business units.

Group results 7)

NOK million

2023

2022

Fee and administration income

6,782

6,062

Insurance result

Operational cost

Cash equivalent earnings from
operations

1,122

1,664

-5,787

-5,008

2,117

2,718

Financial items and risk result life

1,362

Cash equivalent earnings before
amortisation

Amortisation and write-downs of
intangible assets

3,480

2,732

-379

-202

Cash equivalent earnings before tax

3,101

2,530

Tax

116

225

Cash equivalent earnings after tax

3,217

2,754

Storebrand achieved cash equivalent earnings before
amortisation and tax of NOK 3,480 million in 2023 (NOK
2,732 million). The figures in parentheses represent the
corresponding numbers for the previous year.

Fee and administration income for the year amounted
to NOK 6,782 million (NOK 6,062 million). The increase
from the previous year is attributed to higher assets under
management driven by underlying growth and positive
market development. Additionally, increased performance
related income from active funds contributed positively by
NOK 242 million (NOK 147 million) in 2023.

The insurance result was NOK 1,122 million (NOK 1,664
million), resulting in a combined ratio of 102 per cent
(91 per cent). This performance falls short of the Group’s
targeted combined ratio of 90-92 per cent and is due
to weak results in P&C and disability-related insurance
products.

7) This is based on the Storebrand Group’s alternative income statement and contains alternative performance measures (APM) as defined by the European Securities and Market
Authority (ESMA). The alternative income statement is based on reported IFRS results for the individual Group companies. The profit and loss setup differs from the official accounting
setup. An overview of the APMs used in financial reporting is available on www.storebrand.com/ir.

The cash equivalent earnings from operations were NOK
2,117 million (NOK 2,718 million).

Financial targets 9)

Return on equity*

Future Storebrand
(Savings and Insurance)**

Run-off business
(Guaranteed and Other)**

Dividend pay-out ratio

Target Actual 2023

> 10 %

13 %

31 %

8 %

57 %

Financial items and risk result life amounted to NOK
1,362 million (NOK 13 million). The strong financial
result is attributed to increased interest rates, which
improve returns on company portfolios. Additionally,
there was significant uplift in profit sharing in the Swedish
guaranteed business. The Group also achieved a robust
risk result in its life business.

Amortisation and write-downs of intangible assets
amounted to NOK -379 million (NOK -202 million). The
increase is primarily due to impairment of intangible assets
related to distribution agreements canceled in connection
with Danske Bank’s sale of its Norwegian retail banking
business.8)

Cash equivalent earnings before tax was NOK 3,101
million (NOK 2,530 million)

The Group concluded the year with a net tax income
of NOK 116 million (NOK 225 million kroner). The tax
income is mainly driven by a tax gain of approx. NOK 440
million as the Tax Appeals Committee gave Storebrand
full consent in a disputed tax case for the income year
2015. In the 4th quarter, the Ministry of Finance issued a
subpoena against the Tax Appeals Committee in the same
case. There is no new information in the subpoena which,
in Storebrand’s opinion, provides grounds for changes in
the company’s accounts. The estimated normal tax rate
for the Group ranges from 19 to 22 per cent, depending
on the contribution of each legal entity to the consolidated
result. For more information on taxes and uncertain tax
positions, please see Note 26. Storebrand also has a
responsible taxation policy and publishes a separate tax
report on its website.

The Group’s cash equivalent earnings after tax were NOK
3,217 million (NOK 2,754 million).

Solvency ratio (Storebrand Group)

> 150 %

192 %

* Cash ROE after taxes, adjusted for amortisation of intangible assets.
** Based on a pro forma distribution of IFRS equity per business area. The capital is
distributed based on capital consumption under Solvency II and CRD IV. The savings
and insurance segments are calibrated to a solvency ratio of 150%, while the rest of the
capital is allocated to the Guaranteed pension segment including others.

The company’s reporting is divided into the segments
Savings, Insurance, Guaranteed, and Other. The results
are shown in the table below and further commented on
segment by segment in the Director’s report.

Results per segment 9)

NOK million

Savings

Insurance

Guaranteed

Other

Cash equivalent earnings before
amortisation

Savings 9)

2023

2022

1,862

1,653

1,326

596

903

265

-420

3,480

2,732

NOK million

2023

2022

Fee and administration income

5,443

4,733

Operational cost

-3,582

-3,031

Cash equivalent earnings from
operations

Financial result

Cash equivalent earnings before
amortisation

1,861

1,701

-49

1,862

1,653

8) Amortisation in the alternative income statement is based on the amortisation in the legal entities. Total amortisation is shown in the Group accounts according to IFRS in the Group
Financial Statements Storebrand (IFRS) section of this report.
9) This is based on the Storebrand Group’s alternative income statement and contains alternative performance measures (APM) as defined by the European Securities and Market
Authority (ESMA). The alternative income statement is based on reported IFRS results for the individual Group companies. The profit and loss setup differs from the official accounting
setup. An overview of the APMs used in financial reporting is available on www.storebrand.com/ir.

Financial Results
Fee and administration income amounted to NOK 5,443
million (NOK 4,733 million). The increase from 2022 is
attributed to higher assets under management driven
by structural growth in pension, net inflow in capital
management, and positive market development. Higher
performance fees from active funds and the acquisition
of Danica also contribute positively to the development.
Strong lending growth and improved interest margin in the
bank led to an increase in fee and administration income of
NOK 303 million compared to last year.

Operational cost totalled NOK -3,582 million (NOK -3,031
million). The increase stems from a combination of costs
from acquired businesses, inflation, and investments in
growth and digitalisation initiatives. Performance related
costs in funds with performance fees amounted to NOK
-106 million (NOK -53 million).

The financial result amounted to NOK 1 million (NOK -49
million). The asset management business contributed
positively with NOK 56 million kroner (NOK -3 million). In
the retail bank, financial items were NOK -55 million (NOK
-44 million), driven by some realised loan losses and
model-driven provisions.

Cash equivalent earnings before amortisation amounted to
a total of NOK 1,862 million (NOK 1,653 million).

Balance and Market Development
The underlying net inflow continued in 2023, both within
Unit Linked and asset management. Unit Linked reserves
grew by NOK 65.5 billion (20 per cent) to NOK 380 billion
in 2023. Net inflow added NOK 15 billion, and market
returns and currency increased reserves by NOK 49 billion.

Assets under management for Storebrand Asset
Management increased by NOK 192 billion (19 per cent)
to NOK 1,212 billion. Net inflow amounted to NOK 70
billion, in addition to NOK 98 billion in returns and NOK 23
billion in positive currency effects.

The bank’s lending volume grew by NOK 10 billion (14 per
cent) to NOK 77 billion.

Key figures Savings

NOK million

2023

2022

Unit Linked Reserves

379,516

314,003

Unit Linked Premiums

28,187

23,482

AuM Asset Management

1,211,831 1,019,988

Retail Lending

76,706

67,061

Insurance

NOK million

Insurance pemiums f.o.a.

Claims f.o.a.

Operational cost

Cash equivalent earnings from
operations

Financial result

Cash equivalent earnings before
amortisation

2023

2022

6,908

6,088

-5,787

-4,424

-1,251

-1,112

- 129

155

552

596

Financial results
Insurance premiums for own account (f.o.a) grew 13
per cent to NOK 6,908 million in 2023 (NOK 6,088
million), driven by continued volume growth in the retail
market and price increases. Insurance claims increased
to NOK -5,787 million (NOK -4,424 million) because
of growth and adverse development in the claims ratio.
The claims ratio ended at 84 per cent for the year, a 11
percentage points increase compared to the year before.
The increased claims ratio is primarily due to high claims
in P&C and disability-related insurance products. Within
property insurance, extreme weather events such as
‘Hans,’ other weather-related damages, and persistent
high inflation contributed to weak results. The poor results
related to disability stem from high disability claims and a
reserve strengthening due to increased disability rates in
society.

Operational costs for the year amounted to NOK -1,251
million (NOK -1 112 million) and resulted in an unchanged
cost ratio of 18 per cent in 2023.

The combined ratio was 102 per cent (91 per cent) and
cash equivalent earnings from operations was NOK -129
million (NOK 552 million) for the year. This is weaker
than the Group’s targeted ‘combined ratio’ of 90-92
per cent across all segments. Several measures have
been implemented, including repricing, to strengthen
profitability from 2024 onwards.

The financial result was NOK 155 million (NOK 43 million).
The insurance investment portfolio amounted to NOK 12.3
billion at the end of 2023 (NOK 10.6 billion) and achieved
a return of 3.5 per cent 10).

Cash equivalent earnings before amortisation was NOK 27
million (NOK 596 million).

Balance sheet and market development
Total growth in written portfolio premiums amounted to
11 per cent in 2023, ending at NOK 8,697 million. P&C
and Individual Life grew 10 per cent to NOK 4,430 million,
Group life and Health grew 13 per cent to NOK 2,339
million, and Pension related disability insurance grew 11
per cent to NOK 1,928 million.

10) In the Insurance segment, a proportion of the investment portfolio is linked to disability coverage, where the returns are attributed to the customer reserves.

Claims ratio

Cost ratio

Combined ratio

2023

84 %

18 %

102 %

2022

73 %

18 %

91 %

Written premium, NOK million

2023

2022

P&C and Individual

Health & Group life*

4,430

4,013

2,339

2,071

Pension related disability insurance

1,928

1,738

Total written premium

8,697

7,822

* Includes the entire written premium for Storebrand Helseforsikring AS (50/50 joint
venture with Ergo International

Guaranteed 11)

NOK million

2023

2022

Fee and administration income

1,600

1,597

Operational cost

-822

-850

Cash equivalent earnings from
operations

Risk result life & pensions

Net profit sharing

778

296

252

747

262

-106

Cash equivalent earnings before
amortisation

1,326

903

Financial results
Fee and administration income amounted to NOK 1,600
million (NOK 1,597 million). The operational costs were
NOK -822 million (NOK -850 million). The income
development reflects a stable trend in overall volume
and margins. The majority of the business is in long-term
runoff, but there is growth within public occupational
pensions and transfers of corporate pension funds.
The cost reduction is primarily due to a reallocation of
costs from Guaranteed to Savings within the Swedish
operations.

The risk result for life and pensions was NOK 296 million
(NOK 262 million). A continued strong risk result is
driven by positive disability development and a stronger
result due to increased mortality following the COVID-19
pandemic.

The profit sharing result was NOK 252 million (NOK
-106 million). Profit sharing is primarily generated within
the Swedish business, while the focus in the Norwegian
portfolio was on building buffer capital. Net profit sharing

in Norway totaled NOK 11 million. In Sweden, net profit
sharing amounted to NOK 241 million, driven by strong
returns. The booked return averaged 1.4 per cent in
Norway, compared to an average customer guarantee
of 2.9 per cent at the end of the year. Contracts with
insufficient returns have been compensated through the
use of buffer capital and therefore had no material impact
on results. In Sweden, assets and liabilities have similar
durations. The average fair value return in Sweden was 9.8
per cent. The injection of deferred capital contribution to
individual contracts has, in isolation, resulted in a negative
contribution to results.

Cash equivalent earnings before amortisation was NOK
1,326 million (previously NOK 903 million).

Balance sheet and market development
At the end of the year, guaranteed reserves amounted to
NOK 284 billion. This is NOK 10 billion more than in 2022.
The increase is attributed to positive currency effects
for the Swedish guaranteed business, as well as growth
within public occupational pensions in Norway and the
transfer of closed pension funds. As a share of the total
balance, guaranteed reserves correspond to 42.8 per cent
(46.6 per cent) at the end of the year, a reduction of 4
percentage points from last year.

Buffer capital, which secures customer returns and shields
shareholders’ equity under turbulent market conditions,
fell to 6.1 per cent (6.3 per cent) of reserves in Norway,
but increased to 21.2 per cent (19.0 per cent) in Sweden.
In total, the buffer capital amounts to NOK 26.4 billion
(excl. excess value of bonds at amortised cost) at the end
of the year, representing an increase of NOK 2.5 billion
compared to the previous year.

Key figures Guaranteed Pension

NOK million

2023

2022

Guaranteed reserves

283,986 273,673

Guaranteed reserves in % of total
reserves

Net inflows and outflows, excluding
transfers

42.8 %

46.6 %

-10,383

-10,187

Average booked return in Norway

1.4 %

Average guarantee in Norway*

2.9 %

3.0 %

Average value-adjusted return in
Sweden

9.8 % -10.4 %

Average guarantee in Sweden

2.7 %

2.8 %

Buffer capital in % of customer reserves
in Norway

6.1 %

6.3 %

Buffer capital in % of customer reserves
in Sweden

21.2 %

19.0 %

* Danica excluded

11) This is based on the Storebrand Group’s alternative income statement and contains alternative performance measures (APM) as defined by the European Securities and Market
Authority (ESMA). The alternative income statement is based on reported IFRS results for the individual Group companies. The profit and loss setup differs from the official accounting
setup. An overview of the APMs used in financial reporting is available on www.storebrand.com/ir.

NOK million

2023

2022

Fee and administration income

Operational cost

-411

-299

Cash equivalent earnings from
operations

Financial result

Cash equivalent earnings before
amortisation

-393

658

-282

-138

265

-420

The table above excludes eliminations. The segment result
consists of the sum of the results for the business activities
in the Other segment and eliminations.

Eliminations

NOK million

Fee and administration income

Operational cost

Financial result

Cash equivalent earnings before
amortisation

2023

2022

-279

279

-284

284

Financial Results
The cash equivalent earnings from operations in the
Other segment was NOK-393 million, a decline from the
last year’s NOK -282 million. Integration costs related to

acquired businesses contribute to increased expenses
and lower earnings from operating. The financial result
was NOK 658 million, a significant increase from NOK
-138 million last year. The positive development in
the financial result is primarily explained by higher
interest rates contributing to improved returns in the
company portfolios. The cash equivalent earnings before
amortisation was NOK 265 million (NOK -420 million).

Dividend for 2023
The Board has an established capital management
framework that links dividends to the solvency ratio.
The dividend policy should reflect the strong growth in
earnings from operations, more volatile financial market-
related earnings and future capital release from operations
with guarantees. The Board’s ambition is to pay a steady,
but nominally, increasing ordinary dividend. In addition,
the expected release of capital will result in increased
distribution over time, primarily in the form of share
buybacks.

Based on the Group’s solvency, liquidity and expected
profit generation, and taking into account the prevailing
uncertainty in financial markets and macroeconomics,
the Board proposes an ordinary dividend of NOK 1.8
billion, corresponding to an ordinary dividend of NOK 4.10
per share and a dividend pay-out ratio of 57 per cent for
2023 to the Annual General Meeting. This is in addition
to the share buybacks of NOK 1,500 million which was
completed during 2023.

For more information about historical dividends,
Storebrand’s share and other shareholder relationships,
see the chapter ”Shareholder matters”.

Dividend policy
The Board of Directors ambition is to pay ordinary dividends per share of at least the same nominal amount as the previous year.
Ordinary dividends are subject to a sustainable solvency margin of above 150 per cent. If the solvency margin is above 175 per
cent, the Board of Directors intends to propose special dividends or share buybacks.

12) This is based on the Storebrand Group’s alternative income statement and contains alternative performance measures (APM) as defined by the European Securities and Market
Authority (ESMA). The alternative income statement is based on reported IFRS results for the individual Group companies. The profit and loss setup differs from the official accounting
setup. An overview of the APMs used in financial reporting is available on www.storebrand.com/ir.

Table of contents1. This is Storebrand2. Director’s ReportStrategy 2023-25: “Leading the way in sustainable value creation” 18Strategic highlights 2023 19Group Results 2023 23Group Financial Statements Storebrand (IFRS) 29Official Financial Statements of Storebrand ASA 30Risk 31Outlook 35Corporate governance 41 Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. AppendixCapital situation
Storebrand adapts the level of equity and debt in the
Group continuously and systematically. The level is
adjusted to the company’s financial risk and capital
requirements. Growth and composition of business
areas are important drivers for capital needs. Capital
management is designed to ensure an efficient capital
structure and contribute to achieving business goals within
regulatory requirements. The balance sheet shall form
a healthy foundation and support the Group’s growth
strategy while returning released capital to shareholders.

The Group’s target is to maintain a solvency ratio according
to the standard model in Solvency II of at least 150 per
cent. At the end of 2023, the solvency ratio for the Group
was reported at 192 per cent, an increase of 8 percentage
points from 184 per cent in 2022. Profit generation in the
Group contributed 13 percentage points, before dividends
and share buybacks, which together reduced the solvency
ratio by 12 percentage points.

The main subsidiary Storebrand Livsforsikring AS
solvency ratio was 250 per cent, representing a 34 per
cent increase from the previous year. The Market value
adjustment reserve, including the buffer fund for contracts
related to public occupational pensions, has grown by
NOK 2.7 billion, totalling NOK 4.5 billion at year-end.
Additional statutory reserves amounted to NOK 6.9 billion
at the end of the year, reflecting a reduction of NOK 2.7
billion compared to the previous year. The booked returns
for parts of the guaranteed portfolio have been slightly
lower than the guaranteed returns, leading to a reduction
in additional statutory reserves in 2023. The excess value
of bonds and loans at amortised cost have increased by
NOK 0.4 billion in 2023 and amounted to minus NOK
10.6 billion at the end of the year. The excess value of

bonds and loans at amortised cost is not included in the
accounts. The subsidiary SPP Pension & Försäkring AB
reported a solvency ratio of 156 per cent at year end. The
conditional bonuses have increased by NOK 2.5 billion
during the year and amounted to NOK 15.0 billion at the
end of the year.

Storebrand Bank Group had a Core Equity Tier 1 (CET1)
ratio of 17.0 per cent and a capital adequacy ratio of 21.8
per cent at the end of 2023. The Group has satisfactory
capital adequacy and liquidity based on its operations.
The lending portfolio consists primarily of low-risk home
mortgages with an average LTV (loan-to-value) of 63 per
cent.

Storebrand ASA (holding) held liquid assets of NOK 2.4
billion at the end of 2023. Liquid assets consist primarily
of short-term fixed income securities with a high credit
rating. Storebrand ASA’s total interest-bearing liabilities
were NOK 0.5 billion at the end of the year, which matures
in September 2025. In addition to its liquidity portfolio,
the company has an unused credit facility of EUR 200
million, which expires in December 2025. Storebrand
ASA recognised dividend and Group contributions from
subsidiaries of NOK 4,465 million in 2023. Dividends
allocated to shareholders amounted to NOK 1.8 billion.

Rating
Four companies in the Storebrand Group issue debt
securities. These are rated by the credit rating agency S&P
Global. Storebrand Livsforsikring AS, the main operating
entity, aims to have at least an A-rating. Both Storebrand
Livsforsikring AS and Storebrand Bank ASA have a rating
of ‘A’ with stable outlook. Storebrand Boligkreditt AS’s
covered bond program is rated ‘AAA’, and Storebrand ASA
is rated ‘BBB+’

The consolidated financial statements of Storebrand are
prepared in accordance with IFRS Accounting Standards
as established by the EU. Storebrand achieved a profit
before amortisation and tax of NOK 3,759 million (NOK
2,681 million). The figures in parentheses represent
restated amounts for the previous year in accordance with
IFRS 9 and IFRS 17.

Amortisation of intangible assets amounted to NOK -466
million (NOK -324 million). The increase is mainly due to
impairment of intangible assets related to the cancellation
of a distribution agreement in connection with Danske
Bank’s sale of its Norwegian retail banking business.
Furthermore, the increase is attributed to amortisation of
intangible assets related to the acquisition of Kron.

Operating income excluding insurance amounted to NOK
8,597 million (NOK 6,396 million). The increase from
the previous year is attributed to higher assets under
management driven by underlying growth and positive
market developments, as well as higher performance fees
from active funds.

Net insurance service result amounted to NOK 1,465
million (NOK 2,282 million). The decline from the
corresponding period last year is due to weak results in
P&C and disability-related insurance products.

The operating profit was NOK 2,653 million (NOK 3,551
million).

Net finance result was NOK 1,106 million (NOK -870
million). The increased financial contribution is mainly
a result of increased interest rates leading to improved
returns on company portfolios.

Profit before income tax was NOK 3,294 million (NOK
2,357 million).

The Group ended the year with a tax income of NOK 84
million (NOK 19 million). The tax income is driven by a
tax gain of approx. NOK 440 million as the Tax Appeals
Committee gave Storebrand full consent in a disputed
tax case for the income year 2015. In the 4th quarter, the
Ministry of Finance issued a subpoena against the Tax
Appeals Committee in the same case. There is no new
information in the subpoena which, in Storebrand’s view,
provides grounds for changes in the financial statements.
The estimated normal tax rate for the Group ranges from
19 per cent to 22 per cent, depending on the contribution
of each legal entity to the consolidated result. For more
information on taxes and uncertain tax positions, please
see Note 26.

The profit for the year after tax was NOK 3,377 million
(NOK 2,376 million).

Storebrand ASA is the holding company in the Storebrand Group, and the financial
statements have been prepared in accordance with the Norwegian Accounting Act,
the generally accepted accounting policies in Norway and the Norwegian Regulations
relating to financial statements for insurance companies. Storebrand ASA reported a
pre-tax profit of NOK 4,268 million in 2023, compared to NOK 3,082 million in 2022.
Group contributions from investments in subsidiaries amounted to NOK 4,465 million,
compared to NOK 3,187 million the year before.

Income statement for Storebrand ASA

NOK million

2023

2022

Group contribution and dividends

4,465

3,187

-243

115

-220

Net financial items

Operating expenses

Pre-tax profit

Tax

Storebrand ASA reported a profit of NOK 4,083 milli-
on compared to NOK 2,939 million in 2022. The Board
proposes a dividend of NOK 1,834 million to the Annual
General Meeting, corresponding to an ordinary dividend of
NOK 4.10 per share for the financial year 2023.

Allocation of the profit for the year for Storebrand ASA

4,268

3,082

NOK million

-184

-143

Profit for the year

2023

2022

4,083

2,939

Allocations

Transferred to other reserves

Provision for shared dividends

Total allocations

2,249

1,834

1,221

1,718

4,083

2,939

Profit for the year

4,083

2,939

Statement of comprehensive income

NOK million

Profit for the year

Other result elements not to be
classified to profit/loss

2023

2022

4,083

2,939

Change in estimate deviation pension

Tax on other result elements

Total other result elements

-2

-3

Total comprehensive income

4,082

2,949

Risk

Our risk management framework is designed to take the
appropriate risks to deliver returns to customers and
owners. At the same time, the framework will ensure that
we protect our customers, owners, employees and other
stakeholders from unwanted incidents and losses. The
framework covers all risks to which Storebrand may be
exposed. Despite geopolitical unrest and difficult global
economic conditions, Storebrand delivered good results
and strengthened its solidity in 2023.

customers. Under prevailing market conditions, model-
based valuations of financial instruments (level 3), such as
real estate investments, contain greater uncertainty than
usual. Storebrand has an active risk management strategy
to optimise customer returns and shield shareholders’
equity in turbulent market conditions. We perform
dynamic risk management, hold strong customer buffers
and place a significant proportion of bonds at amortised
cost in the customer accounts.

The Board of Directors of Storebrand ASA and the boards
of its subsidiaries discuss and adopt risk appetite and risk
strategy at least annually. Risk-taking is intended to help
us achieve our strategic and commercial goals, ensure
that our customers receive a competitive return on their
pension assets, and that Storebrand receives sufficient
payment for assuming risk. Overall risk-taking is controlled
by setting limits for the level of risk and for the types of
risks that are acceptable. Based on this, more detailed
strategies are being drawn up for different risk categories.
Storebrand publishes an annual Solvency and Financial
Position (SFCR) report that helps customers and other
stakeholders understand the risk in the business and how
it is managed.

The Board assesses risk in the process for own risk and
solvency assessment (ORSA). Financial market risk is
Storebrand’s biggest risk. In the short term, turbulent
financial markets, particularly falling equity, credit and
property markets, may result in investment losses, or
falling interest rates may increase insurance liability. In
the longer term, persistently low interest rates represent
a risk because it reduces the ability to achieve guaranteed
investment returns. Other risk areas considered are
business risk, insurance risk, counterparty risk, operational
risk, sustainability risk including climate risk, and liquidity
risk.

Good equity and credit markets were positive for
investment returns in 2023, while declines in real estate
values had a negative impact. Customer buffers were
reduced, resulting in lower risk capacity for guaranteed
pensions. At the end of 2023, the interest rate level was
higher than the return guarantee. This increased return
expectations and reduced the risk of not achieving the
guarantee.

In order to reduce the short-term risk associated with
rising interest rates, Storebrand has over time built a
robust portfolio of long-duration and high-credit quality
bonds that are recognised at amortised cost. This provides
a stable annual return because changes in interest rates
have no accounting effect. This strengthens our ability
to take other risks and increases expected returns for

Inflation remained high in 2023, including Norway and
Sweden. High and rapidly rising inflation may result in
higher costs and insurance claims. However, the effect
of inflation on the Group’s liabilities is limited because
pension liabilities – our largest liabilities – are not adjusted
for inflation. Pension premiums and insurance premiums
linked to wage growth provide a degree of automatic
inflation protection through premium growth. For other
products, such as non-life insurance, actively monitoring
inflation developments and accordingly adjust prices is
needed to mitigate the negative effects of inflation.

Storebrand may suffer financial losses as a result of
inadequate or failing internal processes or systems, human
error, or external events (operational risk). Undesirable
incidents are reported and followed up. At the overall
level, there is an increase in the number of reported
incidents in 2023. The number of nonconformity reports
to the Data Protection Authority has increased somewhat
compared with 2022.

The risk exposure varies between business areas. The
main risks are described per business area below. Risks
associated with regulatory changes are discussed in the
chapter ”Outlook”.

Insurance
Insurance consists of risk products and non-life insurance.
Prices are normally adjusted on an annual basis if the
balance of risks changes.

The greatest risk is related to disability insurance coverage.
These coverages trigger payouts from Storebrand when
individuals become disabled, meaning that Storebrand
faces the risk of increased disability frequency or higher
compensation levels than expected. The compensation
may be in the form of a one-time payment (disability
capital) or as an annual disability pension. Disability
capital disbursement is final. The annual disability pension
generally continues until the disabled person transitions
to a retirement pension at age 67, and a reserve is set
aside for future payments once disability is confirmed.
When calculating the reserve, consideration is given to the
possibility that the disabled person may become partially

pensions in the private sector because employers
pay premiums for the interest rate guarantee, even for
departing employees and retirees.

We also offer coverage that pays out in the event of death,
but Storebrand’s risk from this is limited. In non-life
insurance, most of the risk is related to developments in
claims payments from car and home insurance. Climate
and weather changes affect future payments.

Savings
Savings consist of unit-linked and other non-guaranteed
pensions, asset management activities and banking.

For unit-linked, each customer bears the risk that returns
may be low or negative. The goal is to achieve the best
possible risk-adjusted return. Storebrand facilitates
informed investment choices for customers based on their
risk tolerance and sustainability preferences, including
gradual risk reduction towards retirement age. Payouts
are primarily time-limited, and Storebrand faces low risk
related to increased life expectancy. Within unit-linked,
Storebrand’s risk is primarily associated with changes in
future income and costs.

The asset management business offers active and passive
portfolio management, as well as management of fund-
in-fund structures. Operational risks, including regulatory
compliance, pose the greatest risks.

The greatest risks for the banking business are credit
risk and liquidity risk. Virtually the entire loan portfolio
is secured by mortgages on real estate, which limits the
bank’s credit risk.

Guaranteed pension
Guaranteed pension encompasses savings and pension
products with guaranteed returns. The primary risks
associated with these products are financial market risk
and longevity risk.

A common feature across these products is that
Storebrand guarantees a minimum return. In Norway, the
return must exceed the guaranteed level each year, while
in Sweden, achieving the guaranteed average return over
time is more sufficient.

Lower interest rates increase the value of the guaranteed
obligations and make it more challenging to achieve
the guaranteed rate. We strive to manage risk through
investments, but there remains residual risk related to
declining interest rates.

The traditional guaranteed products for the private
sector are not available to new customers, but significant
reserves remain on the balance sheet. New premiums
primarily stem from deposit pension plans (unit-linked) or
hybrid arrangements with a zero per cent guarantee.

Storebrand aims to expand in the market for publicly
guaranteed occupational pensions and acquired new
customers in 2023. Public pensions differ from guaranteed

Other
The Other category include the holding company
Storebrand ASA, as well as the company portfolios. The
assets in Storebrand ASA and the company portfolios are
invested with low risk, primarily in short-term interest-
bearing securities with high creditworthiness.

Tax
Over the past several years, there have been changes
in Norwegian tax legislation for insurance companies.
Some of these legal amendments, along with associated
transitional rules, are interpreted differently by Storebrand
and the Norwegian Tax Administration (Skatteetaten).
Consequently, Storebrand has unresolved tax positions
related to the income years 2015 and 2018. In 2023,
Storebrand received a favourable decision from the Tax
Appeals Committee (Skatteklagenemnda) in one of
the cases, resulting in the recognition of a positive tax
result of NOK 439 million for 2023. However, the Ministry
of Finance has filed a lawsuit against the Tax Appeals
Committee’s decision. If Storebrand’s interpretation is
accepted in all remaining cases, a positive tax result of
up to NOK 1.6 billion could be recorded. Conversely, if
all preliminary interpretations by the Tax Administration
become final, Storebrand may need to account for a tax
expense of approximately NOK 1.7 billion. Finalising these
processes may take several years. If necessary, Storebrand
will seek legal clarification. Further details on uncertain
tax positions are provided in Note 26 on page 251 of the
financial statements.

Sustainability risks and opportunities
Sustainability risk is assessed using double materiality, a
method for assessing how the environment and nature,
social conditions and corporate governance affect and are
affected by a business. This means that Storebrand must
consider both its own impact on the environment and
people, and how environmental and social conditions may
affect Storebrand’s financial situation and value creation.
Sustainability-related topics present both risks and
opportunities. Storebrand has a strategy for working
with sustainability that will help reduce risk and realise
opportunities, both for society and for Storebrand.

Definitions
Sustainability risks are environmental, social or
corporate governance events that have a negative impact
on customers or society or result in financial loss or loss
of reputation for Storebrand. The risk can be divided
into risks related to the environment, social issues and
inadequate corporate governance. Environmental risk can
be divided into climate risk and nature risk.

Climate risk is the consequences of physical climate
change or effects of the transition to low emissions that
have a negative impact on customers or society or result in
financial loss or loss of reputation for Storebrand.

Social sustainability risks are consequences for the
society or Storebrand of inadequate adaptation to the
needs of customers, employees, suppliers or society. The
risk can be related to human rights, working conditions,
gender equality, health, education, culture, local
communities, demographics and other factors that affect
people’s quality of life.

Sustainability risk related to corporate governance is
deficiencies in corporate governance principles that may
have negative consequences for customers, employees
or other stakeholders or result in financial loss or loss of
reputation for Storebrand.

Sustainability risks and opportunities for
investments
Storebrand Asset Management (SAM) manages capital on
behalf of both internal and external clients. The company’s
responsibility is to manage clients’ portfolios to achieve
the best long term, risk-adjusted returns. SAM recognises
the significance of managing environmental, social, and
governance-related risks and opportunities to fulfil this
duty.

Sustainability risk can impact investment values in two
ways:

• Relative risk: SAM’s investment choices may diverge

from portfolio indices or competitors—for instance, by
excluding certain industries or companies and allocating
more to solution companies.

• Absolute risk: Sustainability-related factors can affect

overall financial market returns. For example, economic
growth may be influenced by physical climate and en-
vironmental changes, or unsuccessful policies aimed at
achieving zero emissions and other transition risks.

Our efforts to manage sustainability risk primarily involve
active ownership, allocating capital to companies
contributing to the UN Sustainable Development Goals,
and excluding companies that fail meet our sustainability
standards.

We directly manage real estate investments in Scandinavia
on behalf of both internal and external clients. Storebrand
has significant influence over environmental and climate
risk within the real estate portfolio through investment
and operational decisions for each property, as well as the
company’s impact on the society.

Storebrand’s life insurance companies set their own
requirements for sustainability in managing investments
in real estate and securities, with a primary focus on
climate considerations. The majority of these investments
are linked to pensions. The value of mitigating long-term

climate risk is evident. The time horizon from pension
contributions being made to their eventual payout
as retirement benefits can span more than 50 years.
Therefore, Storebrand Livsforsikring and SPP aim for
investment management, including impact work, to
contribute to reducing physical climate and natural risks.

Most of the investment portfolio is managed by SAM
and adheres to criteria for sustainable investments in
securities and real estate. Additionally, the life insurance
companies define their own sustainability goals as part
of their investment strategy. For instance, Storebrand
Livsforsikring’s defined contribution pension aims to
reduce carbon emissions from investments by 32 per
cent from 2018 to 2025 (across stocks, real estate, and
bonds). SPP has decided that all their investments should
be fossil-free.

The pension benefits for customers depend on achieved
returns. The investment choices made by Storebrand
Livsforsikring and SPP influence how climate and natural
risks can impact returns. These choices have the most
significant effect on transition risk, particularly because
fossil fuel companies are underweighted while solution
companies are overweighted. The impact of these
decisions is assessed across various climate scenarios in
the chapter ”Climate risks and opportunities”.

Environmental risk (climate and nature)
The magnitude of physical climate risk depends on how
much and how rapidly the climate is changing. A common
reference for overall physical climate risk is the increase
in global average temperature since pre-industrial times.
The UN estimates that global temperature rise has already
reached 1.1 degrees.

The size of transition risk is determined by how swiftly
and forcefully the transition to low emissions occurs. This
depends on the alignment and strength of government
climate policies, technological developments, and how
businesses and consumers adapt.

Climate risk and nature risk are interconnected and can
reinforce each other. However, conflicting objectives may
arise where climate considerations and environmental
concerns pull in different directions. For instance, the
development of renewable energy may require significant
alterations to natural landscapes.

Storebrand assesses climate risk across three climate
scenarios. The risks and opportunities for the Group,
as well as the outcomes from these climate scenarios,
are further described in the chapter ”Climate risks and
opportunities”.

Social sustainability risk
Storebrand, through our business operations, can
influence social conditions for the wider society. Partly
through investments, both in terms of investment
adjustments and active ownership. Storebrand may
also impact society by initiating or supporting initiatives,
such as promoting workplace equality or reducing risk of
disability in society.

Table of contents1. This is Storebrand2. Director’s ReportStrategy 2023-25: “Leading the way in sustainable value creation” 18Strategic highlights 2023 19Group Results 2023 23Group Financial Statements Storebrand (IFRS) 29Official Financial Statements of Storebrand ASA 30Risk 31Outlook 35Corporate governance 41 Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. AppendixOur products represent Storebrand’s most significant
impact on social conditions. Storebrand’s financial
products contribute positively to society and benefit
our customers. However, these products, along with
associated communication, sales, and advisory services,
may also pose potential social sustainability risks. This
closely relates to an assessment of customer risk, where
the goal is to view product or service features from the
customer’s perspective. For instance, insurance products
create customer risk if they do not adequately cover actual
insurance needs or if the customer is already insured
through other products. Even if the products themselves
meet a customer’s needs, there may be customer
risk if deficiencies in advice lead to sales targeting the
wrong audience. Marketing and communication could
introduce customer risk—for instance, if claims about
sustainability benefits in a product do not align with reality
(greenwashing).

Storebrand also faces risks. Adverse impacts from social
conditions in society, such as a workforce contributing
to high disability rates, can affect Storebrand’s business.
Additionally, there is risk if our company does not
effectively address customer needs. These risks could
result in lower sales, customer attrition, increased
operational or capital costs, or higher insurance payouts.

Sustainability risk related to corporate
governance
Good corporate governance and ownership control are
essential, both for the organisation to achieve its goals and
to avoid negative consequences for the wider community
due to inadequate corporate governance. Storebrand’s
corporate governance is based on our fundamental
principles for sustainability work and guidelines for
sustainability, as described in the chapter ”Storebrand’s
sustainability agenda”.

Conflicts of interest may lead to sustainability risks for
customers. Storebrand shall ensure that the customers’
interests always take precedence over Storebrand’s
interests, and that all customers are treated equally.
Privacy is also a source of sustainability risk for customers,
where Storebrand has developed principles and routines
to minimise the risk of such occurrences. Storebrand may
also be exposed to threats where actors gain access to
personal information. The risk is particularly significant
concerning sensitive data, such as health information.
Storebrand is continuously working with information
security to enhance our resilience.

Money laundering and terrorism financing have significant
negative societal consequences, and. Storebrand has a
societal responsibility to prevent this. Storebrand is also
subject to extensive obligations through legislation and
regulation within this field.

management companies are most exposed during the
layering phase, involving multiple layers of transactions.
Insurance companies face exposure when integrating
funds into the legitimate economy. Storebrand has
measures in place to monitor customers and detect
and prevent money laundering attempts, tailored to the
inherent risk in its business. This reduces the actual risk
of money laundering, and overall, the risk is assessed as
moderate. Our approach to combating money laundering
is described in the chapter ”Anti-money laundering and
terrorist financing”.

Corruption also has significant negative societal impact.
Storebrand maintains a zero-tolerance policy and
actively works against corruption, both in the company’s
business activities and with our suppliers and partners.
No one should personally or on behalf of others receive
benefits from Storebrand’s business connections if their
employment relationship is the reason for receiving such
benefits. Similarly, none of our employees should provide
benefits to Storebrand’s business connections based on
their position, role, or relationship with Storebrand.

To prevent misuse of market information, employees
and representatives associated with Storebrand’s
securities trading must adhere to high ethical standards.
Additionally, employees involved in securities trading are
subject to rules regarding their own securities transactions,
limiting the scope and requiring pre-approval of trades and
reporting.

Storebrand complies with tax legislation in countries we
operate in and shall pay the correct taxes. Storebrand
does not engage in aggressive tax planning. If Storebrand
encounters unclear laws, we are committed to being
transparent towards tax authorities.

Storebrand should provide employees with a safe and
inclusive work environment that promotes diversity
and equality. We encourage employees to report any
misconduct. Employees have a duty to report criminal
activities and situations where life and health are at risk.

Storebrand also expects our subcontractors to conduct
their business responsibly. There is a risk that our
suppliers may violate fundamental human rights or fail
to provide decent working conditions. Storebrand has
robust processes for setting requirements, assessing, and
monitoring suppliers. The risk assessment is documented
in Storebrand Group’s report under the Act on Business
Transparency and Work on Fundamental Human Rights
and Decent Working Conditions (the Transparency Act).
This report, including risk assessments, can be found in
the chapter ”The Storebrand Group’s report pursuant to
the Norwegian Transparency Act” and is also available on
Storebrand’s website.

Money laundering involves converting proceeds from
criminal activities into seemingly legal income or wealth
accumulation. Money laundering operations can be
divided into three phases: placement, layering, and
integration. Storebrand is exposed to all these phases.
The inherent risk is highest during the placement phase,
where Storebrand Bank is particularly exposed. Asset

The supply chain may also pose an environmental risk.
As a responsible purchaser of goods and services and
as a property manager, Storebrand uses our purchasing
power to influence suppliers and partners to make the
right choices to reduce environmental and climate impact.
Our approach to suppliers is described in the chapter ”A
responsible value chain”.

Market performance
Financial market performance has a major impact on the
Group’s solvency ratio and financial performance. Higher
interest rates make it easier to achieve returns above
the guaranteed level and generate solvency over time.
Defined contribution pensions and asset management are
exposed to stock and credit markets, as well as other asset
classes. Market movements will therefore affect revenue
driven by assets under management. Foreign currency
movements between the Norwegian and Swedish krone
affect the reported balance sheet and performance in SPP
at a consolidated level. 2023 was a turbulent year for the
financial markets and higher interest rates are increasing
the risk of a recession in future years. With a robust
risk management framework, and diversified business
activities, Storebrand has demonstrated that it is resilient
under various market conditions. The Board believes that
the Group is well equipped to deliver on the outlined
strategy in both strong and challenging financial markets.

Financial performance
Storebrand hosted a Capital Market Day in December
2023, which focused on the Group’s strategic direction
and financial ambitions towards 2025. Storebrand’s
ambition is to continue the strong growth in “Future
Storebrand”, while a higher interest rate level will
contribute to increased profits from guaranteed products
and company portfolios. The Group therefore announced
that it would raise the return on equity target from 10
per cent to 14 per cent. The profit ambition before
amortisation and tax (alternative reporting) has been
raised to NOK 5 billion for 2025 and there is an ambition
to increase dividends and share buybacs to NOK 12 billion
up to and including 2030.

contributor within the Group, which is supported by
ongoing capital release from guaranteed products in long
term run off. We expect growth to continue, driven by new
sales and fund transfers. SPP is well positioned to further
expand its business into adjacent products and services.

As a leading occupational pension provider in the private
sector, Storebrand also has a competitive pension offering
to the Norwegian public sector. This market is larger than
the private sector and is experiencing growth. The market
is currently dominated by one single major player. Since
2020, Storebrand has succeeded in developing strong
foundations for further growth in the market by winning all
pension tenders put out in the market. The ambition is to
gain NOK 7 billion in annual inflow over the coming years,
with further potential if more municipalities decide to
tender their pension procurements.

Overall reserves of guaranteed pensions are expected
to decrease in the coming years. Guaranteed reserves
constitute a declining share of the Group’s total pension
reserves and accounted for 42.8 per cent of the pension
reserves at the end of the year, around 4 percentage
points lower than a year ago. With an interest rate higher
than the average guaranteed rate of customer returns, the
prospects of profit-sharing with customers have increased
in both the Norwegian and Swedish parts of the business.

In addition to managing internal pension funds, Storebrand
Asset Management is also experiencing growth through
external mandates from institutional and private investors.
The overall ambition is a double-digit increase in assets
under management towards 2025, while maintaining the
income margin.

The business areas’ plans to ensure future growth were
also presented at the Capital Market Day. In Norway,
the defined-contribution pension market is growing
structurally as a result of the young population for the
product. We anticipate single-digit growth in premium
payments and double-digit growth in assets under
management over the next few years. Storebrand aims to
defend its strong position in the market, while also seeking
to be a cost leader and improve customer experiences
through end-to-end digitalisation.

In Sweden, SPP is a leading challenger within the segment
for non-unionised pensions. We have a digital edge and
strong ESG solutions. SPP has become a strong profit

The brand name ‘Storebrand’ is well recognised in
Norway. It facilitates our rapid growth in the Norwegian
retail market. The ambition is to achieve growth exceeding
10 per cent annually within personal savings, mortgages
and insurance through a focus on customer experience,
cross-sales and scale-strengthening efforts. P&C
insurance is a key area for profitable growth within the
Group, and Storebrand Bank has an important strategic
role to play when it comes to offering a comprehensive
range of financial products and services. In 2023,
Storebrand also strengthened its savings offering by
acquiring the rapidly growing Norwegian fintech company,
Kron. The acquisition combines Kron’s user experience
with Storebrand’s product platform and distribution.

Table of contents1. This is Storebrand2. Director’s ReportStrategy 2023-25: “Leading the way in sustainable value creation” 18Strategic highlights 2023 19Group Results 2023 23Group Financial Statements Storebrand (IFRS) 29Official Financial Statements of Storebrand ASA 30Risk 31Outlook 35Corporate governance 41 Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. AppendixStorebrand has a disciplined cost culture and, in the 2012-
2020 period, the Group experienced flat nominal costs
adjusted for acquisitions, foreign currencies and costs
associated with success bonuses. In order to accelerate
growth and achieve the Group’s profit ambitions, costs
associated with investments in profitable growth initiatives
have gradually increased in recent years. This includes
growth in public service pensions and P&C insurance, as
well as acquired companies. Efficiency measures have
been initiated to limit the impact of inflation on costs in
2024. During the Capital Market Day in December 2023,
Storebrand communicated a cost expectation (alternative
reporting) of around NOK 5.9 billion for 2024. Should the
targeted growth not materialise in the next few years, the
management has also identified cost-saving measures that
can be implemented to reduce costs.

Capital management and capital release
Storebrand aims to achieve a solvency ratio of at least
150 per cent. The solvency margin was 192 per cent at
the end of 2023. The Group anticipates creating around
16 percentage points in solvency capital from earnings
on an annual basis and around 2 percentage points
from the guaranteed business in run-off releasing more
capital than required for the Group’s growth. Altogether
around 18 percentage points is expected to be available
for dividends, share buybacks and other value creating
purposes. The volatility in the financial market, especially
developments in long-term interest rates and regulatory
changes, may lead to short-term fluctuations in the
solvency ratio.

The Board’s ambition is to pay increasing ordinary
dividends and continue to share buybacks in line with
Storebrand’s dividend policy, as described in the chapter
”Group results 2023”. The purpose of the buybacks is to
return surplus capital that originates from the guaranteed
business in run off. The ambition is to return more than
NOK 12 billion in capital through share buybacks by the
end of 2030. At the same time, the Group anticipates that
there will be further surplus capital left to either grow the
company further, increase dividends and buybacks, or
optimise the capital structure of the Group.

The combination of increasing earnings and the release
of capital is expected to result in growing return on equity
over time. The Group’s target is a return on equity of 14
per cent going forward.

Regulatory changes
The regulations that are adopted by the authorities are
of great importance to Storebrand. The most important
changes are explained below.

International regulations
Solvency II revision
The trilogue negotiations between the Commission,
Council of Ministers and the Parliament concluded in
December 2023, with agreement on changes to the
Solvency II standard model. The agreement is based
on changes proposed by the European Commission
in September 2021. announced its proposal for

amendments to the standard model in Solvency II. The
Commission proposed significant amendments to the
EIOPA recommendations from December 2020, including
for interest rate risk.

The main purpose of the revision is to correct
shortcomings in the regulations and to make the insurance
sector more robust. At the same time, the Commission
has noted that it is seeking to enable insurance companies
to continue to invest in accordance with the EU’s political
priorities, particularly with regard to financing recovery
after Covid-19, by facilitating long-term investments and
increased capacity to invest in European business. The
Commission also underlines the important role of the
insurance sector when it comes to financing the green
transition and helping society adapt to climate change.
Storebrand currently uses the standard model. Regulatory
amendments to the interest rate risk module could
increase the solvency capital requirement for Norwegian
and Swedish insurance companies. The proposal from
the Commission appears to be more representative of
Norwegian interest rates than the previous proposal from
EIOPA. The Commission has also proposed amendments
that could contribute to lower capital requirements
through e.g. reduced risk margins. Several amendments
have also been proposed with regard to the calculation of
e.g. volatility adjustments and an increase in the sample
space for the symmetrical adjustment mechanism for
equity risk. Overall, the changes agreed upon is not
expected to have any significant impact on Storebrand’s
solvency ratio.

The President of the European Parliament has submitted
their report, which supports and, in some areas,
improves the proposal from the Commission. The
trilogue negotiations between the Commission, Council
of Ministers and the Parliament concluded in December
2023. Work will now start on delegated regulations
and guidelines. The amendments that are adopted will
be incorporated into national legislation and the final
effective date is expected to be in 2026. The Commission
will consider a five-year phasing-in period for new rules
linked to the calculation of interest rate risk. The new
extrapolation method for interest rates will be gradually
phased in towards the end of 2031.

New standard method for banks
The European Parliament is expected to approve
the agreed proposal for amendments to the capital
requirements for banks (Basel III) in relatively near future.
The amendments apply to the CRR3 Regulation and the
CRD6 Directive and include, among other things, a new
standard method for calculating capital requirements
for credit risk. The new model will set more equal
requirements for standard banks and IRB banks in Norway
and is important to Storebrand Bank, which follows the
standard method.

The Ministry of Finance has asked the Financial
Supervisory Authority of Norway to draw up a consultation
paper on the introduction of the new rules in Norway so
that they can be implemented in Norway at the same time
they are implemented in the EU, from 1 January 2025.

Table of contents1. This is Storebrand2. Director’s ReportStrategy 2023-25: “Leading the way in sustainable value creation” 18Strategic highlights 2023 19Group Results 2023 23Group Financial Statements Storebrand (IFRS) 29Official Financial Statements of Storebrand ASA 30Risk 31Outlook 35Corporate governance 41 Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. AppendixIn anticipation of the new standard method, the Ministry
of Finance decided to postpone the planned increase
in the system risk buffer for standard banks by a year in
December 2022, to 31 December 2023. Even though
it will be another year until the new standard method is
introduced, the Ministry has not postponed the increase
in the system risk buffer any further and the system risk
buffer requirement for standard bank has increased from
3 to 4.5 per cent. The announced amendments to the
Pillar 2 requirements will have only a minor impact on
Storebrand Bank.

Corporate Sustainability Reporting Directive (CSRD)
The Corporate Sustainability Reporting Directive
(CSRD) replaces the previous Non-Financial Reporting
Directive (NFRD). CSRD is expected to be implemented
in Norwegian law in accordance with the same
schedule as the EU. CSRD will expand the reporting
requirements currently set out in Section 3-3c of the
Norwegian Accounting Act. Sustainability information
must be included in the management report and will
be increasingly equated to financial information. CSRD
includes standards for sustainability reporting (ESRS).

EU Sustainable Finance Action Plan
The EU’s goal for Europe to become climate-neutral by
2050 requires major investments. The EU Sustainable
Finance Action Plan will increase the share of sustainable
investments, promote long-term perspectives and make
it clear which financial products take sustainability into
account. The sections below are part of the EU Sustainable
Finance Action Plan.

EU Taxonomy for Sustainable Activities
The Taxonomy is a classification system that defines the
economic activities that will contribute to achieving the
EU’s environmental targets. The Taxonomy and associated
reporting requirements were implemented in Norwegian
law from 1 January 2023.

Companies need to consider how their products and
services impact the environment in accordance with the
Taxonomy. Large listed companies must publish what
proportion of their turnover, capital expenditure and
operating expenditure is linked to sustainable activities,
in line with the technical criteria established by the EU for
each sector. Financial institutions must report on what
proportion of their products or services complies with the
criteria set out in the Taxonomy. In 2023, the reporting
requirement applied only to activities that help reduce
greenhouse gas emissions or adapt to climate change.
In June 2023, the European Commission published
new assessment criteria and activities for the last four
environmental targets: protecting biodiversity, protecting
water and marine resources, preventing pollution and
promoting the circular economy.

Norwegian companies were not required to include the
new Taxonomy activities in 2023.

The rules establish standards for sustainable asset
management and clarify requirements relating to reporting
and customer data. The initiative will help increase trust
and transparency within the financial market and will help
achieve the EU’s climate and environmental targets. At the
same time, the implementation of the Taxonomy is also
associated with challenges, both for us as a financial player
and for our customers and partners, for example when it
comes to ensuring adequate and reliable data.

The EU Taxonomy chapter shows what proportion of
our activities that are linked to financial activities that
contribute towards achieving the EU’s environmental
targets. We will continue to monitor the development of
the Taxonomy and adapt our reporting to new criteria on
an ongoing basis.

The purpose of the directive is to establish transparency
and ensure a long-term perspective. The directive
requires all listed companies in the EU to report on risks,
opportunities and impacts on the environment and society
through the value chain, through “double materiality”
assessments. The purpose is for companies to assess
how ESG factors influence their financial situation and how
the company affects the outside world. The regulation
will provide investors and the authorities with access
to comparable, reliable and easily available information
about sustainability factors.

We have conducted gap analyses on our reporting in
2023 to prepare to meet the requirements set out in
the new regulation. We will follow up on this work with
specific measures in 2024 to ensure that we meet the
requirements set out in the regulation. Storebrand’s
annual report will be in accordance with the regulation
when it enters into force in 2025 for the 2024 reporting
year.

Sustainable Finance Disclosure Regulation (SFDR)
The EU Sustainable Finance Disclosure Regulation
(SFDR) came into effect in March 2021. SFDR is intended
to help customers make well-informed choices about
investments and provide them with better insight into
how sustainability is integrated into fund investments. The
regulation requires Storebrand to be transparent about
how it manages sustainability risk, potential negative
consequences of investments and the extent to which our
investment products take sustainability into account.

In 2023, the European Commission conducted a review
and evaluation of the EU Sustainable Finance Disclosure
Regulation (SFDR), but it has not yet been decided
whether the work will result in an adjustment of the
current regulation or a more extensive amendment to
the whole framework, which would entail a more general
classification of financial products. A report based on the
results of various consultations and workshops in the area
is expected to be established in 2024.

Markets in Financial Instruments Directive (MiFID II) and
Insurance Distribution Directive (IDD)
In April 2021, the European Commission adopted a rule
change to the existing MiFID II and IDD regulation stating
that sustainability must be mapped in the same way as
financial risks. Companies that provide investment advice
must obtain information about customers’ sustainability
preferences, as well as mapping their experience and
knowledge of investments. The mapping of sustainability
will therefore be an integral part of the suitability
assessment companies carry out when offering financial
products.

will harmonise the rules across EU member states and
elaborate on existing regulations and guidelines within the
area of ICT.

Detailed requirements will be published in 2024. DORA
will be implemented in full from 17 January 2025. There
is a desire to harmonise the rules for the internal market,
including EEA countries. Work is therefore under way to
ensure that the regulation can enter into force at the same
time in the EU and EEA.

Corporate Sustainability Due Diligence Directive
(CSDDD)
The Corporate Sustainability Due Diligence Directive
(CSDDD) mandates that enterprises perform due
diligence to address actual and potential negative impact
on human rights and the environment. The Council and the
European Parliament entered into a preliminary agreement
in December 2023. The agreement must be approved and
formally adopted by both institutions. A final directive is
expected to be adopted in 2024.

CSDDD aims to promote sustainability, responsible
business conduct, and the integration of human rights and
environmental considerations into enterprises’ operations
and corporate governance. It will require that EU-based
or operating enterprises conduct due diligence and
respond to stakeholder inquiries regarding their efforts
to prevent or mitigate negative impacts on human rights
and the environment throughout their business activities
and value chains. Due diligence must be published and
requirements will be imposed for enterprises to draw up
a plan for climate targets and integration of human rights
and environmental considerations into their corporate
governance.

‘Green Claims’ Directive
In order to combat greenwashing, the European
Commission has submitted a legislative proposal
intended to ensure that consumers have access to reliable,
understandable, comparable and verifiable environmental
information. This will be achieved through clear rules for
enterprises and organisations that use environmental
statements in commercial communication or that use
eco-labelling. Enterprises must be able to prove the
statements used in marketing through verifiable data,
such as life cycle analyses that take into account all
environmental impacts, from production to disposal.
The Green Claims Directive proposal is currently being
considered by the European Parliament and Council of
Ministers and is expected to enter into force in 2024, with
a start-up period between 2024 and 2027.

Digital Operational Resilience Act (DORA)
DORA is a new EU regulation intended to strengthen
the digital resilience of the financial sector. DORA will
apply to most regulated financial enterprises, such as
banks, insurance companies and securities companies,
as well as information and communication (ICT) service
providers. DORA includes provisions on governance and
risk management, reporting, testing, management of
risks relating to third-party suppliers of ICT services and
supervision of suppliers of critical ICT services. DORA

New Insurance Recovery and Resolution Directive
(IRRD)
The EU has agreed to introduce a new directive on the
recovery and resolution of insurance companies - the
Insurance Recovery and Resolution Directive (IRRD). The
purpose is to ensure better protection of policyholders,
maintain financial stability and continue critical functions.
The proposal has faced criticism from the insurance
industry, which believes that any new rules need to
take into account national differences and the unique
characteristics of the insurance industry compared to
banks. The proposal includes preparing recovery plans
for companies that together account for more than 80 per
cent of the market. There will also be a need to adapt the
national crisis management regulations, which were used
when Silver Pensjonsforsikring was placed under public
administration in 2017.

Norwegian Regulations
Changes to the pension system
The Norwegian government submitted the Report to the
Norwegian Parliament “Et forbedret pensjonssystem med
en styrket sosial profil” (“An improved pension system
with a strengthened social profile”) in December 2023.
The report follows up on proposals from the committee
that evaluated the pension reform and will be considered
by the Norwegian Parliament (the Storting) in 2024. The
government wishes to achieve broad political agreement in
order to provide stability and predictability for the pension
system going forward.

The Pension Committee concludes that the pension
reform has worked as intended, has contributed to limiting
the growth in costs for retirement pensions from the
National Insurance Scheme and has achieved a financially
sustainable pension system. The incentives to work have
been improved and are resulting in people remaining in
work for longer.

The key proposals to the Norwegian Parliament are:

– Age limits in the pension system will increase in line
with increases in life expectancy from and including
those born in 1964.

– Minimum benefits will be aligned with welfare de-

velopments and minimum levels will be adjusted in
line with the basic amount (general salary growth).
– The retirement pension for individuals with disabilities
will be protected for around two thirds of those impac-
ted by the life expectancy adjustment.

– Regular broad evaluations of the pension reform and

the new pension system will be carried out.

Table of contents1. This is Storebrand2. Director’s ReportStrategy 2023-25: “Leading the way in sustainable value creation” 18Strategic highlights 2023 19Group Results 2023 23Group Financial Statements Storebrand (IFRS) 29Official Financial Statements of Storebrand ASA 30Risk 31Outlook 35Corporate governance 41 Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. AppendixThe main principles of the new pension system
(accrual model, flexible withdrawal and life expectancy
adjustment) will be continued. The government notes
that the new rules relating to age limits also need to be
introduced to service pension schemes and contractual
early retirement schemes. In particular, reference is made
to the need for further examination of disability pensions
from private service pension schemes and retirement
pensions from defined-benefit pension schemes. The
Committee has conducted a thorough review of the
different service pension schemes and notes that there is
a need for more knowledge of how these and contractual
early retirement schemes affect the distribution within the
pension system and how the quality of the schemes varies
between different groups.

Just before the Pension Committee presented its report,
the Norwegian Confederation of Trade Unions (LO)
decided to demand better service pensions by doubling
the minimum rate for mandatory service pensions from
two to four per cent, as well as mandatory disability
pensions.

Guaranteed pension products
New buffer rules for guaranteed pension products in the
private sector were adopted by the Norwegian Parliament
in June 2023 and entered into force on 1 January 2024.

The amendment means that funds for additional statutory
reserves and market value adjustment reserves are
combined into a flexible buffer fund, that is distributed
to individual contracts and can cover negative returns.
There is no maximum limit as to how large the buffer fund
can be, but companies need to have guidelines in place
regarding the size of the buffer fund and buffer funds
exceeding what the company deems necessary may
be allocated to customers as profit. The flexible buffer
fund policies may be subject to profit-sharing between
customers and companies.

Similar rules were introduced for municipal service
pensions in 2022.

Storebrand expects a somewhat increased allocation for
classes with a higher risk due to the new rules and this
will also lead to higher expectations of returns on the part
of customers and shareholders. Storebrand therefore
considers the rule change to be positive with regard to the
management of paid-up policies. The solvency effect of
the rule change is expected to be neutral, as the positive
effect of the new buffer regulations is counteracted by a
negative effect resulting from the increased allocation to
asset classes with higher risk.

The Norwegian Parliament has asked the government to
consider further changes to the regulations for paid-up
policies that could benefit customers. This process will
involve the affected parties. The Ministry of Finance has
issued a mandate for a working group, which is expected
to submit its report in May 2024.

Municipal pension schemes
Storebrand has submitted two complaints to the ESA,
the surveillance body for the EEA agreement. Storebrand
believes that municipalities and healthcare trusts that fail
to put their service pension schemes out for tender violate
the EEA regulations concerning public procurements.
Storebrand also believes that KLP’s practice of withholding
equity accrued from customers that leave the company
constitutes unlawful state aid, as KLP gains access to
capital from municipalities and state-owned healthcare
trusts on conditions to which other players in the
market do not have access. The aim of the complaint is
to accommodate competition in the municipal service
pension market. Storebrand wants to remove the
uncertainties that have been created in municipal Norway
with regard to the procurement regulations and ensure
that municipalities and healthcare trusts that move away
from KLP bring all their funds with them, including accrued
equity. We expect the ESA to address these complaints
during 2024.

Storebrand ASA

Storebrand Livsforsikring AS

Storebrand Holding AB

SPP Konsult AB

SPP Spar AB

FörsäkringsGirot Sverige AB

SPP Pension & Försäkring AB

SPP Fastigheter AB

SPP Hyresförvaltning AB

Storebrand & SPP Business Services AB

SPP Fastigheter Komplementär AB

Storebrand Eiendomsfond Invest AS

Storebrand Eiendom Trygg AS

Storebrand Eiendom Vekst AS

Storebrand Eiendom Utvikling AS

Storebrand Pensjonstjenester AS

Storebrand Infrastruktur AS

Norsk Pensjon AS

Pensjonskontoregisteret AS

Storebrand Bank ASA

Storebrand Boligkreditt AS

Storebrand Asset Management AS

Storebrand Fonder AB

Storebrand Fastigheter AB

Storebrand Asset Management UK Ltd.

SKAGEN AS

Cubera Private Equity AS

Cubera Private Equity AB

Capital Investment A/S CVR

Quantfolio AS

Institutional Holding P/S

Vossevangen AS

Storebrand Forsikring AS

Storebrand Facilities AS

Kron AS

Storebrand Helseforsikring AS

Organisation number

Ownership interest

916 300 484

958 995 369

556734-9815

556045-7581

556892-4830

556482-4471

556401-8599

556745-7428

556883-1340

556594-9517

559051-7735

995 871 424

876 734 702

916 268 416

990 653 402

931 936 492

991 853 545

890 050 212

925 851 523

953 299 216

990 645 515

930 208 868

556397-8922

556801-1802

14734422

931 066 323

989 580 353

556812-8184

32343775

915 210 600

39504251

931 614 916

930 553 506

924 353 554

899 328 582

980 126 196

100.0 %

16.7 %

100.0 %

27.0 %

31.1 %

100.0 %

34.0 %

20.0 %

45.0 %

100.0 %

50.0 %

Good corporate governance is important to ensure that
an enterprise can achieve its defined goals, including
best possible utilisation of resources and good value
creation. The Storebrand Group (hereafter referred to as
Storebrand or the Group) continuously works to improve
both the overall decision-making processes and the daily
operations.

Storebrand’s corporate governance principles are in
accordance with the Norwegian Code of Practice for
Corporate Governance. The management and Board of
Directors of Storebrand (the Board) conduct an annual
review of Storebrand’s corporate governance policies and
compliance therewith. Storebrand reports in accordance
with section 3-3b of the Norwegian Accounting Act and
the Norwegian Code of Practice for Corporate Governance
(“the recommendation”).

Storebrand publishes an integrated report that deals
with the financial, environmental, social conditions and
corporate governance factors that are most material to
Storebrand. Our double materiality analysis is addressed
on page 54.

Storebrand complies with the recommendation without
significant deviations, except for a minor departure in
Section 3 below, concerning board authorisation to make
capital increases and acquire treasury shares. This is due
to arrangements that had not been made for the annual
general meeting to vote separately on each purpose to
which the board authorisations apply.

Statement in accordance with the Norwegian Code of
Practice for Corporate Governance (NUES) of
14-October-2021

The statement below describes how Storebrand complies
with the 15 sections of the Code of Practice.

1. Implementation of and reporting on corporate
governance (No deviations from the Code of
Practice)
The Board has decided that the Norwegian Code of
Practice for Corporate Governance shall be followed.

Storebrand complies with the Code of Practice without
any significant exceptions. One minor deviation has been
accounted for below under Section 3.

2. Business (No deviations from the Code of
Practice)
Storebrand ASA is the parent company in a financial
Group and its statutory object is to manage its equity
interests in Storebrand’s subsidiaries in compliance with
the current legislation. Storebrand’s main business areas
encompass pensions and savings, insurance and banking.
The Articles of Association are available on the Storebrand
website www.storebrand.no.

The market is kept updated on Storebrand’s goals,
strategies and creation of value through quarterly
performance presentations and other thematic
presentations. A dedicated capital market day was last
held on 13 December 2023. You can read more about the
company’s goals and main strategies on page 18.

Storebrand’s strategy and corporate values are described
in the framework “Our driving force”, which represents a
common policy for how Storebrand will create value for
customers, owners and society in general.

Storebrand’s goal is to deliver profitable growth within
established focus areas through simple and sustainable
solutions. The Board conducts ongoing evaluations of the
goals, strategy and risk profile. More information about
“Our driving force” and focus areas can be found on page
11.

Storebrand will consider sustainability both as a corporate
citizen, in our own operations and in our products and
services. This is a key element of the Group’s strategy and
brand.

Storebrand believes that companies considering
environmental, social and corporate governance in
their business activities reduce risk and create new
opportunities for the business and its owners. We believe
that sustainability considerations yield the best possible
long-term, risk-adjusted future returns for our customers.

These principles are:

• We aim for our business activities to contribute to
achieving the UN Sustainable Development Goals
(SDG), as well as the related international and
commitments made by the authorities in the countries
we operate in

• We prioritise our work on selected SDGs that we can
make a significant impact on, and that significantly
impact us.

• We help our customers make more sustainable choices,

through the services and products we offer.

• We are a responsible employer.
• We take sustainability into account in all processes and
decisions – from board and executive management,
which bear overall responsibility, to execution by
individual managers and employees.

• We collaborate with customers, suppliers, authorities

and partners in our sustainability efforts.

• We are transparent about our sustainability efforts and

about the results we achieve.

The Board approves Storebrand’s strategic objectives for
sustainability work, which are in line with these principles.
The executive management team is responsible for
realising and regularly report on progress for strategic
goals within sustainability goals. Storebrand’s strategic
ambition is to set the agenda for sustainable finance. This
ambition affects Storebrand’s external engagement with
society, internal operations and products and services. Our
goals related to sustainability are reviewed at least once a
year by the executive management team and the Board.
The Board and the audit committee receive a monthly
report on the status of sustainability efforts.

We identified key material factors in the double materiality
analysis conducted in 2023:

1. Sustainable finance
2. Climate change
3. Own employees
4. Consumers and end-users
5. Business conduct

The detailed goals, approach and results associated with
these areas are presented later in this annual report.

Storebrand believes that diversity enhances the business’s
relative ability to create value. Increased diversity is
an important part of Storebrand’s recruitment policy.
Storebrand seeks to maintain and further develop an
organisation characterised by equality and diversity. For
further information, see page 115.

Storebrand has established its own Code of Ethics.
Guidelines for whistleblowing, social events, combating
corruption, etc. have also been established. The Board
is informed of reports in accordance with the adopted
whistleblowing guidelines. The guidelines are publicly
available on the Storebrand website.

3. Equity and dividends (Deviation from the Code
of Practice)
The Board of Storebrand ASA continuously monitors
Storebrand’s capital adequacy in light of its goals, strategy
and risk profile. You can read more about Storebrand’s
capital situation and solvency on page 28 of the Board of
Directors’ Report.

The Board of Directors’ ambition is to pay ordinary
dividends per share of at least the same nominal amount
as the previous year. Ordinary dividends are subject to
a sustainable solvency margin of above 150 per cent. If
the solvency margin is above 175 per cent, the Board of
Directors intends to propose special dividends or share
buybacks.

The dividend is adopted by the General Meeting, based
on a proposal put forward by the Board of Directors. The
General Meeting may, by simple majority, authorise the
Board of Directors to distribute a dividend pursuant to
Section 8-1, second paragraph of the Norwegian Public
Limited Companies Act. This shall be based on the annual
financial statements adopted by the General Meeting. This
authorisation may not be granted for a period longer than
until the next Annual General Meeting. In addition, the
authorisation shall be based on the company’s adopted
dividend policy. The General Meeting was not requested
to provide such authorisation in 2023. Read more about
Storebrand’s dividend policy in the Group results and
reporting 2023 section.

Storebrand ASA seeks to have various tools available to
achieve the best possible capital structure with a view to
achieving good shareholder returns and financial flexibility.
At the 2023 Annual General Meeting, the Board was
granted authorisation to increase the share capital by
issuing new shares with a total maximum value of NOK
232,748,930. This authorisation may be used for the
acquisition of businesses in consideration for new shares
or for increasing the share capital by other means. The
Board of Directors may decide to waive the shareholders’
preferential rights to subscribe for new shares in
accordance with the authorisation. This authorisation may
be used for one or more new issues. This authorisation is
valid until the next Annual General Meeting.

At the same General Meeting, the Board of Directors
was authorised to buy back shares for a nominal value
of up to NOK 232,748,930. The total holdings of
treasury shares must, however, never exceed 10 per
cent of the share capital. The buyback of treasury shares
may be a tool for the distribution of surplus capital to
shareholders in addition to dividends. In addition, each
year Storebrand ASA sells shares to employees from
its own holdings in connection with the share purchase
scheme and long-term incentive schemes for employees

There are no provisions in Storebrand ASA’s Articles
of Association that regulate the buyback or issuance of
shares.

Deviation from the Code of Practice: The Board’s
authorisation to make capital increases and acquire
treasury shares is limited to defined purposes, but
arrangements had not been put in place for the General
Meeting to vote separately on each such purpose.

4. Equal treatment of shareholders and
transactions with close associates (No deviations
from the Code of Practice)
Storebrand ASA has only one share class. There are no
specific restrictions on the ownership of shares or voting
rights beyond the restrictions imposed by the Act on
Financial Undertakings and Financial Groups. Through
their work, the management and Board of Directors of
Storebrand focus strongly on the equal treatment of
shareholders.

The general competence rules for board members and
executive personnel, including rules for the management
of agreements with associates, may be found in the
rules of procedure for the Board of Storebrand ASA, the
rules of procedure for the boards of subsidiaries, the
instructions for the CEO, the guidelines for conflicts of
interest and Storebrand’s Code of Ethics. Board members
must inform the company if they have direct or indirect
qualified interests in an agreement concluded by one
of the companies in the Storebrand Group. The Board
shall ensure that agreements between the company and
associates are balanced. The Board shall ensure that an
independent third party assesses the value of transactions
that are not insubstantial in nature. Furthermore, the rules
of procedure for the Board stipulate that no board member
may participate in discussions or a decision concerning
matters that are of such material importance to them or
a close associate that the member must be regarded as
having a conspicuous personal or special financial interest
in the matter. Each board member has a responsibility to
continuously assess whether or not such a situation exists.

Transactions with close associates involving Storebrand’s
employees and other officers of the Group are regulated
by Storebrand’s Code of Ethics. Employees shall, at their
own initiative, immediately report conflicts of interest
that may arise to their immediate superior as soon as they
become aware of such a situation. In general, an employee
is defined as disqualified if circumstances exist that could
result in others questioning the person’s impartiality in
relation to matters other than Storebrand’s interests.

In the event of capital increases in accordance with the
authorisation set out in Section 3 above, the Board may
decide that the shareholders’ preferential rights shall be
waived.

For a complete report on shareholder matters, see page
177.

5. Freely negotiable shares (No deviations from
the Code of Practice)
Shares in Storebrand ASA are listed on Oslo Børs (Oslo
Stock Exchange). The shares are freely negotiable, and the
Articles of Association thus do not contain any restrictions
with regard to the negotiability of shares. All shares carry
equal rights, cf. Section 4 above.

6. General Meeting (No deviations from the Code
of Practice)
General Meeting
Pursuant to the Articles of Association, Storebrand
ASA’s Annual General Meeting shall be held by the end
of June each year. The General Meeting was held on 13
April 2023. All shareholders with a known address will
receive notice of the General Meeting, which will be sent
to shareholders no later than 21 days prior to the General
Meeting. Pursuant to the Articles of Association in effect
at the time of the 2023 General Meeting, the registration
deadline could be set no earlier than five calendar days
before the General Meeting. For future General Meetings,
this deadline has been amended to two working days
before the General Meeting as a result of an amendment
to the Norwegian Public Limited Liability Companies
Act effective from 1 July 2023. In accordance with
Storebrand’s Articles of Association, the opportunity to
make other agenda papers available on the Storebrand
website is exercised, cf. Section 5-11a of the Norwegian
Public Limited Companies Act. Shareholders may
nevertheless demand to receive agenda papers by post.

All shareholders had the opportunity to participate
digitally in the General Meeting. Storebrand’s Articles
of Association allow shareholders to vote in advance by
means of electronic communication, cf. section 5-8b of
the Norwegian Public Limited Companies Act.

It is also possible to vote by proxy. Provisions have been
made so that the proxy form is linked to each individual
matter to be considered. Wherever possible, we will
seek to design the form so that it also allows voting for
candidates who are to be elected to the Board and the
Nomination Committee. Further information about voting
in advance, use of proxies and shareholders’ rights to have
matters discussed at the General Meeting is available both
in the notice of the General Meeting and on Storebrand’s
website.

Electronic voting and the use of proxies allow shareholders
to vote without being physically present at the General
Meeting. All shareholders therefore have the opportunity
to exert an influence on Storebrand by exercising their
right to vote.

The Chairman of the Board, the Chairman of the
Nomination Committee and the External Auditor must
attend the General Meeting. The board members of
Storebrand ASA are not obligated to attend, but are
encouraged to. The Group CEO, parts of the executive
management team and the Group Legal Director attend
on behalf of management. The minutes of the General

The General Meeting shall:

• consider the annual accounts, consisting of the income
statement, the balance sheet and the annual report,

• including the consolidated income statement and
balance sheet, as well as the auditor’s report,

• decide on the adoption of the income statement and

balance sheet,

• decide on the adoption of the consolidated income

statement and balance sheet,

• decide on the allocation of profit or manner of covering

losses in

• accordance with the adopted balance sheet and upon

the distribution of any dividends,

• elect the auditor,
• appoint members to the Nomination Committee,

including the Chairman of the Nomination Committee,
• elect members to the Board of Directors, including the

Chairman of the Board Directors,

• consider the Board of Directors’ Statement on the

Fixing of Salaries and Other Remuneration to Executive
Personnel,

• adopt the remuneration of the members of the Board of

Directors and board committees,

• adopt the remuneration of the members of the

Nomination Committee,

• adopt the remuneration of the auditor,
• and transact any other business listed on the agenda

Decisions are generally made on the basis of an
ordinary majority. Pursuant to Norwegian law, however,
a qualified majority is required for certain decisions,
including decisions on setting aside pre-emptive rights
in connection with any share issues, mergers, spin-
offs, amendments to the Articles of Association or
authorisations to increase or reduce the share capital.
Such decisions require approval by at least two-thirds of
both the votes cast and the share capital represented at
the General Meeting.

7. Nomination Committee (No deviations from the
Code of Practice)
The Nomination Committee of Storebrand ASA is required
by the Articles of Association and consists of a minimum
of three and a maximum of five members. For the 2023-
2024 election period, the Nomination Committee has
consisted of four members.

The Chairman of the Nomination Committee and the other
members are elected annually by the General Meeting.

The majority of the Nomination Committee is independent
of the Board of Directors and the management. The
Nomination Committee is composed with a view
to safeguarding the interests of the community of
shareholders. In the General Meeting’s rules of procedure
for the Nomination Committee, there are provisions
concerning the rotation of members of the Nomination
Committee

The Articles of Association stipulate that the Nomination
Committee should work in accordance with the rules
of procedure adopted by the General Meeting. The
Nomination Committee’s rules of procedure were last
revised at the Annual General Meeting in spring 2022. In
accordance with the rules of procedure, the Nomination
Committee shall, for example, give attention to the
following when preparing nominations for candidates for
the companies’ Board: expertise, experience, capacity,
gender distribution, independence, and the interests
of the community of shareholders. More information
about the members has been published on Storebrand’s
website. The Nomination Committee annually writes to
the company’s 30 largest shareholders with an invitation
to suggest candidates for the Board of Directors and
Nomination Committee. A corresponding request to the
shareholders is published on the company’s website.

The Nomination Committee mandate pursuant to the
Articles of Association is to propose candidates and
remuneration for the Board of Directors and Nomination
Committee, through recommendations to the General
Meeting.

An attempt is made to adapt the remuneration of the
members of the Nomination Committee to the nature of
their duties and time spent on committee work.

8. The composition and independence of the
Board of Directors (No deviations from the Code
of Practice)
The Articles of Association stipulate that between five and
seven board members shall be elected by the General
Meeting based on nominations from the Nomination
Committee. The Chair of the Board shall be elected
separately by the General Meeting.

Two members, or three members if the General Meeting
elects six or seven board members, shall be elected by
and from among the employees. The board members are
elected for one year at a time. The executive management
is not represented on the Board of Directors. At the end
of 2023, the Board of Directors consisted of ten members
(six men and four women).

None of the members elected by the General Meeting
have any employment, professional or consultancy
relationship with Storebrand beyond their appointment to
the Board of Directors. The backgrounds of the individual
board members are described on page 314 of the annual
report and on Storebrand’s website. The composition
of the Board of Directors satisfies the independence
requirements set forth in the Code of Practice. There were
no instances of disqualification during the consideration
of matters by the Board in 2023. As part of the sub-
chapter on the Board of Directors, shareholder-elected
and employee-elected board members highlighted. All
shareholder-elected board members are independent.
None of the board members have held office for more
than ten years. An overview of the number of shares in
Storebrand ASA owned by members of governing bodies
as of 31 December 2023 is included in the notes on the
financial statements for Storebrand ASA (Information
about close associates) on page 300.

The Board shall stay informed of Storebrand’s financial
position and development and it shall ensure that the
company’s value creation and profitability are safeguarded
in the best possible manner on behalf of the owners and
society – and in line with the sustainability strategy. The
Board continuously assesses the company’s impact on the
environment, people, etc. The Board shall also ensure that
the activities are subjected to adequate control and ensure
that Storebrand has adequate capital based on the scope
of, and risks associated with, its activities.

The Board has established guidelines that give board
members and senior employees a duty to familiarise
Storebrand with the essential interests they may have in
matters that the Board is to consider. This also applies
to interests that do not imply disqualification, but which
may be necessary to take into account when matters are
considered. Reference is made to Section 4 above.

The work of the Board is regulated by special rules of
procedure for the Board, which are reviewed annually.
In order to ensure sound and well-considered decisions,
importance is attached to ensuring that meetings of the
Board are well prepared so that all the members can
participate in the decision-making process. The Board
prepares an annual schedule for its meetings and the
topics it will consider. The agenda for the next board
meeting is normally presented to the Board based on
the approved schedule for the year and a list of matters
carried forward from previous meetings. The final agenda
is fixed in consultation with the Chair of the Board. Time
is periodically set aside to evaluate board meetings
without the management present. The Board is entitled to
appoint external advisers to help it with its work whenever
it deems this necessary. The Board has also drawn up
instructions for the CEO.

The Board conducts an annual evaluation of its work
and methods, which provides a basis for changes and
measures. The report from the Board’s evaluation,
or relevant excerpts, will be made available to the
Nomination Committee, which will use the evaluation in
its work. The Board is covered by the company’s ongoing
board liability insurance. This is placed with insurers with
a solid rating. The insurer will, within the limits of the
insurance coverage, compensate loss of assets arising
from claims against the insured for personal management
liability during the insurance period.

Board committees
The Board has established four sub-committees in
the form of the Compensation Committee, Audit
Committee, Risk Committee and Strategy Committee.
The committees consist of three to four board members,

two to three shareholder-elected board members and
one-employee elected board member. The composition
helps ensure a thorough and independent consideration
of matters concerning internal control, financial reporting,
sustainability reporting, strategic assessments, risk
assessment and remuneration of executive personnel.
The committees are preparatory and advisory working
committees and assist the Board with the preparation of
matters for consideration. Decisions are made, however,
by the full Board. The committees are able to hold
meetings and consider matters at their own initiative
without the involvement of company management.

The Compensation Committee assists the Board
with all matters concerning the Chief Executive
Officer’s remuneration. The Committee monitors the
remuneration of Storebrand’s executive personnel
and proposes guidelines for determining executive
personnel remuneration and the Board’s statement on the
determination of executive personnel remuneration, which
is presented to the General Meeting annually. In addition,
the Committee safeguards the areas required by the
Compensation Regulations in Norway and Sweden. The
Compensation Committee held three meetings in 2023.

The Audit Committee assists the Board by reviewing,
evaluating and, where necessary, proposing appropriate
measures with respect to the Group’s overall controls,
financial, sustainability and operational reporting, risk
management/control and internal and external auditing.
The Audit Committee held nine meetings in 2023,
including a joint meeting with the Risk Committee. The
external and internal auditors participate in the meetings.
The majority of the committee members are independent
of the company.

The main task of the Risk Committee is to prepare matters
to be considered by the Group’s Board of Directors in
the area of risk, with a special focus on Storebrand’s
risk appetite and risk strategy, including the investment
strategy. The Committee should contribute forward-
looking decision-making support related to the Board’s
discussion of risk taking, financial forecasts and the
treatment of risk reporting. The Risk Committee held eight
meetings in 2023, including a joint meeting with the Audit
Committee.

The main task of the Strategy Committee is to prepare
matters for the Board in relation to strategy, with a
particular focus on the Group’s work on strategy, including
mergers and acquisitions. The Committee will provide
forward-looking decision support in connection with the
Board’s consideration of the company’s strategic direction
and targets. The Strategy Committee held five meetings in
2023.

10. Risk management and internal control (No
deviations from the Code of Practice)
Management and control
The Board of Directors has drawn up general policies and
guidelines for management and control. These policies
deal with the Board’s responsibility for determining
Storebrand’s appetite for risk and risk profile, approval
of the organisation of the business, assignment of
operational areas of responsibility and authority,

The Investor Relations guidelines ensure reliable, timely
and identical information is issued to investors, lenders
and other stakeholders in the securities market.

The Sustainability guidelines ensure that the Group’s
strategy, products and services are developed and
operated consistently and in line with regulatory
requirements and obligations arising from national and
international frameworks endorsed by Storebrand. The
guidelines also define responsibilities for sustainability
work throughout the Group, within the three dimensions
of corporate citizen, internal operations and products and
services.

As an extension of the general policies and guidelines,
a Code of Ethics has been drawn up that applies to all
employees and representatives of Storebrand, in addition
to corporate rules for areas such as risk management,
financial reporting, handling insider information and share
trading by primary insiders. Guidelines are also provided
on the handling of conflicts of interest, personal data,
cybercrime, emergency response plans, anti-money
laundering and other financial crime. Storebrand is subject
to statutory supervision in the countries where it has
operations that require a licence, including by the Financial
Supervisory Authority of Norway, as well as its own
supervisory bodies and external auditor.

Risk management and internal control
The assessment and management of risk are integrated
into Storebrand’s corporate governance. This management
system shall ensure that there is a correlation between
goals and actions at all levels of Storebrand and creating
value for Storebrand’s shareholders.

Storebrand’s financial and operational goals are defined
annually in a board-approved financial plan. The plan
builds on separate decisions regarding risk appetite, risk
strategy and investment strategies and includes three-year
financial forecasts, budgets and action plans. The Board
of Directors receives ongoing reports on the status of the
strategy implementation.

Storebrand Compass is the company’s monitoring tool
and provides comprehensive reports for management and
the Board concerning financial and operational targets.
In addition, the Board of Directors receives risk reports
from the risk management function, which monitors the
development of key figures for risk, solvency, etc.

the risk of incurring losses and failing profitability linked to
economic downturns, changes in the general conditions,
changed customer behaviour, etc., and the risk of incurring
losses due to inadequate or failing internal processes,
systems, human error or external events. Developments in
the financial markets are important risk factors in relation
to Storebrand’s earnings and solvency position. In addition
to assessing the effects of sudden shifts in the equity
markets or interest rate levels (stress tests), scenario
analysis is used to estimate the effect of various sequences
of events in the financial markets on Storebrand’s financial
performance and solvency. This provides important
premises for the Board’s general discussion of risk
appetite, risk allocation and capital adequacy.

Independent control functions for risk management and
compliance and actuarial duties have been established for
the Storebrand Group overall and for the respective Group
companies.

Storebrand has a common internal audit function, which
conducts an independent review of the robustness of
the management model. The internal audit function’s
instructions and annual plan are determined by the
Board pursuant to the current legislation, regulations and
international standards. The internal audit function reports
to the Risk Committee and Board of Storebrand ASA and
the boards of Group companies.

The appraisal of all Storebrand employees is integrated
into corporate governance and is designed to ensure that
the adopted strategies are implemented. The policies
for earning and paying any variable remuneration to
Storebrand’s risk managers comply with the regulations
relating to remuneration in financial institutions, cf. Section
12 below. The Chief Risk Officer and employees with
control functions related to risk management, internal
control and compliance only have fixed salaries.

Financial information and Storebrand’s accounting
process
Storebrand publishes four interim financial statements,
in addition to the ordinary annual financial statements.
The financial statements must satisfy legal and regulatory
requirements, be prepared in accordance with the
adopted accounting policies and be published according
to the schedule adopted by the Board of Storebrand ASA.

Storebrand’s consolidated financial statements are
prepared by the Consolidated Financial Statements unit,
which reports to the Group’s CFO. Key executives in the
Consolidated Financial Statements unit receive a fixed
annual remuneration that is not affected by Storebrand’s
financial earnings. The work involved in the preparation
of the financial statements is organised in such a way that
the Consolidated Financial Statements unit does not carry
out valuations of investment assets. Instead, it exercises a
control function in relation to the accounting processes of
the Group companies.

Risk assessment forms part of the managerial
responsibilities in the organisation. The purpose of this
is to identify, assess and manage risks that can hinder a
unit’s ability to achieve its goals. The process covers both

A series of risk assessment and control measures have
been established in connection with the preparation
of the financial statements. Valuations associated with
significant accounting items and any changes to policies,

Monthly and quarterly operating reports are prepared in
which the results by business area and product area are
analysed and assessed against set budgets. The operating
reports are reconciled against other financial reporting.

11. Remuneration of the Board of Directors (No
deviations from the Code of Practice)
The General Meeting determines the Board’s remuneration
annually on the basis of the recommendations of the
Nomination Committee. The fees paid to the members of
the Board are not linked to earnings, option schemes or
similar arrangements. Members of the Board and board
committees do not receive incentive-based remuneration;
instead, they receive a fixed annual compensation,
either per year or per meeting the member attends, or
a combination of such remuneration. The shareholder-
elected members of the Board do not participate in
Storebrand’s pension schemes. None of the shareholder-
elected members of the Board carry out any duties for
Storebrand beyond their appointment to the Board. More
detailed information on the remuneration, loans and
shareholdings of board members may be found in notes
20 (Group) and 15 (ASA) of the notes on the accounts.
Board members are encouraged to hold shares in the
company.

12. Remuneration of executive personnel (No
deviations from the Code of Practice)
The Board determines the structure of the remuneration
of executive personnel at Storebrand and guidelines on
the remuneration (previously the executive personnel
statement) are presented to the General Meeting for
approval every four years or in the event of material
changes. The remuneration consists of fixed salaries,
pension schemes and other fringe benefits deemed to be
natural in a financial group. The aim of the remuneration
is to motivate greater efforts to ensure long-term value
creation and resource utilisation in the company. In the
opinion of the Board, the overall remuneration shall be
competitive, but not leading.

The salaries of executive management are determined
based on the position’s responsibilities and level of
complexity. Regular comparisons with equivalent roles in
other companies in the financial industry are made in order
to ensure that the salary level is competitive.

Storebrand’s guidelines for financial remuneration are
adapted to the company’s business strategy. The starting
point is a fixed salary as an instrument of the overall
financial compensation, but variable remuneration is
also used to some extent in certain parts of the business.
Executive management are only paid a fixed salary. To
ensure that the Group’s executive management team and

selected executive personnel have incentive schemes
that coincide with the long-term interests of the owners, a
significant proportion of the gross fixed salary is linked to
the purchase of physical Storebrand shares, with a lock-in
period of three years.

Executive personnel are encouraged to hold shares in
Storebrand ASA, even beyond the lock-in period.

Storebrand’s strategy and operational targets form
the basis for the annual individual assessments of
remuneration of employees. This helps to further
strengthen agreement between the owners and the
management. Sustainable solutions are a key aspect of
Storebrand’s business strategy and form part of employee
assessments.

More detailed information about the remuneration of
executive personnel can be found in notes 20 (Group)
and 15 (ASA). Further information can also be found in
the Board’s guidelines on remuneration and report on
salaries and remuneration to executive personnel, which is
available on the Storebrand website.

13. Information and communication (No
deviations from the Code of Practice)
The Board has issued guidelines for the company’s
reporting of financial and other information and for
contact with shareholders other than through the General
Meeting. Storebrand’s reporting with regard to sustainable
investments goes beyond the statutory requirements.
Storebrand’s financial calendar is published on the
internet and in the company’s annual report. Financial
and sustainability information is published in the quarterly
and annual reports, as described above under Section
10 – Financial information and Storebrand’s accounting
process. Documentation that is published is available
on the Storebrand website. All reporting is based on the
principle of transparency and takes into account the need
for the equal treatment of all participants in the securities
markets and the rules concerning good stock exchange
practices, which is described in section 4. Storebrand has
its own guidelines for handling insider information, see
also Section 10 – Management and control above.

14. Takeovers (No deviations from the Code of
Practice)
The Board of Directors has prepared guidelines for how to
act in the event of a possible takeover bid for the company.
These guidelines are based on the Board of Directors
ensuring the transparency of the process and that all
shareholders are treated equally and given an opportunity
to evaluate the bid that has been made. It follows from the
guidelines that the Board of Directors will evaluate the bid
and issue a statement on the Board’s opinion of the bid,
in addition to obtaining a valuation from an independent
expert. In addition, the Board of Directors will, in the event
of any takeover bid, seek to maximise shareholders’ assets
wherever possible. The guidelines cover the situation
before and after a bid is made.

Table of contents1. This is Storebrand2. Director’s ReportStrategy 2023-25: “Leading the way in sustainable value creation” 18Strategic highlights 2023 19Group Results 2023 23Group Financial Statements Storebrand (IFRS) 29Official Financial Statements of Storebrand ASA 30Risk 31Outlook 35Corporate governance 41 Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. Appendix
15. Auditor (No deviations from the Code of
Practice)
The external auditor is elected by the General Meeting
of Storebrand ASA and is responsible for the financial
auditing. The external auditor presents an audit report
in connection with the financial statement. The external
auditor attends board meetings at which financial
statements are reviewed and all meetings of the Audit
Committee, unless the items on the agenda do not require
the presence of the auditor. The external auditor shall
rotate the person responsible for the audit assignment
every seven years and Storebrand must publish a call for
tenders to select an audit company every ten years as a
minimum. The external auditor’s work and independence
are evaluated annually by the Board’s Audit Committee.
The auditor shall also meet with the Board of Directors at
least once a year without the management being present.
The other companies in Storebrand use the same auditor
as Storebrand ASA.

Other
As one of the largest investors in the Norwegian stock
market, Storebrand has considerable potential influence
over the development of listed companies. Storebrand
attaches importance to exercising its ownership in listed
companies on the basis of straightforward and consistent
ownership principles that place considerable emphasis on
sustainability. Storebrand applies the Norwegian Code of
Practice for Corporate Governance in this role. Storebrand
has had an administrative Corporate Governance
Committee since 2006. The Committee is responsible for
ensuring good corporate governance across Storebrand.

Storebrand ASA’s ambitions for sustainability are Group-
wide and include sustainable investments, as set out in
the Group’s sustainability strategy. The company’s asset
owners have an independent responsibility to establish
and follow up on ambitions for sustainable investments
that are in line with the Group’s ambitions.

Storebrand Asset Management AS has had a Corporate
Governance Committee for several years. The Committee
has a mandate to set the level of ambition and establish
frameworks for corporate governance. The Committee
shall coordinate Storebrand’s use of voting rights, including
prioritising matters and ensuring consistency in the work.

Storebrand has issued guidelines with respect to
employees holding positions of trust in external
companies, which regulate, for example, the number of
external board positions employees may hold.

Further information on Storebrand’s corporate governance
may be found at www.storebrand.no > About Storebrand
> Facts on Storebrand, where we have also published an
overview of the members of Storebrand’s governing and
controlling bodies, CVs for the members of Storebrand
ASA’s Board of Directors, the Articles of Association and
ownership policies.

Statement in accordance with Section 3-3b, second
paragraph of the Norwegian Accounting Act
A summary of the matters that Storebrand is to report on
in accordance with Section 3-3b, second paragraph of
the Norwegian Accounting Act follows here. The sections
follow the numbering used in the provision.

1. The principles for Storebrand’s corporate governance
have been prepared in accordance with Norwegian
law and are based on the Norwegian Code of
Practice for Corporate Governance published by the
Norwegian Corporate Governance Board (NUES).

2. The Norwegian Code of Practice for Corporate
Governance is available at www.nues.no.
3. Any deviations from the Code of Practice are

commented on under each section in the statement
above, see the deviations discussed in Section 3.
4. A description of the main elements of Storebrand’s

systems for internal control and risk management
related to the financial reporting process is discussed
in Section 10 above.

5. Provisions in the Articles of Association that refer to
the provisions in Section 5 of the Norwegian Public
Limited Companies Act with regard to the General
Meeting are discussed in Section 6 above.
6. The composition of the governing bodies and a

description of the main elements in the current rules
of procedure and guidelines can be found in Sections
6, 7, 8 and 9 above.

7. The provisions in the Articles of Association that

regulate the appointment and replacement of board
members are discussed in Section 8 above.
8. Provisions in the Articles of Association and

authorisations granting the Board the authority to buy
back or issue the Group’s own shares are discussed
in Section 3 above.

9. The guidelines for equality and diversity, including

goals, implementation and impact, are discussed in
the chapter ”Own employees”.

This report covers all parts of Storebrand’s business and describes environmental, social
and governance matters in our own operations, products and value chain. The report has
been prepared in accordance with the GRI standard. Our GRI index can be viewed on
page 168. The guidelines of the Integrated Reporting Framework have also been used
as a basis for reporting.

Social . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Storebrand’s sustainability agenda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51
54
Materiality analysis and material topics. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sustainable finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .57
Environment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82
EU taxonomy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83
Climate change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99
114
Own employees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
115
Consumers and end-users . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
142
143
154
The Storebrand Group’s report pursuant to the Norwegian Transparency Act . . . . . . . . . . . . . . . . . . . . . . 155
Financed emissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160
TCFD index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165
GRI index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168
Declaration by member of the Board and the CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174
Independent auditor’s statement on sustainability reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175

Business conduct. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Appendix sustainability report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Governance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

02 03

Social

Governance

Environment

The financial sector is crucial if we are to succeed in
eradicating extreme poverty, reducing social inequalities,
halting the loss of nature and halting climate change.
According to the UN, investments of up to NOK 68,000
billion are required each year up to 2030 to achieve the
Sustainable Development Goals.

Financial institutions play an important role through
investments, lending activities and insurance. The
sector decides who gets access to private capital and
can contribute to the financing of new technology and
solutions.

Storebrand’s ambition is to set the agenda for sustainable
finance.

As a broad financial services company and one of the
largest asset managers in the Nordic region, Storebrand
plays an important role in financing the transition to a
sustainable society. Our sustainability work is of great
importance to the Group, our customers and society in
general. We contribute to financial security and wellness
through good management of customers’ funds, payment
of life/disability and non-life insurance and financing
home purchases. We believe that good sustainability work
helps the Group deliver the best possible long-term risk-

adjusted return to customers and owners, and is therefore
important for achieving our commercial goals.

Storebrand’s corporate strategy is built around our
purpose and vision of delivering financial security and
wellness to individuals and companies. We want to
motivate customers to make good financial choices for the
future. We create value for customers, owners and society
by providing sustainable solutions so that customers can
have a future to look forward to.

Our sustainability work is threefold:

• Storebrand as a responsible corporate citizen
• Sustainability in own operations
• Sustainability in products and services

Storebrand as a responsible corporate citizen
Storebrand will take an active role in contributing to
positive social development. We can do this through
cooperation on sustainable development in national,
local and international initiatives, as an active owner
and investor, and by participating in public debate. Our
ambition is to be a significant contributor to change in the
real economy. We will be transparent in our sustainability
work. 13)

13) We report in accordance with several leading reporting standards, including the Global Reporting Initiative (GRI), the Task Force on Climate-Related Financial Disclosures (TCFD)
and CDP (formerly the Carbon Disclosure Project), in line with the expectations of key stakeholders.

Storebrand has signed and follows the UN Global
Compact’s guidelines for responsible and sustainable
business conduct, as well as the OECD Guidelines for
Multinational Enterprises. We also support the UN human
rights conventions and ILO core conventions, the UN
Environment Conventions and the UN Convention against
Corruption.

Storebrand has a particularly important role as asset
owner and asset manager. Through cooperation with
other players, Storebrand can exercise greater power in
meetings with partners and companies we invest in to set
expectations of change that are in line with international
and internal obligations. International initiatives such as
the Net Zero Asset Owner Alliance, the Net Zero Asset
Manager Alliance, the UN Principles for Responsible
Investments (PRI) and Climate Action 100+ are examples
of such cooperation.

This illustrates our strong commitment to SDG 17:
working together to achieve the goals. In addition, through
stakeholder dialogue and communication, we want to
influence SDG 13 (climate action), SDG 12 (responsible
consumption and production) and SDG 8 (decent work
and economic growth).

Stakeholder dialogue and participation in public
debate
Storebrand will actively participate in the public debate on
topics defined in the Group’s communication strategy. We
want to contribute to ambitious and long-term policies and
proactive measures in the private sector. Storebrand will
influence climate and nature policy through dialogue with
authorities, industry organisations and other stakeholders.
We want to promote climate-friendly policies that can
help ensure that our activities are in line with the Paris
Agreement. We want the authorities to implement policy
measures that help reduce the number of disabled people.

Support for projects that benefit society
Storebrand supports local projects that contribute to a
future to look forward to. Among other things, through
the grants “Vi heier på”14) and SPPs “Klart du kan” 15),
Storebrand contributes with funding projects that promote
a positive societal development.

Sustainability in own operations
Storebrand has defined and operates according to a set of
basic principles for sustainability work:

• We aim for our business activities to contribute to
achieving the UN Sustainable Development Goals
(SDG), as well as related international and commitments
made by the authorities of the countries we operate in

• We prioritise our work on selected SDGs that we can
make a significant impact on, and that significantly
impact us.

• We help our customers to make more sustainable

choices, through the services and products we offer.

• We are a responsible employer.
• We take sustainability into account in all processes
and decisions – from overall responsibility by board
and executive management, to execution by individual
managers and employees.

• We collaborate with customers, suppliers, authorities
and partners in our efforts to achieve sustainability.

• We are transparent about both our sustainability efforts

and the results we achieve.

For the fourth consecutive year, Storebrand was included
in the Dow Jones Sustainability World Index in 2023,
meaning we were rated as one of the world’s leading
publicly traded companies in sustainability work.
Storebrand will contribute to real change in society
by setting clear requirements and collaborating with
suppliers. Through our procurement activities, we shall
contribute to responsible development and to ensuring
that human rights and labour rights are not violated.

We’ve identified three sustainability goals that we can
significantly impact through how we manage our HR,
procurement and business processes. Key figures that
show how far we have come in this work are shown at the
end of relevant chapters in this report.

We work actively for equal opportunities
and gender balance in working life and
society (target 5.5).

We aim to ensure decent work for all our
employees and equal pay for equal work
(target 8.5).

We aim to protect labour rights and
promote a safe and secure working
environment for all employees, contractors
and suppliers (target 8.8).

We work continuously to encourage and
expand access to banking, insurance and
financial services for all (target 8.10).

We are strengthening our ability to
withstand and adapt to climate-related
hazards and natural disasters in our
operations and investments (target 13.1).

We incorporate measures to reduce the
scale and impact of climate change into our
policies, strategies and plans (target 13.2).

Strategic and operational implementation
The Board of Directors of Storebrand ASA sets out
the Group’s overall ambitions and principles for our
sustainability work. We have guidelines for work on
sustainability that have been adopted by the Board of

14) Read more about “Vi heier på” on Storebrand’s website: https://www.storebrand.no/en/sustainability/corporate-citizenship
15) Read more about “Klart du kan” on SPPs webiste (in Swedish): https://www.spp.se/hallbarhet/klart-du-kan/

Strategic and operational implementation of sustainability
shall be anchored in and followed up by the management
and the boards of the Group and its subsidiaries.
The boards of directors of subsidiaries have overall
responsibility for ensuring that the company works with
and reports on sustainability in accordance with national
laws, legislation, and regulations from the EU, as well as
obligations and ambitions Storebrand has undertaken.
As part of the annual strategy process, the boards will
consider the company’s sustainability strategy.

By defining ambitions in this strategy and following up on
these in all our subsidiaries, Storebrand aims to be a role
model and a credible driving force in sustainability work.
Expressed goals shall be followed up in ongoing corporate
governance and necessary measures shall be introduced
to achieve the goals.

The results of Storebrand’s double materiality analysis
shall form part of the Group’s strategy and risk processes.

Storebrand must comply with internal and external
regulations in addition to following up voluntary
commitments to safeguard our position as a socially
responsible company that helps financing the transition
to a more sustainable society. The regulatory landscape
of sustainable finance is constantly evolving. This
requires that we have both the capacity and expertise
to understand and translate regulations and voluntary
commitments into actual measures and practical
implementation.

Sustainability in products and services
The belief that sustainability considerations provide the
best possible risk-adjusted future returns for clients is an
important part of our investment strategy. We will explore
commercial sustainability opportunities in all our financial
products and services. Not taking climate, nature and
social issues into account can represent a major risk of
stranded assets.

Sustainability is a strategic enabler in the business
strategy and shall in support the Group’s achievement for
the following strategic positions:

• Leading provider of occupational pensions in Norway

and Sweden

• ”Nordic Powerhouse” in asset management
• Growing challenger in the Norwegian retail market

The Board of Directors of Storebrand ASA has set overall
ambitions in the Group’s strategy for sustainability
work, which sets the framework for the subsidiaries’
sub-strategies. All subsidiaries have specific ambitions
and goals for sustainability work, meaning that there
are separate ambitions and goals for the product areas
pension, asset management/investment products,
issuance of bonds, non-life and life insurance, and
banking. In this report, we describe in detail our work on
sustainability in our investments and insurance in the
chapters ”A driving force for sustainable investments” and
”Sustainability in insurance”.

In 2023, Prospera ranked us first in the sustainable
investments category Norway. In 2023, both Storebrand
and SPP received top scores in Söderberg & Partners’
ranking of Norwegian and Swedish life insurance
companies’ work with sustainability. In Norway, our non-
life insurance business also received top marks from the
same actor, as the only non-life insurance company with
green light in all sub-categories.

Storebrand regularly conducts materiality analyses to
identify which topics are most strategically significant for
our business and stakeholders. The significant topics are
reviewed annually and will be updated if we identify new
themes or conditions that affect our risks or opportunities.

From the 2024 financial year, many European companies
will be required by law to identify and prioritise material
environmental, social and governance issues.

The materiality analysis guides our priorities and ambitions
in sustainability work and influences how our sustainability
reporting is structured. The analysis is included in the risk
assessments and strategy development processes.

In 2023, we conducted a new materiality analysis in line
with the principles of double materiality 16). Our material

topics are reviewed annually and will be updated if we
identify new themes or conditions that affect our risks or
opportunities.

Below is an overview of Storebrand’s most important
topics in recent years.

Double materiality helps companies identify and report
on how sustainability issues affect and are affected by a
business. Storebrand must consider both its impact on
the environment and people, and how environmental
and social conditions may affect Storebrand’s financial
situation and value creation.

Sustainability-related topics present both risks and
opportunities. Storebrand’s sustainability strategy aims to
reduce risk and realise opportunities, both for the outside
world and for Storebrand.

2017-2018

2019-2022

2023

• Financial capital and our

investment universe

• Financial capital and
investment universe

• Customer and community

• Customer relations

relations

• Our people and systems

• Our people

• Keeping our house in

order

• Sustainable finance

• Climate change

• Own employees

• Consumers and

end-users

• Business conduct

16) Double materiality is a fundamental principle in ESRS reporting and sets guidelines for what enterprises should report on in order to report in accordance with CSRD. The definition
is described in Set 1 ESRS European Sustainability Reporting Standards: https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L_202302772

High

Moderate

y
t
i
l
a

i
r
e
t
a
M

l
a

i
c
n
a
n
F

Low

Environment

1 Climate change

Pollution

3 Water and marine resources

Biodiversity and ecosystems

Resource use and circular economy

Social

1 Own employees

2 Workers in the value chain

3 Affected communities

4 Consumers and end-users

Governance

1 Business conduct

Entity-specific material topic

Sustainable finance

Financial inclusion

Impact Materiality

Impact materiality
To assess and prioritise the topics, we analysed the
severity of the impact (scope, scale and irremediability)
and the likelihood of the potential impact. Impacts may
be directly caused by our own operations, products and
services, or directly and indirectly linked through our
business relationships.

Financial materiality
A sustainability-related topic is financially material if it
triggers or can be expected to trigger material economic
effects on the business. We assessed the financial
importance of various factors both qualitatively and
quantitatively, and used quantitative thresholds for each
of the legal entities. The thresholds are set using specific
percentages on financial key figures, such as gross
operating profit and equity. Each topic was assessed by
estimating the financial risk and/or opportunity and the
probability of occurrence in the short, medium and long
term.

Process
Double materiality is assessed based on Storebrand’s
operations and input from stakeholders, i.e. parties
that can affect or be affected by our operations. The
stakeholders we considered most relevant were:

• Affected stakeholders: customers, employees, suppliers

as well as nature as a silent stakeholder.

• User stakeholders: shareholders, governments and

NGOs.

17) Materiality analysis 2023

Interviews with representatives of various stakeholder
groups were conducted, in addition to analyses of guide-
lines, annual reports and trends. The materiality analysis
is thus based on market trends, political trends and input
from internal and external stakeholders.

The material topics are ranked based on the importance of
the two different types of materiality. The ranking is based
on quantitative scoring, qualitative interviews (internal
and external), and input from management teams, Group
management and the Board’s Audit Committee.

Our double materiality analysis from 2023 forms the
basis for this sustainability report and is available on our
website 17). The analysis covers our own operations, and
the products areas asset management, insurance and
banking.

Through the materiality analysis, we identified five material
topics that we describe and report on in the following
sections:

Sustainable finance
1.
2.
Climate change
3. Own employees
4. Consumers and end-users
5. Business conduct

1 Identifying impacts, risks and opportunities (IRO):

Qualitative interviews with 30 Storebrand employees with
different roles and from different business areas, in addition
to two external interviews. The analysis included ESG
standards/ratings, megatrends, regulatory developments
and Storebrand’s own strategy and risk assessment. The
assessment was identified per business area; insurance,
banking and asset management, as well as own operations.

2 Assessment of material impacts,

risks, and opportunities:
To prioritise the most significant topics, an
initial list was assessed by external and
internal stakeholders on a scale of 0-5.
The results for the various business areas
and own operations were aggregated and
resulted in a Group-wide assessment.

3 Validate and anchor material topics with

management and the Audit Committee:
Anchoring the process was important to ensure
feedback and quality assurance of priorities,
including input from the risk and strategy areas.
The results were ultimately validated by various
management groups and the Audit Committee.

4 Implementation of material topics and

integration in the 2023 annual report:
The final phase in the implementation of
the material topics was the integration
of the results in this year’s annual report.
Storebrand’s most significant topics shape
the structure of this report, and include both
financial and non-financial information, as well
as IRO information with KPIs and targets.

The financial sector is crucial if we are to succeed in
eradicating extreme poverty, reducing social inequalities,
stopping the loss of nature and halting climate change.
It plays an important role in financing the transition
to a sustainable society through investments, lending
and insurance. This is recognised and institutionalised
through the EU Green Deal, which aims to ensure
a climate-neutral and competitive Europe. One of
ten initiatives in the Green Deal is about financing
the transition by channelling capital towards more
sustainable activities, establishing transparency about
companies’ sustainability efforts and integrating
sustainability into risk assessments.

As a financial player, Storebrand can both influence
developments in society, and is affected by changes in
the environment, social conditions and governance in
society. We have a fundamental belief that investments
in companies that are well positioned to solve the

challenges of the UN Sustainable Development Goals will
provide better long-term risk-adjusted future return for
our customers. We also reduce exposure to activities that
may impact society and the environment negative. The
ambition of setting the agenda for sustainable finance
involves a high potential financial risk for Storebrand.
The economic significance associated with sustainable
finance includes the ability to gain and maintain market
share as a result of increased demand and interest from
stakeholders.

This chapter describes how Storebrand manages our
impacts, risks and opportunities in sustainable finance
through our products and services, described in more
detail in the sections: A driving force for sustainable
investments and Sustainability in insurance.

Issuance of green bonds
Storebrand wants to contribute to a growing market for green bonds and stimulate the market for sustainable investments and
financing. In 2022, Storebrand Livsforsikring issued NOK 2.7 billion in green bonds, while Storebrand Boligkreditt issued NOK 5.5
billion. In 2023, the issuance from Storebrand Boligkreditt was increased from NOK 5.5 billion to NOK 7.5 billion.

In 2023, Storebrand allocated NOK 4 billion to green bonds, of which NOK 2 billion was allocated to the bonds issued by
Storebrand Livsforsikring in 2022 and NOK 2 billion was allocated to green mortgages through Storebrand Boligkreditt.

The allocations were made in projects within infrastructure, real estate and green mortgages, which satisfy Storebrand’s framework.
Read more in our allocation report for green bonds, available on Storebrand.no.

Why sustainability in investments
Our core business - long-term savings, pensions and
insurance - requires that we work to ensure that our
customers have a future to look forward to. This forms
the basis of our work with investments and asset
management.

We consider sustainability in our investments because
we believe it will ensure a good long-term risk-adjusted
future return for our clients. Investors need to understand
business risks and opportunities, and build strategies
based on this knowledge. Environmental, social or
governance issues are an important part of this knowledge
and may materially impact the value of investments.

Humanity is facing major challenges in climate, nature
and social conditions, and a significant risk that they will
accelerate rapidly. This has been established by research
from the UN organisations UNDP and IPCC, among others.
This has major implications, both for the planet and our
financial portfolios.

In order to address the systemic challenges, governance
structures in both business and politics must be
strengthened and changed to ensure a just transition to
a sustainable economy. Companies and investors must
increasingly engage with issues such as climate and
nature challenges, living wages, corporate governance and
transparency, as well as due diligence on human rights and
working conditions. Increased demands and regulations
from authorities reinforce this need. As an investor, we
must invest in companies that are part of the solutions and

be able to be a driving force to ensure that the companies
we invest in create and comply with plans for transition.

Our strategy
Storebrand shall ensure the best possible return for
customers and owners, and at the same time be a
driving force for lasting change in the way companies are
managed. We believe that investments in companies
that are well-positioned to deliver solutions to the UNs
Sustainable Development Goals (SDGs) will deliver
better risk-adjusted returns for our customers over time.
We believe that companies that manage sustainability
risks and opportunities will have a potential competitive
advantage while contributing to a positive development.

Our ambition is for our investments to contribute to the
achievement of the SDGs without causing harm or having
an adverse impact on society and the environment.

However, sustainable investments are never simple
or black and white. Handling dilemmas is crucial. One
example is the need to urgently develop sources of
renewable energy without compromising the rights of
indigenous peoples. Another example is the challenge of
ensuring living wages for workers across supply chains that
span a wide variety of locations, cost levels and regulatory
domains.

Strategic goals
Storebrand has committed to several sustainability-
related goals for our investments and has established
several short-term targets, as well as long-term targets
until 2050.

Category

Commitment

2025

2027

2030

2040

2050

Solutions

15 % of AUM in solutions

Reduce portfolio emissions by 32 %

Emissions

Net zero emissions

42 % of equity and bond portfolio SBTi aligned

Science-
based targets

64 % reduction in residential property emissions/m2

71 % reduction in commercial property emissions/m2

Biodiversity

Nature risk assessed and biodiversity targets set

Deforestation

Zero commodity deforestation

Human rights

Substantial alignment with UN guiding principles

Living wages

Living wages acknowledged in target sectors

Our approach
Our sustainability strategy and investment strategy are
integrated. We utilise several tools:

• ESG risk rating
• Sustainability score
• Solution companies and solution company database
• Principal Adverse Impact (PAI) indicators according
to SFDR - information on the negative impact of a
company’s operations on ESG factors

We implement these approaches across asset classes,
including green bonds, infrastructure, real estate and
private equity.

We conduct sustainability risk assessments to avoid
investing, or invest less, in high-risk companies and to
prioritise investments in companies with low sustainability
risk 18). Storebrand measures material ESG risk, or the
risk of causing a negative impact on sustainability factors,
through our ESG Risk Rating. A company’s ESG risk is
measured by:

1. Corporate governance: Basic principles of good
corporate governance apply to all companies
regardless of industry. Poor corporate governance
constitutes a material financial risk.

2. Material ESG issues: Key ESG factors considered

at the industry level. Issues are examined based
on industry, business model and the business
environment in which a company operates.
Individual ESG issues: ESG-related challenges for
individual companies that are not related to a specific
industry or business model.

18) See the definition of sustainability risk in the chapter “Risk”.

The asset management’s risk and ownership team assess
risk mitigation measures.

Risk is inherent in many industries. Therefore, we not
only assess risks, but also companies’ ability to manage
them. All companies in our investment universe receive
an ESG risk score. The score forms part of the decision
basis for our portfolio managers when making investment
decisions.

Our risk and ownership team also uses the sustainability
score when identifying and prioritising thematic adverse
impacts for specific industries, when identifying needs for
improvement in individual companies, and when deciding
how to vote at portfolio company shareholder meetings.

We identify, manage and reduce adverse climate,
environmental and social impacts in our investments
by, among other things, following the OECD Guidelines
on Responsible Business Conduct for Institutional
Investors, the OECD Due Diligence Guidance for
Responsible Business Conduct and the OECD Guidelines
for Multinational Enterprises, as well as the UN Guiding
Principles for Business and Human Rights.

We have identified the following main categories of
negative impact on people and nature that apply to all
equity and debt portfolios:

• Adverse impacts affecting the environment and climate,
including severe environmental damage, greenhouse gas
emissions, loss of biodiversity or deforestation.

• Adverse impacts on workers, communities and society,
such as violations of fundamental labour rights, forced
labour, gender/diversity discrimination or violations of
indigenous peoples’ rights.

• Adverse impact in connection with severe corruption

and financial crimes.

• Adverse impact in connection with controversial

weapons (landmines, cluster munitions and nuclear
weapons).

• Adverse impact in connection with tobacco products.
• Some products have additional criteria for what are

unacceptable negative consequences that we seek to
avoid in some or all of our funds.

Our approach is grounded in the Group’s sustainability
strategy and is documented in our guidelines for
sustainable investments.

Our method for sustainable investments is threefold:

1. Solutions-driven investment: We invest more

capital in solution companies, green bonds, certified
green real estate and green infrastructure.

2. Active ownership: We influence the companies
we invest in, alone or jointly with others, through
activities such as voting and dialogue.

3. Exclusion: We exclude investments that are not in
line with our sustainability principles. This includes
companies that violate international norms and
conventions, or are involved in unacceptable
operations.

Solution-driven investment
We strive to achieve a positive impact in society by
directing more capital to companies that are well
positioned to solve global sustainability challenges. We
do this by increasing investments in solution companies,
green bonds and real estate and infrastructure that
support the SDGs.

We aim to invest 15 per cent of assets under management
in solution companies, bond investments in solutions,
green bonds, green infrastructure and environmentally
certified real estate by 2025. At the end of 2023, 12.9
per cent of our total assets were invested in solutions,
up from 12.4 per cent in 2022. 9.6 per cent of our equity
investments are invested in solution companies, 11.4 per
cent of bond investments are invested in solutions and
green bonds, 100 per cent of infrastructure investments
are invested in green infrastructure and 61.9 per cent of
real estate investments in certified green real estate.

The following principles guide our investment and
stewardship approach:

1. Make investment decisions in line with scientific

consensus

2. Reorient capital flows towards low-carbon, clima-

te-resilient and transition companies

3. Avoid investments that contribute significantly to

climate change

4. Use ownership positions to stimulate ambitious ESG

practices at portfolio companies

5. Make it simple for clients to understand how they

may contribute to a low-carbon future

How Storebrand contributes
to the UN SDGs through
investments in solutions

We promote companies that contribute
to good health and quality of life. We
increase our exposure to companies
that are helping more people access
necessary health services, medicines
and vaccines, health insurance, and
companies that prevent deaths as a result
of unsatisfactory water and sanitation
conditions.

We promote safe drinking water
solutions at an affordable price, improved
sanitation, water quality, efficient water
consumption, management of water
resources and recovery of water-related
ecosystems.

We invest in companies that promote
energy efficiency and enable increased
production, distribution and use of
renewable energy in the global energy
mix. We increase investments in
infrastructure, grid, storage and clean
energy technology.

We invest in companies dedicated
towards increasing access to equal
opportunities, social services and
economic empowerment.

We support companies’ growth,
generating new jobs, and promoting
sustainable industrial development that
requires financial services, including
affordable and accessible credit and
women’s integration in value chains and
markets.

We ensure exposure to companies
that contribute to sustainable urban
development, transport systems,
and reduce the impact of cities on
the environment. More specifically,
companies that improve air quality and
waste management, promote inclusion,
promote resource efficiency, mitigates
and adapts to climate change and
increases resilience to natural disasters.

We invest in companies that deliver
solutions in sustainable management
and efficient use of natural resources.
We promote circular economy and waste
reduction in the product life cycle.

We invest in companies that deliver
climate solutions and contribute to
achieving the Paris Agreement.

Solution investments in other asset classes
Debt
Within fixed income and credit management, we invest
in debt instruments with different credit quality and
maturities. This includes green and sustainability-linked
bonds that provide direct exposure to sustainable
initiatives. Companies included in the green bonds we
invest in must comply with international standards such
as the Green Bond Principles, the forthcoming EU Green
Bond standard and the International Capital Market
Association (ICMA) framework. By the end of 2023,
we had invested NOK 40.7 billion in green bonds. This
represents 9.8 per cent of our total bond investments, up
from 8.3 per cent in 2022.

Storebrand also makes bond investments in the category
”Solutions” 19). Our ambition is to increase our holdings in
the category.

Real Estate
Storebrand’s real estate business primarily comprises
management of existing property on behalf of investors,
as well as construction projects to adapt, rehabilitate and
further develop the properties.

We are working towards a portfolio that is robust to
physical climate risk and other risks. The building
and construction sector accounts for 40 per cent of
greenhouse gas emissions, energy use and waste
production. Storebrand works continuously to reduce
the climate and environmental footprint of its real estate
operations. Emissions from our real estate investments
in Norway and Sweden were 5.6 kg CO2 equivalents per
m2, marginally up from 5.5 kg in 2022, but over 40 per
cent down against the reference year 2018. A 20 per cent
reduction in energy consumption has contributed to this.

80 per cent of the building stock that will exist in 2050
has already been built. Upgrading buildings therefore
makes an important contribution to energy and emission
cuts, while reducing sustainability risk. It also reduces
impacts on nature and natural resources, which are under
significant pressure. We preserve and transform and seek
circular solutions with the least possible waste generation
and use of new materials. With increased reuse, we can
avoid greenhouse gas emissions and take scarce material
resources out of the cycle. We seek a positive impact on
the local environment by promoting safe and attractive
neighbourhoods, increasing urban nature and biodiversity,
and preventing pollution to air, soil and water.

19) See definitions further up in this chapter.

900 tons of materials reused

When renovating the office building Grev Wedels Plass

9 in Oslo, Norway, real energy consumption has been

reduced by as much as 60 per cent, while the property’s

energy labelling has been raised from ”D” to ”B”. We

achieved this improvement through measures such as:

• Upgrading of ventilation systems and high heat

recovery

• Smart control of lighting, heating, ventilation and

shading

• Sealing of air leaks

• Solar cells on roofs and integrated in glass roofs

• Powerless sockets cut standby consumption at night

• Heat pump for extra recovery of heat from refrigeration

systems and ventilation

By preserving and transforming, we have saved 90 per

cent of greenhouse gas emissions compared to building

new.

Circularity is important in all our projects. The project at

Grev Wedels Plass 9 achieved:

• 82 per cent of waste is reused or recovered (without

energy recovery), exceeding the EU taxonomy’s

requirement of 70 per cent.

• Almost 95 per cent sorting rate (including energy

recovery), far exceeding the requirement in the

building regulations of 70 per cent, and the industry

average of 75 per cent.

• The average amount of waste was less than 40 kg

per square metre, including demolition of parts of the

building. This is far below the industry average of 132

kg per square metre from the latest statistics.

In 2023, all portfolios maintained five out of five possible
stars in GRESB, the Global Sustainability Benchmark for
Real Assets. Storebrand Eiendomsfond Norway KS and
SPP Fastigheter AS were both named ”Global Sector
Leader” in the category ”Diversified ”20). The results
reflect our efforts to, among other things, reduce energy
consumption and CO2 emissions, as well as reduce waste
and water consumption.

Infrastructure
Since the launch of the Storebrand Infrastructure Fund
in 2021, the fund has made seven direct investments in
projects that enable the transition to a greener economy.

Reducing global emissions will require large investments
into renewable energy generation, grid infrastructure,
storage capacities and other infrastructure. The
investment required to achieve net zero is USD 28
trillion, of which 50 per cent would be directly relevant for
infrastructure investors.

We invest in infrastructure located in Europe and North
America. The European Commission’s InvestEU and
REPowerEU programmes aim to mobilise over EUR 650
billion of public and private investments by 2027 to
ensure the transition to a low carbon economy. The United
States Inflation Reduction Act (IRA) aims to allocate
more than USD 370 billion in funding to mitigate climate
change. These regulations are positive for Storebrand’s
infrastructure fund. The European energy crisis in 2022
further underlined the importance of the fund’s mandate.
The European energy crisis in 2022 further highlighted the
importance of the fund’s mandate.

The current portfolio includes an investment in the City of
Oslo’s district heating network, an onshore wind farm in
the United States, an offshore wind farm outside Scotland
and two investments in electric train fleets in the United
Kingdom. The fund has also invested into two assets
under construction: an offshore wind farm in the German
North Sea and an investment in two co-located solar
energy plants with battery storage facilities in the United
States.

Private equity & private credit
Storebrand’s private equity investments are carried out
through its wholly owned subsidiary and fund-of-funds
manager, Cubera Private Equity (”Cubera”).

Although we have limited formal influence on ESG issues
during the ownership phase of private equity assets, we
exercise an influence on these issues through manager

selection and dialogue. We work with fund managers who
share our view that investing in companies that work well
with sustainability provide good risk management and
good risk-adjusted future returns.

Private equity managers often have direct influence over
longer ownership periods and are thus well positioned
to influence ESG results. More impact funds are being
established in the market, where managers actively
invest to solve societal challenges. This gives Cubera an
increasing selection of potential funds to invest in.

There are few reliable and standardised ESG metrics
available in the private equity industry. Cubera therefore
places great importance on working with fund managers
(GPs) to produce relevant ESG information. Cubera
published its first impact report in 2023, based on data
collected from all funds and managers. Cubera will
continue to collaborate with the private equity community,
supporting industry initiatives, and actively involving
investors to integrate sustainability into mandates and
standardise data.

Active ownership
Exercising our influence through active ownership is very
important. We set expectations for the companies we
invest in and use our ownership position to influence the
companies for improvement. To reduce negative impact,
we have a transparent process to ensure that companies
meet our sustainability risk standards.

The asset management’s risk and ownership team assess
which companies we should engage with or whether we
should express our opinions through voting.

In 2023, the Board of Directors of Storebrand Group
adopted updated polices for sustainable investments
to reflect current practice and changes in internal
governance. The policy is overarching, with the following
underlying policies that were adjusted in 2023:

Human Rights Policy

1. Exclusion Policy
2.
3. Engagement and Voting Policy
4. Deforestation Policy

We also have a nature policy and a climate policy that were
not updated in 2023. 21)

Engagement
Five principles guide Storebrand’s exercise of ownership
rights:

1. Creating shareholder value: Our engagement activiti-
es should contribute to long-term value creation in a
responsible manner.

2. Positive impact: Our activities should aim to create

actual positive change, not symbolic value.

3. Nordic approach: We prioritise opportunities where
we are particularly well-positioned to have a posi-
tive impact, but do not limit ourselves to the Nordic
region.

20) Five stars are awarded to the top 20 per cent among more than 2,000 reporting real estate funds in 75 countries. GRESB is an investor-driven benchmark within real estate and
infrastructure, covering the full range of ESG factors. GRESB´s data is used by more than 170 institutional and financial investors.
21) Our investment policies are available here: https://www.storebrand.com/sam/no/asset-management/insights/document-library

4. Stakeholder collaboration: We work with a wide

range of stakeholders, including governments, civil
society, business and investors, to solve complex
challenges and influence large companies.

5. Targeted engagement: We focus on companies whe-

re we have a significant ownership stake.

Engagement themes
During the period 2021-2023, we have prioritised the
following themes:

The transition to a low-emission society and net zero
emissions in 2050: Storebrand is committed to achieving
net zero greenhouse gas emissions in our investment
portfolios by 2050, in line with the Paris Agreement.

In line with this commitment, we have set short-term
targets to reduce emissions 22) from Storebrand’s total
listed equity, corporate bond and real estate investments
by 32 per cent by 2025, with 2018 as the base year.
Furthermore, Storebrand has a target for 42 per cent of
listed equities and corporate bonds to have set validated
science-based targets by 2027 (based on AUM). This
target has been approved and validated by the Science
Based Targets initiative (SBTi). Our progression on these
goals is shown on page 109.

To achieve our goals, we collaborate with other investors
through platforms such as Climate Action 100+ and the
Net Zero Engagement Initiative (NZEI), where we play a
leading role. In addition, we engage with companies in our
highest-emission portfolios and set clear expectations
for them to set targets, have credible decarbonisation
strategies and report in a transparent and standardised
manner.

We participate in the Just Transition Collective
Impact Coalition, which has partnered with the World
Benchmarking Association’s Equitable Transition Initiative.
In 2023, the initiative sent a joint statement to ten energy
companies expecting the companies to plan for a just
transition to a low-emission society. Storebrand led
the dialogue on behalf of the investor group towards
Norwegian-owned Equinor.

In 2023, we voted on 114 explicitly climate-related
proposals, of which 78 were votes against company
management’s proposals.

Biodiversity and ecosystems: The protection and
sustainable management of nature are essential to ensure
long-term social and economic stability. Nature underpins
all economic activities. Businesses are directly dependent
on nature and the services it provides, including water,
materials and flood protection. The Global Biodiversity
Framework (GBF) of the Kunming-Montreal agreement
adopted in December 2022, recognises for the first time
the role finance can play in helping to halt the loss of
nature. This is the result of work carried out by Finance for
Biodiversity, a coalition of 153 global financial institutions,
of which Storebrand is co-chair. Storebrand represented
the financial industry during the negotiations in Montreal
and will continue to lead Finance for Biodiversity’s work
towards the authorities also in 2024.

In 2022, Nature Action 100 was launched, the first global
nature initiative for investors, with the goal of halting
and reversing the loss of nature and biodiversity. In a
short period of time, the coalition, in which Storebrand
participates, has gathered nearly 200 financial institutions
around the demands placed on 100 global companies that
are considered critical to halting the loss of nature.

Storebrand is a driving force for investor measures against
deforestation and for reducing the financial risk associated
with deforestation. As co-chair of the Investor Policy
Dialogue on Deforestation (IPDD), we engage with policy
makers in Brazil, Indonesia, the US and the EU on this.
Through the Finance Sector Deforestation Action (FSDA),
we contribute to engagement with 80 companies, with the
aim of eliminating deforestation risk from their operations,
supply chains and loan books.

In 2023, we also worked to prevent the commercialisation
of deep-sea mining, in line with the precautionary
principle of our nature policy.

In January 2023, Storebrand, together with a group
of the world’s largest institutional investors and their
representatives, launched the Investor Initiative on
Hazardous Chemicals (IIHC), a collaborative engagement
with major chemical companies regarding management
of hazardous chemicals and transparency. The IIHC is
comprised of 50 institutional investors with over USD
10 trillion of assets under management. The initiative
addresses the global health and environmental crises
associated with the use of harmful substances and calls
for an end to the production of ”forever chemicals”. Such
chemicals can pose a systemic threat to nature and
biodiversity.

In 2023, we voted on 12 nature-related proposals
(excluding climate-related proposals), of which 10 were
votes against company management’s proposals. Eight of
the proposals were related to plastic pollution.

Resilient supply chains: Respect for labour rights in
supply chains has been an important issue for Storebrand
for many years. Our goal is to ensure healthy operations
through robust supply chains.

In 2023, we mapped and assessed human rights risks
in sectors ranging from renewable energy to oil and gas,
textile, food and agriculture. We have implemented
measures to stop, prevent, or limit negative consequences
in our portfolios for the following risks:

• Living wages and decent working conditions in supply

chains

• Forced labour
• Gender, diversity, and inclusion
• Employee rights, including the right to participate in

trade unions
• Children’s rights
• Local community rights in the green transition
• Indigenous peoples’ rights
• Human rights in high-risk countries and conflict areas

22) Calculated as Weighted Average Carbon Intensity. See the full list of our financed emissions by sector and region on page 160.

In 2023, we continued our partnership with the Platform
for Living Wages Financials (PLWF), to help conduct
assessments and influence portfolio companies to pay
a living wage for workers within the food, textile and
other retail sectors. Storebrand co-led two of the PLWF
workstreams, actively participating in the writing of the
PLWF annual report and presenting results at the PLWF
annual conference.

We also reported in accordance with the EU’s Sustainable
Finance Disclosure Regulation (SFDR) on principal
adverse impacts such as violations of the UN Global
Compact and OECD Guidelines for Multinational
Enterprises, unadjusted gender pay gap, board gender
diversity, and exposure to controversial weapons.

In 2023, we voted on 130 proposals related to resilient
supply chains, of which 111 were votes against company
management’s proposals.

Corporate sustainability disclosure: Storebrand
advocates standardised and company-specific
sustainability standards to ensure transparency and
benchmarking. The reporting of ESG-specific issues is a
good indication of how a company measures and manages
its exposure to risk.

A milestone in this regard was achieved in September
2023, with the launch of the final version of the Taskforce
on Nature-related Financial Disclosures (TNFD)
framework. Storebrand has been part of an Informal
Working Group (IWG) preparing for the launch of the
TNFD, and we are active in the TNFD Forum.

Storebrand Asset Management was also part of a group
of 93 investors that issued a joint statement to the
European Commission in July 2023, cautioning European
Parliamentarians against watering down the proposed
requirements included in the upcoming European
Sustainability Reporting Standards (ESRS).

Sector engagement
Most of the engagements in 2023 were aimed at
companies in materials, industrials and consumer staples
sectors.

Engagement by sector

Engagement data summary
As of year-end 2023, we had a total of 875 ongoing
engagements with 728 companies. In total, we registered
572 interactions with portfolio companies. 294 of these
activities were linked to an ongoing engagement with a
company. These activities included enquiries to obtain
information, as well as dialogue and follow-up of the
companies’ sustainability efforts.

We had 57 dialogues with 40 external fund managers and
five meetings with government representatives.

80 per cent of our engagements with portfolio companies
were conducted in collaborations and alliances with
other stakeholders, up from 77 per cent in 2022. This
reflects our strategy to join forces with other investors and
stakeholders to maximise impact, where appropriate.

During the year, we concluded 222 engagements, with
positive outcomes in 20 of those cases, i.e. we achieved
the goal of the dialogue.

Format of engagements

25.2 % - Materials

13.2 % - Consumer staples

10.9 % - Other

10.2 % - Industrials

7.1 % - Consumer discretionary

7.0 % - Energy

6.2 % - Communication services

5.8 % - Financial

4.7 % - Utilities

4.6 % - Healthcare

3.9 % - Information technology

1.3 % - Real estate

19 % - One-on-one

11 % - Collaborative (leading role)

69 % - Collaborative (supporting role)

Dialogue with companies
One-on-one dialogues between Storebrand and
companies accounted for 19 per cent of our dialogues
with portfolio companies. In other cases, we engaged
in dialogue with companies in collaboration with other
investors. Of these, 11 per cent were conducted with
Storebrand in a leading role, and 69 per cent with
Storebrand in a supporting role. A total of 94 per cent of
the dialogues took place at the initiative of Storebrand or
other investors, compared to 93 per cent in 2022, while
6 per cent occurred on a reactive basis, meaning they
were triggered by specific incidents and controversies that
resulted in requests to companies for measures to remedy
damages and avoid recurrence.

Geography
The majority of the companies we had dialogue with in
2023 were based in the US, Norway, Sweden and Japan.

ESG categories of engagement
In 2023, we engaged with portfolio companies on several
ESG topics. 51 per cent of the dialogues addressed
environmental issues, including climate change,
emissions, deforestation and the use of chemicals, while
33 per cent focused on social issues such as human rights,
working conditions and wage conditions. 16 per cent of
the dialogues focused on corporate governance.

SDGs impacted by engagements

1. No poverty

2. Zero hunger

3. Good health and well-being

155

4. Quality education

5. Gender equality

6. Clean water and sanitation

7. Affordable and clean energy

8. Decent work and economic growth

162

9. Industry, innovation and infrastructure

10. Reduced inequality

127

11. Sustainable cities and communities

12. Responsible consumption and production

190

13. Climate action

14. Life below water

477

15. Life on land

314

16. Peace and justice strong institutions

126

17. Partnerships for the goals

100

200

300

400

500

600

Outcomes of engagements concluded
Eighteen of our 222 dialogues had no or negative
outcome, while the remainder had either a neutral or
positive outcome in the form of increased understanding
from the company, a commitment to change, increased
transparency and reporting, or actual change in practice.

IPDD members recognise that deforestation is a complex
issue that requires long-term dialogue and influence at
policy level and with different stakeholders. Since its
launch, the members have held numerous meetings with
key stakeholders at executive, legislative and regional
levels.

In 2022, Storebrand, together with a group of institutional
investors, announced the establishment of Nature Action
100, which is described above.

Contact with other stakeholders
Efforts to slow the loss of biodiversity require action
from governments and businesses. Storebrand has been
actively involved in advocacy work towards a wide range of
stakeholders.

In 2020, Storebrand established and led the Investors
Policy Dialogue on Deforestation (IPDD) (described
above). At the end of 2023, IPDD was backed by
78 global institutional investors from 20 countries
representing approximately USD 10 trillion in assets under
management.

Storebrand is part of an investor group, along with
Man Group, Corporate Action Japan (CAJ) and the
Australasian Centre for Corporate Responsibility (ACCR),
that co-engaged with Nippon Steel on decarbonisation.

Nippon Steel has stated that a stable supply of
renewable energy such as green hydrogen and power are
prerequisites for achieving the goal of carbon neutrality.

Nippon Steel committed in 2023 to initiating studies
to shift from a blast furnace steelmaking process to an
electric arc furnace.

The investor group has received assurances that Nippon
Steel will either replace blast furnaces with electric
furnaces at the end of their useful life, or implement
measures such as retrofitting them to ensure emission
cuts. The group understands that Nippon Steel intends
only to temporarily prolong the life of the blast furnaces
that use conventional technology, where economic,
maintenance or safety matters stand in the way of
immediate conversion.

Developments so far in this case show how shareholder
dialogue and investor alliances can stimulate positive
change. Nippon Steel still relies on unproven
technologies, which creates uncertainties related
to efficiency and cost. The company also has not
demonstrated sufficient transparency regarding capital
allocation, particularly details on investments in
decarbonisation technologies.

Storebrand will continue to follow up Nippon Steel in
2024.

We expect companies to take a structured approach to promoting gender diversity and diversity in general,
as well as equity and inclusion, across their workforce and supply chains. The company should conduct a
due diligence assessment for measures to improve the gender balance in its own operations, supply chains,
products and services, and for the company’s impact on local communities and society. They should have zero
tolerance for all forms of discrimination, violence and harassment, and have training programmes and reporting
mechanisms, as well as clear policies for their work.

Storebrand has engaged with companies on these issues, as well as voting and supporting shareholder
resolutions at general meetings aiming to:

Improve transparency about processes that reduce gender inequality, including policies and objectives.

1.
2. Achieve diversity in boards and/or senior management.
3. Achieve better transparency about gender pay gaps and measures to achieve this.
4. Conduct due diligence related to gender and diversity.

We generally vote against, or withhold our votes from, the incumbent members of the nominating committee of
boards, if they do not contain at least 40 per cent of people from underrepresented genders.

An important topic in our dialogue with the companies we invest in is requirements for good social conditions
in the supply chain, including the issue of forced labour. We continue to focus on China and the Xinjiang region
through direct company dialogue and cooperation with the Investor Alliance on Human Rights. Storebrand works
to raise awareness of international labour rights, especially in vulnerable industries such as the textile industry.

We engage in dialogue with companies in our portfolio on working conditions, particularly the living wage. We
are part of the PLWF (Platform for Living Wages Financials) initiative, where we lead and collaborate with other
investors and civil society on issues of living wages and structures that support good working conditions. The
platform contributes to positive developments in living wages in the clothing, food and agriculture sectors, as well
as the retail industry.

We work with companies to reduce water consumption and greenhouse gas emissions in livestock production.
In partnership with Platform Living Wages Financials, we also engage with companies on working conditions. We
have engaged in dialogue with companies about the rights of local communities and indigenous peoples, and
about responsible production that does not adversely affect local communities.

The transition to a low-emission society and net zero emissions in 2050 is a top priority. We encourage
companies to adopt climate strategies aligned with the Paris Agreement, targeting net zero emissions by 2050 or
sooner. We pay special attention to the largest emitters among our portfolio companies. We engage with several
banks to understand their exposure to the fossil fuel industry. Our participation in the Climate Action 100+, The
Institutional Investors Group on Climate Change (IIGCC), as well as the Principles for Responsible Investment
(PRI), provides platforms for collaborative engagement. We expect investee companies to:

Implement a strong governance framework that clearly articulates the board’s accountability and oversight of
climate change risk.
Implement measures to reduce greenhouse gas emissions throughout the value chain, in line with the Paris
Agreement.

3. Provide enhanced corporate disclosure in line with the final recommendations of the Task Force on Climate

related Financial Disclosures (TCFD).

4. Supports policy measures to reduce the risk of climate change and limit the temperature rise to 1.5 degrees.
Storebrand will not invest in companies that deliberately and systematically lobby against the goals of the
Paris Agreement.

5. Support just transition: Including labour law and social issues in climate-related activity. Renewable energy

and mining companies must conduct human rights due diligence to identify the impact of their operations on
workers, communities, indigenous peoples, and environmental and human rights.

In line with our nature policy, we do not invest in companies that engage in deep-sea mining activities, or in
marine or riverine tailings disposal. Due to the scientific uncertainty and the potential negative consequences
for vulnerable ecosystems, we have applied the precautionary principle. We engage in active dialogue with
companies, industry associations and policy makers to explain our view on the environmental and financial risks
that deep sea mining and tailings disposal entail.

Storebrand’s nature policy expresses clear expectations of companies. We use frameworks from International
Financial Corporation’s (IFC) Performance Standard 6, the Science-Based Targets Network (SBTN) and the
Taskforce on Nature-related Financial Disclosures (TNFD).

We expect companies to have policies in place to manage nature-related financial risks and opportunities in their
investments and financial operations. At a minimum, we expect companies to report on a four-pillar approach: 1.
Governance, 2. Strategy, 3. Risk Management, and 4. Metrics and Targets. We expect companies to incorporate
the principle of “double materiality”, disclosing not only how nature impacts the organisation, but also how the
organisation impacts nature.

We are committed to eliminating commodity-driven deforestation from our portfolios by 2025. Tropical forests
contain between 50 and 80 per cent of land–based species, and provide critical ecosystem services. Our
expectations of companies associated with deforestation risk are described in our deforestation policy, which was
updated in 2023. The main elements of our strategy are portfolio screening and disclosure of deforestation risk,
engagement with companies and policy makers and reducing risk exposure (divestment/exclusion).

We take measures to avoid corruption and bribery at portfolio companies enabled by inadequate corporate
governance. We highlight the importance of consistent, reliable, and verifiable reporting on such factors by
companies. We engage with companies operating in war and conflict areas, demanding that they respect human
rights and avoid contributing to conflict via their operations, for example in occupied territories in Palestine.
Ultimately, we exclude companies that do not meet our requirements.

Voting
In 2023, we voted at 1,999 company meetings, an
increase from 1,348 in 2022. We voted at meetings held
in a total of 60 countries. We voted most frequently in the
US; at 523 meetings. The sector with the most meetings
was the industrial sector with 849 meetings, while
companies in the energy sector had the fewest, with 137
meetings.

We have prioritised voting where we consider it to have
the best possible effect and prioritise general meetings in
companies that represent:

1. Our largest holdings
2. The Norwegian and Swedish markets
3. Our most important ownership dialogue initiatives
4. Specific ESG-related resolutions

The AGMs we voted at correspond to 90 per cent of our
total equity investments, up from 68 per cent in 2022.

Among 52,304 voting motions in 2023, we voted on
27,399 items, or 52.4 per cent. This is an increase from
2022, when we voted in over 17,600 out of 51,980 voting
proposals, equivalent to 34 per cent. This aligns with our
strategy to proactively exercise our voting rights, including
targeted escalation when needed.

Storebrand has also proposed resolutions at several
general meetings. This is particularly done in cases
of deadlocked dialogue or where companies ignore
proposals, in matters of major importance to several
shareholders, or in collaboration with other shareholders
for leverage. In 2023, we co-filed resolutions to be voted
on at the general meetings of Toyota and Amazon, among
others.

In recent years, international investors are increasingly
utilising filing resolutions as an escalation tool.

Examples of voting in 2023:

• We supported shareholder resolutions asking Danish
companies A.P. Moeller-Maersk and Carlsberg to
report on due diligence and human rights risks in their
operations and supply chains.

• We voted in favour of a shareholder proposal asking
Starbucks Corporation to conduct an independent
assessment on the company’s efforts to respect
freedom of association and collective bargaining rights.

• At the annual general meeting of Canadian company

Metro Inc, we supported a shareholder proposal asking
the company to report on human rights risks associated
with the use of migrant workers. At the same AGM, we
also voted in favour of a resolution to adopt science-
based emission reduction targets.

74.4 %

54.5 %

86.1 %

• At the annual general meeting of Nike Inc., we

supported two proposals, regarding gender pay gaps
and the implementation of human rights commitments
in the company’s supply chain.

29.9 %

• We supported a shareholder proposal at Microchip

Technology Inc. to report on due diligence assessments
that track misuse by end users of the company’s
products.

•

In addition, we voted for FedEx Corporation to adopt a
paid sick leave policy.

• We voted in favour of a shareholder proposal asking
Apple Inc. to report on its pay gaps related to gender
and ethnic diversity.

• We voted in favour of shareholder proposals asking

companies to comply with World Health Organisation
(WHO) guidelines for antimicrobial use in supply
chains.

ISS is our proxy voting service provider, and we usually
vote in alignment with their recommendations based
on the ISS Sustainability Voting Guidelines. We change
voting instructions when appropriate. For example, at
the Amazon.com AGM, we supported a shareholder
proposal on animal welfare, against the recommendation
of ISS. We believe the proposal to produce an audit
and report on animal welfare in Amazon.com supply
chain will reduce the company’s risk and be beneficial to
shareholders. Another example of our voting against ISS
recommendations was our vote against TotalEnergies SA’s
”Sustainable Development and Energy Transition Plan”.
The reason was that, in our opinion, the plan was not
sufficiently robust to comply with the Paris Agreement’s
1.5°C target.

All our votes are published online at ISS Governance Proxy
Voting Dashboard

Votable

Voted

Percentage
voted

Number of general
meetings voted

4,390

1,999

45.5 %

Number of items voted

52,304

27,399

52.4 %

Number of votes on
shareholder proposals

1,093

822

75.2 %

Top 10 countries voted in

Country

USA

Japan

Norway

Sweden

India

China

United Kingdom

Canada

Germany

France

Votable
meetings

Voted
meetings

Percentage
voted

703

341

151

412

268

503

118

109

523

186

130

123

106

39.6 %

16.7 %

69.5 %

66.1 %

68.4 %

72.9 %

2023 was a year of a strong anti-ESG movement,
originating in the United States. In 2023, a number of
”anti-ESG” shareholder proposals were put forward at
general meetings in the US. These proposals are intended
to prevent companies from spending resources on dealing
with ESG issues such as climate change or workplace
diversity.

Ninety per cent of our voting in 2023 was in line
with company management, while we voted against
management’s recommendations in 10 per cent of cases.
Among other things, we voted against the re-election
of board members in companies with poor corporate
governance, or where the Board had failed to follow up
companies’ obligations related to ESG-related reporting
and targets. It is generally very difficult to achieve a
majority against management’s recommendation, and in
2023 we achieved this in only 78 cases. However, voting
against management’s recommendation can still lead to
change over time, as it gives a clear signal of what direction
shareholders want. This can contribute to positive changes
in the governance of companies.

In cases where the dialogue does not lead to the desired
result, we may escalate by voting or submitting resolutions
at general meetings. One example was the resolution on
climate lobbying disclosure at the 2023 annual general
meeting of Toyota Motor Corporation (Toyota). Toyota has
demonstrated leadership on climate change in several
important areas. Despite increased transparency, the
company continues to lobby against climate-related
regulation and policies in several countries, according to
independent think tank InfluenceMap.

Our shareholder proposals with other investors were
backed by proxy advisors, and many US and European

asset managers and owners. Although the proposal
unfortunately did not pass at the meeting, which due to
Japanese rules required the support of two thirds of the
shareholders, the issue received the attention of Toyota’s
Board of Directors and management, and sent a clear
signal that a significant proportion of investors expect
more openness and transparency.

We await an updated report from Toyota in 2024 on
their efforts to improve reporting on lobbying activities.
Depending on the results, we will consider options to
further escalate the dialogue.

The policy includes criteria for human rights and
international law, corruption, corporate crime, serious
climate and environmental damage, controversial weapons
(such as land mines, cluster munitions and nuclear
weapons), tobacco, coal, oil sands, lobbying against the
Paris Agreement or the Global Biodiversity Framework, as
well as activities in biodiversity sensitive areas and deep-
sea mining.

We do not invest in companies that are excluded from
the Norwegian Pension Fund Global (GPFG) by Norway’s
Central Bank. For selected funds and savings profiles, we
apply expanded criteria related to businesses involved
in the production and distribution of fossil fuels, alcohol,
pornography, weapons, and gambling, as well as green
bond standards.

We address serious breaches of our policy by our portfolio
companies through a structured and policy-driven
process, where exclusion is generally the last resort if
we are unable to influence the company to change its
practices.

document and report the percentage of revenue that
companies receive from certain product classifications. If
a company’s revenue from the excluded product classes
exceeds our threshold level, we automatically exclude the
company. The detailed product-based threshold levels
vary, rising to a maximum of five per cent of total revenue.

In 2023, we made adjustments and improvements to
our screening process, partly to better cover issuers
that primarily issue bonds. This has resulted in a one-off
increase in the number of exclusions, from a significantly
larger universe of companies and funds than before.
This adjustment accounts for roughly 80 per cent of the
exclusions. The remainder are part of our regular product-
based screening, which we conduct quarterly.

As of 31 December 2023, the screening process resulted
in 113 companies being excluded from our investment
portfolios based on conduct- or activity-based criteria.
A total of 288 additional companies 23) were excluded
based on our product-based criteria and NBIM/Oil Fund
exclusions 24).

Some examples of exclusions in 2023:

• POWERCHINA, based on risk of serious harm to the

environment.

In cases of serious conduct-based violations (e.g. human
rights) or activity-based violations (e.g. lobbying against
the Paris Agreement) that are in breach of our policy,
we usually begin by engaging with the company. If we
conclude that the company poses an unacceptable risk of
breaching our policy, we sell our holdings in the company
and exclude it from our investment portfolio.

• GAIL India Ltd, Korea Gas Corporation and Sinopec, all
based on risk of human rights violations in Myanmar.

• Hanwha Aerospace Ltd, based on issues related to

production of fuses for white phosphorus ammunition.
• Israel-based Surveillance software company Cognyte,
based on risk of human rights violations in Occupied
Palestinian Territories.

In the case of product-based breaches (such as
production and distribution related to coal and oil sands),
our exclusion process is based primarily on data analysis.
We have agreements with third-party databases that

As of 31 December 2023, 248 companies listed on the
MSCI ACWI Index were listed as excluded from all our
funds. An additional 309 companies on the same index
were excluded from certain funds, solely based on our
extended criteria.

23) Some companies may be excluded on several criteria. The numbers provided here avoid double counting.
24) Storebrand excludes companies excluded by NBIM/the Government Pension Fund Global.

Occupied Palestinian
Territories

Since 2009, Storebrand has screened and assessed
companies related to the occupation of Palestinian
territories. We have strengthened our human rights due
diligence assessment in this area and have engaged in
dialogue with and divested from several companies on this
basis.

Our human rights due diligence includes an annual
analysis based on data from data providers and our own
analysis to identify human rights risks on this topic in our
portfolios. Once the risk has been identified, we address
and mitigate the risk by engaging with and ultimately
excluding companies.

All activities, services and goods have the potential to
contribute to the occupation and to maintaining the illegal
settlements. However, some of these contribute more than
others. We focus on those who are at higher risk of this
and engage in dialogue with these companies. We exclude

companies where it is not possible to exert influence.
Since 2009, we have used a set of criteria to assess the
extent to which companies contribute to the occupation.
The criteria include companies that:

• Makes surveillance and identification equipment availa-
ble at checkpoints and thus enables the maintenance of
the occupation regime.

• Contributes to the construction, maintenance and

expansion of settlements and the exploitation of natural
resources, including infrastructure and direct financing.
• Purchases goods or services from companies operating

in Israeli-occupied territories.

• Companies that fall into the first and second categories

are candidates for company dialogue and potential
exclusion if the dialogue is not successful.

As of 31 December 2023, we excluded 24 companies
related to the occupation of Palestinian territories.

Why sustainability in insurance
Climate change, destruction of nature and
overconsumption are major challenges. As a non-life
insurance provider, we have a responsibility to contribute
to a positive change. We can reduce climate risk, be a
catalyst for the circular economy and encourage loss
prevention. Climate change will lead to increasing number
and severity of natural events, such as floods, extreme
rainfall, landslides and storm surges. Water ingress in
buildings is the damage that leads to the highest payouts
in the insurance industry and constitutes a financial risk to
us.

As an insurance provider, we are a driving force for the
circular economy. Claims settlements after damage affect
material flows and we may choose more circular solutions.
Reduced material uses and circular material flows are
often more energy efficient, and measures to solve the
challenge of material scarcity therefore also result in lower
emissions. We believe that the transition to a circular
economy will provide business opportunities that we are
well positioned to benefit from.

Loss prevention is an important part of our responsibility
as an insurance provider. Damages are a waste of
resources and requires new materials and energy to
repair, resulting in waste. Effective prevention measures
are profitable both from a socio-economic perspective,
for Storebrand and for the customer, who are in a difficult
situation. We may achieve great gains both financially
and environmentally through loss prevention, while also
making our products more competitive.

As a provider of pension and disability insurance, we may
have a major impact on people’s lives. We contribute to
financial security and wellness through the payment of
disability and life insurance. Our business provides us with
a wealth of knowledge and enables us to contribute to
efforts to prevent and reduce disability and exclusion.

In recent years, there has been a steady increase in the
proportion of people of working age in Norway who
receive disability benefits. The negative development
is particularly evident among young people, where
the proportion of people with disability benefits in the
25-29 age group has more than doubled in the last 10
years. A very low proportion of those receiving disability
benefits return to working life. This is a big cost for society,
the people concerned, employers, the industry and
Storebrand.

Storebrand wants to contribute to reducing the extent of
disability in Norway. We seek solutions through preventive
measures and targeted early efforts together with the
public sector, to help both young and disabled adults
return to work.

Our strategy
We shall ensure that our products and services are
developed in a responsible manner and shall be at
the forefront of market developments. In its role as a
responsible corporate citizen, Storebrand will participate
actively in the social debate and, through the industry
and other partners, be a driving force for a sustainable
transition.

As an insurance company, we make a living from
understanding and managing risk. It is necessary that
we develop our insight and ability to handle new types
of risks. This is particularly relevant for damage resulting
from climate change, but it also necessary to understand
the risks involved in the introduction of new and more
environmentally friendly technology, for example fire risk
from solar cell systems.

Our strategy in the insurance segment is fourfold:

1. To promote a circular economy through the product
and service offerings and communicate this actively.
2. Through loss prevention, repairs and reuse, we shall
contribute to a purchasing pattern that increases
the demand for circular services, as well as focus on
circular claims settlements.

3. Climate adaptation through the requirements of the
EU taxonomy is a priority, and we will implement
climate adaptation measures in line with good loss
preventive insurance business and enable ourselves
to understand and manage climate risks.

4. We shall, in cooperation with the public sector,

contribute to reducing the level of disability in
Norway by launching preventive measures and
targeted efforts, aiming to help disabled young and
adult people return to work.

Our approach
Climate risk and adaptation
Storebrand aims for 80 per cent of the eligible non-life
insurance premium volume to be in accordance with the
criteria in the EU taxonomy by the end of 2024. In 2023,
property products (houses, cabins, commercial buildings,
residential buildings, household contents) became
aligned. This includes the integration of forward-looking
climate risk in the risk assessment through Geodata,
updated conditions for providing risk rewards for climate
adaptation measures for the customer, sharing damage-
related data through “Kunnskapsbanken” so that it can
be used by public authorities and more. Over time, this
will contribute to better handling of the effects of climate
change. The climate risk models will be further developed
based on insights. Based on the experience from the first
version of the product changes to comply with the EU

Several communication and marketing activities were
carried out in 2023, including:

• Offer to check your luggage for bed bugs at Oslo airport

during the summer holiday.

• Participation in debates at Norway’s largest annual

political gathering (Arendalsuka) and in national news
stories about climate adaptation.

• Extensive water and fire market campaigns with as-

sociated prevention advice, as well as other customer
communication activities aiming at preventing damage
from small rodents.

• Notify potentially affected customers ahead of extreme
weather events, encouraging them to carry out preventi-
ve and mitigating measures.

• Advice on loss prevention for business customers and

housing associations.

We collaborate with external actors on loss prevention
measures and communication to customers and
authorities. We have entered into a partnership with a
water stop supplier and held a webinar together with
Huseierne (The National Federation of House Owners).
Attention to loss prevention has increased among
Storebrand’s customers. The proportion answering yes
to the question of whether they have received damage
prevention advice increased from 38 per cent in 2022 to
47 per cent in 2023.

Storebrand will continue focusing on loss prevention going
forward.

Disability
Norway has seen a large increase in the disability rate in
recent years. Consequently, Storebrand pays out large
sums in disability benefits, both to children and adults.
Reducing disability levels is strategically prioritised. We
introduced several pilots in 2023, aiming at contribute to
solving the societal challenges of disability, while at the
same time creating positive effects for the people affected,
the companies who employs them and Storebrand as an
insurer.

In the corporate market, the product VEL was launched.
The concept focuses on early intervention and preventive
measures to reduce absence from sick leaves. The ReStart
pilot project targets people who have been on sick leave
for more than 12 months, aiming at returning to work or
education. A separate pilot for child insurance customers
provides help for young adults who need support to
enter the job market. The pilots are in initial phases and
continue to evolve in 2024. The pilots will be adjusted
based on gained insights.

Storebrand works together with the industry to establish
incentives and mechanisms that ensure loss prevention.
This will provide increased insight into how, for instance,
municipalities should prioritise their infrastructure
initiatives. Effective loss prevention at societal level will
result in lower consequences for everyone who is not
affected by natural damages. Similarly, the use of materials
for reconstruction is reduced through effective prevention
measures.

Circularity
Storebrand has high standards for our suppliers’
responsible operations. Over 90 per cent of repair shops
we use in our insurance business have signed the Group’s
supplier declaration on sustainability obligations. Specific
requirements have been set which are monitored and
the suppliers must report, among other things, on the
degree of repair, reuse of parts and use of environmentally
certified materials. We are collaborating with several
suppliers to facilitate a circular value chain. We cooperate
with suppliers within car parts to facilitate increased
reuse of car parts, and Miljø Norge and Jernia regarding
distribution of recycled fire extinguishers. The repair rate
for car glass is 35.7 per cent and the proportion of used car
parts (proportion of repairs where used parts are used) is
5 per cent.

In 2023, we explored material consumption and
greenhouse gas emissions in claims settlements for motor
vehicle, in collaboration with Variable, and gained a better
understanding of where the most significant emissions are.
We initiated work and methodology sharing for calculating
emissions in claims settlements in Finance Norway’s
working group for non-life insurance and sustainability.
Going forward, we will assess how this might be further
developed into a common methodology for the industry.

Storebrand will continue updating product terms and
conditions to facilitate an increased degree of repair in
insurance claims rather than buying new. We will continue
working with the industry and relevant partners to facilitate
circular value chains in several product areas. Read more
about how we work with our suppliers in the chapter ”A
responsible value chain”.

Loss prevention
Storebrand has identified loss prevention as the
most important measure to reduce the burden on the
environment in our non-life insurance business. During
2023, Storebrand recruited an employee responsible for
loss prevention, as well as a fire risk engineer, to reinforce
this effort. It is essential to reach the customer with
insight and advice, since loss prevention often requires
the customer to take action. Storebrand got involved in
the public debate about the need for increased efforts of
prevention at community level.

In December, Storebrand carried out a marketing
campaign with a spotlight on fire extinguishers. Fire
extinguishers are required in all homes, but not everyone
remembers that they should be inspected and turned
regularly, so that the powder does not lump and impair its
function.

The device must be turned four times a year, something
only 3 per cent of Norway’s population does. Storebrand
launched the most important competition of the year; Turn
and Win. Through the campaign, we distributed a sticker
with a code attached at the bottom of the fire extinguisher.

Consequently, you had to turn the extinguisher to check
whether you had won the prize of NOK 10,000.
The campaign was communicated through outdoor
advertising and digitally. Jernia was an important partner
for distributing stickers and extinguishers.

Customers who needed a new extinguisher were offered
to buy discounted Storebrand reused extinguishers, made
from quality-controlled appliances and filled with new
powder.

Categories and metrics

2020

2021

2022

2023

2024

2025

2030

Results

Targets

Sustainability rating

CDP-rating

A-

DJSI score/global percentile

81 / 93

82 / 92

88 / 99

79 / 97 Top 10 % Top 10 % Top 10 %

Sustainability

Share of total assets screened based on
sustainability criteria

GRESB score direct real estate
investments (value-weighted average)
25)

Fossil-free investments

NOK billion invested in fossil-free
products / Share of AUM 26)

Equity investments in companies active
in fossil fuel sector 27)

Bond investments in companies active
in fossil fuel sector 28)

Solution investments

Investments in solutions (solutions
companies, green bonds, green
infrastructure and real estate with
environmental certification): NOK billion
/ share of total assets

Equity investments in solutions: NOK
billion/ share of total equity investments

Bond investments in solutions: NOK
billion/ share of total bond investments
29)

Investments in green bonds:
NOK billion/ share of total bond
investments

Investments in green infrastructure:
NOK billion / share of total infrastructure
investments

100 %

85 %

88.6 %

91.5 %

93.6 % Top 20 % Top 20 % Top 20 %

379.2 / 39 %

483 / 44 %

449 / 44 %

569 / 47 %

N/A

New

4.93 %

4.17 %

N/A

0.33 %

1.26 %

N/A

92.6 / 9.6 % 123.1 / 11.2 % 126.8 / 12.4 % 154.9 / 12.8 %

N/A

15 %

N/A

50.3 / 13 %

62.6 / 13 %

39.3 / 9 %

55.1 / 9.56 %

N/A

New

35.0 / 9 % 47.3 / 11.35 %

N/A

22.2 / 5 %

25.7 / 6 %

32.0 / 8.3 %

40.7 / 9.8 %

N/A

1.5 / 100 %

3.5 / 100 %

3.7 / 100 %

N/A

25) The goal is for all relevant real estate portfolios to achieve 5 stars in GRESB. This means that one must be among the top 20 per cent globally, and therefore cannot directly be trans-
lated into a score (value-weighted average). Capital Investment that we acquired in 2021 is not relevant for reporting to GRESB and is not included in the figures.
26) Fossil-free products are one of several ways of reaching our overall goal of net zero emissions, and we have therefore not set a specific target for how much to invest in fossil-free
products.
27) Key figures are linked to PAI. 1.4 of the SFDR regulations.
28) Key figures are linked to PAI. 1.4 of the SFDR regulations.
29) This includes investments in solution companies, green and social bonds.

2020

2021

2022

2023

2024

2025

2030

Results

Targets

Investments in certified green real
estate: NOK billion/ share of certifiable
real estate investments 30)

High emitting sectors

Exposure to high emitting sectors: NOK
billion / share of equity investments 31)

Active ownership and exclusions

Companies that have been contacted to
discuss ESG through active ownership:
number (share of listed equities and
corporate bond investments)

Votes at general meetings to promote
Storebrand’s ESG criteria: number
(share of listed equity investments)

Number of active dialogues related to
climate and environmental risks and
opportunities

Number of companies that have been
excluded due to serious climate and
environmental damage

Number of companies excluded
from the investment universe of the
Storebrand Group

Number of companies excluded from
MSCI ACWI Index (share of MSCI ACWI
investment universe)

Social impact

Ratio of female board members in
companies as a percentage for equity
investments

Insurance – circular economy

Proportion of glass panes repaired

Share of used parts used in car repairs
(based on spend)

20.1 / 43 %

33.3 / 68 %

49.0 / 64.6 %

48.8 / 61.9 %

70 %

78 %

32.2 / 8 %

42.5 / 9 %

49.7 / 11.3 % 59.5 / 10.32 %

N/A

572

503

433

139

215

601

645 (31.2 %) 1,097 (32.1 %)

N/A

947

1,348 (68.6 %) 1,999 (90.7 %)

N/A

318

176

257

465

853

N/A

199

161

N/A

323

310

N/A

198 / 8.1 %

212 / 7.9 %

217 / 10 %

248 / 8.5 %

N/A

New

32.2 %

33.2 %

N/A

New

36 %

35.7 %

N/A Over 40 %

N/A

3.8 %

5.0 %

N/A

Over 6 %

N/A

30) In 2022, we included Denmark for the first time. Therefore, the share of environmentally certified real estate investments was somewhat reduced from 2021. Certifications per
country are the following: Norway (95 %), Sweden (93 %), Denmark (7 %).
31) A large part of the increase comes from the energy sector, which has increased revenue at a time of geopolitical turmoil, resulting in growth as a share of MSCI overall. The increase
in absolute numbers is also explained by the fact that our total AUM has increased.

Sustainability rating
• CDP rating: Rating by CDP. CDP is an independent

Solution investments
• Investments in solutions (solution companies,

organisation that works to increase corporate reporting
on climate and environment. CDP assesses and scores
companies accordingly. CDP is used by investors and
managers to access analyses and information on climate
reporting from companies.

• DJSI Score: The Dow Jones Sustainability Indices

(DJSI) assess companies’ sustainability performance
and rank companies on a variety of economic, social and
environmental criteria.

Sustainability
• Share of total assets screened based on

sustainability criteria: All companies in our investment
universe are screened for sustainability according
to our standards: https://www.storebrand.no/en/
sustainability/investments.

• GRESB scores direct real estate investments

(value-weighted average): The score is a global ESG
benchmark for real estate investments, reflecting
sustainability quality in the management dimension and
in the physical real estate portfolio. The total score is
a value-weighted average of the score in the reporting
portfolios: Storebrand Eiendom Trygg AS, Storebrand
Eiendom Vekst AS, Storebrand Eiendomsfond Norway
KS, and SPP Fastigheter AB. The score is calculated
annually by the Global Sustainability Benchmark for Real
Assets (GRESB).

Fossil-free investments
• Investments in fossil-free products: The sum of funds/
products with a mandate that requires them to be fossil-
free. The companies in the portfolio may not derive more
than 5 per cent of their revenues from the production or
distribution of fossil energy, or more than 25 per cent of
their revenues from products and services to the oil and
gas industry, and fossil reserves must not exceed 100
million tonnes of CO2.

• Investments in stocks with fossil exposure: Share

of investments in equities invested in fossil fuel
businesses. This includes companies that derive
revenues from the production or distribution of fossil
fuels. Investments in companies based on SFDR’s
definition of Principal Adverse Impact Indicator 1.4.
• Investments in bonds with fossil exposure: Share of

investments in bonds invested in fossil fuel businesses.
This includes companies that derive revenues from the
production or distribution of fossil fuels. Investments
in companies based on SFDR’s definition of Principal
Adverse Impact Indicator 1.4.

green bonds, green infrastructure and real estate
with environmental certification): Total share of
assets under management invested in sustainable
solutions. Sustainable solutions consist of green bonds,
environmentally certified real estate, investments in
green infrastructure and shares in companies that we
believe are well positioned to solve challenges related to
the UN Sustainable Development Goals.
– Equity investments in solutions: Share of

investments in equities in solution companies
Storebrand and SPP. These are investments in shares
in companies that we believe are well positioned
to solve challenges related to the UN Sustainable
Development Goals. Investments in solution
companies are segmented into four thematic areas:
renewable energy and climate solutions, the cities of
the future, circular economy and equal opportunities.
– Bond investments in solutions, billion NOK / share
of total bond investments: Share of investments in
green bonds or solutions companies multiplied by
the relevant company’s solution weights. These are
investments in bonds in companies that we believe
are well positioned to solve challenges related to the
UN Sustainable Development Goals. Investments in
solution companies are segmented into four thematic
areas: renewable energy and climate solutions,
the cities of the future, circular economy and equal
opportunities.

– Investments in green bonds: Share of

investments in green bonds. Green bonds are
for companies that both meet the Storebrand
standard and are in line with international
standards such as the Green Bond Principles,
the forthcoming EU Green Bond standard, and
with the International Capital Market Association
(ICMA) framework.

– Investments in green infrastructure: Share of

investments in sustainable infrastructure. The fund
(Storebrand Infrastructure Fund) invests in projects
that contribute to a green transition, for example
through onshore wind power, offshore wind and
electric trainsets.

– Investments in certified green real estate:
Share of direct real estate investments under
management in Norway, Sweden and Denmark with
environmental certification. The certification system
is mainly BREEAM, but can also be LEED, Svanen or
Miljöbyggnad.

• Number of general meetings voted at to promote
Storebrand’s ESG criteria (share of listed equity
investments): Voting overview is retrieved from ISS
Proxy Exchange. Share of total managed share capital
invested in companies whose general meetings we
voted at during the year.

• Number of active company engagements related
to climate and environment-related risks and
opportunities: This includes both new, ongoing
and completed dialogues. Most of these are through
coalitions.

• Number of companies that have been excluded

due to severe climate and environmental damage:
This includes conduct-based exclusions related to
the environment, lobbying, deep-sea mining, mining
waste disposal, forest risk raw materials, Arctic and
ecologically sensitive areas, and product-based
exclusions for coal and oil sands – exclusions that apply
to all funds.

• Number of companies excluded from the Storebrand
Group’s investment universe: This includes companies
excluded under conduct-based, product-based and
activity-based exclusions as part of Storebrand’s
exclusion policy that applies to all funds. It also covers
all NBIM exclusions that are not stand-alone exclusions
under the guidelines for the exclusion of Storebrand.
• Number/proportion of companies excluded from
the MSCI ACWI Index: Stocks marked as excluded
measured against the weighting of equities in the index.

High-emitting sectors
• Exposure to high-emitting sectors: This shows our
exposure to high-emitting sectors as a share of total
equity investments. The definition of high-emitting
sectors follows the recommendations of the Net Zero
Asset Owner Alliance, and includes the following GICS
codes:

– Aluminium: 15104010
– Aviation: 20302010, 20301010
– Cement: 15102010
– Chemicals: 15101050, 15101040, 15101030,

15101020, 15101010

– Energy: 10102050, 10102040, 10102030,

10102020, 10102010, 10101020, 10101010

– Heavy Duty Automobiles: 20304020
– Light Duty Automobiles: 25102010
– Shipping: 20303010
– Steel: 15104050
– Utilities: 55105010, 55103010, 55102010,

55101010

Social impact
• Share of women on the boards of companies in which

we invest in: Average proportion of women in board
composition for invested companies. Investments in
companies based on SFDR’s definition of Principal
Adverse Impact Indicator 1.13.

Insurance - circular economy
• Proportion of glass panes repaired: The repair

rate for glass damage to motor vehicles is measured
by calculating the total number of rubble repairs
as a proportion of the total number of new glass
replacements. We mainly only measure on windscreens
that are laminated.

• Proportion of used parts used in car repairs (based

on spend): The use of equivalent spare parts in damage
repair of motor vehicles on passenger and van is
calculated by the total cost of used spare parts used as a
proportion of the total number of new spare parts used.

The EU Taxonomy for Sustainable Activities is a
classification system that aims to establish common
criteria for environmentally sustainable economic
activities.

The taxonomy reporting must be done on two levels.
In previous years, companies have reported how much
of their turnover, investments and operational costs are
covered by the taxonomy (”taxonomy eligible”). From
2023, companies must report taxonomy-compatible
activities which meet the technical criteria related to the
relevant activities (”taxonomy aligned”).

Storebrand must disclose the degree of insurance
premiums, lending and investments that are eligible by
and aligned with the taxonomy. Storebrand works actively
to fulfil the requirements according to the EU taxonomy,
and closely follows regulatory developments. We
interact with third-party providers, and internally within
the organisation to fully implement the framework. Our

taxonomy reporting will gradually serve as an important
benchmark for our impact on the environment, as data
quality and degree of coverage increase.

The regulations for conducting the reporting is constantly
evolving, and the reporting is performed with the best
possible currently available data and method at hand.
Note that national specific regulations to the Taxonomy
Regulation may be subject to change, along with
definitions.

The reporting is based on templates from the European
Commission. Storebrand is a cross-sector financial group,
and the reporting differs between the business areas. We
report on our activities within investments and lending,
and as a non-life insurer, we report on activity-specific
contributions at product level.

Below is a table displaying our Group activities aligned
with the taxonomy at an aggregated level.

Share of activities compatible with the taxonomy aggregated at Group level:

Business area

Banking 32)

Insurance (non-life and life) 33)

Asset management

Total

Average KPI

Revenue
(MNOK)
2023

Share
of total
revenue

1,013

624

6,267

13 %

8 %

79 %

7,904

100 %

KPI per business area

Share aligned
with the
taxonomy
(based on
turnover)

Share aligned
with the
taxonomy
(capital
expenditures-
based)

Share aligned
with the
taxonomy
weighted
against total
revenue (based
on turnover)

Share aligned
with the
taxonomy
weighted against
total revenue
(capital
expenditures-
based)

N/A

0.85 %

3.53 %

N/A

1.0 %

3.65 %

N/A

0.1 %

2.8 %

N/A

0.1 %

2.9 %

3.0 %

32) Turnover figures and capital expenditure are not relevant for the bank’s taxonomy reporting as taxonomy-compatible activities are for households. See reporting of the Green Asset
Ratio (GAR) on page 91.
33) For the non-life insurance business, premium payment - compensation payment (the insurance result) is used as the basis for total revenue. For other segments, Fee and admin-
istration income is used as the basis for total revenue.

Non-life insurance

The underwriting KPI for non-life insurance and reinsurance undertakings

Substantial contribution to climate
change adaptation

Absolute
premiums,
year 2023

Proportions
of premiums,
year 2023

Proportions
of premiums,
previous
year 34)

DNSH (Do no significant harm)

Climate
change
mitigation

Water and
marine
resources

Circular
economy

Pollution

Biodiversity
and
ecosystems

Minimum
safeguards

Economic activities

MNOK

Y/N

A.1 Non-life insurance
and reinsurance
underwriting Taxonomy-
aligned activities
(environmentally
sustainable)

903

24 %

N/A

A.1.1 Of which reinsured

1 %

N/A

A.1.2 Of which stemming
from reinsurance activity

A.1.2.1 Of which reinsured
(retrocession)

A.2 Non-life insurance
and reinsurance
underwriting
Taxonomy-Eligible but
not environmentally
sustainable activities
(not Taxonomy-aligned
activities)

B. Non-life insurance and
reinsurance underwriting
Taxonomy non-eligible
activities

2,865

75 %

N/A

2 %

N/A

Total (A.1+A.2+B)

3,834

100 %

34) Not relevant for 2023 year’s reporting but will be included from 2024.

Medical expense insurance

Income protection insurance

Workers' compensation insurance

Motor vehicle liability insurance

Other motor insurance

Marine, aviation and transport insurance

Fire and other damage to property insurance

Assistance (travel insurance)

Other

Gross written
premium (MNOK)

Share of total gross
written premium

642

114

592

1,204

1,015

177

16.7 %

3.0 %

0.6 %

15.4 %

31.4 %

0.0 %

26.5 %

4.6 %

1.7 %

Classification of insurance products in line with
the EU taxonomy
Non-life insurance is included as an activity that supports
the goal of climate adaptation of the economy. Non-life
insurance is a so-called ”enabling activity” that contributes
to better climate adaptation within other sectors and
industries, in addition to general climate resilience.

sustainability advisors, focused on fulfilling the five
technical criteria for significant contribution to climate
adaptation (read more below). This includes modelling
and pricing of climate risk, product design, innovative
insurance solutions, data sharing, and measures after
damage, with a particular focus on circular claims
settlement solutions.

Storebrand offers non-life and health insurance to
Norwegian customers. In order to analyse the proportion
of non-life insurance premiums covered by the taxonomy,
Storebrand has segmented insurance activities according
to product categories defined in the Solvency II
regulations.35) In addition to classifying products according
to Solvency II, the product categories must refer to a
policy on climate-related risks in order to be fully covered
by the taxonomy.36) Our interpretation, along with the
financial industry in Norway, is that if the product does
not specifically mention that it excludes compensation as
a result of climate-related risks, it is considered eligible
in the taxonomy. Most of our non-life insurance products
have additional coverage defined by the natural damage
regulations and will hence be eligible.37) Activities related
to health insurance are included in the reporting, but
as Storebrand only owned 50 per cent of the business
in 2023, only half of the activities are reported in our
calculation.

Non-life insurance products in Storebrand, defined under
Solvency II and name climate-related risks, equals to 98
per cent of the total insurance premium. The rest of our
insurance business is not covered by the taxonomy.

Our work to fulfil the criteria for significant
contribution to climate adaptation
The EU taxonomy has identified non-life insurance as an
economic activity that significantly contributes to climate
change adaptation. In 2023, targeted work was initiated
to make our property-related insurance policies for the
corporate and private market aligned with the taxonomy.

A dedicated working group, consisting of product
managers, actuaries, product developers and

This systematic work has resulted in our insurances within
property for the corporate and private market now being
aligned with the taxonomy for 2023, which make up 24
per cent of our non-life insurance products.

Ongoing efforts include data sharing with the
municipalities through “Kunnskapsbanken”, changes in
terms and conditions to provide customer incentives and
climate adaptation measures rewards, and integration of
forward-looking climate risk into risk assessments and
pricing. Further focus will be directed towards improved
understanding and integration of climate risk as well as
increased expertise in climate adaptation to provide better
advice to customers.

The taxonomy work for other insurance products,
such as car and travel insurance, will be conducted in
accordance with the EU taxonomy’s requirements for a
significant contribution to climate adaptation in 2024.
The aim is to make 80 per cent of our taxonomy eligible
products aligned with the taxonomy. Cooperation with
strategic partners, including research and professional
environments, the insurance industry, municipalities,
authorities, and customers, will be strengthened to ensure
a holistic approach to climate adaptation.

1. Use of a forward-looking climate risk model in
pricing
Storebrand uses Geodata as a data provider to assess
climate-related risk, especially storm water issues that
are not covered by the National Natural Damage Pool
(Naturskadepool). Geodata uses data from the Norwegian
Climate Service Centre to evaluate forward-looking
climate risk through various scenarios. We will work with
Geodata to develop scenarios and analyses, create a solid

35) The product categories (Lines of Business) distributed in the Solvency II regulations, annex 1 of regulation 2015/35, are the following: (a) medical expense insurance; (b) income
protection insurance; (c) workers’ compensation insurance; (d) motor vehicle liability insurance; (e) other motor insurance; (f) marine, aviation and transport insurance; (g) fire and
other damage to property insurance; (h) assistance.
36) The criteria for non-life insurance are under Annex 2 to the delegated act that follows the taxonomy regulation, chapter 10.1. For the classification of climate-related risks, see page
290: https://ec.europa.eu/finance/docs/level-2-measures/taxonomy-regulation-delegated-act-2021-2800-annex-2_en.pdf
37) Naturskaderegelverket (Natural damage regulations): Act of 16 June 1989 no. 70 on natural damage insurance.

2. The insurance product contains incentives for
loss prevention
For property-related insurance (including contents)
in both the private and corporate market, we reward
customers with loss prevention solutions that reduce the
amount of storm water. The reward is subject to the terms
and conditions, and involves removal of the deductible
in the event of damage related to storm water/extreme
rainfall. In the corporate market, we carry out manual risk
assessments on many insured buildings. By using map
tools, new data and climate adaptation expertise, we will
discount the risk pricing to customers who demonstrate
and manage climate risk through loss prevention
measures. Going forward, we will continue strengthening
our expertise in climate adaptation and loss prevention
with the aim of reducing climate-related damage.

3. Innovative insurance coverage that meets
requirements for climate adaptation
Storebrand offers insurance policies that cover climate-
related damage, including natural disasters and
operational disruptions. We distinguish between damages
covered by the Norwegian Natural Damage Pool and those
covered directly by Storebrand. Our private and corporate
insurances for property have no exceptions and covers
damages that goes beyond what the Norwegian Natural
Damage Pool offers. A risk transfer that Storebrand offers
is that our insurance contracts automatically cover losses
from rent.

4. Sharing data with public authorities
Storebrand facilitates collection of data on natural and
water damage for preventive civil security purposes. This
is an important contribution from the non-life insurance
industry, and we collaborate with public authorities and

About “Kunnskapsbanken”
(the Knowledge Bank)
Kunnskapsbanken”, developed by the Norwegian Directo-
rate for Civil Protection (DSB), provides an easily accessible
overview of risk and vulnerability. The platform gathers
relevant information to increase knowledge about natu-
ral events and strengthen preventive civil security locally,
regionally and nationally. DSB has collaborated with public
and private enterprises to develop “Kunnskapsbanken”,
which contains data from, among others, the Norwegian
Water Resources and Energy Directorate (NVE), the Nor-
wegian Climate Service Center, Norwegian Meterological
Institute (MET), the Norwegian Public Roads Administra-
tion, private insurance companies and the state’s natural
damage scheme. It provides accessible maps, figures,
graphs (statistics), definitions of terms, and reports, includ-
ing post-event evaluations.

Finance Norway to ensure that this work contributes to
strengthening climate adaptation work in Norway.

Good data on damages is important in loss prevention
work. The insurance industry possesses the best available
statistics and facts on climate damage. The insurance
industry can contribute to climate adaptation efforts by
sharing these data with public authorities, especially
municipalities. This is important knowledge for the
municipalities in their calculation of risk and vulnerability,
for example when determining areas or rebuilding after
damage. Knowledge of risk and vulnerability is important
to reduce the probability of unwanted events occurring,
and to reduce consequences if it does occur.

Storebrand and the non-life insurance industry share
claims data with “Kunnskapsbanken”, and the data is
available for those working with preventive measures
and spatial planning in counties and municipalities.
Identifying areas with repeating weather and natural
damages enhances the ability to calculate risk of new
damage events occurring. Hence, “Kunnskapsbanken”
will provide national and local authorities with important
tools for identifying the greatest risk and which assets are
most vulnerable, thus providing a better basis for decision-
making in planning processes and adaptation work.

5. Deliver the highest possible standards in claims
settlements
Delivering good and efficient claims settlements is
important to us. No less than 83 per cent of claim
settlements are reported digitally. We offer emergency
help through “Storebrand Road Assistance” or our alarm
centre when damage occurs. In 2023, with significant
natural damage in Oslo due to the extreme weather event
”Hans” and torrential rain, we have implemented digital
inspections to minimise unnecessary driving and ensure
quick help regardless of location of the damage.

Do No Significant Harm (DNSH)
Insurance that significantly contributes to climate
adaptation must comply with the criterion of not causing
significant harm (DNSH). In our non-life insurance
business, the DNSH criterion is linked to environmental
objective 1 in the taxonomy, which is climate change
mitigation. This means that insurance of activities involving
extraction, storage, transport or manufacture of fossil
fuels or insurance of vehicles, property or other assets
dedicated to such purposes must be excluded from the
calculation of sustainable non-life insurance premiums.
This applies to corporate insurance, not retail customers.
None of our customers were considered to fall within the
DNSH criteria in 2023.

Minimum Social Safeguards
An activity must satisfy certain minimum social and
governance requirements to be compliant with the
taxonomy. As a company bound by the minimum
requirements defined in international and national
legislation, Storebrand also requires that our suppliers
and partners comply with the 10 principles of UN Global
Compact, which include human rights and workers’ rights.
We are also obliged to report annually in accordance

Taxonomy reporting for investments from the
insurance business
We report on our investments according to the
taxonomy at an aggregated level for our insurance

companies, including Storebrand Forsikring, Storebrand
Helseforsikring, Storebrand Livsforsikring and SPP Pension
och försäkring. We report on the proportion of investments
aligned with the taxonomy, and the proportion that is
eligible. We also report on the most significant categories
and sectors in which our investments are distributed.

For more details on the method and data sources for the
taxonomy reporting, we refer to the asset management
reporting on page 89.

The proportion of the insurance or reinsurance undertaking’s investments that are directed at funding,
or are associated with, taxonomy-aligned in relation to total investments

The weighted average value of all the investments
of insurance or reinsurance undertakings that are
directed at funding, or are associated with Taxono-
my-aligned economic activities relative to the value of
total assets covered by the KPI, with following weights
for investments in undertakings per below:
Turnover-based: 0.85 %
Capital expenditures-based: 1.00 %

The percentage of assets covered by the KPI relative
to total investments of insurance or reinsurance
undertakings (total AuM). Excluding investments in
sovereign entities. Coverage ratio: 89.97 %

The weighted average value of all the investments
of insurance or reinsurance undertakings that are
directed at funding, or are associated with Taxon-
omy-aligned economic activities, with following
weights for investments in undertakings per below:
Turnover-based: 3,648 MNOK
Capital expenditures-based: 4,300 MNOK

The monetary value of assets covered by the KPI.
Excluding investments in sovereign entities.
Coverage: MNOK 427,946

Additional, complementary disclosures: breakdown of denominator of the KPI

The percentage of derivatives relative to total assets
covered by the KPI.
0.54 %

The proportion of exposures to financial and non-fi-
nancial undertakings not subject to Articles 19a
and 29a of Directive 2013/34/EU over total assets
covered by the KPI:
For non-financial undertakings: 19.55 %
For financial undertakings: 39.05 %

The proportion of exposures to financial and non-fi-
nancial undertakings from non-EU countries not sub-
ject to Articles 19a and 29a of Directive 2013/34/EU
over total assets covered by the KPI:
For non-financial undertakings: 23.93 %
For financial undertakings: 10.96 %

The proportion of exposures to financial and non-fi-
nancial undertakings subject to Articles 19a and 29a
of Directive 2013/34/EU over total assets covered by
the KPI:
For non-financial undertakings: 5.94 %
For financial undertakings: 0.01 %

The value in monetary amounts of derivatives.
MNOK 2,328

Value of exposures to financial and non-financial
undertakings not subject to Articles 19a and 29a of
Directive 2013/34/EU:
For non-financial undertakings: MNOK 83,643
For financial undertakings: MNOK 167,106

Value of exposures to financial and non-financial
undertakings from non-EU countries not subject to
Articles 19a and 29a of Directive 2013/34/EU:
For non-financial undertakings: MNOK 102,420
For financial undertakings: MNOK 46,905

Value of exposures to financial and non-financial
undertakings subject to Articles 19a and 29a of
Directive 2013/34/EU:
For non-financial undertakings: MNOK 25,408
For financial undertakings: MNOK 32

The proportion of exposures to other counterparties
and assets over total assets covered by the KPI:
0 %

Value of exposures to other counterparties and
assets:
MNOK 0

The proportion of the insurance or reinsurance
undertaking’s investments other than investments
held in respect of life insurance contracts where the
investment risk is borne by the policy holders, that
are directed at funding, or are associated with, Taxon-
omy-aligned economic activities:
0.73 %

Value of insurance or reinsurance undertaking’s
investments other than investments held in respect
of life insurance contracts where the investment risk
is borne by the policy holders, that are directed at
funding, or are associated with, Taxonomy-aligned
economic activities:
MNOK 1,693

The value of all the investments that are funding
economic activities that are not Taxonomy-eligible
relative to the value of total assets covered by the KPI:
97.47 %

The value of all the investments that are funding
Taxonomy-eligible economic activities, but not
Taxonomy-aligned relative to the value of total assets
covered by the KPI:
1.68 %

Value of all the investments that are funding econom-
ic activities that are not Taxonomy-eligible:
MNOK 417,110

Value of all the investments that are funding Taxon-
omy-eligible economic activities, but not Taxono-
my-aligned:
MNOK 7,188

Additional, complementary disclosures: breakdown of numerator of the KPI

The proportion of Taxonomy-aligned exposures to
financial and non-financial undertakings subject to
Articles 19a and 29a of Directive 2013/34/EU over
total assets covered by the KPI:
For non-financial undertakings:
Turnover-based: 0.80 %
Capital expenditures-based: 0.88 %

Value of Taxonomy-aligned exposures to financial and
non-financial undertakings subject to Articles 19a
and 29a of Directive 2013/34/EU:
For non-financial undertakings:
Turnover-based: MNOK 3,406
Capital expenditures-based: MNOK 3,764

For financial undertakings:
Turnover-based: 0.03 %
Capital expenditures-based: 0.07 %

For financial undertakings:
Turnover-based: MNOK 115
Capital expenditures-based: MNOK 319

The proportion of Taxonomy-aligned exposures to
other counterparties and assets over total assets
covered by the KPI:
Turnover-based: 0 %
Capital expenditures-based: 0 %

Value of Taxonomy-aligned exposures to other coun-
terparties and assets over total assets covered by the
KPI:
Turnover-based: MNOK 0
Capital expenditures-based: MNOK 0

Breakdown of the numerator of the KPI per environmental objective

Taxonomy-aligned activities – provided ‘do-not-significant-harm’(DNSH) and social safeguards positive assessment:

Transitional activities: (Turnover 0.09 %; CapEx 0.11
%)
Enabling activities: (Turnover 0.39 %; CapEx 0.52%)

Transitional activities: (Turnover 0.00 %; CapEx 0.00
%)
Enabling activities: (Turnover 0.01 %; CapEx 0.02 %)

Enabling activities: N/A

1. Climate change
mitigation

Turnover: 0.84 %
CapEx: 1.00 %

2. Climate change
adaptation

Turnover: 0.01 %
CapEx: 0.03 %

3. The sustainable use
and protection of water
and marine resources

Turnover: N/A
CapEx: N/A

4. The transition to a
circular economy

Turnover: N/A
CapEx: N/A

5. Pollution prevention
and control

Turnover: N/A
CapEx: N/A

6. The protection and
restoration of biodiver-
sity and ecosystems

Turnover: N/A
CapEx: N/A

Asset management

We report our investments according to the taxonomy
at an aggregate level for our investments through our
asset management. We show what proportion of the
investments are aligned with the taxonomy, and what

proportion is eligible. We also report on the most
important categories and sectors in which our investments
are distributed.

The proportion of the asset managers investments that are directed at funding, or are associated with,
taxonomy-aligned in relation to total investments

The weighted average value of all the invest-
ments that are directed at funding, or are
associated with Taxonomy-aligned economic
activities relative to the value of total assets
covered by the KPI, with following weights for
investments in undertakings per below:
Turnover-based: 3.53 %
Capital expenditures-based: 3.65 %

The percentage of assets covered by the KPI rel-
ative to total investments (total AuM). Excluding
investments in sovereign entities.
Coverage ratio: 92.86 %

The weighted average value of all the investments that are
directed at funding, or are associated with Taxonomy-aligned
economic activities, with following weights for investments in
undertakings per below:
Turnover-based: MNOK 36,430
Capital expenditures-based: MNOK 37,669

The monetary value of assets covered by the KPI. Excluding
investments in sovereign entities.
Coverage: 1,033,364

Additional, complementary disclosures: breakdown of denominator of the KPI

The percentage of derivatives relative to total
assets covered by the KPI.
0.37 %

The proportion of exposures to EU financial
and non-financial undertakings not subject to
Articles 19a and 29a of Directive 2013/34/EU
over total assets covered by the KPI:
For non-financial undertakings: 29.12 %
For financial undertakings: 20.46 %

The proportion of exposures to financial and
non-financial undertakings from non-EU
countries not subject to Articles 19a and 29a of
Directive 2013/34/EU over total assets covered
by the KPI:
For non-financial undertakings: 36.68 %
For financial undertakings: 8.98 %

The proportion of exposures to financial and
non-financial undertakings subject to Articles
19a and 29a of Directive 2013/34/EU over
total assets covered by the KPI:
For non-financial undertakings: 15.08 %
For financial undertakings: 0.00 %

The proportion of exposures to other counter-
parties and assets over total assets covered by
the KPI:
0 %

The value of all the investments that are funding
economic activities that are not taxonomy-eligi-
ble relative to the value of total assets covered
by the KPI:
90.31 %

The value of all the investments that are funding
Taxonomy-eligible economic activities, but not
Taxonomy-aligned relative to the value of total
assets covered by the KPI:
5.87 %

The value in monetary amounts of derivatives.
MNOK 3,589

Value of exposures to EU financial and non-financial un-
dertakings not subject to Articles 19a and 29a of Directive
2013/34/EU:
For non-financial undertakings: MNOK 300,879
For financial undertakings: MNOK 211,405

Value of exposures to financial and non-financial undertak-
ings from non-EU countries not subject to Articles 19a and
29a of Directive 2013/34/EU:
For non-financial undertakings: MNOK 379,062
For financial undertakings: MNOK 92,784

Value of exposures to financial and non-financial undertak-
ings subject to Articles 19a and 29a of Directive 2013/34/
EU:
For non-financial undertakings: MNOK 155,787
For financial undertakings: MNOK 0

Value of exposures to other counterparties and assets:
MNOK 0

Value of all the investments that are funding economic activi-
ties that are not taxonomy-eligible:
MNOK 933,215

Value of all the investments that are funding Taxonomy-eligi-
ble economic activities, but not Taxonomy-aligned:
MNOK 60,703

The proportion of Taxonomy-aligned exposures
to financial and non-financial undertakings
subject to Articles 19a and 29a of Directive
2013/34/EU over total assets covered by the
KPI:
For non-financial undertakings:
Turnover-based: 3.47 %
Capital expenditures-based: 3.52 %

Value of Taxonomy-aligned exposures to financial and
non-financial undertakings subject to Articles 19a and 29a of
Directive 2013/34/EU:
For non-financial undertakings:
Turnover-based: MNOK 35,882
Capital expenditures-based: MNOK 36,390

For financial undertakings:
Turnover-based: 0.01 %
Capital expenditures-based: 0.04 %

For financial undertakings:
Turnover-based: MNOK 91
Capital expenditures-based: MNOK 457

The proportion of Taxonomy-aligned exposures
to other counterparties and assets over total
assets covered by the KPI:
Turnover-based: 0 %
Capital expenditures-based: 0 %

Value of Taxonomy-aligned exposures to other counterparties
and assets:
Turnover-based: MNOK 0
Capital expenditures-based: MNOK 0

Breakdown of the numerator of the KPI per environmental objective

Taxonomy-aligned activities – provided ‘do-not-significant-harm’(DNSH) and social safeguards positive assessment:

1. Climate change
mitigation

Turnover: 3.54 %
CapEx: 3.48 %

2. Climate change
adaptation

Turnover: 0.02 %
CapEx: 0.03 %

3. The sustainable
use and protection
of water and marine
resources

Turnover: N/A
CapEx: N/A

4. The transition to a
circular economy

Turnover: N/A
CapEx: N/A

5. Pollution preven-
tion and control

Turnover: N/A
CapEx: N/A

6. The protection
and restoration of
biodiversity and eco-
systems

Turnover: N/A
CapEx: N/A

Transitional activities: (Turnover 0.42 %; CapEx 0.12 %)
Enabling activities: (Turnover 0.50 %; CapEx 0.70 %)

Transitional activities: (Turnover 0.62 %; CapEx 0.00 %)
Enabling activities: (Turnover 0.01 %; CapEx 0.02 %)

Enabling activities: N/A

Exposures to central authorities, central banks and
supranational issuers are excluded from the calculation
of the numerator. The denominator includes total
investments globally, with the exception of exposures
to central authorities, central banks and supranational
issuers.

The category ’Financial’ includes companies that are
defined as NACE sector = K. All other investments end up
in the category ’Non-financial’.

We have also assumed that companies required to
report given the Article 19a or 29a do so. The category
”exposures to financial and non-financial undertakings not
subject to Articles 19a and 29a of Directive 2013/34/EU”
contains companies registered in an EEC (EEA) country
that have not reported taxonomy figures, under this
assumption.

The results show the weighted average of the value of
all investments aimed at financing or associated with
taxonomy-eligible economic activities, in relation to the
value of total assets covered by the KPI, with the following
weights for investments in companies:

Based on turnover: 3.53 per cent (with a value of MNOK
36,430)

Based on capital expenditures: 3.65 per cent (with a value
of MNOK 37,669)

In addition, we see that 90 per cent of the value of all
investments are not covered by the taxonomy in this
year’s reporting, which has changed significantly from
2022 when we reported that only 0.01 per cent of our
investments were covered by the taxonomy (which means
that 99.9 per cent of our investments were not covered
in 2022). This shows that several companies have been
covered by and are reporting on the taxonomy this year.

Data sources
We use third-party data providers to collect taxonomy
figures for listed equities and bonds as we have an
investment universe of more than 4,700 companies, which
makes it almost impossible to obtain the information
directly from the companies.

Data from various sources is used to calculate taxonomy
figures for various asset classes in our asset management.

• For listed equities and bond investments, reported

data from the companies is used, which is obtained via
Sustainalytics. We have compared most of the data
providers and evaluated them carefully before choosing
to work with Sustainalytics.

• For real estate investments, Celsia is used to calculate

base figures for taxonomy aggregation.

• For infrastructure, detailed reported figures from the

operators are used.

Banking

0. Summary of KPIs to be disclosed by credit institutions under Article 8 Taxonomy Regulation

Total
environmentally
sustainable
assets

KPI****

KPI*****

% coverage
(over total
assets)***

% of assets
excluded from
the numerator
of the GAR
(Article 7(2)
and (3) and
Section 1.1.2.
of Annex V)

% of assets
excluded from
the denom-
inator of the
GAR (Article
7(1) and
Section 1.2.4
of Annex V)

Main KPI Green asset ratio (GAR) stock

7.2 %

99.6 %

1.7 %

0.4 %

Total
environmentally
sustainable
activities

6.3 %

KPI

% of assets
excluded from
the numerator
of the GAR
(Article 7(2)
and (3) and
Section 1.1.2.
of Annex V)

% of assets
excluded from
the denom-
inator of the
GAR (Article
7(1) and
Section 1.2.4
of Annex V)

% coverage
(over total
assets)

99.2 %

1.7 %

0.4 %

Additional KPIs GAR (flow)

Trading book*

Financial guarantees

Assets under management

Fees and commissions
income**

* For credit institutions that do not meet the conditions of Article 94(1) of the CRR or the conditions set out in Article 325a(1) of the CRR
**Fees and commissions income from services other than lending and AuM
Instutitons shall dislcose forwardlooking information for this KPIs, including information in terms of targets, together with relevant explanations on the methodology applied.
*** % of assets covered by the KPI over banks´ total assets
****based on the Turnover KPI of the counterparty
*****based on the CapEx KPI of the counterparty, except for lending activities where for general lending Turnover KPI is used
Note 1: Across the reporting templates: cells shaded in black should not be reported.
Note 2: Fees and Commissions (sheet 6) and Trading Book (sheet 7) KPIs shall only apply starting 2026. SMEs´inclusion in these KPI will only apply subject to a positive result
of an impact assessment.

Currency: NOK

Disclosure reference date 12.31.2023

Climate Change Mitigation (CCM)

Of which towards taxonomy relevant sectors
(Taxonomy-eligible)

Of which environmentally sustainable
(Taxonomy-aligned)

Of which
Use of
Proceeds

Of which
transi-
tional

Of which
enabling

Million

GAR - Covered assets in both numerator and denominator

Financial undertakings

Credit institutions

Loans and advances

Debt securities, including UoP

Equity instruments

Other financial corporations

of which investment firms

Loans and advances

Debt securities, including UoP

Equity instruments

of which management companies

Loans and advances

Debt securities, including UoP

Equity instruments

of which insurance undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Total
[gross]
carrying
amount

7,830

1,009

6,776

1,044

Debt securities, including UoP

1,044

100

Equity instruments

Households

76,658

of which loans collateralised by residential immovable
property

76,252

6,244

of which building renovation loans

of which motor vehicle loans

Million

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential
and commercial immovable properties

Assets excluded from the numerator for GAR calculation
(covered in the denominator)

Financial and Non-financial undertakings

SMEs and NFCs (other than SMEs) not subject to NFRD
disclosure obligations

Loans and advances

of which loans collateralised by commercial immova-
ble property

of which building renovation loans

Debt securities

Equity instruments

Non-EU country counterparties not subject to NFRD disclo-
sure obligations

Loans and advances

Debt securities

Equity instruments

Derivatives

On demand interbank loans

Cash and cash-related assets

Other categories of assets (e.g. Goodwill, commodities
etc.)

Currency: NOK

Disclosure reference date 12.31.2023

Climate Change Mitigation (CCM)

Of which towards taxonomy relevant sectors
(Taxonomy-eligible)

Of which environmentally sustainable
(Taxonomy-aligned)

Total
[gross]
carrying
amount

Of which
Use of
Proceeds

Of which
transi-
tional

Of which
enabling

1,443

1,275

129

1,147

Total GAR assets

86,975

Currency: NOK

Disclosure reference date 12.31.2023

Climate Change Mitigation (CCM)

Of which towards taxonomy relevant sectors
(Taxonomy-eligible)

Of which environmentally sustainable
(Taxonomy-aligned)

Of which
Use of
Proceeds

Of which
transi-
tional

Of which
enabling

Million

Assets not covered for GAR calculation

Central governments and Supranational issuers

Central banks exposure

Trading book

Total assets

Off-balance sheet exposures - Undertakings subject to
NFRD disclosure obligations

Financial guarantees

Assets under management

Of which debt securities

Of which equity instruments

Total
[gross]
carrying
amount

308

301

87,283

2. GAR sector information

[Gross] carrying amount

Million

Currency: NOK

Climate Change Mitigation (CCM)

Non-Financial corporates
(Subject to NFRD)

SMEs and other NFC not
subject to NFRD

Of which
environmental-
ly sustainable
(CCM)

L.68.2.0.2 - Rental and operating of own or leased real estate, other

100

Climate Change Mitigation (CCM)

Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-aligned)

Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)

Of which
Use of
Proceeds

Of which
transitional

Of which
enabling

Proportion
of total
assets
covered

98.3 %

9.0 %

1.2 %

7.8 %

0.1 %

1.2 %

% (compared to total covered assets in the
denominator)

GAR - Covered assets in both numerator and
denominator

Loans and advances, debt securities and equity instru-
ments not HfT eligible for GAR calculation

87.8 %

Financial undertakings

Credit institutions

Loans and advances

Debt securities, including UoP

Equity instruments

Other financial corporations

of which investment firms

Loans and advances

Debt securities, including UoP

Equity instruments

of which management companies

Loans and advances

Debt securities, including UoP

Equity instruments

of which insurance undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

0.1 %

0 %

% (compared to total covered assets in the
denominator)

Households

Climate Change Mitigation (CCM)

Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-aligned)

Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)

Of which
Use of
Proceeds

Of which
transitional

Of which
enabling

of which loans collateralised by residential im-
movable property

87.7 %

7.2 %

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residen-
tial and commercial immovable properties

Total GAR assets

87.8 %

4. GAR KPI flow

Proportion
of total
assets
covered

88.1 %

87.7 %

Climate Change Mitigation (CCM)

Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)

Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)

Of which
Use of
Proceeds

Of which
transitional

Of which
enabling

% (compared to total covered assets in the
denominator)

GAR - Covered assets in both numerator and denominator

Loans and advances, debt securities and equity instruments
not HfT eligible for GAR calculation

80.7 %

Financial undertakings

Credit institutions

Loans and advances

Debt securities, including UoP

Equity instruments

Other financial corporations

of which investment firms

Loans and advances

Debt securities, including UoP

Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-eligible)

Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)

Of which
Use of
Proceeds

Of which
transitional

Of which
enabling

4. GAR KPI flow

% (compared to total covered assets in the
denominator)

Equity instruments

of which management companies

Loans and advances

Debt securities, including UoP

Equity instruments

of which insurance undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Non-financial undertakings

Loans and advances

Debt securities, including UoP

Equity instruments

Households

of which loans collateralised by residential immovable
property

80.7 %

6.3 %

of which building renovation loans

of which motor vehicle loans

Local governments financing

Housing financing

Other local government financing

Collateral obtained by taking possession: residential and
commercial immovable properties

Total GAR assets

80.7 %

In the calculation of what is covered by the taxonomy
within the bank’s exposure, we have chosen not to include
unsecured credits 38) in the assessment of taxonomy
eligible and taxonomy aligned, but these are included in
the total balance.

The 2023 reporting includes a new assessment of
the entire balance, which has led to a reduction in the
proportion covered by the taxonomy. This is because
we have included all the elements on the balance sheet,
including ”loans and advances”, ”debt securities” and
”equities” for both financial and non-financial companies.
Due to the lack of taxonomy data for these other assets,
we have reported that most of them are not covered by the
taxonomy, nor taxonomy aligned. We will in 2024 work to
improve this part of the reporting.

It is worth noting that the calculation linked to ”flow” is
more uncertain due to data quality and limited access to
data.

We are continuously working to improve data quality and
access to data going forward.

The Green Asset Ratio (GAR) represents the total
proportion of taxonomy aligned activities, and constitutes
7.18 per cent of the total balance. Of this year’s new loans,
which are referred to as ”flow” in the EU taxonomy, this
amounts to 6.26 per cent.

Assessment of taxonomy aligned activities
The report on activities aligned with the taxonomy
includes lending to the housing categories apartment,
detached house, semi-detached house and townhouse,
for buildings that were built before 2020. The limitation is
due to a lack of data and ongoing development regarding
the adopted Norwegian threshold values for significant
contribution.

Requirements before and after 2020:
• The taxonomy has different technical requirements for
buildings built before versus after 31 December 2020.

• Buildings built before 2020:

– Substantial contribution refers to the top 15 per cent

of the building stock to qualify for the substantial
contribution criterion.

– NVE, commissioned by OED, surveyed the Norwegian

building stock and came up with a proposal on
threshold values for different housing types.

– The proposal roughly includes homes with energy

rating A, B and some with C.

– It has not been finally decided whether the proposal

will be adopted by KDD/OED or whether it will be sent
for consultation.

– Finance Norway’s position is that it should be sent for

consultation.

– In the absence of agreed values, Storebrand

has received an assessment from a third party,
Eiendomsverdi, about what qualifies as top 15 per
cent.

– This is used for our reporting on taxonomy-aligned

economic activity for the 2023 reporting, and we will
follow developments in terms of adopted thresholds
for future reporting.

• Buildings built after 2020:

– Substantial contribution refers to the national
interpretation of ”Nearly Zero Energy Building”.

– In Norway, a guide was published in 2023 to assess

this, with a correction for the assessment of detached
houses at the beginning of 2024.

– Although it is positive that the guide is available,
buildings built after 2020 are excluded from
taxonomy-aligned reporting due to missing data for
the remaining criteria to avoid significant damage
(DNSH criteria).

– In 2024, focus will be directed at obtaining more
information related to the DNSH criteria for these
homes.

Methodology from Eiendomsverdi
In the absence of NVE’s proposal being adopted as
threshold values for the top 15 per cent of the building
stock, Storebrand has chosen to use its own calculated
values from Eiendomsverdi. Their energy calculation
model is based on NS3031:2014 for calculating the
energy performance of buildings. The calculation is
monthly stationary, in the same way Enova uses for homes.
The model has several adjustment options, but requires a
minimum of information on location (municipality), year of
construction, housing type and area in order to estimate
energy consumption.

38) Credit cards and consumer loans.

Storebrand’s largest impact on climate change originates
from financed emissions through our investments.
Because we are a significant owner and manager of assets
with global positions, we see climate change as one of
the areas where we can indirectly contribute positively
or negatively to society. To reduce the negative impact
on climate change, we have defined science-based and
verified targets for our investments.

We are exposed to physical and transition risks through
our investments, as these risks can affect the fundamental
value of our investee companies. The risk may be
somewhat mitigated through our science-based targets.
Market risk associated with over- or underinvestment
relative to market expectations has also been identified.

In non-life insurance, we may be affected financially due
to potential increase in claims settlements as a result
of climate change. However, this risk can be mitigated
by adjusting insurance contracts over time, since such
climate changes are more relevant in the long term. The
risks associated with the operation of our own offices and
banking activities are mainly related to reputational risks.

This chapter describes the following areas: Climate and
environmental strategy, Carbon accounting summary, and
Climate risks and opportunities.

Why
We want to reduce negative impacts on climate from our
own operations, products and services. We have clear
expectations towards companies we invest in and our
suppliers and partners in all business areas.

Storebrand can have a relatively significant effect on
climate, particularly through our investments. Climate
change has the potential to affect Storebrand’s ability to
provide long-term returns for our investors and customers,
for example due to exposure to physical risk and transition
risk in asset management. The Banking and Insurance
business areas may also be negatively affected, through
higher insurance payments and increased frequency of
claims settlements as a result of climate change and more
extreme weather.

Our strategy
Our pension, savings and investment services are powerful
tools to meet key challenges needed to help realise the
UN Sustainable Development Goals. As a significant
asset owner, insurance provider and asset manager, we
also see that climate change can have a material impact
on Storebrand. Our investment portfolios may contribute
to the transition to a low-carbon society. Read more
about this in the chapter ”A driving force for sustainable
investments”.

Storebrand’s ambition is to contribute to achieving the
Paris Agreement and a maximum temperature increase
of 1.5°C. We will not use carbon offsets as a means
to achieve our climate targets, but as an instrument to
support the transition to a low-carbon society. We believe
that carbon offsets are an important tool for putting a price
on carbon and stimulating innovation and investments in
green technology.

Our operations should contribute to accelerating the
transition to a low-carbon society. Climate change poses
a major risk to the world and our business. At the same
time, the green transition presents major business
opportunities, and successful management of climate
change will require substantial investments. We will
be a driving force for ambitious climate targets within
investments, as well as climate adaptation measures in
line with good loss prevention insurance activities.

Storebrand shall prepare a climate transition plan for
the Group as a whole, including the subsidiaries within
asset management, banking and insurance during 2024.
The plans will further specify how our businesses will
contribute to reducing emissions in line with the Paris
Agreement.

In the Group strategy for sustainability from 2023,
Storebrand stated the ambition to contribute to
implementing the Kunming-Montreal Global Biodiversity
Framework (GBF). As an asset owner, asset manager
and pension- and insurance provider, changes in natural
ecosystems may have a major impact on our operations.
Storebrand will be a leading player towards governments
and businesses to ensure that the global targets from the
GBF are transformed into national and company-specific
targets, regulations that ensure access to data on nature
and biodiversity, and frameworks that enables better
nature risk reporting. As an investor, Storebrand aims to
be a leading player in the field and secure investments that
may halt the loss of nature and biodiversity.39) Storebrand
shall consider nature-related risks in our insurance
activities.

Own operations
We have set a target to reduce greenhouse gas emissions
by 7.6 per cent per year from the 2019 level in our
own operations, in line with the 1.5°C target and the
conclusions of the UN Emissions Gap report 2019. To
reduce emissions, we are working to become more energy
efficient, reduce waste generation, increase proportion
of recycled waste, and reduce our carbon footprint from
business travel and commuting. We have the following
science-based targets for our own operations, which were
published in January 2023 and verified by the Science
Based Targets Initiative in December 2022:

1. Storebrand commits to reduce absolute emissions
(scope 1-2) by 52 per cent by 2030, with 2018 as
the base year

2. Storebrand commits to continue with annual

purchase of 100 per cent renewable electricity until
2030 40)

Investments
We have committed to investment portfolios with net-zero
greenhouse gas emissions by 2050. In order to realise the
overall goal, several sub-targets have been established:

• Reduce the carbon footprint 41) of Storebrand’s total

investments in equities, corporate bonds and real estate
by 32 per cent by 2025 (base year 2018)

• 15 per cent of AuM invested in ”solutions 42) ” by 2025
• Dialogue with and special attention to the 20 largest

emitters in our company portfolio

We also have the following science-based targets for our
investments. The portfolio targets cover 89 per cent of our
total investments and lending activities measured in AUM
per 12/31/2023.

39) For more details about our work with nature in our investments, see the chapter “A driving force for sustainable investments”.
40) We have used a location-based method for our scope 1-2 emission targets for our own operations, but also included a market-based target for the procurement of renewable
electricity.
41) Calculated as Weighted Average Carbon Intensity.
42) Solutions are defined as shares in solution companies, green bonds, green real estate and green infrastructure.

100

(based on invested funds) should have set validated
science-based targets (SBTi) by 2027

• Reduce scope 1-2 emissions from real estate

investments by 64 per cent (per square metre) for
residential buildings and 71 per cent for commercial
buildings by 2030 (against base year 2019 43))

Our approach
Own operations
We have a Group-wide climate strategy with requirements
for ourselves and our suppliers, as well as specific
targets to reduce our carbon footprint.44) We apply the
precautionary principle when it comes to environmental
management. Since 2009, Storebrand has been Eco-
Lighthouse certified, and we publish developments in our
environmental and climate efforts annually. Since 2008,
we have compensated for greenhouse gas emissions
from own operations. Storebrand purchases electricity
from renewable energy sources with guarantees of origin
and ensures that the power production takes place in the
same countries as the electricity consumption. We seek to
purchase guarantees of origin for renewable energy from
power plants with the least possible impact on nature and
the environment during establishment and operations, and
advocate available documentation from power producers.
For 2023, we purchased, among other, guarantees of
origin 45) through Becour for hydropower from the power
plants Øvre Forsland (225 MWh) and Sjona (2,269 MWh).

There is a Group unit, as well as a cross-functional
working group with representatives from operations,
real-estate and sustainability who follow up targets on
energy and water consumption, waste production and
recycling in the office premises to ensure that we reach the
emission goals. The group meets quarterly and agrees on
improvement measures.

In 2023, we focused on reducing energy consumption at
the head office at Lysaker through the following measures:

• Improve control of water volumes and energy

consumption.

• Expanded use of refrigerators for surplus food.

– Storebrand Grab & Go was launched in 2022 to

reduce food waste. Employees may put surplus food
from internal events or meetings in refrigerators for the
enjoyment of other colleagues or departments, rather
than throwing it away.

• Reduced energy consumption in periods when the office

has lower activity (e.g. holidays).

We also arranged an internal clothes swap day where
employees brought their own clothes to exchange at our
head office in Lysaker. The aim was to raise awareness of
clothing consumption, help increase the level of reuse and
motivate employees to take measures that can reduce
their own climate footprint.

In 2023, we held an internal sustainability day, focusing
on internal knowledge sharing about the opportunities
within sustainable investments and sustainable cafeteria
operations.

SPP works purposefully with internal measures to
mobilize the organisation. They meet once a week to
discuss measures towards specific targets. In the cafeteria,
they serve the daily ”most climate-smart dish”. Efforts
are also being made to share information with employees
about how they can reduce food waste.

In 2023, the number of flights in the Group increased
and we exceeded the target level in CO2 emissions from
air travel. We are now roughly back to the same level as
in 2019, before the pandemic. During this period, we
have increased the number of employees from 1,742
to 2,308 and have increased our presence in markets
outside Norway and Sweden. We are working diligently
on measures to reverse this trend, including new business
travel guidelines and assessing updated internal carbon
prices.

Employees are encouraged to consider the need for travel
and use public transport for essential journeys. The Group
has an internal carbon tax on flights. The cost is charged
to the employee’s department. The carbon tax is used to
purchase carbon credits and to support climate actions
in our own operations to reduce future emissions. Our
managers get insight into their department’s travel habits
in a digital report. The report was further developed in
2023 to provide us with increased insight into the drivers
behind air travels and implement mitigative measures.

In 2022, Storebrand ordered the planting of 30,000
mangrove trees for 2023. We have also purchased CO2-
removal certificates from the Norwegian start-up company
“Inherit Carbon Solutions”. Inherit is developing a new
method for removing CO2 emissions from the atmosphere
by capturing and storing CO2 generated by biogas
production from food waste and sewage. The emissions
captured by Inherit will be stored in the Northern Lights
CO2 storage project in 2024. In 2023, Storebrand
entered an agreement with Klimate, a supplier of carbon
offset projects. Klimate helps its customers choose
high-quality projects by analysing, among other things,
the permanence, added value, certification standards
and verification procedures for carbon removal projects.
Storebrand wants to choose projects that are reliable and
credible, and has chosen a portfolio composed of projects
within carbon capture (1.7 %), improved weathering (6
%), biochar (15 %) and reforestation/conservation (77.3
%).

In 2022, “Shift to Nature” was started as a project initiated
by Storebrand through the Norwegian network Skift. Since
then, nature has been integrated into Skift’s strategic

43) Market-based methodology is used, but the priority will be to decarbonise managed properties through direct measures for energy reduction and on-site renewable energy genera-
tion, and finally to procure renewable energy in the market.
44) Storebrands climate strategy: Climate & Environmental Strategy
45) Link to website with certificate: Storebrand Renewable Energy Consumption - Guarantee of Origin 2023

101

Together with the Skift network, Storebrand contributed
to creating a practical guide for greener real estate
management, that propose five ”menus” with specific
measures 46). As a continuation, Storebrand participated
in a working group in 2023, together with Deloitte, Skift
and WWF. The work included dialogue with Standard
Norway, which is preparing a guide to stimulate increased
biodiversity in the management of green spaces. Nature
Accelerator Programme, a knowledge programme on
nature, was also launched for Skift’s members, in which
Storebrand participated. The purpose was to provide
knowledge about new developments in the field of nature
and biodiversity, as well as participate in discussions
on how nature can be integrated to a greater extent in
businesses. The “Shift to Nature” project has evolved from
a local focus, with specific measures on own properties,
to lifting companies’ work with nature at a more strategic
level related to reporting and delivering on the UN’s Global
Diversity Framework.

Investments
Storebrand has a separate climate policy for investments
describing how we plan to reach net zero greenhouse gas
emissions by 2050. We expect companies to address the
impact their operations have on climate, both in terms of
risks and opportunities. Read more about how we work
with climate-related impact in our investments in the
chapter ”A driving force for sustainable investments”.

Our expectations are for all companies in our portfolios,
with enhanced focus on companies with the most
significant emissions across scope 1-3, as well as
companies we believe pose the highest climate risk to our
portfolios. As biodiversity and nature are closely linked
to climate change, we have specific expectations towards
companies in sectors such as agriculture. The following
main principles form the basis for our work with portfolio
companies:

• Investment decisions shall be made in accordance with

scientific consensus

• Reorientation of capital towards low-carbon, climate-

resilient and transition fit companies

• Avoid investments that contribute significantly to climate

change

At Storebrand, we are planning several internal measures
for 2024, including:

• Use position as an active owner to stimulate ambitious

climate targets at portfolio companies

• Measures to reduce emissions from business travel
• Increase recycling of paper cups used by employees
• Measures to promote biodiversity on our own property
• Digitization initiatives that allow us to reduce the amount

of paper letters to customers by 15 per cent (2023
baseline)

• Strengthen internal training

On our website and below, you can learn how we work
with responsible procurement 47).

• Make it easy for customers to understand how they can

contribute to a low-carbon society

The climate policy for investments can be found in its
entirety here.

Other relevant policies are further described on page 63.

46) https://www.skiftnorge.no/en/our-work/projects
47) https://www.storebrand.no/en/sustainability/sustainable-operations/sustainable-procurement

102

Base
year

Emissions
in base
year

2023

%
change
from
previous
year

Milestones and
target years

Additional information

2025

2030

Comment

2018

1.4

0.4

- 50 %

0.7

Scope 1 GHG emissions

Gross Scope 1 GHG emissions
(tCO2eq)

Percentage of Scope 1 GHG emis-
sions from regulated emissions trading
schemes (%)

Scope 2 GHG emissions

Gross location-based Scope 2
GHG emissions (tCO2eq)

Gross market-based Scope 2
GHG emissions (tCO2eq)

Scope 3 GHG emissions

Total Gross indirect (Scope 3)
GHG emissions (tCO2eq)

1. Purchased goods and services

1.1 Cloud computing and data centre
services

2. Capital goods

3. Fuel and energy-related Activities (not
included in Scope 1 or Scope 2)

4. Upstream transportation and
distribution

2018

201

135

+ 3 %

35.2

+ 7 %

2,594,235

- 11 %

5. Waste generated in operations

2019

32.5

22.8

0 %

6. Business traveling

2019

1,307

1,009.4

+ 61 %

7. Employee commuting

8. Upstream and leased assets

103

Storebrand sold its only diesel car
in May 2023 and has since only had
electric cars.

Storebrand is not covered by
regulated emissions trading.

Storebrand has committed to
purchase 100 per cent renewable
electricity by 2030.

We have different targets and base
years for our scope 3 emissions, see
rows below.

The category is not considered
significant in relation to total
emissions for the Group, but is
significant within non-life insurance.
Therefore, work is now underway
to prepare a climate and material
account through suppliers in the
claims settlement. This will be
reported in the future.

The category is not considered
significant in relation to total
emissions.

The category is not considered
significant in relation to total
emissions

The category is not relevant.

13.7

548.7

See page 101 for an explanation
of the status and work on waste
and flights. Our goal is to reduce
emissions in our own operations by
7.6 per cent per year from 2019 to
2030.

The category is not considered
significant in relation to total
emissions.

The category is not relevant.

Emissions
in base
year

2023

%
change
from
previous
year

Milestones and
target years

Additional information

2025

2030

Comment

9. Downstream transportation

10. Processing of sold products

11. Use of sold products

12. End-of-life treatment of sold
products

13. Downstream leased assets

14. Franchises

15. Investments

The category is not relevant.

2,593 202

- 11 %

15.1 Equity investments

2018

3,715 142

2,299 432

- 8 %

15.2 Corporate bond investments

2018

635,163

264 822

- 32 %

15.3 Real estate investments
(location-based)

15.3.1 Real estate investments
(market-based)

Total GHG emissions

Total GHG emissions (location-based)
(tCO2eq)

Total GHG emissions (market-based)
(tCO2eq)

2019

25 843

28,948

+ 22 %

2019

47 843

68,620

+ 25 %

2,594 370

- 11 %

2,633 942

- 10 %

Includes Scope 1-2 for our
investments in equities, bonds and
real estate.

See our reporting on our climate
targets for investments on
page 109-110.

104

Physical climate change and the transition to a low-
emission society represent both risks and opportunities.
Storebrand assesses climate risk both for the value chain,
especially customers, and for its own business. The risk is
assessed in the same framework as other business risks.
The overall risk, including climate risk, is summarised in
a risk analysis which is processed by Group management
and the Board at least annually. The risk process is
described in more detail in the chapter ”Risk”. The
assessments provide a basis for analysing which measures
should be taken to reduce the risk or realise opportunities.

We have used the recommendations of the Task Force
on Climate-Related Financial Disclosures (TCFD) as a
framework. Our TCFD index can be found on page 165.

Scenario analyses
Historical events have limited relevance for assessing
climate risk, and we therefore need to assess risks linked
to different scenarios. Storebrand uses three different
climate risk scenarios: One in which the transition to low
emissions is rapid, so that the goal of limiting warming

to 1.5 degrees is reached, one scenario in which the
transition comes later, but warming is still limited to
approximately 2 degrees and one scenario where
emissions continue to be high, and warming is 3 degrees
or more. The scenarios are based on the Network for
Greening the Financial System (NGFS), which has been
established by central banks and supervisory authorities.

Stress test transition risk
Transition risk will have both positive and negative effects
on various companies and other actors. In all transition, the
negative effects will typically come first, even though the
positive effects may become at least as great over time.
The stress test is based on the Rapid Transition scenario.

To quantify the risk from a rapid transition to zero
emissions, Storebrand has defined a stress test that
includes investments in fossil fuel companies,48) climate-
related solutions companies 49) and real estate. Fossil
fuel companies are stressed -50 per cent, while solutions
companies are stressed +10 per cent. Real estate is
stressed -5 per cent.

A: Rapid
transition
The scenario is based on the
“Divergent Net Zero” scenario.

Climate policy is significantly
changed and technology
development is rapid. The scenario
is ambitious, and the goal of zero
emissions by 2050 is achieved.
There is at least a 50 per cent
probability that global warming will
be limited to less than 1.5 degrees.

The costs associated with the
transition will be significant,
especially for consumers, which is
exacerbated by limited coordination
between countries and sectors. The
use of oil for transport is phased out
very quickly, while the decline in the
fossil fuel share for energy supply
and industry is more variable. The
scenario assumes modest use of
carbon capture and storage.

B: Delayed
transition
The scenario is based on the
“Delayed Transition” scenario.

Lack of new restrictions means
that economic growth will be
fossil-fuelled. CO2 emissions grow
until 2030. After that, policies are
tightened considerably, including
a large increase in CO2 prices.
This results in a rapid decline in
emissions after 2030, down to zero
in 2050.

The overall decline in emissions
will be large enough that there
is a 67 per cent probability that
global warming will remain below 2
degrees.

C: Current
policies
The scenario is based on the
“Current Policies” scenario.

Limited understanding of the crisis
and short-term political priorities
mean that future stricter measures
will not be implemented to any great
extent. Measures introduced to limit
emissions are continued.

Emissions will grow until 2080.
Global warming is expected to
be around 3 degrees, but with a
significant risk of an even greater
increase. This will lead to major
physical climate changes that are
irreversible.

48) Investing companies that have fossil exposure. Key figures are linked to PAI. 1.4 of the SFDR regulations.
49) Investments in companies within renewable energy and green bonds.

105

Equities/Bonds/Real Estate

Share
of total
portfolio

Contribution
to total
return

Stress

4.3 %

- 2.15 % - 50 %

6 %

6.7 %

+ 0.6 % +10 %

- 0.34 %

- 5 %

- 1.9 %

Fossil fuel
companies

Climate-related
solutions companies

Real estate

SUM

As Storebrand has taken specific measures to reduce
exposure to the fossil fuel sector and increase exposure to
companies that contribute to solving climate challenges,
the stress test shows that the company’s assets are
affected to a limited extent by a potential ”Rapid
Transition”.

Stress test physical climate risk
Physical climate change can have major consequences for
economic growth and thus expected returns in financial
markets. This will also affect Storebrand’s investments and
the consequences are greatest in the “Current policies”
scenario. To quantify the risk from physical climate change,
Storebrand has defined a stress test that includes equities,
bonds and real estate. Equities are stressed -20 per cent,
real estate -10 per cent and bonds -2 per cent.

Stress test physical climate risk scenario current
policies – Storebrand Group

Share of
total
portfolio

Contribution
to total
discarding

Stress

46 %

45 %

6.7 %

2.3 %

-8.8 %

-20 %

-0.9 %

-2 %

-0.7 %

-10 %

0 %

-10.4 %

Stocks

Bonds

Property

Other

SUM

Physical climate change, assuming that the current
policy is continued, is also expected to have major
consequences for the assets Storebrand manages,
and the stress test shows an overall decline in value of
approximately 10 per cent. Physical climate change and
associated market consequences are very long-term. In
practice, the consequence will probably take the form of a
somewhat lower returns over many years, rather than as an
immediate fall in value. But the financial market is pricing
in all new information. An immediate stress test may
therefore make sense, even if the actual consequences
occur far in the future.

Life insurance
The life companies’ operations are little affected by
changes in climate and environment. But the financial
results are affected if climate risk results in a lower return
on investments, including real estate, because the income
depends on the value of the investments.

The life insurance obligations may also change if the
economy and financial markets are affected by climate
risk. The risk can have an impact both in terms of
increased disability and as a cost for the guaranteed
pension obligation.

The oil and gas industry means that the Norwegian
economy may be particularly vulnerable to transition risks.
A rapid transition to low emissions can lead to increased
unemployment in companies in the fossil fuel sector, but
also affect other industries because economic activity is
slowed down. There has historically been a correlation
between economic growth and the level of disability.
A consequence of the transition to low emissions may
therefore be increased claims and a need for increased
reserves for disability for Storebrand Livsforsikring. In the
short term, the risk is greatest in the “Rapid transition”
scenario. But overall, the risk can be greatest in the
“Delayed transition” scenario if the necessary transition is
postponed.

Storebrand Livsforsikring and SPP’s cost of the guaranteed
retirement pension obligation may increase if climate risk
results in lower investment returns over time, especially
if they are lower than the guaranteed return. The risk is
greatest in the scenario “Current policies”.

In periods, the attractiveness of our pension products
may be reduced if the sustainability adaptation of the
portfolio yields a lower return than competitors. The risk
is particularly high in processes with new customers
because historical returns are emphasised. The difference
in returns compared with competitors may be particularly
noticeable for SPP because the portfolios are completely
fossil-free. Given Storebrand’s adaptation, the risk is
greatest in the “Delayed transition” and “Current policies”
scenarios.

Storebrand Livsforsikring and SPP emphasise
sustainability as a differentiating factor for customers.
This creates a risk that customers who do not prioritise
sustainability will prefer other suppliers, especially for
occupational pensions. There is also a risk that Storebrand
Livsforsikring and SPP will lose market shares because
competitors invest more than us in sustainability
adaptation or are more successful in developing and
communicating relevant sustainability criteria. This is a risk
in all scenarios.

Real estate
For real estate investments, Storebrand has a direct
influence on many choices related to investment and
operation. Storebrand can therefore greatly influence
the environmental and climate risk from the real estate
portfolio through the choices we make for the individual
property, both related to how the choices affect the world
around us and Storebrand.

106

For investor customers, the biggest risk is lower
investment returns due to changes in asset value, lower
rental income or higher costs.

Acute physical climate risk is already affecting properties,
also in Scandinavia, although the risk is far lower than in
other parts of the world. The risk is assumed to increase
in the future, especially under the “Current policies”
scenario. Extreme rainfall and flooding stand out as the
single most important factors. Micro-location and property
resilience affect vulnerability to damage, increased
insurance costs and other costs. Chronic physical risks
such as sea level rise are more long-term, but can have
both direct and indirect financial impacts. In the worst
case, property can become unusable and unmarketable.

Transition risk in the form of increased public requirements
and taxes, as well as climate-related market requirements
are most prevalent in the “Rapid Transition” and then the
“Delayed Transition”. Under the “Current policies” and
“Delayed transition” scenarios, there is a risk of weakened
returns in the short or medium term as a result of
overinvestment or too early investment in relation to what
the market values. On the other hand, the value of the
properties may fall if we do not manage potential stranded
assets proactively enough. For example, developments in
EU regulations suggest that commercial property with a
low energy rating may become illegal to rent out as early as
2027.

Our active ownership strategy reduces these risks.
Proactive analysis and implementation of measures will
optimise adaptation to future climate change, regulations
and the 1.5-degree emissions trajectory, both for the
portfolio and individual properties. Ensuring a good energy
rating is key. Sustainability certification (the BREEAM
system or equivalent) gives the properties both a quality
rating and an important basis for improvement plans.
Benchmarking through GRESB (Global Sustainability
Benchmark for Real Assets) provides a corresponding
grade at portfolio and manager level and supports
progress towards a high global standard that reduces
risk. Both frameworks include physical climate risk
and transition risk as part of the overall assessment,
and a high score indicates reduced risk. The share of
certified property is high in relation to the market. When

purchasing a property, the strategy is supported by
analysing the property’s sustainability standard against
the potential costs of bringing it up to a future-oriented
standard. In two rehabilitation projects in the Norwegian
portfolio in 2022-2024, the energy requirement has been
reduced by 60 per cent and the energy rating has been
raised from D to B.

Lower investment returns also affect Storebrand, primarily
through the fact that the Group companies Storebrand
Livsforsikring and SPP Pension & Försäkring have
significant investments in real estate, but also through the
fact that management income is calculated as a share of
market value. In addition, weaker returns than competitors
will affect Storebrand Asset Management’s market
position and future sales/earnings.

Storebrand’s real estate business is aimed at institutional
customers and tenants, who also largely have their own
requirements and preferences for sustainability. There
is a risk of a lack of demand from investors and tenants if
sustainability and climate risk are not adequately taken
into account or do not fulfil market expectations. On the
other hand, Storebrand has high ambitions related to
sustainability, while it is the tenants and property owners
who must pay for sustainability-related investments. If the
tenants or owners have lower requirements/preferences
than Storebrand, it is more difficult to achieve the Group’s
ambitions.

Non-life insurance
Seven of the ten largest natural events since 1980 have
occurred after 2010. The major events are occurring more
frequently and there is a steady increase in rainfall and
frost damage. Water ingress into buildings is the damage
that leads to the highest payouts in the insurance industry.
Climate change will cause a greater and more frequent risk
of floods, extreme rainfall, landslides and storm surges.

For customers, climate and nature risks mean an increased
risk of more extensive damage to their valuables (property,
household goods, car, etc.). In the short term, the risk is
prevalent in all scenarios, but will increase over time in
the “Delayed transition” scenario and even more so in the
“Current policies” scenario. It is important for customers
that the insurance products they have purchased cover
damage that may result from climate change and that they
receive advice on loss prevention and information on how
to protect their valuables. Customers must also be able to
be confident that the insurance company can deliver good
and quick claims settlement if their assets are affected by
climate- and nature-related damage, especially in cases
where a large geographical area/many objects are affected
at the same time.

Customers also face the risk that insuring their home will
be very expensive if the property is located in an area that
is particularly vulnerable to climate and nature-related
damage. The Norwegian natural perils insurance scheme,
in which all insurance companies are obliged to participate
in the Natural Perils Pool, helps to reduce the risk. Natural
disasters covered by the pool include storms, landslides,
floods, storm surges, earthquakes, volcanic eruptions,
meteorite impacts and tidal waves. Water damage and

107

combination with structural changes (car manufacturers
taking a greater role in the value chain), will in the longer
term reduce the market for car insurance. There is also a
risk of lost opportunities or late sustainability adaptation
if we are too late in launching or adapting products and
cover to meet changing customer needs as a result of
climate change.

We set strict environmental and climate requirements for
our suppliers. We have required our suppliers/partners
in both property and motor to do more repairs, set
requirements for waste management and recycling, and
requirements to use more used quality parts. Storebrand
focuses on making repairs more environmentally friendly
by using remanufactured spare parts to repair damage. For
property, we are working actively to limit the damage and
consider spot repairs rather than replacing larger areas.
There is also a focus on reusing dismantled materials such
as mouldings. Sophisticated drying methods are used to
minimise drying time. Our partners are required to use
as many environmentally certified building materials as
possible. The circular economy in claims settlement can
help reduce overconsumption and minimise natural risks
through reduced use of raw materials, waste and reduced
greenhouse gas emissions.

In principle, Storebrand can increase the insurance
premium when more extreme weather results in more
expensive insurance claims. In practice, it is difficult to
adapt the premium to rapid climate and weather changes.
2023 was an extreme year compared with previous
years, but it is uncertain what the new normal will be.
There is competition between the insurance companies,
so increased premiums can lead to customers switching
insurance providers. Storebrand is therefore dependent
on other insurers also recognising the increased scope of
natural perils. The natural perils pool has a risk-reducing
effect in the short term, but may contribute to necessary
premium increases not being realised because the
negative effect on the companies’ results is delayed. In
the short term, there is a risk of mispricing in all scenarios,
but the risk will increase over time in the “Delayed
transition” scenario and even more so in the “Current
policies” scenario.

Although physical risk is the most significant for non-
life insurance, transition risk may also arise in the event
of a decline in demand for our products. One example
could be a change in the travel insurance market, with
customers travelling less and shorter distances, so
that their insurance needs change and they want travel
insurance that covers Norway or the Nordic region. The
risk is greatest in the “Rapid transition” scenario. Measures
will then be to offer a variant of travel insurance that is
limited to a geographical area, and this will probably result
in lower premium income. Another example is that fewer
people want or need to own their own car. Measures to
curb climate change may accelerate this trend. Cars will
then to a greater extent be owned collectively, and this will
change the market from a retail market to a large corporate
market. Increased use of car sharing of privately owned
cars will also result in changing insurance needs. This, in

Banking
Storebrand Bank is a retail bank with daily banking
services, deposit and lending products. For small and
medium-sized enterprises, the bank does not offer
lending/credit products. The bank thus has no direct
exposure to companies in the fossil sector, to energy-
intensive companies or companies with directly or
indirectly high greenhouse gas emissions. The bank’s
lending is essentially household mortgages.

Storebrand Bank’s activities can have a significant climate
impact if Storebrand contributes to the financing of homes
that are not environmentally sustainable, resulting in
greater demand for such properties. The bank will then
contribute to greater spending on homes with higher
energy consumption and higher emissions.

The EU Buildings Directive on housing is a legislation that
aims to improve energy efficiency and reduce greenhouse
gas emissions from the building sector as part of the
”European Green Deal”. The directive provides minimum
requirements for energy classes. It requires all commercial
or public buildings to reach at least Class F by 2027 and
Class E by 2030, and all residential buildings to reach at
least Class F by 2030 and Class E by 2033. Buildings that
do not meet these standards cannot be sold or rented out.
The customer has a climate-related transition risk linked
to the development of the value of the home as a result of
the directive and as a result of high energy prices. Homes
with poor energy labels may have reduced marketability,
require significant and costly upgrades and have high
energy costs. The value of these homes may then fall,
and running costs may be higher than for other homes. In
the short term, the risk of a fall in value is greatest in the
“Rapid transition” scenario.

The EU’s building directive also poses a transition risk for
Storebrand’s results because homes with poor energy
labelling can contribute to both an increased loss rate
given default and an increased probability of default. Risk
mitigation measures include Storebrand Bank’s updating
of the year of construction and technical standard, as
well as the energy class, of the security properties in the
portfolio.

The bank’s physical climate risk is assessed in relation
to how exposed homes are to various natural events
such as torrential rain, landslides, quicksand, floods,
storm surges. The bank is significantly affected by how
exposed the properties are to such hazards now and in the
future. Storebrand collects information on all mortgaged
properties on how exposed they are to such physical risks
through Eiendomsverdi.

108

Categories and metrics

2018

2019

2020

2021

2022

2023

2024

2025

2030

Greenhouse gas (GHG) emissions from own operations

Results

Targets

GHG emissions from own
operations, scope 1-3: tonnes
CO2e / tonnes CO2e per FTE

Tonnes CO2e-emissions per
employee due to air travel
(Scope 3) 51)

1,444 / 0.9 1,519/ 0.92

477 / 0.28

320 / 0.18

787 / 0.39

1,170

N/A

N/A50)

0.69

0.67

0.1

0.07

0.29

0.42

N/A

Greenhouse gas (GHG) emissions from equity and bond investments

Total GHG emissions from
equity investments: tonnes of
CO2e Scope 1-2

Total GHG emissions from
corporate bond investments:
tonnes of CO2e Scope 1-2

Carbon intensity from
equities and corporate bond
investments: tonnes of CO2e
per NOK 1 million in sales
income

Carbon intensity from equities
investments: tonnes of CO2e
per NOK 1 million in sales
income (against index) 53)

Carbon intensity from corporate
bond investments: tonnes of
CO2e per NOK 1 million in
sales income (against index) 54)

Share of listed equity and
corporate bond portfolio that
has set SBTi-validated targets

3,715,142

3,258,508

3,113,714

2,504,453

2,492,038

2,299,432

N/A

635,163

482,504

616,743

262,922

391,993

264,822

N/A

14.4

12.4

11.3

7.2

N/A

9.8 52)

N/A

17.8 (24.7)

14.4 (21.3)

12.4 (17.3)

12.2 (16.8)

13.3 (17.5)

8.6 (13.7)

N/A

5.5 (8.4)

6.2 (7.6)

6.2 (6.1)

7.6 (6.6)

4.5 (4.2)

3.3 (3.5)

N/A

New

23.4 %

31.4 %

N/A 42 %55)

N/A

Greenhouse gas (GHG) emissions from real estate investments (Norway and Sweden)

GHG emissions direct real
estate investments: tonnes
of CO2e / kg CO2e per m2.
Scope 1-3.

Scope 1 emissions
[kg CO2e/m2]

Scope 2 emissions
[kg CO2e/m2]

Scope 3 emissions
[kg CO2e/m2]

10,818 /
9.96

10,228 /
9.08

8,456 /
7.92

6,803 /
6.01

6,238 /
5.48

6,547 /
5.61

N/A 6.77 56)

N/A

New

0.15

0.08

0.02

0.03

0.06

N/A

New

7.67

6.8

4.96

4.32

4.43

N/A

New

1.26

1.04

1.02

1.12

N/A

50) See reporting on the status of our climate targets for our own operations on the page 103.
51) Emissions related to flights are calculated using emissions per flight distance (leg) through our travel agency’s system.
52) Target to reduce the carbon intensity of Storebrand’s total equity, corporate bond and real estate investments by at least 32 per cent by 2025, with 2018 as the base year. Here we
report results and targets for equities and corporate bonds.
53) Historical figures have been updated due to increased quality and coverage in historical figures by including ESG by master data (Nordic Trustee) as an additional data provider.
54) Historical figures have been updated due to increased quality and coverage in historical figures by including ESG by master data (Nordic Trustee) as an additional data provider.
55) This target is set until 2027: Storebrand ASA undertakes that 42 per cent of the listed share and corporate bond portfolio will set SBTi-validated targets by 2027.
56) Our target is to reduce the carbon intensity of Storebrand’s total investments in equity, corporate bonds and real estate by at least 32 per cent by 2025 (base year in 2018). Here we
report results and targets for real estate investments.

109

2018

2019

2020

2021

2022

2023

2024

2025

2030

Greenhouse gas (GHG) emissions from real estate investments (Norway, Sweden and Denmark)

Results

Targets

GHG emissions direct real
estate investments, residential
buildings: tonnes CO2e
(location-based) / kg CO2e
per m2. Scope 1-2.

GHG emissions direct real
estate investments, residential
buildings: tonnes CO2e
(market-based) / kg CO2e per
m2. Scope 1-2.

Scope 1 emissions
[kg CO2e/m2]

Scope 2 emissions
[kg CO2e/m2]
(location-based)

Scope 2 emissions
[kg CO2e/m2]
(market-based)

GHG emissions direct real
estate investments, commercial
buildings: tonnes CO2e
(location-based) /
kg CO2e per m2. Scope 1-2.

GHG emissions direct real
estate investments, commercial
buildings: tonnes CO2e
(market-based) /
kg CO2e per m2. Scope 1-2.

Scope 1 emissions
[kg CO2e/m2]

Scope 2 emissions
[kg CO2e/m2]
(location-based)

Scope 2 emissions
[kg CO2e/m2]
(market-based)

Climate data: Own operations

Energy consumption, head
offices (kWh per m2)

New

6,976.7 /
23.68

7,052.6 /
23.55

7,222.4 /
23.73

7,427.1 /
21.73

10,789.2 /
23.0957)

N/A

New

7,161.1 /
24.30

7,361.3 /
24.58

7,581.4 /
24.91

8,023.9/
23.48

10,814.0 /
23.15

N/A

N/A 8.75 58)

194.4 /
0.66

198.3 /
0.66

202.3 /
0.66

206.3 /
0.60

307.9 /
0.66

N/A

6,782.3 /
23.02

6,854.3 /
22.89

7,020.1 /
23.06

7,220.8 /
21.13

10,481.3 /
22.44

N/A

6,966.7 /
23.64

7,163.0 /
23.92

7,379.1 /
24.24

7,817.6 /
22.88

10,506.1 /
22.49

N/A

New

18,866.4 /
14.53

18,200.7 /
13.82

16,631.1 /
13.00

16,231.5 /
12.21

18,158.5 /
13.18

N/A

New

40,682.2 /
31.32

45,595.8 /
34.61

41,421.8 /
32.38

47,030.5 /
35.37

57,805.9 /
41.97

N/A

N/A 9.08 59)

485.5 /
0.37

421.5 /
0.32

369.2 /
0.29

388.1 /
0.29

470.7 /
0.34

N/A

New

18,380.9 /
14.15

17,779.2 /
13.50

16,261.9 /
12.71

15,843.4 /
11.91

17,687.8 /
12.84

N/A

New

40,196.7 /
30.95

45,174.3 /
34.29

41,052.6 /
32.09

46,642.4 /
35.08

57,335.2 /
41.63

N/A

151

150

142

139

145

140

148

145

Water consumption, head
offices (total m3 / m3 per m2)

0.29

0.32

6,617 /
0.18

5,326 /
0.16

9,305 /
0.26

9,916 /
0.27

209 /130

203 /123

120 /73

99.7 / 51

110.7 / 60

93.9 / 45

0.31

0.3

198 /
119

190 /
110

Total waste, head offices
(tonnes / kg per FTE)

Share of waste sorted for
recycling, head offices (share of
total waste)

71 %

72 %

71 %

82 %

66 %

71 %

75 %

80 %

57) Significant increase in areas for the Danish portfolio in 2023 compared to previous years. For this portfolio, estimated figures with the same emission factor are used all years from
2019 to 2023. This emission factor is much higher for Denmark than for Norway and Sweden. This leads to a significant increase in both absolute and relative emission figures.
58) The target figure is based on us achieving a 64 per cent reduction in emissions per square meter by 2030 from 2019.
59) The target figure is based on achieving a 71 per cent reduction in emissions per square meter by 2030 from 2019.

110

2018

2019

2020

2021

2022

2023

2024

2025

2030

Climate data: Direct real estate investments (Norway and Sweden)

Results

Targets

Energy intensity direct real
estate investments (kWh/m2)

Water intensity direct real
estate investments (m3/m2)60)

Waste quantity direct real
estate investments (kg/m2) 61)

Share of waste sorted for
recycling in direct real estate
investments (share of total
waste)

201

194

181

170

168

161

190

181

0.38

0.46

0.44

0.38

0.44

0.46

0.45

0.43

9.4

9.2

8.1

8.3

8.7

9.1

N/A

73.7 %

68.9 %

72.5 %

72.4 %

71.7 %

73.7 %

73 %

80 %

Internal carbon price and greenhouse gas removal

Total number of cancelled
carbon credits (tonnes CO2e
emissions)

Total number of planned
carbon credits cancelled in
the future (tonnes CO2e
emissions)

Storebrand's internal carbon
price (NOK) 62)

New

1,000

N/A

New

1,550

N/A

New

1,000

N/A

60) Figures for 2022 have been corrected due to calculation errors in area.
61) Figures for 2022 have been corrected due to calculation errors in area.
62) The carbon price of 1,000 NOK is based on the price in Sweden in 2020. Sweden is among the countries with the highest carbon price. In 2024, we will consider updating the
internal carbon price.

111

Greenhouse gas emissions (GHG) from own
operations

• GHG emissions, head offices (Scope 1-3) tCO2e
/ tCO2e per full-time employee): GHG emissions
per full-time employee in Norwegian and Swedish
operations. Includes direct and indirect emissions;
air travels, other travels, energy consumption and
waste (Scope 1-3). The emissions are calculated in
Cemasys AS in accordance with the GHG protocol (The
Greenhouse Gas Protocol). The Nordic mix emission
factor is the basis for calculating location-based
emissions from electricity.
– Scope 1: Tonnes CO2-equivalents, measured in

accordance with the GHG protocol.

– Scope 2: Tonnes CO2-equivalents, measured in

accordance with the GHG protocol.

– Scope 3: Tonnes CO2-equivalents, measured in

accordance with the GHG protocol.

– CO2e emissions per full-time employee due to air

travel (Scope 3, tonnes): Emissions from business air
travel by employees in the Group’s Norwegian and
Swedish operations.

Greenhouse gas (GHG) emissions from equity
investments and bonds

• GHG intensity of equity and bond investments: The
baseline figures for the GHG intensity calculations are
based on data from our data provider. Based on SFDR’s
definition of Principal Adverse Impact Indicator 1.3. and
TCFD definition. The total GHG intensity of investments
is the sum of companies’ GHG emissions over company
revenues, weighted for our ownership in the respective
companies. The unit of measurement shows GHG
emissions per million NOK in sales revenue. The method
is the same for stocks and bonds.

• Total GHG emissions from equity investments:

tonnes CO2e Scope 1-2: A company’s GHG emissions
are distributed over a company’s enterprise value
and multiplied by our ownership. Based on SFDR’s
definition of the Principal Adverse Impact Indicator PAI
1.1.

• Total GHG emissions from corporate bond

investments: tonnes CO2e Scope 1-2: A company’s
GHG emissions are distributed across a company’s
enterprise value and multiplied with our ownership.
Based on SFDR’s definition of the Principal Adverse
Impact Indicator PAI 1.1.

Greenhouse gas (GHG) emissions from real estate
investments (Norway and Sweden)

• GHG emissions direct real estate investments: GHG
emissions from direct real estate investments under
management in Norway and Sweden. Investments
include both directly owned properties and real estate
investments managed wholly or partly on behalf of
external third parties. Includes direct and indirect
emissions (scope 1-3), including tenants’ energy and
water consumption as well as waste generation. The
carbon footprint is calculated in CEMAsys according to
the Greenhouse Gas Protocol (GHG). The Nordic mix
emission factor is the basis for calculating location-
based emissions from electricity.

Greenhouse gas (GHG) emissions from real estate
investments (Norway, Sweden and Denmark)

• GHG emissions direct real estate investments,

residential buildings: tonnes CO2e / kg CO2e per
m2. Scope 1-2: GHG emissions from direct real estate
investments in residential buildings under management
in Norway, Sweden, and Denmark. Investments
include both directly owned properties and real estate
investments managed wholly or partly on behalf of
external third parties. Includes direct and indirect
emissions (scope 1-2), including tenants’ energy
consumption, according to SBTi-validated targets. The
calculation is done in CEMAsys according to the GHG
protocol (The Greenhouse Gas Protocol).

For Denmark, area-based emission factors from the
PCAF (Partnership for Carbon Accounting Financials)
database are used 63). Fixed emission factors have
been used for 2019 - 2023. In addition, the Nordic
mix emission factor is used for calculating location-
based emissions from electricity and a residual mix for
calculating market-based emissions from electricity.

63) https://carbonaccountingfinancials.com/en/newsitem/financing-towards-net-zero-buildings-pcaf-launches-updated-european-building-emission-factor-database

112

• GHG emissions direct real estate investments,

commercial buildings: tonnes CO2e / kg CO2e per
m2. Scope 1-2: GHG emissions from direct real estate
investments in managed commercial buildings in
Norway, Sweden and Denmark. Investments include
both directly owned properties and real estate
investments managed wholly or partly on behalf of
external third parties. Includes direct and indirect
emissions (scope 1-2), including tenants’ energy
consumption, according to SBTi-validated targets. The
calculation is done in CEMAsys according to the GHG
protocol (The Greenhouse Gas Protocol).

For Denmark, area-based emission factors from the
PCAF (Partnership for Carbon Accounting Financials)
database are used. Fixed emission factors have been
used for 2019 - 2023. In addition, the Nordic mix
emission factor is used for calculating location-based
emissions from electricity and a residual mix for
calculating market-based emissions from electricity.

Climate data: Direct real estate investments
(Norway and Sweden)

• Energy consumption direct real estate investments:
Temperature-adjusted energy consumption per square
metre heated area in direct real estate investments in
Norway and Sweden. Consumption measured by energy
suppliers (electricity, district heating / cooling and
other) and registered in the environmental monitoring
system.

• Water consumption in direct real estate investments:
Water consumption in cubic metres per square metre
heated area in direct real estate investments in Norway
and Sweden. Consumption measured and registered in
the environmental monitoring system.

• Waste volume and waste sorting in direct real estate

investments: Share of source-sorted waste from
property management in Norway, including tenants.
Residual waste is sorted mechanically at the recycling
plant and is mainly used for energy recovery.

Climate data: Own operation

Internal carbon price and GHG removal

• Energy consumption: Temperature-adjusted energy

consumption per square metre heated area at the head
offices in Norway and Sweden. Consumption measured
by the energy supplier (electricity and district heating/
cooling) and registered in the environmental monitoring
system.

• Water consumption: Water consumption in cubic

metres per square metre heated area at the head offices
in Norway and Sweden. Consumption measured and
registered in the environmental monitoring system.

• Waste sorting/sorting rate: Proportion of waste sorted
for recycling and further handling at the head offices in
Norway and Sweden. The residual waste is mechanically
sorted at the recycling plant and is mainly incinerated
with heat recovery.

• Total number of cancelled carbon credits: Carbon
credits are tradable instruments representing one
metric tonne reduction or removal of CO2 equivalents
and issued and verified according to recognised quality
standards. We state the number of cancelled carbon
credits purchased per year.

• Total number of planned carbon credits cancelled
in the future: We state the total number of carbon
credits in metric tonnes of CO2 equivalents planned
to be cancelled in the future that is based on existing
contractual agreements.

• Storebrand’s internal carbon price (NOK): An internal

carbon price is an organisational arrangement that
enables a company to use carbon prices in strategic and
operational decisions and is a form of transfer pricing
internally. Storebrand has introduced an internal tax,
which is a carbon price charged to all units in the Group
based on greenhouse gas emissions from air travel.

113

114

Storebrand has a significant influence on employees’
daily work life and engagement, although the extent of
the influence is largely limited to internal conditions in
Storebrand. We want our employees to be brave pioneers
who challenge and creatively contribute to financial
security and wellness for our customers. We believe that
our employees are one of our most important sources
of innovation, development and growth. In realising
this potential, Storebrand plays an important role as
an employer by facilitating and stimulating a culture for
learning and continuous skills development.

”People first” is Storebrand’s strategy for organisational
and employee development. It enables the organisation
and our people to deliver on ambitious business goals,
while at the same time ensuring that we can adapt to
continuous change in a world characterised by increasing
uncertainty.

In 2023, we continued to facilitate a culture and structure
for learning and skills development tailored to each
employee and the organisation’s needs. It is important for
us to plan and facilitate future competence needs, since
this may create competitive advantages and increase
future profits.

Our work with diversity and equal opportunities may yield
indirect financial gains as a result of external attention
and a good reputation. Our work with sustainability also
contributes to a good reputation and attracting motivated
talents.

This chapter describes the following areas: A culture
for learning, Engaged, competent and courageous
employees, Diversity and equal opportunities and Working
environment and HSE.

115

Our strategy
With our ’People First’ strategy, our ambition is to be an
employer that attracts and retains the best talent. We
will develop an organisation that every day strives to give
our customers a future to look forward to. We do this by
delivering financial security and wellness to our clients
through a wide range of financial products, services and
advice. To achieve our long-term business goals, we
facilitate a culture for learning and a generous and inclusive
working environment where trust and collaboration are
at the core. This will help ensure that we have both the
expertise and commitment to be dedicated advisors to our
clients.

How we work and develop the organisation
Cooperation and trust are some of the things that should
define us. With skilled employees and good processes,
we work efficiently and increase our results because we
spend less time on micromanagement and coordination.
Our strategy is to become the best at converting expertise
into value creation. At Storebrand, we say that you as an
employee should both create value and become valuable.

An important input factor in the People strategy is
learning. In order to provide customers with what they
need in a simple and understandable manner, we need to
develop. In general, we know that lack of growth is one of
the main reasons why people want to quit their jobs. We
believe in a growth adapted to each employee’s strengths
and potential. Low turnover and low sickness absence
show that the strategy is robust.

The key to unlock our group strategy
is, and has always been, our people.

That is why we say ”People First”.

Why is it important to us?
The key to succeeding with our corporate strategy is the
people working with us. That’s also why we say ”People
First” and actively apply this strategy in our daily work.
We believe that investing in our people means investing in
company growth.

The People strategy is important for Storebrand in order
to be an attractive employer, both for those who work with
us today and those who will work with us in the future.
We do this by, among other things, offering meaningful
tasks, a good working environment, attractive conditions,
opportunities for learning and growth, involvement in
decision-making processes and focus on feedback and
recognition.

In the following sub-chapters, we describe how we
have practiced our culture of learning where engaged,
competent and courageous employees experience
inclusion and belonging, well supported by a structure
with routines, rules and processes to safeguard health,
safety and environment (HSE).

See chapter ”The Storebrand Group’s report pursuant
to the Norwegian Transparency Act” for a description of
relevant guidelines and policies we have implemented that
apply to all employees in the Group.

116

Why
Learning is key to improving performance and developing
a diverse culture of innovation in a hybrid work model. We
conduct both internal and external courses and training
programs, but most of the learning and development takes
place in our daily work. That’s why a culture that promotes
learning, sharing, and collaboration is important.

Our strategy
Our ambition is to build a learning culture with a high
degree of psychological safety. We have a positive impact
on our own employees by providing a stimulating, inclusive
and psychologically safe work environment, where they
can grow professionally and personally. Employees must
dare to experiment, fail and be open about what they
master. It should feel safe to provide input, different
perspectives and feedback. Our learning culture shall also
be characterised by employees taking responsibility for
their own development as well as that of their colleagues.

In addition to a strong learning culture, we will have
a targeted offer of knowledge networks, courses and
programs via platforms that give participants a good
learning experience and at the same time provide us with
data to improve the offer.

All employees should be able to learn throughout their
employment, in order to master, develop and be of
increasing value to colleagues and the organisation as a
whole. The manager and employee continuously follow up
on learning and development that takes place in everyday
life. Twice a year, managers and employees set aside time
for the Growth Dialogue, which are meetings to work more
strategically and long-term with plans for the individual’s
competence development and career.

Our approach
We offered several different arenas for culture building and
learning in 2023. Among the most important were:

• Highlight what is being done in artificial intelligence both

within Storebrand and in society, and which specific
tools we can test in a safe way to learn more. An AI
steering group was established across the Group where
specific measures and activities, including competence
enhancement in AI, are discussed and implemented.

• Our annual professional and employee day was

conducted with the theme ”AI – a future to look forward
to?”. The event was offered both digitally and physically,
and the content was distributed on our learning
platform, so that all employees have access to it.

• The workshop ”Psychological safety – what, why and
how?”, which was introduced in 2021, was further
developed and offered to even more teams. The
workshops were conducted in more than 20 teams and
management teams.

117

• Storebrand’s digital introduction program ”Smart

Start” was offered monthly to all new employees. The
program includes four digital sessions throughout the
first month as a new employee. Participants get to know
other new employees and colleagues in different parts
of Storebrand, and learn more about development
opportunities. In 2023, 205 new employees
participated in Smart Start.

• In collaboration with Front Leadership, we offered
programs adapted to middle managers at different
levels, as well as a separate course for new leaders. In
the management programme Practical Management,
50 managers participated with and without personnel
responsibility.

In addition, we continued various networks and arenas
for sharing experience and professional replenishment,
especially for managers in the Group.

A new group of managers participated in the Storebrand
Academy, a management programme with participants
across countries and our programme for future leaders
who either hold or will take on important management and
professional roles in Storebrand. In this eighth group, 24
leaders completed the program.

For employees with less than three years of experience,
we implemented a development programme for young
talents, Storebrand Future Impact. The goal is to engage
future leaders and change agents in Storebrand, with
emphasis on the development of three skills: Self-
management, relationships/cooperation and complex
problem solving. In 2023, 22 participants completed
the program. These will now become part of the alumni
network consisting of former participants that serves
as an arena for learning and developing also after the
programme.

Mentoring programmes were continued. Mentors and
adepts are invited to an introductory meeting to start the
relationship. Then it is up to the participants to agree
on the form and frequency of dialogue and cooperation.
In 2023, we hosted two different mentoring programs:
Mentor Program for Women, and Mentor Program for
Future Impact. A total of 20 employees across the
organisation participated.

To ensure access to the necessary skills, it was also
important in 2023 to position ourselves as an attractive
employer among students and young workers. We
conducted a number of school visits and were active in
social media to show what it is like to work at Storebrand.
We launched our new Group Trainee Program and
recruited nine trainees to commence in September 2024.

We also offered courses and learning arenas to ensure
smart use of our digital tools. For roles with additional
skills needs, certifications and exams were conducted.

During the year, we changed to a new learning portal
in order to link a culture of learning with a structure for
physical and digital courses in one place with good
reporting opportunities through our HR system Workday.
Here we have collected all links to e-learning and internal
courses, as well as links to various external course
providers.

Storebrand conducts regular employee surveys. When
asked about development, the survey in 2023 showed a
stable high score of 8.1 out of 10. The score on questions
related to supervision was 8.3 out of 10 during the year,
and the score for career development remained stable at
7.9 out of 10. The score for learning has remained stable at
8.3 out of 10.

In total, more than 2,012 people participated in one
or more courses. Our employees completed 17,681
hours of learning, an average of seven hours per person.
However, this figure does not provide a complete picture
of all digital learning during the previous year, when many
employees took courses or completed digital learning
on external web-based platforms in addition to other
internal platforms. Nor do we have quantitative data on
ongoing physical training that takes place internally or in
collaboration with external providers.

We will continue to reinforce the culture building and
learning initiatives mentioned above. The goal is to
maintain and improve our good results and create a culture
for learning.

118

Why
Storebrand’s employees are our most important source
of innovation, development and growth. Competent
employees have a lasting competitive advantage that
represents the most important means of gaining loyal
and satisfied customers. Our employees should be brave
pioneers who challenge and innovate to create a future for
our customers to look forward to.

Our strategy
Our ambition is to strengthen employee satisfaction, job
satisfaction and commitment through meaningful work,
good management, a motivating working environment,
development opportunities and trust in management.
Our managers should set a clear direction and encourage
employees to work together to achieve common and
individual goals.

Employee surveys, conducted once a month, included
questions about the work environment, leadership,
collaboration, self-determination, sustainability, and
development. The additional modules on health, safety,
environment (HSE) and diversity and inclusion, which
were first used in 2021 (HSE) and 2022 (diversity), were
also implemented in 2023. The results support corporate
management’s strategic goals, and we continue to use
real-time data throughout our HR system for continuous
improvement.

We have continued to develop our hybrid working model
with the desire for a good balance. We also strengthen
the social and professional community through various
digital and physical activities. The planning of our potential
new headquarters, with employee involvement to shape
the open-plan office, work environment, and employee
experience, has been an important activity.

Openness is a prerequisite for motivation, trust and
security. All employees shall feel that they can raise issues
with management and others in the Group. Storebrand
has its own ethical guidelines.

All employees annually confirm that they have read and
understood the code of ethics, information security, and
privacy statement through our HR system Workday.

Our approach
During 2023, we updated our key courses in sustainability,
ethics, anti-corruption, money laundering, terrorist
financing, privacy, and digital trust through our e-learning
system. These annual mandatory courses were conducted
with digital broadcasts from our studio at Lysaker, where
employees shared insights on current topics. Feedback
from these courses will be used for further improvements
in 2024. The Board’s and senior management’s annual
courses in ethics, anti-corruption, money laundering,
terrorist financing, privacy, sustainability and digital trust
support the Group’s risk management.

The annual ”Brave Pioneer” award was conducted, and
the winners were selected for initiatives that promote both
internal and external development. These winners have
become ambassadors who showcase Storebrand as an
attractive employer.

On average, 75 per cent of employees responded to the
employee survey at least once in the concluding three
months of 2023. We maintained a high engagement
score of 8.4 out of 10, exceeding the financial services
industry average. Improvements were identified related to
strengthening systematic employee development, and two
initiatives in particular were implemented to lift processes
in all business and Group areas and to strengthen
development across the Group.

The way forward involves continuously improving
e-learning courses based on feedback, continuing to
conduct annual courses for senior management, and
maintaining digital distributions and affirmations of ethics
and safety practices. Our strategy focuses on maintaining
high employee engagement through regular surveys and
initiatives. The evolution of the hybrid working model
will continue. Planning for a new headquarters will also
continue with active employee involvement.

119

Why
It is important that Storebrand’s organisation and business
operations reflect our customers and the markets in
which we operate. Storebrand’s goal is to be a good
workplace for everyone, regardless of background. We
strongly believe in building an agile organisation and a
culture characterised by trust, inclusion and belonging.
Independent sustainability analyses indicate that
companies that focus on diversity are more innovative
and profitable. We need to attract the best talent in order
to create a future to look forward to for our customers,
employees and society.

Our strategy
Storebrand always strives to be an organisation
characterised by inclusion and belonging. Storebrand
will work systematically to ensure diversity, inclusion
and equality through defined processes for recruitment,
reorganisations, salary adjustments and offers of
management training. See more about this in the Group
report ”The duty of activity and reporting” 64).

Our approach
Our approach is described in Storebrand’s diversity policy
and ethical guidelines, which address how the Group
works against discrimination and for diversity and equality:

• As an employer, Storebrand wants to have an organisa-
tion with a diversity that is representative of the society
around us. We believe diversity allows us to understand
our customers’ needs and solve complex tasks in a
better way. We have our own guidelines and activities
for this, in addition to a diversity committee. The work
is carried out in line with the so-called 4-step model,
which focuses on risk mapping, assessing causes, im-
plementing measures and assessing results.

• All employees at Storebrand shall be treated equally,

regardless of gender, pregnancy, parental leave in con-
nection with childbirth or adoption, care duties, ethni-
city, religion, belief, disability, sexual orientation, gender
identity, gender expression, political views, members-
hip in trade unions or age or any combination of these
grounds.

• We have zero tolerance for and work to prevent harass-
ment, sexual harassment and gender-based violence.
• Storebrand protects freedom of association, recognises
the right to collective bargaining and cooperates closely
with trade unions.

• Employees can report matters or incidents anonymously
via established whistleblowing channels, both internally
and externally.

• Individual qualities should be respected and valued.

This is to create a diverse organisational culture.

• Storebrand works systematically to ensure diversity

and equality in areas such as recruitment, restructuring
processes, salary adjustments and offers of manage-
ment training and other development measures.

Storebrand’s work for gender equality and against
discrimination is clearly endorsed by the Board of
Directors and Group Executive Management. On a day-
to-day basis, the work is organised by Executive Vice
President People. At Storebrand, People has a Group
function that ensures that the Group fulfils its employer
responsibility and facilitates work for equality and
against discrimination throughout the organisation. The
work is carried out in consultation with the employees’
representatives, for example in cooperation committees
in all parts of the organisation, in the working environment
committee (AMU), the Diversity Committee, with safety
representatives, etc.

The Diversity Committee is a subcommittee of AMU and
has collaborated with the People department throughout
2023 on various initiatives in diversity, inclusion and
belonging. The committee has participants from the entire
Group to ensure anchoring in the organisation.

Gender
In order to address gender equality and to contribute
to achieving the UN Sustainable Development Goal
5 ’Gender equality’, we have implemented targeted
recruitment measures. We strive to nominate an equal
number of women and men for leadership positions and
leadership development programmes. The goal is to be
able to assess at least one female and one male final
candidate when recruiting for management positions.

We continued a separate mentoring programme for female
employees, and in 2023 ten women participated in this.
Ten women from different parts of the Group completed
the talent and leadership development programme for
women, FiftyFifty, in 2023. The programme is now led
by AFF and consists of participants who collaborate
to develop measures that promote gender equality for
participants, the companies they work in, and society as a
whole.

Among the participants in the Storebrand Academy
and at Practical Management with Front, there were as
many women as men in 2023. In the Sandbox program,
eight men and seven women participated. Among the
participants in the Storebrand Future Impact programme,
45 per cent were women and 55 per cent were men.

We have regularly provided an overview of the share of
female managers at all management levels. At the end of
2023, there were 38 per cent women at all management
levels. We also monitor management levels 1 to 4, and
there were 37 per cent women at the end of 2023. At the
end of 2023, the Group Executive Management consisted
of 50 per cent women. Leadership development and
growth opportunities internally is something we have
worked systematically on for several years to promote
and further develop internal talents. Both positions in the
Group Executive Management to be filled this year were
filled by internal applicants.

64) The duty of activity and reporting - Equality and Anti-Discrimination Act - Storebrand ASA – with subsidiaries.

120

In addition to our collaboration with She Index and
the publication of our results on gender equality and
diversity, we continued our partnership with the Women
in Finance Charter. Signatory companies undertake to set
internal targets for gender balance at management level
and specialist positions, to have a dedicated manager
responsible for follow-up, to publish status and follow-
up regularly, and to ensure coherence between goal
attainment and compensation.

We celebrated International Women’s Day on 8 March
with a particular focus on gender equality, the pension gap
between men and women, and Storebrand’s important
role as a corporate citizen in working to remedy this
disparity in the future.

Salary levels in the Group were reviewed in cooperation
with employee representatives in connection with the
salary adjustment process. The review showed somewhat
lower average wages among female employees than male
employees. We have implemented several measures
to make pay more equal for women and men, including
an annual salary audit in cooperation with employee
representatives.

Ethnicity, religion and belief
In 2023, we continued our efforts to make the recruitment
and interview process as inclusive as possible. Diversity
shall be highlighted as far as possible in the interview
and recruitment process and in job advertisements.
Candidates and employees should experience a
transparent and inclusive recruitment process, both in
internal and external processes.

We have worked to achieve greater variation among
Storebrand’s representatives in these processes, with
contributions from employees and managers with different
professional experience, cultural background, age and
gender. We are also pleased that there was great interest
in applying to the Diversity Committee in 2023, allowing
us to recruit many employees with different diversity
experiences from different parts of the organisation.

We have put diversity across its broad spectrum on the
agenda as an integral part of our leadership programmes.
This has been part of the Storebrand Academy, Practical
Management with Front and through management lunches
and management meetings in Norway and in Sweden.

We have also conducted more than 20 psychological
safety workshops in 2023, and more than 350 of our
employees have taken part in the Diversity Icebreaker
workshop since 2022.

In 2023, we launched a dedicated page on the intranet
about diversity in collaboration with the Diversity
Committee. We created a diversity calendar that we
encourage employees and managers to use actively in

their work, especially when planning dates for social and
professional gatherings.

Increased diversity and inclusion in working life has
been put on the agenda through our collaboration with
the Catalyst Association. In 2022, we received support
from the Directorate of Integration and Diversity (IMDI)
to develop an offer that can contribute to increased
awareness of diversity, inclusion and belonging, with a
particular focus on ethnicity. All employees can take part
in the result in the form of an e-learning course. In 2023,
approximately 300 employees completed this course.

Life phase policy
Storebrand has a strong commitment to life phase
politics through a targeted focus on facilitating employees
in different stages of their careers. Storebrand offers
employees who are 60 years and older, and employed
in a 100 per cent position, the opportunity to apply for
reduced working hours from 100 to 80 per cent, and to
be paid 90 per cent salary and allowances. Those over
the age of 62 also have the right to apply for reduced
working hours if the reduction in working hours can be
implemented without significant disadvantage to the
business. From the age of 64, employees in a 100 per cent
position are entitled to shorter daily working hours, if this is
compatible with the work.

Employees over the age of 60 are free to exercise for one
hour a week during working hours, as long as the exercise
is compatible with the work and is clarified with their
immediate manager. Storebrand has its own gymnasium
at the head office in Lysaker and subsidises exercise for
all employees at gyms close to the office where relevant.
Read more about our active corporate sports team
Storebrand Sport in the next chapter on HSE.

Storebrand also contributes to measures that ensure that
employees who have worked for more than 20 years at
Storebrand meet for social and professional activities.

The average age in the Storebrand Group was 42 years at
the end of the year. The average seniority was nine years in
Norway and eight years in Sweden.

For childbirth and adoption, we offer permanent
employees paid parental leave beyond the statutory
requirements in Norway and Sweden and pay 100 per
cent salary during parental leave. Employees on parental
leave are guaranteed to increase one pay grade during
their leave. We support flexible working methods to
facilitate the combination of work and family life. At the
same time, presence at work is important to ensure
development and internal mobility. Our managers
are asked to pay particular attention to what the best
solution is for the individual and their development and
opportunities for promotion and salary increases.

We have introduced the Smart Start parenting initiative
that we implemented for the first time in 2023 to make it
easier to combine work and family life and ensure a good
connection to work for the individual on parental leave.
This will ensure that it is easier to return after the leave of
absence and that contact is maintained both with others in

121

Sexual orientation, gender identity and gender
expression
In conjunction with our annual diversity survey conducted
for the first time in 2022, we found that there was room
for improvement in sexual orientation, gender identity
and gender expression. That’s why we initiated several
initiatives in 2023 to promote diversity, inclusion and
belonging. Among other things, we participated as a
supporter in Pride, to show our solidarity with those
who experience discrimination because of their sexual
orientation, gender identity or expression. We gave all
employees lanyards in rainbow colours as a visible sign
of our support. We also created a dedicated page on the
intranet where we informed about our Pride participation
and posted a glossary of relevant terms. In addition, our
employee representatives, the Diversity Committee and
the HR team conducted a course in pink competence to
increase their knowledge and understanding.

Disability and exclusion
Storebrand is part of Inclusive Working Life (IA), a
three-part programme that aims to promote health and
well-being through work. Since 2002, we have helped
to prevent and reduce sickness absence through good
routines for following up our employees.

Our employees receive personal insurance that provides
financial security in the event of various incidents in
working life, such as pension, death, occupational injury,
illness and travel. These insurances are a supplement to
what is paid out through the public sector.

Personal insurance is valid as long as you are employed
by Storebrand. The health insurance terminates upon
retirement or departure, the other insurance policies can
be continued individually. Employees are still covered by
insurance policies if on leave or military service.

Three party cooperation and unionised workers
At Storebrand, we are committed to having good
cooperation with our trade unions, and we have a good
culture and structure for this in the form of regular meeting
places and arenas.

Storebrand is a member of the employers’ association
Finance Norway, which is a contracting party to the
financial industry’s collective agreements. Finance
Norway represents the industry and employer
interests in the annual central tariff negotiations with
“Finansforbundet” (the financial services union) and the
Norwegian Confederation of Trade Unions. Storebrand
is bound by Finance Norway’s collective agreements
with “Finansforbundet”, which regulate, among other
things, employees’ rights related to wages, overtime pay,
severance pay, employee participation, etc. Storebrand’s
Swedish subsidiary, SPP, is a member of the employers’
association BAO (the employers of the financial sector).
BAO supports employers in negotiations with employee
organisations, to promote a good relationship between
employers and their employees and to safeguard the
common interests of partners as employers.

SPP is part of the collective agreement between BAO and
“Finansförbundet”, as well as Swedish Confederation
of Professional Associations (Saco). The collective
agreement regulates wages and general conditions of
employment.

The way forward
Through our employee surveys, we achieved a stable
average score of 8.4 out of 10 throughout 2023. In 2023,
we continued an additional module in the employee
survey with questions about diversity and inclusion so that
we can compare to the results from 2022. The employees
experienced that Storebrand promotes a diverse and
inclusive workforce, and that you are accepted regardless
of background. The degree of trust in Storebrand as an
employer is high. In 2023, we scored 8.3 out of 10 on
questions in the supplementary module on diversity and
inclusion. This is 0.1 percentage points below the industry
average, and our ambition is to lift the result in 2024.
Storebrand will, among other things, work purposefully to
strengthen the work on risk assessments of grounds for
discrimination other than gender, with systematic analyses
as a basis for measures. Furthermore, we will continue
to increase diversity skills and continue our efforts in
recruitment and development opportunities to ensure
diversity and inclusion.

Highly engaged and
diverse workforce

Employee engagement (0-10)

8.3

8.4

8.0

7.4

2017

2020

2023

Peers

122

Attractive and
sustainable employer

<3 % sick leave YTD

<8 % turnover LTM

Growth* (0-10)

7.0

7.8

8.1

7.8

2017 2020 2023 Peers

Gender diversity (w/m)

Growth
opportunities

Diverse
workforce

46 % women

54 % men

*Growth” metric based on multiple survey results measuring the degree to which employees
experience growth opportunities at the firm

Why
We want to create a safe and inclusive working
environment for all our employees, and this is safeguarded
and followed up through our HSE routines, processes and
systems. Our high HSE ambitions reflect our commitment
as a responsible employer, as well as the recognition that a
safe and pleasant working environment provides benefits,
both for the individual and as a competitive advantage for
our organisation.

Our strategy
Storebrand’s long-term ambition is to ensure a safe and
secure working environment for all employees, both
physically and mentally, as well as protect the environment
in which we operate. We work systematically on measures,
including mapping and risk assessments, action plans
and annual cycle to manage and reduce identified risks,
training and updating internal guidelines and routines. We
continuously and systematically improve and adjust HSE
processes through training and evaluation.

The Group has a stable and low sickness absence rate
below 3.5 per cent, in line with the target level, and zero
physical injuries. The goals help to clarify our long-term
commitment to creating a safe, healthy, and inclusive
working environment, integrated into our HSE work.

Our approach
Through regular surveys, performance appraisals and
annual HSE surveys, we identify and manage potential
risks related to psychosocial factors and the physical
working environment, including challenges such as
work-life balance, workload, stress and musculoskeletal
problems. Our approach includes action plans and
systematic HSE work to prevent and reduce risk, especially
related to work-related stress and physical conditions in
the workplace. We adapt to changes in legislation on an
ongoing basis to safeguard employees’ rights and working
conditions.

In 2023, Storebrand carried out six risk assessments and
safety inspections to improve the working environment.
The HSE system, which is available as a digital manual,
is updated regularly. Our monthly onboarding program
”Smart Start” introduces HSE to new employees, and we
have annual HSE activities, such as defibrillator courses,
stress management, focus on mental health and employee
surveys, strengthening health and well-being.

Storebrand supports hybrid work and has support
schemes for home office equipment. Collaboration with
SINTEF in the Workflex project explores the hybrid model.
Employee benefits such as health insurance, health clinics,
flu vaccines and sports activities contribute to well-being.
We want to offer healthy food in the canteen to contribute

65) Our external whistleblowing channel is through BDO: https://u.bdo.no/storebrand

123

to the good health of our employees. In 2023, Falck has
offered treatments to employees four days per week, with
a physiotherapist for two days and a chiropractor two days.
The number of chiropractor sessions was 873, and 681
with a physiotherapist in 2023. In 2022, there were 820
treatment sessions with a chiropractor and 630 with a
physiotherapist. About two-thirds of employees in Norway
are still members of Storebrand Sport. 688 employees
took the flu vaccine in 2023, an increase from 536 in
2022.

Overall, the measures have a positive impact on the
working environment, reduce sickness absence and
strengthen well-being. Sickness absence has been at a
stable, low level for several years. Sickness absence was
3.18 per cent in the Norwegian operations and 2.05 per
cent in the Swedish operations in 2023, which is below
the Group’s target of 3.5 per cent. In Norway, short-term
sickness absence in 2023 was 0.85 per cent, and long-
term sickness absence at 2.33 per cent.

Storebrand has well-established routines for handling
complaints, harassment and other unacceptable
behaviour. Our external whistleblowing channel through
an audit firm 65) received 0 reports or complaints
of harassment or unacceptable behaviour in 2023.
Storebrand had 0 accidents resulting in personal injury in
2023. There have been no cases of property damage.

The HSE module in the employee survey showed a score
of 8.3 out of 10, which is 0.3 above the industry average.
From the comments in the latest survey, it appears that
many people think that Storebrand is a good place to
work and a feeling that Storebrand cares about the health
and well-being of its employees. From the comments, it
appears that several of the employees are familiar with the
various employee benefits, and that our employees enjoy
benefits such as fitness and health care, insurance, food,
vaccine and work flexibility.

The survey showed fewer comments about the physical
working environment in 2023 than in previous years,
which can be explained by the fact that we have had more
safety inspections in 2023 due to the feedback from
previous year. There are more comments than in previous
years that deal with high workload and stress. In 2022,
these comments dealt with expectation to be available
online, but in 2023, managers received positive feedback
for support and guidance for employees on setting
boundaries for high workloads. This feedback forms the
basis for new HSE measures for 2024.

The results suggest that the 2023 measures were
effective, with low sickness absenteeism, positive
feedback and active use of employee benefits.

Categories and metrics

2020

2021

2022

2023

2024

2025

2030

Results

Targets

Number of employees (total and gender)

Number of employees 66)

1,824

1,914

2,161

2,308

N/A

Number of female employees / share
of women in total workforce

Number of male employees / share
of men in total workforce

Number and share of employees with
non-specified gender

839 / 46 %

875 / 46 %

980 / 46 %

1,054 / 46 %

N/A

959 / 53 %

1,017 / 54 %

1,158 / 54 %

1,253 / 54 %

N/A

26 / 1 %

3 / 0 %

23 / 1 %

1 / 0 %

N/A

Number of employees (country and gender)

Number of employees (Norway)

Number of female employees
(Norway)

Number of male employees (Norway)

Number of employees (Sweden)

Number of female employees
(Sweden)

Number of male employees
(Sweden)

Number of employees (nationality)

Norwegian - share in total workforce
(as % of total workforce)

Swedish - share in total workforce (as
% of total workforce)

Danish - share in total workforce (as
% of total workforce)

Finnish - share in total workforce (as
% of total workforce)

British - share in total workforce (as %
of total workforce)

German - share in total workforce (as
% of total workforce)

Norwegian - Share in all management
positions, including junior, middle
and senior management (as % of
total management workforce)

Swedish - Share in all management
positions, including junior, middle
and senior management (as % of
total management workforce)

Danish - Share in all management
positions, including junior, middle
and senior management (as % of
total management workforce)

New

1,841

N/A

823

1,017

426

N/A

219

N/A

207

N/A

76.6 %

79.2 %

79.8 %

N/A

21.8 %

20.0 %

18.5 %

N/A

1.3 %

0.0 %

0.2 %

0.1 %

1.4 %

0.1 %

0.3 %

0.1 %

1.4 %

N/A

0.1 %

N/A

0.3 %

N/A

0.1 %

N/A

New

80.9 %

83.1 %

84.7 %

N/A

New

17.6 %

15.6 %

13.8 %

N/A

New

1.1 %

1.0 %

0.9 %

N/A

66) From 2023, all employees will be included in the reporting due to improved data quality. Previously, only the number of permanent employees was reported. This means that
historical figures are not comparable to 2023.

124

2020

2021

2022

2023

2024

2025

2030

Results

Targets

Finnish - Share in all management
positions, including junior, middle
and senior management (as % of
total management workforce)

British - Share in all management
positions, including junior, middle
and senior management (as % of
total management workforce)

German - Share in all management
positions, including junior, middle
and senior management (as % of
total management workforce)

Number of employees (age and gender)

Total employees under 30
(total / % FTEs)

Total employees 30-50
(total / % FTEs)

Total employees over 50
(total / % FTEs)

Male employees under 30
(total / % FTEs)

Female employees under 30 (total /
% FTEs)

Male employees 30-50
(total / % FTEs)

Female employees 30-50
(total / % FTEs)

Male employees over 50
(total / % FTEs)

Female employees over 50
(total / % FTEs)

Types of employment contracts

Number of permanent employees

Number of female permanent
employees

Number of male permanent
employees

Number of temporary employees

Number of female temporary
employees

Number of male temporary
employees

Number of non-guaranteed hours
employees

Number of female non-guaranteed
hours employees

Number of male non-guaranteed
hours employees

Non-employees

Number of consultants

Number of partners and distributors

Number of fixed terms employees

Number of interns

125

New

0.0 %

0.3 %

N/A

New

0.4 %

0.3 %

N/A

New

0 %

N/A

New

119

112

15 %

287 / 14 %

298 / 13 %

N/A

57 %

1,189 / 57 %

1,284 / 57 %

N/A

28 %

566 / 27 %

665 / 29 %

N/A

154 / 8 %

157 / 8 %

168 / 8 %

N/A

132 / 7 %

130 / 6 %

129 / 6 %

N/A

572

631 / 33 %

673 / 33 %

717 / 32 %

N/A

425

484 / 25 %

516 / 25 %

567 / 25 %

N/A

268

260 / 13 %

287 / 14 %

345 / 15 %

N/A

302

280 / 14 %

279 / 13 %

320 / 14 %

N/A

New

1,143

New

2,247

N/A

1,016

N/A

1,230

811

688

N/A

2020

2021

2022

2023

2024

2025

2030

Results

Targets

Employees: Gender balance in leading positions

Women in the Group Board of
Directors: number of women / share
of women

Women in the Group Executive
Management: number of women /
share of women

Women at management level 3:
number of women / share of women

Women at management level 1-4:
number of women / share of women

Women in all management
positions, including junior, middle
and top management (as % of total
management positions): number of
women / share of women

Women in junior management
positions, i.e. first level of
management (as % of total junior
management positions): number of
women / share of women

Women in top management
positions, i.e. maximum two levels
away from the CEO or comparable
positions (as % of total top
management positions): number of
women / share of women

Women in management positions in
revenue-generating functions (e.g.
sales) as % of all such managers (i.e.
excluding support functions such as
HR, IT, Legal, etc.): number of women
/ share of women

Share of women in STEM-related
positions (as % of total STEM
positions). STEM = Science,
technology, engineering and
mathematics.

4 / 40 %

5 / 50 %

4 / 40 %

50 %

3 / 30 %

3 / 33 %

5 / 56 %

4 / 50 %

50 %

24 / 38 %

22 / 37 %

27 / 42 %

22 / 42 %

50 %

38 %

83 / 39 %

86 / 37 %

84 / 37 %

50 %

103 / 39 %

102 / 37 %

116 / 38 %

124 / 38 %

50 %

39 %

84 / 36 %

94 / 37 %

N/A

50 %

30 %

34 %

32 / 44 %

26 / 42 %

N/A

50 %

39 %

35 %

43 %

37 %

N/A

50 %

New

32 %

30 %

29 %

N/A

50 %

Employee remuneration: Ratio between CEO and employees

Total CEO Compensation (NOK)

7,373,000

7,638,000

7,952,280

8,714,608

N/A

The ratio between the total annual
compensation of the Chief Executive
Officer and the mean employee
compensation 67)

The ratio between the total annual
compensation of the Chief Executive
Officer and the median employee
compensation

Employee remuneration: country and gender

Mean Employee Compensation,
Group (NOK)

Mean Female Employee
Compensation, Group (NOK)

Mean Male Employee Compensation,
Group (NOK)

Average salary female employees,
Norway (NOK)

8.9 : 1

8.76 : 1

8.86 : 1

9.21 : 1

N/A

New

10.33 : 1

N/A

New

871,579

897,065

946,216

N/A

New

811,667

851,570

N/A

967,873

1,025,960

N/A

760,948

796,854

839,644

872,038

N/A

67) Ratios in 2019 and 2020 include only employees in Norway. From 2021, we included all employees to calculate the ratio between the CEO and all employees in the
group.

126

2020

2021

2022

2023

2024

2025

2030

Results

Targets

Average salary male employees,
Norway (NOK)

Average salary female employees,
Sweden (SEK)

Average salary male employees,
Sweden (SEK)

Median hourly pay for female
employees

Median hourly pay for male
employees

Global Median raw gender pay gap

Average hourly pay for female
employees

Average hourly pay for male
employees

Global mean (average) raw gender
pay gap

Ratio of average pay of women to
men

923,686

968,096

994,716

1,037,781

N/A

671,159

705,162

746,384

744,103

N/A

842,226

873,155

864,131

863,400

N/A

New

352

435

19 %

381

455

16 %

New

364

440

17 %

416

496

16 %

New

387

N/A

471

18 %

N/A

443

N/A

531

N/A

17 %

N/A

83 %

100 %

Employee remuneration: compensation for management positions

Ratio of basic salary and
remuneration of women to men for
specific employment categories
(level or function) 68)

Expanded top management,
women’s share of men’s salary per
position category (Hay Grade 21-
26)69)

Employees up to middle managers,
women’s share of men’s salary per
position category (Hay Grade 12-
20)70)

Average salary executive level (base
salary only) - men

Average salary executive level (base
salary only) - women

Average salary executive level (base
salary + other cash incentives) – men

Average salary executive level (base
salary + other cash incentives) -
women

Average salary management level
(base salary only) - Men

Average salary management level
(base salary only) - Women

Average salary management level
(base salary + other cash incentives)
- Men

Average salary management level
(base salary + other cash incentives)
- Women

Average salary non-management
level (men)

Average salary non-management
level (women)

New

97 %

96 %

95 %

N/A

104 %

97 %

95 %

96 %

100 %

97 %

96 %

94 %

100 %

3,459,449

6,103,652

5,250,000

6,416,667

N/A

2,588,333

3,986,833

4,412,533

4,578,100

N/A

3,459,449

6,103,652

5,250,000

6,416,667

N/A

2,588,333

3,986,833

4,412,533

4,578,100

N/A

1,339,248

1,425,365

1,428,596

1,538,573

N/A

1,177,527

1,236,121

1,250,607

1,344,334

N/A

2,165,446

1,478,333

1,515,479

1,604,309

N/A

2,165,446

1,258,104

1,278,346

1,378,617

N/A

807,417

825,949

894,631

914,409

N/A

680,338

710,497

743,578

775,890

N/A

68) Hay Grade 12-26 where there are employees of both genders.
69) From 2022 Hay Grade was expanded to 21-26 (from 21-25). The positions were evaluated again as the complexity of the roles had changed.
70) From 2022 Hay Grade was expanded to 12-20 (from 13-20).

127

2020

2021

2022

2023

2024

2025

2030

Results

Targets

Collective bargaining agreements

Share of employees represented
by an independent trade union or
covered by collective bargaining
agreements (%) 71)

Share of employees represented
by an independent trade union or
covered by collective bargaining
agreements (EEA employees:
Norway) (%)

Share of employees represented
by an independent trade union or
covered by collective bargaining
agreements (EEA employees:
Sweden) (%)

Share of employees represented
by an independent trade union or
covered by collective bargaining
agreements (non-EEA employees)
(%)

Share of employees covered by
workers representatives per EEA
country (Norway) (%)

Share of employees covered by
workers representatives per EEA
country (Sweden) (%)

Training and skills development metrics

Share of employees that participated
in regular performance and career
development reviews (%)

Share of male employees that
participated in regular performance
and career development reviews (%)

Share of female employees that
participated in regular performance
and career development reviews (%)

Average amount spent per FTE on
training and development (NOK)

Average hours per FTE of training and
development (hours / days)

Average hours per FTE of training and
development - Men

Average hours per FTE of training and
development – Women

Average hours per FTE of training and
development - <30 years old

Average hours per FTE of training and
development - 30-50 years old

Average hours per FTE of training and
development - >50 years old

93 %

94 %

93 %

96 %

N/A

New

98 %

N/A

New

97 %

N/A

New

0 %

N/A

New

98 %

N/A

New

97 %

N/A

New

55.2 %

65 %

75 %

85 %

New

54.9 %

N/A

New

55.5 %

N/A

8,353

7,262

10,160

N/A

3.9

3.63 (0.5)

6.0 (0.8)

7.7 (1.02)

N/A

New

2.44

2.89

2.98

2.54

2.71

5.83

6.28

6.57

5.83

7.8

N/A

7.6

N/A

8.5

N/A

7.5

N/A

7.7

N/A

71) It has previously been stated 100 per cent coverage for 2020-2022. The principle of non-negotiability only applies within one and the same legal entity, and we have not had
coverage on all legal entities in the past. Figures have now been updated and include all legal entities in the group.

128

2020

2021

2022

2023

2024

2025

2030

Results

Targets

Human Capital Development - Return on Investment 72)

Total revenue (NOK)

81,031,000,000 119,781,000,000

16,103,000,000

10,062,064,362

Total operating expenses (NOK)

4,068,000,000

4,678,000,000

5,008,000,000

5,147,098,201

N/A

Total employee-related expenses
(salaries + benefits) (NOK)

Human capital return on investment
(HC ROI) (profitability)

Engagement amongst employees

Engagement score all employees:
Storebrand score (industry average in
peakon), scale from 1-10

Employee engagement men

Employee engagement women

Employee engagement employees
under 30

Employee engagement employees
30-50

Employee engagement employees
over 50

Recruitment

Total new hires to the group

Number of women recruited this year

Number of men recruited this year

Number of new hires under 30 (men/
women)

Number of new hires aged 30-50
(men/women)

Number of new hires aged over 50
(men/women)

2,320,000,000

2,725,000,000

2,871,000,000

3,320,353,981

N/A

34.17

43.24

4.86

2.48

N/A

8.3 (7.8)

8.4 (7.8)

8.4 (7.9)

8.4 (8.0)

>8.0

8.3

8.2

8.3

285

124

161

8.4

8.5

8.7

8.3

337

152

175

8.4

8.5

8.4

8.5

416

184

232

8.4

N/A

8.3

N/A

8.4

N/A

8.5

N/A

348

158

187

N/A

147 (82/65)

157

186 (84 / 102)

153 (87/63/3)

N/A

122 (72/50)

154

199 (110 / 89)

163 (84/79)

N/A

Average hiring cost/FTE (NOK)

New

90,000

95,040

16 (7/9)

31 (20 / 11)

32 (16/16)

N/A

Number of women recruited or
promoted into management positions
(share)

Number of men recruited or
promoted into management positions
(share)

Number of internal hires (total)

Number of internal hires (women)

Number of internal hires (men)

Percentage of open positions filled by
internal candidates (internal hires)

Turnover

Turnover rate (total)

Voluntary turnover rate (total)

Turnover rate for women

Turnover rate for men

Turnover employees under 30

Turnover employees 30-50

Turnover employees over 50

New

6 (46 %)

9 (53 %)

19 (49 %)

N/A

New

6.4 %

6.1 %

6.8 %

13.0 %

7.7 %

1.4 %

7 (54 %)

8 (47 %)

20 (51 %)

126

136

N/A

25 %

23 %

28 %

N/A

6.6 %

6.5 %

5.2 %

7.8 %

9.6 %

8.2 %

2.3 %

8.1 %

8.5 %

7.7 %

11.3 %

10.4 %

2.4 %

7.7 %

7.5 %

7.8 %

13.7 %

9.1 %

2.3 %

N/A

72) In 2023, we have switched to IFRS 17, which has resulted in changes to the income statement and how we define revenues and costs. Previous years reported after IFRS 4.

129

2020

2021

2022

2023

2024

2025

2030

Results

Targets

Health, safety and environment

Share of employees covered by
the company's health and safety
management system based on legal
requirements and/or standards or
guidelines (%)

Sick leave Norway

Sick leave Sweden

Absentee rate: employees (% of total
days scheduled) 73)

Data coverage (% of employees)

Number of fatalities as a result of
work-related injuries and work-
related ill health

Number of recordable work-related
accidents

Rate of recordable work-related
accidents

Work-life balance

Share of employees entitled to take
family-related leave (%)

Share of employees entitled that took
family-related leave (%)

Share of male employees entitled
that took family-related leave (%)

Share of female employees entitled
that took family-related leave (%)

New

2.3 %

1.8 %

12.8 %

75 %

New

Incidents, complaints and severe human rights violations

Total number of incidents of
discrimination, including harassment

Number of complaints filed through
channels for people in the company's
own workforce to raise concerns

Total amount of fines, penalties and
compensations for damages as a
result of incidents and complaints
disclosed above

Number of severe human rights
incidents connected to the company's
workforce

Total amount of fines, penalties and
compensations for damages for the
human rights incidents

New

2.5 %

1.6 %

13.5 %

77 %

New

3.2 %

1.9 %

14.5 %

80 %

100 %

N/A

3.2 % < 3.5 % < 3.5 % < 3.5 %

2.1 % < 3.5 % < 3.5 % < 3.5 %

14.5 %

80 %

N/A

New

0 %

100 %

N/A

23 %

N/A

18 %

N/A

27 %

N/A

73) We have updated historical figures due to changes in definition. Previously, we have only included sick leave Norway. We are now reporting all absence rates for
Norway and Sweden.

130

Number of employees

• Number of employees: Total number of employees in
the Storebrand Group as of 31 December 2023. From
2023, all employees will be included in the reporting.
Previously, only the number of permanent employees
was reported.

Number of employees (country and gender)

• Number of employees by country: Includes all

permanent employees in countries in which we have 50
or more employees representing at least 10 per cent of
the total number of employees.

Number of employees (nationality)

• Number of employees with different nationalities:
Includes all permanent employees in all countries.
Reported based on location, not on nationality. This is
due to privacy concerns.

Number of employees (age and gender)

• Number of employees in different age groups/
genders: Includes all permanent employees in all
countries.

Types of employment contracts

• Number of employees per employment type:

Includes permanent employees, temporary employees
(temporary staff), and non-guaranteed hourly
employees.

Non-employees

• Women in all management positions, including

junior, middle and top management (as per cent
of total management positions): Includes all female
managers with personnel responsibilities.

• Women in junior management positions, i.e. first
level of management (as per cent of total junior
management positions): Includes all female managers
at management level 4, 5 and 6.

• Women in top management positions, i.e. maximum

two levels away from the CEO or comparable
positions (as per cent of total top management
positions): Includes all female managers who are at
management level 2 and 3.

• Women in management positions in revenue-

generating functions (e.g. sales) as per cent of all
such managers (i.e. excluding support functions such
as HR, IT, Legal, etc.): Includes female managers in the
corporate market, retail market, SPP and Storebrand
Asset Management. All levels including Group Executive
Management. Administrative roles are not included.
• Share of women in STEM-related positions (as % of
total STEM positions). STEM = Science, Technology,
Engineering and Mathematics: Share of women who
are permanent employees in the Digital business area.

Employee remuneration: Ratio between CEO and
employees

• The ratio between the total annual compensation of
the Chief Executive Officer and the mean employee
compensation (CEO - Average Worker Pay Ratio):
Base salary for the CEO in relation to the average salary
for all employees.

• The ratio between the total annual compensation of

the Chief Executive Officer and the median employee
compensation: Base salary for CEO relative to median
salary for all employees.

• Number of non-employees: Includes consultants,

partners and distributors and interns.

Employee remuneration: country and gender

• Average salary based on gender, position, and

country, respectively: Average salary for all permanent
employees in the Group.

• Average and median hourly pay: Annual salary divided

by 1,950 hours per year (Norwegian statistics incl.
holiday). Includes permanent employees in all countries
and salaries have been converted to NOK.

Employees: gender balance in management
positions

• Management level 1-4:

– Level 1: Group Chief Executive Officer.
– Level 2: Group Executive Management.
– Level 3: Reports to Group Executive Management,

irrespective of personnel responsibilities.
Administrative roles are not included.

– Level 4: Reports to management level 3. Everyone

at this level has personnel responsibilities.
Administrative roles are not included.

131

(profitability): The figure is total revenue minus (total
operating expenses minus total employee-related
expenses), divided by total employee-related expenses.

Recruitment

• Number of recruitments: Number of external
recruitments including permanent employees,
temporary employees and interns in all countries. The
figures also include recruited employees who left the
group later in 2023. Acquisitions and internal hiring is
not included.

Turnover

• Total turnover: Permanent employees who left in the
last twelve months with the exception of voluntary
termination agreements between employer and
employee, reduction in the workforce or retirement,
divided by the average number of permanent employees
in 2023.

• Voluntary turnover: Permanent employees who leave

voluntarily (with the exception of retirements and
mutual agreements) divided by the average number of
permanent employees in 2023.

Health, Safety and Environment

• Sick leave: Number of sick leave days divided by

number of working days at end of the year. Sick leave
in Norway includes sick children days. Sick leave in
Sweden does not include sick children days.

Incidents, complaints and severe human rights
violations

• Total number of incidents of discrimination, including

harassment: Breach of code of conduct, cases of
corruption or harassment throughout the year.

• Number of complaints registered through channels
for employees in the company’s workforce to raise
concerns: Whistleblowing cases.

• Total amount of fines, penalties and compensations
for damages as a result of incidents and complaints
disclosed above: Fines for breach of code of conduct,
cases of corruption or harassment throughout the year.
• Number of severe human rights incidents connected

to the company’s workforce: Violations of human
rights.

• Total amount of fines, penalties and compensations
for damages for the human rights incidents: Fines for
violations of human rights.

Employee remuneration: compensation for
management positions

• Hay Grade: Hay Grade is a recognised job evaluation

system used by many larger companies in Norway and
internationally. The system makes it possible to compare
pay for positions that have the same requirements for
competence, experience and complexity. The system is
used to compare wages for positions across the group
and also against positions with the same Hay Grade in
the labour market. The figures only apply to Storebrand
in Norway. Hay Grade 21-26 includes roles except CEO.

Employees represented by a union

• Share of employees represented by an independent
trade union or covered by collective agreements: The
various trade unions can only enter into agreements on
behalf of their own members, and only the members can
be bound directly through the individual agreements.
The employer does not (and does not need) an
overview of where and who is organised. The central
point is the standard of non-deviation, which means
that the company is obliged to implement the collective
agreement with the largest trade union towards
employees who are not bound by another collective
agreement, and who would otherwise be covered by
this agreement. We know that the collective agreements
that have been concluded with the Finansforbundet
(The Finance Sector Union of Norway) are the collective
agreements that apply to most employees and the
non-departure norm dictates that the same terms apply
to everyone who is not covered by other collective
agreements. Skagen and Cubera in Norway and
Sweden, employees in Germany, Denmark and UK are
not covered.

Training and skills development

• Average amount spent on development per full-time

employee (NOK): Average amount per permanent
employee spent on courses through 2023.

• Average number of hours spent on development

per full-time employee (hours/days): Applies to all
permanent employees.

Human Capital Development - Return on
Investment

• Total revenue (NOK): Total revenue includes net

income from customers’ funds associated with the life
business.

• Total operating expenses (NOK): Operating expenses

refer to all the expenses the company has from
operations.

• Total employee-related expenses (salaries
+ benefits) (NOK): This includes training and
development programs, pensions, employment, etc., as
it covers all costs directly related to employees.

132

The risk of human rights violations against consumers
and end-users is low, but there is an inherent risk that
certain groups (e.g. the elderly) find fully digital solutions
challenging, or that some customer groups find economic
language and terminology difficult. This is reduced
through working with clear and precise communication
and the possibility of verbal communication to avoid
misunderstandings.

This chapter describes the following areas: Greater
security and financial wellness, Engaging, relevant and
responsible advice, Digital innovator in financial services,
and Simple and seamless customer experiences.

We offer long-term savings and insurance solutions
that help individuals and businesses achieve financial
security and wellness. This may influence society in a
positive manner. Storebrand’s ability to deliver financial
security and wellness is crucial for attracting customers.
We want to motivate our customers to make good
decisions in savings, banking and insurance by delivering
customer experiences that meet their needs at different
stages of life. Through good asset management and
risk management, we aim to ensure that our customers
receive good returns on their investments. Customer
dialogue takes place in both digital and serviced channels.
Our goal is to be closest to the customer, in a simple
and sustainable way. Storebrand relies on openness
in customer relationships to provide customers with
good information about the products, and lack of
transparency may lead to costumers being influenced
by misunderstandings or making choices that are not
favorable to them.

133

Why
Recent reforms in the Norwegian and Swedish
pension systems have given private individuals greater
responsibility for their own long-term finances. Life
expectancy has increased, and citizens can no longer
count on the same level of financial assistance from the
state. Taking active responsibility for one’s own finances
provides the basis for being able to live the desired
life, both as an employee and a pensioner. Norwegian
employees got their own pension account in February
2021. The purpose is a better overview, and control over
their own pension, as well as higher payments over time.
In December 2021, the Swedish government proposed to
extend the transfer rights for fund insurance and custody
insurance undertaken before 1 July 2007. It will be easier
and cheaper for employees in Sweden to move pension
funds saved from 1 July 2007 to the present. The rules
on fees (maximum SEK 600) shall also cover insurance
policies subscribed before 1 July 2007.

Our strategy
Storebrand offer our customers financial security and
wellness, as well as a future to look forward to. Through
our products within savings and insurance services,
we make sure that our customers have their needs
covered. We will deliver first-class customer experiences
throughout all phases of life. Through good management
and risk management, we will ensure that our clients
receive good returns on their investments.

Customer dialogue takes place in both digital and serviced
channels. Our goal is to give our customers the financial
security and wellness they want for themselves and
their families, both today and in the future. We work to
stimulate, and expand access, to banking and insurance
services and financial services for all.

When customers take steps to secure their financial future
together with Storebrand, they should feel confident that
they have made good choices. They should experience
that we offer relevant and good products.

We offer corporate customers the full range of pension
and insurance products. We provide information and
advice through our adviser and distributor network to
corporate clients so they can make good decisions and
help their employees make better financial decisions for
their business and their employees. We work to build

134

strong relationships with corporate customers and their
employees through comprehensive and customised
follow-up. Through digital solutions, customer seminars
and advice, we make it easier for corporate clients to
understand their pension and insurance schemes.
Simultaneously, companies’ employees gain better insight
into their pension and insurance. Our advisors are qualified
and use simple and understandable communication. We
believe this contributes to Storebrand being a preferred
provider of pension services.

Through the communication concept ”Invest in the future”,
we want to motivate our customers to make conscious
choices for their financial future.

Our approach
We provide information and advice in a relevant and
simple way to help customers to be aware of their own
financial situation. Storebrand has market-leading digital
solutions that enable customers to take control of their
own finances.

The ”Smart Pension” service gives customers a full
overview of their pension savings. Customers approaching
retirement age often have a particular need for counselling.
In ”Smart Pension”, customers can plan the transition to
a new phase in their lives and digitally start withdrawing
their pension in a way that suits them. The Kron app helps
our customers to start saving in a simple way. The main
goal is to make good investments accessible to everyone.
This is achieved through an engaging and user-friendly
platform that helps to make investments understandable
and accessible. In addition, the application offers good
advice and helps customers choose funds based on their
risk profile.

Storebrand works to increase customers’ awareness
of their pension and savings. We contribute to this by
communicating our products and services, in digital
channels, direct customer communication and social
media. More than 100,000 unique customers checked
their own pension through Storebrand’s digital pension
services in Norway in 2023. In Sweden, over 600,000
customers logged into SPP’s website in 2023 to receive
information about their pension, while over 7,400
corporate customers logged in to review and manage the
company’s pension solutions.

Why
Many people find it complicated to get an overview of
their own finances, pension and insurance contracts,
rights and payments in different stages of life. We work
continuously to improve and simplify information to our
customers. Relevant and responsible advisory services
are prerequisites for customer satisfaction. We will help
ensure that our customers buy products and services that
are relevant and appropriate for their current life situation.

Our strategy
We aim to provide the customer with financial security
and wellness by offering attractive products and services.
Through professional management of capital adapted to
the customer’s risk profile and time horizon, and through
a wide range of products, we will contribute to growth in
our customers’ pension and savings capital. Through our
products and services within insurance, we make sure that
our customers are secured if something unforeseen should
happen. Storebrand has its roots in insurance, and today
we still have good reason to be proud of the products and
services we provide.

In Norway, our ambition is for 70 per cent of our savings,
banking and insurance advisers to be authorised.
In Sweden, all our advisors are certified, in line with
requirements from authorities.

Our approach
The principle ”customer first” is the starting point for
all customer contact. This is reflected in our service
standards:

Trustworthy – I keep my promises and I am professional

Caring – I treat everyone individually, help them and give
advice

Enthusiastic – I am positive and exceed expectations

Efficient – I make the customer journey easy and improve
the organisation

Our authorisation and competence requirements are
communicated to customers across digital platforms. The
interaction between digital and physical customer service
will become increasingly important. This interaction is
essential in order to serve customers well and efficiently,
in the channels that customers prefer. Storebrand works
continuously to ensure quality in customer processes
across channels and areas.

”Your climate footprint” is a tool that shows the carbon
footprint associated with the investments of employees’
pensions and savings, compared to the footprint if the
money had been invested in funds without a sustainability
profile. The information is available to the companies
in advisory and follow-up processes, and in Norway
it is available in the companies’ self-service portal,
”Bedriftsportalen”. The information can be used in the
companies’ own reporting, to strengthen their own
communication about sustainability work with owners, the
market and employees.

In 2023, Storebrand acquired the fintech company Kron
to strengthen the savings offer to our customers. During
2023, we welcomed around 24,000 new customers,
representing a 57 per cent increase from year-end
2022. Assets under management went from around 7
billion in 2022 to around 12 billion in 2023. Kron was
ranked number one in EPSI’s annual survey of customer
satisfaction among the investment and savings category
among retail customers in Norway. The score of 77 (out
of 100 points) showed that customers are very satisfied
with the The score of 77 (out of 100 points) showed that
customers are very satisfied with the savings solution.
They emphasised the simplicity of the digital solutions as
an important factor.

Storebrand once again became number 1 in the
Norwegian Customer Barometer’s annual survey of
customer satisfaction among pension customers in the
corporate market. The score of 74 points (out of 100
points) showed that customers are very satisfied with their
customer relationship.

Our savings advisers in Norway are authorised through
the Financial Advisers Authorisation Scheme (AFR), the
General Insurance and Personal Insurance Authorisation
Scheme (AIS and AIP), or the Credit and Personal
Insurance Authorisation Scheme. All schemes are
offered under the auspices of the financial industry.

Storebrand’s fully automated online solution, ”The
Business Guide”, has challenged the industry standard
and made the purchase of pension and occupational injury
insurance significantly easier for Norwegian companies.
The business guide won the prestigious design award
”Nordic UX awards” in 2023.

135

Non-life insurance

16.70 %

6.60 %

83.30 %

93.40 %

Storebrand

Other providers

Storebrand

Other providers

Mutual funds consist of share savings accounts and investor accounts and in-
clude AUM for Storebrand Asset Management and Skagen. Source: https://vff.
no/documents/Statistikkfiler-i-Excel/2023/09-2023/Hovedtall/Norske-per-
sonkunder-september-2023.xlsx

Source: Finance Norway. Non-life insurance premium statistics 3rd quarter
2023. Table 2.1 - Private land-based insurance in total.

Unit Link

Banking

21.70 %

2.30 %

78.30 %

Storebrand

Other providers

Storebrand

Other providers

97.70 %

Figures for retail customers, including Danica, from 2023.
Source: FinansNorge (as of Q3-2023).

Bank market share is measured in loans.
Source: Statistics Norway and the banks’ quarterly reports for Q3 2022.

136

Why
Storebrand’s technology platform serves as the core for
creating financial products and services. The platform
must be consolidated, ensure operational stability,
be resilient to cyber-attacks, comply with regulatory
requirements, facilitate a high rate of change and
innovation, and be cost-effective.

Our strategy
We want to increase the number of satisfied and loyal
customers through good digital customer experiences.
The interaction between digital services and automated
processes is the key to efficient distribution and service,
and a prerequisite for a profitable and future-oriented
Storebrand in the years to come.

Our approach
We work systematically to develop good digital customer
experiences and automated processes through a solid
technological platform and infrastructure. Storebrand
Digital, which was established at the beginning of 2022,
now effectively supports the Group’s business areas
in digital service development, technology and data.
The work methodology is agile and characterised by an
interdisciplinary and seamless collaboration with the
various business areas. In 2023, we strengthened our
digital capacity in the corporate market by successfully
integrating and incorporating the digital unit of Danica into
Storebrand Digital.

Consolidation and renewal of the technology platform
is necessary to make it a catalyst for innovation and
competitiveness. Transforming Storebrand’s IT solutions
into cloud-based infrastructure is an important part of
this strategy. By the end of 2023, Storebrand finalised a
large-scale cloud transformation, involving the migration
of its infrastructure to the cloud and modernisation efforts
that included reducing technical debt, implementing
infrastructure as code, and facilitate for new innovative
capabilities such as generative AI. The cloud
transformation contributes to a 30 per cent cost reduction
(fully realised in 2025) and risk mitigation through
increased operational stability (60 per cent decrease in
incidents) and improved cybersecurity.

In 2023, cybersecurity has been a particular focus area
due to the growing threat landscape. Actors who carry out
cyber attacks are becoming increasingly sophisticated and
adaptable. Storebrand strengthened cyber security in the

Group through a new cloud platform, rolling out multi-
factor authentication, cleaning up access and passwords
at existing infrastructure providers, upgrading the PC
platform, strengthening access control, establishing threat
intelligence, and increasing monitoring.

Through investments in technology and defined
digitalisation programs in each business area, we ensure
competitiveness in the market. In 2023, we saw significant
results from the work on end-to-end digitalisation in
the corporate market. We are on track to realise a total
cost saving of NOK 100 million in the period 2021-2025
(fully realised in 2026). Automated exchange of accrual
history for public pension schemes through digitisation
of the Public Service Pension Transfer Agreement is a
good example of increased competitiveness through
automation in 2023. The technology platform also
contributed to significant growth in the market for small
and medium-sized enterprises (SMEs) following the
launch of new digital sales solutions and partnerships.

In 2023, Storebrand completed the integration of fintech
company Kron, after the acquisition was announced
in 2022. In order to realise synergies, strengthen
competitiveness and ensure operational quality, work
is still ongoing to integrate Kron with Storebrand’s fund
platform, which has an automation rate of around 97
percent.

A new generation of artificial intelligence, generative
AI, has gained widespread prominence in 2023. Smart
use of data has long been a focus area for Storebrand,
where we can demonstrate tangible results such as
the use of machine learning to detect insurance fraud.
This model has contributed to a 20 per cent increase in
detected cases of fraud in vehicle insurance. The number
of disability cases granted through automated case
processing increased by 100 per cent, and the use of
machine learning provides 17 per cent higher precision
when pricing collective disability insurance. The potential
in the use of generative AI is expected to be significant.
For Storebrand, we believe the opportunities lie primarily
in streamlining customer service and internal work
processes. We will realise the potential by investing in
AI-supporting tools and the expertise of our employees,
adding AI expertise to digital transformation initiatives and
at the same time having a smooth scale-up in resources
and investments in line with market developments.

137

Why
Storebrand’s customers want and expect simple solutions
to purchase and use our products and services. Digital and
self-service channels are preferred by our customers, but
we will offer a seamless transition to help and advice from
Storebrand’s customer service centre.

Our strategy
Our goal is to meet the customer in a personal and
customised way, regardless of whether it is through digital
channels or channels serviced by personnel.

Our approach
Storebrand prioritises investments in technology and
digital services that ensure our customers can easily reach
us through their preferred channels, while also facilitating
increased self-service. We recognise that customers have
varying needs, and the need for personal advice may vary
or change throughout their purchasing or service journey.
Therefore, it is crucial that our technology platform
supports a seamless transition between serviced and self-
service channels. In this way, the technology platform will
also play a role in achieving a cost-effective distribution
between serviced and self-service sales.

Since 2020, Salesforce has been our primary platform
for customer follow-up across all channels. The platform
supports most of the processes in sales, marketing, and
servicing of individual customers, corporate customers,
and institutional clients. In 2023, we established stronger
connections, both technically and organisationally,
between Salesforce and the inbound customer service
channels.

At the same time, investments were made to create and
maintain competitiveness through our digital self-service
solutions.

In 2023, significant functional improvements were
made to ”Bedriftsveilederen” for digital sales to small
and medium-sized enterprises (SME). The purpose
of the service is to be a one-stop-shop for pensions
and insurance. The solution has also been made
available to distribution partners such as Danske Bank.
“Bedriftsveilederen” now accounts for more than 35
per cent of sales in the corporate market within the SME
segment.

In the retail market, Storebrand’s leading digital solution
for pensions, ”Smart Pension,” was expanded so that
customers can manage their own pension withdrawals.
The service is therefore a complete solution covering
everything from savings to pensions, planning, and
executing pension withdrawals. ”Smart Pension” saw a
6 per cent increase in customer satisfaction in the period
2021 - 2023.

In 2023, we took steps to leverage synergies between
Storebrand and the investment app Kron. Kron has
succeeded in creating strong engagement around personal
savings and investment activities, which we continue to
build upon together. In 2023, Kron topped its first EPSI
survey in the investment and savings category, and the app
is Norway’s most popular investment app with 4.8 out of 5
stars in both the Apple App Store and Google Play.

138

Categories and metrics

2020

2021

2022

2023

2024

2025

2030

Results

Targets

Brand

Brand awareness: Norwegians
who answer that Storebrand is
one of the first three companies
they think of in a broad financial
category (position / share)

Brand awareness: Norwegian
business leaders who answer
that Storebrand is one of the
first three companies they think
of in a broad financial category
(position / share)

Customer satisfaction

Customer satisfaction: Norway
(Net Promoter System, retail
market)

Customer satisfaction (EPSI):
Pension, corporate market,
Norway

Customer satisfaction (EPSI):
Insurance, retail market, Norway

Customer satisfaction (EPSI):
Banking, retail market, Norway

Customer satisfaction (EPSI):
Savings and investments, retail
market, Norway

Customer satisfaction: Pension,
corporate market, Norway

Customer satisfaction (EPSI):
Insurance, corporate market,
Norway

Customer satisfaction: corporate
market, Sweden

Market share

Market share: Mutual funds,
Asset Management, Sweden

Market share: Mutual funds,
Asset Management, Norway

Market share: Savings, retail
market Norway

Market share (loan): Banking,
retail market, Norway

139

New

New No. 5 / 21.1 % No. 5 / 21 %

+2 pp. +2 pp.

N/A

New

No. 1 / 46 % No. 1 / 49 %

No. 1 /
+1 pp.

N/A

No. 6

No. 5

No. 4

Top 3

N/A

New

68.6

New

68.9

70.9

New

69.5

69.3

62.6 +1 points +1 points

N/A

68.4 +1 points +1 points

N/A

65.5 +1 points +1 points

N/A

New

65.4

63.9

65.3 +1 points +1 points

N/A

No. 2

No. 1

N/A

New

65.7

68.7

Increase

N/A

No. 3

No. 4

No. 2

Top 3

N/A

4.9 %

5.3 %

5.3 % Increase

Increase

N/A

16.1 %

15.4 %

16.2 %

16.5 % Increase

Increase

N/A

21.7 %

19.6 %

21.0 %

20.7 % Increase

Increase

N/A

1.6 %

1.8 %

2.0 %

2.3 % Increase

Increase

N/A

2020

2021

2022

2023

2024

2025

2030

Results

Targets

Market share: Insurance, retail
market, Norway

Market share: Pension,
corporate market, Sweden

Market share: Pension,
corporate market, Norway

Market share: Insurance,
corporate market, Norway

Market position

Market position: Savings, retail
market, Norway

Market position: Insurance, retail
market, Norway

Market position: Insurance,
corporate market, Norway

Market position: Pension,
corporate market, Norway

Savings women

Savings mutual funds: Share of
women

4.1 %

5.9 %

6.2 %

6.3 % Increase

Increase

N/A

15.1 %

14.3 %

16.0 % Increase

Increase

N/A

29.4 %

27.0 %

31.2 %

30.1 % Increase

Increase

N/A

2.1 %

2.5 %

2.8 %

3.0 % Increase

Increase

N/A

No. 2

N/A

No. 7

No. 5

N/A

No. 10

No. 9

N/A

No. 1

No. 2

No. 1

No. 2

No. 1

N/A

42.7 %

43.3 %

43.8 %

46.0 % Increase

Increase

N/A

140

Brand

• Brand awareness: Norwegians who answer that

Storebrand is one of the first three companies they think
of in a broad financial category (position / share): Share
of Norway’s population who mention Storebrand as one
of the first three companies they think of when they are
asked the question ”Which companies within banking,
insurance, savings and pensions are you aware of?”
(average share Q4).

• Brand awareness: Norwegian business leaders

who answer that Storebrand is one of the first three
companies they think of in a broad financial category
(position / share): Share of Norwegian -business
leaders s who mention Storebrand as one of the first
3 companies they think of when asked the question
”Which companies that offer pensions and insurance to
companies and businesses in the private sector are you
aware of?”.

Customer satisfaction

• Customer Satisfaction, NPS: Score based on Net

Promoter System (NPS) figures as of December 2023.
NPS is a measurement tool for customer satisfaction
where the customer gives a score from 0 to 10 with 10
being the best result.

• Customer satisfaction, EPSI: Scores are based on a

customer satisfaction index from EPSI Norway, ranging
from 0 to 100 (where 100 is the best). The index
consists of 3 questions: ”How satisfied are you overall”,
”To what extent do you feel that Storebrand meets your
expectations” and ”How close or far away is Storebrand
from being the perfect supplier”.

• Customer satisfaction, Sweden: Score from 1-10 (10
being the best) based on the question ”Overall, how
satisfied are you?”

Market share/market position
We calculate market share mainly based on volume figures
and premium figures from publicly available sources and
some internal statistics. Market position is determined on
the same basis.

• Market share Mutual funds, Asset Management,

Sweden: Total assets under management for
Storebrand Fonder as of Q4.

• Market share Mutual funds, Asset Management,

Norway: Total assets under management for Storebrand
and Skagen as of Q4.

• Market share Savings, Retail market Norway: Total
assets for respectively free funds retail market (incl.
nominee) & Unit Linked products retail market including
Pension Capital Certificates and paid-up Policies with
investment choice. Based on Q3 figures from Finance
Norway and VFF (Verdipapirfondenes Forening).

• Market share Banking, retail market, Norway: Market
share lending retail market Norway. Figures are based
on Statistics Norway and the banks’ own accounting
figures.

• Market share Insurance, retail market, Norway: Market
share constitutes land-based insurance in total. Figures
are collected from Finance Norway and are based on Q3.

• Market share Pension, corporate market, Sweden:
Figures are based on relevant product areas within
occupational pensions and are taken from Svensk
Försäkring. Gross written premium Q3.

• Market share Pension, corporate market, Norway:
Market share is calculated based on private collective
pension insurance, gross written premiums, defined
contribution with and without investment choice. Danica
is included from 2022. Numbers are based on Q3.

• Market share Insurance, corporate market, Norway:
Market share constitutes land-based insurance in total
(industry). The data is collected from Finance Norway
and are based on Q3.

Savings women

• Savings Mutual Funds: Share of women: Share of

women out of the total number of customers with active
transferable fund-based savings in Storebrand (excl.
Skagen).

141

142

In order to build and maintain the trust our customers,
shareholders, authorities and society at large have in us,
we are aware of how governance and control mechanisms
help shape Storebrand’s corporate culture. This is about
what values we promote, how each employee behaves and
how we facilitate compliance with internal and external
regulations. Our culture influences, among other things,
how we interact, make decisions and how we behave in
everyday work.

We work determinedly to ensure that all employees
through various forms of training and information are
familiar with and follow our guidelines and ethical rules.
To succeed, we must ensure that the way we manage
risks and opportunities in privacy, ethics, information
security and combating money laundering and corruption
helps build a culture of open communication, trust and
respect. While promoting diversity and inclusion, learning
and development and accountability. Storebrand works
actively to build and maintain an open corporate culture.

We do this by, among other things, developing our
employees’ expertise, identifying risks and opportunities,
and developing our internal regulations.

Our overall compliance with laws, rules, frameworks and
other regulations and requirements is also an important
element in securing our position as a company that works
well and systematically with sustainability. The financial
industry has a systematic risk of indirectly contributing
to corruption, money laundering or other financial crime.
There is also a risk of indirectly being part of a breach
of contract through supplier relationships, such as
subcontractors.

This chapter describes the following areas: Privacy and
digital trust, Work against money laundering and terrorist
financing, Countering corruption, Information security, A
responsible value chain and Political engagement.

143

Why
New technology and smart use of information and
personal data make us better able to understand our
customers and their needs. Based on our customers’
trust in us and within current regulations, we can use
technology to develop better and more relevant products
and services.

Today’s digital world has an increasing risk that personal
data can go astray, be stolen or shared with unauthorised
persons. Our customers and employees must be able
to trust that we manage their personal data responsibly.
This requires that we have good security measures, a
well-established framework for data protection and good
compliance with this. In addition, our employees must
know how to handle personal data properly in their daily
work and in our business in general.

Our strategy
Our ambition is to engage our customers and build
long-term relationships through first-class customer
experiences across all channels. This requires that we
safeguard our customers’ rights in accordance with the
Personal Data Act. 74) Safeguarding personal data in a
good and correct manner is a prerequisite for working
purposefully with sustainability in our business.

Our approach
Our guidelines for the processing of personal data
contain purpose limitation, description of roles and
responsibilities, and requirements for the processing
of personal data. We also work systematically with
information security. Through our internal control system,
we set requirements, verify and improve the security
of personal data in our own work processes, customer
solutions and in cooperation with our partners. This is a
continuous process.

If there is a breach of personal data security and the risk
to our customers is assessed as medium-high or high, we
contact customers directly by phone or e-mail. In such
cases, we inform customers about what has happened,
what measures we have taken and, if necessary, what
measures the customer should take to protect their own
personal data.

The Managing Director of each of the legal entities in the
Group is responsible for all processing of personal data
in their company. This includes ensuring that internal
control procedures are implemented and ensuring regular

review of these. All managers are responsible for ensuring
that employees with access to personal data have the
necessary competence and are qualified to safeguard
our customers’ privacy. Managers must also ensure
that employees follow our routines and guidelines for
information security.

All employees must annually complete basic training in
data protection. Completion figures for our common basic
training programme can be found in the table at the end of
this chapter. In addition, departmentally adapted training
is carried out when needed. We have a network of data
protection officers who provide advice and customised
training, as well as assist with operational compliance
work within each business area.

The protection of personal data is well integrated into our
internal control systems and risk management processes.
We continuously assess the privacy risks to which our
customers are exposed.

We update our privacy statement at least annually as well
as if significant changes are made to the use of personal
data. Our electronic customer portal gives the individual
customer a better overview of their own privacy settings
and the opportunity to make changes. 75) On our website,
Storebrand.no, we have a separate page describing how
we work with privacy, where you will also find our privacy
statement. On the same page, we also provide advice
and recommendations to customers on how to safeguard
against online fraud. These scams often aim to trick
victims into providing personal information that can be
misused by fraudsters.

Our approach to securing personal data and other types
of information against illegal and unwanted activity is
described in the subchapter ”Information security”.

Incidents are reported and followed up continuously in
accordance with internal and external regulations. There
has been an increase in the number of non-conformity
reports. Two companies in particular are responsible
for this increase. The number of incidents reported
internally and the number of incidents reported to the
Norwegian Data Protection Authority/Integrity Protection
Authority can be found in the table at the end of the
chapter. Storebrand received no fines, warnings or orders
for improvements from the Data Protection Authority/
Integrity Protection Authority in 2023.

74) The Personal Data Act consists of national rules and the EU’s General Data Protection Regulation (also called GDPR).
75) For more information on digital security and privacy: https://www.storebrand.no/en/security-and-privacy

144

Why
Storebrand is a key player in the Nordic financial market.
Therefore, we have a responsibility to avoid being
misused in connection with financing of terrorism,
money laundering or other forms of financial crime.
Our customers, owners, stakeholders and society at
large expect us to handle this in accordance with our
responsibilities.

Succeeding in our work against money laundering,
financial crime and terrorist financing is a crucial
contribution to Storebrand’s sustainability work.
Combating this type of crime is also an important part of
fulfilling our corporate social responsibility. Our efforts to
combat money laundering and terrorist financing are also
essential to maintain our reputation.

Our strategy
Storebrand shall act consistently and in compliance
with all relevant legislation related to money laundering,
terrorist financing and other financial crime. We must
ensure that our companies are being misused for such
purposes. This requires systematic and continuous work.
We seek to achieve this through routines, training and
continuous follow-up of our customers and partners.

Our approach
We have established guidelines and policies that describe
and set requirements for our work against money
laundering and terrorist financing. These guidelines and
policies are reviewed and approved at least annually and
in the event of major changes by the Board of Directors
of the Group and in all companies subject to reporting
obligations. In addition to this, we have incorporated
measures throughout the Group to prevent money
laundering, terrorist financing and other financial crime.

The companies within the Group that are subject to
the reporting obligations carry out at least an annual

assessment of the risk of money laundering and terrorist
financing. Frameworks and routines have been established
for managing risk, such as requirements for establishing
new customers and for on-going follow-up of customers
who are deemed to pose a risk. We also conduct
internal audits and regular controls to identify and report
suspicious transactions or behaviour. If we discover
activity that is suspicious, this is reported to the Norwegian
Financial Intelligence Unit (FIU). The number of reports we
sent to the FIU in 2023 can be found in the table at the end
of the chapter. Since 2022, there has been an increase
in the number of reports from Storebrand. Reports have
been sent on suspected money laundering, terrorist
financing, tax evasion and suspected labour market crime.

All employees are required to know our guidelines for
preventing financial crime. They also conduct our basic
training programme on financial crime, money laundering
and terrorist financing every year. This training is part
of the introductory programme for all new employees.
Completion figures can be found in the table at the end of
the chapter. In addition, regular and differentiated training
is carried out for employees with specific tasks related to
the work against money laundering and terrorist financing.

The training provides a basic understanding of possible
risks, what rules apply and which requirements we set
for our employees and managers. All senior executives
and board members in the Group and its subsidiaries
also receive training in how Storebrand is exposed to this
type of risk, what obligations we have and how we work to
prevent Storebrand from being misused as part of money
laundering, terrorist financing or other financial crime.

Storebrand is a member of the financial crime committee
of Finance Norway. The committee cooperates closely
with the authorities in Norway and provides guidance to all
member companies.

145

Why
Corruption has large negative effects in society. Corruption
can lead to economic instability and is punishable by law
in all countries where Storebrand operates. In many parts
of the world, corruption is one of the leading causes of
poverty. The trust our customers and the outside world
have in us, but also in the financial industry in general,
will be adversely affected by a possible corruption case.
Therefore, it is important for us to help promote ethics,
active ownership, and accountability because it helps fight
corruption.

Our strategy
Storebrand has a zero tolerance for corruption and
other economic misconduct. We work continuously
to identify internal areas with a high risk of corruption.
Critical conditions or unacceptable behaviour shall as far
as possible be discussed with the manager. If it cannot
be resolved, it should be notified so that it is handled
by the whistleblowing council. The council follows up
all whistleblowing cases in three phases. A preliminary
investigation, processing and follow-up. What is included
in each phase is defined in our routine for handling
whistleblowing cases.

In addition to this, an important measure for identifying
and being able to combat corruption and other internal
misconduct is that all employees and hired personnel
receive basic training in combating corruption. We have
also established a whistleblowing channel, available to all
employees, with the possibility to report anonymously.
In addition, we work systematically with our customers,
suppliers and partners to ensure that there is no
corruption in our relationship with them, and that they
have a conscious approach to combating corruption in
their business.

Our approach
Storebrand’s anti-corruption work is described in our
own guidelines for combating corruption, and it is also a
topic in our ethical rules. The Code of Ethics is reviewed
annually by the Board and all employees must annually
confirm that they are familiar with these. In addition to
this, all employees receive basic anti-corruption training
every year. New hires complete the training as part
of their onboarding process. The training provides a
basic understanding of what corruption is, where it can
occur, what internal and external rules apply and what

requirements we place on our employees and managers
in the work against corruption. The training is available to
external board members and all internal board members
complete it annually. It is a managerial responsibility to
ensure that the individual employee completes training
and confirms that they have read and understood our
ethical rules.

Employees who suspect or uncover corruption or other
financial misconduct must report the incident. They can do
this internally, directly to their manager, HR or compliance
function or via our external whistleblowing channel. In the
external channel, it is optional whether the notification is
made anonymously or not. We have internal regulations
that describe the process for handling reports. We set
clear requirements for how we should process reports and
notifications. The purpose is to protect against retaliation,
ensure the right of contradiction and ensure that all
information is treated confidentially.

To ensure that whistleblowers, or cases where corruption
or bribery is suspected, are followed up correctly and
in the best possible way, Storebrand has established
a Whistleblowing Council. The council includes
representatives from HR, the compliance function and
the legal department. The representatives on the Council
are elected based on their responsibilities in the Group.
Representatives shall resign if they are disqualified
based on professional roles to ensure that they are not
directly involved in the cases they are considering. The
Whistleblowing Council follows its own guidelines for
handling and following up reports of breaches of ethical
rules, possible corruption cases or cases involving internal
misconducts in its work. The number of cases handled
by the council that have resulted in consequences can
be found in the table at the end of this chapter. The
consequences of whistleblowing are assessed specifically
in each case. Any violations are followed up by the
manager in the areas where they occur and by HR. The
starting point for the assessment is external and internal
regulations. In our ethical rules, we have established a
sanctions matrix.

The compliance function is responsible for the basic
training programme, intranet pages and general
information and advice on countering corruption.
Completion figures for our common basic training
programme can be found in the table at the end of this
chapter.

146

Why
Storebrand’s activities have a significant impact on the
societies in which we operate. As a financial institution,
the Group’s digital solutions and infrastructure are critical
for society. We manage large amounts of information and
assets on behalf of our customers. Due to our position
in the market, our customers, suppliers, partners, and
employees, are attractive targets for various threat actors.

Digital attacks are becoming increasingly sophisticated.
Combined with a hybrid workday, this increases the risk
of not detecting unwanted activity. If we are the victim of a
cyber-attack, it can challenge customer confidence, lead
to temporary loss of services and potentially result in high
financial costs to restore systems and data. Information
security is therefore important for creating assurance and
is a prerequisite for maintaining our customers’ trust, the
Group’s reputation and our competitiveness.

Information security is about ensuring that information
is correct and available only for the people who need
to access to the information, when they need it. Our
approach to ensuring good information security is through
people, processes, and technology.

Our strategy
Digitalisation and innovation of the financial industry and
of our services in particular, place increasingly stringent
requirements on information security.

For Storebrand to be able to run a sound financial business
and increase our innovative strength in the years to come,
a prerequisite is to have stable and secure IT-solutions
and infrastructure. We therefore work continuously and
strategically with information security to manage risk and
increase our resilience. This further contributes to value
creation for Storebrand, our owners, and our customers.

Our approach
Cyber risk is one of Storebrand’s most important
risk areas. The threat landscape for cybercrime is
characterised by organised crime and an increased
geopolitical sentiment. New technology enables the
spread and increased automation of fraud, and an increase
of targeted cyberattacks.

Much of the work with information security in the Group is
carried out outside the security department. This includes
in customer services, business development, and in the
development of digital services. We have a robust system
for security and preparedness in Storebrand, which is
based on three lines of defence, international standards,
and continuous improvement. We have a network of

Resilience & Continuity Managers (RCMs) in all business
areas, and Security Champions, who help incorporate
security into everything we do. The Chief Information
Security Officer (CISO) is responsible for reporting to the
Board of Directors and the Executive Management Team
on the security posture and risks.

Storebrand assesses cyber risk to be part of our overall
risk picture, and reports on this to the Board of Directors
every month. It is also summarised in the risk assessment
assessed by the Group Management and the Board of
Directors, including Board committees bi-annually. Cyber
risk is also assessed in the annual ORSA report adopted
each year.

We face a complex and dynamic threat landscape and
have therefore invested in expertise and resources in
preparedness, security testing, monitoring, and incident
management. We have our own CSIRT (Computer
Security Incident Response Team) that searches for and
handles attacks, threats, and vulnerabilities. There is an
increase in the number of information security incidents
from 2022, due to further improving our ability to detect
incidents, improving our internal control activities, and
conducting more security tests. This enables us to identify
deviations and vulnerabilities before they develop into
incidents with consequences. The number of cases
handled by CSIRT, which we categorize as security
anomalies, incidents and vulnerabilities, can be found in
the table at the end of the chapter. The figures include
nonconformities, incidents and vulnerabilities that could
have had consequences and costs for Storebrand or others
if they were not discovered in time, averted and dealt with.
All cases were handled before they had consequences
for Storebrand, our customers or others. We also have a
dedicated team of ethical hackers who test and improve
our software security through “purple teaming”. We
participate in Nordic Financial CERT, a joint operations
center that shares information about threats and attacks
between financial institutions. We also conduct regular
crisis exercises based on simulated cyber-attacks.

We know that our employees are an important part of
preventive safety work, and therefore we have a strategy
to manage human risk and to ensure awareness of security
and emergency preparedness. In our program, we offer
e-learning, phishing simulations, courses, presentations,
competitions and various activities to motivate and
train our employees. All employees must annually sign
the security rules and complete our basic course in
information security. Completion figures can be found in
the table at the end of the chapter.

147

Why
Procurement is an area where we can influence our
suppliers in a more sustainable direction. In our business,
we have a significant proportion of outsourcing. This
requires stricter procedures for following up working
conditions, safeguarding human rights and management of
environmental impacts in the value chain.

Our strategy
A key objective is to avoid agreements with suppliers
where production processes or products violate
international agreements, national legislation or internal
guidelines. Through our own operations and procurement
activities, we shall contribute to sustainable development,
and to ensuring that human rights and labour rights are not
violated.

Our ambition for 2023 was to maintain the proportion
of environmentally certified purchases at a minimum of
60 per cent.76) Even though we exceeded our target, the
dynamics of our supply chain and market conditions still
make the 60 per cent target challenging

Our approach
In Storebrand’s standard sustainability contractual
appendix, we set clear, contractual requirements for our
suppliers and business partners. 77) The document sets
requirements for compliance with the UN Global Compact,
Self-declaration against social dumping, Self-declaration
on health, safety and environment (HSE) as well as
climate and diversity, and is attached to all requests for
quotation and supplier contacts. In addition to following
our internal purchasing guidelines, it is a key principle that
goods and services purchased shall promote our main
goal of cost-effective and sustainable business operations.
Storebrand shall not purchase goods or services from
companies on Storebrand Asset Management’s exclusion
list.78) Our purchasing policy is based on the Group’s
governing documents and associated procedures, which
are revised annually. 79)

Our framework for following up the sustainability work of
our suppliers follows the same general principles as for our
investments, and in addition the following is factored into
our purchasing processes:

8.7 Through our procurement practices,
we strive to contribute to effective
measures to end modern slavery and
eliminate child labour in our value chain.

We choose - Sustainability is weighted at least 20
per cent in all purchasing processes. Through supplier
mapping, we give an advantage to companies that work
systematically with sustainability.

8.8 We aim to protect labour rights
and promote a safe and secure working
environment for all employees,
contractors and suppliers.

We influence - We use our position as a major buyer to
influence suppliers and business partners to improve.
We do this both when we consider entering into new
agreements and evaluating existing contracts.

12.5 We aim to significantly reduce waste
through prevention, reduction, recycling
and reuse in our supply chain.

12.6 We encourage companies to
adopt sustainable practices and include
sustainability information in their reporting
practices.

12.7 We promote sustainable purchasing
practices.

13.2 We incorporate action on climate
change into our policies, strategies and
plans.

We opt out - We do not select suppliers, products or
services that violate international treaties, national laws
or internal policies. This is described in our Supplier
Principles.

We conduct an annual survey of the status of the work of
suppliers from which we purchase products or services
worth more than NOK 1 million. As part of this work, we
further developed routines for following up our suppliers
in 2022, both for establishing a new third-party agreement
through the follow-up system and for updating the
questions we ask them on an annual basis.

76) Environmental certifications include Eco-Lighthouse, EMAS, ISO14001 and the Nordic Ecolabel.
77) For the requirements we place on our suppliers, see Supplier declaration: sustainability commitments
78) For more information about Storebrand’s exclusion list, see: https://www.storebrand.com/sam/no/asset-management/sustainability/our-method/exclusions
79) Among the governing documents are “Policy for outsourced activities”, “Policy for the award of powers of attorney“, “Ethics in Storebrand- Code of Conduct”, “Guidelines for
combating corruption”, “Policy for anti-money laundering and terrorist financing”, “Policy for handling conflicts of interest”, “Guidelines for corporate events”, “Policy for digital security,
operation and development, and “Policy for handling personal data”.

148

to identify and follow up risks related to human rights
violations and decent working conditions in our supply
chain and in our own operations.

• To what extent is sustainability integrated into the

supplier’s strategy?

• What climate performance and targets does the supplier

have?

• What are the supplier’s diversity performance and

goals?

• To what extent does the supplier use environmental,

quality and management systems?

• To what extent does the supplier have a process in place
for mapping the risk of human rights violations in its own
operations and in its supply chain?

• What are the supplier’s most significant risks of human

rights violations?

Based on the responses, we assess measures that should
be initiated. This is done through dialogue with suppliers.
In some cases, suppliers are excluded. An extended set of
questions is used for evaluating suppliers in procurement
processes.

In late 2022 and early 2023, we distributed an updated
survey to our suppliers. The responses were reviewed in
2023. Going forward, we will further improve the survey to
reflect the most relevant trends, develop our requirements
for suppliers, lower the threshold for responding to the
survey and strengthen the usefulness of the data we
collect.

Our most important and largest purchases include
outsourcing of IT and business processes, healthcare,
claims settlement and management of direct real estate
investments. We consider the areas with the greatest risk
and impact related to sustainability to be outsourcing
(including offshoring), claims settlement (car and
property), and real estate management in general.

Storebrand is committed to safeguarding human rights
and decent working conditions in our own operations,
supply chain and investments. 80) In connection with the
introduction of the Transparency Act in Norway in 2022,
we developed new routines and policies to better be able

In 2023, we continued our work on the due diligence
framework and conducted risk and due diligence
assessments of our own operations and supply chain. In
the first reporting year, the statement was included as part
of our policy for human rights and responsible business
conduct. As of 2024, this is reported as part of the annual
report, see page 155.

Since 2020, we have set ambitious climate requirements
for our suppliers. In 2023, we adjusted these
requirements. We maintain high ambitions, while at
the same time encouraging suppliers to take specific
measures in their own operations rather than purchasing
carbon credits in their work towards reaching net zero, and
reducing the risk of greenwashing.

Our updated targets mean that by 2050, suppliers should
reach net zero greenhouse gas emissions from their
operations through:

1. Measuring and reporting greenhouse gas emissions

from the business

2. By the end of 2025, setting science-based climate

targets in line with relevant industry standards to
reduce greenhouse gas emissions

3. Reducing emissions as much as possible through
own actions and introduce appropriate measures
to compensate for own emissions that cannot be
avoided

Results
In 2023, contracts of over NOK 1 million amounted to
NOK 4.2 billion. This represents 88 per cent of our total
purchases and includes management and development
of direct real estate investments. Of this volume, 62 per
cent is environmentally certified in accordance with our
purchasing policy. This volume is distributed among
529 suppliers, of which 176 (33 per cent) are certified
according to a recognised environmental management
standard.

80) More about our work on human rights and decent working conditions can be read about in our Group-wide Responsible Business Conduct and Human Rights Policy and in the
chapter “A driving force for sustainable investments”.

149

Storebrand has not made any contributions,
neither financial or in-kind, to political parties, their
representatives or people seeking political office.

• Finance Norway
• The Confederation of Norwegian Enterprise (NHO)
• The Norwegian Fund and Asset Manager Association

Storebrand’s public policy engagement is focused on
financial services regulations. We have regular meetings
with the Norwegian Ministry of Finance, other ministries,
and members of parliament on priority issues, where some
examples from 2023 are:

– Life and pension product and market regulations
– Competition in the market for public sector

occupational pensions

– Capital requirements for standard model banks
– Sustainable finance regulation

For more information on risks and opportunities
associated with these issues, as well as Storebrand’s
position, reference is made to the chapter ”Outlook”.

(VFF)

• Insurance Sweden

Finance Norway is the industry association for Norwegian
banks and insurance companies and conducts lobbying
activities on their behalf relating to financial markets and
sustainable finance regulation. Finance Norway is part of
The Confederation of Norwegian Enterprise (NHO).

Finance Norway and Insurance Sweden are members of
Insurance Europe. Finance Norway is also a member of the
European Banking Federation.

Storebrand has members on the Board of Directors at
Finance Norway, VFF and Insurance Sweden.

Storebrand and subsidiaries in the Group are members of
the following industry associations:

Storebrand is not registered in the EU Transparency
Register. An equivalent transparency register has not been
established in Norway nor Sweden.

150

Categories and metrics

2020

2021

2022

2023

2024

2025

2030

Results

Targets

Governance incidents

Number of complaints
processed by the Financial
Appeals Board 81)

Number of reports to
the national Financial
Intelligence Unit (FIU)
(Norway and Sweden)

Number of breaches of the
Code of Conduct

Number of information
security incidents

Number of privacy
incidents 82)

Privacy incidents
uncovered externally

Privacy incidents
uncovered internally

The number of convictions
and the amount of fines for
violation of anti-corruption
and anti-bribery laws

The total number and
nature of confirmed
incidents of corruption or
bribery

The number of confirmed
incidents in which own
workers were dismissed or
disciplined for corruption or
bribery-related incidents

E-learning

E-learning completed:
Ethics (total / share of FTE)

E-learning completed:
Anti-corruption work (total
/ share of FTE)

E-learning completed:
Combating money
laundering and financial
crime (total / share of FTE)

E-learning completed:
Privacy (total/share of FTE)

218

198

244

N/A

New

N/A

New

125

New

141

N/A

100

N/A

241

N/A

143

N/A

New

N/A

New

N/A

New

N/A

1,660 / 91 %

1,694 / 91 %

1,668 / 82 %

1,909 / 84 %

95 %

1,642 / 90 %

1,659 / 89 %

1,623 / 80 %

1,918 / 84 %

95 %

1,678 / 92 %

1,673 / 90 %

1,596 / 79 %

1,897 / 83 %

95 %

1,368 / 75 %

1,662 / 89 %

1,567 / 78 %

1,888 / 83 %

95 %

81) The figures apply to our Norwegian enterprises, as these are complaints handled by the Financial Complaints Board. SPP is not included here. We did not have access to the 2023
figure at the time of reporting, which is why it was omitted from this year’s report.
82) See explanation of trends related to privacy events in subchapter “Privacy and digital trust”.

151

2020

2021

2022

2023

2024

2025

2030

Results

Targets

E-learning completed:
Information security
(total /share of FTE)

E-læring completed:
Sustainability
(total / share of FTE)

Sustainability data from suppliers

Environmentally certified
purchases (the share of
total expenditure that
went to suppliers with a
certified environmental
management system)

Payment practices

Average number of days
between invoice date and
payment date

Standard payment terms
in number of days and
percentage of payments
within these standard
terms

Number of outstanding
litigation cases for late
payment

Political contributions

Political contributions,
indirect (Group) (NOK)

Political contributions,
indirect, (Norway) (NOK)

Political contributions,
indirect (Sweden) (NOK)

New

1,567 / 78 %

1,863 / 82 %

95 %

New

1,862 / 82 %

95 %

62 %

60 %

64 %

62 %

55 %

60 %

N/A

New

Domestic
suppliers:
30 days
Foreign
suppliers:
32 days

Domestic
suppliers:
45 days (88 %)
Foreign
suppliers:
45 days (96 %)

90 %

95 %

98 %

New

18,040,692

N/A

New

15,071,303

N/A

New

2,969,389

N/A

152

Governance incidents

Sustainability data from suppliers

• Environmentally certified purchases (the share

of total expenditure that went to suppliers with a
certified environmental management system): Share
of contracts with suppliers where Storebrand has more
than NOK 1 million in procurement where the supplier
is certified or meets requirements according to one
or more of the following environmental certification
systems: Miljöbas, Miljøfyrtårn, Svanen, ISO 14001,
CO2neutral.

Payment practices

• Average number of days between invoice date and
payment date: We report the average number of days
between invoice date and payment date.
– Domestic suppliers who have between 10-250

employees

– Foreign suppliers regardless of the number of

employees at the supplier

• Standard payment terms in number of days and

percentage of payments within these standard terms:
We have defined 45 days as the default payment term as
this is standard in agreements with major suppliers.

• Number of outstanding litigation cases for late

payment: We have defined this as a legal dispute and
are not aware of any outstanding cases.

Political contributions

• Political contributions, indirect: Storebrand has

not made contributions, either financial or in-kind, to
political parties, their representatives or persons seeking
political office. We report indirect political contributions
through dues paid to the following organisations;
Finance Norway, NHO, Verdipapirfondenes forening,
Svensk försäkring, Fondbolagens förening, Norsk
Eiendom, Institutional Limited Partners Association,
Institutional investors group on climate change limited.

• Number of complaints processed by the Financial
Appeals Board: Customers complain Storebrand to
the Financial Appeals Board who process the case. The
cases are processed by the Financial Appeals Board on
an ongoing basis.

• Number of reports to the National Financial

Intelligence Unit (FIU) (Norway and Sweden):
Number of customers and customer relationships
reported to national Financial Intelligence Units (FIU) on
the basis of suspected money laundering and terrorist
financing.

• Breach of the Code of Conduct: Below are definitions
of corruption, internal misconduct, other breaches of
ethical rules, and discrimination, which are what we refer
to as breaches of ethical guidelines.
– Corruption: Abusing one’s position to gain personal or

business-related benefits for oneself or others
– Internal misconduct: To perform actions with the

purpose of enriching themselves or close associates
at the expense of Storebrand and/or Storebrand’s
customers.

– Other breaches of ethical rules: Breaches of internal
or external regulations that are covered by and have
consequences in line with the sanctions matrix in
Storebrand’s ethical rules.

– Discrimination: Discrimination based on gender,

pregnancy, parental or adoption leave, care
responsibilities, ethnicity, religion, beliefs, disability,
sexual orientation, gender identity, gender expression,
age and other significant aspects of a person.
• Number of information security incidents: An

information security incident is a suspected, attempted,
successful or imminent threat of unauthorised access,
use, disclosure, breach, alteration or destruction of
information; or a material breach of Storebrand’s
information security policy.

• Number of privacy incidents: A privacy incident is an

incident where there have been discrepancies related to
privacy compliance.

E-learning

• E-learning completed: Employee who is registered as

completed in our e-learning system.

153

154

1. Purpose and delimitation

Storebrand is obliged to conduct due diligence in
accordance with the OECD Guidelines for Multinational
Enterprises and Work on Fundamental Human Rights
and Decent Working Conditions (the Transparency Act)
on 01.07.2022 to conduct due diligence in line with the
OECD Guidelines for Multinational Enterprises.

Storebrand shall comply with universal human and labour
rights, and minimise the risk of breaches through its own
operations and supply chain. Own operations means
influence through the financial services provided by the
Storebrand Group, direct management of real estate and
treatment of own employees.

This report is an account, cf. Section 5 of the Transparency
Act, of the due diligence work carried out by the Group
companies in Storebrand. The report describes Group-
wide organisation and guidelines, as well as Group-wide
risks and mitigating measures. For company-specific risks,
please see each company’s annual reports here.

The report describes Storebrand’s organisation of
human rights work, guidelines, risk and due diligence
assessments, associated results and implemented and
planned measures by the companies that are part of the
Storebrand Group. Risk and due diligence assessments
have been carried out per Group enterprise and the
common elements are aggregated in the current report.

2. Organisation and supply chain

2.1 Organisation
Responsible parties have been identified in each Group
company to ensure that risk assessments are regularly
carried out and due diligence assessments are carried out
of the supply chain and business partners, as well as their
own operations.

The central purchasing function works to ensure risk-
reducing measures when entering into contracts. The
contract owners, i.e. those closest and with the highest
understanding of the suppliers’ business risk, have the
operational responsibility for identifying risks associated
with the supplier relationship and any mitigating measures
before entering into a contract, and for following up
the contractual relationship on an ongoing basis. The
central purchasing function covers all Group companies
(excluding purchasing for Eiendom, which is located in its

own operational area) and is legally located in Storebrand
& SPP Business Services AB, Sweden, part of Storebrand
Livsforsikring AS.

When it comes to the treatment of our own employees,
Storebrand has a diversity committee with participation
from the entire Group. The committee works with various
initiatives within diversity, inclusion and belonging. A
recruitment committee has also been established to
oversee that internal hiring and promotions are done in line
with guidelines, to ensure equal rights for everyone and no
discrimination based on gender. Our internal HR function
works closely with the business areas to ensure freedom of
association for all, a diverse organisation and the absence
of discrimination.

The Group’s sustainability team which is formally
organised in Storebrand Livsforsikring AS plays a key role
in the preparation of the Group’s framework and processes
for the Transparency Act, and receives assistance and
guidance from the Group’s Legal Department as well as
functions from Governance, Risk and Compliance (second
line) in the Group. Governance, Risk and Compliance
reports on compliance with the Transparency Act to
individual boards.

Information and access requests are handled by the
communications department. The department responds
to inquiries from consumers and other stakeholders in
accordance with the statutory requirement for a response
deadline.

In practice, the routines for risk and due diligence
assessments of the Group’s suppliers and own operations
have been implemented in the central purchasing
function and in the Group companies. The CEO of each
Group company is responsible for implementation in the
respective company.

2.2 Supplier relationship
Storebrand has Group-wide suppliers within IT and ICT
operations, office services and cleaning, accounting
and financial services and consultancy services. The
Norwegian Group companies (excluding SKAGEN) share
the same office and cleaning supplier in Lysaker, Oslo. The
same applies to the Swedish companies in Stockholm.

The majority of Storebrand’s suppliers are Nordic. A
high proportion of the suppliers are within real estate
management and IT/ICT.

155

Overview of geographical location and sector affiliation for
the majority of Storebrand’s suppliers

Shares based on historical purchasing volume Does not
include purchases related to fund products.

Country

Norway

Sweden

United Kingdom

Finland

Denmark

United States of America

Other 83)

Sector

Real estate 84)

IT and ICT

Insurance 85)

Other 86)

3. Guidelines

Share of purchases

~80 %

~10 %

~5 %

<5 %

Share of purchases

~40 %

~30 %

~15 %

Storebrand wishes to be open and transparent about
its work on human and labour rights. Therefore, we
have a high degree of publicly available guidelines and
documents. The most important documents describing
how we work to comply with human and labour rights in
the Storebrand Group are discussed below.

3.1 Governing documents
All Storebrand employees attend annual (basic) courses
to ensure familiarity with the Storebrand Group’s most
important guidelines, such as our Code of Conduct.

3.1.1 Sustainability guidelines
Storebrand has drawn up its own guidelines for
sustainability. This document sets the overarching
framework for the Group’s work on the Transparency
Act. The guidelines have been decided by the Board of
Directors of Storebrand ASA and the Boards of Directors of
the operating Group companies.

3.1.2 Code of Conduct
Storebrand’s Code of Conduct 87) is part of the governing
documents that set the framework for how we act as
a Group. Governing documents are updated at least
annually. The guidelines have been adopted by the boards
of all Group companies. As a supplement to our Code of

Conduct, a human rights policy has been drawn up 88),
which summarises how Storebrand specifically works
with human rights and decent working conditions among
its own employees, in the supply chain and with business
partners and in investments.

3.1.3 Data Protection Guidelines
The guidelines in the Group for handling personal data89)
provide guidelines for how the processing of personal
data should be handled and that this is in accordance with
laws and regulations. Storebrand has, among other things,
dedicated data protection officers and data protection
advisors who both strengthen and focus the Storebrand
Group’s work with the processing of personal data and
ensure compliance with privacy legislation.

3.1.4 Storebrand Group Sustainable Investment Policy
The Storebrand Group Sustainable Investment Policy is
the overarching governing document for Storebrand’s work
with sustainable investments. The document describes
overall ambitions and working methods and requires
compliance with international norms and conventions
within human rights, environment, governance/anti-
corruption as well as guidelines such as the OECD
Guidelines.

The guideline also describes implementation methods
such as due diligence, portfolio screening, exclusions,
active ownership and integration.

The guidelines apply to Group companies within the
business area investment management; Storebrand Asset
Management AS and its subsidiaries, including Storebrand
Fonder AB, SKAGEN AS, Cubera Private Equity AS and
Cubera Private Equity AB.

The Sustainable Investment Policy is based on a minimum
requirement for all investments. It refers to international
norms and conventions within human rights, environment,
governance/anti-corruption and guidelines that we expect
companies to follow.

The standard applies to all Storebrand’s internally
managed funds and pension portfolios, as well as
externally managed funds. It does not distinguish between
passive and active investments and applies to all asset
classes. Furthermore, the standard has clearly defined
analysis criteria for human rights.

3.2 Due diligence framework
Storebrand’s sustainability guidelines (see section
3.1.1) set the framework for the Group’s work on the
Transparency Act. The following two documents are
appendices to this guideline and provide further guidelines
for the operational implementation of the work on risk and
due diligence.

83) Netherlands, Switzerland, Ireland, Italy, Latvia, Germany, Canada, Poland, Luxembourg.
84) General contractors on construction sites, operators in direct management of real estate and others involved in real estate management. Includes only Norwegian properties.
85) General insurance service providers: primarily auto repair shops, sanitation suppliers and other partners.
86) Mix of consultancy, auditing, legal services, cleaning and canteen services.
87) Code of Conduct
88) Human Rights Policy
89) Data Protection Guidelines

156

In the first step, objective risk of human rights violations
and decent working conditions is assessed based on four
factors;

1.
Supplier’s industry
2. Geographical affiliation
3. The specific product or service provided
4.

Knowledge of facts that increase the risk of breaches

Supplier relationships/business partners with the highest
risk then undergo a broader due diligence assessment
with the aim of identifying measures to reduce the risk of
human and labour rights violations.

Risk assessment of suppliers is integrated into Group-wide
systems and implemented in the Group’s risk procedure. A
similar risk assessment is carried out for business partners
at each Group company.

3.2.2 Routines for assessing own activities
The purpose of this procedure is to identify and follow
up risk in the Storebrand Group’s own operations, i.e.
impact on its own employees, influence through financial
services (banking services, insurance services and asset
management) and indirect influence through management
of the asset classes equities and bonds, real estate,
infrastructure and private equity.

The principle is the same as for supply chains, i.e. those
areas with an elevated risk of breaches are prioritised for
broader due diligence, and risk-reducing measures and
follow-up must be considered.

The routine clarifies which roles are responsible for which
assessments, in order to ensure local ownership of the
businesses.

3.3 Health, Safety and Environment (HSE) and
diversity

3.3.1 HSE policy for the Storebrand Group
Health, safety and environment (HSE) and an engaging
workplace are very important to the Storebrand Group.

Our HSE policy 90) lays the foundation for our strategic
work in this area. We aim to be among the leading
companies in the world in sustainability work, and as

part of this we prioritise our employees highly. There is
a relatively low probability of physical security risk in the
financial industry in general, with the exception of real
estate operations where physical risk is higher. In addition
to physical risk, we treat mental health, wellbeing and
engagement as critical to the success of our business.
The policy is owned by the Chief People Officer and is
implemented throughout the Storebrand Group.

3.3.2 Diversity and Equal Opportunities Policy
Storebrand’s organisation and operations shall reflect
our customers and the markets in which we operate.
Our ambition is to be a good workplace for everyone,
regardless of background. We strongly believe in building
an agile organisation and a culture of trust, inclusion and
belonging. External, independent sustainability analyses
also show that companies with a high focus on diversity
are more innovative and profitable.

Our policy for diversity and equality 91) sets the framework
for and explains how we work in practice and are
implemented throughout the Storebrand Group.

3.3.3 Early warning mechanisms
Storebrand wants to ensure a healthy working environment
for all employees. An open culture with freedom of
expression and free opportunities to communicate one’s
own opinions in the workplace testifies to a healthy
corporate culture that benefits both the company and
employees. Criticism and disagreement should be dealt
with in an orderly, fact-based manner. For this we have a
system for whistleblowing (via external supplier) which
can be read more about here: Whistleblowing function.

3.4 Purchasing

3.4.1 Purchasing policy
Storebrand’s purchasing policy 92) is based on Group-wide
purchasing principles and covers the entire Storebrand
Group. In practice, the policy is managed by Storebrand’s
Group-wide purchasing team, which is legally located
under the company Storebrand Livsforsikring AS and
Storebrand & SPP Business Services AB.

The principles contain supplier requirements and cover
all types of procurement of goods and services. The policy
therefore forms the basis for all purchases made by a
Group company.

3.4.2 Attachments to suppliers
Suppliers of Storebrand must sign Storebrand’s
sustainability vouchers. The purpose is to ensure that
suppliers share Storebrand’s ambitions and work
purposefully with both environmental and social
considerations.

By signing the attachment, the supplier confirms the
browse. other to follow the UN Global Compact’s 10 core
principles, including the internationally recognised human
rights.

90) HSE Policy for the Storebrand Group
91) Diversity and Equal Opportunities Policy
92) Procurement policy

157

Information security is assessed by Storebrand as part of
our overall risk picture. The risk is reported to the Group
Board of Directors every month and summarised in the risk
assessment assessed by the Group management and the
Board of Directors, including board committees, twice a
year. Furthermore, the risk is assessed in the annual ORSA
report.

4. Risk and due diligence assessments

Storebrand has implemented the following measures to
manage this risk:

The Storebrand Group assesses the risk of human rights
violations and decent working conditions through the
use of suppliers and their subcontractors, through the
distribution of financial services (banking, insurance
and asset management) and through investments in
companies. Through this process, an overall low risk
picture for violations of human rights and decent working
conditions has been revealed.

In the following sections, we highlight the Storebrand
Group’s most significant risk areas in light of an overall low
risk level.

4.1 Own employees
The biggest and most serious risk that our employees
are exposed to is the risk of violence and threats from
customers. Employees in the Storebrand Group who work
in the customer front, i.e. as advisors, account managers
and salespeople, and who thus have direct contact with
the customer, are at times exposed to threats. Good
routines have been established for dealing with this:

Signing contracts with suppliers
• The risk is reviewed with all new purchases there, among
other things. Privacy risks and information security risks
are reviewed. The level of potential risk is assessed, and
a management plan is made.

Dialogue with suppliers
• Storebrand maintains a regular dialogue with strategic

ICT service providers with the aim of reducing the
likelihood of any privacy and information security risks.
This is done, among other things, through semi-annual
sustainability reviews.

Technical restrictions and encryption
• APIs have been developed that provide only the

necessary information to important suppliers who
process data. Sensitive information is only shared when
needed.

• Encrypting customer data and carefully selecting hosting

locations also contribute to risk reduction.

Training:
• Customer advisors are trained to handle challenging and

Organisation and distribution of responsibilities
• We have dedicated Resilience & Continuity

aggressive customers

• Comprehensive management training in the sales and

settlement departments

Routine:
• Routines are developed in the internal HSE handbook

available to employees

• Personal threats reported to the police
• Follow-up of employees takes place via crisis

psychologist, HR and third parties

Managers with operational responsibility for security
in each business area, as well as a recent Security
Championship program, an internal community of
employees working in digital service development. The
program promotes awareness, further development and
competence sharing of our software security.

• The internal security function is divided into three lines
of defence; Security Operations, Group Security and
independent internal audit.
– Security Operations is responsible for security

• A dedicated security officer has been established to

monitoring.

handle all cases

4.2 IT and data security
As a broad financial group, there is an inherent risk
that sensitive customer data such as names and social
security numbers may go astray. Our digital solutions and
infrastructure are of critical importance to society, as we
manage large amounts of information for our customers
both through our own systems and through important
suppliers. Therefore, we can be an attractive target for a
number of threat actors.

– Group Security is an internal control function and is

part of Storebrand’s Governance, Risk & Compliance
function.

– Independent internal audit: Knowledgeable, motivated

and conscious employees are an important part of
Storebrand’s preventive safety work. Storebrand
therefore has a strategy to ensure awareness of safety
and emergency preparedness. This includes regular
safety culture measurements conducted by Internal
Audit, as well as safety as an integral part of employee
training.

• In addition, Storebrand has an operational first-line
function for handling security incidents (Computer
Security Incident Response Team).

158

Reporting
• The Chief Information Security Officer reports regularly

to the Board and CEO in all gender reports.

Cooperation
• Storebrand is a member of Nordic Financial CERT, a joint
Nordic operations centre that shares information about
threats and attacks between financial institutions, and
coordinates major incidents across these.

• Storebrand contributes with information sharing in the
network. In this way, we contribute to mapping and
understanding developments in the threat picture,
internally and externally.

Competence enhancement
• We have recently increased our investment in expertise
and resources in emergency preparedness, security
testing, operational security monitoring and incident
management to increase the Group’s overall resilience.
• In addition, crisis exercises have been carried out based

on various simulated cyber attacks against critical
parts of Storebrand. We have improved our ability to
detect incidents, improved our internal control activities
and conducted several security tests. This enables us
to identify deviations and vulnerabilities before they
develop into incidents that have consequences.

4.3 Operating personnel
Physical office operations, such as cleaning, is generally
an industry with a high risk of violations of decent working
conditions, including social dumping.

Storebrand’s head office in Lysaker uses a main supplier
for facility and cleaning services. A structured process has
been implemented for following up wages and working
conditions together with the supplier. There is a low risk
of using reckless chemicals, poor wages or excessive use
of overtime. In addition, follow-up meetings are held with
the supplier on a monthly basis and annual validations
to ensure that wages are paid according to tariffs. The
agreement is managed by Storebrand Facilities AS.

Similarly, we have a main supplier for our Swedish office in
Stockholm, Sweden. An assessment has been made and
the risk of human or labour rights violations is considered
low. There is close contact between Storebrand and the
supplier, and a clear process for follow-ups and dialogue.

4.4 Universal design and language
The Storebrand Group has customers in a wide age
range with different prerequisites and understanding of
the format and content presented to them, for example
in terms and conditions attachments that are sent when
entering into an agreement. In the delivery of financial
services, a certain degree of professional terminology
of a legal and financial nature is required. For example,
in terms of agreements and coverage in insurance
contracts, interest and bank terms on deposits or in fund
prospectuses.

In practice, there may be a risk that customers do not
understand which agreement they enter into and what
determines the price they receive. It also means that
the process can be regarded as more burdensome and
cumbersome for those with low competence in financial
terminology. Another example is that older age groups
have on average lower digital competence than younger
ones, which combined with the fact that Storebrand has
few available physical premises, can be perceived as
challenging. For example, we offer telephone management
to increase accessibility for these groups as well.

Storebrand has implemented the following measures to
reduce the likelihood and consequences of this risk:

Communication:
• Increased use of verbal communication with customers

to reduce the chance of misunderstandings and facilitate
clarification of potential misunderstandings.

• The direct number of the case officer is stated in a letter

to the customer.

• Use of ”plain language” with a focus on making it clear

what insurance, investment and loan terms mean for the
customer.

Guidelines:
• Preparation of guidelines for information, sales and

advice and guidelines for case processing.

• Increased use of internal control and regular review
of routines and training to ensure and appropriate
communication.

159

Financed emissions

We report on carbon intensity and absolute GHG emis-
sions for equities, corporate bonds and real estate. The
information is available at the aggregated level, per sector
and geographical location.

Emissions from equity investments
The figures for the carbon intensity calculations are based
on data from our data provider.

We calculate financed emissions by allocating a compa-
ny’s GHG emissions in scope 1 and 2 over the company’s
total enterprise value (Enterprice value including cash)
and then multiplying it by each single position in the port-
folio. This method is in line with the definition of ”Principal
Adverse Impacts” as part of the EU’s Sustainable Finance
Disclosure Regulation (SFDR).

Results

Indicators

2020

2021

2022

2023

Total GHG absolute emissions from equities investments:
tonnes of CO2e Scope 1-2

Total carbon intensity from equities investments: tonnes of
CO2e Scope 1-2 per NOK 1 million in sales income 93)

Coverage: % equities portfolio 94)

3,113,714

2,504,453

2,492,038

2,297,418

12.4

96 %

12.2

98 %

13.3

99 %

8.59

99 %

Total GHG absolute emissions from equities investments: tonnes of CO2e Scope 1-2, by sector 95)

Agriculture, forestry and fishing

10,295

12,591

8,525

5,116

Mining and quarrying

Manufacturing

368,065

309,388

344,392

219,145

1,685,674

1,951,128

1,621,406

1,492,218

Electricity, gas, steam and air conditioning supply

42,295

64,958

35,275

Water supply; sewerage; waste management and remediation

104,811

131,088

104,090

Construction

Wholesale & retail trade; repair of motor vehicles

Transportation and storage

Accommodation and food service activities

Information and communication

Financial and insurance activities

Real estate activities

Professional, scientific and technical activities

Administrative and support service activities

Education

Human health and social work activities

Arts, entertainment and recreation

Other services activities

22,411

114,969

327,438

6,382

77,987

138,935

13,817

2,721

5,764

399

4,884

585

28,158

123,411

278,992

7,058

81,292

21,906

16,326

3,391

3,137

526

5,263

438

26,199

89,440

15,918

75,616

15,363

67,896

176,938

249,521

7,239

52,052

30,793

10,309

8,680

3,887

226

2,366

329

10,973

72,371

17,327

11,440

3,353

4,467

282

2,184

462

321

93) Historical figures have been updated due to increased quality and coverage in historical figures by including ESG by master data (Nordic Trustee) as an additional data provider.
94) Historical figures have been updated due to increased quality and coverage in historical figures by including ESG by master data (Nordic Trustee) as an additional data provider.
95) Emissions data by sector are based on NACE (Nomenclature of Economic Activities) codes. NACE codes are the European statistical classification of economic activities. NACE
groups organisations according to their business activities.

160

2020

2021

2022

2023

Total absolute GHG emissions from equity investments: tonnes CO2e Scope 1-2, by region

Results

Africa

Asia / Oceania

Europe

North America

South America

313,652

623,977

15,412

34,841

30,041

473,988

399,916

494,463

1,203,608

1,236,455

1,178,402

1,025,406

793,210

760,541

860,348

718,177

40,504

18,058

18,532

31,346

6.12

31.12

10.47

21.52

58.60

2.90

2.62

41.28

16.46

2.70

0.76

7.47

1.57

2.06

2.85

4.49

5.37

6.93

19.74

12.63

8.70

7.17

23.44

Total carbon intensity from equity investments: tonnes CO2e Scope 1-2 per NOK 1 million in sales revenue, by sector

Agriculture, forestry and fishing

Mining and quarrying

Manufacturing

Electricity, gas, steam and air conditioning supply

Water supply; sewerage; waste management and remediation

Construction

Wholesale & retail trade; repair of motor vehicles

Transportation and storage

Accommodation and food service activities

Information and communication

Financial and insurance activities

Real estate activities

Professional, scientific and technical activities

Administrative and support service activities

Education

Human health and social work activities

Arts, entertainment and recreation

Other services activities

8.87

66.47

15.25

21.92

93.82

3.50

3.82

40.67

12.20

3.30

1.74

11.84

2.86

4.43

4.97

9.19

4.93

5.18

8.22

71.05

15.82

25.21

86.52

3.11

4.44

50.37

24.68

3.46

1.01

8.57

2.44

2.83

6.67

8.13

5.23

4.66

9.50

59.12

18.41

33.72

84.98

3.93

3.88

47.37

23.90

3.39

1.60

9.58

2.41

2.92

6.35

7.75

8.38

4.90

Total carbon intensity from equity investments: tonnes CO2e Scope 1-2 per NOK 1 million in sales revenue, by region

60.08

15.85

10.76

11.70

7.49

26.77

14.95

14.48

10.27

24.16

31.82

14.43

15.34

12.83

21.86

Africa

Asia / Oceania

Europe

North America

South America

161

The figures for the carbon intensity calculations are based
on data from our data provider.

We calculate financed emissions by allocating a compa-
ny’s GHG emissions in scope 1 and 2 over the company’s

total enterprise value (Enterprice value including cash)
and then multiplying it by each single position in the port-
folio. This method is in line with the definition of ”Principal
Adverse Impacts” as part of the EU’s Sustainable Finance
Disclosure Regulation (SFDR).

Indicators

2020

2021

2022

2023

Results

616,743

262,922

391,993

264,822

11.67

26 %

9.22

24 %

8.82

47 %

3.31

60 %

2,053

38,898

244

84,114

2,776

64,248

129,153

109,876

107,727

Total GHG absolute emissions from corporate bond
investments: tonnes CO2e Scope 1-2

Total carbon intensity from corporate bond investments:
tonnes of CO2e Scope 1-2 per NOK 1 million in sales
income 96)

Coverage: % corporate bond portfolio 97)

Total GHG absolute emissions from corporate bond investments: tonnes of CO2e Scope 1-2, by sector

Agriculture, forestry and fishing

Mining and quarrying

Manufacturing

Electricity, gas, steam and air conditioning supply

Water supply; sewerage; waste management and
remediation

Construction

Wholesale & retail trade; repair of motor vehicles

1,549

169,253

183,832

4,989

27,552

3,154

395

324

Transportation and storage

181,823

40,170

Accommodation and food service activities

Information and communication

Financial and insurance activities

Real estate activities

Professional, scientific and technical activities

Administrative and support service activities

Public admin. & defense; compulsatory social sec.

Human health and social work activities

Activities of extraterritorial orgs. and bodies

198

15,511

17,898

5,376

2,722

2,029

1,565

Total absolute GHG emissions from corporate bond investments: tonnes CO2e Scope 1-2, by region

88,520

11,284

12,366

7,759

93,109

4,776

2,408

5,986

383

1,922

3,740

82,056

103

7,597

3,008

5,491

325

212

230

3,035

9,937

Africa

Asia / Oceania

Europe

North America

South America

23,770

458,851

131,650

1,263

231,936

339,135

215,096

29,723

49,786

39,993

96) Historical figures have been updated due to increased quality and coverage in historical figures by including ESG by master data (Nordic Trustee) as an additional data provider.
97) Historical figures have been updated due to increased quality and coverage in historical figures by including ESG by master data (Nordic Trustee) as an additional data provider.

162

2020

2021

2022

2023

Total carbon intensity from corporate bond investments: tonnes CO2e Scope 1-2 per NOK 1 million in sales revenue, by sector

Results

Agriculture, forestry and fishing

Mining and quarrying

Manufacturing

Electricity, gas, steam and air conditioning supply

Water supply; sewerage; waste management and
remediation

Construction

Wholesale & retail trade; repair of motor vehicles

Transportation and storage

Accommodation and food service activities

Information and communication

Financial and insurance activities

Real estate activities

Professional, scientific and technical activities

Administrative and support service activities

Public admin. & defense; compulsatory social sec.

Human health and social work activities

Activities of extraterritorial orgs. and bodies

7.18

95.31

19.31

10.40

119.88

12.03

4.12

80.05

5.52

3.66

0.87

6.75

1.05

22.14

566.85

2.07

87.58

22.13

4.78

2.49

3.85

5.53

76.24

28.18

184.78

9.91

4.64

2.94

43.52

15.27

10.65

7.72

1.36

1.67

103.79

137.53

57.36

3.23

2.21

1.07

7.39

0.76

19.86

4.10

3.38

2.75

0.45

5.88

1.00

0.96

5.98

0.48

1.46

2.71

0.27

4.20

0.84

2.52

0.06

0.53

0.05

Total carbon intensity from corporate bond investments: tonnes CO2e Scope 1-2 per NOK 1 million in sales revenue, by region

Africa

Asia / Oceania

Europe

North America

South America

0.75

9.96

12.27

8.23

15.16

4.87

5.23

4.81

8.51

11.73

0.94

15.74

2.77

5.07

0.41

163

Financed emissions from direct real estate investments
under management in Norway, Sweden and Denmark.
This includes both directly owned properties and
properties that are wholly or partly managed on behalf of
external 3rd party customers. The figures include direct
and indirect emissions (Scope 1-2), including tenants’
energy consumption, according to SBTi-validated targets.

Calculations are made in CEMAsys according to the GHG
protocol (The Greenhouse Gas Protocol).

For Denmark, emission factors based on floor area and
PCAF (Partnership for Carbon Accounting Financials)
European database of building emission factors are
used98). Fixed emission factors are used 2019 - 2023.
The Nordic mix emission factor is the basis for calculating
location-based emissions from electricity.

Results

Indicators

2019

2020

2021

2022

2023

Total GHG absolute emissions from direct real estate
investments: tonnes CO2e Scope 1-2

Total carbon intensity emissions from direct real
estate investments (Scope 1-2): kgCO2e per m2
investments

Coverage: % real estate portfolio

25,843

25,253

23,854

23,659

28,948

15.97

100 %

15.52

100 %

14.57

100 %

14.3

100 %

15.69

100 %

Total absolute GHG emissions from direct real estate investments: tonnes CO2e Scope 1-2, by sector

Real estate

25,843

25,253

23,854

23,659

28,948

Total absolute GHG emissions from direct real estate investments: tonnes CO2e Scope 1-2, by region

Europe

25,843

25,253

23,854

23,659

28,948

Total carbon intensity from direct real estate investments (Scope 1-2): kgCO2e per m2 investments, by sector

Real estate

15.97

15.52

14.57

14.3

15.69

Total carbon intensity from direct real estate investments (Scope 1-2): kgCO2e per m2 investments, by region

Europe

15.97

15.52

14.57

14.3

15.69

98) https://carbonaccountingfinancials.com/en/newsitem/financing-towards-net-zero-buildings-pcaf-launches-updated-european-building-emission-factor-database

164

Recommended disclosures

Governance
Disclose information on Storebrand’s governance with regard to climate-related risks and opportunities.

Describe the
Board of Directors’
oversight of climate-
related risks and
opportunities.

• Storebrand assesses climate risk in the same framework as other business risks. The
overall risk, including climate risk, is summarised in the risk assessment carried out
by the Group Executive Management and the Board twice a year. Sustainability and
climate risks are also assessed in the annual ORSA report, which is adopted by the
Board of Directors and sent to the Financial Supervisory Authority of Norway.
• Sustainability, including climate risk, is part of the board’s risk discussions and

Pages

31-33, 51-53,
105-108

strategy agenda.

• In 2023, guidelines on governance structures for sustainability work, including

climate, was updated and further developed. The Board of Directors of the Group
reviews Storebrand’s strategy for sustainability agenda.

• The Boards of Directors of Group companies have overall responsibility for ensuring

that the enterprise works with and reports on sustainability in accordance with
national laws, precepts and regulations from the EU, as well as obligations and
ambitions the enterprise has undertaken. As part of the annual strategy process,
the Boards shall consider the company’s sustainability strategy, which defines its
ambitions.

• The Boards of Directors of Group companies determine the responsibilities and tasks
of the managing directors within sustainability, including climate, and approve the
organisation of responsibilities and tasks. The boards follow up the companies’ work
on sustainability through the strategy process, business reviews and reporting from
the business, as well as in reporting from the independent control functions.

• The Chief Sustainability Officer shall assist the Group Chief Executive Officer on a

monthly basis with sustainability reporting to the Board of Directors of ASA. The Chief
Sustainability Officer shall at least annually submit a report to the Board on how the
Group’s strategy, products and services are developed and operated in accordance
with the strategic ambitions and regulatory requirements and obligations that
Storebrand has endorsed.

• Strategic goals are set for sustainability work for all members of the Group Executive
Management, including climate, which are followed up regularly through corporate
governance mechanisms.

Describe the
Group Executive
Management’s role
in assessing and
managing climate-
related risks and
opportunities.

• All subsidiaries are expected to carry out a climate risk assessment that is included in

31-33, 105-108

the Group’s climate risk analysis.

• Management includes transition risks in strategic planning, particularly in our role as

asset owners and asset managers.

• Physical risks, with a specific focus on extreme weather, are particularly important for

our real estate and insurance subsidiaries.

• Storebrand’s Group Chief Executive Officer is responsible for ensuring that the Group
sets and implements ambitions for its work on sustainability, including climate, and
shall ensure that the Group has a strategy that clarifies ambitions and objectives.

• Group management members and managing directors of subsidiaries are responsible

for following up the Group’s strategy for work on sustainability, including climate,
by setting ambitions and goals for sustainability in their own area of responsibility
through sub-strategies.

• Chief Financial Officer is responsible for ensuring that work on sustainability, including
climate, is included in the Group’s strategy process and internal corporate governance.
Chief Sustainability Officer, who reports to Chief Financial Officer, assists Storebrand
ASA’s Board of Directors and Group Chief Executive Officer in developing ambitions
for sustainability, including climate, and supports Executive Vice Presidents and Chief
Executive Officers in operationalising the Group’s ambitions through specific targets
and key figures.

• All Group areas have appointed two employees responsible for ESG risks and

opportunities, and are monitored on progress each quarter by the Chief Sustainability
Officer. Group management members are also followed up by the Group Chief
Executive Officer.

165

Describe the
climate-related risks
and opportunities
Storebrand has
identified over the
short, medium, and
long term.

Storebrand’s climate risk assessment is based on the following descriptions of climate-
related risks and opportunities:

33, 105-108

• Reduced return on investment (as a result of climate change or the transition to low

emissions).

• Declining demand for our products (due to market changes due to climate change or

transition to a low-carbon economy.

• Increased costs, higher compensation/losses or increased requirements for reserves

(as a result of climate change or the transition to low emissions).
• Missed opportunities due to missing or late climate adaptation.
• Non-compliance with new requirements for climate change adaptation or reporting.
• Failure to reach our own climate adaptation targets, or our ambitions being
inadequate (in relation to our net zero-emission commitments or customer
expectations).

Some of these risk descriptions can also materialise as opportunities:

• Increased return on investments (as a result of climate change or the transition to low

emissions) due to our investment strategies.

• Increasing demand for our products (as a result of market changes caused by climate

change or the transition to a low-carbon economy) due to successful strategies.
• Reduced costs, lower replacements/losses than our competitors (as a result of

climate change or the transition to low emissions).

• Best in class in compliance with new regulations on climate change adaptation or

reporting.

• Achieving our own climate adaptation targets, and setting the appropriate level
of ambition (in relation to our net zero-emission commitments or customer
expectations).

Describe the
impact of climate-
related risks and
opportunities
on Storebrand’s
businesses, strategy,
and financial
planning.

Describe the
resilience of
Storebrand’s
strategy, taking
into consideration
different climate-
related scenarios,
including a 2°C or
lower scenario.

• Business strategy is largely influenced by transition risk, which can be seen through

33, 105-108

our climate investment strategy, our exclusions and our focus on solution companies.
• Business strategy is affected by reputational risk related to customer and supervisory

expectations.

• All the Executive Vice Presidents at Storebrand have appointed a Strategic and

Operational Sustainability General to ensure that sustainability is well integrated
into the strategy processes and that this is followed up in management meetings
throughout the year.

• By adapting our analysis to the NGFS climate scenarios, we are able to evaluate
the robustness of our business and investment strategies across various climate-
related scenarios, including a 2°C or lower scenario. We have a strategic ambition to
contribute to the achievement of the 1.5 degree target.

• We have set a target of having a net-zero investment portfolio by 2050 at the latest,

and we have set interim targets for 2025, 2027 and 2030.

33, 57-77,
100-102

166

Describe
Storebrand’s
processes for
identifying and
assessing climate-
related risks.

• Climate risk is an integral part of the Group’s risk assessment.
• Storebrand assesses climate risk in the same framework as other business risks. The
overall risk, including climate risk, is summarised in the risk assessment carried out
by the Group Executive Management and the Board twice a year. Climate risk is also
assessed in the annual ORSA report approved by the Board of Directors and sent to
the Financial Supervisory Authority of Norway.

• A climate risk assessment is carried out at Group level, and for each of the

subsidiaries/business areas in the Group.

• We measure and assess exposure to sectors with significant climate and sustainability

risk.

• We carry out physical climate risk assessments for our real estate portfolio at property

level.

31-33, 57-77

• In our investments, we analyse all companies in our investment universe using our

33, 57-77

internal sustainability assessment, including climate risk.

• We measure our exposure to the fossil fuel sector, high-emitting sectors and assess
our investments in the 20 companies with the highest emissions. We engage in one-
to-one dialogue with those with the highest emissions.

• In our real estate investments, we conduct sustainability due diligence to support
decisions prior to investment decisions. After the investment, we exercise active
ownership to align portfolios with the target of 1.5 degrees, through research and
action plans at the asset level.

• We integrate climate factors into risk assessment and pricing in the underwriting
process within insurance. We improve our risk assessment by analysing extreme
rainfall and flooding in different areas. At the same time, we give higher prices for
insurance of buildings with basements in risk areas.

• Our processes are described in the chapters “Risk” and “Climate risks and

31-33

opportunities”.

Describe
Storebrand’s
processes for
managing climate-
related risks.

Describe how
processes for
identifying,
assessing and
managing climate-
related risks are
integrated into
Storebrand’s overall
risk management.

Metrics and targets
Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information
is material.

• Carbon intensity from equity investments: 8.6 tonnes CO2 equivalents per NOK 1

78-81, 109-113

million in sales income.

• Carbon intensity from corporate bond investments: 3.3 tonnes CO2 equivalents per

NOK 1 million in sales income.

• Carbon intensity direct real estate investments (scope 1-3): 5.6 kg/m2.
• Exposure to high-emission sectors: NOK 59.5 billion / 10.32 per cent share of equity

investments.

• Investments in solutions (solution companies, green bonds, green infrastructure and
real estate with environmental certification): NOK 154.9 billion / 12.8 per cent of
assets under management.

• Number of active corporate engagements related to climate and environmental risks

and opportunities: 853.

• Number of companies excluded due to severe climate and environmental damage:

161.

• All our greenhouse gas emissions are reported in the tables in the chapters “Carbon

accounting summary” and “Financed Emissions”.

57-77, 103-104,
105-108,
160-164

• Targets for each asset class are described in the chapters “Sustainable finance” and

57-81, 99-113

“Climate change”.

Disclose the metrics
used by Storebrand
to assess climate-re-
lated risks and
opportunities in line
with its strategy and
risk management
process.

Disclose Scope 1,
Scope 2 and Scope
3 greenhouse gas
emissions and the
related risks.

Describe the targets
used by Storebrand
to manage climate-
related risks and
opportunities and
performance against
targets.

167

GRI-
Standard

Title

GRI Standard and disclosures

GRI 2: General Disclosures

The organisation and its reporting practices

2-1

Organisation details

Text

Chapter

Page
reference

Storebrand ASA
Professor Kohts vei 9, Lysaker,
Oslo, Noway.

Companies in the
Storebrand Group,
Annual accounts and
notes

40, 190

2-2

Entities included in the
organisation’s sustainability
reporting

This report covers Storebrand’s entire business,
and describes environmental, social and
governance matters in our own operations,
products and value chain.

This is Storebrand,
Companies in the
Storebrand Group,
Sustainability report,
GRI-Index

11-13,
40, 49

The ESG (environment, social, governance)
data cover the entire Group, but with some
exceptions that are specified. The climate data
for own operations in the chapter “Climate
change” include the head offices in Norway
and Sweden and Skagen’s head office, where
we have operational control. Data for our real
estate investments cover Storebrand Eiendom,
SPP Fastigheter and Capital Investment
unless otherwise specified. Total assets under
management are aggregated for all legal entities,
including the entities underlying Storebrand Asset
Management.

See page 40 for more information about
companies in the Storebrand Group.

2-3

Reporting period, frequency
and contact point

The reporting period for the sustainability report
is:
1 January 2023–31 December 2023.
Reporting is performed annually.

GRI-index

The reporting period for the financial report is:
1 January 2023–31 December 2023.
Reporting is performed annually.

Publication date for report: 14 March 2024.

Contact details for questions about the report:
https://www.storebrand.no/en/investor-relations

2-4

Restatements of information

2-5

External assurance

99) This represents the office premises of 88 per cent of the employees.

168

109-113,
124-132,
160-164

175-176,
302-308

Climate change, Own
employees, Financed
emissions

Independent
auditor’s statement
on sustainability
reporting,
Independent
auditor’s report

Title

Text

2-6

Activities, value chain, and
other business relationships

We describe Storebrand ASA's main activities per
country in the annual accounts in note 4.

2-7

Employees

2-8

Workers who are not
employees

We report the total number of permanent
employees in the Group, and the number of
employees by country, gender and type of
employment.

The most common type of workers and
contractual relationships who are not permanently
employed are external consultants. They have
temporary contracts and perform work related
to the needs of business units. The majority of
consultants are from the same supplier, and it is
relatively stable over time.

Governance

2-9

2-10

2-11

2-12

2-13

Governance structure and
composition

Nomination and selection of
the highest governance body

Chair of the highest
governance body

Role of the highest governance
body in overseeing the
management of impacts

Delegation of responsibility for
managing impacts

2-14

Role of the highest governance
body in sustainability reporting

2-15

Conflicts of interest

The Board adopts our internal document
“Guidelines for handling conflicts of interest”. The
guidelines describe our procedures for identifying,
assessing, documenting and managing conflicts
of interest.

2-16

2-17

2-18

Communication of critical
concerns

Collective knowledge of the
highest governance body

Evaluation of the performance
of the highest governance
body

2-19

Remuneration policies

169

Chapter

Highlights in 2023,
This is Storebrand,
Annual accounts
and notes, The
Storebrand Group’s
report pursuant
to the Norwegian
Transparency Act ,
GRI-index

Own employees,
GRI-index

Page
reference

8-9, 11-13,
155-159,
213

124-132

Own employees,
GRI-index

124-132

This is Storebrand,
Corporate
governance

Corporate
governance

Corporate
governance,
Storebrand’s
sustainability agenda

This is Storebrand,
Corporate
governance,
Storebrand’s
sustainability agenda

Storebrand’s
sustainability agenda,
Annual accounts and
notes
Corporate
governance

Risk, Corporate
governance,
GRI-index

14-16,
41-48

44-45

41-42,
52-53

14-16,
41-42,
52-53

41-48,
52-53,
190

34, 43-45

Own employees,
Business conduct

119, 146

Own employees

119

Corporate
governance

44-46

Annual accounts and
notes,
Corporate
governance

47,
247-248,
293

GRI-
Standard

Title

Text

Chapter

Process to determine
remuneration

We use external surveys (benchmarks) to assess
and compare wages in the market. We do not use
external consultants to look at salary conditions.

Corporate
governance,
GRI-index

Page
reference

Annual total compensation
ratio

Own employees

126-127

2-20

2-21

18-22,
51-53

99-102,
115-123,
143-150,
155-159

57-58,
99-113,
115-132,
133-142,
143-153

115-123,
133-138,
143-147

143-147,
175-176,
302-308

Strategy 2023-25,
Strategic highlights,
Storebrand’s
sustainability agenda

Climate change, Own
employees, Business
conduct, The
Storebrand Group’s
report pursuant
to the Norwegian
Transparency Act

Sustainable finance,
Climate change,
Own employees,
Consumers and
end-users, Business
conduct

Own employees,
Consumers and
end-users, Business
conduct

Business conduct,
Independent
auditor’s statement
on sustainability
reporting,
Independent
auditor’s report

Strategy, policies and practices

2-22

Statement on sustainable
development strategy

2-23

Policy commitments

2-24

Embedding policy
commitments

2-25

Processes to remediate
negative impacts

2-26

2-27

Mechanisms for seeking
advice and raising concerns

Compliance with laws and
regulations

170

Chapter

Business conduct,
GRI-index

Page
reference

150

GRI-
Standard

Title

Text

2-28

Membership associations

Climate Action 100+
FAIRR a coller initiative
Finance for Biodiversity pledge
Finans Norge
Fondsbolagens Förening
Hållbart värdeskapande
The Institutional Investors Group on Climate
Change (IIGCC)
Investor Initiative on Hazardous Chemicals (IIHC)
Investor Alliance for Human Rights
Investor Policy Dialogue on Deforestation (IPDD)
Koalisjonen for Ansvarlig Næringsliv (KAN)
Leaders Alliance
Nature Action 100
Net-Zero Asset Owner Alliance
The Net Zero Asset Manager Initiative
Nordic CEO’s for a Sustainable Future
Norsk forum for ansvarlige og bærekraftige
investeringer (NORSIF)
PLWF Financing for Living Wage
Science Based Targets initiative (SBTi)
Skift - Næringslivets klimaledere
SLUG Debt Justice Network Norway
Sustainable Blue Economy Finance Principles
Svensk Försäkring
Sweden’s Sustainable Investment Forum
(SWESIF)
Task Force on Nature-related Financial
Disclosures (TNFD)
Transition Pathway Initiative (TPI)
United Nations Environmental Programme
Finance Initiative (UNEPFI)
United Nations Global Compact (UNGC)
United Nations Principles for Responsible
Investments (UNPRI)

Stakeholder engagement

2-29

Approach to stakeholder
engagement

2-30

Collective bargaining
agreements

Material Topics

GRI 3: Material Topics 2021

Process to determine material
topics

List of material topics

Management of material
topics

Sustainable finance
Climate change
Own employees
Consumers and end-users
Business conduct

3-1

3-2

3-3

171

Materiality analysis
and material topics,
Sustainable finance,
Climate change,
Own employees,
Consumers and
end-users, Business
conduct

54-56,
57-77,
99-102,
115-123,
133-138,
143-150

Own employees,
GRI-index

122, 128,
132

Materiality analysis
and material topics

Materiality analysis
and material topics,
GRI-index

54-56

Risk, Sustainable
finance, Climate
change, Own
employees,
Consumers and
end-users, Business
conduct

31-34,
57-81,
99-113,
115-132,
133-141,
143-153

Title

Economic Performance

201-1

201-2

Direct economic value
generated and distributed

Financial implications and
other risks and opportunities
due to climate change

Anti-corruption

205-2

Communication and training
about anti-corruption policies
and procedures

Emissions

305-1

Direct (Scope 1) GHG
Emissions

305-2

Energy indirect (Scope 2)
GHG emissions

305-3

Other indirect (Scope 3) GHG
emissions

305-4

GHG emissions intensity

Text

Chapter

Director’s Report,
Annual accounts and
notes

Director’s Report,
Risk, Climate risks
and opportunities

Page
reference

17-30,
182-300

17-34,
105-108

Own employees,
Business conduct

119, 146,
151-153

Climate change, GRI-
Index

103-104,
109-113

Climate change, GRI-
Index

103-104,
109-113

Climate change,
Financed emissions
GRI-Index

103-104,
109-113,
160-164

Climate change,
Financed emissions
GRI-Index

103-104,
109-113,
160-164

Storebrand ASA’s total emission figures are shown
in the Carbon accounting summary.
Biogenic emissions are not relevant to our
activities.
Sources for emission factors are primarily: DEFRA
2023 and the Norwegian Environment Agency.

Storebrand ASA’s total emission figures are shown
in the Carbon accounting summary.
In addition, emissions related to equities, bonds
and real estate investments are shown in the
chapter “Financed emissions”.
Biogenic emissions are not relevant to our
activities.
Sources for emission factors for calculating
indirect emissions from own operations are
primarily: DEFRA 2023.

Storebrand ASA’s total emission figures are shown
in the Carbon accounting summary.
In addition, emissions related to equities, bonds
and real estate investments are shown in the
chapter “Financed emissions”.
In our annual report, we report primarily on the
carbon intensity of equity, bond and real estate
investments. For own operations, the intensity
figure is calculated as follows (emissions /
revenues):

- Scope 1: 0.00005 tco2e / MNOK
- Scope 2: 0.01744 tco2e / MNOK
- Scope 3: 0.13362 tco2e / MNOK
- Total scope 1-3: 0.15112 tco2e / MNOK

Employment

401-1

New employee hires and
employee turnover

Own employees

129-130,
132

172

Text

Chapter

Own employees,
Annual accounts and
notes

Page
reference

117-119

Own employees

128

Own employees

120-122,
124-126

Own employees

126-127

Our report The duty of activity and reporting
describes a detailed distribution of pay ratios
based on Hay Grade and per region. Find the
report here.

Storebrand has not made contributions, either
financial or in-kind, to political parties, their
representatives or persons seeking political office.

Business conduct,
GRI-index

150-153

We work purposefully and deliberately to ensure
that all marketing communications and sales
of products and services meet relevant legal
requirements and industry standards. We have
not had any incidents related to this or received
any notifications, orders or fines for this from
regulators or others.

Business conduct,
GRI-index

144, 151

Business conduct,
GRI-index

144, 151

Business conduct

144, 151

Sustainable finance

GRI-
Standard

Title

Training and education

404-2

404-3

Programs for upgrading
employee skills and transition
assistance programs

Percentage of employees
receiving regular performance
and career development
reviews

Diversity and Equal Opportunity

405-1

405-2

Diversity of governance bodies
and employees

Ratio of basic salary and
remuneration of women to
men

Public Policy

415-1

Political Contributions

Marketing and labeling

417-2

Incidents of non-compliance
concerning product and
service information and
labeling

417-3

Incidents of non-compliance
concerning marketing
communications

Customer Privacy

418-1

Substantiated complaints
concerning breaches of
customer privacy and losses of
customer data

FS - Egne KPIer

FS10

FS11

Share and number of
companies in the portfolio
with which the reporting
organisation has interacted
on environmental or social
matters

Share of assets subject
to positive and negative
environmental or social
screening

173

Lysaker, 6 February 2024
Board of Directors of Storebrand ASA

Didrik Munch (sign)
Chairman of the Board

Karin Bing Orgland (sign)

Martin Skancke (sign)

Marianne Bergmann Røren (sign)

Christel Elise Borge (sign)

Jarle Roth (sign)

Fredrik Åtting (sign)

Hanne Seim Grave (sign)

Hans-Petter Bache-Salvesen (sign)

Svein Thomas Lømork (sign)

Odd Arild Grefstad (sign)
Chief Executive Officer

174

175

Table of contents1. This is Storebrand2. Director’s ReportSustainability ReportStorebrand’s sustainability agenda 51Materiality analysis and material topics 54Sustainable finance 57Environment 82EU taxonomy 83Climate change 99Social 114Own employees 115Consumers and end-users 133Governance 142Business conduct 143Appendix sustainability report 154The Storebrand Group’s report pursuant to the Norwegian Transparency Act 155Financed emissions 160TCFD index 165GRI index 168Declaration by member of the Board and the CEO 174Independent auditor’s statement on sustainability reporting 1753. Shareholder matters4. Annual Accounts and Notes5. AppendixTotheBoardofDirectorsofStorebrandASAIndependentstatementregardingsustainabilityreportingWehaveundertakenalimitedassuranceengagementinrespectofStorebrandASAsGRIIndexfor2023anddefinedkeyperformanceindicatorsforsustainability(sustainabilityreporting)fortheyearending31December2023.Storebrand'sGRIindexfor2023isanoverviewofwhichsustainabilitytopicsStorebrandconsidersmaterialtoitsbusinessandwhichkeyperformanceindicatorsStorebrandusestomeasureandreportitssustainabilityperformance,togetherwithareferencetowherematerialsustainabilityinformationisreported.Storebrand’sGRIIndexfor2023isavailableandincludedinStorebrand’sannualreportfor2023.WehaveexaminedwhetherStorebrandhasdevelopedaGRIIndexfor2023andwhethermandatorydisclosuresarepresentedaccordingtotheStandardspublishedbytheGlobalReportingInitiative2021(www.globalreporting.org/standards)(criteria).KeyperformanceindicatorsforsustainabilityaretablesthatshowindicatorsofsustainabilitythatStorebrandmeasuresandcontrols.ThetablesareavailableandincludedinStorebrand’sannualreportfor2023,specificallyinthechapters"Sustainablefinance","Climatechange","Ownemployees”,“Consumersandend-users"and“Businessconduct”.Storebrandhasdefinedthekeyfiguresandexplainedhowtheyaremeasuredinthechapterofeachmaterialtopic"Sustainablefinance","Climatechange","Ownemployees”,“Consumersandend-users"and“Businessconduct”(criteria).Wehaveexaminedwhetherthekeyfigureshavebeencalculated,estimatedandreportedinaccordancewiththeapplicablecriteria.Management'sresponsibilityManagementisresponsibleforStorebrand’ssustainabilityreportingandforensuringthatitispreparedinaccordancewithcriteriaasdescribedabove.Theresponsibilityincludesdesigning,implementingandmaintaininganinternalcontroltoprepareinformationaboutthecasethatisfreefrommaterialmisstatement,whetherduetofraudorerror.OurindependenceandqualitycontrolWehavecompliedwiththeindependenceandethicsrequirementsoftheInternationalCodeofEthicsforProfessionalAccountants(includinginternationalindependencestandards)issuedbytheInternationalEthicsStandardsBoardforAccountants(IESBARules),andwehavefulfilledourotherethicalobligationsinaccordancewiththeserequirements.WeuseISQM1-Qualitymanagementforfirmsthatperformauditsorreviewsoffinancialstatements,orotherassuranceorrelatedservicesengagementsandmaintainacomprehensivesystemofqualitycontrolincludingdocumentedguidelinesandproceduresregardingcompliancewithethicalrequirements,professionalstandardsandapplicablelegalandregulatoryclaims.OurresponsibilityOurresponsibilityistoexpressalimitedassuranceconclusiononthesustainabilityreportingbasedontheprocedureswehaveperformedandtheevidencewehaveobtained.WeconductedourworkinaccordancewiththeStandardonAssuranceEngagementsISAE3000:“Assuranceengagementsotherthanauditsorreviewofhistoricalfinancialinformation",issuedbytheInternationalAuditingandAssuranceStandardsBoard.Thatstandardrequiresthatweplanandperformthisengagementtoobtainlimitedassuranceaboutwhetherthesustainabilityreporting]isfreefrommaterialmisstatement.AlimitedassuranceengagementinaccordancewithISAE3000involvesassessingthesuitabilityinthecircumstancesofmanagement'suseofthecriteriaasthebasisforthepreparationofthePricewaterhouseCoopersAS,DronningEufemiasgate71,Postboks748Sentrum,NO-0106OsloT:02316,org.no.:987009713MVA,www.pwc.noStatsautoriserterevisorer,medlemmeravDennorskeRevisorforeningogautorisertregnskapsførerselskapTotheBoardofDirectorsofStorebrandASAIndependentstatementregardingsustainabilityreportingWehaveundertakenalimitedassuranceengagementinrespectofStorebrandASAsGRIIndexfor2023anddefinedkeyperformanceindicatorsforsustainability(sustainabilityreporting)fortheyearending31December2023.Storebrand'sGRIindexfor2023isanoverviewofwhichsustainabilitytopicsStorebrandconsidersmaterialtoitsbusinessandwhichkeyperformanceindicatorsStorebrandusestomeasureandreportitssustainabilityperformance,togetherwithareferencetowherematerialsustainabilityinformationisreported.Storebrand’sGRIIndexfor2023isavailableandincludedinStorebrand’sannualreportfor2023.WehaveexaminedwhetherStorebrandhasdevelopedaGRIIndexfor2023andwhethermandatorydisclosuresarepresentedaccordingtotheStandardspublishedbytheGlobalReportingInitiative2021(www.globalreporting.org/standards)(criteria).KeyperformanceindicatorsforsustainabilityaretablesthatshowindicatorsofsustainabilitythatStorebrandmeasuresandcontrols.ThetablesareavailableandincludedinStorebrand’sannualreportfor2023,specificallyinthechapters"Sustainablefinance","Climatechange","Ownemployees”,“Consumersandend-users"and“Businessconduct”.Storebrandhasdefinedthekeyfiguresandexplainedhowtheyaremeasuredinthechapterofeachmaterialtopic"Sustainablefinance","Climatechange","Ownemployees”,“Consumersandend-users"and“Businessconduct”(criteria).Wehaveexaminedwhetherthekeyfigureshavebeencalculated,estimatedandreportedinaccordancewiththeapplicablecriteria.Management'sresponsibilityManagementisresponsibleforStorebrand’ssustainabilityreportingandforensuringthatitispreparedinaccordancewithcriteriaasdescribedabove.Theresponsibilityincludesdesigning,implementingandmaintaininganinternalcontroltoprepareinformationaboutthecasethatisfreefrommaterialmisstatement,whetherduetofraudorerror.OurindependenceandqualitycontrolWehavecompliedwiththeindependenceandethicsrequirementsoftheInternationalCodeofEthicsforProfessionalAccountants(includinginternationalindependencestandards)issuedbytheInternationalEthicsStandardsBoardforAccountants(IESBARules),andwehavefulfilledourotherethicalobligationsinaccordancewiththeserequirements.WeuseISQM1-Qualitymanagementforfirmsthatperformauditsorreviewsoffinancialstatements,orotherassuranceorrelatedservicesengagementsandmaintainacomprehensivesystemofqualitycontrolincludingdocumentedguidelinesandproceduresregardingcompliancewithethicalrequirements,professionalstandardsandapplicablelegalandregulatoryclaims.OurresponsibilityOurresponsibilityistoexpressalimitedassuranceconclusiononthesustainabilityreportingbasedontheprocedureswehaveperformedandtheevidencewehaveobtained.WeconductedourworkinaccordancewiththeStandardonAssuranceEngagementsISAE3000:“Assuranceengagementsotherthanauditsorreviewofhistoricalfinancialinformation",issuedbytheInternationalAuditingandAssuranceStandardsBoard.Thatstandardrequiresthatweplanandperformthisengagementtoobtainlimitedassuranceaboutwhetherthesustainabilityreporting]isfreefrommaterialmisstatement.AlimitedassuranceengagementinaccordancewithISAE3000involvesassessingthesuitabilityinthecircumstancesofmanagement'suseofthecriteriaasthebasisforthepreparationofthePricewaterhouseCoopersAS,DronningEufemiasgate71,Postboks748Sentrum,NO-0106OsloT:02316,org.no.:987009713MVA,www.pwc.noStatsautoriserterevisorer,medlemmeravDennorskeRevisorforeningogautorisertregnskapsførerselskap176

177

Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. AppendixShareholder matters

Share Capital, rights issue and number of shares
Storebrand’s share is listed on the Oslo Stock Exchange
(Oslo Børs) under the ticker code STB. Storebrand ASA’s
share capital at the end of 2023 was NOK 2,327 million.
The company has 465,497,866 outstanding shares with
a nominal value of NOK 5, after a capital reduction was
carried out in 2023 by deletion of 6,477,024 shares in
accordance with the resolution from the annual general
meeting. As of 31.12.2023, the company owned
18,177,606 own shares corresponding to 3.9 per cent of
the outstanding shares. Of these, 17,525,185 shares were
purchased as part of Storebrand’s share buyback program
in 2023 with the intention of cancelling the shares. The
company has not issued options that could lead to the
dilution of existing shareholders.

Shareholders
Storebrand ASA is among the largest companies listed on
Oslo Børs measured in terms of number of shareholders.
The company has shareholders from almost all Norwegian
municipalities and from 24 countries. Measured by market
capitalisation, Storebrand was the 15th largest company
on the Oslo Stock Exchange at the end of 2023.

Name

Odd Arild Grefstad

Lars Aa. Løddesøl

Vivi Måhede Gevelt

Heidi Skaaret

Jenny Rundbladh

Jan Erik Saugestad

Trygve Håkedal

Tove Selnes

Karin Greve-Isdahl

Camilla Leikvoll

178

Share purchase scheme for employees
Storebrand ASA has every year since 1996 offered
employees to buy shares in the company through a
separate scheme. The purpose has been to link employees
more closely to the economic development of the
company. In 2023, almost half of the Group’s employees
subscribed for a total of 453,452 shares.

Share-based remuneration for Group Executive
Management
Storebrand’s Group Executive Management shall ensure
that Storebrand develops for the benefit of customers,
shareholders and employees. The Board of Directors of
Storebrand ASA believes that the share remuneration
model, in which a substantial part of the Group
management’s remuneration is paid in the form of shares
in Storebrand ASA, provides good incentives for Group
management to act in line with the long-term interests of
customers and owners. The table below shows how much
of gross salary went to share purchases in 2023 and actual
equity exposure at the end of 2023. For more information,
please refer to the Storebrand ASA Report on Salaries and
Other Remuneration to Executive Personnel available on
our website.

2023

Share-based remuneration
as a share of gross salary

Actual equity
exposure

35 %

25 %

265 %

231 %

29 %

199 %

19 %

169 %

77 %

100 %

91 %

24 %

Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. AppendixForeign ownership
At the end of 2023, the share of shares owned by foreign
investors amounted to 48.6 per cent, compared with 50.1
per cent at the end of 2022.

Geographical distribution of shareholders

Norway

England

Germany

Denmark

Other

51 %

17 %

8 %

5 %

4 %

14 %

Trading volume for shares in Storebrand
In 2023, 241 million Storebrand shares were traded,
down from 313 million shares in 2022. Turnover was NOK
20,586 million in 2023, down from NOK 25,819 million
in 2022. Relative to the average number of shares, the
turnover rate of the share was 52 per cent.

Share price performance
Storebrand had a total return of 9.8 per cent through
2023. In the corresponding period, the OSEBX index of
the Oslo Stock Exchange ended at 9.9 per cent, while the
STOXX Europe 600 Insurance Index had a total return of
11 per cent in the corresponding period, measured in local
currency.

Dividend policy
The Board of Directors’ ambition is to pay ordinary
dividends per share of at least the same nominal amount
as the previous year. Ordinary dividends are subject to
a sustainable solvency margin of above 150%. If the
solvency margin is above 175%, the Board of Directors
intends to propose special dividends or share buybacks. In
2023, NOK 3.70 per share was paid in ordinary dividend
for the financial year of 2022. In addition, a share buyback
amounting to NOK 1 500 million was conducted during
the year, corresponding to NOK 3.22 per share.

Capital gains taxation
Dividends for personal shareholders are taxable.
Dividends after deduction for a shielding amount shall be
multiplied by 1.72. This amount is taxed at the tax rate
for capital income (22 per cent), which gives a real tax
on dividends of 37.8 per cent. The deduction for risk-free
return is calculated by multiplying the share’s basis for
shielding (normally the purchase price of the share) by a
shielding rate. The shielding rate is set by the Directorate
of Taxes in January of the year after the income year. It
is a rounded amount based on the average three-month
interest rate on Treasury bills with a supplement of 0.5
percentage point reduced by the capital income tax rate.
Dividends within the deduction for risk-free return are free
of taxation.

Storebrand share

Highest closing price (NOK)

Lowest closing price (NOK)

Closing price on 31/12 (NOK)

2023

96.26

73.36

90.04

2022

99.30

67.00

85.40

2021

92.08

62.30

88.52

2020

74.24

34.73

64.20

2019

73.98

50.86

69.02

Market cap 31/12 (NOK million)

41,913

40,307

41,779

30,034

32,289

2018

75.20

59.48

61.64

2,836

Annual turnover (1000s of shares)

241,023

313,005

288,998

585,004

335,202

445,614

Average daily turnover (1000s of shares)

945

1,237

1,147

2,321

1,346

3,094

Annual turnover (NOK million.)

20,586

25,819

22,931

30,552

21,348

30,477

Rate of turnover (%)

51.78

66.32

61.60

125.10

71.70

95.30

Number of ordinary shares 31/12 (1000s of
shares)

Earnings per ordinary share (NOK)

Dividend per ordinary share (NOK)

Total return (%)

465,498

471,975

467,814

7.02

4.10

9.77

5.07

3.70

0.43

6.68

3.50

5.02

3.25

4.43

0.00

42.90

-7.00

16.80

7.89

3.00

-4.70

179

Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. Appendix
Share price performance last 10 years

Date period: 2013-12-31 to 2023-12-31.
Source: https://www.storebrand.no/en/investor-relations/share/share-graph

Insider trading
As one of Norway’s leading financial institutions,
Storebrand relies on having a professional relationship
with the financial market and the regulatory authorities.
The company therefore emphasises that routines and
guidelines satisfy the formal requirements set by the
authorities for securities trading. On this occasion, the
company has prepared its own guidelines on insider
trading and self-dealing based on relevant laws and
regulations. The company has its own control system that
ensure that the routines are complied with.

Investor relations
Storebrand prioritises extensive and effective
communications with the financial market. Continuous
dialogue with owners, investors and analysts is a high
priority. The Group has its own investor relations
department, which is responsible for establishing and
coordinating the contact between the company and
external connections such as stock exchanges, analysts,
shareholders, and other investors. Quarterly reports and
representations, as well as press releases, are posted on
the Group’s website: http://www.storebrand.no/ir.

Annual General Meeting
Storebrand has one class of shares. Each share gives one
vote. The Annual General Meeting is held every year before
the end of June. Shareholders wishing to participate
in the Annual General Meeting must register with the
company no later than 4 p.m. on the third business day
before the meeting. Shareholders who have not registered
their arrival before the deadline may attend in the Annual
General Meeting, but not have the right to vote.

Shareholders’ contact with the company
Shareholders should generally contact their bank or
operator of their securities account for questions or
notification of changes, such as change of address.

180

Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. Appendix20142015201620172018201920202021202220232030405060708090100The 20 largest shareholders
Based on a screening of the shareholder list as of 31.12.2023.

Fund manager

Folketrygdfondet

T Rowe Price Global Investments

Vanguard Group

Allianz Global Investors

Storebrand ASA

KLP

DNB Asset Management

Alfred Berg

Storebrand Asset Management

Nordea Asset Management

BlackRock

Danske Bank Asset Management

Lind Invest

Handelsbanken Asset Management

Solbakken AS

OM Holding AS

Hauck & Aufhaeuser Bank, Luxembourg (PB)

Union Investment

SSGA

Eika Kapitalforvaltning

Current rank

Shares Ownership in %

Change since
31.12.2022

47,716,252

29,240,274

22,712,833

18,204,524

18,177,606

15,055,599

11,690,768

11,652,643

11,177,008

10,576,922

10,446,374

8,275,326

8,070,814

7,770,798

6,850,000

6,632,577

6,075,860

5,762,251

5,198,044

5,050,649

10.25

1,182,500

6.28

4.88

3.91

3.90

3.23

2.51

2.50

2.40

2.27

2.24

1.78

1.73

1.67

1.47

1.42

1.31

1.24

1.12

1.08

1,343,530

5,512,990

-14,222,577

10,413,380

962,218

2,032,705

-1,122,572

692,468

1,288,232

-131,905

-685,219

8,070,814

-1,754,810

80,000

167,000

6,033,860

400,705

-841,016

181

Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. Appendixand Notes03Storebrand Group

Annual Accounts

Income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183
Statement of total comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184
185
Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
187
Statement of changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
188
Statement of cash flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
190
Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Storebrand ASA
Income statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283
Statement of total comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283
Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
284
Statement of changes in equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286
287
Statement of cash flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
288
Declaration by member of the Board and the CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301
Independent auditor’s report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 302

182

Income statement

NOK million

Income from unit linked

Income from asset management

Income from banking activities

Other income

Operating income excl. insurance

Insurance revenue

Insurance service expenses

Net expenses from reinsurance contracts held

Net insurance service result

Note

17,24

2023

2,008

3,108

3,069

413

8,597

9,147

-7,701

1,465

2022 1)

1,841

2,783

1,460

311

6,396

8,514

-6,167

-66

2,282

Operating income incl. insurance result

10,062

8,677

Operating expenses

Interest expenses banking activities

Other expenses

Total expenses

Operating profit

Profit from investment in associates and joint ventures

Net income on financial and property investments

Net change in investment contract liabilities

Finance expenses from insurance contracts issued

Interest expenses securities issued and other interest expenses

Net finance result

Profit before amortisation

Amortisation of intangible assets

Profit before income tax

Tax expenses

Profit for the year

Profit/loss for the period attributable to:

Share of profit for the period - shareholders

Share of profit for the period - hybrid capital investors

Total

1) Restated numbers

Earnings per ordinary share (NOK)

Average number of shares as basis for calculation (million)

18,19,20,21

-5,147

-2,096

-166

-7,409

-4,407

-739

-5,126

2,653

3,551

-431

-334

56,108

-51,725

-38,409

-15,272

-889

1,106

3,759

-466

3,294

3,377

3,350

3,377

7.31

458.0

25,147

26,637

-594

-870

2,681

-324

2,357

2,376

2,362

2,376

5.04

468.4

There is no financial instruments that gives diluted effect on earnings per share

183

Statement of total comprehensive income

NOK million

Profit/loss for the year

Note

2023

3,377

2022 1)

2,376

Change in actuarial assumptions

Fair value adjustment of properties for own use

Other comprehensive income allocated to customers

Tax on other comprehensive income elements not to be reclassified to profit/loss

Total other comprehensive income elements not to be reclassified to profit/loss

Exchange rate adjustments

Gains/losses from cash flow hedging

Change in unrealised gains on financial instruments available for sale

Tax on other comprehensive income elements that may be reclassified to profit/loss

Total other comprehensive income elements that may be reclassified to profit/loss

-45

-42

-302

-10

-21

-251

-12

-63

-12

-15

-576

144

-428

Total other comprehensive income elements

-292

-439

Total comprehensive income

Total comprehensive income attributable to:

Share of total comprehensive income - shareholders

Share of total comprehensive income - hybrid capital investors

Total

1) Restated numbers

3,085

1,937

3,058

1,923

3,085

1,937

184

Statement of Financial Position

NOK million

Assets

Deferred tax assets

Intangible assets

Tangible fixed assets

Investments in associated companies and joint ventures

Assets sold/liquidated operations

Note

31.12.23

31.12.22 1)

Opening
balance
01.01.22 1)

29,45

3,134

6,055

1,261

7,823

265

2,979

5,990

1,174

8,910

3,230

5,060

625

7,528

Minority portion of consolidated mutual funds

58,809

56,484

56,296

Reinsurance contracts assets

297

317

Investment properties

Loans to customers

Loans to financial institutions

Equities and fund units

Bonds and other fixed-income securities

12,35

12,34

9,30

9,30,31

9,30,32

34,382

86,761

1,138

35,171

77,878

35,035

69,503

109

278,123

333,866

270,532

284,982

292,407

275,894

18,384

Derivatives

9,33

8,093

6,627

Accounts receivables and other short-term receivables

Bank deposits

Total assets

Equity and liabilities

Paid-in capital

Retained earnings

Hybrid capital

Total equity

30,36

9,30

48,733

13,916

13,076

14,511

11,123

9,986

896,940

769,649

779,982

13,078

16,045

408

13,163

16,029

327

13,192

16,188

226

29,531

29,519

29,606

185

Statement of Financial Position
(continues)

NOK million

Pension liabilities

Deferred tax

Minority portion of consolidated mutual funds

Insurance contracts liabilities

Investment contracts liabilities

Reinsurance contracts liabilities

Subordinated loan capital

Other non-current liabilities

Deposits from banking customers

Debt raised by issuance of securities

Loans and deposits from credit institutions

Derivatives

Note

31.12.23

31.12.22 1)

172

1,232

162

1,311

Opening
balance
01.01.22 1)

181

836

58,809

56,484

56,296

318,225

303,277

334,526

354,270

292,931

285,286

10,585

1,106

19,478

32,791

403

12,641

11,441

1,210

17,239

24,924

502

3,143

11,501

1,180

23,948

40,655

283

6,118

8,30

30,33

Other current liabilities

30,39

51,015

8,924

14,792

Total liabilities

Total equity and liabilities

1) Restated numbers

867,409

740,130

750,376

896,940

769,649

779,982

Lysaker, 6 February 2024
Board of Directors of Storebrand ASA

Didrik Munch (sign)
Chairman of the Board

Karin Bing Orgland (sign)

Martin Skancke (sign)

Marianne Bergmann Røren (sign)

Christel Elise Borge (sign)

Jarle Roth (sign)

Fredrik Åtting (sign)

Hanne Seim Grave (sign)

Hans-Petter Bache-Salvesen (sign)

Svein Thomas Lømork (sign)

186

Odd Arild Grefstad (sign)
Chief Executive Officer

Statement of changes in equity

Majority’s share of equity

NOK million

Share
capital1)

Own
shares

Share
premi-
um

Total
paid in
equity

Cur-
rency
trans-
lation
differ-
ences

Other
equity

Total
retained
earnings

Hybrid
capital 2)

Total
equity

Equity at 31 December 2021

2,360

-9

10,842

13,192

1,041

23,249

24,291

226

37,709

Changes in accounting
principles

-8,103

Adjusted equity 01.01.22

2,360

-9

10,842

13,192

1,041

15,147

16,188

226

29,606

Profit for the period

Total other comprehensive
income elements

Total comprehensive income
for the period

Equity transactions with
owners:

2,362

2,376

-439

1,923

1,937

Own shares

-30

-431

Hybrid capital classified as
equity

Paid out interest hybrid capital

Dividend paid

Other

100

-13

-1,646

-8

-460

104

-13

-1,646

-8

Equity at 31 December 2022

2,360

-39

10,842

13,163

1,041

14,988

16,029

327

29,519

Profit for the period

Total other comprehensive
income elements

Total comprehensive income
for the period

Equity transactions with
owners:

3,350

3,377

-302

-292

-302

3,360

3,058

3,085

Own shares

-32

-52

-84

-1,370

-1,454

Hybrid capital classified as
equity

Paid out interest hybrid capital

Dividend paid

Other

-1,715

-26

-1,715

Equity at 31 December 2023

2,327

-91

10,842

13,078

739

15,305

16,044

408

29,531

1) 465,497,866 shares with a nominal value of NOK 5.
2) Perpetual hybrid tier 1 capital classified as equity.

187

Statement of cash flow

NOK million

Cash flow from operating activities

Net receipts premium - insurance

Net payments compensation and insurance benefits

Net receipts/payments - transfers

Receipts - interest, commission and fees from customers

Payments - interest, commission and fees to customers

Taxes paid

Payments relating to operations

Net receipts/payments - other operating activities

Net receipts/payments - insurance liabilities

Net cash flow from operations before financial assets and banking customers

Net receipts/payments - loans to customers

Net receipts/payments - deposits bank customers

Net receipts/payments - mutual funds

Net receipts/payments - investment properties

Receipts - sale of investment properties

Payments - purchase of investment properties

Net cash flow from financial assets and banking customers

Net cash flow from operating activities

Cash flow from investing activities

Payments - purchase of subsidiaries

Net receipts/payments - sale/purchase of fixed assets

Net receits/payments - sale/purchase of associated companies and joint ventures

Net cash flow from investing activities

Cash flow from financing activities

Receipts - new loans

Payments - repayments of loans

Payments - interest on loans

Receipts - subordinated loans

Payments - repayment of subordinated loans

Payments - interest on subordinated loans

188

2023

2022

29,946

-22,982

-4,660

30,344

2,987

-536

-964

-2,352

11,213

42,997

-5,503

4,470

34,488

-24,218

-1,704

30,472

1,466

-152

-1,105

-6,542

6,514

39,219

-9,027

2,239

-44,228

-30,148

1,306

-300

-44,252

-1,255

-345

-127

-168

-640

12,644

-4,895

-1,535

997

-676

-656

1,447

610

-1,509

-36,388

2,830

-2,405

-137

-632

-3,173

9,822

-1,932

-621

3,048

-2,708

-534

Statement of cash flow (continues)

NOK million

Receipts - loans from financial institutions

Payments - repayments of loans from financial institutions

Receipts - issuing of share capital / sale of shares to employees

Payments - repayment of share capital

Payments - dividends

Receipts - hybrid capital

Payments - repayment of hybrid capital

Payments - interest on hybrid capital

Net cash flow from financing activities

Net cash flow for the period

Cash and cash equivalents at the start of the period

Currency translation cash/cash equivalents in foreign currency

Cash and cash equivalents at the end of the period 1)

1) Consists of:

Loans to financial institutions

Bank deposits

Total

2023

12,105

-12,225

-1,500

-1,715

249

-170

-26

2,648

753

14,619

-318

15,054

1,138

13,916

15,054

2022

16,690

-16,789

-500

-1,646

100

-13

4,960

4,617

10,054

-52

14,619

109

14,511

14,619

The cash flow analysis shows the Group’s cash flows for operating, investing and financing activities pursuant to the dire-
ct method. The cash flows show the overall change in means of payment over the year.

Operating activities
A substantial part of the activities in a financial group will be classified as operating. All receipts and payments from insu-
rance activities are included from the insurance companies, and these cash flows are invested in financial assets that are
also defined as operating activities. One subtotal is generated in the statement that shows the net cash flow from ope-
rations before financial assets and banking customers, and one subtotal that shows the cash flows from financial assets
and banking customers. This shows that the composition of net cash flows from operational activities for a financial group
includes cash flows from both operations and investments in financial assets. The life insurance companies’ balance
sheets include substantial items linked to the insurance customers that are included on the individual lines in the cash
flow analysis.

Investing activities
Includes cash flows for holdings in group companies and tangible fixed assets.

Financing activities
Financing activities include cash flows for equity, subordinated loans and other borrowing that helps fund the Group’s
activities. Payments of interest on borrowing and payments of share dividends to shareholders are financial activities.

Cash/cash equivalents
Cash/cash equivalents are defined as claims on central banks and loans to and claims from financial institutions. The
amount does not include claims on financial institutions linked to the insurance customers portfolio, since these are liqu-
id assets that are not available for use by the Group.

189

Notes to the financial
statements

Statement of financial position
Note 27:

Intangible assets and fair value adjustments
on purchased insurance contracts
Tangible fixed assets and lease contracts
Note 28:
Investments in other companies
Note 29:
Note 30: Classification of financial assets and liabilities
Note 31:
Note 32: Bonds and other fixed-income securities
Note 33: Derivatives
Note 34:
Note 35:
Note 36: Accounts receivable and other short-term

Loans
Properties

Equties and fund units

receivables
Insurance contracts liabilities
Investement contracts liabilities

Note 37:
Note 38:
Note 39: Other current liabilities

Other
Note 40: Hedge accounting
Note 41: Collateral
Note 42: Contingent liabilities
Note 43:
Note 44:
Note 45: Divestment of company

Securities lending and buy-back agreements
Information about related parties

Business and risk
Note 1:
Note 2:

Corporate information and accounting policies
Important accounting estimates and
judgement
Acquisitions
Segment reporting
Risk management and internal control
Operational risk
Financial market risk and insurance risk
Liquidity risk
Credit risk

Note 3:
Note 4:
Note 5:
Note 6:
Note 7:
Note 8:
Note 9:
Note 10: Risk concentration
Note 11: Climate risk
Note 12:

Valuation of financial instruments and
properties
Solidity and capital management

Note 13:

Income asset management
Income banking activities

Income statement
Note 14:
Note 15:
Note 16: Other income
Note 17:
Note 18: Operating expenses and number of

Insurance revenue and expenses

employees
Pensions expenses and pension liabilities

Note 19:
Note 20: Remuneration to senior employees and

elected officers of the company
Note 21: Remuneration paid to auditors
Note 22:
Note 23: Other expenses
Note 24: Net income on financial and property

Interest expenses banking activities

Note 25:
Note 26:

investments
Interest expenses
Tax

190

Note 1: Corporate information and accounting policies

1. Company information
Storebrand ASA is a Norwegian public limited liability company that is listed on the Oslo Stock Exchange. The consolida-
ted financial statements for 2023 were approved by the Board of Directors of Storebrand ASA on 6 February 2024.

The Storebrand Group offers a comprehensive range of insurance and asset management services, as well as securities,
banking and investment services, to private individuals, companies, municipalities, and the public sector. The Storebrand
Group consists of the result segments Savings, Insurance, Guaranteed Pensions and Other. The Group’s head office is
located at Professor Kohts vei 9, Lysaker, Norway.

For the most part, the asset side of the Group’s balance sheet comprises financial instruments and investment properties
and a differentiation is made between assets in the company portfolio (shareholders) and assets belonging to the custo-
mer portfolio. This split is due to the fact that the Group has a significant life insurance business in which customer assets
must be kept separate from the company’s assets.

2. Basis for preparation of the financial statements
The accounting policies applied in the consolidated financial statements are described below. The policies are applied
consistently to similar transactions and to other events involving similar circumstances.

Storebrand ASA’s consolidated financial statements are presented using EU-approved International Financial Reporting
Standards IFRS® and related interpretations, as well as Norwegian disclosure requirements established in legislation and
regulations.

Use of estimates when preparing the consolidated financial statements.
The preparation of the consolidated financial statements in accordance with IFRS requires the management to make
judgements, estimates and assumptions that affect assets, liabilities, revenue, expenses, the notes to the financial sta-
tements and information on potential liabilities. Actual amounts may differ from these estimates. See Note 2 for further
information.

3. Changes in accounting policies
IFRS 9 and IFRS 17 have been implemented in 2023, which have had a significant effect on the consolidated financial
statements.

IFRS 9 Financial instruments
IFRS 9 Financial instruments replaces IAS 39, and was generally made applicable from
1 January 2018. However, for insurance-dominated groups and companies which reported under IFRS 4, it was possi-
ble to postpone the implementation of IFRS 9 until the implementation of IFRS 17. The Storebrand Group qualified for
the postponement of IFRS 9, as over 90 per cent of the Group’s total liabilities per 31 December 2015 was linked to the
insurance activities. For the Storebrand Group, the comparative figures for 2022 have been restated in accordance with
IFRS 9.

The Ministry of Finance has defined regulatory rules that give pension providers the opportunity to account for invest-
ments which according to IFRS 9 are measured at fair value over comprehensive income, at amortised cost in the custo-
mer and company accounts. Storebrand Livsforsikring use this option in the statutory financial statement for the compa-
ny. For the consolidated financial statement, the financial assets is measured at fair value through profit and loss where
the fair value option is used, as the insurance contract liabilities are measured at fair value.

IFRS 17 - Insurance contracts
IFRS 17 Insurance contracts replaced IFRS 4 Insurance contracts with effect from 1 January 2023. IFRS 17 introdu-
ces new principles for recognition, measurement, presentation and information about issued insurance contracts and
reinsurance contracts. The purpose of the new standard is to establish a uniform practice in the accounting of insurance
contracts and increased transparency between insurance companies.

Storebrand mainly decided to use the fair value option at the time of transition when transitioning to IFRS 17 since the
full retrospective approach was considered not to be practically feasible. This is due to access to historical information
without the use of hindsight, and is particularly related to the distribution of costs, modelling of future cash flows, identifi-
cation of new contracts going back in time and the division of cash flows per reporting period.

Valuation according to fair value is made for insurance contracts with a coverage period of more than one year. For in-
surance contracts with a coverage period of one year or less than one year, the full retrospective approach is used since
only information at the time of transition and future information reflects the contracts.

191

Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and NotesStorebrand GroupIncome statement 183Statement of total comprehensive income 184Statement of Financial Position 185Statement of changes in equity 187Statement of cash flow 188Notes 190Storebrand ASAIncome statement 283Statement of total comprehensive income 283Statement of Financial Position 284Statement of changes in equity 286Statement of cash flow 287Notes 288Declaration by member of the Board and the CEO 301Independent auditor’s report 3025. Appendix
Storebrand uses the fair value hierarchy in accordance with IFRS 13. For products where there is an active relocation
market, the relocation value is used as an estimate of fair value. For products where there is no active market, Storebrand
uses relevant transactions as a reference to determine fair value. By using fair value at the time of transition on 1 January
2022, the difference between the fair value of a group of contracts and the cash flows for fulfilment plus risk adjustment
will form the basis of the contractual service margin (CSM). For all contracts measured at fair value, Storebrand has used
reasonable and documentable information that was available at the time of transition on 1 January 2022 to make assess-
ments related to the recognition and measurement of the contracts, including:

• Determining the level of aggregation based on portfolios and profitability cohorts
• Determination of risk adjustment
• Determination of measurement method, including assessment of criteria for using the premium allocation approach
(PAA) for contracts with a short coverage period and the variable fee approach (VFA) for contracts that satisfy the
definition of directly participating contracts

• How to identify discretionary cash flows for insurance contracts without direct participation

Accounting effects of the transition to IFRS 9 and IFRS 17
The table given under section 12-3 explains which transition method is used per product category. The following tables
show changes in equity and the balance sheet upon transition to IFRS 9 and IFRS 17. The transition resulted in a reducti-
on in equity of approximately 21 per cent, of which 0.2 per cent from contracts where the full retrospective method was
used. The decrease in equity is mainly offset by the establishment of CSM.

Effect of equity upon transition to IFRS 9 and IFRS 17

NOK million

Equity 31.12.21

Changes in accounting principles (IFRS 9 and IFRS 17):

Contractual Service Margin (CSM)

Risk Adjustment

Present value of future cash flows

Risk equalization fund

Deferred acquistion fund

Value of business in force (VIF) acquired insurance business

Deferred tax assets

IFRS 9 - reclassificiation from amortised cost to fair value

Adjusted equity 01.01.22

01.01.22

37,709

-11,810

-4,685

5,480

-547

-119

-1,607

1,823

3,363

29,606

192

NOK million

Assets

Deferred tax assets

Other assets

Financial assets

Insurance contracts assets

Bank deposit

Receivable

Minority portion of consolidated mutual funds

Total assets

Equity and liabilities

31.12.21

Reclassification

01.01.22

1,513

7,831

691,209

9,986

10,687

54,912

776,183

1,827

-1,607

3,372

-1,178

1,384

3,798

3,340

6,224

694,581

9,986

9,508

56,296

779,981

Equity

37,709

-8,103

29,606

Insurance liabilities (excl CSM)

Contractual Service Margin (CSM)

Risk Adjustment (RA)

Investment contracts liabilities

Financial liabilities

Other liabilities

Minority portion of consolidated mutual funds

Total liabilities

Total equity and liabilities

323,864

285,286

59,281

15,131

54,912

738,475

776,183

-5,833

11,810

4,685

-153

1,384

11,901

3,798

318,031

11,810

4,685

285,286

59,290

14,978

56,296

750,375

779,981

Deferred tax assets
The increase in deferred tax asset is due to effects on deferred tax as a result of changes in equity when implementing
IFRS 9 and 17.

Other assets
Under previous reporting framework, IFRS 4, the value-of-in-force (VIF) that arises in connection with acquisitions was
classified as intangible assets and amortized on an ongoing basis. With the introduction of IFRS 17, VIF is included as
part of CSM and thus the total intangible assets is reduced.

Financial assets
The increase in financial assets is due to transition to IFRS 9 and is mainly related to an increase in the valuation of debt
instruments which is measured at fair value through profit or loss. These instruments were previously measured at amor-
tised cost under IAS 39.

Receivable
The decrease in receivables is mainly related to reclassification effects where the receivables related to direct operations
in the P&C business is reclassified to insurance liabilities. The decrease is related to deferred acquisition cost from the
Swedish insurance business, SPP. With the introduction of IFRS 17, deferred acquisition costs is reduced, which impacts
both receivables and other liabilities.

Equity
The decrease in equity is explained in the equity reconciliation above.

193

Contractual service margin
The contractual service margin is introduced with the transition to IFRS 17 and represents expected future profits. The
contractual service margin is derived at transition from the difference between the fair value of a group of contracts and
insurance liabilities including risk adjustment.

Risk adjustment
The risk adjustment is introduced with the transition to IFRS 17 and represents the non-financial risk arising from insu-
rance contracts.

Other liabilities
The decrease is related to deferred acquisition cost from the Swedish insurance business, SPP. With the introduction of
IFRS 17, deferred acquisition cost is reduced, which impacts both receivables and other liabilities.

The accounting effects of the transition from IAS 39 to IFRS 9 are presented in the table below.

IFRS9 - Financial instruments to amortised cost and FVOCI

NOK million

Financial assets

Bank deposits

Bonds and other fixed-income securities

Loans to financial institutions

Loans to customers

Accounts receivable and other short-term receivables

Total financial assets

Financial liabilities

Deposits from banking customers

Liabilities to financial institutions

Debt raised by issuance of securities

Subordinatd loan capital

Other current liabilities

Total financial liabilities

IAS 39
classification

IFRS 9
classification

Booked value
after IAS 39
1.1.2022

Fair value
after IFRS 9
1.1.2022

FVOCI

9,986

12,955

12,981

38,086

416

10,585

72,096

416

10,585

72,123

17,239

502

24,924

11,441

15,126

69,232

502

25,000

11,441

15,126

69,308

194

NOK million

Financial assets

Shares and fund units

Bonds and other fixed-income securities

Loans to customers

Derivatives

Total financial assets

Financial liabilities

Derivatives

Total financial liabilities

IAS 39
classification

IFRS 9
classification

Booked value
after IAS 39
1.1.2022

Fair value
after IFRS 9
1.1.2022

FVP&L (FVO)

FVP&L

FVP&L/ Hedge
accounting

278,326

168,516

113,416

116,745

7,931

23,052

23,060

4,912

596,153

599,490

FVP&L/ Hedge
accounting

3,143

The most important changes in the transition from IAS 39 to IFRS 9 relate to hedge accounting and the new calculation
of expected loss. Provisions for losses must, in accordance with IFRS 9, be calculated based on the expected credit loss
when a commitment is created and continuously assessed for impairment in subsequent periods. At the time of the
transition, the expected loss (ECL) was calculated at NOK 60.4 million for the Storebrand Group. Expected loss has not
changed significantly compared to the loss provision under IAS 39. The most important changes in hedge accounting for
the Storebrand Group is that IFRS 9 sets different criteria for using hedge accounting than IAS 39. Under IFRS 9 there is
no longer a requirement that the hedge relationship must be within a given interval, it has opened up for the possibility of
rebalancing the hedging under existing hedging conditions and it has opened up to use several hedging instruments on
the same hedging object. The transition to IFRS 9 has no accounting effects for existing hedges.

For changes to estimates, see further information in note 2.

4. New IFRS that have not entered into force
There are no new or amended accounting standards that have not entered into force that are expected to have a material
effect on Storebrand’s consolidated financial statements.

5. Consolidation
The consolidated financial statements include Storebrand ASA and companies controlled by Storebrand ASA. Minority
interests are included in the Group’s equity, unless there are options or other conditions that entail that minority interests
are classified as liabilities.

Storebrand Livsforsikring AS, Storebrand Asset Management AS, Storebrand Bank ASA and Storebrand Forsikring AS
are significant subsidiaries owned directly by Storebrand ASA. Storebrand Livsforsikring AS owns the Swedish holding
company Storebrand Holding AB, which in turn owns SPP Pension & Försäkring AB (publ). On acquiring the Swedish
operations in 2007, the authorities instructed Storebrand to make an application to maintain a group structure by the
end of 2009. Storebrand has filed an application to maintain the existing group structure. Upon acquisition of Kron AS,
the company has been granted permission to conduct similar activities as Storebrand Asset Management AS for a period
of 2 years from the permit in December 2022.

Investments in associated companies (normally investments of between 20 per cent and 50 per cent of the company’s
equity) in which the Group exercises significant influence, and investments in joint ventures are recognised in accordance
with the equity method. Investments in associated companies and joint ventures are initially recognised at acquisition
cost.

195

Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and NotesStorebrand GroupIncome statement 183Statement of total comprehensive income 184Statement of Financial Position 185Statement of changes in equity 187Statement of cash flow 188Notes 190Storebrand ASAIncome statement 283Statement of total comprehensive income 283Statement of Financial Position 284Statement of changes in equity 286Statement of cash flow 287Notes 288Declaration by member of the Board and the CEO 301Independent auditor’s report 3025. AppendixStorebrand consolidates certain funds in the Group’s balance sheet when the requirement for control has been met. This
encompasses funds in which Storebrand has an ownership interest of approximately 40 per cent or more, which are
managed by companies in the Storebrand Group. In the Group’s accounts, such funds are consolidated fully in the balan-
ce sheet, and the non-controlling interests are shown on a line for assets and on a corresponding line for liabilities. The
non-controlling interests can demand redemption of their ownership interests and, as a result of this, they are classified
as liabilities in the consolidated financial statements of Storebrand.

Currencies and translation of foreign companies’ accounts
The Group’s presentation currency is Norwegian kroner. Foreign companies that are part of the Group and have different
functional currencies are converted to Norwegian kroner. Translation differences are included in the total comprehensive
income.

Elimination of internal transactions
Internal receivables and payables, internal gains and losses, interest, dividends and similar between companies in the
Group are eliminated in the consolidated financial statements. Transactions between the customer portfolios and the
company portfolio in the life insurance business and between the customer portfolios in the life insurance business and
other companies in the Group will not be eliminated in the consolidated financial statements.

6. Business combinations
The acquisition method is applied when accounting for acquisition of businesses. The consideration is measured at fair
value. The direct acquisition expenses are expensed when they arise, with the exception of expenses related to raising
debt or equity (new issues). When making investments in subsidiaries, including purchasing investment properties, a
decision is made as to whether the purchase constitutes acquisition of a business pursuant to IFRS 3. When such acqui-
sitions are not regarded as an acquisition of a business, the acquisition method pursuant to IFRS 3 is not applied. Among
other things, this does not entail provisions for deferred tax such as for business combinations.

7. Segment information
The segment information is based on the internal financial reporting structure of the most senior decision-maker. At
Storebrand, the executive management is responsible for following-up and evaluating the results of the segments and is
defined as the most senior decision-maker. Four segments are reported for:

• Savings
• Insurance
• Guaranteed Pension
• Other

The segment reporting (alternatively income statement) is based on the legal entities’ statutory accounts in the group,
adjusted for intercompany transactions. It will be to the cash flow approximate income statement. The income statement
of the legal entities is essentially the same as IFRS, with the exception of IFRS 17 for Storebrand Livsforsikring AS and
SPP Pension & Forsäkring AB. For Storebrand Livsforsikring AS and SPP Pension & Forsäkring AB, the local accounting
principles are more adapted to the historical IFRS 4 reporting. Since the alternative income statement is based on the
legal entities’ statutory financial statements, the group adjustments related to amortization and tax effects on acquired
operations are not included in the alternative income statement. The results in the segments are reconciled with the
statutory income statement for each legal entity in the Group.

Financial services provided between segments are priced at market terms. Services provided from joint functions and
staff are charged to the different segments based on supply agreements and distribution keys.

8. Income recognition
Fees are recognised when the income can be measured reliably and is earned. Return-based revenues and performance
fees are recognised when the uncertainty associated with the income is no longer present. Fixed fees are recognised as
income in line with delivery of the service.

9. Goodwill and intangible assets
Added value when acquiring a business that cannot be directly attributable to assets or liabilities on the date of the acqu-
isition is classified as goodwill on the balance sheet. Goodwill is measured at acquisition cost on the date of the acquisiti-
on and classified as an intangible asset.

Goodwill is not depreciated, but is tested for impairment annually when assessing the recoverable amount or if there are
indications that impairment has occurred.

Intangible assets with limited useful economic lives are measured at acquisition cost less accumulated amortisation and
any write downs. The useful life and amortisation method are reassessed each year.

196

10. Investment properties
Investment properties are measured at fair value in accordance with IFRS 13. Income from investment properties con-
sists of both changes in fair value and rental income.

Investment properties primarily consist of centrally located office buildings, shopping centres and logistics buildings.
Investment properties are properties leased to tenants outside the Group. In the case of properties partly occupied by
the Group for its own use and partly let to tenants, the identifiable tenanted portion is treated as an investment property.
All properties are measured at fair value and the changes in value are allocated to the customer portfolios.

11. Financial instruments

11-1. General policies and definitions
Recognition and derecognition
Financial assets and liabilities are included in the balance sheet from such time Storebrand becomes party to the in-
strument’s contractual terms and conditions. General purchases and sales of financial instruments are recorded on the
transaction date. When a financial asset or a financial liability is initially recognised in the financial statements, it is valued
at fair value.
Initial recognition includes transaction costs directly related to the date of acquisition or issue of the financial asset/liabi-
lity if the financial asset/liability is not measured at fair value through profit or loss.

Financial assets are derecognised when the contractual right to the cash flow from the financial asset expires, or when
the company transfers the financial asset to another party in a transaction by which all, or virtually all, the risk and reward
associated with ownership of the asset is transferred.

Financial liabilities are derecognised in the balance sheet when they cease to exist, i.e. once the contractual liability has
been fulfilled, cancelled or has expired.

Measurement of impairment and doubtful financial assets
For financial assets recognised at amortised cost or fair value over other income and expenses, an expected credit loss
shall be recognised. Expected credit loss is the difference between the present value of the contractual cash flow and the
probability-weighted expected cash flow. Expected credit losses are estimated either by individual assessment (indivi-
dual write-down) or by using statistical models (model-based write-down) to calculate the probability-weighted expec-
ted cash flow.

Individual assessment with subsequent accounting of individual impairments is carried out on exposures where there is
objective evidence that a loss event has occurred and that the event reduces the future cash flows of the commitment. In-
dividually assessed engagements are moved to Step 3, see further description of Step 3 below. Objective events may be
material financial problems on the part of the debtor, defaults, debt and/or bankruptcy proceedings for the debtor or that
this is probable or payment relief caused by financial problems. The cash flow calculation and impairments are assessed
using expected values.

For other exposures, expected credit losses are estimated using model-based write-down. The exposures are divided
into different steps, see the section below on calculating expected credit loss.

Calculation of expected credit loss:
Steps and steps are described in the following sections.

Step 1
The starting point for all financial assets is step 1. Step 1 contains all financial assets that do not have a significantly
higher credit risk than for initial recognition. Financial assets with low credit risk may be exempted and in any case be in
Step 1 even if the credit risk is substantially higher. In the retail market, this exception rule is not currently used. Step 1
calculates expected credit loss over 12 months.

Step 2
Step two consists of financial assets where there is a material increase in credit risk since initial recognition, but which are
not in default or where there is objective evidence of loss. For financial assets in Step 2, expected credit loss over expe-
cted maturity is calculated. The expected maturity differs from the contractual maturity and is estimated as a historically
observed maturity.

Step 3
Step 3 consists of financial assets that are in default and/or where there is objective evidence of loss. For engagements
where there is objective evidence of loss, an assessment is made as to whether individual impairment must be carried
out. For other exposures without individual write-downs, expected credit losses over expected maturity are calculated.

197

Financial assets at amortised cost

Assets measured at fair value over other income and expenses
Investments shall be measured at fair value over other income and expenses if the purpose of the asset can be achieved
both by receiving contractually regulated cash flows and selling financial assets. The terms of the contract shall, at speci-
fic times, provide cash flows that are solely the payment of principal and interest outstanding thereon.

Assets measured at amortised cost
Investments to be measured at amortized cost are assets whose purpose is to hold the assets in order to receive con-
tractually regulated cash flows which are solely the payment of principal and outstanding interest thereon.

Assets measured at fair value over net income
A financial asset is classified at fair value above net income when it does not come under measurement at fair value over
other income and expenses or at amortized cost.

With the exception of derivatives, only a limited proportion of Storebrand’s financial instruments fall into this group.

Fair value above the net income after the fair value option
A significant proportion of Storebrand’s financial instruments are classified as fair value above net income due to
The classification reduces mismatches in measurement or recognition that would otherwise arise as a result of different
rules for measuring assets and liabilities.

11-3. Derivatives
Accounting for derivatives that are not a hedging instrument
Derivatives that do not fall under the hedging criteria are classified and measured at fair value over net income. The fair
value of the derivatives is classified respectively as an asset or as a liability, with changes in the fair value of the result.

The majority of the derivatives used in the management of the fund fall into this category.

Some of the Group’s insurance contracts contain embedded derivatives, such as interest rate guarantees. These insu-
rance contracts do not comply with the IFRS 9 Financial Instruments accounting standard, but follow IFRS 17 Insurance
contracts.

11-4. Hedge accounting
Fair value hedging
Storebrand uses fair value hedging for the interest rate risk. The items hedged are financial liabilities measured at amor-
tised cost. Derivatives are recognised at fair value through profit or loss. Changes in the value of the hedged item that are
attributable to the hedged risk adjust the carrying amount of the hedged item and are recognised through profit or loss.

Hedging of net investments
Hedging of net investments in foreign businesses is recognised in the accounts in the same way as cash flow hedging.
Gains and losses on the hedging instrument that relate to the effective part of the hedging are recognised through total
comprehensive income, while gains and losses that relate to the ineffective part are recognised in the income statement.
The total loss or gain in equity is recognised in the income statement when the foreign business is sold or wound up.

11-5. Financial liabilities
Subsequent to initial recognition, all financial liabilities that are not derivatives are primarily measured at amortised cost
using an effective interest method.

12. Insurance liabilities
An insurance contract is defined as a contract where Storebrand accepts significant insurance risk from a policyholder by
agreeing to pay compensation to the policyholder if an insured event negatively affects the policyholder. When classi-
fying contracts, the company takes into account its material rights and obligations, regardless of whether they originate
from a contract, a law or a regulation. Contracts that have the legal form of an insurance contract, but which do not expo-
se the company to significant insurance risk, are classified as investment contracts according to IFRS 9.

An insured event in IFRS 17 is a future event, which is covered by an insurance contract, which results in Storebrand
having an obligation to pay compensation to a policyholder or its beneficiary. Examples of insurance events are death,
disability, accidents, fire and theft.

198

Liability for remaining coverage (LRC): consists of the sum of the present value of cash flows for future insurance pay-
ments and contractual service margin at the reporting date.

Liability for incurred claims (LIC): consists of the present value of future cash flows for incurred insurance events on the
reporting date.

Storebrand uses reinsurance to limit insurance risk. Reinsurance contracts are covered by IFRS 17, but since the reinsu-
rance program is relatively limited in the Group, simplified reporting has been chosen. The simplification is not expected
to have a major impact on the financial statement.

The accounting principles for the most significant insurance obligations are explained below.

12-1 Aggregation level for insurance contracts
Insurance contracts are measured at group level. Groups of insurance contracts are determined by identifying portfoli-
os of insurance contracts that include contracts that are subject to similar risks and are managed together. Storebrand
identifies groups of insurance contracts by assessing the underlying insurance risk in the contracts and how changes
in underlying assumptions affect the contracts. Joint administration is also assessed on, among other things, how the
business areas follow up the insurance contracts internally, the levels used when reporting to management and in risk
management. Contracts within different product lines or issued by different group companies are expected to be inclu-
ded in different portfolios of contracts.

In addition, the standard prohibits the grouping of contracts issued more than one year apart in the same group, this en-
tails requirements for further separation into annual cohorts based on the year of issue. In its adoption of IFRS 17, the EU
has introduced an optional exemption from annual cohorts for directly participating contracts. This means that portfolios
of participating insurance contracts are grouped based only on profitability, regardless of year of issue. Storebrand has
chosen to make use of the EU exemption from annual cohorts for contracts with direct participation.

12-2 Cash flows within the limits of a contract
When measuring a group of insurance contracts, all future cash flows within the limits of an existing insurance contract
are included. Cash flows fall within the limit of the insurance contract if they arise from material rights and obligations that
exist in the reporting period when the company can force the policyholder to pay the premiums, or when the company
has a significant obligation to provide insurance contract services to the policyholder. Such an obligation to provide insu-
rance contract services ends when:

• In practice, Storebrand has the opportunity to reassess the risks of the insurance contract concerned and can thus set

a price or a performance level that fully reflects these risks; or

• In practice, Storebrand has the opportunity to set a price or performance level that fully reflects the risk in the portfolio
up to the time when the risks are reassessed and does not take into account the risks that apply to periods after the
time of reassessment.

For guaranteed products, the contract’s limits will usually include future premiums, as well as associated cash flows for
fulfilment. This is due to the fact that the group does not have the opportunity to reassess the policyholder’s risk and
thus cannot determine a new price or performance level that fully reflects these risks. This applies both to the individual
contract and at portfolio level. See more description in note 4.

The estimated cash flows for a group of contracts include all receipts and payments directly related to the fulfilment of
insurance contract services. This includes benefits and compensation to the policyholders, including among other things:

• Premiums and any additional cash flows resulting from these premiums.
• Compensation and benefits to or on behalf of a policyholder.
• Costs of processing compensation claims.
• Costs for processing and maintaining policies.
• Transfer and transfer of insurance contracts.
• Transaction-based taxes and fees for SPP.
• An allocation of fixed and variable joint expenses that are directly attributable to the fulfilment of insurance contracts
(for example expenses for accounting, HR, and IT). The allocation is done at group level using systematic and rational
methods that are used consistently.

In addition, cash flows arising from expenses for the sale, underwriting and establishment of a group of insurance con-
tracts will be included when measuring an insurance contract. This applies to cash flows that are directly attributable to
the portfolio of insurance contracts to which the group belongs.

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Costs related to claims reported under the PAA is done at the time the claim occurs. In cases where the contracts at the
time of sale are defined as loss contracts, the loss is recognised immediately.

Acquisition costs are cash flows that arise from selling, underwriting and establishing insurance contracts and which can
be directly attributed to the portfolio of insurance contracts to which the group belongs. Such contracts include cash
flows that cannot be directly attributed to individual contracts or groups of insurance contracts within the portfolio. For
guaranteed pension contracts, acquisition costs are limited in Storebrand since guaranteed pensions are mainly a run-off
business with limited new sales. However, Storebrand has new business related to IF in SPP and participates in tenders
within the public sector occupational pension market in Norway, disability and hybrid pension. It has been assessed that
most acquisition costs are incurred just before or at the time of recognition.

Investment component
Storebrand assesses the contract terms to determine whether there is an investment component. The amount that a
policyholder can demand that Storebrand pay back to a policyholder under all circumstances, regardless of whether an
insured event occurs, is classified as non-distinct investment components. For collective pension contracts where the
premium reserve accrues to ”a policyholder”, Storebrand is obliged to pay back a current or future policyholder within the
collective group of policyholders.

All contracts measured according to the variable fee approach have non-distinct investment components that Store-
brand is obliged to pay back to current or future policyholders under all possible circumstances. Payments of this type
are not defined as part of the insurance costs. The effect of any deviations, changes in the expected pattern or timing of
such repayments adjusts the CSM.

12-3 Measurement
IFRS 17 introduces a measurement model where the profit is recognized in the profit and loss over time as the compa-
ny provides insurance-related services. The model is based on the present value of expected future cash flows that are
expected to occur when the company fulfils contracts, an explicit risk adjustment for non-financial risk and a contractual
service margin (CSM).

Insurance contracts are subject to different measurement method requirements based on whether the insurance con-
tracts are classified as directly participating contracts, which are measured according to the variable fee approach (VFA),
or contracts without direct participation, which are measured according to the general measurement model (GMM).
Storebrand determines whether a contract meets the definition of a directly participating contract when the contract is
entered into. The contracts are not reclassified unless the contract is modified by changing the contract terms so that it
no longer meets the conditions mentioned above.

Storebrand issues a number of insurance contracts which are essentially investment-related service contracts where the
company guarantees an investment return based on underlying items. These satisfy the definition of directly participa-
ting insurance contracts and comprise a large part of the Group’s guaranteed products. Direct participating insurance
contracts are measured according to the variable fee approach. Other insurance contracts have no elements of direct
participation and are mainly measured according to the premium allocation approach (PAA), with the exception of colle-
ctive disability pensions which follow the general measurement model due to the long coverage period.

The premium allocation approach is an optional, simplified measurement model adapted to insurance and reinsurance
contracts with a short coverage period of a maximum of one year. The coverage period is defined as the period when the
company provides insurance contract services. This includes the insurance contract services that apply to all premiums
within the limits of the contract. The premium allocation approach simplifies the measurement in that the liability for the
remaining coverage period is based on premiums received, rather than the present value of expected future cash flows
for fulfilment.

Unit link for Storebrand Livsforsikring and SPP is considered not to satisfy the definition of an insurance contract accor-
ding to IFRS 17 because the insurance risk is considered to be immaterial. The contracts are accounted for according to
IFRS 9 and are classified as investment contracts in the balance sheet.

The following table shows the measurement model and method for transition per product category.

200

Storebrand Livsforsikring

SPP Pension & Försäkring

Product category

Measurement
model

Transition

Group pension, paid-up policy and paid-up policy with
investment choice (Private)

Individual endowment and pension insurance

Group pension (Public)

Hybrid pension

VFA

Fair value

Group pension related disability

GMM

Fair value

Group life and individual life

Individual pension insurance

Group pension (Private)

Individual pension related

PAA

VFA

PAA

Full retrospec-
tive approach

Fair value

Full retrospec-
tive approach

Storebrand Forsikring

Non-life

12-4 Measurement: contracts that are not measured according to the PAA method
On initial recognition, the carrying value of the insurance contract liability is measured as the sum of:

• An explicit, objective and probability-weighted estimate of all cash flows within the contract’s boundary.
• An adjustment for the time value of money based on a risk-free discount rate adjusted to reflect the liquidity of the cash

flows.

• An explicit risk adjustment for non-financial risk.
• Contractual service margin (CSM)

Contractual service margin is the amount that gives no profit in the profit and loss account at initial recognition as it is
included in the insurance contract liability for contracts that are not onerous. The contractual service margin is systemati-
cally recognised in the income statement over the coverage period based on the pattern of transferred insurance contract
services. Determining the release pattern is subject to a significant use of judgement and is determined by:

• Identifying the coverage units (CU) in the Group based on the quantity of insurance contract services that are provided

under the contracts in the Group and expected coverage period.

• Allocating the contractual service margin to each coverage unit provided in the current period, and expected to be

provided in the future.

• Recognising in profit or loss the amount allocated to coverage units provided in the period.

The coverage units are determined based on the expected duration associated with the group of insurance contracts. For
the calculation of the coverage unit per group of insurance contracts, the policyholders’ reserves are used as the basis for
the assessment for Storebrand’s insurance contracts, with the exception of the first year for collective disability pension
where the premium is used as a basis. For SPP, the policyholder’s funds including deferred capital contribution (LKT -
latent capital contribution) are used as a basis for the assessment of coverage units.

If an insurance contracts’ cash flow is negative, Storebrand recognises a loss in the profit and loss equivalent to the net
outflow for the group of onerous contracts. The determination of a loss component entails that the carrying value of the li-
ability for the contract group is equal to the fulfilment cash flows, and that the contract group’s contractual service margin
is equal to zero after the loss recognition.

Upon subsequent measurement, the carrying value of a group of insurance contracts at the reporting date corresponds to
the total sum of the liability for remaining coverage (LRC) and the liability for incurred claims (LIC). Liability for remaining
coverage period corresponds to the present value of future fulfilment cash flows that relate to future services and the
remaining contractual service margin. The liability for incurred claims includes fulfilment cash flows that relate to incurred
claims, including events that have occurred but for which claims have not been reported, and other incurred insurance
expenses.

201

Changes that relate to future services, such as changes in assumptions
relating to long life expectancy, disability and mortality.

Changes that relate to current or previous services, for example deviati-
ons in estimates and events related to longevity, disability and death.

The entity's share of the effects that result from the time value of money,
financial risk and the effect of these on the cash flows.

Adjusted in relation to contractual service margin

In the subsequent measurement, the contractual service margin is only adjusted for changes that apply to future ser-
vices. This entails that changes in cash flows for future services are recognised as profit or loss as Storebrand provides
services. At the end of each reporting period, the contractual service margin represents the profit that is not recognised
in the income statement as profit or loss since it relates to future services.

One of the primary differences between the variable fee approach and general measurement model is that when using
the variable fee approach, the contractual service margin must be adjusted for the entity’s share of any effects resulting
from market variables and their effect on the cash flows. The purpose of the adjustment is to reduce mismatch and vola-
tility by recognising Storebrand’s share of changes in the value of the underlying items in the contractual service margin.

When applying general measurement model, the entity is not permitted to make such an adjustment. The change in
fulfilment cash flows is thereby recognised as follows for contracts measured using general measurement model:

Changes that relate to future services, such as changes in assumptions
relating to long life expectancy, disability and mortality.

Changes that relate to current or previous services, for example deviati-
ons in estimates and events related to longevity, disability and death.

The entity's share of the effects that result from the time value of money,
financial risk and the effect of these on the cash flows.

Adjusted in relation to contractual service margin

Recognised in profit and loss from insurance services

Recognised as financial insurance income or expenses

12-5 Contracts measured according to the premium allocation approach
Upon initial recognition of each group of insurance contracts, the carrying value of the liability for the remaining coverage
period is measured as the total of premiums received as of the recognition date. Storebrand has chosen to recognise
cash flows for the acquisition of insurance costs in the income statement when these are incurred.

In the subsequent measurement, the carrying value of the liability for the remaining coverage period is increased by new
premiums received and reduced by the share of premiums recognised for services provided. Insurance income for the
period is equal to the amount of expected premium payments allocated to the period. The expected premium payments
are allocated over each period based on the passage of time unless the expected pattern for release of risk during the
coverage period differs significantly from the passage of time. Since Storebrand provides insurance services within one
year of receiving the premiums, there will be no need to adjust the liability for the remaining coverage period for the time
value of money in accordance with IFRS 17.

If, at any time during the coverage period, facts and circumstances indicate that a group of insurance contracts is onero-
us, Storebrand recognises a loss in the income statement and correspondingly increase the liability for the remaining
coverage period.

Storebrand recognises a liability for incurred claims for claims that are incurred as of the reporting date, including da-
mages that have occurred that are not known or fully processed by Storebrand. The cash flows for incurred claims are
adjusted for non-financial risk (risk adjustment) and discounted using the current discount rate if cash flows are expected
to be paid out more than 12 months from the claim date.

The premium allocation approach applies correspondingly to reinsurance contracts, with some adjustments which refle-
ct that the reinsurance contracts entail that Storebrand has a net asset and that the risk adjustment is negative.

202

• mortality
• long life
• disability/reactivation
• P&C insurance risk
• Lapse
• expenses
• catastrophe

The risk adjustment is calculated based on the cost of capital. This is similar to the risk margin under Solvency II with
some adjustments, mainly excluding operational risk and counterparty risk. Storebrand is developing a partial internal
model for financial risk and life insurance risk. The life insurance risks include mortality, longevity, disability/reactivation
and lapse risk. These are risks included in the risk adjustment, and the confidence level is calculated using the partial
internal model, including a simplified approach for risks not included in the partial internal model.

12-7 Discount rate
To calculate a present value of future expected cash flows, a discount rate must be defined that reflects the time value
of money and the financial risks associated with those cash flows. The discount curve is determined for the first time at
the transition date and then updated continuously at each reporting date. Storebrand has chosen to use a bottom-up
approach for determining the discount rate, whereby a risk-free yield curve is used that is adjusted for liquidity premium
to reflect the liquidity characteristics of insurance contracts.

13. Pension liabilities for own employees
Storebrand has country-specific pension schemes for its employees. The schemes are recognised in the accounts in
accordance with IAS 19. In Norway, Storebrand has a defined-contribution pension. Storebrand is a member of the Nor-
wegian contractual early retirement (AFP) pension scheme. The Norwegian AFP scheme is regarded as a defined-benefit
scheme, but there is insufficient quantitative information to be able to estimate reliable accounting obligations and costs.

In Sweden, SPP has agreed, in accordance with the Finance Companies’ Service Pension Plan (BTP Plan), to collective,
defined-benefit pension plans for its employees. A group defined-benefit pension implies that an employee is guarante-
ed a certain pension based on the pay scale at the time of retirement on termination of the employment.

13-1. Defined-benefit scheme
Pension costs and pension obligations for defined-benefit pension schemes are determined using a linear accrual for-
mula and expected final salary as the basis for the entitlements, based on assumptions about the discount rate, future
salary increases, pensions and National Insurance benefits, future returns on pension plan assets as well as actuarial
estimates of mortality, disability and voluntary early leavers. The net pension cost for the period comprises the total of
the accrued future pension entitlements during the period, the interest cost on the calculated pension liability and the
calculated return on pension plan assets.

Actuarial gains and losses and the impact of changes in assumptions are recognised in total comprehensive income
during the period in which they arise. Employees who resign before reaching retirement age or leave the scheme will be
issued ordinary paid-up policies.

13-2. Defined-contribution scheme
A defined-contribution pension scheme involves the Group in paying an annual contribution to the employees’ collective
pension savings. The future pension will depend upon the size of the contribution and the annual return on the pension
savings. The Group does not have any further work-related obligations after the annual contribution has been paid. No
provisions are made for ongoing pension liabilities for these types of schemes. Defined-contribution pension schemes
are recognised directly in the financial statements.

14. Tangible fixed assets and intangible assets
The Group’s tangible fixed assets comprise fixtures and fittings, IT systems and properties used by the Group for its own
activities.

Inventory and IT systems are valued at acquisition cost less accumulated depreciation and any write-downs.

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Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and NotesStorebrand GroupIncome statement 183Statement of total comprehensive income 184Statement of Financial Position 185Statement of changes in equity 187Statement of cash flow 188Notes 190Storebrand ASAIncome statement 283Statement of total comprehensive income 283Statement of Financial Position 284Statement of changes in equity 286Statement of cash flow 287Notes 288Declaration by member of the Board and the CEO 301Independent auditor’s report 3025. Appendix
Properties used for the Group’s own activities are measured at appreciated value less accumulated depreciation and
write-downs. The fair value of these properties is tested annually in the same way as described for investment properti-
es. The increase in value for buildings used by the Group for its own activities is recognised through total comprehensive
income. Any write-down of the value of such a property is recognised first in the revaluation reserve for increases in the
value of the property in question. If the write-down exceeds the revaluation reserve for the property in question, the
excess is expensed over the profit and loss account.

The write-down period and method are reviewed annually to ensure that the method and period being used both corre-
spond to the useful economic life of the asset. The disposal value is similarly reviewed. Properties are split into compo-
nents if different parts have different useful economic lives. The depreciation period and method of depreciation are
measured then separately for each component.

The value of a tangible fixed asset is tested when there are indications that its value has been impaired. The impairment
test is carried out for each asset if the asset primarily has independent, inward cash flows, or possibly a larger cash-gene-
rating unit. Any impairment losses are charged to the income statement as the difference between the carrying value and
the recoverable amount. The recoverable amount is the greater of the fair value less costs of sale and the value in use. On
each reporting date it is determined as to whether there is a basis for reversing previous impairment losses on non-finan-
cial assets.

15. Tax
The Group’s tax liabilities are valued in accordance with IAS 12 and clarifications in IFRIC 23.

The tax cost in the income statement consists of tax payable and changes in deferred tax. Tax is recognised in the inco-
me statement, except to the extent that it relates to items recognised in total comprehensive income. Deferred tax and
deferred tax assets are calculated on the differences between accounting and tax values of assets and liabilities.

Deferred tax is calculated on the basis of the Group’s tax loss carryforward, deductible temporary differences and taxa-
ble temporary differences.

Any deferred tax assets shall be recognised if it is considered probable that the tax asset will be recovered. Assets and
liabilities associated with deferred tax are recognised as a net amount when there is a legal right to offset assets and
liabilities for tax payable and the Group has the ability and intention to settle net tax payable.

Changes in assets and liabilities associated with deferred tax that are due to changes in the tax rate are generally recogni-
sed in the income statement.

Reference is made to Note 26 - Tax for further information.

16. Provision for dividends
The proposed dividend is classified as equity until approved by the general meeting and presented as liabilities after this
date. The proposed dividend is not included in the calculation of the solvency capital.

17. Leases
Leases are recognised in the balance sheet. The present value of the combined lease payments shall be recognised on
the balance sheet as debt and an asset that reflects the right of use of the asset during the lease period. Storebrand has
chosen to classify the right to use the asset as tangible fixed assets and the lease liability as other debt. The recognised
asset is amortised over the lease period and the depreciation expense is recognised as an operating expense on an
ongoing basis. The interest expense on the lease liability is recognised as a financial expense. Leases with a duration of
less than 12 months and leases that include assets valued at less than approximately NOK 50,000 will not be recognised
in the balance sheet, but rental amounts will be recognised as an operating expense over the lease period.

18. Statement of cash flows
The statement of cash flows is prepared using the direct method and shows cash flows grouped by sources and use.
Cash is defined as cash, receivables from central banks and receivables from credit institutions with no agreed period of
notice.

204

Note 2: Critical accounting estimates and judgements

In preparing the consolidated financial statements the management are required to apply estimates, make discretionary
assessments and apply assumptions for uncertain amounts. The estimates and underlying assumptions are reviewed on
an ongoing basis and are based on historical experience and expectations of future events and represent the manage-
ment’s best judgement at the time the financial statements were prepared.

A description of the most important elements and assessments in which discretion is used and which may influence
recognised amounts or key figures is provided below and in Note 13 for Solvency II and in Note 26 for Tax.

Actual results may differ from these estimates.

Macroeconomic situation
Storebrand is affected by uncertainty associated with the macroeconomic situation that has arisen in the wake of the
pandemic and geopolitical turmoil. Increased economic instability leads to increased inflation and negatively affects both
the level of costs and the percentage of claims. Storebrand follows the macroeconomic situation closely and will imple-
ment measures where necessary.

Inflation and financial instability have continued to increase through 2023 and global GDP growth expectations have
been sharply downgraded throughout the year. The predicted interest rates of both the central banks and the markets
have consistently been too low compared to the actual development and an interest rate plateau is now expected rather
than an interest rate peak as first assumed. Although inflation is declining as a result of the labour market and wage
growth having weakened, rising oil prices have kept inflation above the central banks’ inflation target. It is expected that
the central banks will keep a close eye on inflation going forward and that the time for cuts in interest rate is further away
than first expected. For Storebrand, the increased interest rate has a positive effect on the Group’s financial results due
to higher return on the Group’s funds. Furthermore, an increased interest rate contributes positively to the guaranteed
pension as the current interest rate exceeds the guaranteed return.

Insurance Contracts
2-1 Definitions and classification
IFRS 17 requires substantial use of judgment and estimates during the classification, recognition and measurement of
insurance contracts. Areas that require significant use of judgment and estimates include:

• Estimation of cash flows for fulfillment
• Determination of the discount rate
• Determination of risk adjustment for non-financial risk
• Identification of the coverage units in a group of insurance contracts and determination of the pattern of recognition of

CSM over the coverage period based on the services provided

Significant insurance risk
Storebrand uses judgement to assess the significance of insurance risks. The assessment is made upon initial recogni-
tion on a contract-by-contract basis. When classifying contracts according to IFRS 17, Storebrand takes into account its
rights and obligations, regardless of whether these originate from a contract, a law or a regulation. Storebrand assesses
possible elements with commercial substance that may have an impact on insurance risk, including events that are extre-
mely unlikely.

2-2 Methods and assumptions used to measure insurance contracts:
Pension products with guarantees are modeled stochastically to estimate the customer’s value of the guarantee and
distribution of profits, while other products are modeled deterministically. The estimates of future cash flows reflect the
Group’s best estimates given the current conditions on the reporting date and take into account any relevant market vari-
ables in accordance with observable market data.

Costs
The estimated future costs that can be directly attributed to the existing insurance contracts are included in the repor-
ting. The costs are estimated according to the Group’s own cost analyses and are based on the current level of opera-
ting costs in recent periods, combined with assumptions about future inflation and salary development that reflect the
Group’s best estimate. Only immediate cost reductions are considered when estimating future costs.

The cash flows within the contract limit include the allocation of both fixed and variable indirect costs directly attributable
to the fulfilment of insurance contracts. To reflect such indirect costs, Storebrand uses systematic and rational allocation
methods that reflect the products that drive the costs. The allocation method is used consistently for cost categories that
share similar characteristics.

205

Storebrand uses widely recognized actuarial models when determining the best estimate assumptions related to bio-
metric risks. When estimating biometric risks, the Group takes measures to reflect recent historical data and the cha-
racteristics of the underlying populations, including gender, age, disability and other relevant information related to the
policies. The conditions for best estimate used under IFRS 17 are in accordance with those used under Solvency II.

Unfavorable developments in biometric risks can lead to a reduction in the insurance service result or the contractual ser-
vice margin. Storebrand’s exposure to biometric risk is limited by the risk equalization fund, for products included in the
risk equalization fund.

Lapse probabilities
Lapse probabilities are determined using statistical modeling based on the Group’s own observations. They vary with
product category and external market conditions. For large parts of the guaranteed pension segment, the lapse proba-
bilities are assumed to be close to zero percent. This is due to an inactive transfer market for defined benefit contracts,
including paid-up policies, in a low interest rate environment in recent years. Changes in the expected lapse probabilities
mainly affect the contractual service margin.

Yield assumptions
Storebrand uses stochastic modeling to project the asset return for all contracts that are measured according to the
variable fee approach or the general measurement model. In the modelling, the Group generates a number of potential
financial scenarios based on a probability distribution that reflects the investment strategy and other relevant market va-
riables. The random variations are therefore based on the volatility of each asset portfolio, in which the relevant insurance
contracts are invested.

Discount rates
Storebrand uses a discount rate where the risk-free interest rate curve is adjusted with a liquidity premium to reflect the
liquidity of the insurance contracts. The most important sources of estimate uncertainty are the estimation of the disco-
unt rate beyond the observable data points for interest rate swaps in Norway and Sweden, as well as the adjustment for
any credit risk in the underlying reference interest rates. Storebrand manages the uncertainty by using well-established
methods established by EIOPA to determine the forward rate and the credit risk adjustment. The method maximizes the
use of observable market variables and ensures that the estimates reflect current market conditions and other available
information. Other sources of estimate uncertainty are linked to the estimation of the liquidity in the insurance contracts
and the underlying financial instruments.

The discount rates used to discount the estimated future cash flows are given below:

31. 12.2023

NOK

SEK

1 year

4.26 %

3.05 %

5 years

3.58 %

2.28 %

10 years

15 years

20 years

3.49 %

2.27 %

3.50 %

2.56 %

3.50 %

2.77 %

Based on an updated assessment of the product’s characteristics, Storebrand has changed the discount rate for some
of the company’s insurance liabilities which are measured under the premium allocation approach. The contracts were
originally discounted with a fixed discount rate, but Storebrand considers that a discount rate as described in the section
above better reflects the time value of the insurance liabilities. The change in the discount rate is in accordance with IAS
8.34 and has been applied prospectively.

Risk adjustment for non-financial risk
The risk adjustment is calculated based on the cost-of-capital method. The basis for the calculation is the capital charge
under Solvency II standard model for the relevant risks for the entire coverage period and a cost of capital of 6 percent
p.a., discounted by the discount rate. This shares similarities with the risk margin under Solvency II, but with some ad-
justments which primarily are the exclusion of operational risk and counterparty risk.

The corresponding confidence level is based on the distribution of the one-year value at risk for the solvency capital
due to losses from the included risks. The risk calibration is based on Storebrand’s partial internal model which is under
development and the methodology is supported by Moody’s report ”Equivalent Confidence Level For the IFRS 17 Risk
Adjustment”. The confidence level is >95 percent.

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Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and NotesStorebrand GroupIncome statement 183Statement of total comprehensive income 184Statement of Financial Position 185Statement of changes in equity 187Statement of cash flow 188Notes 190Storebrand ASAIncome statement 283Statement of total comprehensive income 283Statement of Financial Position 284Statement of changes in equity 286Statement of cash flow 287Notes 288Declaration by member of the Board and the CEO 301Independent auditor’s report 3025. AppendixAmortization of the contractual service margin
Storebrand applies judgement to identify the quantity of benefits provided in a group of insurance contracts and alloca-
te the contractual service margin based on coverage units. The coverage units are determined based on the expected
duration linked to the group of insurance contracts. For guaranteed pension contracts with an annual return guarantee,
coverage units must reflect both insurance-related and investment-related service, both in the deferral and payment
periods. Since the contractual service margin represent the discounted value of the owner’s expected future earnings,
the number of coverage units is also discounted. The annual share of the contractual service margin that is recognized as
income is determined as the year’s number of coverage units divided by the discounted value of coverage units over the
life of the contract. This is used consistently over time and across contracts that share similar characteristics:

Contracts with direct participation (VFA): Storebrand Livsforsikring uses the policyholder’s reserves as a basis for de-
termining the level of benefits provided when calculating the coverage unit per group of insurance contracts measured
under the variable fee approach. For SPP, policyholder funds, including the deferred capital contribution (DCC), are used
as a basis for the assessment of coverage unit. This insures a relatively stable amortization and serves as
a scaling factor for variable fee approach contracts providing both insurance coverage and investment-related services.

Non-participating contracts (GMM): For group disability insurance in Norway, Storebrand uses insurance premiums as a
basis to determine the quantity of benefits during the first coverage year (accumulation phase), as opposed to the policy-
holder reserves during the pay-out phase. At the end of each reporting period, the total coverage units are reassessed to
reflect the expected pattern of service, contract cancellations and lapse when applicable.

For contracts measured under the variable fee approach, Storebrand makes further adjustments to the coverage units to
ensure that the contractual service margin release reflects the insurance services provided in the reporting period. These
adjustments are made to account for the fact that the expected financial return on average exceeds the discount rate
used to project future assets under IFRS 17. The adjustment does not affect the size of the contractual service margin,
but prevents an artificial delay in income from expected excess returns. In stochastic scenarios where the risk-free inte-
rest rate is below the annual return guarantee, the expected risk premium (partially) covers the lack of return (and thus
the expected loss for Storebrand), while in good scenarios where the risk-free interest rate is above the annual guarantee,
the expected excess return is shared with the customer in the form of profit sharing. Prerequisites for returns in excess of
the risk-free interest rate are determined by expected risk premiums for each asset class. These are updated quarterly
and are based as much as possible on observable market data, both current data and historical data. Examples of this are
credit spreads for various types of bonds and pricing data for relevant stock indices. For assets with less available market
data and more company-specific expected returns, e.g. investment property, the risk premiums are also partly estimated
based on data for Storebrand’s actual investments. Alternative and simpler methods for calculating income from excess
returns have been tested, including adjusting the discounting of coverage units, without sufficient precision being achie-
ved.

Further information on insurance contract liabilities is given in notes 7, 37 and 38.

Investment properties
Investment properties are measured at fair value. The commercial real estate market in Norway and Sweden is not very
liquid, nor is it transparent. There is uncertainty related to the valuations, and it requires the management to apply as-
sumptions and use of judgement, especially in periods with turbulent financial markets.

Key elements included in valuations that require use of judgement are:

• Market rent and vacancy trends
• Quality and duration of rental income
• Owners’ costs
• Technical standard and any need for upgrading
• Discount rates for both certain and uncertain cash flows, as well as residual value

External valuations are also obtained for parts of the portfolio every quarter. All properties must have a minimum of one
external valuation during a 3 year period.

Reference is also made to Notes 7 and 12 in which the valuation of investment properties at fair value is described in
more detail.

207

Financial instruments at fair value
There will be uncertainty associated with the pricing of financial instruments, particularly instruments that are not priced
in an active market. This applies in particular for the types of securities priced on the basis of non-observable assumpti-
ons. For these investments, various valuation techniques are applied to determine fair value. This include private equity
investments, investment properties, and other financial instruments where theoretical models are used in pricing. Any
changes to the assumptions could affect recognised amounts. The majority of such financial instruments are included in
the customer portfolio.

There is uncertainty linked to the valuation of fixed-rate loans that are classified at fair value due to variation in the inte-
rest rate terms offered by banks and since there will often be different credit risks associated with the individual borro-
wers.

Reference is also made to note 12, in which the valuation of financial instruments at fair value is described in more detail.

Management fee
In April 2021, the Norwegian Financial Supervisory Authority sent an identical letter to all life insurance companies and
pension funds in which the Norwegian Financial Supervisory Authority assessed that the management fee to manage-
ment companies for mutual funds and managers of alternative investment funds should be included in the companies’
price tariff. The statement only applied to pension benefit schemes. A collective industry, including Storebrand, asked
the Ministry of Finance to review the Norwegian Financial Supervisory Authority’s interpretation. In a letter dated 9 Ja-
nuary 2023, the Ministry of Finance has stated that there is insufficient legal basis to require the pension funds to include
such management remuneration in the price tariffs, thereby giving the industry support in its interpretation.

The Ministry of Finance further states that in order to ensure a uniform practice in the industry, a clarification should be
made of how such management fees are to be treated. The ministry assumes that such a clarification should take place
through an amendment to the law or regulations. The Ministry of Finance has asked the Financial Supervisory Authority
to prepare a draft of a consultation note on how management fees for investment in funds of customer funds that are part
of the collective portfolio should be treated in accordance with the rules on price tariffs and profits.

Deferred tax and uncertain tax positions
Calculation of deferred tax assets, deferred tax liabilities and the income tax expense is based on the interpretation of
rules and estimates.

The Group’s business activities may give rise to disputes etc. related to tax positions with an uncertain outcome. The
Group makes provisions for uncertain and disputed tax positions with best estimates of expected amounts, subject to
decisions by the tax authorities in accordance with IAS 12 and IFRIC 23. The provisions are reversed if the disputed tax
position is decided to the benefit of the Group.

Reference is made to further information in Note 26.

208

Danica Pensjonsforsikring AS
A final purchase price allocation (PPA) analysis has been completed within the measurement period of 12 months in
accordance with IFRS 3. The final PPA of Danica Pensjonsforsikring is shown in the table below.

Acquisition analysis Danica

Book values in
the company

Excess value
upon acquistion

NOK million

Assets

- Distribution

- Customer contracts

- IT systems

Total intangible assets

Financial assets

Other assets

Bank deposits

Total assets

Liabilities

Insurance liabilities

Current liabilities

Deferred tax

Net identifiable assets and liabilities

Goodwill

Fair value at acquisition date

Cash payment

28,479

309

362

29,170

27,724

282

1,140

106

809

-21

894

Book
values

106

809

915

28,479

309

362

894

30,064

202

606

27,792

300

226

1,746

302

2,048

Due to information about the sale of Danske Bank’s portefolio of personal customers to Nordea, Storebrand Livsforsikring
AS has written down the value of the distribution agreement with Danske Bank in Q3. The amount is NOK 87 million.

Kron AS
Storebrand ASA has purchased Kron AS. Kron offers its clients a wide range of funds through engaging digital tools and
digital advisory services. The company was established in 2017 as a spin-off from the Nordic financial advisory firm,
Formue. At the time of the acquisition, approximately NOK 7 billion is managed on behalf of 67,000 retail customers who
have established an investment account on Kron’s platform. Kron has also quickly become a popular alternative among
people who want to manage their pension account with a provider of their choice.

The transaction was completed on 3 January 2023.

209

NOK million

Eiendeler

- Customer relationships

- Customer contracts

- IT systems

Total intangible assets

Other assets

Bank deposits

Total assets

Liabilities

Current liabilities

Deferred tax

Net identifiable assets and liabilities

Goodwill

Fair value at acquisition date

Conditional payment

Cash payment

Book values in
the company

Excess value
upon acquistion

Book
values

170

135

286

422

399

Note 4: Result per segment
Storebrand’s business activities are divided into the following result areas: Savings, Insurance, Guaranteed Pension and
Other.

Savings
Consists of products that include long-term saving for retirement with no interest rate guarantees. The business area
consists of defined contribution pensions in Norway and Sweden, asset management and retail banking products. In
addition, certain other subsidiaries are part of Storebrand Livsforsikring and SPP.

Insurance
Insurance has responsibility for the Group’s risk products in Norway and Sweden. The unit provides health insurance in
the Norwegian and Swedish corporate and retail markets, P&C insurance and personal risk products in the Norwegian
and Swedish retail markets and employee-related and pension-related insurance in the Norwegian and Swedish corpo-
rate markets.

Guaranteed Pension
The Guaranteed Pension business area encompasses long-term pension savings products that give customers a gua-
ranteed rate of return. The area includes defined contribution pensions in Norway and Sweden, paid-up policies and
individual capital and pension insurances.

Other
The result for the holding company Storebrand ASA is reported under Other, as well as the result for the company port-
folios of Storebrand Life Insurance and SPP. This also includes eliminations of intra-group transactions included in the
other segments.

210

Reconciliation between income statement and cash equivalent earnings (alternative income setup)

The alternative list of results is based on the legal entities’ statutory accounts in the group, adjusted for intercompa-
ny transactions. IFRS uses IFRS with the exception of IFRS 17 for Storebrand Livsforsikring AS and SPP Pension &;
Forsäkring AB, where the local accounting principles are in accordance with the business rules. Since the alternative
income statement is based on the legal entities’ statutory financial statements, the group adjustments related to amor-
tization and tax effects on acquired operations are not included in the alternative income statement. The results in the
segments are reconciled with the statutory income statement for each legal entity in the Group.

Storebrand has communicated that it will continue to report its alternative income statement following the implemen-
tation of IFRS 17 in the consolidated financial statements, as this cash-equivalent reporting provides useful information
about value creation in the business and which are the profit elements for which the Group has performance targets and
follow-up.

In an alternative profit and loss setup, the insurance obligations in Storebrand Livsforsikring are discounted by a gua-
ranteed interest rate, while for SPP Pension & Forsäkring the prevailing discount rate is determined on the basis of the
methods underlying the discount rate in Solvency II.

A significant proportion of Norwegian insurance contracts have one-year interest rate guarantees, so the guaranteed re-
turn must be achieved every year. In the Swedish operations, there are no contracts with an annual interest rate guaran-
tee, but there are insurance contracts with a final value guarantee.

The following is an overall description of the content of the individual reporting lines in the alternate performance setup:

Fee and administrative income consists of fees and fixed administrative income. Storebrand Life Insurance charges a
fee for interest rate guarantee and profit risk. The interest rate guarantees in group pension insurance with interest rate
guarantees must be priced in advance. The level of the interest rate guarantee, the size of the buffer capital (additional
reserves and market value adjustment reserve) and the investment risk in the portfolio in which the pension funds are
invested determine the fee the client pays for the interest rate guarantee.

There are also fees for asset management, net interest income from banking, and other management fees for both sa-
vings and guaranteed products.

The insurance result consists of insurance premiums and claims.

Insurance premiums consist of earned premiums related to risk products (insurance segment).

Claims consists of claims paid and changes in provisions for IBNR and RBNS related to risk products.

Administrative expenses consist of the Group’s operating expenses in the Group’s income statement minus operating
expenses allocated to traditional individual products with profit sharing.

Financial items and risk performance, life and pension include risk performance, life and pension and financial results
including net profit sharing and loan losses.

Risk performance life and pension consists of the difference between risk premium and claims for products related to
defined contribution pensions, fund insurance contracts (savings segment) and defined benefit pensions (guaranteed
pension segment).

The financial result consists of a return on the company portfolios Storebrand ASA, Storebrand Livsforsikring AS and
SPP Pension & Försäkring AB (Other segment), while the return on the group’s other company portfolios is a financial
result within the segment to which the business is linked. The financial result also includes return on customer assets
related to products in the insurance segment.

211

Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and NotesStorebrand GroupIncome statement 183Statement of total comprehensive income 184Statement of Financial Position 185Statement of changes in equity 187Statement of cash flow 188Notes 190Storebrand ASAIncome statement 283Statement of total comprehensive income 283Statement of Financial Position 284Statement of changes in equity 286Statement of cash flow 287Notes 288Declaration by member of the Board and the CEO 301Independent auditor’s report 3025. AppendixNet profit sharing
Storebrand Livsforsikring AS
A modified profit-sharing scheme was introduced for old and new individual contracts that have abandoned group pen-
sion insurance (paid-up policies), so that the company can retain up to 20 per cent of the profits from the return after
any provision for additional statutory reserves. The modified profit-sharing model means that any negative risk result can
be deducted from customers’ interest profits before sharing, if it is not covered by the risk equalization fund. Individual
capital insurance and pensions written by the Group before 1 January 2008 will continue to apply the profit and loss
rules applicable before 2008. No new contracts can be established in this portfolio. The Group may retain up to 35 per
cent of its total comprehensive income after provisions for additional statutory reserves. Any negative return on customer
portfolios and a return lower than the interest rate guarantee, which cannot be covered by additional statutory reserves/
buffer reserves, must be covered by the company’s equity and included in the line for net profit sharing and losses.

SPP Pension & Försäkring AB
For premiums paid from 2016 onwards, previous profit sharing is replaced by a guarantee fee for premium-determi-
ned insurance (IF portfolio). The guarantee fee is annual and is calculated as 0.2 percent of the capital. This goes to the
company. For deposits agreed before 2016, profit sharing is maintained, i.e. if the total return on assets in one calendar
year for a premium-determined insurance policy (IF portfolio) exceeds the guaranteed interest rate, profit sharing will be
triggered. When profit sharing is triggered, 90 percent of the total return on assets goes to the policyholder and 10 per-
cent to the company. The company’s share of the total return on assets is included in the financial result. For performan-
ce insurance (KF portfolio), the company has the right to charge indexation fees if the group profit allows indexation of
the insurance. It is permissible to index up to a maximum corresponding to the change in the consumer price index (CPI)
between the two previous September. Pensions paid are indexed if the ratio of assets to guaranteed insurance liabilities
in the portfolio as of 30 September exceeds 107 percent, and half of the fee is charged. The entire fee will be charged if
the ratio of assets to guaranteed insurance liabilities in the portfolio as of 30 September exceeds 120 percent, in which
case paid-up policies can also be recognized. The total fee corresponds to 0.8 per cent of the insurance capital. The
guaranteed liability is monitored continuously. If the guaranteed liability is higher than the value of the assets, provisions
must be made in the form of deferred capital contributions. If the assets are lower than the guarantee obligation when
the insurance payments start, the company adds capital up to the guarantee obligation in the form of a realised capital
contribution. Changes in deferred capital contributions are included in the financial result.

Loan losses consist of individual and group write-downs of lending activities recognised on the balance sheet in the
Storebrand Bank Group.

Amortisation of intangible assets includes depreciation and possible write-downs of intangible assets established
through acquisitions of enterprises where the acquired entity has subsequently merged with the acquiring entity.

NOK million

Fee and administation income

Insurance result

- Insurance premiums f.o.a.

- Claims f.o.a.

Operating cost

Savings

Insurance

Guaranteed pension

2023

5,443

2022

4,733

2023

2022

2023

1,600

2022

1,597

1,122

6,908

1,664

6,088

-5,787

-4,424

-3,582

-3,031

-1,251

-1,112

-822

778

547

-850

747

157

Cash equivalent earnings from operations

1,861

1,701

Financial items and risk result life & pension

-49

-129

155

552

Cash equivalent earnings before amortisa-
tion

Amortisation of intangible assets 1)

Cash equivalent earnings before tax

1,862

1,653

596

1,326

903

212

Fee and administation income

Insurance result

- Insurance premiums f.o.a.

- Claims f.o.a.

Operating cost

Cash equivalent earnings from operations

Financial items and risk result life & pension

Cash equivalent earnings before amortisation

Amortisation of intangible assets 1)

Cash equivalent earnings before tax

Tax

Reconciliation between cach equivalent earning and profit for
the year

Profit for the year

1) Amortisation of intangible assets are included in Storebrand Group
2) Includes eliminations of group transactions

Other 2)

2023

-261

-132

-393

658

265

2022

-267

-15

-282

-138

-420

Storebrand Group

2023

6,782

1,122

6,908

-5,787

2,117

1,362

3,480

-379

3,101

116

160

3,377

2022

6,062

1,664

6,088

-4,424

-5,008

2,718

2,732

-202

2,530

225

-378

2,376

Geographical distribution
The Storebrand Group are represented in the following countries:

Segment/Country

Norway

Sweden

Finland Denmark Germany

Luxem-
burg

Ireland

Savings

Insurance

Guaranteed pension

Other

Saving is the main activity in all jurisdictions.

Note 5: Risk management and internal control

Storebrand’s income and performance are dependent on external factors that are associated with uncertainty. The most
important external risk factors are the developments in the financial markets and changes in life expectancy in the Nor-
wegian and Swedish populations. Certain internal operational factors can also result in losses, e.g. errors linked to the
management of the customers’ assets or payment of pension.

Continuous monitoring and active risk management are core areas of the Group’s activities and organisation. At the Sto-
rebrand Group, responsibility for risk management and internal control is an integral part of management responsibility.

213

Board of Directors

CEO

Executive management

CRO Group
Independent control functions

Risk
management

Actuary
function

Compliance

Privacy
(DPO)

Internal
auditing

Anti-money
laundering
(AML)

Information
Security (CISO)

The boards of directors of both Storebrand ASA and the group companies have the overall responsibility for limiting and
following up the risks associated with the activities. The boards set annual limits and guidelines for risk-taking in the
company, receive reports on the actual risk levels, and perform a forward-looking assessment of the risk situation.

The Board of Storebrand ASA has established a Risk Committee consisting of 4 Board members. The main task of
the Risk Committee is to prepare matters to be considered by the Board in the area of risk, with a special focus on the
Group’s appetite for risk, risk strategy and investment strategy. The Committee should contribute forward-looking, deci-
sion-making support related to the Board’s discussion of risk taking, financial forecasts and the treatment of risk repor-
ting.

Managers at all levels in the company are responsible for risk management within their own area of responsibility. Good
risk management requires targeted work on objectives, strategies and action plans, identification and assessment of
risks, documentation of processes and routines, prioritisation and implementation of improvement measures, and good
communication, information and reporting.

Independent control functions
Independent control functions have been established for risk management for the business (Risk Management Function/
Chief Risk Officer), for compliance with the regulations (Compliance Function), for ensuring the insurance liabilities are
calculated correctly (Actuary Function) for data protection (Data Protection Officer), for information security (CISO), for
money laundering (Anti Money Laundering) and for the bank’s lending. Relevant functions have been established for
both the Storebrand Group (the Group) and all of the companies requiring a licence. The independent control functions
are organised directly under the companies’ managing directors and report to the respective company’s board.

In terms of function, the independent control functions are affiliated with Governance Risk & Compliance (GRC). GRC
is a knowledge community headed by the Group CRO. The Group CRO is responsible to the Group CEO and reports to
the Board of Storebrand ASA. GRC’s task is to ensure that all significant risks are identified, measured and appropriately
reported. The GRC function shall be actively involved in the development of the Group’s risk strategy and maintain a ho-
listic view of the company’s risk exposure. This includes responsibility for ensuring compliance with the relevant regulati-
ons for risk management and the consolidated companies’ operations.

The internal audit function is organised directly under the Board and shall provide the boards of the relevant consolida-
ted companies with confirmation concerning the appropriateness and effectiveness of the company’s risk management,
including how well the various lines of defence are working.

Note 6: Operational risk

Operational risk is the risk of financial loss, damaged reputation or sanctions related to violations of internal or external
regulations as a result of ineffective, insufficient or defective internal processes or systems, human error, external events
or rules and guidelines not being followed.

The purpose of operational risk management is to avoid operational incidents that impact customers, result in serious
operational disruptions, violations of regulations and/or direct financial loss.

214

Contingency and continuity plans have been prepared to deal with serious incidents in business-critical processes.

Cyber risk is becoming an increasingly important operational risk. The threat picture for cybercrime is characterised by
organised crime and increased geopolitical sentiment. Technology advances enable the spread and increased automati-
on of fraud, and an increasing targeting of cyberattacks.

Our ability to manage cyber risk depends on good and proactive digital resilience. This entails a comprehensive security
strategy, good plans for crisis management and continuity for our critical business processes, as well as training and
practice on relevant scenarios. This helps to reduce risk and increase the likelihood of good handling of undesirable inci-
dents.

The asset management business has a modern and standardised core system, combined with self-developed applicati-
ons. The bank platform and insurance platform are based on purchased standard systems that are operated and monito-
red through outsourcing agreements. There is a greater degree of own development for the life insurance activities, while
parts of the operation of this have also been outsourced. The unit administration within defined-contribution occupatio-
nal pension and unit linked products is managed in a purchased system solution.

Stable and secure technology and infrastructure are vital to the business and for reliable financial reporting. Errors and
disruptions may impact both customer and shareholder trust. In a phase of the transition to cloud-based technology ser-
vices, greater attention is being paid to the complexity and integrations in existing solutions. Cloud-based services and
infrastructure have good inbuilt security solutions and reduce the risk associated with self-developed systems and, in
the long term, outdated infrastructure. For those parts of the technology services that have been outsourced, risk-based
follow-up of providers has been established with the aim of managing the risk associated with the IT systems’ develop-
ment, management, operation and information security.

Note 7: Financial market risks and insurance risk

The consolidated financial statements for Storebrand Livsforsikring AS and Storebrand ASA have been prepared in
accordance with IFRS Accounting Standards as determined by the EU. From 2023, new accounting standards apply for
financial instruments (IFRS 9) and insurance contracts (IFRS 17). The financial statements for Storebrand Livsforsikring
AS (Storebrand Livsforsikring) are still prepared in accordance with Norwegian accounting principles, consistent with
the customer accounts. The financial statements for SPP Pension & Försäkring AB (SPP) are still prepared in accordance
with Swedish accounting principles.

The risk management of the investments is still aimed at managing the risk based on the customer accounts and GAAP
company accounts for Storebrand Livsforsikring and SPP. The description of financial market risk below mainly reflects
the risk measured by these principles.

The new IFRS standards change the dynamics of the Group results. The effect of changes in the financial market for the
IFRS result is reported below under Sensitivities.

Financial market risk
Financial market risk means changes in the value of assets as a result of unexpected volatility or price changes in the
financial markets. It also includes the risk that the value of the insurance contract liability develops differently from the
assets as a result of changes in interest rates. The most important market risks are interest rate risk, stock market risk,
property price risk, credit risk and exchange rate risk.

The financial assets are invested in a number of sub-portfolios. Market risk affects Storebrand’s income and profit dif-
ferently in the various portfolios. There are three main types of sub-portfolios: company portfolios, customer portfolios
without guarantee (unit linked insurance) and customer portfolios with guarantee.

The market risk in the company portfolios has a direct impact on the result. Storebrand’s aim is to take low financial risk
for the company portfolios, and the funds are invested in short- and medium-term interest-bearing securities with low
credit risk.

The market risk in unit linked insurance is borne by the customers, which means that Storebrand is not directly affected
by changes in value. Changes in value nevertheless affect Storebrand’s result indirectly. The income is mainly based on
the size of the portfolios, while the costs are usually fixed. A lower return from the financial market than expected will
therefore have a negative effect on Storebrand’s income and result.

215

Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and NotesStorebrand GroupIncome statement 183Statement of total comprehensive income 184Statement of Financial Position 185Statement of changes in equity 187Statement of cash flow 188Notes 190Storebrand ASAIncome statement 283Statement of total comprehensive income 283Statement of Financial Position 284Statement of changes in equity 286Statement of cash flow 287Notes 288Declaration by member of the Board and the CEO 301Independent auditor’s report 3025. AppendixFor customer portfolios with a guarantee, the net risk for Storebrand will be lower than the gross market risk. The extent
of risk sharing with customers depends on several factors, the most important of which is the size and flexibility of the
customer buffers, as well as the level and duration of the interest rate guarantee. If the return is not high enough to meet
the guaranteed interest, deficits will be covered by using customer buffers in the form of risk capital built up from pre-
vious years’ profits. The buffers consist of exchange rate adjustment funds, additional provisions and conditional bonus.
Storebrand is responsible for covering any deficiencies that cannot be covered by the customer’s buffers.

The risk is affected by changes in the interest rate level. Rising interest rates are negative in the short term because the
resulting drop in value on bonds and interest rate swaps reduces investment returns and buffers. But in the long term,
higher interest rates are positive because of the higher probability of achieving a return above the guarantee.

For guaranteed customer portfolios and the company portfolio for Storebrand Livsforsikring AS, most bonds are valued
at amortized cost. It dampens the effect of interest rate changes on the book return. The valuation at amortized cost in
the accounts is now higher than fair value. For SPP, both investments and debt are assessed at fair value. Because SPP
has fairly similar interest rate sensitivity on assets and liabilities, interest rate changes have a limited net effect on SPP’s
financial result under Swedish GAAP.

For the consolidated financial statements for Storebrand Livsforsikring AS and Storebrand ASA, all bonds are assessed
at fair value. The value of these investments is negatively affected by rising interest rates and positively affected by falling
interest rates. For the consolidated accounts, the value of the insurance liabilities is also interest-sensitive, with a value
that moves in the opposite direction to the investments. This reduces the risk, but the net risk is falling interest rates.

There is an increased risk associated with the valuation of financial instruments. This results in greater uncertainty than
normal relating to the pricing of financial instruments that are valued based on models, and it must be assumed that for
illiquid assets there is a difference between the estimated value and the price achieved when sold in the market. Valua-
tions related to investment properties are considered to have particularly increased uncertainty due to macroeconomic
developments, and the overall transaction volume for investment properties was significantly lower in 2022 and 2023
than normal. Furthermore, the valuation of investment properties is sensitive to changes in assumptions such as inflation
and interest rates. There is a wide range of possible outcomes for these assumptions and thus for the modeled valua-
tions. The values therefore reflect the management’s best estimate, but contain greater uncertainty than would be the
case in a normal year.

Financial assets and liabilities in foreign currencies

Balance sheet items
excluding currency

derivatives Forwad contracts

Net position 2023

Net position
2022

NOK million

Net in balance sheet

Net sales

in currency

in NOK

DKK

CHF

HKD

CAD

EUR

GBP

JPY

SEK

USD

NOK1)

Other currency types

Insurance liabilities in SEK

Total net currency positions

263

185

191

2,068

117

355

-295

-106

-516

-401

-1,477

-286

-704

-32

-23

-331

-210

591

-169

-349

-48

-278

-430

-1,615

6,635

-2,190

-2,516

-174

-400

-544

-1,835

2,630

-2,488

-2,497

259,071

-13,849

245,222

247,116

221,747

4,400

83,734

-6,341

-425

-1,941

83,309

-19,714

83,309

-480

-27,041

65,252

-409

-257,831

-227,271

51,958

26,971

1) Equity and bond funds denominated in NOK with foreign currency exposurein i.a. EUR and USD NOK 83 billion.

The table above shows the currency positions as at 31 December 2023. The currency exposure is primarily related to
investments in the Norwegian and Swedish insurance business.

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Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and NotesStorebrand GroupIncome statement 183Statement of total comprehensive income 184Statement of Financial Position 185Statement of changes in equity 187Statement of cash flow 188Notes 190Storebrand ASAIncome statement 283Statement of total comprehensive income 283Statement of Financial Position 284Statement of changes in equity 286Statement of cash flow 287Notes 288Declaration by member of the Board and the CEO 301Independent auditor’s report 3025. AppendixStorebrand Life Insurance:
The company hedges most of the foreign exchange risk in the customer portfolios on an ongoing basis. Foreign exchan-
ge risk exists primarily as a result of investments in international securities, as well as subordinated loans in a foreign
currency to a certain extent. Hedging is performed by means of forward foreign exchange contracts at the portfolio level,
and the currency positions are monitored continuously against a total limit. Negative currency positions are closed out
no later than the day after they arose. In addition, separate limits have been defined so that active currency positions can
be taken. Storebrand uses a principle for currency hedging called block hedging, which strealines the implementation of
currency hedging.

SPP:
SPP uses currency hedging for its investments to a certain degree. Currency exposure may be between 0 and 30 per
cent in accordance with the investment strategy.

Banking business:
Storebrand Bank ASA hedges net balance sheet items by means of forward contracts.
The permitted limit for the bank’s foreign exchange position is 0.50 per cent of primary capital, which is approximately
12 million at present.

Insurance risk
Insurance risk is the risk arising from the uncertainty regarding the amount and timing of the insurance cash flows. This
includes both underwriting risk and financial risk. Storebrand Livsforsikring offers traditional life and pension insurance as
both collective and individual contracts, and contracts where the customer has investment choices are also offered.

The insurance risk linked to an increase in life expectancy and thus an increase in future pension payments (long life) is
the biggest insurance risk in the Group, in addition there is the risk of disability and the risk of death. The life insurance
risks are:

1. Long life – Risk of incorrect estimation of life expectancy and future pension payments. Historical development has
shown that more insured persons reach retirement age and live longer as pensioners compared to before. There is
considerable uncertainty related to future mortality trends. If life expectancy is increased beyond what is provided
for in the premium tariffs, the risk that the owner’s profit will have to be charged to cover the necessary provisioning
needs also increases.

2. Disability – Risk of incorrect estimation of future illness and disability. There will be uncertainty related to the future

development of disability, including disability pensioners who are reactivated back into working life.

3. Death – Risk of incorrect estimation of deaths and incorrect estimation of payment to bereaved. In recent years,

decreasing mortality and fewer young bereaved have been recorded compared to the past.

The biggest insurance risks in non-life insurance lie in potential errors in the provisions for the long-tailed products
Occupational Injury and Motor Liability, the risk of major damage in the event of fire in commercial buildings, housing
associations and residential buildings and events such as torrential rain. Motor insurance is a large portfolio with seaso-
nal variation and risks linked to weather and driving conditions. Remaining damage products have a more limited risk in
terms of underlying volatility and volume.

Life insurance Norway
Additional statutory reserves
In order to ensure the solvency of life insurance, the companies have the opportunity to make provisions for additional
statutory reserves. The additional statutory reserves are distributed among the contracts and can be used to cover a ne-
gative interest result up to the interest guarantee. If the company does not achieve a return in one year that corresponds
to the interest guarantee, the provision can be carried back from the contract so that the company is able to meet the
interest guarantee. This means that the additional statutory reserves are reduced and that the premium reserve is incre-
ased accordingly on the contract. For interest insurance, the additional statutory reserves is paid in installments over the
payment period.

The additional statutory reserves can be a maximum of 12 per cent of the premium reserve. If the limit is exceeded, the
excess amount is assigned to the contract as surplus.

Premium fund, deposit fund and pensioners’ surplus fund
The premium fund contains prepaid premiums ”according to the tax law” from the policyholders and added surplus in
individual and collective pension insurance. The deposit fund contains payments and deposits for employees with a
shorter membership period than 12 months. Deposits and withdrawals are not shown on the profit and loss, but directly
on the balance sheet.

217

Buffer fund
Rules on a pooled and customer-distributed buffer fund were introduced for municipal pension schemes with effect from
1 January 2022. Correspondingly, a buffer fund will be introduced for private pension schemes from 1 January 2024.
The buffer fund replaces previous additional provisions and rate adjustment funds for private pension schemes. The
buffer fund will be distributed among the contracts, and will be able to cover negative returns and lack of returns until the
contract’s annual interest guarantee. The company can set aside all or part of a surplus on the return result to a buffer
fund. Furthermore, funds in the buffer fund can be assigned to the customer as surplus.

Market value adjustment reserves
The year’s net unrealized gains/losses on financial assets at fair value in the collective portfolio are added/returned from
the market value adjustment reserves in the balance sheet on the condition that the portfolio has a net unrealized surplus
value. The part of the net unrealized gain/loss on financial current assets in foreign currency that can be attributed to
exchange rate changes is not allocated to the market value adjustment reserves. The currency risk on foreign investments
is mainly hedged with currency contracts at portfolio level. Exchange rate changes associated with the hedging instru-
ment are therefore not allocated to the market value adjustment reserves either.

Risk equalisation fund
There is an opportunity to set aside up to 50 per cent of the positive risk result for group pensions and free policies to a
risk equalisation fund to cover any future negative risk result. The risk equalization fund is recognized as a liability accor-
ding to IFRS.

Life insurance Sweden
Conditional bonus and deferred capital contribution
The conditional bonus arises when the value of customer assets is higher than the present value of the liabilities, and
thus covers the portion of the insurance capital that is not guaranteed. In the case of contracts where customer assets
are lower than liabilities, the owners’ result is charged via deferred capital contribution allocations. The conditional bonus
and deferred capital contribution are recognised on the same line in the balance sheet as part of the buffer capital.

Insurance service result
The insurance service result is the profit from the insurance contracts. For contracts that are reported according to the
general measurement model (GMM) and the variable fee approach (VFA), the insurance service result in the period
consist of income recognition of CSM based on the coverage unit, change in risk adjustment, the difference between
expected and actual payments (only for VFA), the difference between expected and actual costs, change in LRC and LIC
and loss or reversal of loss for onerous contracts. The insurance service result for contracts reported according to the
premium allocation approach (PAA) consists of premiums in the period. An equal premium is modeled for each repor-
ting period.

The insurance costs consist of actual costs and claims, changes in LIC and loss or reversal of loss for onerous contracts.

The calculation of the insurance reserve for life insurance is made using estimates and assumptions. Future cash flows
are estimated with assumptions such as expected life expectancy, mortality and disability, as well as assumptions about
changes in the insurance relationship such as moving the insurance to another provider. All assumptions are revised
annually, and more frequently if necessary. The assumptions used is harmonized with those used in reporting under
Solvency II.

The future cash flows are generated using in-house developed software, which is the same as that used for Solvency II. In
addition to the assumption, information is used about the insurance portfolios and product characteristics, such as e.g.
profit sharing in the modelling.

Net reinsurance cost/income is included in the insurance service result, since the reinsurance program for the Group is
limited, it is considered to be adequate.

Governance of insurance risk
The insurance risk is monitored within each portfolio, and for profitable and onerous contracts respectively. Collective
disability pension in Norway, where there is no possibility to use the carve-out exemption from the EU, the insurance risk
is additionally monitored per cohort. The development of the insurance service results is followed throughout the year.
Insurance cases of which the company has not been notified, but which experience has to assume have occurred, have
been taken into account.

218

For all products, major damage or special events pose a major risk. The largest claims will typically be within group life,
occupational injury and personal injury motor, which report according to PAA.

Storebrand manages its insurance risk through various reinsurance programmes. Through catastrophe reinsurance
(excess of loss), losses (one-off compensation and reserve provisions) beyond a lower limit are covered in the event of 2
or more deaths or cases of disability as a result of the same event. The coverage also has an upper limit. Through a rein-
surance agreement for a single life, death and disability risks that exceed the company’s practiced maximum risk amount
are covered at your own expense. The company’s maximum risk amounts for its own account are relatively high and the
reinsured risk is therefore of modest size.

The company also manages its insurance risk through international pooling. This means that multinational business
customers can equalize the results between the various units internationally. Pooling is offered for group life and risk
coverage within collective pensions.

Sensitivities
The sensitivities show the effect for the IFRS financial statement of changes in financial and non-financial variables. The
effect is stated for cash flows for fulfillment and contractual service margin (CSM) or loss component for the main produ-
cts reported under the variable fee approach (VFA) and general measurement model (GMM) in accordance with IFRS17.

Changes in fulfillment cash flows do not affect the result directly, but affect the result through changes in the CSM or loss
component. CSM is transformed into profit as the contractual obligation is delivered. A lower CSM will correspond to a
proportional drop in future results. The CSM cannot be negative, so further decline will lead to a loss component with an
immediate negative effect on earnings. Correspondingly, an increase in the loss component will correspond to an imme-
diate negative result effect.

The investment strategy is to achieve risk premiums through investments in debt instruments, stocks and real assets,
and the financial result is therefore affected by the development in this type of assets. In the guaranteed customer port-
folios, the risk is adapted to the risk capacity for each investment profile. For SPP, the adaptation is individualised, and
the investment risk is adapted to the risk capacity of each individual customer.

For SPP, the effect on CSM from interest rate movements will be limited as the interest rate sensitivity on the asset side
matches closely with the liability side. However, the interest rate hedge is designed to minimize volatility in the financial
result according to Swedish GAAP, and there may therefore be some volatility in CSM due to the differences between the
two accounting standards (IFRS and Swedish GAAP).

Because it is the immediate market changes that are calculated, dynamic risk management will not affect the outcome. If
one assumes that the market changes occur over a period of time, dynamic risk management will reduce the effect of the
negative outcomes and to some extent reinforce the positive results.

The insurance risk and the financial market risk affect the CSM volatility and thus the result. The sensitivities give an
indication of the uncertainty of the mentioned risks. Storebrand’s products have different insurance and financial market
risks, but the sensitivity calculation is based on the same sensitivities for each product as it is assumed that any changes
in the assumptions are evenly distributed between the products. The sensitivities are calculated separately for SPP and
Storebrand Livsforsikring.

The sensitivities are chosen based on an assumption that they are expected to have the greatest impact on the results.

1. Non-financial: Costs, mortality, disability and reactivation
2. Financial: Risk-free interest rate curve up and down, property, credit spread and stocks

219

Financial sensitivities:
• Interest rate up 50bp: The interest rate curve is shifted in parallel by 50 basis points for the first 10 years, which consti-

tutes the liquid part of the curve. It is then extrapolated against the UFR (ultimate forward rate).

• Interest rates down 50bp: The interest rate curve is shifted in parallel down 50 basis points for the first 10 years, which

constitutes the liquid part of the curve. It is then extrapolated against the UFR.

• Shares -25 per cent: The value of all shares is reduced by 25 per cent.
• Spread +50bp: The credit spread is increased by 50 basis points. The liquidity premium on the discount curve is incre-

ased by 15 basis points.

• Property -10 percent: The value of property is reduced by 10 percent.

Non-financial sensitivities:
• Costs +5 per cent: All administration and overhead costs are increased by 5 per cent for all years in the projection.
• Disability +5 percent, reactivation -5 percent: Best estimate for disability is increased by 5 percent, while reactivation

is reduced by 5 percent.

• Mortality -5 percent: The level of the best estimate for mortality is reduced by 5 percent, while the trend is kept

unchanged.

The table shows the CSM effect as of 31/12/2023 for the sensitivities mentioned.

NOK million

Equity down

Property down

Interest rate up

Interest rate down

Spread up

Mortality down

Disability up

Exoenses up

CSM at end of period

Impact on CSM

10,801

-1,842

-1,098

949

-839

-891

-401

-0

-298

The sensitivity calculations indicate that financial market risk has the greatest impact on CSM. A fall in equity, property
and interest reduces the CSM, as it reduces the likelihood of achieving a return in line with the guarantee. In addition,
Storebrand’s income is reduced in line with the lower market value of the portfolio. CSM is also negatively affected with
the increase in credit spreads and volatility adjustment. Changes in non-financial factors have a lower impact on CSM.

For the products that report according to PAA, the following sensitivities have been calculated:

NOK million

Effect on inurance
contracts liabilities

Effect on profit
before tax

Effect on equity

5 per cent increase in insurance contracts liabilities

5 per cent increase in claim ratio

365

150

-364

-275

-276

-207

The table above shows the effect on insurance contract liabilities, profit before tax and equity of a 5 percent increase in
compensation provisions and a 5 percentage point change in the claims percentage.

See also information on insurance contract liabilities in notes 17 and 37.

220

Note 8: Liquidity risk

Liquidity risk is the risk that the company is unable to fulfil its obligations without incurring substantial additional expen-
ses in the form of reduced prices for assets that must be realised, or in the form of especially expensive financing.

For the insurance companies, the life insurance companies in particular, the insurance liabilities are long-term and the
cash flows are generally known long before they fall due. In addition, liquidity is required to handle payments related to
operations, and there are liquidity needs related to derivative contracts. The liquidity risk is handled by liquidity forecasts
and the fact that portions of the investments are in very liquid securities, such as government bonds. The liquidity risk is
considered low based on these measures.

Liquidity risk is one of the largest risk factors for the banking business, and the regulations stipulate requirements for
liquidity management and liquidity indicators. The Bank’s risk strategy stipulates that the liquidity risk must be low to
moderate. The guidelines for liquidity risk specify principles for liquidity management, and limits stipulated by the Board
for different minimum liquidity and financing indicators. In addition to this, an annual funding strategy and funding plan
are being drawn up that set out the overall limits for the bank’s funding activities.

Separate liquidity strategies have also been drawn up for other subsidiaries in accordance with the statutory require-
ments. These strategies specify limits and measures for ensuring good liquidity and a minimum allocation to assets that
can be sold at short notice. The strategies define limits for allocations to various asset types and mean the companies
have money market investments, bonds, equities and other liquid investments that can be disposed of as required.

In addition to clear strategies and the risk management of liquidity reserves in each subsidiary, the Group’s holding
company has established a liquidity buffer. The development of the liquid holdings is continuously monitored at the
Group level in relation to internal limits. A particular risk is the fact that during certain periods the financial markets can
be closed for new borrowing. Measures for minimising the liquidity risk are to maintain a regular maturity structure for
the loans, low costs, an adequate liquidity buffer and credit agreements with banks which the company can draw on if
necessary.

Undiscounted cash flows for financial liabilities 1)

NOK million

0-6
months

7-12
months

2-3
years

4-5

years > 5 years

Total
cash-
flows

Total
booked
value
2023

Total
booked
value
2022

Subordinated loan capital 2)

1,105

1,361

3,331

4,854

3,555

14,204

11,501

10,585

Loans and deposits from credit
institutions

283

403

Deposits from bank customers

23,611

133

139

23,948

19,478

Debt raised from issuance of
securities

Other current liabilities

Derivatives

Uncalled residual liabilities Limit-
ed partnership

Unused credit lines lending

Lending commitments

6,512

1,438

20,953

14,428

1,377

44,707

40,655

32,791

51,037

926

3,990

19,833

2,607

167

245

51,220

51,015

8,923

337

4,517

6,105

6,118

12,641

3,990

19,833

2,607

Total financial liabilities

109,903

2,903

24,829

19,674

9,588

166,897

133,520

Total financial liabilities 2022

57,719

2,276

17,127

12,862

4,313

94,297

84,820

1) Liabilities for which repayment may be demanded immediately are included in the 0-6 month column.
2) In the case of perpetual subordinated loans the cash flow is calculated through to the first call date.

221

NOK million

Issuer

Perpetual subordinated loan capital 2)

Storebrand Livsforsikring AS

Storebrand Livsforsikring AS 3)

Storebrand Livsforsikring AS

Dated subordinated loan capital

Storebrand Livsforsikring AS 3)

Storebrand Livsforsikring AS

Storebrand Livsforsikring AS 4)

Storebrand Livsforsikring AS 3) 4)

Storebrand Livsforsikring AS 3) 6)

Storebrand Livsforsikring AS 3) 4)

Storebrand Bank ASA

Nominal
value

Currency

Interest

Maturity

Book value
2023

Book value
2022

1,100

900

300

400

300

900

1,000

500

650

750

1,250

300

125

300

400

NOK

SEK

NOK

SEK

NOK

SEK

NOK

EUR

NOK

Variable

Fixed

Variable

Fixed

Variable

Fixed

Variable

2024

2026

2028

2025

2024

2025

2027

2023

2031

2025

2026

2027

863

910

302

406

316

907

1,010

501

653

763

1,260

2,782

126

300

403

1,101

856

851

947

500

651

773

1,261

421

2,397

126

300

402

Total subordinated loans and hybrid tier
1 capital

11,501

10,585

1) Storebrand Bank ASA has issued hybrid tier 1 capital bonds/hybrid capital that is classified as equity. See the statement of changes in equity.
2) In the case of perpetual subordinated loans, the cash flow is calculated through to the first call date
3) The loans are subject to hedge accounting
4) Green bonds
5) The loan has partly been repaid 2021 and December 2022

Specification of loans and deposits from credit institutions

NOK million

Call date

2023

2024

Total loans and deposits from credit institutions

222

Book value

2023

2022

283

403

NOK million

Call date

2023

2024

2025

2026

2027

2028

2031

Book value

2023

2022

6,071

8,288

11,001

8,127

5,905

1,264

4,321

6,110

8,326

7,375

5,907

752

Total securities issued

40,655

32,791

The loan agreements and credit facilities contain covenants.

Covered bonds
For issued covered bonds (OMF) that are allocated to Storebrand Boligkreditt’s collateral pool, regulatory requirement
for over-collateralisation of 5 per cent applies.

Credit facilities
Storebrand ASA has an unused credit facility of EUR 200 million, expiration December 2025.

Financing activities - movements during the year

NOK million

Book value 1.1.22

Admission of new loans/liabilities

Repayment of loans/liabilities

Change in accrued interest

Exchange rate adjustments

Change in value/amortisation

Book value 31.12.23

Note 9: Credit risk

Liabilities to
financial
institutions

403

12,105

-12,225

Subordinated
loan capital

10,585

997

-676

-1

387

210

Securities
issued

32,791

12,644

-4,895

124

-18

11,501

283

40,655

Storebrand is exposed to risk of losses as a result of counterparties not fulfilling their debt obligations. This risk also inclu-
des losses on lending and losses related to the failure of counterparties to fulfil their financial derivative contracts.

The maximum limits for credit exposure to individual counterparties and for overall credit exposure to rating categories
are set by the boards of the individual companies in the Group. Particular attention is paid to ensuring diversification of
credit exposure in order to avoid concentrating credit exposure on any particular debtors or sectors. Changes in the credit
standing of debtors are monitored and followed up. Thus far, the Group has used published credit ratings wherever pos-
sible, supplemented by the company’s own credit evaluation.

Underlying investments in funds managed by Storebrand are included in the tables.

223

Category by issuer or guarantor

AAA

BBB

NIG Not rated

Total

NOK million

Government and government
guaranteed bonds

Corporate bonds

Structured notes

Collateralised securities

Total interest bearing securities
stated by rating

Bond funds not managed by
Storebrand

Non-interest bearing securities
managed by Storebrand

Total

Total 2022

Fair
value

Fair value
2023

Fair value
2022

46,071

21,242

1,060

68,443

56,797

27,705

20,133

56,315

46,558

5,146

2,523

158,380

156,195

1,880

6,010

5,030

3,436

4,214

14,560

14,961

6,065

5,173

81,667

46,456

60,814

50,791

5,146

2,573

247,448

233,125

81,667

46,456

60,814

50,791

5,146

2,573

286,397

70,217

44,986

57,990

55,727

2,522

1,683

271,613

39,852

36,592

-903

1,897

Interest bearing securities at amortised cost

Category of issuer or guarantor

NOK million

Government and government guaranteed bonds

Collateralised securities

Total

Total 2022

AAA

Fair
value

2,940

2,471

5,412

3,387

Total

Fair
value

Fair value
2023

Fair value
2022

3,531

2,471

6,002

591

879

3,307

958

4,266

224

NOK million

Derivatives

Of which derivatives in bond funds,
managed by Storebrand

Total derivatives excluding deriva-
tives in bond funds

Total derivatives excluding derivatives
in bond funds 2022

Bank deposits 1)

Of which bank deposits in bond
funds, managed by Storebrand

Total bank deposits excluding bank
deposits in bond funds

Total bank deposits excluding bank
deposits in bond funds 2022

AAA

BBB

Not rated

Total

Fair
value

Fair value
2023

Fair value
2022

1,326

5,932

1,771

9,028

256

679

935

1,070

5,252

1,771

8,093

175

1,375

4,599

10,129

10,876

1,680

2,664

15,559

6,627

1,086

-47

1,644

4,598

9,196

115

13,916

4,281

10,012

210

14,510

Loans to financial institutions

1,009

121

1,138

109

1) of which tied-up bank deposit (tax
deduction account)

398

401

358

Rating classes based on Standard & Poor’s.
NIG = Non-investment grade.

Credit risk for the loan portfolio

Corporate loans

BBB

NIG

Not rated

Total

NOK million

Corporate loans at fair value

Corporate loans at amortised cost

Sum utlån til bedrift 2023

Sum utlån til bedrift 2022

Fair
value

985

1,215

2,200

3,022

Fair
value

2,112

2,253

4,364

4,135

Fair
value

689

484

1,173

1,145

Fair
value

2,654

2,945

Fair value
2023

Fair value
2022

6,440

3,951

10,391

11,248

225

2023

2022

Distri-
bution
in per
cent

Book
value
(gross)

Unused
credit
limits

Total
com-
mit-
ments

Not
accrued
cap-
tailized
interest

Distri-
bution
in per
cent

Book
value
(gross)

Unused
credit
limits

Total
com-
mit-
ments

Not
accrued
cap-
tailized
interest

89% 67,447

4,045

71,492

10%

7,701

7,789

532

91% 60,638

2,943

63,581

5,306

5,369

362

348

NOK million

Low risk

Medium risk

High risk

Non-performing and
loss-exposed loans incl.
loans with evidence of
impairment

Total loans

100% 76,028

4,133

80,161

100% 66,361

3,006

69,367

Loan commitments and
financing certificates,
secured

Total home loans incl.
loan commitments and
financing certificates

2,607

3,246

76,028

6,740

82,768

66,361

6,252

72,614

The classification of mortgage risk classes is based on, inter alia, the degree of collateral in the event of collateral, any
delays in payment, defaults and other factors that may affect risk.

226

2023

2022

Loan
loss
provi-
sions

Gross
amount

Net
value

Value of
collat-
eral

Type of
collat-
eral

Gross
amount

Loan
loss
provi-
sions

Net
value

Value of
collat-
eral

Type of
collat-
eral

213

-7

206

340

resi-
dential
property

-1

resi-
dential
property

-38

-22

267

-45

222

-23

111

-20

137

resi-
dential
property

-1

-3

-14

112

-21

-17

resi-
dential
property

NOK million

Non-performing loans
without evidence of
impairment

- retail exposures secured
by mortgages on immova-
ble property

- unsecured retail expo-
sures including credit
cards exposures

Total non-performing
loans without evidence
of impairment

Loss-exposed loans with
evidence of impairment

- retail exposures secured
by mortgages on immova-
ble property

- other exposures includ-
ing SME exposures

Total loss-exposed
loans with evidence of
impairment

The majority of the loans at Storebrand consist of home loans to retail market customers. The home loans are approved
and administered by Storebrand Bank, but a significant share of the loans have been transferred to Storebrand Livsforsik-
ring as a part of the investment portfolio. Storebrand Livsforsikring and SPP also have loans to companies as part of the
investment portfolio. Storebrand Bank’s corporate market segment has largely been discontinued.

As at 31 December 2023, Storebrand had net loans to customers totalling NOK 86.9 billion before provisions for losses
of NOK 0.1 billion.

The corporate market portfolio consists of income generating properties and development properties with few custo-
mers and low level of default that are primarily secured by mortgages in commercial property.
In the retail market, most of the loans are secured by means of home mortgages. Customers are evaluated according to
their capacity and intent to repay the loan. In addition to their capacity to service debt, checks are conducted of custo-
mers in relation to policy rules and they are given a credit rating. There is a low level of non-performing loans in the retail
market portfolio.

The weighted average loan-to-value ratio for home loans is approximately 62 (57) per cent. Approximately 43 (57) per
cent of home loans have a loan-to-value ratio within 60 per cent, 87 (97) per cent are within a 85 per cent loan-to-value
ratio, and 99 (99) per cent are within a 100 per cent loan-to-value ratio. The portfolio is considered to have a low credit
risk.

227

NOK million

Up to one month

1 - 3 months

4 months - 1 year

2 -5 years

More than 5 years

Total gross commitments

Loans to
and receiv-
ables from
customers

381

4,789

8,112

73,531

86,855

2023

2022

Unused
credit line

Total com-
mit-ments

Loans to
and receiv-
ables from
customers

51,257

10,400

17,002

Unused
credit line

Total com-
mit-ments

3,728

109

54,984

10,458

17,111

412

4,862

8,611

78,151

92,086

78,694

3,898

82,592

498

4,620

5,230

Default occurs after 90 days with arrears/overdrafts above both absolute and relative thresholds. All debtor commit-
ments are considered defaulted if default has occurred for at least one of these. The absolute threshold is set at NOK
1,000 (per commitment), and the relative threshold is 1% of total debtor exposure.

Commitments by customer goups

NOK million

Lending to
and receiv-
ables from
customers

Unused
credit-
lines

Total
commit-
ments

Expected
loss stage
1

Expected
loss stage
2

Expected
loss stage
3

Total
expected
loss

Sale and operation of real estate

9,251

Other service providers

9,251

Wage-earners and others

76,168

5,211

81,379

Others

Total

Expected loss stage 1

Expected loss stage 2

Expected loss stage 3

1,435

1,454

86,854

5,230

92,085

-6

-21

-66

-4

-8

-0

-10

-29

-66

Total loans to customers 2023

86,762

5,217

92,046

Total loans to customers 2022

77,877

3,898

81,776

104

105

The division into customer groups is based on Statistics Norway’s standard for sector and business grouping.
The placement of the individual customer is determined by the customer’s primary business

In the case of default, Storebrand Bank ASA will sell the securities or repossess the properties if this is most suitable.

228

NOK million

Overdue 1-30 days

Overdue 31-60 days

Overdue 61-90 days

Overdue more than 90 days

Total

2023

2022

Loans to and
receivables from
customers

Unused
credit line

Total
commit-
ments

Loans to
and receiv-
ables from
customers

Unused
credit line

Total
commit-
ments

276

292

689

278

292

691

131

285

132

289

Investments subject to netting agreements/CSA

NOK million

Investments subject to netting
agreements

Investments not subject to netting
agreements

Total 2023

Total 2022

Booked
value fin.
assets

Booked
value fin.
liabilites

Net booked
fin. assets/
liabilities

Cash
(+/-)

Securities
(+/-)

Net
exposure

8,073

6,118

1,954

-242

-150

2,347

8,093

6,627

6,118

1,975

12,641

-6,014

The Group has entered into framework agreements with all its counterparties to reduce the risk inherent in outstanding
derivative transactions. These regulate how collateral is to be pledged against changes in market values that are calcula-
ted on a daily basis, among other things.

Financial assets at fair value through profit and loss (FVO)

NOK million

Booke value maximum exposure for credit risk

Collateral

Net credit risk

This year's change in fair value due to change in credit risk

Accumulated change in fair value due to change in credit risk

Storebrand has none related credit derivatives or collateral.

2023

313,901

2022

299,883

313,932

299,883

-1,147

-3,315

-2,136

-2,002

229

Most of the risk for the Storebrand Group relates to the guaranteed pension products in the life insurance companies.
These risks are consolidated in the Storebrand Livsforsikring Group, which includes Storebrand Livsforsikring AS, SPP
Pension & Försäkring AB and Storebrand Danica AS. Other companies directly owned by Storebrand ASA that are
exposed to significant risks are Storebrand Forsikring AS, Storebrand Helseforsikring AS, Storebrand Asset Management
Group and Storebrand Bank Group.

For the life insurance businesses, the greatest risks are largely the same in Norway and Sweden. The financial market risk
will depend significantly on global circumstances that influence the investment portfolios in all businesses. The insu-
rance risk may be different for the various companies, and risk of long life expectancy in particular can be influenced by
universal trends.

Both the insurance business and the banking business are exposed to credit risk. The insurance business primarily has
a credit risk relating to bonds with significant geographical and industry-related diversification, while the bank is mostly
exposed to direct loans for residential property in Norway. There is no significant concentration risk across bonds and
loans.

The financial market and investment risks are largely related to the customer portfolios in the life insurance business. The
risk associated with a negative outcome in the financial market is described and quantified in Note 8, financial market
risk. The banking business has little direct exposure to types of risk other than credit.

In the short term, an interest rate increase will negatively impact on the returns for the life insurance companies. An
interest rate increase can also result in bank customers having lower debt-servicing capacity and increased losses for the
banking business.

The risk from the P&C insurance and health insurance risk in Storebrand Skadeforsikring AS and Storebrand Helseforsik-
ring AS has a low correlation with the risk from the rest of the businesses in the Group.

In the asset management business, the principal risk is operational risk in the form of behaviour that can trigger claims
and/or impact on reputation. Since the asset management business is the principal manager of the insurance busines-
ses, errors in asset management could result in errors in the insurance businesses.

Note 11: Climate risk

Storebrand is exposed to climate risk, both in operations, for investments including property and for insurance obliga-
tions. Both physical climate changes and risks from the transition to low emissions can have an impact. For Storebrand,
transition risk has the greatest impact, especially in the short and medium term.

The biggest risk is from the investments. Given a rapid transition to low emissions, the value of shares and bonds in
companies with large climate emissions may fall. Lower returns can affect results because income depends on the value
of investments. The life insurance obligation can also change if the financial markets are affected by climate risk. The
risk can impact the costs for the guaranteed pension obligation, especially in scenarios where the investment return is
lower than the return guarantee. Storebrand has a sustainability strategy which means that the exposure to shares and
bonds in fossil fuel companies is limited. Emissions of greenhouse gases in relation to turnover for the overall investment
portfolio are lower than the general market. The risk can be offset somewhat by Storebrand’s investments in solution
companies that will benefit from a rapid transition to a low emissions society. But these companies also have a risk of a
fall in value, especially if the transition to low emissions in the society is slower than expected.

Physical climate changes can also affect the value of the investments. Storebrand has a well-diversified portfolio of
shares and bonds, both geographically, across industries and towards individual companies. It limits the risk from some
parts of the world, some industries and some companies experiencing large falls in value as a consequence of climate
change. But climate change can also lead to lower economic growth and lower investment returns for the wider market,
especially in the long term.

For investments that are priced in an active market, Storebrand’s valuation is based on climate risk being taken into acco-
unt in the market’s pricing. It has not been identified that climate risk associated with investments has had a significant
impact on the financial statements for 2023.

Storebrand has climate risk from property investments. There is a transition risk from the fact that there may be high
costs for adapting buildings to achieve lower climate emissions. There is also physical risk, especially from increased
incidents of extreme rainfall and flooding.

230

Storebrand has a risk that there may be lower demand for our products if customers are negatively affected by climate
risk. A rapid transition to low emissions could affect the Norwegian economy in general and the oil sector in particular. In
Norway, there is usually a connection between unemployment and disability. Negative effects for the Norwegian econ-
omy of a rapid transition to low emissions can therefore result in more cases of disability.

For non-life insurance, there may be more claims and higher claim payouts as a consequence of climate and natural
changes. The biggest risk is damage from extreme rainfall or flooding, especially for property below ground level. In prin-
ciple, Storebrand Forsikring can increase the insurance premium when more extreme weather results in more expensi-
ve insurance cases. In practice, it is difficult to adapt the premium to rapid climate and weather changes. 2023 was an
extreme year compared to previous experiences and has affected the results negatively. The natural damage pool has
a risk-reducing effect in the short term, but can contribute to the fact that necessary premium increases are not carried
out because the negative effect on the company’s results is delayed. In the short term, there is a risk of mispricing in all
scenarios, and the risk may increase over time.

Note 12: Valuation of financial instruments and properties

The group carries out a comprehensive process to ensure the most market-correct valuation of financial instruments.
Listed financial instruments are valued based on official closing prices from stock exchanges obtained through Refinitiv
and Bloomberg. Fund units are generally valued at updated official NAV rates where such are available. As a general rule,
bonds are valued based on rates obtained from Nordic bond pricing and Bloomberg. Bonds where reliable prices are
not regularly quoted are theoretically valued based on discounted cash flow. The discount rate consists of swap rates
plus a credit spread that is specific to the individual bond. Unlisted derivatives such as currency forwards, interest rate
and currency swaps are also valued theoretically. Swap rates and exchange rates that form the basis of the valuation are
obtained from Refinitiv and Bloomberg. The valuation of currency options and Swaptions is provided by Markit.

The group categorises financial instruments that are valued at fair value at three different levels, which are described in
more detail below. The levels express different degrees of liquidity and different measurement methods. The company
has established valuation models to capture information from a wide range of well-informed sources with a view to mini-
mising uncertainty linked to the valuation.

Level 1: Financial instruments valued on the basis of quoted prices for identical assets in active markets
This category encompasses listed equities that over the previous quarter have experienced average daily trading equ-
ivalent to approximately NOK 20 million or more. Based on this, the equities are regarded as sufficiently liquid to be
included at this level. Bonds, certificates or equivalent instruments issued by national governments in local currencies
are generally classified as level 1. When it comes to derivatives, standardized stock index futures and interest rate futures
will also be included at this level.

Level 2: Financial instruments valued on the basis of observable market information not covered by level 1
This category encompasses financial instruments that are valued on the basis of market information that can be dire-
ctly observable or indirectly observable. Market information that is indirectly observable means that the prices can be
derived from observable related markets. Level 2 includes shares or equivalent equity instruments for which market
prices are available, but where the volume of transactions is too limited to fulfil the criteria in level 1. Shares in this level
will normally have been traded during the last quarter. Bonds and equivalent instruments are generally classified in this
level. Moreover, interest rate and foreign exchange swaps, as well as non-standardized interest rate and foreign exchange
derivatives are classified as level 2. Fund investments, including hedge funds but excluding other alternative investment
funds, are generally classified as level 2.

Level 3: Financial instruments valued on the basis of information that is not observable in accordance with level 2
Equities classified as level 3 are primarily investments in unlisted/private companies as well as funds consisting of these.
These include investments in forestry, microfinance, infrastructure and property. Private equity is generally classified at
this level through direct investments or investments in funds. Private customer loans and funds consisting of these are
also at level 3.

The types of mutual funds classified as level 3 are discussed in more detail below with a reference to the type of mutual
fund and the valuation method.

231

Units
Of fund shares, private equity funds make up the majority at level 3. There are also some other types of funds such as
infrastructure funds, microfinance funds, loan funds and property funds. The fund investments are valued based on the
values reported from the funds. Most funds report quarterly, while some report less frequently. The reporting takes place
with a one-month delay for the group’s own private equity funds in funds up to a three-month delay for other funds. The
last valuation received is used as a basis, adjusted for cash flows and estimated market effect in the period from the last
valuation until the time of reporting where relevant. Market effect is calculated for the company’s own vintage private
equity funds in funds based on the value development in the relevant index multiplied by the estimated beta of 0.5
against this index.

Loans to customers
The value of fixed-rate loans is determined by discounting the agreed cash flows over the remaining maturity by the
current discount rate adjusted for market spread. The discount rate that is used is based on a swap interest rate (mid
swap) with a maturity that corresponds to the remaining lock-in period for the underlying loans. The market spread that is
used on the balance sheet date is determined by assessing the market conditions, market price and the associated swap
interest rate. However, the fair value of loans to corporate customers with margin loans is lower than the amortised cost
because certain loans run with lower margins than they would have done if they had been taken up as of the end of 2023.
The value shortfall is calculated by discounting the difference between the agreed margin and the current market price
over the remaining duration.

Corporate bonds
Bonds do not normally occur at level 3, but defaulted bonds are categorized at this level and valued based on the expec-
ted payout. As of 31.12.23, this was not a significant amount for Storebrand.

Investment properties
The investment properties primarily consist of office buildings located in Oslo and Stockholm and shopping centres in
Southern Norway.

Office properties and shopping centres in Norway:
The required rate of return is of greatest importance when calculating the fair value for investment properties.

An individual required rate of return is determined for each property. The knowledge available about the market’s requi-
red rate of return, including transactions and appraisals, is used when determining the cash flow.

The required rate of return is divided into the following elements:

• Risk-free interest
• Risk premium, adjusted for:
• Type of property
• Location
• Structural standard
• Environmental standard and BREEAM sertification
• Duration of the contract
• Quality of tenant
• Other factors such as transactions and perception in the market, vacancy and general knowledge about the market and

the individual property.

When calculating fair value, Storebrand uses internal cash flow models. Net cash flows for the individual property are
discounted by an individual required rate of return. A future income and expense picture for the first 10 years has been
estimated for the office properties and a final value has been calculated for the end of the 10th year based on market rent
and normal operating costs for the property. A future income and expense picture for the first 6 years has been estimated
for the shopping centre properties and a final value has been calculated for the end of the 6th year based on market rent
and normal operating costs for the property. In both models, the net income stream has been taken into consideration
for existing and future loss of income due to vacancy, necessary investments and an assessment of the future develop-
ment in the market rent. The majority of new contracts that are entered into have a duration of five or ten years for offices
(three to five years for trading). The cash flows from the lease agreements (contractual rent) are included in the valua-
tions. To estimate the long-term, future non-contractual rental incomes, a forecasting model has been developed. The

232

External valuation:
For properties in the Norwegian business, a methodical approach is taken to a selection of properties that are to be
externally valued each quarter so that all properties have had an external valuation at least every three years. In 2023,
external valuations were obtained for properties worth NOK 17.2 billion (74 per cent of the portfolio’s value as at 31
December 2023).

For quality control and updating of the internal model, external valuations shall be obtained each quarter from reputable
appraisers to verify the value that appears when using the internal model. When obtaining such valuations, the individual
appraiser’s routines for valuations, including collection of information, inspections etc., shall apply. External valuations
shall be rotated in such a way that all segments are regularly appraised. The task of valuing investment properties shall
be rotated between reputable appraisers within a reasonable time interval, and knowledge of the property must be
taken into consideration. The assumptions for the external valuation are critically reviewed and reasonableness assessed
against internal assumptions. In the event of a discrepancy between the valuation and value obtained using the internal
model, the model shall be used as long as the discrepancy is within what is discretionarily considered to be best practice
in the market. If there is a discrepancy of more than 5% between the internal and external valuation, the discrepancy
shall be reported and the grounds for this provided in the valuation memorandum/valuation item memorandum that is
presented to the Board of Storebrand Livsforsikring AS.

External valuations are obtained for properties in the Swedish business. Shopping centres and commercial premises are
valued annually, while other wholly-owned property investments are valued on a quarterly basis.

Valuation of financial instruments to amortised cost

NOK million

Financial assets

Loans to and due from financial institutions

Loans to customers - retail

Bonds held to maturity

Bonds classified as loans and receivables

Total financial assets 31.12.2023

Total financial assets 31.12.2022

Financial liabilities

Debt raised by issuance of securities

Loans and deposits from credit institutions

Deposits from banking customers

Subordinated loan capital

Total financial liabilities 31.12.2023

Total financial liabilities 31.12.2022

Level 2

Level 3

Observable
assump-
tions

Non-
observable
assump-
tions

Total
fair value
31.12.23

Book
value
31.12.23

Total
fair value
31.12.22

Book
value
31.12.22

1,138

376

1,514

560

1,138

375

6,002

7,535

375

6,010

7,543

109

452

109

452

4,266

4,281

4,826

4,841

40,668

40,655

32,777

32,791

283

23,948

11,528

283

23,948

11,501

76,427

76,387

403

19,478

10,513

403

19,478

10,585

63,171

63,256

6,002

6,022

4,266

40,668

283

23,948

11,528

76,427

63,171

233

Level 1

Level 2

Level 3

Quoted prices

Observable
assumptions

Non-
observable
assumptions

31.12.23

31.12.22

41,240

30,690

346

270,579

270,925

221,334

115

21,586

21,701

18,507

10,391

17,113

27,504

28,270

41,701

292,165

333,866

10,391

17,113

27,504

47,728

222,804

270,532

11,248

17,022

28,270

27,674

35,094

106,235

14,055

5,731

75,966

62,768

54,717

106,242

106,067

14,055

5,731

91,105

14,292

4,506

85,122

15,138

27,674

237,080

15,146

279,900

16,824

234,063

13,818

264,704

-3,165

5,140

1,975

8,093

-6,119

-6,014

-3,165

5,140

1,975

-8,278

2,263

8,093

6,627

-6,119

-12,641

-6,014

32,644

1,737

34,382

35,171

32,644

1,737

34,382

33,481

1,689

35,171

NOK million

Assets:

Equities and units

- Equities

- Fund units

Total equities and fund units 31.12.23

Total equities and fund units 31.12.22

Loans to customers

- Loans to customers - corporate

- Loans to customers - retail

Loans to customers 31.12.23

Loans to customers 31.12.22

Bonds and other fixed-income secu-
rities

- Government bonds

- Corporate bonds

- Structured notes

- Collateralised securities

- Bond funds

Total bonds and other fixed-income
securities 31.12.23

Total bonds and other fixed-income secu-
rities 31.12.22

Derivatives:

- Interest derivatives

- Currency derivatives

Total derivatives 31.12.23

- of which derivatives with a positive
market value

- of which derivatives with a negative
market value

Total derivatives 31.12.22

Properties:

Investment properties

Properties for own use

Total properties 31.12.23

Total properties 31.12.22

234

NOK million

Equities and fund units

From quoted
prices to observable
assumptions

From observable
assump- tions to
quoted prices

120

Movements from level 1 to level 2 reflect reduced sales value in the relevant equities and bonds in the last measuring
period. On the other hand, movements from level 2 to level 1 indicate increased sales value in the relevant equities and
bonds in the last measuring period.

Valuation of financial instruments at fair value over OCI (FVOCI)

Level 2

Level 3

Observable
assumptions

Non- observable
assumptions

Fair value
31.12.23

Fair value
31.12.22

NOK million

Assets

Loans to customers

- Loans to customers - retail

Total loans to customers 31.12.23

Total loans to customers 31.12.22

Bonds and other fixed-income securities

- Government bonds

- Corporate bonds

- Structured notes

Total bonds and other fixed-income
securities 31.12.23

Total bonds and other fixed-income securities
31.12.22

58,882

49,156

58,882

1,847

4,133

497

6,477

1,847

4,133

497

6,477

6,909

49,156

1,863

4,567

479

6,909

Loans to
customers

49,156

-11

29,155

-19,418

58,882

Financial instruments at fair value over OCI - level 3

NOK million

Book value 01.01.23

Net gains/losses on financial instruments

Additions

Sales

Book value 31.12.23

235

NOK million

Equities

Fund
units

Loans to
customers

Corporrate
bonds

Bond
funds

Investment
properties

Properties
for own use

Book value 01.01.23

402

18,105

7,076

13,810

33,481

1,689

Change in principle IFRS9/
IFRS17

Net gains/losses on financial
instruments

Supply

Sales

Exchange rate adjustments

Other

-78

4,010

337

-211

-1,354

219

269

20,728

208

-69

-877

437

137

-2,550

1,701

-1,280

770

925

804

-16

-60

-3

-2

Book value 31.12.23

115

21,586

27,504

15,138

32,644

1,737

As of 31.12.23, Storebrand Livsforisikring had NOK 7.533 million invested in Storebrand Eiendomsfond Norge KS and
Ruseløkkveien 26 AS, Oslo. The investments are classified as “Investment in associated companies and joint ventures”
in the Consolidated Financial Statements.

Sensitivity assessments

Equities
Investment in equity at level 3 consist of funds organized as companies and privatly own companies. These investments
have the same sensitivity assesment as fund units, where as private equity is the majority of the investments.

NOK million

Change in fair value per 31.12.23

Change in fair value per 31.12.22

Change in value at change in discount rate

Increase + 25 bp

Decrease - 25 bp

-1

Fund units
Large portions of the portfolio are private equity funds invested in companies priced against comparable listed compa-
nies The valuation of the private equity portfolio will thus be sensitive to fluctuations in global equity markets. The private
equity portfolio has an estimated Beta relative to the MSCI World (Net – currency hedged to NOK) of around 0.5.

NOK million

Change in fair value per 31.12.23

Change in fair value per 31.12.22

Change MSCI World

Increase + 10 %

Decrease - 10 %

900

835

-900

-835

The valuation of indirect property investments will be sensitive to a change in the required rate of return and the expec-
ted future cash flow. Remaining indirect property investments are no longer leveraged.

Change in value underlying real estate

Increase + 10 %

Decrease - 10 %

-1

NOK million

Change in fair value per 31.12.23

Change in fair value per 31.12.22

236

Loans from SPP Pension & Försäkring AB are appraised at fair value. The value of these loans is determined by future
cash flows being discounted by an associated swap curve adjusted for a customer-specific credit spread.

Over resultatet

NOK million

Change in fair value per 31.12.23

Change in fair value per 31.12.22

Over OCI

NOK million

Change in fair value per 31.12.23

Change in fair value per 31.12.22

Change in marketspread

+ 10 bp

- 10 bp

-43

-54

Change in marketspread

+ 10 bp

- 10 bp

-7

-6

Corporate bonds
Securities registered as Tier 3 bonds are typically non-performing loans or convertible bonds. They are not priced based
on a discount rate as bonds normally are, and these investments are therefoe included in the same sensitivity test as
private equity.

NOK million

Change in fair value per 31.12.23

Change in fair value per 31.12.22

Change MSCI World

Increase + 10 %

Decrease - 10 %

Properties
The sensitivity assessment of property applies to investment properties.

The valuation of property is particularly sensitive to changes in the required rate of return and assumptions about future
cash flow. Increased interest rates have a negative impact through increased yields and more demanding conditions for
loan financing in transactions. At the same time, property investments have historically provided inflation protection
through regulations in market rents and increased cash flows. A change of 0.25 per cent in the return requirement, all
else being equal, will result in a change in the value of the property portfolio in Storebrand of around 6 per cent. Around
25 per cent of the property’s cash flow is linked to leases entered. This means that the changes in the uncertain parts
of the cash flow by 1 per cent result in a change in value of 0.70 to 0.75 per cent. The property’s cash flows will also be
affected by inflation expectations and the vacancy level in the portfolio. Storebrand’s property portfolio mainly consists
of office properties that have an attractive location in the central business district (CBD). The location means that the
properties have historically been less exposed to market fluctuations than properties located in the edge zone, but there
is uncertainty associated with the calculation of the values given volatility in the market. See further discussion of the
uncertainty in note 8.

NOK million

Change in fair value per 31.12.23

Change in fair value per 31.12.22

237

Change in required rate of return

0.25 %

-1,607

-2,251

-0.25 %

1,782

2,555

NOK million

Change in fair value per 31.12.23

Change in fair value per 31.12.22

Change in value underlying real estate

Increase + 5 %

Decrese - 5 %

166

136

-166

-136

Note 13: Capital adequacy and capital management

The Storebrand Group is an insurance-dominated, cross-sectoral financial group with capital requirements in accordan-
ce with Solvency II. Storebrand calculates Solvency II according to the standard method as defined in the Solvency II
Regulations.

Consolidation is carried out in accordance with Section 18-2 of the Norwegian Act relating to Financial Undertakings and
Financial Groups.

The solvency capital requirement and the minimum capital requirement for the Group are calculated in accordance with
Section 46 (1)-(3) of the Solvency II Regulations in accordance with the standard method.

Capital management
Storebrand pays particular attention to the levels of equity in the Group, which are continually and systematically opti-
mised. The level is adapted to the financial risk and capital requirement in the business, where the growth and compo-
sition of business segments will be important motivating factors for the need for capital. The purpose of capital mana-
gement is to ensure an efficient capital structure and provide for an appropriate balance between in-house goals and
regulatory and rating agency requirements. If there is a need for new equity, this is obtained by the holding company
Storebrand ASA, which is listed and the ultimate parent company.

The Storebrand companies are subject to various capital requirements depending on the type of business. In addition
to the capital requirements for the Storebrand Group and insurance companies, the banking and asset management
business has capital requirements that are in accordance with CRD IV. The companies in the group governed by CRD IV
are included in the group’s solvency capital and solvency capital requirements with their respective primary capital and
capital requirements.

Storebrand has the goal of paying a dividend of more than 50 per cent of the Group profit after tax. The Board’s ambiti-
on is to ensure that the ordinary dividend per share shall at least be at the same nominal level as the previous year. The
normal dividend is paid out at a sustainable solvency margin of over 150 per cent. If the solvency margin is over 175 per
cent, the Board’s intention is to propose an extraordinary dividend or buyback of shares. In general, equity in the Group
can be controlled without material limitations if the capital requirement is met and the respective legal units have suffici-
ent solvency.

238

NOK million

Share capital

Share premium

Reconciliation reserve

Counting subordinated loans

Deferred tax assets

Not- counting tier 3 capital

Risk equalisation reserve

Deductions for CRD IV subsidiaries

Expected dividend

31.12.23

31.12.22

Total

2,327

Group 1
unlimited

Group 1
limited

Group 2

Group 3

2,327

10,842

30,286

8,943

266

1,091

-5,972

-1,834

-5,972

-1,834

1,912

7,031

266

1,091

Total

2,360

10,842

25,877

9,661

540

-231

905

-4,804

-1,718

Total basic solvency capital

45,948

35,648

1,894

8,122

266

43,431

Subordinated capital for subsidiaries regulated in
accordance with CRD IV

Total solvency capital

5,972

51,921

Total solvency capital available to cover the min-
imum capital requirement

39,621

35,648

1,912

2,061

4,804

48,236

36,381

Solvency capital requirement and -margin

NOK million

Market risk

Counterparty risk

Life insurance risk

Health insurance risk

P&C insurance risk

Operational risk

Diversification

Loss-absorbing ability defferd tax

Total solvency capital requirement - insurance company

Capital requirements for subsidiaries regulated in accordance with CRD IV

Total solvency capital requirement

Solvency margin

Minimum capital requirement

Minimum margin

31.12.23

31.12.22

18,842

1,062

11,069

1,049

746

1,508

-7,777

-4,437

22,062

5,037

27,099

192 %

10,304

385 %

21,267

1,119

9,004

971

620

1,485

-7,075

-4,954

22,438

3,837

26,276

184 %

9,647

377 %

The Storebrand Group also has a requirement to report capital adequacy in a multi-sectoral financial group (conglomera-
te directive). The calculation in accordance with the Solvency II regulations and capital adequacy calculation in accordan-
ce with the conglomerate directive give the same primary capital and essentially the same capital requirements.

239

NOK million

Capital requirements for CRD IV companies

Solvency captial requirements for insurance

Total capital requirements

Net primary capital for companies included in the CRD IV report

Net primary capital for insurance

Total net primary capital

Overfulfilment

31.12.23

31.12.22

5,541

22,062

27,603

5,972

45,948

51,921

24,318

4,079

22,438

26,517

4,804

43,431

48,236

21,719

Under Solvency II, the capital requirement from the CRD IV companies in the Group is included in accordance with their
respective capital requirements. In a multi-sectoral financial group, all the capital requirements of the CRD IV companies
are calculated based on their respective applicable requirements, including buffer requirement for the largest CRD IV
company in the Group (Storebrand Bank). This increases the total requirement from the CRD IV companies in relation to
what is included in the Solvency II calculation. As at 31 December 2023, the difference amounted to NOK 504 million.

Note 14: Income from asset management

NOK million

Management fees form securities funds

Management fees from active management

Gross sales commision securities funds

Management fees from alternative investment funds

Total income from asset management

Note 15: Income from banking activities

NOK million

Interest income loans

Commisions

Total income from banking activities

Note 16: Other income

NOK million

Return commissions

Insurance related income

Revenue from companies other than banking and insurance

Change quality reserve

Other income

Total other income

240

2023

1,894

678

536

3,108

2023

2,954

115

3,069

2023

136

413

2022

1,518

688

573

2,783

2022

1,352

107

1,460

2022

100

117

311

611

831

336

1,898

3,687

5,461

9,148

Note 17: Insurance revenue and -expenses

31.12.2023

Guaranteed pension

Insurance

Guar-
anteed
products -
Norway

Guar-
anteed
products -
Sweden

Pension
related
disability
insurance
- Norway

P&C and
Individual
Life

Group
Life and
Disability
Insurance

Expected incurred expenses

520

201

NOK million

Contracts measured under VFA and GMM

Amounts relating to changes in LRC

Expected incurred claims and other insurance
service expenses

Expected incurred claims

Change in the risk adjustment for non-financial
risk for risk expired

CSM recognised in P&L for services provided

Recovery of insurance acquisition cash flows

Insurance revenue from contracts measured
under VFA and GMM

Insurance revenue from contracts measured under
the PAA

611

110

342

185

1,106

450

1,813

753

1,121

Total insurance revenue

1,813

753

1,121

Incurred claims and other directly attributable
expenses

4,161

1,300

Incurred claims

Incurred expenses

-598

-210

-573

-96

-3,208

-1,043

-4,820

-827

-176

-1,907

Changes that relate to past service - Adjustment to
the LIC

Losses on onerous contracts and reversal on those
losses

Insurance acquisition cash flows amortisation

Total insurance service expenses

Net income (expenses) from reinsurance contracts
held

Total insurance service result

-267

-191

-269

-2

-865

-1

946

-12

-4

-490

-6

-771

-12

-226

-1,165

-3,959

-1,486

-7,701

527

-1

-45

230

-8

-194

1,464

241

Guaranteed pension

Insurance

Guar-
anteed
products -
Norway

Guar-
anteed
products -
Sweden

Pension
related
disability
insurance
- Norway

P&C and
Individual
Life

Group
Life and
Disability
Insurance

Total

482

773

344

2,056

3,662

4,852

8,514

-3,925

-1,769

-467

-7

Expected incurred expenses

485

187

NOK million

Contracts measured under VFA and GMM

Amounts relating to changes in LRC

Expected incurred claims and other insurance
service expenses

Expected incurred claims

Change in the risk adjustment for non-financial
risk for risk expired

CSM recognised in P&L for services provided

Recovery of insurance acquisition cash flows

Insurance revenue from contracts measured
under VFA and GMM

Insurance revenue from contracts measured under
the PAA

482

100

219

197

1,334

106

503

2,018

798

847

Total insurance revenue

2,018

798

847

Incurred claims and other directly attributable
expenses

Incurred claims

Incurred expenses

-557

-209

-466

-102

-2,557

-747

Changes that relate to past service - Adjustment to
the LIC

Losses on onerous contracts and reversal on those
losses

Insurance acquisition cash flows amortisation

Total insurance service expenses

Net income (expenses) from reinsurance contracts
held

Total insurance service result

-240

-1

-794

-2

1,222

-10

-2

-207

-4

-221

-780

-3,297

-1,076

-6,167

-12

565

-1

-73

274

155

-66

2,281

3,643

1,209

-904

-155

-7

-10

Note 18: Operating expenses and number of employees

Operating expenses

NOK million

Personnel expenses

Amortisation/write-downs

Other operating expenses

Total operating expenses

242

2023

-3,307

-437

-3,381

-7,125

2022

-2,867

-381

-2,985

-6,233

NOK million

Amortisation/write-downs tangible fixed assets (see note 28)

Amortisation/write-downs right-of-use assets (see note 28)

Amortisation/write-downs IT systems (see note 27)

Amortisation/write-downs properties for own use (see note 35)

Total amortisation/write-down in income statement

Spesification of operating expenses in income statement

NOK million

Operating expenses included in "insurance service expenses"

Operating expenses

Total operating expenses in income statement

Acquistion costs insurance contracts

Total operating expenses

Number of employees 1)

Number of employees 31.12

Average number of employees

Number of person-years 31.12

Average number of person-years

1) Including Storebrand Helseforsikring with 100 per cent.

2023

-16

-152

-265

-3

-436

2023

-1,916

-5,147

-7,063

-62

-7,125

2023

2,247

2,201

2,228

2,185

2022

-12

-142

-225

-2

-381

2022

-1,769

-4,407

-6,176

-56

-6,233

2022

2,138

2,069

2,125

2,054

Note 19: Pension expenses and pension liabilities

Storebrand is obliged to have an obligation to have an occupational pension scheme pursuant to the Mandatory Occupa-
tional Pension Act. The company’s pension schemes meet the requirements of the law.

Storebrand Group has country-specific pension schemes.

Storebrand’s employees in Norway have a defined-contribution pension scheme. In a defined-contribution scheme, the
company allocates an agreed contribution to a pension account. The future pension depends upon the amount of the
contributions and the return on the pension account. When the contributions have been paid, the company has no furt-
her payment obligations relating to the defined-contribution pension and the payment to the pension account is charged
as an expense on an ongoing basis. For regulatory reasons, there can be no savings in the defined-contribution pension
for salaries that exceed 12G (G = National Insurance Scheme basic amount). Storebrand has pension savings in the
savings product Extra Pension for employees with salaries exceeding 12G.

The premiums and content of the defined-contribution pension scheme are as follows:

– Saving starts from the first krone of salary.
– Savings rate of 7 per cent of salary from 0 to 12 G (the National Insurance basic amount ”G” was NOK 118,620 at 31

December 2023)

– In addition, 13 per cent of salary between 7.1 and 12 G is saved.
– Savings rate for salary over 12 G is 20 per cent.

243

There are also pension liabilities for the defined-benefit scheme related to direct pensions for certain former employees
and former board members.

The pension plan for employees at SPP in Sweden follows the plan for bank employees in Sweden (BTP).
SPP has a defined-contribution occupational pension known as BTP1. All new employees were enrolled in this pensi-
on agreement from and including 1 January 2014. In BTP1, the employer pays a premium for pension savings that is
calculated based on pensionable salary up to 30 times the ”basic income amount” (inkomstbasbelopp). The insurance
includes retirement pension with or without mortality inheritance, disability pension and children’s pension. The pre-
mium is calculated independently of age and is calculated primarily based on the monthly salary. The premium is paid
monthly in two parts, a fixed part that is 2.5 per cent of the pensionable salary up to and including 7.5 times the “basic
income amount”. The optional part of the premium is 2 per cent of salary up to and including 7.5 times the “basic income
amount” and 30 per cent of salary between 7.5 and 30 times the “basic income amount”.

The pension in the BTP2 agreement (defined-benefit occupational pension that is a closed scheme) amounts to 10 per
cent of the annual salary up to 7.5 times the “basic income amount” (which was SEK 74,300 in 2023 and will be SEK
76.200 in 2024), 65 per cent of salary in the interval from 7.5 to 20, and 32.5 per cent in the interval from 20 to 30. No
retirement pension is paid for the portion of salary in excess of 30 times the ”basic income amount”. Full pension entit-
lement is reached after 30 years of membership in the pension scheme. In addition to the defined-benefit part, the BTP
plan has a smaller defined-contribution component. Here the employees can decide themselves how assets are to be
invested (traditional insurance or unit-linked insurance). The defined-contribution part is 4 per cent of the annual salary
for employees born in 1967 and later, while the rate is 2 per cent for employees born in 1966 and earlier.

The retirement age for SPP’s CEO is 65 years. The CEO is covered by BTP1. In addition, the CEO has a defined-contribu-
tion based additional pension with SPP. The premium for this insurance is 20 per cent of salary that exceeds 30 times the
“basic income amount”.

Reconciliation of pension assets and liabilities in the statement of financial position

NOK million

Present value of insured pension liabilities

Fair value of pension assets

Net pension liabilities/assets insured scheme

Asset ceiling 1)

Present value of unsecured liabilities

Net pension liabilities recognised in statement of financial position

1) Pension assets that cannot be recognized in the statement of financial position

Booked in statement of financial position

NOK million

Pension liabilities

2023

953

-955

-1

138

172

2022

709

-867

-158

168

152

162

2023

172

2022

162

244

NOK million

Net pension liabilities 01.01

Pensions earned in the period

Interest expenses on pension liability

Estimate deviations

Pensions paid

Changes to pension scheme

Pension liabilities additions/disposals and currency adjustments

Payroll tax

Net pension liabilities 31.12

Changes in the fair value of pension assets

NOK million

Pension assets at fair value 01.01

Expected return

Estimate deviation

Premiums paid

Pensions paid

Changes to pension scheme

Pension liabilities additions/disposals and currency adjustments

Payroll tax

Net pension assets 31.12

Expected premium payments (pension assets) in 2024

Expected premium payments (contributions) in 2024

Expected AFP early retirement scheme payments in 2024

Expected payments from operations (uninsured scheme) in 2024

2022

1,185

-287

-45

-2

-21

861

2022

1,035

-161

-28

-2

-28

866

2023

861

161

-53

1,092

2023

866

-34

955

238

-26

245

Real estate at fair value

Bonds at amortised cost

Loans at amortised cost

Equities and units at fair value

Bonds at fair value

Loans at fair value

Other short-term financial assets

Total

Storebrand Life Insurance

SPP

2023

15 %

48 %

14 %

6 %

18 %

2022

14 %

43 %

16 %

5 %

20 %

1 %

2023

16 %

14 %

43 %

27 %

2022

15 %

17 %

44 %

24 %

100 %

The table shows the percentage asset allocation of pension assets at year-end managed by Storebrand Life Insurance.

Realised return on assets

0.8 %

0.5 %

10.1 %

-12.8 %

Net pension expenses booked to profit and loss account, specified as follows

2023

2022

296

329

2023

101

-17

-133

286

321

2022

-287

-3

159

137

NOK million

Current service cost

Net interest cost/expected return

Total for defined benefit schemes

The period's payment to contribution scheme

The period's payment to contractual pension

Net pension cost recognised in profit and loss account
in the period

Other Comprehensive Income (OCI) in the period

NOK million

Actuarial loss (gain) - change in discount rate

Actuarial loss (gain) - change in other financial assumptions

Actuarial loss (gain) - experience DBO

Loss (gain) - experience Assets

Investment management cost

Asset ceiling - asset adjustment

Remeasurements loss (gain) in the period

246

Discount rate

Expected earnings growth

Expected annual increase in social security pensions

Expected annual increase in pensions payment

Disability table

Mortality table

Storebrand Life Insurance

SPP

2023

3.9 %

3.5 %

0.0 %

2022

3.8 %

3.5 %

0.0 %

2023

3.4 %

3.5 %

2022

3.7 %

3.5 %

2.0 %

K2013BE

DUS23

DUS14

Financial assumptions:
The financial assumptions have been determined on the basis of the regulations in IAS 19. Long-term assumptions such
as future inflation, real interest rates, real wage growth and adjustment of the basic amount are subject to a particularly
high degree of uncertainty.

In Norway, a discount rate based on covered bonds is used. Based on the market and volume trends observed, the Nor-
wegian covered bond market must be perceived as a deep market.

Specific company conditions including expected direct wage growth are taken into account when determining the finan-
cial assumptions.

Actuarial assumptions:
In Norway standardised assumptions on rates of mortality and disability as well as other demographic factors are pre-
pared by Finance Norway. With effect from 2014 a new mortality basis, K2013, has been introduced for group pension
insurance in life insurance companies and pension funds. Storebrand has used the mortality table K2013BE (best esti-
mate) in the actuarial calculations at 31 December 2023.

The actuarial assumptions in Sweden follow the industry’s mutual mortality table DUS21 adjusted for corporate differen-
ces.

Sensitivity analysis pension calculations
Storebrand’s risk associated with the pension scheme relates to the changes in the financial and actuarial assumptions
that must be used in the calculations and the actual return on the pension funds. The pension liabilities are particularly
sensitive to changes in the discount rate. A reduction of the discount rate will in isolation entail an increase in pension
liabilities.

For the Norwegian companies that have converted to defined contribution pensions as of 1 January 2015, the sensitivity
has not been calculated, and the figures below illustrate the sensitivity for the Swedish companies.

Discount
rate

Expected earnings
growth

Mortality - change in
expected life expectancy

1.0 %

-1.0 %

1.0 %

-1.0 %

+ 1 year

- 1 year

-8 %

-10 %

9 %

12 %

-6 %

3 %

-7 %

-3 %

5 %

4 %

-5 %

-4 %

Sverige

Percentage change in pension:

- Pension liabilities

- The period's net pension costs

247

NOK thousand

Senior employees

Odd Arild Grefstad

Lars Aa. Løddesøl

Heidi Skaaret 5)

Jan Erik Saugestad

Karin Greve-Isdahl 6)

Trygve Håkedal

Tove Selnes

Vivi Måhede Gevelt

Jenny Rundbladh

Camilla Leikvoll 7)

Total 2023

Total 2022

Ordinary
salary 1)

Other
benefits 2)

Total remu-
neration for
the year

Pension
accrued for
the year

Post termi-
nation salary
(months)

Loan 3)

No. of shares
owned 4)

8,715

6,578

4,961

7,515

2,108

4,739

3,767

4,612

4,818

3,056

158

173

133

138

128

8,872

6,750

5,094

7,653

2,118

4,746

3,895

4,620

4,825

3,064

50,869

51,854

767

1,080

51,637

52,934

1,692

1,246

895

1,426

355

866

666

856

1,364

446

9,810

9,933

7,000

266,610

11,206

173,615

2,793

1,200

8,592

16,039

4,006

128,366

143,578

41,231

42,769

15,627

10,382

12,758

50,835

834,936

62,065

987,691

1) A proportion of the executive management’s fixed salary will be linked to the purchase of physical STB shares with a lock-in period of three years. The purchase of shares will take
place once a year.
2) Comprises company car, telephone, insurance, concessionary interest rate, other taxable benefits.
3) Employees can borrow up to NOK 7.0 million at a subsidised interest rate, currently 4,89% p.a. Excess loan amounts will be subject to market terms.
4) The summary shows the number of shares owned by the individual, as well as his or her close family and companies where the individual exercises significant influence, cf. the
Accounting
5) Heidi Skaaret resigned from her position as Executive Vice President for Reail Market on 31 October 2023.
6) Karin Greve-Isdahl resigned from the position as Executive Vice President for Communications, Sustainability and Public Affairs on 31 July 2023.
7) Camilla Leikvoll assumed the role as Executive Vice President for Retail Market on 1 November 2023. Total remuneration relates to the total year.

NOK tusen

Board of Directors

Didrik Munch

Martin Skancke 3)

Karin Bing Orgland

Christel Elise Borge

Karl Sandlund

Marianne Bergmann Røren

Fredrik Åtting

Jarle Roth

Bodil Catherine Valvik

Hans-Petter Salvesen

Hanne Seim Grave

Svein Thomas Lømork

Total 2023

Total 2022

Remuneration

Loan 1) No. of shares owned 2)

924

989

613

454

143

524

664

380

165

446

511

325

6,139

5,568

1,694

255,000

35,000

27,000

11,000

10,000

800,000

5,000

2,010

1,170

1,040

1,147,220

15,642,060

5,396

5,398

1,874

14,363

14,489

1) Loans up to NOK 7 million follow ordinary employee- term while excess loan amounts will be subject to market terms.
2) The summary shows the number of shares owned by the individual, as well as his or her close family and companies where the individual exercises significant influence, cf. the
Accounting Act, Section 7-26.
3) Remuneration includes both Storebrand ASA and Storebrand Livsforsikring AS

Loans to Group employees totalled NOK 4.652 million.

248

NOK million

Statutory audit

Other reporting duties

Other non-audit services

Total remuneration to auditors

The amounts above are incluing VAT

Note 22: Interest expenses banking activities

NOK million

Interest expenses financial institutions

Interest expenses deposits from banking customers

Total interest expenses banking activities

Note 23: Other expenses

NOK million

Management fees banking activites

Fee "Bankenes Sikringsfond"

Captial costs

Purchase of reinsurance agreement

Other expenses

Total other expenses

Note 24: Net income on financial and property investments

Net income on financial and property investments

NOK million

Net income financial investments

Net income property investments

Total net income on financial and property investments

Distribution between company and customers:

- company

- insurance contracts

- investment contracts

Total

249

2023

-15

-2

-18

2023

-1,593

-503

-2,096

2023

-32

-26

-13

-44

-50

-166

2023

57,343

-1,235

56,108

944

16,643

38,522

56,109

2022

-12

-2

-1

-16

2022

-613

-126

-739

2022

-26

-21

2022

-52,490

765

-51,725

292

-26,871

-25,147

-51,725

NOK million

Finance expenses from insurance contracts measured under GMM

Finance expenses from insurance contracts measured under VFA

Discounting effect

Total finance expenses from insurance contracts issued

Finance expenses from investment contracts

NOK million

Net income on financial and property investments

Profit from associated companies and joint ventures

2023

-14,998

-325

-15,272

2023

-38,522

113

2022

462

26,323

-148

26,637

2022

25,147

Total finance expenses from investment contracts

-38,409

25,147

Net income analysed by class of financial instrument

NOK million

Dividend/
interest
income etc.

Net
gains and
losses

Net
revalua-
tion
on invest-
ments

2023

2022

Profit on equities and fund units

1,017

9,510

34,428

44,955

-21,641

Profit on bonds and other fixed-income securities

9,571

-546

4,951

13,976

-10,795

Profit on finacial derivatives

-3,088

-7,629

8,640

-2,077

-19,610

Profit on loans (including losses from loans)

Profit from bank

147

652

-61

652

-352

Total gains and losses on financial assets at fair value

8,299

1,335

47,957

57,591

-52,305

- of which FVO (fair value option)

11,013

8,873

39,261

59,147

-32,723

Net income on bonds to amortised cost

Total gains and losses on financial assets to amortised cost

-54

Management fee

-54

-14

-213

Total gains and losses on financial assets

8,299

1,282

47,957

57,538

-52,532

250

NOK million

Rent income from properties 1)

Operating expenses (including maintenance and repairs) relating to properties 2)

Result minority defined as liabilities

Total

Realised gains/losses

Change in fair value

Total income properties

1) Of which real estate for own use

2) Of which properties for own use

2023

1,740

-417

1,342

-2,576

-1,235

112

-45

Net income on financial and property investments over OCI

NOK million

Profit on bonds and other fixed-income securities

Total gains and losses on financial assets at fair value over OCI

Netto urealisert
gevinst/tap

2023

Note 25: Interest expenses

NOK million

Interest expenses subordinated loans

Interest expenses deposits from banking customers/financial institutions

Interest expenses lease liabilities

Other interest expenses

Total interest expenses

Note 26: Tax

Tax expenses on ordinary pre-tax profit

NOK million

Tax payable

Change in deferred tax

Total tax expenses on ordinary profit

2023

-852

-26

-11

-889

2023

-107

191

2022

1,586

-408

-128

1,050

-327

765

-45

2022

-576

2022

-558

-23

-11

-2

-594

2022

-50

251

NOK million

Ordinary pre-tax profit

Expected income tax at nominal rate

Tax effect of

shares ("Fritaksmetoden")

share dividends received

associated companies

profit subject to return tax

permanent differences

deferred tax on the increase in value of properties for customer assets 1)

deferred tax on the increase in value of properties for customer assets covered by customer
returns 1)

change in tax rate

Changes from previous years

Total tax charge

Effective tax rate 2)

2023

3,294

-813

229

-31

167

-71

436

-3%

2022

2,357

-581

-28

-331

331

-185

771

-1%

1) Provisions are made for deferred tax on the increase in value during the ownership of real estate in SPP Fastigheter AB in accordance with IAS 12 and guiding principles for con-
solidation. The real estate investments are made on behalf of the customer assets. Each real estate is owned by a separate investment company, and a sale of real estate itself would
entail a tax expense that will reduce the return on the customer assets and will not affect the income tax for SPP / Storebrand. The deferred tax is in the consolidated financial reporting
recognised as a claim on the customer funds and will not affect the income tax expense for SPP / Storebrand. Deferred tax relating to real estate investments in the customer assets is
not netted against other temporary differences in the balance sheet.

2) The effective tax rate is influenced by the fact that the Group has operations in countries with tax rates that are different from Norway. The income tax expense is also influenced by tax
effects relating to previous years. The tax rate for companies in Norway is 22 per cent. For companies subject to financial tax is the tax rate 25 per cent. The Storebrand Group includes
companies that are both subject to and not subject to the financial tax. Therefore, when capitalising deferred tax/deferred tax assets in the consolidated financial statements, the com-
pany tax rate that applies for the individual companies is used (22 or 25 per cent). The tax rate for companies in Sweden is 20.6 per cent.

Tax expenses on other comprehensive income elements

NOK million

Tax on other comprehensive income elements not to be reclassified to profit/loss

Tax on other comprehensive income elements that may be reclassified to profit/loss

Total tax expenses on other comprehensive income elements

2023

-21

-17

2022

-1

144

143

252

NOK million

Tax-increasing temporary differences

2023

2022

Securities

Properties 1)

Fixed assets

Intangible assets

Securities liabilities

Gains/losses account

Other

Total tax-increasing temporary differences

Tax-reducing temporary differences

Securities

Fixed assets

Provisions

Accrued pension liabilities

Insurance contracts liabilities

Securities liabilities

Gains/losses account

Other

Total tax-reducing temporary differences

Carryforward losses

Basis for net deferred tax and tax assets

Write-down of basis for deferred tax assets

Net basis for deferred tax and tax assets

Net deferred tax assets/liabilities in balance sheet 1) 2) 3)

Recognised in balance sheet

Deferred tax assets

Deferred tax

158

4,199

379

615

5,454

-838

-9

-30

-119

-6,692

-2

-8

-7,699

-5,833

-8,078

307

-7,771

-2,117

3,134

1,232

673

4,265

1,009

-219

5,845

-599

-18

-26

-125

-6,789

-1

-7,557

-4,539

-6,251

-6,244

-1,661

2,980

1,311

3) Uncertain tax positions
The tax rules for the insurance industry have undergone changes in recent years. In some cases, Storebrand and the Norwegian Tax Administration have had different interpretations of
the tax rules and associated transitional rules. As a result of this, uncertain tax positions arise in connection with the recognised tax expenses. Whether or not the uncertain tax positions
have to be recognised in the financial statements is assessed in accordance with IAS 12 and IFRIC 23. Uncertain tax positions will only be recognised in the financial statements if the
company considers it to be preponderance that the Norwegian Tax Administration’s interpretation will be accepted in a court of law. Significant uncertain tax positions are described
below.

253

In 2015, Storebrand Livsforsikring AS discontinued the Norwegian subsidiary, Storebrand Eiendom Holding AS, with
a tax loss of approximately NOK 6.5 billion and a corresponding increase in the tax loss carryforward. In March 2021
Storebrand received a decision from the Norwegian Tax Administration arguing that the liquidation of Storebrand Ei-
endom Holding AS resulted in a tax gain of approximately NOK 4.7 billion. Storebrand Livsforsikring AS appealed the
decision to the Tax Appeals Commitee in May 2021, which in June 2023 ruled in favor of the company. In December
2023, the Ministry of Finance took legal action against the decision. The company considers it to be probable that
Storebrand’s understanding of the tax legislation will be accepted by a court of law and thus, no additional uncertain
tax position has been recognised in the financial statements based on the subpoena. If the Norwegian Tax Adminis-
tration’s position is accepted, Storebrand estimates that a tax expense for the company of approximately NOK 1.6
billion will arise. There will also be negative effects for returns on customer assets after tax. The effects are based on
best estimates and following a review with external expertise.

B. New tax rules for life insurance and pension companies were introduced for the 2018 financial year. These rules
contained transitional rules for how the companies should revalue/write-down the tax values as at 31 December
2018. In December 2018, the Norwegian Directorate of Taxes published an interpretive statement that Storebrand
does not consider to be in accordance with the wording of the relevant act. In the tax return for 2018, Storebrand
Livsforsikring AS applied the wording in the original transitional rule. However, in October 2019 Storebrand received
a notice of adjustment of tax assessment in line with the interpretive statement from the Norwegian Directorate of
Taxes and the clarification from the Ministry of Finance. Storebrand Livsforsikring AS disagrees with the Norwegian
Tax Administration’s interpretation but considers it uncertain as to whether the company’s interpretation will be
accepted if the case is decided by a court of law. In April 2022 Storebrand received a decision from the Norwegian
Tax Administration based on similar grounds as the ones outlined in the draft decision. Storebrand continues to
disagree with the view of the Norwegian Tax Administration and has challenged the decision to the Norwegian Tax
Appeals Committee. As a result of the complaint the Norwegian Tax Administration reversed parts of its own deci-
sion in January 2023, and reduced the tax income by approximately NOK 800 million. The remaining parts of the
disagreement must be dealt with by the Tax Appeals Commitee. The uncertain tax position is therefore recognized
in the financial statement. Based on our revised best estimate, the difference between Storebrand’s interpretation
and the Norwegian Tax Administration’s interpretation is approximately NOK 6.4 billion in an uncertain tax position.
If Storebrand’s interpretation is accepted, a deferred tax expense of approximately NOK 1.6 billion will be derecogni-
sed from the financial statements.

C. The outcome of the interpretation of tax rules for group contributions referred to above under (A) will have an impact
when calculating the effect from the transitional rules for the new tax rules referred to under point (B). An equivalent
interpretation to that described under (A) has been used as a basis in the financial statements when calculating tax
input values on property shares owned by customer assets for 2016 and 2017. There is thus an uncertain tax posi-
tion relating to the effect from the transitional rules described in (B). The decisions that Storebrand received in April
2022 and in January 2023 (described under point B) have reduced the uncertain tax position and have resulted in
tax revenues of NOK 0.6 billion in the first quarter and NOK 0.2 billion in the fourth quarter 2022. The effect as men-
tioned in point B depends on the interpretation and outcome of point A. In June 2023, the Tax Appeals Committee
ruled in favor of Storebrand’s interpretation, and therefore generated an additional tax income of approximately NOK
0.44 billion. As already mentioned, the Ministry of Finance took legal action against the decision in December 2023.
If the Norwegian Tax Administration prevails with its argument under point (A), Storebrand will recognise a tax
expense of approximately NOK 0.5 billion.

Storebrand has reviewed the uncertain tax positions as part of the reporting process. The review has not reduced the
company’s assessment of the probability that Storebrand’s interpretation will be accepted in a court of law. The timeline
for the continued process is unclear, but if necessary, Storebrand will seek clarification from the court of law for the afore-
mentioned uncertain tax positions.

Pillar two – minimum taxation
During December 2023 and January 2024, both Swedish and Norwegian authorities adopted changes to tax legislation
with effect from the income year 2024. The new legislation introduces a supplementary tax, a global minimum taxation
which is intended to prevent profit movement between countries, and ensure an effective tax rate of at least 15 percent.

Storebrand is covered by the new regulations. The group is working on the introduction of a supplementary tax, and has
not yet finished analyzing the effects. The Group does not operate in countries with a corporate tax rate below 15 per
cent. So far, it seems that the tax consequences will be minimal for Storebrand. Deferred tax related to the new regulati-
on has not been recognised in the 2023 financial statements.

254

NOK million

Acquisition cost 01.01

Additions in the period

- Developed internally

- Purchased separately

- Purchased via acquistion/merger

Disposals in the period

Exchange rate adjustments

Other changes

Intangible assets

IT- systemes

1,912

VIF 1)

2,468

Other intan-
gible assets

Goodwill

2023

3,319

3,258

10,957

213

-2

-1

-156

163

116

286

329

384

-158

343

-1

2022

9,404

245

1,291

-94

-6

Acquisition cost 31.12

2,292

2,630

3,272

3,750

11,944

10,957

Amortisation in the period

-273

-79

Accumulated depreciation and write-
downs 01.01

Write-downs in the period

Disposals in the period

Exchange rate adjustments

Other changes

Acc. depreciation and write-downs
31.12

Book value 31.12

-1,079

-2,090

-1,494

-304

-4,967

-4,278

-87

-293

-46

-87

-645

-194

-9

-763

-140

-9

-1,360

-2,309

932

322

-1,917

1,355

-304

3,446

-5,890

6,055

-4,967

5,990

1) Value of business-in-force, the difference between market value and book value of the insurance liabilities in SPP.

Specifiaction of amortisation of intangilbe assets

NOK million

Amortisation in the period - VIF

Write-downs in the period - other intangible assets

Amortisation in the period - other intangible assets

Total write-downs//amortisation of intangible assets in income statement

Write-downs/amortisation of IT-systems are booked as operating expenses.

2023

-79

-87

-300

-466

2022

-77

-247

-324

255

Depr.
method

Book value
2023

Book value
2022

Specification of intagible assets

NOK million

IT systems

Useful
economic life

3 years/10
years

33%/10%

Straight line

Value of business in force SPP

20 years

5 %

Straight line

Customer contracts Danica

8 to 15 years

7% - 13%

Straight line

Distribusion Danica

Customer lists Skagen

Customer lists Cubera

Customer lists St:Erik

Customer lists Insr

Customer contracts Cubera

Brand name Skagen

Brand name Kron

Customer relations Capital Investment

Customer relations Kron

Other intangible assets

Total

15 yars

10 years

7 years

10 years

5 years

7 years

10 years

5 years

7 years

5 years

7 %

Straight line

10 %

14 %

10 %

20 %

14 %

10 %

20 %

14 %

20 %

Straight line

Goodwill distributed by business acquisition

932

322

704

157

181

2,608

833

406

774

251

198

107

149

206

3,035

NOK million

Business area

Delphi Fondsforvaltning

Storebrand Bank ASA

SPP

SPP Fonder

Skagen

Cubera

Capital Investment

Kron

Danica

Total

Savings

Other

Guarant.pension/
Savings

Savings

Guarant.pension/
Savings/Insurance

Goodwill is not amortised, but is tested annually for impairment.

Acquisition
cost 01.01

Accumulated
write-downs
01.01

Book
value
01.01

Supply/
disposals/
currency
effect

Book
value
31.12.23

Book
value
31.12.22

422

756

1,007

206

572

186

3,232

-4

-300

122

756

1,007

206

572

186

-304

2,928

122

804

122

756

1,007

206

600

206

639

286

302

186

3,446

2,954

286

116

518

256

Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and NotesStorebrand GroupIncome statement 183Statement of total comprehensive income 184Statement of Financial Position 185Statement of changes in equity 187Statement of cash flow 188Notes 190Storebrand ASAIncome statement 283Statement of total comprehensive income 283Statement of Financial Position 284Statement of changes in equity 286Statement of cash flow 287Notes 288Declaration by member of the Board and the CEO 301Independent auditor’s report 3025. AppendixIntangible assets linked to the acquisition of SPP
In 2007, Storebrand Livsforsikring AS acquired SPP Pension & Försäkring AB and its subsidiaries (SPP). The majority of
the intangible assets linked to the acquisition of SPP was the value of business in force (VIF). After the implementation of
IFRS 17, VIF for the insurance contracts is no longer an intangible asset, but part of the contractual service margin which,
in the balance sheet, is part of the insurance contract liabilities for guaranteed products. Remaining intangible assets are
linked to investment contracts. In order to determine whether goodwill and other intangible assets linked to SPP have
been subject to impairment, the recoverable amount is estimated for the relevant cash generating units. Recoverable
amounts are determined by calculating the business’ value in use. SPP is considered as one cash generating unit and
developments in future earnings for SPP will affect the value in use.

In calculating the value in use, the management has used budgets and forecasts approved by the board for the coming
three-year period (2024-2026). For the period 2027-2028, the administration has made assessments and determined
an annual growth per element in the results statement. In calculating the terminal value, a growth rate corresponding
to Sweden’s Riksbank’s inflation target of 2.0 per cent is used. The main drivers of profit growth in the long term will be
return on assets, the underlying inflation and wage developments in the market (which drives premium growth). Value in
use is calculated by using a rate of return after tax of 8.1 per cent. The rate of return is calculated based on the risk-free
interest rate and added a premium that reflects the risk in the business.

Calculations related to the future will be uncertain. The value will be affected by various growth parameters, expected
return as well as rate of return is used as a basis, etc. It is specified that the aim of the calculation is to achieve sufficient
certainty that the value in use, cf. IAS 36, is not lower than the value recognized in the balance sheet. Simulation with
reasonable and also conservative assumptions indicates a value for the investment that defends the book value.

Intangible assets linked to the banking business
When calculating the utility value for the banking business, a cash flow based assessment of value has been made using
the expected profit after taxes. Budgets and forecasts approved by the Board for the next three years are used as the
basis for the valuation. The cash flow is based on two elements, profit/loss to equity and change in expected regulatory
tying-up of capital. It is also assumed that all capital in addition to regulatory tied-up capital, can be withdrawn at the
end of each period. The management has made assessments for the period from 2027 to 2033, and the annual growth
has been determined in the income statement. A growth rate of 2.0 per cent is used when calculating the terminal value.
This is in line with Norges Bank’s inflation target. The utility value is calculated using a required rate of return of 6.8 per
cent. The required rate of return is calculated based on the risk-free interest rate and added to a premium that reflects
the risk of the business.

There will be uncertainty related to the assumptions that have been made in the valuation. The value will be affected by
the assumptions for the interest rate margin, expected losses on lending, growth parameters and capital requirements,
as well as what required rate of return is assumed, etc. It is noted that the aim of the calculations is to achieve a satis-
factory level of certainty that the utility value, cf. IAS 36, is not lower than the value recognised in the accounts. Simulati-
ons with reasonable and also conservative assumptions indicate a value that justifies the book value.

Intangible assets linked to the acquisition of Skagen
Storebrand Asset Management AS acquired Skagen AS in 2017. The intangible assets linked to Skagen are customer
lists, branded products, technology and goodwill. Budgets and forecasts approved by the Board for the next three years
are used as the basis for the valuation. For the period from 2027 to 2033, a growth rate in line with the equity market
for the income and a constant ratio between income and expenses were used as a basis. A growth rate of 2.0 per cent is
used when calculating the terminal value. This is in line with Norges Bank’s inflation target. The utility value is calculated
using a required rate of return of 7.3 per cent.

There are uncertainty related to the assumptions that have been made in the valuation. The value will be influenced
by changes in the assumptions regarding expected returns of the financial markets, costs, management fees, growth
parameters, and the discount rate. The aim of the calculations is to achieve a satisfactory level of certainty that the entity
specific value, cf. IAS 36, is not lower than the value recognised in the accounts. Simulations with reasonable and also
conservative assumptions indicate a value that justifies the book value.

Intangible assets linked to the acquisition of Cubera Private Equity
Storebrand Asset Management AS acquired Cubera Private Equity AS in 2019. The intangible assets linked to Cubera
are customer lists, customer relations and database over the private equity market. Budgets and forecasts approved by
the Board for the next three years are used as the basis for the valuation. For the period from 2027 to 2033, a projected
forecast has been used that is based on the expected development in the private equity market. A growth rate of 2.0
per cent is used when calculating the terminal value. This is in line with Norges Bank’s inflation target. The utility value is
calculated using a required rate of return after tax of 7.3 per cent.

257

Intangible assets linked to the acquisition of Silver
Storebrand Livsforsikring AS acquired Silver Pensjonsforsikring AS in 2018, the company was merged with Storebrand
Livsforsikring AS in 2018. The intangible values linked to the purchase of Silver were the value of existing business (VIF
-value of business in force). After the implementation of IFRS 17, VIF for the insurance contracts is no longer an intangi-
ble asset but part of the contractual service margin which, in the balance sheet, is part of insurance contract liabilities for
guaranteed products.

Intangible assets related to the purchase of customer portfolio from Insr
In 2020, Storebrand Forsikring AS entered into an agreement to acquire a customer portfolio from Insr Insurance Group
ASA. The policies were renewed in Storebrand’s systems during 2020 and 2021, and the intangible asset was accrued
based on actual renewals, cf. IAS 38. The customer portfolio from Insr is integrated into Storebrand’s business and
primarily Storebrand Forsikring AS and the Insurance segment. The recoverable amount is determined by calculating
the utility value of the business. It is considered most accurate to estimate the value of the contracts that were acquired,
despite these not being a separate cash generating unit. In order to determine whether there has been impairment that
is less than the book values, the parameters used in the valuation and acquisition analysis are assessed. A comparison
is also made with the development of expected values used in the valuation upon the entering into of the agreement to
acquire the customer portfolio.

The utility value will be influenced by the assumption of profitability and claims ratio, customer loss, and the required
rate of return that is used. Simulations with reasonable and also conservative assumptions indicate a value that justifies
the book value.

Intangible assets related to the acquisition of Capital Investment
Storebrand Asset Management AS acquired Capital Investment A/S (Capital Investment) in 2021. The intangible assets
associated with Capital Investment are customer relations and goodwill. Budgets and forecasts approved by the Board
for the next three years are used as the basis for the valuation. For the period from 2027 to 2033, a projected forecast
has been used that is based on the expected development. A growth rate of 2.0 per cent is used when calculating the
terminal value. This is in line with Danmarks Nationalbank’s (central bank of Denmark) inflation target. The utility value is
calculated using a required rate of return after tax of 7.7 per cent.

There will be uncertainty related to the assumptions that have been made in the valuation. The value will be influenced
by the assumptions regarding expected returns in the financial markets, costs, management fees, growth parameters,
and the required rate of return that is used as a basis. The aim of the calculations is to achieve a satisfactory level of cer-
tainty that the utility value, cf. IAS 36, is not lower than the value recognised in the financial statements. Simulations with
reasonable and also conservative assumptions indicate a value that justifies the book value.

Intangible assets linked to the acquisition of Danica
Storebrand Livsforsikring AS acquired Danica Pensjon AS (Danica) in 2022. Intangible assets related to the acquisition
of Danica are customer relations, distribution agreements and goodwill. Budgets and forecasts approved by the Board
for the next three years are used as the basis for the valuation. Based on the forecasts, a cash-flow-based valuation has
been performed. It is understood that all capital in excess of the regulatory-bound equity may be withdrawn at the end of
each period.

There will be uncertainty related to the assumptions that have been made in the valuation. The utility value will be influ-
enced by the assumptions regarding expected returns in the financial markets, costs, customer loss, income develop-
ment and the required rate of return that is used as a basis. The aim of the calculations is to achieve a satisfactory level of
certainty that the utility value, cf. IAS 36, is not lower than the value recognised in the financial statements. Simulations
with reasonable and also conservative assumptions indicate a value that justifies the book value.

Intangible assets linked to the acquisition of Kron
Storebrand ASA acquired Kron AS (Kron) in 2023. Intangible assets related to the acquisition of Kron are customer re-
lations, IT-systems, brand name and goodwill. Budgets and forecasts approved by the Board for the next three years are
used as the basis for the valuation. Based on the forecasts, a cash-flow-based valuation has been performed. A growth
rate of 2.0 per cent is used when calculating the terminal value. This is in line with Norges Bank’s inflation target. The
utility value is calculated using a required rate of return after tax of 7.3 per cent.

258

Sensitivities in the valuations
Calculations related to the future will be uncertain. The utility value will be influenced by the assumptions regarding
expected returns in the financial markets, costs, customer loss, income development and the required rate of return that
is used as a basis. Simulations with reasonable and also conservative assumptions indicate that all cash generating units
have a value that justifies the book value, cf. IAS 36. The sensitivity analyses indicate that the utility value for all units
exceeds the book value even with a minimum increase in the required rate of return of 2.5 percentage points or with a
growth rate of 0 per cent in the terminal value.

Note 28: Tangible fixed assets and lease agreements

NOK million

Book value 01.01

Additions

Depreciation

Exchange rate adjustments

Book value 31.12

Vehicles/
equipment

Real
estate

2023

2022

-16

100

-16

102

-12

-1

For specifiaction of write-downs and depreciation, see note 18.

Depreciation plan and financial lifetime:

Depreciation method:

Vehicles/equipment

Fixtures & fittings

Properties

Straight line

3-10 years

3-8 years

15 years

Specification of tangible fixed assets and lease agreements in balance sheet

NOK million

Tangible fixed assets

Right-of-use assets

Book value 31.12

Allocation by company and customers

Tangible fixed assets - company

Total tangilbe fixed assets and lease agremments

Total 2023

Total 2022

102

1,159

1,261

1,099

1,173

259

NOK million

Book value 01. 01

Additions

Additions through acquistion

Disposals

Exchange rate adjustments

Book value 31. 12

Accumulated write-downs/depreciations 01.01

Depreciation

Exchange rate adjustments

Accumulated write-downs/depreciations 31.12

Booked value 31.12

Buildings

IT-
equipment

Other
equipment

1,541

159

-2

1,736

-455

-146

-1

-602

1,134

-64

-6

-4

-74

2023

1,625

170

-2

2022

1,590

-20

1,837

1,638

-1

-2

-520

-152

-5

-678

-399

-142

-539

1,159

1,099

Applied practical solutions
The Group also leases PCs, IT equipment and machinery with contract terms from 1 to 3 years. The Group has decided
not to recognise leases when the underlying asset has a low value and therefore does not recognise lease liabilities and
right-of-use assets for any of these leases. Instead, the lease payments are expensed as they are incurred. The Group
also does not recognise lease liabilities and right-of-use assets for short-term leases of less than 12 months.

Depreciations lease agreements
Lease agreements for right-of-use assets are depreciated on a straight-line basis over the lease term.

Non-discounted lease liabilities

NOK million

Year 1

Year 2

Year 3

Year 4

Year 5

After 5 years

2023

2022

148

139

138

719

154

127

123

122

578

Total non-discounted lease liabilities 31. 12.

1,230

1,166

260

NOK million

Upon initial adoption 01.01

New/changed lease liabilities recognised during the period

Payment of principal

Accrued interest

Exchange rate adjustments

Total lease liabilities 31. 12

Other lease expenses included in the income statement

NOK million

Lease expenses for assets with low value

Total lease expenses included in operating expenses

2023

1,109

170

-157

2022

1,210

-150

-18

1,170

1,109

2023

-18

2022

-17

Note 29: Investments in other companies

Applies to subsidiaries with a significant minority, associated companies and joint ventures.

IFRS 10 establishes a model for evaluating control that will apply to all companies. Control exists when the investor has
power over the investment object and possesses the right to variable yields from the investment object and simultaneo-
usly possesses the power and possibility to steer activities in the investment object that affect the yield.

In the Group’s financial statements, securities funds in which Storebrand has an ownership percentage of around 40 per
cent or more, and which are also managed by management companies within the Storebrand Group, are consolidated
100 per cent on the balance sheet. Minority ownership interests in consolidated securities funds are shown on one line
for assets and correspondingly on one line for liabilities. In consequence of other investors in the funds being able to
request redemption of their ownership interests from the respective funds, such are deemed to be minority interests that
are classified as liabilities in Storebrand’s consolidated financial statements.

Specification of associated companies and joint ventures classifed as substantial (100% figures)

NOK million

Accounting method

Type of operation

Type of interest

Current assets

Fixed assets

Short term liabilities

Long term liabilities

Cash and cash equivalents

Income

Result after tax

Total comprehensive income

261

Storebrand Helseforsikring AS

2023

2022

Equity-method

Insurance

Joint venture

Equity-method

Insurance

Joint venture

849

392

1,221

-53

780

101

514

1,059

-2

NOK million

Associated companies

Storebrand Eiendomsfond Norge KS

Quantfolio AS

Other associated companies

Joint ventures

Försäkringsgirot AB

VIA

Storebrand Helseforsikring AS

Total

Booked in the statement of financial position

Investments in associated companies - company

Investments in associated companies - customers

Total

Business
location

Ownership
share

Profit
31.12

Book value
31.12.23

Book value
31.12.22

Bærum

Oslo

30.5 %

34.0 %

Stockholm

Oslo

Lysaker

16.7 %

50.0 %

-251

-9

-145

-27

-431

-54

-376

-431

4,585

5,290

3,144

265

8,089

555

7,533

8,089

3,386

155

8,910

442

8,469

8,910

Note 30: Classification of financial assets and liabilities

Fair
value,
OCI

Fair value,
Profit &
Loss

Liabilities,
fair value
Profit &
Loss

Assets at
amortised
cost

Liabil-
ities at
amortised
cost

Total
2023

Total
2022

NOK million

Financial assets

Bank deposits

Shares and fund units

Bonds and other fixed-income securities

6,477

279,920

Loans to financial institutions

Loans to customers

58,882

27,503

6,010

1,138

376

13,868

13,916

14,511

333,866

270,532

292,407

275,894

1,138

109

86,761

77,878

Accounts receivable and other short-term
receivables

Derivatives

Total financial assets

Total financial assets 2022

Financial liabilities

Subordinated loan capital

Loans and deposits from credit institutions

Deposits from banking customers

Securities issued

Derivatives

Other current liabilities

Total financial liabilities

Total financial liabilities 2022

262

44,963

48,733

13,076

65,359

653,199

57,444

590,576

66,355

10,604

6,118

3,672

9,790

12,641

8,093

6,627

784,914

658,624

11,501

10,585

283

403

23,948

19,478

40,655

32,791

6,118

12,641

47,343

51,015

8,923

123,730

133,520

72,180

84,821

333,866

3,769

8,093

NOK million

Equities

Private Equity fund investments

Fund units

Infrastructure funds

Total equities and fund units

Allocation by company and customers:

Equities and fund units - company

Equities and fund units - customers with guarantee

Sum

Note 32: Bonds and other fixed income securities

Bonds at amortised cost

NOK million

Government bonds

Corporate bonds

Collateralised securities

Total bonds at amortised cost

Storebrand Bank

Modified duration

Average effective yield

Bonds at fair value over OCI (FVOCI)

NOK million

Government bonds

Corporate bonds

Structured notes

2023
Fair value

41,701

17,131

2022
Fair value

47,517

15,277

271,679

204,982

3,354

2,756

333,866

270,532

920

332,946

333,866

659

269,872

270,532

2023

2022

Book value

Fair value

Book value

Fair value

3,541

3,531

3,320

3,307

2,470

6,030

2,471

6,022

0.1

5.0 %

961

4,281

958

4,266

0.1

3.3 %

2023

2022

Book value

Fair value

Book value

Fair value

1,847

4,133

497

1,847

4,133

497

1,863

4,567

479

1,863

4,567

479

Total bonds at fair value over OCI

6,477

6,909

Allocation by company and customers:

Bonds - company

Total

6,477

6,909

263

NOK million

Loan loss provisions 01.01.2023

Loan loss provisions 31.12.23

Loan loss provisions on loans to customers valued at fair value through other comprehen-
sive income (OCI)

Total

Bonds at fair value

NOK million

Government bonds

Corporate bonds

Structured notes

Collateralised securities

Bond funds

Stage 1

12-month ECL

Total

-1

Fair value

2023

62,768

2022

54,717

106,242

106,067

14,055

5,731

91,105

14,292

4,506

85,122

Total bonds and other fixed-income securities

279,900

264,704

Allocation by company and customers:

Bonds and other fixed-income securities - company

Bonds and other fixed-income securities - customers with guarantee

Total

25,983

253,916

279,900

23,516

241,187

264,704

Storebrand Life
Insurance

SPP Pension &
Insurance

Storebrand
Bank

Storebrand
Insurance

Storebrand
ASA

Fair value

Modified duration

Average effective yield

4.7

3.1 %

4.0

2.0 %

0.2

4.9 %

0.3

5.4 %

0.3

5.4 %

For individual fixed-interest securities, the effective rate is calculated based on the fair value (market value) of the se-
curity. The average effective interest rate for total holdings is calculated using the individual security’s share of fair value
as a weighting. Interest derivatives are included in the calculation of modified duration and average effective interest rate.

264

Nominal volume
Financial derivatives are related to underlying amounts which are not recognised in the statement of financial position. In
order to quantify the scope of the derivatives, reference is made to amounts described as the underlying nominal prin-
cipal, nominal volume, etc. Nominal volume is arrived at differently for different classes of derivatives, and provides some
indication of the size of the position and risk the derivative presents.

Gross nominal volume principally indicates the size of the exposure, while net nominal volume provides some indication
of the risk exposure. However , nominal volume is not a measure which necessarily provides a comparison of the risk
represented by different types of derivatives. Unlike gross nominal volume, the calculation of net nominal volume also
takes into account which direction of market risk exposure the instrument represents by differentiating between long
(asset) positions and short (liability) positions.

A long position in an equity derivative produces a gain in value if the share price increases. For interest rate derivatives, a
long position produces a gain if interest rates fall, as is the case for bonds. For currency derivatives, a long position results
in a positive change in value if the relevant exchange rate strengthens against the NOK. Average gross nominal volume
are based on daily calculations of gross nominal volume.

Gross nominal
volume 1)

Gross booked
value fin. assets

Gross booked
value fin.
liabilities

Net amount
2023

Net amount
2022

179,378

180,625

2,595

5,498

8,093

5,761

358

6,118

-3,165

5,140

1,975

526

1,448

1,975

-8,278

2,263

-6,014

249

-6,264

-6,014

NOK million

Interest derivatives

Currency derivatives

Total derivater 31.12.

Total derivater 31.12.22

Distribution between company and
customers:

Derivatives - company

Derivatives - customers with guarantee

Total

1) Values 31.12.

Note 34: Loans

NOK million

Loans to customers at amortised cost

Loans to customers at fair value through profit and loss

Loans to customers at fair value through other comprehensive income (OCI)

Total gross loans to customers

Provision for expected loss stage 1

Provision for expected loss stage 2

Provision for expected loss stage 3

Net loans to customers

265

Booked value
31.12.23

Booked value
31.12.22

423

27,504

58,928

86,854

-6

-21

-66

484

28,269

49,191

77,944

-9

-19

-40

86,761

77,876

NOK million

Loan loss provisions 01.01.2023

Transfer to stage 1 (12-month ECL)

Transfer to stage 2 (lifetime ECL - no objective evidence of
impairment)

Transfer to stage 3 (lifetime ECL - objective evidence of impair-
ment)

Net remeasurement of loan losses

New financial assets originated or purchased

Financial assets that have been derecognised

ECL changes of balances on financial assets without changes
in stage in the period

ECL allowance on written-off (financial) assets

31.12.23

Stage 1

Stage 2

Stage 3

Lifetime
ECL - no
objective
evidence of
impairment

Lifetime
ECL -
objective
evidence of
impairment

12-month
ECL

-3

-6

-1

-3

-2

Loan loss provisions 31.12.23

Loan loss provisions on loans to customers valued at amor-
tised cost

Loan loss provisions on loans to customers valued at fair value
through other comprehensive income (OCI)

Loan loss provisions on guarantees and unused credit limits

Total loan loss provisions

Non-performing and loss-exposed loans

-1

-2

-1

-21

Total

31.12.22
Total

-11

-3

-21

105

-9

-1

-5

105

NOK million

31.12.23

31.12.22

Non-performing and loss-exposed loans without identified impairment

Non-performing and loss-exposed loans with identified impairment

Gross non-performing loans

Write-downs stage 3

Net non-performing loans 1)

1) The figures apply in their entirety to Storebrand Bank.

267

112

379

-66

313

-17

266

Type of properties

NOK million

31.12.23

31.12.22

Office buildings (including parking and storage):

31.12.23

Required
rate of re-
turn % 1)

Average dura-
tion of lease
(years) 3)

Oslo-Vika/Filipstad Brygge

Rest of Greater Oslo

Office buildings in Sweden

Shopping centres (including parking and storage)

Rest of Norway

Housing Sweden 2)

Car parks

8,542

4,367

5,388

3,007

8,854

4,60-5,90

4,760

5,03 - 5,78

5.55

5,725

6,0 - 7,30

2,829

5.93

6.4

5.1

5.4

3.2

5.4

97,562

86,065

1,573

179,450

112,247

Multi-storey car parks in Oslo

890

944

5.65

4.5

43,000

Other properties:

Housing properties Sweden 2)

Hotel Sweden 2)

Service properties Sverige 2)

Properties under development Norway

3,714

2,774

2,933

954

3,574

2,720

3,008

995

3.81

4.83

4.54

7.75

Total investment properties

32,644

33,482

0.5

9.4

9.7

0.0

91,788

35,872

58,971

38,820

745,348

Properties for own use

Total properties

1,737

1,689

4.15

5.7

18,894

34,382

35,171

764,242

Allocation by company and customers:

Properties - customers with guarantee

Total

34,382

35,171

1) The properties are valued on the basis of the following effective required rate of return (inluded 2.5 per cent inflation).
2) All of the properties in Sweden are appraised externally. The appraisal is based on the required rates of return in the market (including 2 per cent inflation).
3) The average duration of the leases is weighted based on the value of the individulal properties.

As of 31.12.23, Storebrand Life Insurance had NOK 7 533 million invested in Storebrand Eiendomsfond Norge KS and
VIA, Oslo. The investments are classified as “Investment in associated Ccmpanies and joint ventures” in the Consoli-
dated Financial Statements. Storebrand Eiendomsfond Norge KS and VIA, Oslo invest exclusively in real estate at fair
value.

Vacancy
Norway
The vacancy rate for lettable areas was 6,2 per cent (6.5 per cent) at the end of 2023
At the end of 2023, a total of 14.8 per cent (18.0 per cent) of the floor space in the investment properties was vacant
The vacancy rate is decreasing largely due to Filipstad Brygge having been transferred to the development portfolio.

Sweden
At the end of 2023, the vacancy for investment properties was 0,6 per cent (0.4 per cent) (0.1 per cent for commercial)

Transactions:
Purchases: No further property acquistions has been agreed in Storebrand/SPP in addtition to the figures that have been
finalised and included in the finacial statements as of 31 December 2023.
Sale: No further property sales has been agreed on in Storebrand/SPP in addiition to the figures that has been finalised
and included in the finacial statements as of 31 December 2023.

267

NOK million

Book value 01.01

Additions

Revaluation booked in balance sheet

Depreciation

Write-ups due to write-downs in the period

Exchange rate adjustments

Other change

Book value 31.12

Acquisition cost opening balance

Acquisition cost closing balance

Accumulated depreciation and write-downs opening balance

Accumulated depreciation and write-downs closing balance

Allocation by company and customers:

Properties for own use - customers

Total

Depreciation method:

Depreciation plan and financial lifetime

Note 36: Accounts receivable and other short-term receivables

NOK million

Accounts receivables

Pre-paid expenses

Fee earned

Activated sales costs (Swedish business)

Claims on insurance brokers

Client funds

Collateral

Paid taxes uncertain debts

Tax receivable

Other current receivables

Book value 31.12

Allocation by company and customers:

Accounts receivable and other short-term receivables - company

Accounts receivable and other short-term receivables - customers

Total

Paid tax related to uncertain tax positions, see note 27 Tax

268

2023

1,690

-60

-15

111

-2

2022

1,659

-14

-49

1,737

1,690

610

612

-719

-733

1,737

586

610

-705

-719

1,690

Straight line

50 years

2023

2022

503

292

532

751

42,279

143

3,921

104

209

398

270

387

722

1,107

8,764

774

318

313

48,733

13,075

8,247

40,485

48,733

12,683

392

13,075

NOK million

Receivables not fallen due

Past due 1 - 30 days

Past due 31 - 60 days

Past due 61 - 90 days

Past due > 90 days

Gross accounts receivable

Provisions for losses

Net accounts receivable

2023

491

506

-4

503

2022

378

401

-3

398

Note 37: Insurance contracts liabilities

Expected recognition of CSM
The table shows the expected revenue recognition in income statement of the remaining CSM for insurance contracts
issued. The CSM in in the table does not include the expected excess return beyond the risk-neutral return and new
contracts drawn up in future periods.

Recognition of CSM

31.12.2023

Guaranteed pension

Guaranteed
products - Norway

Guaranteed
products - Sweden

Pension related
disability insurance -
Norway

557

501

468

434

404

1,634

2,737

6,734

303

282

263

245

226

869

1,119

3,306

133

181

140

760

Total

993

881

812

747

688

2,684

3,995

10,801

NOK million

1 year

2 years

3 years

4 years

5 years

6-10 years

>10 yars

Total

269

Composition of the balance sheet

Guaranteed pension

SPP
Guar-
anteed
products

SBL
Pension
related
disability
insurance

SBL Guar-
anteed
products

Insurance

Total
Guar-
anteed
pension

P&C
and
Individual
Life

Group
Life and
Disability
Insurance

Total In-
surance

Total

NOK million

31.12.2023

Insurance contract liabilities

214,696

86,504

9,039

310,239

4,210

3,776

7,986

318,225

Reinsurance contract assets

-1

133

132

159

165

297

31.12.2022

Insurance contract liabilities

209,311

79,168

7,692

296,171

3,756

3,350

7,106

303,277

Reinsurance contract assets

Reinsurance contract liabilities

309

317

Guaranteed pension
Reconciliation of the liability for remaining coverage (LRC) and the liability for incurred claims (LIC)

NOK million

Opening insurance contract liabilities

Net opening balance

Insurance revenue

Insurance service expenses

Incurred claims and other directly attributable expenses

Losses on onerous contracts and reversal of those losses

Insurance acquisition cash flows amortisation

Insurance service expenses

Insurance service result

Finance expenses from insurance contracts issued recognised
in profit or loss

Finance expenses from insurance contracts issued

Total amounts recognised in comprehensive income

Investment components

Other changes

Effect of changes in foreign exchange rates

Cash flows

Premiums recieved

Claims and other directly attributable expenses paid

Insurance acquisition cash flows

Total cash flows

Net closing balance

Closing insurance contract liabilities

Net closing balance

270

31.12.2023

LRC

Excluding loss
component

Loss
component

LIC

Total

295,235

-3,687

-3,675

15,129

11,454

-16,054

5,239

9,607

3,081

-51

12,637

308,556

308,557

937

-24

772

747

778

-33

296,171

-3,687

1,497

1,472

1,497

16,087

772

2,256

-1,431

15,160

13,729

5,240

9,607

-17,584

-14,503

-17,584

1,682

-51

-4,947

310,239

Opening insurance contract liabilities

Net opening balance

Insurance revenue

Insurance service expenses

Incurred claims and other directly attributable expenses

Losses on onerous contracts and reversal of those losses

Insurance acquisition cash flows amortisation

Insurance service expenses

Insurance service result

Finance expenses from insurance contracts issued recognised
in profit or loss

Finance expenses from insurance contracts issued

Total amounts recognised in comprehensive income

Investment components

Other changes

Effect of changes in foreign exchange rates

Cash flows

Premiums recieved

Claims and other directly attributable expenses paid

Insurance acquisition cash flows

Total cash flows

Net closing balance

Closing insurance contract liabilities

Net closing balance

31.12.2022

LRC

Excluding loss
component

Loss
component

LIC

Total

327,380

-3,662

-3,655

-26,624

-30,279

-15,216

-285

-2,693

17,227

-843

-56

16,328

295,235

480

457

937

327,860

-3,662

1,331

15,216

457

1,795

-1,867

-26,624

-28,492

-285

-2,693

17,227

-16,546

-17,390

-16,546

-56

-218

296,171

296,172

271

NOK million

Opening insurance contract liabilities

Net opening balance

Changes that relate to current service

31.12.2023

Present value
of future cash
flows

Risk adjustment
for non-
financial risk

283,085

3,556

CSM

Total

9,530

296,171

9,530

296,171

CSM recognised in profit or loss for the services provided

-1,898

Change in the risk adjustment for non-financial risk for the risk
expired

-338

-1,898

-2,202

381

185

135

700

363

2,151

800

2,951

555

217

772

1,054

-1,430

15,160

363

1,086

13,730

185

5,239

9,607

-14,503

-51

-4,947

3,984

10,801

310,238

10,801

310,239

10,801

310,239

Experience adjustments

Total changes that relate to current service

Change that relate to future service

Changes in estimates that adjust the CSM

Changes in estimates that results in onerous contract losses
or reversal of losses

Contracts initially recognised in the period

Total changes that relate to future service

Insurance service result

Finance expenses from insurance contracts issued recognised
in profit or loss

Finance expenses from insurance contracts issued

Total amount recognised in comprehensive income

Other changes

Effect of changes in foreign exchange rates

Cash flows

Premiums received

Claims and other directly attributable expenses paid

Insurance acquisition cash flows

Total cash flows

Net closing balance

Closing insurance contract liabilities

Net closing balance

-2,531

371

-719

-2,880

-2,847

15,127

12,281

4,989

9,607

-14,503

-51

-4,947

295,453

272

Opening insurance contract liabilities

Net opening balance

Changes that relate to current service

31.12.2022

Present value
of future cash
flows

Risk adjustment
for non-
financial risk

311,532

4,517

CSM

Total

11,810

327,860

11,810

327,860

CSM recognised in profit or loss for the services provided

-2,056

Change in the risk adjustment for non-financial risk for the risk
expired

-344

Experience adjustments

Total changes that relate to current service

Change that relate to future service

Changes in estimates that adjust the CSM

Changes in estimates that results in onerous contract losses
or reversal of losses

Contracts initially recognised in the period

Total changes that relate to future service

Insurance service result

Finance expenses from insurance contracts issued recognised
in profit or loss

Finance expenses from insurance contracts issued

Total amount recognised in comprehensive income

Other changes

Effect of changes in foreign exchange rates

Cash flows

Premiums received

Claims and other directly attributable expenses paid

Insurance acquisition cash flows

Total cash flows

Net closing balance

Closing insurance contract liabilities

Net closing balance

900

193

-288

805

880

-26,276

-25,396

-285

-2,548

17,227

-17,390

-56

-218

283,085

-344

-2,056

-2,325

-660

-21

101

-580

-923

-240

472

232

172

286

458

-1,824

-1,867

-349

-26,624

-923

-2,173

-28,492

-38

-107

-2,693

-285

17,227

-17,390

-56

-218

3,556

9,530

296,171

9,530

296,171

9,530

296,171

The table below shows estimated amount and timing of remaining contractually discounted cash flows from Guaratneed
pension insurance liabilities

NOK million

Year 1

Year 2

Year 3

Year 4

Year 5 Year 6-10 Year <10

Total

Insurance contract liabilities

19,218

16,042

14,971

16,064

15,433

66,376

147,349

295,454

Total

19,218

16,042

14,971

16,064

15,433

66,376

147,349

295,454

273

31.12.2023

Contracts originated

Contracts aquired

Total

Non-
onerous
contracts
originated

Onerous
contracts
originated

Non-
onerous
contracts
aquired

Onerous
contracts
aquired

Non-
onerous
contracts
total

Onerous
contracts
total

Total

NOK million

Estimates of the present value of fu-
ture cash outflows

Insurance acquisition cash flows

Claims and other directly attributable
expenses

Estimates of the present value of cash
flows

Estimates of the present value of future
cash inflows

Risk adjustment for non-financial risk

CSM

Increase in insurance contract liabili-
ties from contracts recognised in the
period

Underlying items

1,286

1,059

4,390

1,455

5,676

2,514

8,191

1,311

1,078

4,390

1,462

5,701

2,540

8,241

-1,670

-905

-4,902

-1,483

-6,572

-2,388

-8,960

325

475

800

135

800

220

-14

207

217

Assets

31.12.2023

31.12.2022

NOK million

Shares and fund units

Bonds and other fixed-income securities

Loans to customers

Derivatives

Investment properties

Cash and other underlying items

Total underlying items

Insurance contract liabilities

Garanteed
products -
Norway

Garanteed
products -
Sweden

35,728

132,083

14,825

738

22,226

18,134

223,735

10,175

51,166

6,305

-1,564

14,240

6,181

86,504

Garanteed
products -
Norway

29,862

128,209

15,729

-563

23,337

12,736

209,311

Garanteed
products -
Sweden

9,092

46,406

6,636

767

13,893

2,374

79,168

274

31.12.2023

LRC

LIC for contracts under the PAA

Excluding loss
component

Loss
component

Present value
of future cash
flows

Risk adjust-
ment for non-
financial risk

341

-5,461

-5,435

5,468

374

373

6,583

171

5,249

148

5,397

114

5,511

-4,750

7,410

7,411

193

192

NOK million

Opening insurance contract liabilities

Net opening balance

Insurance revenue

Insurance service expenses

Incurred claims and other directly
attributable expenses

Adjustment to liabilities for incurred
claims

Insurance service expenses

Insurance service result

Finance expenses from insurance
contracts issued recognised in profit
or loss

Finance expenses from insurance
contracts issued

Total amounts recognised in
comprehensive income

Effect of changes in foreign exchange
rates

Cash flows

Premiums recieved

Claims and other directly attributable
expenses paid

Total cash flows

Net closing balance

Closing insurance contract liabilities

Net closing balance

Total

7,106

-5,461

5,249

191

5,440

-21

114

5,468

-4,750

718

7,986

275

LRC

LIC for contracts under the PAA

Excluding loss
component

Loss
component

Present value
of future cash
flows

Risk adjust-
ment for non-
financial risk

215

-4,852

6,037

167

Total

6,419

-4,852

4,122

262

-21

240

4,384

-4,852

4,397

5,389

752

-33

-4,201

6,200

-21

-2

144

4,372

-480

-467

-35

5,389

-4,201

1,188

7,106

Insurance service result

-4,852

NOK million

Opening insurance contract liabilities

Net opening balance

Insurance revenue

Insurance service expenses

Incurred claims and other directly
attributable expenses

Adjustment to liabilities for incurred
claims

Losses on onerous contracts and
reversal of those losses

Insurance service expenses

Finance expenses from insurance
contracts issued recognised in profit
or loss

Finance expenses from insurance
contracts issued

Total amounts recognised in com-
prehensive income

Effect of changes in foreign exchange
rates

Cash flows

Premiums recieved

Claims and other directly attributable
expenses paid

Total cash flows

Net closing balance

Closing insurance contract liabilities

Net closing balance

276

NOK million

2018

2019

2020

2021

2022

2023

Total

Calculated gross cost of claims

At end of the policy year

- one year later

- two years later

- three years later

- four years later

- five years later

Calculated amount 31.12.23

Total paid to present

Claims reserve

Claims reserve for previous years (before 2018)

Discounting

Risk adjustment

Total claims reserve

760

749

744

782

825

814

931

998

1,457

1,828

2,357

1,083

1,498

1,950

1,891

2,338

1,405

1,594

1,927

986

1,287

1,604

924

728

481

394

504

639

671

725

1,094

1,107

1,018

4,876

874

1,103

2,097

5,832

1,873

-484

192

7,413

The overview shows the development in the estimate for occurred insurance claims over time and the remaining claims
reserve.

The overview also excludes the natural damage pool (Naturskadepool) and claims settlement costs.

Note 38: Investment contracts liabilities

Change in investment contracts liabilities

NOK million

Insurance liabilities 01.01

Acquisition

Premium paid

Deducted fees

Investment return

Claims paid

Other

Exchange rate adjustments

Total insurance liabilities 31.12

277

2023

2022

292,931

285,306

42,174

-837

38,393

-27,215

-402

9,227

26,322

32,459

-794

-25,171

-20,527

-311

-4,353

354,270

292,931

NOK million

Risk premium, risk addition and administation fees

Transfer and invoice fees

Kickback

Supplementary provision

Compensation to customer

Other income and expenses

Total

Note 39: Other current liabilities

NOK million

Accounts payable

Accrued expenses

Appropriations restructuring

Appropriations earnout

Other appropriations

Governmental fees and tax withholding

Collateral received derivates in cash

Liabilities to broker

Liabilities tax/tax appropriations

Minority SPP Fastighet KB

Ongoing payments

Customer liabilites

Other current liabilities

Book value 31.12

Specification of restructuring reserves

NOK million

Book value 01.01

Increase in the period

Amount recognised against reserves in the period

Exchange rate adjustments

Book value 31.12

Note 40 Hedge accounting

2023

927

1,072

-5

2022

872

968

-9

-1

2,008

1,841

2023

2022

306

995

259

439

3,727

40,306

237

2,717

216

986

768

273

770

388

414

1,339

845

167

3,211

503

871

51,015

8,924

2023

2022

-16

-15

-1

Fair value hedging of interest rate risk The Group’s strategy for interest rate risk is defined in the Interest Rate Risk Policy,
which sets limits for limiting the Group’s interest rate risk exposure. In order to reduce the interest rate risk on fixed-rate
borrowing, fair value hedging is used. The risk hedged under the interest rate risk policy is NIBOR. That is, own credit risk
is not hedged by maintaining the credit spread constant as at establishment. Fair value of the hedging object is hedged
by entering into an interest rate swap, swaped from fixed to floating, in order to reduce the risk associated with future
interest rate changes. The hedges satisfy the requirements for hedge accounting at the individual transaction level, in that
a hedging instrument is directly linked to a secured object, and the hedging relationship is satisfactorily documented.

278

Euro loans also include hedging of currency risk. The hedge is intended to eliminate the currency risk on the principal
and provide an interest expense equal to the floating NOK interest rate. The hedging instrument is a Basisswap where
Storebrand Lifeinsurance AS receives 10-year fixed EUR interest and pays floating 3 months NIBOR. The floating leg of
the interest rate swap is denominated in NOK. In this way, the hedging instrument will also hedge against fluctuations in
the exchange rate.

Hedging effectiveness is measured based on the simple Dollar Offset method with respect to prospective effectiveness.
The Storebrand Group has identified the following sources of inefficiency
- different discount rate on instrument and object

In addition, floating legs have a fixed rate for three months at a time, and therefore also make a contribution to ineffici-
ency. This contribution gradually falls towards zero over three months and then jumps to a new level determined by 3M
NIBOR at the time of a new interest rate fixing. The latter will have a limited effect to three months.

These conditions are not expected to create material inefficiencies. No other sources of inefficiencies have been identi-
fied during the fiscal year. All hedging of interest rate risk is fair value hedging and any inefficiencies are recognised in the
ordinary result under ”Net income from financial and real estate investments”.

Hedging instrument/hedged item

2023

Recognised
of compre-
hensive
income

Conract/
nominal
value (Euro)

-38

Booked

-29

2022

Book value 1)

Assets

Liabilities

112

421

Recognised
of compre-
hensive
income

-590

578

NOK million

Interest rate swaps

Subordinated loans

1) Book values as at 31.12.

The loan has been repaid in April , and the hedging was therefore terminated.

Hedging instrument/hedged item

Contract/
nominal value
(Euro)

2023

Book value 1)

Liabilities

Booked

Conract/
nominal
value (Euro)

2022

Book value 1)

Liabilities

Booked

300

-300

229

2,782

-29

300

-300

648

2,397

NOK million

Interest rate swaps

Subordinated loans

1) Book values as at 31.12.

Hedging instrument/hedged item

Contract/
nominal
value
(NOK)

750

-750

2023

Book value 1)

Assets

Liabilities

Booked

763

-3

Contract/
nominal
value
(NOK)

750

-750

2022

Book value 1)

Assets

Liabilities

773

NOK million

Interest rate swaps

Subordinated loans

1) Book values as at 31.12.

279

Contract/
nominal
value
(NOK)

300

-300

2023

Book value 1)

Assets

Liabilities

316

NOK million

Interest rate swaps

Subordinated loans

1) Book values as at 31.12.

Hedging instrument/hedged item

Contract/
nominal
value (NOK)

2023

Book value 1)

Liabilities

Booked

Contract/
nominal
value (NOK)

2022

Book value 1)

Liabilities

Booked

730

682

-3

730

680

-46

NOK million

Interest rate swaps

Debt raised through issuance of
securities

1) Book values as at 31.12.

Hedging of net investment in Storebrand Holding AB
Storebrand uses cash flow hedging of currency risk associated with Storebrand’s investment in Storebrand Holding AB.
Three-month rolling currency derivatives have been used, where the spot element in these has been used as a hedging
instrument. As of 31.12.23, four loans have been raised and used as a hedging instrument. The effective share of hedging
instruments is included in the other comprehensive income. The net investment in Storebrand Holding AB is partially
hedging and the hedging efficiency is therefore expected to be around 100 per cent. No sources of inefficiencies in hed-
ging net investment have been identified. An income of NOK 739 million has been recorded in the total result related to
hedging Storebrand Holding AB, compared with an income of NOK 226 million in 2022.

Hedging instrument/hedged item

NOK million

Currency derivatives

Loan used as hedging instrument

Underlying items

1) Book values at 31.12.

Contract/
nominal
value (SEK)

-9,681

-3,200

2023

Book value 1)

Assets

Liabilities

Contract/
nominal
value (SEK)

2022

Book value 1)

Assets

Liabilities

175

3,734

-9,691

-2,800

-111

2,654

10,961

11,823

The phasing out of LIBOR on various currencies as reference rates has received a minor attention throughout 2023. The
transition to new ”overnight rates” has been demanding for many market participants, but the transition has gone better
than many feared. From 1 January 2022, LIBOR for USD, GBP, EUR, CHF and JPY will be replaced by new ”interest
rates”, SOFR, SONIA, EurSTR, SARON and TONA. In 2023, value will still be quoted on some of the LIBOR interest rates,
but from July 1th, there were no more publishing of LIBOR.

For Storebrand, the process of phasing out LIBOR interest rates has not been particularly demanding as exposure to
LIBOR interest rates has been limited. Necessary adaptation of agreements related to EONIA in relation to certain coun-
terparties has been implemented in Q4 2021. EONIA has been replaced by EurSTR and the stipulated ”fallbacks” which
have resulted in a continuation of the values based on EONIA. NIBOR and STIBOR, which have the greatest significance
in the management of Storebrand’s customer portfolios, will be continued for the time being. The same applies to EURI-
BOR. Storebrand secures an exposure in the reference rate EURIBOR 3M in one currency swap EUR / NOK which has a
total nominal amount of EUR 300 million.

280

NOK million

Collateral provided in cash in connection with derivatives trading

Cash collateral received in connection with derivatives trading.

Collateral received in connection with Derivatives trading

Total received and pledged collateral

2023

7,887

-4,859

3,083

2022

12,361

-1,429

10,953

The CSA agreements entered into with 15 counterparties regulate the security that can be used by the parties in OTC
contracts that have been entered into. Most of the agreements have a minimum transfer amount of EUR 500,000. Most
agreements stipulate that cash in EUR and NOK can be used as security. In some of the agreements, government bonds
are also defined as approved security. Interest is calculated based on the NOWA and EONIA rates respectively.

Security provided for futures and options is adjusted daily on the basis of a daily margin settlement for each contract.

Security is received and provided in the form of both cash and securities. Security in the form of cash is recognised in the
balance sheet and classified as other receivables and other current liabilities in Notes 36 and 39 respectively.

NOK million

Book value of bonds pledged as collateral for the bank's lending from Norges Bank

Booked value of securities pledged as collateral in other financial institutions

Total

2023

1,429

152

1,581

2022

1,590

151

1,741

Securities pledged as collateral are linked to lending access in Norges Bank for which, pursuant to the regulations, the
loans must be fully guaranteed with collateral in interest-bearing securities and/or the bank’s deposits in Norges bank.
Storebrand Bank ASA has F-loans of total NOK 280 million in Norges Bank as per 31.12.2023.

Of the total lending of NOK 59.2 billion in the Bank Group, NOK 44.9 billion is loans in Storebrand Boligkreditt AS. The
loans in Storebrand Boligkreditt AS have been provided as security in connection with the issuing of covered bonds in
Storebrand Boligkreditt AS.

Storebrand Boligkreditt AS has over-collateralisation (OC) of 24,3 per cent. The company must maintain the applicable
OC that the rating agency requires if the company wishes to retain the current AAA rating. This requirement was 6.1 per
cent at the end of 2023. The statutory OC is 5 per cent. Storebrand Boligkreditt AS has security that is NOK 6,3 billion
more than what the present rating requires. Storebrand Bank ASA therefore considers the security to be adequate.

Note 42: Contingent liabilities

NOK million

Unused credit limit lending

Loan commitment retail market

Uncalled residual liabilities re limited partnership

Undrawn capital in alternative investment funds

Total contingent liabilities

2023

4,883

2,607

3,990

14,949

26,429

2022

3,737

3,246

4,087

12,238

23,309

Unused credit facilities concern granted and unused overdrafts and credit cards, as well as unused facility for credit loans
secured by property.

Storebrand Group companies are engaged in extensive activities in Norway and abroad, and are subject for client
complaints and may become a party in legal disputes.

281

NOK million

Lending of shares

Collateral received for lent securities

2023

1,865

-2,050

2022

1,274

-1,411

Storebrand Livsforsikring has entered into agreements for securities loans with a number of counterparties. JPMorgan
Luxembourg is the agent for the securities loans and will execute the lending itself on behalf of Storebrand Livsforsikring.
Only shares are loaned. Storebrand Livsforsikring receives 85% of the income from securities loans. JPMorgan charges a
fee of 20%.

Covered bonds - Storebrand Bank Group

NOK million

Bonds received as collateral

Asset related to repo agreements

2022

2023

1,009

Bonds received as collateral are not recognised as all risk and return on the securities are retained by the counterparty.

Note 44: Information related parties

Companies in the Storebrand Group have transactions with related parties who are shareholders in Storebrand ASA and
senior employees. These are transactions that are part of the products and services offered by the Group‘s companies
to their customers. The transactions are entered into on commercial terms and include occupational pensions, private
pensions savings, P&C insurance, leasing of premises, bank deposits, lending, asset management and fund saving. See
note 20 for further information about senior employees.

Internal transactions between group companies are eliminated in the consolidated financial statements, with the excep-
tion of transactions between the customer portfolio in Storebrand Livsforsikring AS and other units in the Group. See
note 1 Accounting Policies for further information.

For further information about close associates, see notes 29 and 39.

Note 45: Sold/liquidated operations

Storebrand Storebrand ASA has entered into an agreement with ERGO International AG, a wholly-owned subsidiary of
ERGO Group AG to sell its 50 per cent stake in Storebrand Helseforsikring AS. Storebrand Helseforsikring is a health
insurance joint-venture in which ERGO International AG and Storebrand ASA each previously held a 50 per cent stake.
The Company is headquartered at Lysaker in Norway and offers medical expense insurance in the corporate and retail
markets in Norway and Sweden.

The closing of the transaction is expected in the first quarter of 2024, with an estimated positive impact of approximately
NOK 1.1 billion on Storebrand’s Group results. Completion of the transaction is subject to approval from the Norwegian
Financial Supervisory Authority (NFSA) and the Norwegian Competition Authority.

282

Income statement

NOK million

Operating income

Income from investments in subsidiaries

Net income and gains from financial instruments:

- equities and other units

- bonds and other fixed-income securities

Other financial income

Operating income

Interest expenses

Other financial expenses

Operating expenses

Personnel expenses

Other operating expenses

Total operating expenses

Total expenses

Pre-tax profit

Tax

Profit for year

Note

2023

2022

4,5,6

4,465

3,187

-9

186

-25

4,649

3,215

-26

-111

-52

-191

-243

-23

110

-50

-170

-220

-381

-133

4,268

3,082

-184

-143

4,083

2,939

Statement of total comprehensive income

NOK million

Profit for year

Note

2023

2022

4,083

2,939

Other result elements not to be classified to profit/loss

Change in estimate deviation pension

Tax on other result elements

Total other result elements

-2

-3

Total comprehensive income

4,082

2,949

283

Storebrand ASA

Statement of financial position

Note

31.12.23

31.12.22

26,425

26,477

24,100

24,164

4,467

3,178

10,11

2,336

6,894

33,371

2,327

-91

10,842

13,078

4,629

433

8,294

32,458

2,360

-39

10,842

13,163

16,817

15,932

29,896

29,095

NOK million

Fixed assets

Deferred tax assets

Tangible fixed assets

Shares in subsidiaries and associated companies

Total fixed assets

Current assets

Owed within group

Other current receivables

Investments in trading portfolio:

- equities and other units

- bonds and other fixed-income securities

Bank deposits

Total current assets

Total assets

Equity and liabilities

Share capital

Own shares

Share premium reserve

Total paid in equity

Other equity

Total equity

284

Statement of financial position
(continues)

NOK million

Note

31.12.23

31.12.22

Non-current liabilities

Pension liabilities

Securities issued

Total non-current liabilities

Current liabilities

Debt within group

Provision for dividend

Other current liabilities

Total current liabilities

Total equity and liabilities

11,13

111

501

612

990

1,834

2,864

118

501

618

1,002

1,718

2,745

33,371

32,458

Lysaker, 6 February 2024
Board of Directors of Storebrand ASA

Didrik Munch (sign)
Chairman of the Board

Karin Bing Orgland (sign)

Martin Skancke (sign)

Marianne Bergmann Røren (sign)

Christel Elise Borge (sign)

Jarle Roth (sign)

Fredrik Åtting (sign)

Hanne Seim Grave (sign)

Hans-Petter Bache-Salvesen (sign)

Svein Thomas Lømork (sign)

Odd Arild Grefstad (sign)
Chief Executive Officer

285

Statement of changes in equity

NOK million

Share
capital 1)

Own
shares

Share
premium

Other
equity

Total
equity

Equity at 31. December 2021

2,360

-9

10,842

15,128

28,321

Profit for the period

Total other result elements

Total comprehensive income

Provision for dividend

Own shares bought back 2)

Own shares sold 2)

Employee share 2)

2,939

2,949

-1,718

-468

2,939

2,949

-1,718

-500

-32

Equity at 31. December 2022

2,360

-39

10,842

15,932

29,095

Profit for the period

Total other result elements

Total comprehensive income

Provision for dividend

Own shares bought back 2)

Own shares sold 2)

Cancellation of own shares 1)

Employee share 2)

-88

-32

4,083

-2

4,082

-1,832

-1,412

-2

4,082

-1,832

-1,500

Equity at 31. December 2023

2,327

-91

10,842

16,817

29,896

1) 465 497 866 shares with a nominal value of NOK 5. Share capital reduced in August by NOK 32 million by cancellation of 6.477.024 shares.
2) In 2023, Storebrand ASA has bought 17.525.185 own shares. In 2023, 634.781 shares were sold to our own employees. Holding of own shares 31. December 2023 was
18.177.606.

286

2023

2022

2,479

-257

3,181

5,402

224

-233

4,551

4,541

-2,598

-1,511

-1

-2,599

-1,512

-26

-1,500

-1,715

-3,190

-500

-23

-500

-1,646

-2,624

-386

405

-386

433

405

433

Storebrand ASA

Statement of cash flow

NOK million

Cash flow from operational activities

Net receipts/payments - securities at fair value

Payments relating to operations

Net receipts/payments - other operational activities

Net cash flow from operational activities

Cash flow from investment activities

Payments - purchase/capitalisation of subsidiaries

Net receipts/payments - sale/purchase of property and fixed assets

Net cash flow from investment activities

Cash flow from financing activities

Payments - repayments of loans

Payments - interest on loans

Receipts - sold own shares to employees

Payments - buy own shares

Payments - dividends

Net cash flow from financing activities

Net cash flow for the period

Net movement in cash and cash equivalents

Cash and cash equivalents at start of the period

Cash and cash equivalents at the end of the period

287

Notes to the financial
statement

Note 1:

Accounting policies

Note 2:

Income from investments in subsidiaries

Note 3:

Net income for various classes of financial instruments

Note 4:

Personnel costs

Note 5:

Pensions costs and pension liabilities

Note 6:

Remuneration to the CEO and elected officers of the company

Note 7:

Tax

Note 8:

Parent company’s shares in subsidiaries and associated companies

Note 9:

Equities

Note 10:

Bonds and other fixed-income securities

Note 11:

Financial risks

Note 12:

Tangible fixed assets

Note 13:

Securities issued

Note 14:

Shareholders

Note 15:

Information about close associates

Note 16:

Number of employees/person-years

288

Note 1: Accounting policies

Storebrand ASA is the holding company of the Storebrand Group. The Storebrand Group is engaged in life and P&C
insurance, banking and asset management, with insurance being the primary business. The financial statements of
Storebrand ASA have accordingly been prepared in accordance with the Norwegian Accounting Act, generally accepted
accounting policies in Norway, and the Norwegian Regulations relating to annual accounts for nonlife insurance compani-
es. Storebrand ASA has used the simplified IFRS provisions in the regulations for recognition and measurement.

Use of estimates and discretionary assumptions
In preparing the annual financial statements, Storebrand has made assumptions and used estimates that affect the
reported value of assets, liabilities, revenues, costs, as well as the information provided on contingent liabilities. Future
events may cause these estimates to change. Such changes will be recognised in the financial statements when there is
a sufficient basis for using new estimates. The most important estimates and assessments are related to the valuation of
the company’s subsidiaries and the assumptions used for pension calculations.

Classification and valuation policies
Assets intended for permanent ownership and use are classified as fixed assets, and assets and receivables due for pay-
ment within one year are classified as current assets. Equivalent policies have been applied to liability items.

Profit and loss account and statement of financial position
Storebrand ASA is a holding company with subsidiaries in the fields of insurance, banking and asset management. The
layout plan in the Regulations relating to annual financial statements for nonlife insurance companies has not been used,
a custom layout plan has been used.

Investments in subsidiaries, dividends and group contributions
In the company’s accounts, investments in subsidiaries and associated companies are valued at the acquisition cost less
any write-downs. The need to write down is assessed at the end of each accounting period. Storebrand ASA’s primary
income is the return on capital invested in subsidiaries. Group contributions and dividends received in respect of these
investments are therefore recorded as ordinary operating income. Proposed and approved dividends and group contri-
butions from subsidiaries at the end of the year are recognised in the financial statements of Storebrand ASA as income
in that financial year.

A prerequisite for recognition is that this is earned equity by a subsidiary. Otherwise, this is recognised as an equity
transaction, which means that the ownership interest in the subsidiary is reduced by dividends or group contributions.

Tangible fixed assets
Tangible fixed assets for own use are recognised at acquisition cost less accumulated depreciation. Write-downs are
made if the book value exceeds the recoverable amount of the asset.

Pension liabilities for company’s own employees
Storebrand ASA have defined-contribution pension but have some pension obligation that are recorded as defined-be-
nefit pension.

The defined-contribution pension scheme involves the company paying an annual contribution to the employees’ col-
lective pension savings. The future pension will depend upon the size of the contribution and the annual return on the
pension savings. The company does not have any further work-related obligations after the annual contribution has been
paid. No provisions are made for ongoing pension liabilities for these types of schemes. Defined-contribution pension
schemes are recognised directly in the financial statements.

Tax
The tax cost in the profit and loss account consists of tax payable and changes in deferred tax. Deferred tax and defer-
red tax assets are calculated on the differences between accounting and tax values of assets and liabilities. Deferred tax
assets are recorded on the balance sheet to the extent it is considered likely that the company will have sufficient taxable
profit in the future to make use of the tax asset. Deferred tax is applied directly against equity to the extent that it relates
to items that are themselves directly applied against equity.

Currency
Current assets and liabilities are translated at the exchange rate on the balance sheet date. Shares held as fixed assets
are translated at the exchange rate on the date of acquisition.

289

Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and NotesStorebrand GroupIncome statement 183Statement of total comprehensive income 184Statement of Financial Position 185Statement of changes in equity 187Statement of cash flow 188Notes 190Storebrand ASAIncome statement 283Statement of total comprehensive income 283Statement of Financial Position 284Statement of changes in equity 286Statement of cash flow 287Notes 288Declaration by member of the Board and the CEO 301Independent auditor’s report 3025. AppendixFinancial instruments
Recognition and derecognition
Financial assets and liabilities are recognised in the balance sheet when Storebrand ASA becomes a party to the con-
tractual provisions of the instrument. Ordinary purchases and sales of financial instruments are recognised on the date
of the transaction. When a financial asset or financial liability is first recognized, it is measured at fair value. The initial re-
cognition includes transaction expenses that are directly attributable at the time of acquisition or issuance of the financial
asset/liability, in cases where the financial asset/liability is not measured at fair value above net income.

Financial assets are set off when the contractual rights to the cash flows from the financial asset expire, or when the en-
tity transfers the financial asset in a transaction in which all or approximately all risk and profit opportunities associated
with ownership of the asset are transferred.

Financial obligations are set off from the balance sheet when they have ceased — that is, when the obligation specified in
the contract is fulfilled, canceled or expired.

Financial assets at fair value above net income
Financial assets at fair value above net income are measured at fair value on the balance sheet date. Changes in fair value
are recognised in the result.

Any repurchase of own shares is dealt with as an equity transaction, and own shares (treasury stock) are presented as a
reduction in equity.

Bond funding
Bond loans are recorded at amortised cost using the effective interest rate method. The amortised cost includes the
transaction costs on the date of issue.

Note 2: Income from investments in subsidiaries

NOK million

Storebrand Livsforsikring AS

Storebrand Bank ASA

Storebrand Asset Management AS

Storebrand Forsikring AS

Storebrand Facilities AS

Storebrand Helseforsikring AS

Total

2023

3,439

395

627

2022

2,325

208

510

134

4,465

3,187

Group contribution from Storebrand ASA, see note 8

Note 3: Net income for various classes of financial instruments

Dividend/
interest
income

Net gain/
loss on
realisation

Net
unrealised
gain/loss

2023

-9

186

177

2022

-25

-9

NOK million

Net income from equities and units

Net income from bonds and other fixed income securities

Net income and gains from financial assets at fair value

– of which FVO (Fair Value Option)

290

NOK million

Ordinary wages and salaries

Employer's social security contributions

Personnel costs 1)

Other benefits

Total

1) See the spesification in note 5

2023

2022

-27

-8

-10

-8

-52

-25

-7

-8

-11

-50

Note 5 : Pensions costs and pension liabilities

Storebrand is obliged to have an occupational pension scheme pursuant to the Mandatory Occupational Pension Act.
The company’s pension schemes meet the requirements of the law.

Storebrand Group has country-specific pension schemes.

The premiums and content of the defined-contribution pension scheme are as follows:
– Saving starts from the first krone of salary
– Savings rate of 7 per cent of salary from 0 to 12 G (the National Insurance basic amount ”G” was NOK 118,620 as at 31
December 2023)
– In addition, 13 per cent of salary between 7.1 and 12 G is saved
– Savings rate for salary over 12 G is 20 per cent

The Norwegian companies participate in the Joint Scheme for Collective Agreement Pensions (AFP). The private AFP
scheme provides a lifelong supplement to an ordinary pension and is a multi-employer pension scheme, but there is no
reliable information available for inclusion of this liability on the statement of financial position. The scheme is financed
by means of an annual premium that is defined as a percentage of salaries from 1 G to 7.1 G, and the premium rate was
2.6 % in 2023 and increases to 2,7 % in 2024.

Reconsiliation of pension assets and liabilities in the statement of financial position

NOK million

Present value of insured pension benefit liabilities

Pension assets at fair value

Net pension liabilities/assets for the insured schemes

Present value of the uninsured pension liabilities

Net pension liabilities in the statement of financial position

2023

2022

-7

-6

117

111

-7

-6

123

118

291

NOK million

Net pension liabilities 01.01

Interest on pension liabilities

Pension experience adjustments

Pensions paid

Net pension liabilities 31.12

Changes in the fair value of pension assets

NOK million

Pension assets at fair value 01.01.

Net pension assets 31.12

2023

125

-13

118

2023

2022

149

-14

-13

125

2022

Expected premium payments are estimated to be NOK 2 million and the payments from operations are estimated to be
NOK 11 million in 2024.

Pension assets are based on the financial assets held by Storebrand Life Insurance, which are compo-
sed of as per 31.12.:

NOK million

Properties and real estate

Bonds at amortised cost

Loan

Equities and units

Bonds

Other short term financial assets

Total

Booked returns on assets managed by Storebrand Life Insurance were:

Net pension cost booked to profit and loss accounts in the period

2023

15 %

48 %

14 %

6 %

18 %

100 %

0.8 %

2022

14 %

43 %

16 %

5 %

20 %

1 %

100 %

0.5 %

NOK million

Net interest/expected return

Total for defined benefit schemes

The period's payment to contribution scheme

Net pension cost booked to profit and loss accounts in the period

2023

2022

292

NOK million

Actuarial loss (gain) - change in discount rate

Actuarial loss (gain) - experience DBO

Remeasurements loss (gain) in the period

2023

-1

2022

-13

-1

-14

Main assumptions used when calculating net pension liability as per 31.12.

Economic assumptions:

Discount rate

Expected earnings growth

Expected annual increase in social security pension

Expected annual increase in pensions in payment

Disability table

Mortality table

2023

2022

3.9 %

3.50 %

0.0 %

3.8 %

3.50 %

0.0 %

K2013BE

In Norway, a discount rate based on covered bonds is used. Based on the market and volume trends observed, the Nor-
wegian covered bond market must be perceived as a deep market.

Specific company conditions including expected direct wage growth are taken into account when determining the finan-
cial assumptions.

293

Note 6: Remuneration of the CEO and elected officers of the company

NOK thousand

Chief Executive Officer 1)

Salery

Other taxable benefits

Total remuneration

Pension costs 3)

Chairman of the Board

Board of Directors including the Chairman

Remuneration paid to auditors 4)

Statutory audit

Other reporting duties

Other non-audit services

2023

8,715

158

8,872

1,692

924

5,884

3,146

237

2022

7,952

169

8,122

1,549

873

5,568

3,417

436

1) Odd Arild Grefstad is the CEO of Storebrand ASA and the amount stated in the note is the total remuneration from the Group. He has a guaranteed salary for 24 months after the
ordinary period of notice. All work-related income including consulting assignments will be deducted.
2) A proportion of the executive management’s fixed salary will be linked to the purchase of physical Storebrand shares with a lock-in period of three years. The purchase of shares will
take place once a year.
3) Pension costs include accrual for the year. See also the description of the pension scheme in Note 5.
4) The amounts are including VAT.

For further information on senior employees, see note 20 in the Storebrand Group.

Note 7: Tax

The difference between the financial results and the tax basis for the year is provided below.

2023

4,268

-200

-3,444

-50

577

2022

3,082

-94

-2,331

-70

-39

549

NOK million

Pre-tax profit

Dividend

Tax-free group contribution

Permanent differences

Change in temporary differences

Tax base for the year

294

NOK million

Payable tax group contribution 1)

Change in deferred tax

Tax cost

1) Payable tax in Statement of financial position

Calculation of deferred tax assets and deferred tax on temporary differ-
ences and losses carried forward

Tax increasing temporary differences

Tax reducing temporary differences

Securities

Accrued pension liabilities

Gains/losses account

Total tax reducing temporary differences

Net tax increasing/(reducing) temporary differences

Net deferred tax asset/liability in the statement of financial position

Reconciliation of tax cost and ordinary profit

Pre-tax profit

Expected tax at nominal rate (27%)

Tax effect of:

dividends received

permanent differences

changes from previous year

Tax cost

Effective tax rate 1)

2023

-171

-14

-184

-111

-1

-94

4 268

-1 067

833

-1

-184

4 %

2022

-137

-6

-143

-26

-118

-1

-144

3 082

-770

604

-143

5 %

295

NOK million

Subsidiaries

Storebrand Livsforsikring AS 1)

Storebrand Bank ASA 2)

Storebrand Asset Management AS

Storebrand Forsikring AS 3)

Storebrand Facilities AS

Kron AS 4)

Business
office

Interest/
votes in %

Carrying amount

2023

2022

Oslo

100%

16,411

16,030

4,427

3,469

1,373

466

3,455

3,430

1,083

Jointly controlled/associated companies

Storebrand Helseforsikring AS 5)

Oslo

50%

Sum

215

26,425

24,100

1) Group contribution in 2023 of NOK 381 million as capital contribution.
2) Group contribution in 2023 of NOK 297 million as capital contribution.
3) Group contribution in 2023 of NOK 110 million as capital contribution.
4) The shares have been written down by NOK 105 million. Group contribution in 2023 of NOK 30 as capital contribution.
5) Storebrand ASA has entered into agreement with ERGO International to sell the shares, see note 45 in the Storebrand Group.

Note 9: Equities

NOK million

Equities

Total equities

Note 10: Bonds and other fixed-income securities

NOK million

Bond funds

Total bonds and other fixed-income securities

Modified duration

Average effective yield

Fair value

2023

2022

2023

2022

Virkelig verdi

2,336

0,3

5.36 %

4,629

0,6

4.12 %

296

Credit risk by counterparty
Bonds and other fixed-income securities at fair value

Category of issuer or guarantor

Fair value

AAA

BBB

Not rated

Total

NOK million

State and state guaranteed

Company bonds

Covered bonds

Supranational organisations

Other

Total 2023

Total 2022

Counterparties

NOK million

Bank deposits

853

1,043

183

2023

2022

231

2,310

4,199

853

1,043

205

1,637

503

1,736

231

710

292

4,629

2,336

Totalt

Fair value

The rating classes are based on Standard & Poors’s
Storebrand ASA have tied-up bank deposit MNOK 3 million.

Interest rate risk
Storebrand ASA has both interest-bearing securities and interest-bearing debt. A change in interest rates will have a
limited effect on the company’s equity.

Liquidity risk

Undiscounted cash flows for financial liabilities

NOK million

0-6 mnd

7-12 mnd

2-3 år

Total
verdi

Balanseført
verdi

Securities issued/bank loans

Total financial liabilities 2023

Total financial liabilities 2022

505

512

519

501

Storebrand ASA had as per 31 December 2023 liquid assets of NOK 2,4 billion.

Currency risk
Storebrand ASA has investments of SEK 25 million.

297

Equipment, fixtures & fittings

NOK million

Acquisition cost 01.01

Accumulated depreciation

Carrying amount 01.01

Additions

Carrying amount 31.12

2023

2022

-7

Property, plant and equipment mainly includes art that is not depreciated.

Note 13: Securities issued

NOK million

Bond loan 2020/2025

Total bond and bank loans 1)

Interest rate

Variable

Valuta

NOK

Net nominal
value

500

2023

501

2022

501

1) Loans are booked at amortised cost and include earned not due interest.

Signed loan agreements and drawing facility have covenant requirements.
Storebrand ASA has an unused drawing facility of EUR 200 million, expiration december 2025.

298

The 20 largest shareholders

Folketrygdfondet

T Rowe Price Global Investments

Vanguard Group

Allianz Global Investors

Storebrand ASA

KLP

DNB Asset Management

Alfred Berg

Storebrand Asset Management

Nordea Asset Management

BlackRock

Danske Bank Asset Management

Lind Invest

Handelsbanken Asset Management

Solbakken AS

OM Holding AS

Hauck & Aufhaeuser Bank, Luxembourg (PB)

Union Investment

SSGA

Eika Kapitalforvaltning

Ownership
interest in %

10.3

6.3

4.9

3.9

3.2

2.5

2.4

2.3

2.2

1.8

1.7

1.5

1.4

1.3

1.2

1.1

Foreign ownership of total shares

49 %

299

Number of shares 1)

Senior employees

Odd Arild Grefstad

Lars Aa. Løddesøl

Heidi Skaaret

Jan Erik Saugestad

Trygve Håkedal

Tove Selnes

Vivi Måhede Gevelt

Jenny Rundbladh

Camilla Leikvoll

Board of Directors

Didrik Munch

Martin Skancke

Karin Bing Orgland

Christel Elise Borge

Marianne Bergmann Røren

Fredrik Åtting

Jarle Roth

Hans-Petter Salvesen

Hanne Seim Grave

Svein Thomas Lømork

266,610

173,615

128,366

143,578

41,231

42,769

15,627

10,382

12,758

255,000

35,000

27,000

11,000

10,000

800,000

5,000

1,170

1,040

1) The summary shows the number of shares owned by the individual, as well as his or her immediate family and companies where the individual exercises significant influence, confer
the Accounting Act, Section 7-26.

Transactions between group companies

NOK million

Profit and loss account items:

Group contributions and dividends from subsidiaries

Purchase and sale of services (net)

Statement of financial position items:

Due from group companies

Payable to group companies

Note 16: Number of employees/person-years

Number of employees

Number of full time equivalent positions

Average number of employees

300

2023

2022

4,465

-171

4,467

990

3,187

-141

3,178

1,002

2023

2022

– Declaration by the members of the
Board and the CEO

On this date, the Board of Directors and the Chief Executive Officer have considered and approved the annual report
and annual financial statements for Storebrand ASA and the Storebrand Group for the 2023 financial year and as at 31
December 2023 (2023 Annual Report).

The consolidated financial statements have been prepared in accordance with the EU-approved International Financial
Reporting Standards (IFRS) and the associated interpretations, as well as the other disclosure obligations stipulated in
the Norwegian Accounting Act that must be applied as at 31 December 2023. The annual financial statements for the
parent company have been prepared in accordance with the Norwegian Regulations relating to annual accounts, the Nor-
wegian Regulations relating to annual accounts for nonlife insurance companies and the additional requirements in the
Norwegian Securities Trading Act. The annual report for the Group and parent company complies with the requirements
of the Norwegian Accounting Act and Norwegian Accounting Standard no. 16 as at 31 December 2023.

In the best judgment of the Board and the CEO, the annual financial statements for 2023 have been prepared in acco-
rdance with applicable accounting standards, and the information in the financial statements provides a fair and true
picture of the parent company’s and Group’s assets, liabilities, financial standing and results as a whole as at 31 Decem-
ber 2023. In the best judgment of the Board and the CEO, the annual report provides a fair and true overview of impor-
tant events during the accounting period and their effects on the annual financial statements for Storebrand ASA and the
Storebrand Group. In the best judgement of the Board and the CEO, the descriptions of the most important elements
of risk and uncertainty that the group faces in the next accounting period, and a description of related parties’ material
transactions, also provide a true and fair view.

Lysaker, 6 February 2024
Board of Directors of Storebrand ASA

Didrik Munch (sign)
Chairman of the Board

Karin Bing Orgland (sign)

Martin Skancke (sign)

Marianne Bergmann Røren (sign)

Christel Elise Borge (sign)

Jarle Roth (sign)

Fredrik Åtting (sign)

Hanne Seim Grave (sign)

Hans-Petter Bache-Salvesen (sign)

Svein Thomas Lømork (sign)

Odd Arild Grefstad (sign)
Chief Executive Officer

301

To the General Meeting of Storebrand ASA

Independent Auditor’s Report

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Storebrand ASA, which comprise:

•

the financial statements of the parent company Storebrand ASA (the Company), which comprise
the statement of financial position as at 31 December 2023, the income statement, the statement of
total comprehensive income, statement of cash flow and statement of changes in equity for the
year then ended, and notes to the financial statements, including material accounting policy
information, and
the consolidated financial statements of Storebrand ASA and its subsidiaries (the Group), which
comprise the statement of financial position as at 31 December 2023, the income statement,
statement of total comprehensive income, statement of cash flow and statement of changes in
equity for the year then ended, and notes to the financial statements, including material accounting
policy information.

In our opinion

•
•

•

the financial statements comply with applicable statutory requirements,
the financial statements give a true and fair view of the financial position of the Company as at 31
December 2023, and its financial performance and its cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and
the consolidated financial statements give a true and fair view of the financial position of the Group
as at 31 December 2023, and its financial performance and its cash flows for the year then ended
in accordance with IFRS Accounting Standards as adopted by the EU.

Our opinion is consistent with our additional report to the Audit Committee.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company and the Group as required by
relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International Independence Standards)
(IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.

To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.

We have been the auditor of the Company for 6 years from the election by the general meeting of the
shareholders on 11 April 2018 for the accounting year 2018.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a

PricewaterhouseCoopers AS, Dronning Eufemias gate 71, Postboks 748 Sentrum, NO-0106 Oslo
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302

separate opinion on these matters. The group’s activities are largely unchanged compared to last year. With
the exception of the introduction of IFRS 17, there have been no regulatory changes, transactions or events
of significant importance for the 2023 annual accounts that have derived new focus areas. As a result of
developments in the cases relating to the uncertain tax positions, this area has not had the same attention
this year.

Key Audit Matters

How our audit addressed the Key Audit Matter

Valuation of life insurance liabilities

We focused on the valuation of the insurance
liabilities because it is significant estimates in the
financial statements. The estimates involves
complex assessment concerning the probability
that insured events occurs, and uncertainty related
to whether the provisions are sufficient to cover the
total liabilities to the policyholders. Small
adjustments of the assumptions may have
significant impact on the estimates.

The calculation of the insurance liabilities will to a
large extent depend on quality of data in the
insurance system and use of assumptions that are
in accordance with the accounting rules in IFRS 17.
See notes 1, 2, 7 and 37 to the consolidated
accounts where the management gives a more
detailed description of the insurance liabilities,
assumptions and estimation uncertainty.

Implementation of IFRS 17

The group has implemented the new accounting
standard for insurance contracts IFRS 17 with
effect from the financial year 2023. This represents
a significant change in accounting practice. Among
other things, the standard introduces new models
for measurement, presentation and notes to the
financial statements. Given the complexity and
judgment involved in the application of the new
standard, and the significant impact it has on the
Group's accounts and processes, we focused on

303

In our audit we have considered and tested the
design and effectiveness of established controls for
review of used assumptions and calculation
methods, including the company’s internal
recalculations of the insurance liabilities. We also
examined whether management had established
effective controls that ensured data quality for the
calculation of the insurance liabilities. This included
controls related to data collection, data processing,
reconciliation of the insurance systems and IT
General Controls relevant for financial reporting.
Those controls we elected to base our audit on,
was working efficiently.

We also performed independent calculations for a
selection of insurance obligations using our internal
actuarial models and compared these with the
company’s calculations. We used our internal
actuaries for this work. The comparison did not
indicate any deviations of significance.

We considered and challenged management’s use
of key assumptions that the estimated insurance
liabilities are based on. We did the same for the
method and the models the management used. We
used our own internal actuaries for parts of this
work.

We also considered and found that the information
regarding the insurance liabilities in notes to the
financial statements is sufficient and adequate, and
that the information satisfies the requirements of
the accounting rules.

In our audit of the implementation of IFRS 17, we
have, among other things, carried out the following
audit actions:

• Gained an understanding of the company's

process for implementing IFRS 17,
including the changes in systems and
processes the company has carried out,
and how the management has interpreted
and applied the new accounting rules.

2 / 7

the implementation of IFRS 17 in our audit. For a
more detailed description of the effects and
management's assessments when implementing
IFRS 17, we refer to notes 1 and 2 in the
consolidated accounts.

Valuation of investment Properties

The group has investment properties that mainly
consists of office and retail properties. We have
focused on investment property because it
represents an estimate and a substantial part of the
assets in the Group’s statement of financial
position.

Valuation of the properties involves use of
assumptions which are subject to management
judgement. Important assumptions for the value of
individual properties are primarily expected future
cash flows and discount rate.

The basis for management’s estimate is an internal
valuation model and external valuations.
Management obtain observations of market data
from various market participants. Management
considers reasonableness of their own estimates
through obtaining valuations from external valuers
for a sample of properties on a continuing basis.
The valuers were engaged by management.

Refer to note 1, 2, 12 and 35 in the financial
statements for management’s further description of
investment properties, the methods used and the
assumptions the valuations are based on.

304

• Assessed management's application of
new accounting principles, assumptions
and methods, including management
judgement. The assessments included,
among other things, the determination of
the implementation effect as well as the
application of methods for recognition and
measurement principles for the various
insurance contracts.

• Assessed and tested the design and

effectiveness of the controls implemented
by management in connection with the
transition and subsequent measurement of
insurance contracts. Our testing included
controls related to, among other things,
data collection, calculations and the
application of assumptions and methods.

Where relevant, we have used our own experts in
this work. We did not detect any material deviations
as a result of our audit procedures. Based on our
performed audit procedures, we assessed and also
came to the conclusion that the notes to the
financial statements regarding the implementation
effect of IFRS 17 is sufficient and adequate.

Through our audit we have assessed and tested
design and effectiveness of established controls for
review of applied assumptions and calculation
methods, including the company’s internal
valuation of investment properties. We found that
routines to ensure that these elements regularly
were checked against both external valuations and
marked data was established. Those controls that
we elected to base our audit on, was in our view
working efficiently.

We obtained, read through and understood the
internal valuation model. We concluded that the
model contains the elements required by the
financial reporting framework and therefore is
appropriate as a basis for determining fair value on
the Group’s investment properties. We tested
whether, and concluded that the model made
mathematically correct calculations.

In our assessment of the valuation, we challenged
the assumptions for expected future cash flows and
discount rate by comparing a sample of properties
against information from relevant internal and
external sources. We concluded that assumptions
were consistent with information from relevant
sources.

3 / 7

We compared the internal value determinations
against the external valuers' estimates of values for
selected properties. We challenged the
management on significant deviations and obtained
explanations for deviations. We considered the
explanations to be reasonable. We also assessed
the external valuers' qualifications, competence
and objectivity.

We also assessed and concluded that the
information about investment properties in the
notes to the financial statements were in
accordance with the accounting principles and
provides an adequate description of the method
and the underlying assumptions that is used for the
valuation.

In our audit we considered design and tested
effectiveness of established controls over valuation
of financial assets measured at fair value.
Particularly we focused on those controls that
ensured complete and accurate use of quoted
market prices and other observable masterdata,
return on investments controls and IT General
Controls relevant for financial reporting. Those
controls that we elected to base our audit on, was
in our view working efficiently.

For financial assets measured through use of
models and assumptions that are not observable,
we assessed valuation principles, the models and
assumptions that were used. We found that the
models and assumptions were reasonable and
used consistently.

For a sample of investments, we also tested that
fair value was in accordance with external sources.
We considered the reliability of the sources of
information, when relevant. Our tests did not reveal
substantial deviations.

We also assessed and found that the information in
the notes regarding the Group’s valuation principles
and fair value determination were sufficient and
adequate.

Valuation of financial assets measured at fair value

We focused on this area both because financial
assets represent a substantial part of the assets in
the statement of financial position, and because the
fair value in certain instances will have to be
estimated using valuation models that apply
judgement.

Most of the financial assets that are measured at
fair value is based on quoted prices in active
markets, or derived from observable market
information. Routines and processes that ensures
an accurate basis for the valuation is important for
these assets. For financial assets that is measured
based on models and certain assumptions that is
not observable, we focused on assessing both the
models and the assumptions underlying the
valuation.

Refer to note 1, 2 and 12 in the financial
statements for a further description of
management’s valuation of financial assets
measured at fair value

Other Information

The Board of Directors and the Managing Director (management) are responsible for the information in the
Board of Directors’ report and the other information accompanying the financial statements. The other
information comprises information in the annual report, but does not include the financial statements and

305

4 / 7

our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the
Board of Directors’ report nor the other information accompanying the financial statements.

In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’
report and the other information accompanying the financial statements. The purpose is to consider if there
is material inconsistency between the Board of Directors’ report and the other information accompanying
the financial statements and the financial statements or our knowledge obtained in the audit, or whether the
Board of Directors’ report and the other information accompanying the financial statements otherwise
appears to be materially misstated. We are required to report if there is a material misstatement in the
Board of Directors’ report or the other information accompanying the financial statements. We have nothing
to report in this regard.

Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report

•
•

is consistent with the financial statements and
contains the information required by applicable statutory requirements.

Our opinion on the Board of Director’s report applies correspondingly to the statements on Corporate
Governance and Corporate Social Responsibility.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation of financial statements of the Company that give a true and
fair view in accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and for the preparation of the consolidated financial statements of the Group
that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU.
Management is responsible for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s and the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern.
The financial statements of the Company use the going concern basis of accounting insofar as it is not likely
that the enterprise will cease operations. The consolidated financial statements of the Group use the going
concern basis of accounting unless management either intends to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:

•

identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.

obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

306

5 / 7

effectiveness of the Company's and the Group's internal control.

•

evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company's and the Group's ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may
cause the Company and the Group to cease to continue as a going concern.

evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves a true and fair view.

obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.

We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, actions taken to
eliminate threats or safeguards applied.

From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

Report on Compliance with Requirement on European Single Electronic Format (ESEF)

Opinion
As part of the audit of the financial statements of Storebrand ASA, we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the annual
report, with the file name storebrandasa-2023-12-31-nb.zip, have been prepared, in all material respects, in
compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the
European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the
Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual
report in XHTML format, and iXBRL tagging of the consolidated financial statements.

307

6 / 7

In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF regulation.

Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.
This responsibility comprises an adequate process and such internal control as management determines is
necessary.

Auditor’s Responsibilities
For a description of the auditor’s responsibilities when performing an assurance engagement of the ESEF
reporting, see: https://revisorforeningen.no/revisjonsberetninger

Oslo, 6 February 2024
PricewaterhouseCoopers AS

Thomas Steffensen
State Authorised Public Accountant
Note: This translation from Norwegian has been prepared for information purposes only.

308

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Appendix05Group Executive Management CVs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310

Board of Directors CVs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 314

309

Odd Arild Grefstad (1965)
Group CEO

Education
State-authorised Public Accountant
Authorised Finance Analyst (AFA)

Previous positions
Managing Director, Storebrand Livsforsikring (2011–2012)
Executive Vice President, Finance and Legal, Storebrand
ASA (2008–2011)
Executive Vice President, Finance, Storebrand ASA
(2002–2008)
Head of Group Control Unit, Storebrand ASA
(1998–2002)
Group Controller, Life Insurance, Storebrand ASA
(1997–1998)
Vice President, Internal Audit, Storebrand ASA
(1994–1997)
External auditor, Arthur Andersen & Co (1989–1994)

Ownership in Storebrand
Number of shares as of 31.12.2023: 264,610
Number of shares owned by the close associate: 2,000

Lars Aa. Løddesøl (1964)
Group CFO and Executive Vice President Strategy,
Legal and Sustainability

Education
MSc Economics and Business Administration,
BI Norwegian Business School
MBA Thunderbird School of Global Management
(AGSIM), USA
AMP, Columbia University, USA

Previous positions
Executive Vice President Life and Pension Norway |
Managing Director, Storebrand Livsforsikring AS
(2008–2011)
Executive Vice President, Corporate Market Life Insurance,
Storebrand Livsforsikring AS (2004–2008)
CFO, Storebrand ASA (2001–2004)
Vice President | Relationship Manager, Citibank
International plc (1994–2001)
Asst. Treasurer, Scandinavian Airlines Systems
(1990–1994)

Ownership in Storebrand
Number of shares as of 31.12.2023: 173,615

310

Vivi Måhede Gevelt (1983)
Executive Vice President, Corporate Markets

Education
Master of Business Administration (MBA), University of
Oxford, England
Master of Science in Political Science, London School of
Economics and Political Science
Bachelor of Science in Journalism, Northwestern
University, USA

Previous positions
Senior Vice President, Group Strategy and Finance,
Storebrand ASA (2017-2019)
Head of Group Strategy, Storebrand ASA (2013–2017)
Senior Analyst Corporate Finance, Storebrand ASA
(2011–2013)
Strategic Advisor to the CEO, Storebrand ASA
(2009–2011)
Management Trainee, Storebrand ASA (2007–2009)

Ownership in Storebrand
Number of shares as of 31.12.2023: 12,758

Education
Master in Technology Management (NTNU)
Interest Rate Analyst (NFF)
Master of Science Business Administration and
Economics, Norwegian School of Economics (NHH)

Previous positions
Head of Customer Service and Claims, Storebrand
Livsforsikring AS (2021–2022)
Head of Product and Customer Service Corporate Market,
Storebrand Livsforsikring AS (2019–2021)
Senior Vice President Claims, Storebrand Livsforsikring AS
(2015–2019)
Senior Vice President Operations, Storebrand Forsikring
AS (2014–2015)
Head of Services, Storebrand Forsikring AS (2013–2014)
Head of Finance and Business Development, Storebrand
Forsikring AS (2011–2013)
Business Controller, Storebrand Livsforsikring AS
(2009-2011)
Management Trainee, Storebrand Livsforsikring AS
(2007-2009)

Ownership in Storebrand
Number of shares as of 31.12.2023: 15,627

311

Jenny Rundbladh (1977)
Executive Vice President, SPP

Education
MSc Engineering, Norwegian University of Science and
Technology (NTNU)
MBA from INSEAD in France

Previous positions
Investment Director, Storebrand Asset Management
(2006–2015)
Senior Portfolio Manager, Storebrand Asset Management
(1999–2006)
Sector Head Equities Energy/Shipping, Handelsbanken
Markets (1997–1999)
Partner, Marsoft Capital (1995–1997)
Head of Research, Christiania Markets (now: Nordea
Markets) (1992–1995)
Junior Consultant, McKinsey & Company (1990–1991)

Ownership in Storebrand
Number of shares as of 31.12.2023: 143,578

Education
Master in Psychology, Luleå University of Technology,
Sweden
Executive Training Business Administration and
Management, Harvard Business School
Executive Training, Sales and Marketing, Harvard Business
School

Previous positions
Sales Director/CCO, SPP Pension och försäkring AB
(2019–2022)
Sales Manager, SPP Pension och försäkring AB
(2018–2019)
Managing Director, Aon SE & Head of Affinity
(2016-2018)
Head of Sales and Customer Service, If Care (2012-2016)
Marketing Manager, Swedish Engineers (2008–2012)
Sales and Marketing Manager, Union (2004–2008)
Project Manager, SIF (2002–2004)
Management Consultant, Miljöteknik Orbit AB (1999)

Ownership in Storebrand
Number of shares as of 31.12.2023: 10,382

312

Tove Selnes (1969)
Executive Vice President, People

Education
Master of Science, Advanced Computing, Imperial College
London
Bachelor of Science, Computing Science, Newcastle
University

Education
Cand. Jur. Law, University of Oslo
EU Law and International Environmental Law, University of
Bologna
Master of management (2 of 3 year units), BI Norwegian
Business School

Previous positions
Executive Vice President, Technology, Storebrand ASA
(2019-2021)
Senior Vice President, IT Strategy & Architecture,
Storebrand ASA (2016–2019)
Head of Enterprise Architecture, Storebrand ASA
(2013–2016)
Technology Architect, Storebrand ASA (2009–2013)
Software Engineer, Prime Brokerage, Goldman Sachs
(2008–2009)
Software Engineer, Financial Services, Accenture UK
(2006–2008)
Project Test Manager, Opera Software (2003–2004)

Ownership in Storebrand
Number of shares as of 31.12.2023: 41,231

Previous positions
HR Director, Storebrand Livsforsikring (2015–2019)
Group Director HR, Opera Software (2007–2015)
HR Director, Eltel Networks (2004–2007)
HR Manager, Region East Norway, Avinor (1997–2004)
Legal adviser, Aetat (1995–1997)

Ownership in Storebrand
Number of shares as of 31.12.2023: 42,769

313

Didrik Munch (1956)
Board Chair, Storebrand ASA since 2017

Christel Elise Borge (1967)
Board Director, Storebrand ASA since 2021

Position
Self-employed

Position
CChief Executive Officer , Entur AS

Education
Norwegian Police University College
Master in Law

Education
Master of Computer Science (NTNU)
MBA Programme INSEAD, Fontainebleau, France

Previous positions
Telenor ASA (2005-2020)

– Chief Executive Officer, Dipper AS
– Senior Vice President, Head of Group Strategy and

CEO Office

– Senior Vice President, Head of Group Strategy and

Portfolio Development

– Director of Strategy, Telenor Nordics, Oslo
Strategy Advisor, Innovation AS (2002-2004)
Director, Cell Network AS (2000-2001)
Strategy advisor, McKinsey & Company (1991-1999)
Board Director, Sparebank1 Midt-Norge, SND Invest,
Telenor Digital, Telenor Denmark, Talkmore, Component
Software

Ownership in Storebrand
Number of shares as of 31.12.2023: 11,000

Previous positions
Group Chief Executive Officer, Schibsted Norway
(2011-2018)
Group Chief Executive Officer, Media Norway
(2008–2011)
Chief Executive Officer, Bergens Tidende (1997–2008)
Division Director, Corporate Market, DNB (1995–1997)
Regional Bank Manager, Corporate Market Bergen, DNB
(1992–1995)
Various managerial roles at Nevi and DNB (1987–1992)
Lawyer, Kyrre AS (1987–1987)
Police intendant I/II, the Bergen Police Department
(1984–1986)
Police inspector, the Oslo/Bergen Police Department
(1979–1984)

Positions of trust
Board Chair, NWT Media AS
Board Director, Grieg Maritime Group AS
Board Director, Lerøy Seafood Group ASA
Board Chair, SH Holding AS (Solstrand Fjord Hotel)

Ownership in Storebrand
Number of shares as of 31.12.2023: 40,000
Number of shares owned by the close associate: 215,000

314

Marianne Bergmann Røren (1968)
Board Director, Storebrand ASA since 2020

Position
Self-employed

Education
MSc Economics and Business Administration, Norwegian
School of Economics (NHH)
Executive Management Programme (IMD, BI and
Management in Lund)

Previous positions
Executive Vice President of DNB, and various manager
positions in the same group (1985–2013)
Consultant, Ministry of Trade and Shipping Handels og
skipsfartsdepartementet (1983–1985)
Board Director and Chair of the Audit Committee at
Norske Skog ASA
Board Director, Norwegian Finans Holding ASA
Board Director, Scatec Solar ASA
Board Director, HAV Eiendom AS
Board Director, Boligselskapet INI AS, Grønland
Board Chair, Røisheim Hotell AS and Board Director,
Røisheim Eiendom AS
Board Chair, Visit Jotunheimen AS
Board Director and Chair of the Audit Committee, Grieg
Seafood ASA
Board Chair, GIEK

Positions of trust
Board Chair, Entur AS
Board Director and Chair of the Audit Committee, KID ASA
Board Director and Chair of the Audit Committee, NRC
Group ASA

Ownership in Storebrand
Number of shares as of 31.12.2023: 27,000

Position
Chief Executive Officer, Mesta AS

Education
Master in Law, University of Oslo, Norway

Previous positions
Danske Bank Corporate & Institutions (2007-2019):

– Global Head of COO Office
– Global Head of Risk
– Global Head of AML Program
– COO and Deputy Country Manager
– Chief Legal Adviser

Managing Associate (lawyer), Thommessen (2005-2007)
Managing Associate and Associate (lawyer), Wiersholm
(2001-2005)
Advisor and International Coordinator, Finanstilsynet
(1999-2001)
Lawyer, Advokatfirmaet Arthur Andersen (1998-1999)

Positions of trust
Member of the Corporate Assembly in Telenor ASA
Board Director, SmartCraft ASA
Board Director, Skift

Ownership in Storebrand
Number of shares as of 31.12.2023: 8,000
Number of shares owned by the close associate: 2,000

315

Martin Skancke (1966)
Board Director, Storebrand ASA since 2014

Position
Self-employed

Education
MSc Economics and Business Administration, Norwegian
School of Economics (NHH)
Previous positions
Chief Executive Officer, Umoe Group AS
Chief Executive Officer, Arendals Fossekompani ASA
Chief Executive Officer, Export Credit Norway AS
Deputy Chief Executive Officer, Umoe Group
Chief Executive Officer, Unitor ASA

Positions of trust
Chair of the Nomination Committee and Corporate
Assembly, Equinor ASA
Board Director, Norfund
Board Director, Umoe AS/Umoe Gruppen AS
Board member, Hafslund
Member of the Committee for the Conservation of the
Polar Ship Fram (Frammuseet)

Ownership in Storebrand
Number of shares as of 31.12.2023: 5,000

Education
Authorised Financial Analyst, Norwegian School of
Economics (NHH)
MSc Econ, London School of Economics and Political
Science, UK
Intermediate level Russian, University of Oslo, Norway
International Finance Programme, Stockholm School of
Economics, Sweden
MSc Economics and Business Administration, Norwegian
School of Economics (NHH)

Previous positions
Special Adviser, Storebrand (2011–2013)
Deputy Director General and Director General, Ministry of
Finance, Norway (1994–2001, 2006–2011)
Director General, Office of the Prime Minister, Norway
(2002–2006)
Management Consultant, McKinsey & Company
(2001–2002)

Positions of trust
Board Director, Storebrand Livsforsikring AS
Board Director, Norfund
Board Director, Summa Equity AB
Board Director, Norwegian Climate Foundation
Board Director, Umoe Climate Foundation

Ownership in Storebrand
Number of shares as of 31.12.2023: 35,000

316

Hanne Seim Grave (1974)
Employee Representantive, Storebrand ASA since 2021

Position
Investor

Education
MSc (Stockholm School of Economics)

Previous positions
Various positions in EQT, Sweden, Hong Kong, Germany
and England (1996-)
Associate Enskilda Securities, Sweden (1993-1996)

Positions of trust
Member of the Nomination Committee, Securitas AB

Ownership in Storebrand
Number of shares as of 31.12.2023: 800,000

Position
Senior authorised insurance advisor at Storebrand
Forsikring AS

Education
Market Economics, IHM
Forsikringsakademiet
KAN Finans and Finaut

Previous positions
Authorised Insurance Agent, Akademikernes Insurance
Customer advisor, settlement, Storebrand Livsforsikring,
Employee advisor, Storebrand Livsforsikring
Customer service, Life, Storebrand Livsforsikring
Professional training manager, IF skadeforsikring
Professional support, Storebrand skadeforsikring
Sales, Storebrand Skadeforsikring
Manpower, Storebrand Eiendom

Ownership in Storebrand
Number of shares as of 31.12.2023: 1,170

317

Svein Thomas Lømork (1971)
Employee Representantive, Storebrand ASA since 2023

Position
Group representative Finansforbundet i Storebrand ASA

Education
Marketing Communication, BI Norwegian School of
Marketing (NMH)
People Management, Akershus University College
Internship top union representatives, Kristiania University
College

Previous positions
Sales Manager, Storebrand Bank ASA (2016-2020)
Sales Manager, Storebrand Finansiell Rådgining AS
(2014-2016)
Head of Dialogue Marketing/CRM, Storebrand ASA,
(2012-2014)
Operational Manager, Storebrand Baltic UAB (2010-2012)
Key Account Manager, Storebrand Bank ASA
(2005-2010)
Web Manager/Project Management, Storebrand Bank
ASA (2003 – 2005)
Web Manager/Project Management, Finansbank

Position
Investigator and operational resource, money laundering,
Storebrand Livsforsikring AS

Education
Advanced investigation PHS
Various subjects including Accounting and Tax, BI
Norwegian Business School
The Norwegian Police University College

Previous positions
Lecturer in Financial Crime, BI Norwegian Business School
Criminal investigation, Asker and Bærum Police District
Financial crime team, Asker and Bærum Police District
Economic Crime Investigation Unit, Oslo Police District
General Investigation, Grønland Police Station, Oslo
Public Order Section, Grønland Police Station, Oslo
Patrol section, Grønland Police Station, Oslo
Norwegian Armed Forces

Ownership in Storebrand
Number of shares as of 31.12.2023: 1,040

Ownership in Storebrand
Number of shares as of 31.12.2023: 0

318

Table of contents1. This is Storebrand2. Director’s Report Sustainability Report3. Shareholder matters4. Annual Accounts and Notes5. AppendixGroup Executive Management CVs 310Board of Directors CVs 314Important notice
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. This document contains alternative performance
measures (APM) as defined by The European.

319